Thursday, June 23, 2011

GIC's Tan to Run for President of Singapore

GIC's Tan to Run for President of Singapore
SINGAPORE—Tony Tan, deputy chairman of the Government of Singapore Investment Corp., said Thursday he will resign from the sovereign wealth fund effective July 1 in order to run in the city-state's coming presidential election.

Mr. Tan's candidacy would intensify what is shaping up to be the most keenly contested presidential vote since the introduction of the elected presidency in 1991. The post has no executive authority and isn't involved in day-to-day running of the government. It does carry certain veto powers to safeguard Singapore's reserves, and some responsibility over civil-service appointments and government and statutory board budgets.

Mr. Tan will also resign as chairman of the media group Singapore Press Holdings Ltd. as of July 1.


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