Temasek Holdings announced that Mr Lim Boon Heng will step down from its Board with effect from 9 October 2025, marking the end of a distinguished 13-year tenure as a Director, including 12 years as Chairman.
In a tribute to Mr Lim, Temasek Holdings said:
A strong advocate of stakeholder capitalism with extensive experience in bringing together key stakeholders to forge partnerships, Mr Lim Boon Heng has reinforced Temasek’s purpose-driven ethos to do well, do right, and do good – So Every Generation Prospers.
Under his chairmanship, Temasek established itself as a global investor, with its net portfolio value growing from S$223 billion in March 2014 to S$389 billion in March 2024. The company grew its footprint across Europe and the US, which now hosts 6 of its 13 international offices. It also expanded its global advisory network, supplementing its Temasek International Panel (TIP) with three regional panels – the Temasek European Advisory Panel (TEAP) and the Temasek Americas Advisory Panel (TAAP) in 2016, and the Temasek Southeast Asia Advisory Panel (TSEAP) in 2023.
Mr Lim paid close attention to talent, firmly believing that Temasek’s success hinged on having capable people with the right values. He oversaw the Board’s renewal process, in particular, increasing its international representation, and guided Temasek through its CEO leadership transition in 2021.
Throughout his tenure, Mr Lim has been an advocate of good corporate governance and sustainability. Temasek actively engages its portfolio companies to foster a strong culture of stewardship and governance, through forums like the annual Temasek Roundtable. The company’s annual Ecosperity conference, held since 2014, convenes key decision makers to share best practices and drive action on sustainable development. Temasek’s leadership in this space has been recognised internationally, with the company ranking first in Global SWF’s Governance, Sustainability and Resilience (GSR) Scoreboard for consecutive years in 2023 and 2024.
Mr Lim believes that a business can thrive only when its stakeholders, including its workforce and communities, also do well. He has championed tripartism through the Temasek Tripartite Conversations, generating actionable insights and facilitating collaborations on workforce issues ranging from AI to green job opportunities. For its 50th anniversary in 2024, Temasek contributed a S$150 million T-Spring community gift to build a resilient and future-ready workforce. During the COVID-19 pandemic, Temasek, together with its portfolio companies, Temasek Foundation and partners, led response efforts that included distributing essential supplies and medical equipment.
Mr Lim guided Temasek’s journey to determine and articulate its Purpose statement (‘So Every Generation Prospers’). Under his stewardship, Temasek developed its T2030 strategy in 2019 to construct a resilient and forward-looking portfolio, and refreshed its Charter in 2024, reaffirming its commitment to deliver sustainable returns over the long term, and to always do things today with tomorrow in mind.
Mr Lim Boon Heng also reflects on this years with Teamsek.
He said:
“In my 13 years at Temasek, I have been privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence. I am always inspired by my colleagues’ collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds.”
He added, “My deep gratitude goes to my fellow Board members and the Temasek team as we continue to build resilience throughout Temasek, our portfolio companies, and our ecosystem. Together, we can navigate uncertainties and emerge stronger. I especially thank Wai Keung, Stephen, and Bobby for their valuable contributions over the years, and I wish them every success ahead.”
“I am truly pleased that Chee Hean will guide Temasek into its next chapter of growth as a global investor. His remarkable depth of experience in public service, combined with his seasoned wisdom on both local and global affairs, makes him the right helmsman for Temasek as we navigate increasingly choppy waters while remaining true to our purpose to ensure every generation prospers.”
Mr Dilhan Pillay Sandrasegara, Temasek Executive Director and CEO, said Temasek wouldn’t be where they are today without Mr Lim’s guidance.
“Mr Lim Boon Heng, as our Chairman, has been inspirational to all of us in Temasek. He exemplifies what it means to be a steward leader. Benefitting from his strong moral compass and wise counsel, we have strengthened our position as a globally recognised investment company, while remaining true to our Singapore roots and values.”
He elaborated, “His championing of the Temasek Tripartite Conversations has been particularly meaningful. These dialogues have built important bridges between Temasek, our portfolio companies, and union representatives, creating a culture of trust and collaboration that fortifies the ecosystem with greater resilience.”
“On behalf of the Board and everyone at Temasek, I express our gratitude to Chairman Lim Boon Heng, Deputy Chairman Cheng Wai Keung and Board Members Stephen Lee and Bobby Chin for their dedication and contributions over the years. We wish them well in their future endeavours. Temasek would not be where we are today without their guidance.”
Mr Teo Chee Hean will take over from Mr Lim as the fifth chairman of Temasek.
