He congratulated Zhang Zhixian on being appointed as vice chairman of Temasek Holdings and later as chairman, and wished him all the best in his new position.

Lee Hsien Loong said that due to the strict policy of not allowing any director to serve on the GIC and Temasek Holdings' boards at the same time, he regretted accepting Zhang Zhixian's resignation as a GIC director.

CEO of Singapore Government Investment Company, Lam Zhaojie, said in a statement: "Zhang Zhixian generously contributed his extensive experience in public policy and global affairs to GIC. His insights are particularly important given the increasing complexity and importance of geopolitical issues to GIC. Zhang Zhixian's dedication to Singapore is another valuable asset to help GIC as a sovereign wealth fund strengthen our investment discipline and organizational values. On behalf of the Board and GIC, I would like to express my sincere gratitude to him for his service and wish him all the best in the future."

Singapore Government Investment Corporation pointed out in a statement Tuesday that Zhang Zhixian has served on the board of directors of Singapore Government Investment Corporation for 14 years. He was first appointed as a director in December 2010 and became chairman of the GIC International Advisory Committee in April 2015. During his tenure, Zhang Zhixian assisted GIC in responding to a series of major events, including the consequences of the global financial crisis, the coronavirus pandemic, technological development and accelerated climate change, and the increasing geopolitical uncertainty.

The Singapore Government Investment Corporation released the news on Tuesday (June 10). This follows the announcement of Temasek Holdings last Friday (6th) that Zhang Zhixian will serve as vice chairman of the board of directors of Temasek Holdings on July 1 and take over as chairman when current chairman Lin Wenxing stepped down on October 9.

Chairman of Singapore Government Investment Company and Lee Hsien Loong sent a letter to thank Zhang Zhixian for his valuable insights and guidance on the GIC management, which improved GIC's long-term investment capabilities and organizational resilience.

Former State Counsel and National Security Coordinator Zhang Zhixian has resigned as director of the Singapore Government Investment Corporation (GIC) and chairman of the GIC International Advisory Committee, effective on June 30.