Former GIC executive director elected president of Singapore

Tan, 71, who resigned from his post at GIC and his role as chairman of Singapore Press Holdings in June to run for president, was endorsed by Prime Minister Lee Hsien Loong and other key government officials. In addition to Tan Cheng Bock, Tan beat two other candidates - also named Tan - representing the largest candidate pool in Singapore's presidential election history. The last time Singaporeans voted in a contested election was in 1993.

The role as Singaporean president is largely ceremonial, although it comes with power of veto over senior appointments to the civil service and state-linked agencies such as GIC. Candidates must have formerly served as ministers, top civil servants or chairman or CEO of a Singapore-based firm with at least S$100 million ($81.1 million) in capital.

Prime Minister Loong is currently the chairman of GIC, after taking over from his father, Lee Kuan Yew, in June after the latter moved to a senior advisor position. On July 1, GIC additionally announced that the Tay Lim Hock, deputy president of GIC Special Investments, which is responsible for the fund's private equity and infrastructure business, would become president.

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• Southeast Asia
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