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  • SBF Unveils New Council for 2020-2022 with Lim Ming Yan Elected as SBF’s New Chairman

SBF Unveils New Council for 2020-2022 with Lim Ming Yan Elected as SBF’s New Chairman

  • Mr S.S. Teo steps down after six years as SBF’s Chairman, with Mr Lim Ming Yan elected as his successor.
  • New members announced comprise 11 elected members, 12 representatives from the Trade Associations and Chambers and two co-opted members.
Tuesday, 30 June 2020 [Singapore] At the Singapore Business Federation’s (SBF’s) 18th Annual General Meeting (AGM) today, Mr S.S. Teo stepped down as Chairman after serving three terms (totalling six years), with Mr Lim Ming Yan succeeding him.

Eleven elected members, 12 representatives of trade associations and chambers (TACs), and two co-opted members were appointed to form the 25-member SBF Council for a two-year term from 2020 to 2022. The full list of the 2020-2022 SBF Council is in Annex A.

SBF’s Role Amidst the COVID-19 Crisis

In Deputy Prime Minister and Minister for Finance Heng Swee Keat’s opening remarks for the AGM, he noted SBF’s critical role in the tripartite effort involving Government, employers and the Labour Movement, in helping Singapore to emerge stronger from the COVID-19 crisis. DPM Heng said, “SBF, as the apex business chamber, plays a very critical role in this tripartite effort in representing the views of our businesses, in galvanising our companies to work together, and with industry and across industries, and in developing the next generation of leaders, through our Young Business Leaders Network and other programmes.

“SBF also plays a critical role in helping our companies to adapt and transform, especially during this crisis, through your RISE Fund and Business Resilience Advisory Programme, by connecting companies that are hiring with available manpower in the sector, and looking after our workers through your Foundation’s Compassion Fund, together with other TACs.”

On SBF’s leadership, DPM Heng described Mr S.S. Teo as a proponent of growth and transformation, a champion of internationalisation, and an advocate of sustainable businesses. He said, “SBF is in a strong position to contribute to meet this crisis, because of the exemplary leadership of Mr Teo over the past six years. He is a captain of industry and also a captain of many ships. I have come to know him for his candour, his constructive spirit to issues, and his collaborative spirit. This is why he is so highly respected by all tripartite stakeholders.”

Empowering Businesses for the Future

Under Mr S.S. Teo’s stewardship, SBF has seen a steady rise in not just members’ activities, missions and visiting delegations, but also increased engagement with our Government and the Singapore business community.

Mr Teo said, “It is critical for SBF to work and collaborate closely with the Government, unions, TACs, and business leaders, to ensure that business and economic challenges can be addressed. We have seen how this ecosystem has worked well since the COVID-19 pandemic. Close communication and dialogues have resulted in beneficial and relevant policies being introduced to help many businesses, especially the small- and medium-sized enterprises, to tide over this unprecedented situation.

“As Singapore is an open economy, another key role for SBF is to facilitate our businesses in their overseas expansion plans, in order to diversify their markets and supply chains. To this, SBF has introduced many internationalisation initiatives for our members. It is also important for us to raise and groom our young business leaders to serve not just their employees but the wider community as well. The future holds both opportunities and challenges, and we need to equip our up and coming leaders with the skills to steward their companies well.

“I have had the priviledge to serve with many talented and committed individuals – our Board of Trustees, fellow Council members, the SBF Secretariat and business partners. I am also grateful for the strong support given by our fellow TACs, especially those from our TAC Alliance, over the years. It has been my honour to have worked with all of them and I hope the business community will continue to join me in supporting SBF’s work in the years ahead.”

Mr Teo added, “We thank DPM and Minister for Finance, Mr Heng Swee Keat, for his timely and important message to the business community at today's AGM. We are grateful to DPM Heng for addressing our feedback and concerns with concrete solutions to help our businesses and workforce."

Taking SBF to Greater Heights

Having helmed one of the largest and most successful companies in Asia, CapitaLand Limited, newly elected SBF Chairman Mr Lim Ming Yan brings with him a wealth of knowledge and experience in not just the real estate industry but global markets as well.

Mr Lim, in his capacity as the new SBF Chairman said, “I am honoured to accept the chairmanship of SBF. I would like to take this opportunity to thank Mr S.S. Teo for his remarkable leadership and dedication in leading SBF over the past six years. I would also like to express my appreciation to the outgoing Council members for their dedication and hard work in delivering the many initiatives in support of the needs and interests of SBF members and the business community at large for its continued support of SBF during the COVID-19 period.

“SBF will continue to work closely with the Government, the unions and business leaders in strengthening this tripartite partnership to address hot-button issues like employment for our local workforce, internationalisation and diversification of businesses, as well as digital transformation for the fast-evolving future.

“It will not be a smooth-sailing road ahead as many of our businesses are still grappling with the economic fallout of the COVID-19 pandemic. However, I am committed to working closely with my fellow Council Members and the SBF Secretariat to deliver fresh perspectives and programmes to our members. I look forward to being part of the movement in transforming the business landscape, equipping our business leaders for a strong recovery and ensuring our members actively participate in shaping Singapore’s future in the global economy.”

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