Lim Boon Heng appointed chairman of Temasek Holdings Pte Ltd

Lim is a former government minister.

He assumes the non-executive role at Temasek Holdings, Singapore’s sovereign wealth fund replacing S. Dhanabalan, who will retire on Aug. 1. Dhanabalan has held the chair for 17 years and turns 76 next month.

Lim joined Temasek's board a year ago. He was a government minister from 2001 to 2011 and is a former chairman of the People's Action Party that has ruled Singapore since independence in 1965. He is also a former unionist with the National Trades Union Congress.

His ascension will have little impact on Temasek's day-to-day operations, however. At Temasek, the chairman is less influential than the CEO. Ho Ching, the wife of Singapore's prime minister, has been CEO since 2004.

Temasek reported an 8.6% rise in its portfolio size to a record US$170 billion in its last financial year ending March.