In a landmark appointment, Mrs. Lim Hwee Hua has been named the new Chair of the International Valuation Standards Council (IVSC) Board of Trustees, effective June 2024. Mrs. Lim, who has served as a Trustee since 2020, brings a remarkable track record in politics, finance, and global business to her new leadership role.
Elected to the Singapore Parliament in December 1996, Mrs. Lim served until May 2011, culminating her political career as Minister in the Prime Minister’s Office. She also held concurrent positions as Second Minister for Finance and for Transport. Notably, on April 1, 2009, she broke new ground as the first woman to serve in Singapore’s Cabinet. Her parliamentary contributions include roles as Deputy Speaker and Chair of the Public Accounts Committee.
During her tenure at the Finance Ministry, Mrs. Lim spearheaded the reform of the accountancy sector, reviewed the Government’s business investments, and facilitated financing options for small and medium enterprises. At the Transport Ministry, she corporatised Changi Airport, established a master plan for aviation, and expanded the International Maritime Centre.
In the financial sector, Mrs. Lim held senior roles at Swiss Bank Corporation, Jardine Fleming, and Temasek Holdings, where she was Managing Director from 2000 to 2004. Her tenure saw significant divestments, corporate restructurings, and strategic international partnerships. Academically, Mrs. Lim holds an honours degree in Mathematics and Engineering from the University of Cambridge and an MBA in Finance from UCLA’s Anderson School of Management.
After retiring from politics, Mrs. Lim continued to shape the financial landscape through private equity and advisory roles, including board positions at Tembusu Partners, Asia Pacific Exchange, and United Overseas Bank. She also served as Senior Advisor to Kohlberg Kravis Roberts for 12 years and on the Global Advisory Council of Ernst & Young for three years.
Mrs. Lim succeeds Lord Alistair Darling, former UK Chancellor of the Exchequer, who significantly contributed to the global evolution of valuation standards.
In her first comments following the appointment, Mrs. Lim expressed her gratitude and vision for the future:
“I am deeply honoured to be appointed as Chair of the IVSC Board of Trustees. I have seen first-hand the dedication and passion of the board of trustees, staff, and all representatives across the IVSC in advancing valuation standards and professionalism in the public interest. I am proud to build on the great progress achieved under Alistair’s leadership and look forward to leading the organisation in its continued efforts to enhance global valuation practices.”
IVSC Chief Executive Nick Talbot praised Mrs. Lim’s appointment, highlighting her exceptional background:
“We are honoured to have Mrs. Lim as our new Chair. Her distinguished background in finance, global politics, and business, combined with her strong advocacy for the IVSC, uniquely positions her to lead our organisation. Mrs. Lim’s appointment as the first Chair from the Asian continent and our first female Chair marks a significant and very welcome milestone for the IVSC. She has been a tireless supporter of our mission to enhance valuation standards and professionalism worldwide. In her new role, she will continue to drive international efforts to elevate valuation practices in all regions.”
Mrs. Lim’s appointment coincides with a pivotal time for the IVSC as the organisation expands its influence in Asia. Since establishing an Asia office in 2022, the IVSC has made significant strides in promoting International Valuation Standards (IVS) across the region, largely due to Mrs. Lim’s leadership as Vice-Chair. Her tenure as Chair will also coincide with the IVSC’s Annual General Meeting, scheduled for November in Hong Kong.