The International Valuation Standards Council (IVSC) has named Lim Hwee Hua as chair of the IVSC board of trustees, succeeding former UK chancellor of the exchequer Alistair Darling. The appointment takes effect in June 2024.
This marks the first Asian and female chair to lead the the IVSC board of trustees, said the council on Thursday (May 30).
Lim was elected to the Singapore Parliament in December 1996, where she served until May 2011. Her political positions included minister in the prime minister’s office, second minister for finance and for transport, as well as deputy speaker and chair of the public accounts committee.
She was also the first woman to serve in Singapore’s Cabinet in 2009.
Her experience in the finance sector includes senior roles at Swiss Bank Corporation and Jardine Fleming. She was also Temasek’s managing director from 2000 to 2004.
After retiring from politics, she has continued to influence the financial landscape through private equity and advisory roles.
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She has served on boards of Tembusu Partners, Asia Pacific Exchange and UOB. She was also senior adviser to Kohlberg Kravis Roberts for 12 years, and served on the Global Advisory Council of EY for three years.
Lim has been a trustee of IVSC since June 2020.
The former politician said: “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, noted that Lim’s extensive background in politics, finance and business, combined with her strong advocacy for the IVSC, uniquely positions her to lead the organisation.
“In her new role, she will continue to drive international efforts to elevate valuation practices in all regions,” he added.
The IVSC is a United Nations recognised, independent and not-for-profit organisation that sets and implements universally accepted standards for the valuation of assets across the world. It opened its Asia office – the first outside Europe – in Singapore in 2022.
