DEFINITION of 'Government Of Singapore Investment Corporation - GIC'
A government-owned company assigned to manage Singapore's sovereign wealth fund. The GIC was formed in 1981 with the aim to invest the sovereign wealth fund more aggressively in higher yielding asset classes and over a longer investment horizon. According to the Sovereign Wealth Fund Institute, the GICS controls the sixth largest sovereign wealth fund in the world, with $247.5 billion in assets under management as of 2009.
BREAKING DOWN 'Government Of Singapore Investment Corporation - GIC'
The GIC manages funds on behalf of two clients, the Government of Singapore and the Monetary Authority of Singapore. Although the GIC has the usual corporate structure it has two unique features due to its status as a "Fifth Schedule" corporation in Singapore. First, the approval of the President of Singapore is required to take certain actions, such as appointment and removal of directors and key managers. Second, the financial statements of the GIC are audited by the Government of Singapore's auditor-general. A number of the GIC's directors and key officers are prominent current or former members of the Government of Singapore, while others are independent directors appointed from the private sector.