Tharman Shanmugaratnam

Tharman Shanmugaratnam[a] PBM (born 25 February 1957),

Tharman Shanmugaratnam
often known mononymously as the Tharman, is a Singaporean
PBM
politician, economist and statesman who is the president-elect of
Singapore. Prior to being president-elect, Tharman served as தர்மன் சண்முகரத்தினம்
Senior Minister of Singapore between 2019 and 2023,
Coordinating Minister for Social Policies between 2015 and
2023, and Chairman of the Monetary Authority of Singapore
between 2011 and 2023.[1]

Tharman is an economist in roles principally related to economic

and social policies. He has also led various international councils
and panels simultaneously. Tharman currently chairs the Board of
Trustees of the Group of Thirty, a global council of economic and
financial leaders from the public and private sectors and
academia. He also co-chairs the Global Commission on the
Economics of Water with Ngozi Owonjo-Iweala, Mariana
Mazzucato and Johan Rockström. Its initial recommendations
helped shape the outcomes of the UN Water Conference in
March 2023. Tharman has also been co-chair of the G20 High
Level Independent Panel on Global Financing for Pandemic Tharman in 2022
Preparedness and Response since 2021. In 2017, Tharman was President-elect of Singapore
appointed to chair the G20 Eminent Persons Group on Global
Assuming office
Financial Governance.
14 September 2023
A former member of the governing People's Action Party (PAP), Prime Minister Lee Hsien Loong
he was the Member of Parliament (MP) representing the Taman Succeeding Halimah Yacob
Jurong division of Jurong GRC between 2001 and 2023. He also
served as Deputy Prime Minister between 2011 and 2019, Ministerial
Minister for Finance between 2007 and 2015, Minister for offices
Education between 2003 and 2008. Senior Minister of Singapore

Tharman made his political debut in the 2001 general election, In office
and has been re-elected to Parliament four times at subsequent 1 May 2019 – 7 July 2023
general elections in 2006, 2011, 2015 and 2020. On 8 June 2023, Serving with Teo Chee Hean
Tharman announced his intention to run for the 2023 presidential Prime Minister Lee Hsien
election and his scheduled resignation on 7 July 2023 from all his Loong
positions in the government and as a member of the PAP, as the
Preceded by Vacant
presidency is a non-partisan office.[2] On 2 September 2023,
Tharman was announced as the winner after receiving 70.40% of Succeeded by Teo Chee Hean
the vote in a landslide victory and was elected as the ninth Coordinating Minister for Social
Policies
In office
1 October 2015 – 7 July 2023
Economic and Social Policies: 1 October
2015 – 30 April 2019
president of Singapore. He is the first presidential candidate not of Prime Minister Lee Hsien
Chinese descent to win in a contested presidential election in Loong
Singapore.[3] Preceded by Office
established
Early life and education Succeeded by Heng Swee
Keat
Born in Singapore, Tharman attended the Anglo-Chinese School
Deputy Prime Minister of
before graduating from the London School of Economics (LSE) Singapore
with a Bachelor of Science degree in economics. (LSE later
In office
awarded him an Honorary Fellowship in 2011).[4]
21 May 2011 – 1 May 2019
He subsequently went on to Wolfson College at the University of Serving with Teo Chee Hean (2009–
Cambridge, where he completed a Master of Philosophy degree 2019)
in economics.[5] He then became a student at the Harvard Prime Minister Lee Hsien
Kennedy School at Harvard University, where he completed a Loong
Master in Public Administration (MPA) degree and was a Preceded by Wong Kan Seng
recipient of the Lucius N. Littauer Fellows Award (given to MPA
students who demonstrate academic excellence and leadership). Succeeded by Heng Swee
Keat
Tharman was a student activist while studying in the United Minister for Finance
Kingdom during the 1970s.[6] He originally held socialist beliefs,
In office
but his views on economics evolved over the course of his
1 December 2007 – 30 September
working career.[6]
2015
Prime Minister Lee Hsien
Early career Loong
Second Minister Lim Hwee Hua
Tharman started his working career at the Monetary Authority of
Singapore (MAS), where he became its chief economist.[7] He Preceded by Lee Hsien
later joined the Singapore Administrative Service and served in Loong
the Ministry of Education as Senior Deputy Secretary for Succeeded by Heng Swee
Policy,[8] before returning to the MAS where he eventually Keat
became its managing director. He was awarded the Public
Minister for Manpower
Administration Medal (Gold) in 1999.[9] He resigned as
managing director of the MAS to contest in the 2001 general In office
election as a candidate for the People's Action Party. 21 May 2011 – 31 July 2012
Prime Minister Lee Hsien
Loong
Official Secrets Act case
Preceded by Gan Kim Yong
While serving as director of the Economics Department of the Succeeded by Tan Chuan-Jin
MAS in 1992, Tharman was one of five persons charged under Minister for Education
the Official Secrets Act (OSA) in a case involving the publication
of Singapore's 1992 second-quarter flash GDP growth projections In office
in the Business Times newspaper. The others included the editor, 1 August 2003 – 31 March 2008
Patrick Daniel, of the Business Times.[10] Prime Minister Goh Chok Tong
Lee Hsien
The OSA case, which stretched over more than a year, was Loong
reported extensively in the Singapore press.[11][12] Tharman
Second Minister Ng Eng Hen
contested, and was eventually acquitted of, the charge of
communicating the GDP growth flash projections.[13] The Preceded by Teo Chee Hean
District Court then introduced a lesser charge of negligence, as Succeeded by Ng Eng Hen
the prosecution's case had been that the figures were seen on a
document that he had with him on a table during his meeting with Parliamentary
private sector economists together with one of his colleagues.[14] offices
Tharman also contested this lesser charge of negligence, and Member of Parliament
defended himself on the witness stand for a few days.[15] for Jurong GRC
(Taman Jurong)
The Court nevertheless convicted him together with all the others In office
in the case.[16] Tharman was fined S$1,500, and the others 3 November 2001 – 7 July 2023
S$2,000.[16] As there was no finding that he communicated any
Preceded by Constituency
classified information, the case did not pose any hurdle to his
subsequent appointment as the managing director of the MAS, established
nor to his subsequent larger national responsibilities. Majority 60,501 (49.24%)

Personal details
Political career
Born Tharman
Tharman made his political debut in the 2001 general election, Shanmugaratnam
contesting Jurong GRC as part of a five-member PAP team, and 25 February 1957[1]
won 79.75% of the vote. Tharman was subsequently appointed Singapore
Senior Minister of State for Trade and Industry and Senior Political party Independent
Minister of State for Education.
Other political People's Action
He was appointed to the Cabinet as Minister for Education in affiliations Party
2003, and served in this role until 2008. (2001–2023)

After retaining his parliamentary seat in the 2006 general election, Spouse Jane Yumiko Ittogi
Tharman was appointed Second Minister for Finance (alongside Children 4
his role as Minister for Education).[17] On 1 December 2007, he Parent Kanagaratnam
was appointed Minister for Finance.[18] Shanmugaratnam
Following the 2011 general election, Tharman was appointed (father)
Deputy Prime Minister, while retaining his portfolio as Minister Education London School of
for Finance. He also served as Minister for Manpower between Economics (BSc)
2011 and 2012 concurrently. He stepped down as Minister for Wolfson College,
Finance on 30 September 2015 after 9 years.
Cambridge (MPhil)
At the 2015 general election, Jurong GRC anchored by Tharman, Harvard University
won 79.3% of the vote against the five-member Singaporeans (MPA)
First team. Occupation Politician ·
economist
Tharman was elected to the Central Executive Committee of the
People's Action Party in December 2002, and was appointed 2nd Signature
Assistant Secretary-General in May 2011. After the 2015 general
election, Tharman remained Deputy Prime Minister and was also
appointed Coordinating Minister for Economic and Social Policies in October 2015.[19]

On 23 April 2019, it was announced that both Tharman and Teo Chee Hean were appointed Senior
Ministers effective from 1 May 2019 under a Cabinet reshuffle, relinquishing their Deputy Prime Minister
portfolios. Tharman would also be Coordinating Minister for Social Policies and advise the prime minister
on economic policies.[20]
Tharman retained his parliamentary seat in Jurong GRC at the 2020
general election, after winning 74.62% of the vote against the five-
member Red Dot United team.

In July 2023, Tharman stepped down from Parliament and all his
positions in the government and resigned as a member of the PAP
in order to stand as a candidate in the 2023 Singaporean presidential
election.

Tharman with Steven Mnuchin in

Other roles 2017

Chairman of the MAS (2011–2023)

Tharman served as Chairman of the Monetary Authority of Singapore (MAS) for 12 years from 1 May
2011 until 7 July 2023, when he was succeeded by his deputy, Lawrence Wong.[21][22]

Deputy Chairman of GIC (2019–2023)

In May 2019, Tharman was appointed Deputy Chairman of GIC, Singapore's sovereign wealth fund. He
stepped down as Deputy Chairman of GIC on 7 July 2023. In addition, Tharman also served as Director of
GIC between 2004 and 2023, and Chairman of the Investment Strategies Committee (ISC) between 2011
and 2023. On 7 July 2023, Tharman was succeeded by Lawrence Wong as Chairman of the Investment
Strategies Committee (ISC).

Chairman of the IAC of the EDB (2014–2023)

Tharman chaired the International Advisory Council (IAC) of the Economic Development Board (EDB)
between 2014 and 2023,[23] and the International Academic Advisory Panel that advises the Singapore
Government on strategies regarding the university sector.[24] On 8 July 2023, Tharman was succeeded by
Lawrence Wong as Chairman of the International Advisory Council (IAC) of the Economic Development
Board (EDB).

Non-Governmental Organisations (NGOs)

Tharman chairs the Board of Trustees of the Singapore Indian Development Association (SINDA),[25]
which seeks to uplift educational performance and aspirations in the Indian community in Singapore. He
also chairs the Ong Teng Cheong Labour Leadership Institute.

He chairs the National Jobs Council aimed at rebuilding skills and jobs for Singaporeans in the wake of the
COVID-19 pandemic.[26]

Tharman has led the SkillsFuture programme, launched in 2014 with the aim of developing skills of the
future, and opportunities for life-long learning and job upskilling among Singaporeans. He also chaired the
tripartite Council for Skills, Innovation and Productivity (CSIP) until May 2017.[27]
Tharman co-chaired several bilateral committees to promote economic and trade relations between
Singapore and other countries, including the Singapore-Liaoning Economic and Trade Council from 2004
to 2008,[28] and the High-Level Russia-Singapore Inter-Governmental Commission from 2011 to 2020.[29]

International appointments

Chairman of the IMFC (2011–2014)

In 2011, members of the International Monetary and Financial Committee (IMFC), the policy advisory
committee of the International Monetary Fund (IMF), appointed Tharman as its chair where he served until
2014. In announcing Tharman's selection, the IMF said that his "broad experience, deep knowledge of
economic and financial issues, and active engagement with global policy makers will be highly valuable to
the IMFC".[30]

Chair of the G20 EPG (2017–2023)

In April 2017, Tharman was appointed by the G20 to chair the G20 Eminent Persons Group (EPG) on
Global Financial Governance. In October 2018, the Group proposed reforms[31] for a more effective
system of global development finance and for financial stability.

Chair of the Group of Thirty (2017–2022)

On 1 January 2017, Tharman succeeded Jean-Claude Trichet as Chair of the Group of Thirty, an
independent global council of leading economic and financial policy-makers.[32] Tharman was
subsequently succeeded by Mark Carney, and was appointed Chairman of the Board of Trustees on 1
January 2023.

Co-Chair of the Advisory Board of the UNDP HDR (2019–2022)

On 22 May 2019, the United Nations Development Programme (UNDP) announced that Tharman will be
co-chairing the Advisory Board of the Human Development Report (HDR) 2019 alongside Thomas
Piketty. He was reappointed twice, to co-chair the Advisory Board of the Human Development Report
2020 alongside Michael Spence,[33] and the Advisory Board of the Human Development Report
2021/2022 alongside Michele Lamont.[34]

Board of Trustees of the WEF (2019–2023)

In May 2019, Tharman was appointed a member of the Board of Trustees of the World Economic Forum
(WEF).[35]

Co-Chair of the G20 HILP (2021–2023)

In January 2021, Tharman was appointed by the G20 to co-chair the G20 High Level Independent Panel
(HLIP) on Financing the Global Commons for Pandemic Preparedness and Response, alongside Ngozi
Okonjo-Iweala and Lawrence Summers.

High‑Level Advisory Board on Effective Multilateralism (2022–2023)

In March 2022, Tharman was appointed a member of the United Nations Secretary-General's High‑Level
Advisory Board on Effective Multilateralism.[36]

Co-Chair of the Global Commission on the Economics of Water (2022–

2023)

Tharman co-chairs the Global Commission on the Economics of Water with Ngozi Owonjo-Iweala,
Mariana Mazzucato and Johan Rockström. Its initial recommendations helped shape the outcomes of the
UN Water Conference in March 2023.[37]

2023 Presidential bid

On 8 June 2023, Tharman announced his intention to be a candidate in the 2023 presidential election.[2][38]
He resigned from all his positions in the government and as a member of the People's Action Party (PAP)
on 7 July 2023 in order to stand in the election as the presidency is a non-partisan office.

On 26 July 2023, Tharman launched his presidential campaign with the campaign slogan "Respect for
All".[39] On 7 August 2023, he submitted his application for the Certificate of Eligibility (COE) to the
Elections Department.[40] He was issued the COE on 18 August 2023 by the Presidential Elections
Committee (PEC).[41]

On 2 September 2023, Tharman was announced as the winner after receiving 70.40% of the vote
compared to the other candidates — Ng Kok Song (15.72%) and Tan Kin Lian (13.88%) and was elected
as the ninth president of Singapore.[42] He is the first non-Chinese presidential candidate to win in a
contested presidential election in Singapore.[43] Tharman has also garnered the highest vote count of
70.40% in Singapore's presidential electoral history.

Awards
In July 2010, Tharman became the fourth recipient of the Honorary Fellowship of the Economic Society of
Singapore,[44] after Goh Keng Swee, Lim Chong Yah, and Goh Chok Tong.

Tharman was named Finance Minister of the Year 2013 by Euromoney,[45] in recognition of the roles he
played in the economic restructuring of Singapore and as statesman of the region on the international stage.

In May 2017, the National Trades Union Congress (NTUC) conferred its highest award,[46] the Medal of
Honour, on Tharman for his varied contributions to the labour movement including "driving national
initiatives to better the lives of workers" and "his deep commitment to building an inclusive society".[47]

In May 2019, Tharman was conferred Honorary Membership of the Singapore Medical Association.[48]

In June 2019, Tharman was conferred the Freedom of the City of London,[49] in recognition of his
contributions to global financial governance and strengthening ties between Singapore and London.
In October 2019, Tharman received the Institute of International Finance's inaugural Distinguished
Leadership and Service Award,[50] together with Bank of England Governor Mark Carney, for his role as a
leading proponent of global reforms to de-risk and grow development finance and to achieve more resilient
capital flows.

Personal life
Tharman is a fourth-generation Singaporean of Sri Lankan Tamil ancestry from the 19th century.[51][52][53]
One of three children, Tharman is the son of Emeritus Professor K. Shanmugaratnam,[53] a medical
scientist known as the "father of pathology in Singapore", who founded the Singapore Cancer Registry and
led a number of international organisations related to cancer research and pathology.[54][55][56]

Tharman is married to Jane Yumiko Ittogi, a Singaporean lawyer.[57][58] She is actively engaged in social
enterprise and the non-profit arts sector in Singapore. The couple have one daughter and three sons
together.

Tharman was an active sportsman in his youth, and has highlighted his opinion that sports instils lessons for
life. He spoke about sports as a form of education in Game for Life: 25 Journeys,[59] published by the
Singapore Sports Council in 2013, as "a huge deal for character... Children learn the value of teams. They
learn the discipline of repeated practice, and how there is no other way to develop expertise. Plus, the
ability to fall or lose in competition and pick oneself up... with humility."

In Singapore's Chinese-language media, Tharman is often referred to as 尚达曼 (pinyin: Shàng Dámàn),
an approximate transliteration of Tharman Shanmugaratnam.[60] The name was given to him by a leading
Chinese language specialist in 1995. Tharman has engaged in Chinese calligraphy since 2002.

Notes
a. Tamil: தர்மன் சண்முகரத்தினம்

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External links
Tharman Shanmugaratnam (https://www.pmo.gov.sg/cabinet/Mr-Tharman-SHANMUGARAT
NAM) on Singapore Prime Minister's Office
Tharman Shanmugaratnam (https://www.parliament.gov.sg/mps/list-of-current-mps/mp/detail
s/tharman-shanmugaratnam) on Parliament of Singapore
Tharman Shanmugaratnam (https://web.archive.org/web/20171004031913/http://tamanjuron
g.sg/advisor) on Taman Jurong
Appearances (https://www.c-span.org/person/?9277071) on C-SPAN

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