Sing Lun Holdings CEO Lee Kim Hock elected new SBF chairman

Sing Lun Holdings CEO Lee Kim Hock has been elected as the new chairman of the Singapore Business Federation (SBF), succeeding outgoing chairman Teo Siong Seng, who earlier announced he would step down and not seek re-election.

SBF held its 24th Annual General Meeting on Wednesday (June 24) and elected the 13th Council, with a two-year term ending in 2028.

SBF said in a statement that the new Council has 24 members, including 12 elected council members, 11 representatives from trade associations and chambers, and one co-opted council member.

Six new council members include Adam Click, Chairman of the American Chamber of Commerce in Singapore (AmCham Singapore); Moses Mok, President of the Restaurant Association of Singapore; Lee Teck Ming, Chairman of SGTech; and Suhaimi Zainul-Abidin, CEO of hedge fund Quantedge Capital.

During the AGM, SBF also held the fifth Future Ready Business dialogue, with Guest of Honour Minister for Public Service and Defence Chan Chun Sing.

Themed "Whole-of-System Readiness: What Must Change for Government and Business," the dialogue brought together executives and policymakers to discuss how businesses can build resilience, future-ready capabilities, and navigate growing uncertainty.

Lee Kim Hock: Ensure businesses remain competitive and resilient for the future

New chairman Lee Kim Hock, also a Nominated Member of Parliament, said in the statement that geopolitical tensions, rapid AI development, and shifting trade patterns are reshaping the global economy, bringing both challenges and opportunities for businesses.

Lee said: "My top priority is to ensure businesses remain competitive, resilient, and future-ready. We will work closely with businesses, government, and industry partners to develop practical solutions, foster a pro-business environment, and help companies build the capabilities needed for innovation, internationalization, and steady growth."

He also noted that Singapore will chair ASEAN next year, an opportunity to deepen regional economic integration and strengthen ASEAN as a key global growth engine. "SBF will partner with regional counterparts to turn these opportunities into tangible business outcomes and drive a more connected, innovative, and sustainable ASEAN."

Lee previously served as SBF Deputy Chairman and Treasurer. He also served as acting chairman during Teo Siong Seng's temporary leave.

Teo Siong Seng not seeking re-election and term arrangements

Teo Siong Seng, 71, issued a statement in May saying he would not seek re-election after his SBF chairman term ended on June 24. He had earlier temporarily stepped down from roles including SBF chairman, executive chairman and director of PIL, to deal with charges brought by the US Department of Justice.

Earlier, Lianhe Zaobao reported that US authorities accused him of involvement in manipulating dry container cargo prices.