NMP Mark Lee elected chairman of Singapore Business Federation, succeeding Teo Siong Seng
Businessman Mark Lee has been elected chairman of the Singapore Business Federation for a two-year term, succeeding Teo Siong Seng as companies confront geopolitical tensions, artificial intelligence disruption and changing global trade patterns.
- Mark Lee was elected chairman of the Singapore Business Federation for the 2026–2028 term.
- Lee pledged to strengthen competitiveness, innovation and ASEAN regional economic integration.
- Outgoing chairman Teo Siong Seng stepped aside after a United States price-fixing indictment.
SINGAPORE: Businessman Mark Lee has been elected chairman of the Singapore Business Federation (SBF), succeeding shipping executive Teo Siong Seng after the latter’s term concluded on 24 June.
Lee was elected by the newly formed SBF council during its annual general meeting on Wednesday. He will serve a two-year term from 2026 to 2028.
Lee is chief executive of Sing Lun Holdings, a company with interests across industries, real estate and investments. He is also a Nominated Member of Parliament.
Before assuming the top role, Lee served as SBF vice-chairman and treasurer.
He had also been carrying out the chairman’s responsibilities in recent weeks.
Focus on competitiveness and resilience
“As chairman of SBF, my priority is to ensure that businesses remain competitive, resilient and future-ready,” Lee said following his appointment.
“We will work closely with businesses, government and industry partners to develop practical solutions, foster a pro-enterprise environment and help companies build the capabilities needed to innovate, internationalise and grow with confidence,” he added.
Lee said companies were facing an increasingly complex global operating environment shaped by geopolitical tensions, advances in artificial intelligence and shifting international trade patterns.
He said these developments created both challenges and opportunities for Singapore businesses.
Regional integration ahead of ASEAN chairmanship
Lee also highlighted opportunities for Singapore to strengthen regional economic integration ahead of the country’s ASEAN chairmanship in 2027.
“SBF will work with partners across the region to translate these opportunities into tangible outcomes for businesses and advance a more connected, innovative and sustainable ASEAN,” he said.
The business federation has played a key role in representing Singapore companies and facilitating dialogue between the private sector and policymakers on trade, investment and economic issues.
Leadership changes after Teo leave of absence
Lee’s appointment follows a turbulent period for the federation after outgoing chairman Teo took a leave of absence from his SBF duties in May.
The move came after the United States accused Teo of involvement in a price-fixing cartel linked to dry shipping containers.
Teo later announced that he would not seek re-election as SBF chairman.
Since being named by the United States Department of Justice in late May, Teo has also stepped aside temporarily from his positions at the Singapore Economic Resilience Taskforce, the National University of Singapore and shipping company Pacific International Lines.
In a statement issued after the indictment became public, Teo said: “I have proactively decided to take these leaves of absence to afford myself sufficient time to attend to this matter, and for the best interests of the aforementioned organisations.”
SBF also thanked outgoing council members, including Teo, for their contributions to Singapore’s business community during their terms in office.
Lee now takes over at a time when Singapore businesses are navigating economic uncertainty, technological disruption and evolving regional trade dynamics.
