Board of Directors
ESR-REIT's Board of Directors come from a wide range of backgrounds and offer a broad knowledge base. Together, they determine ESR-REIT's strategy and direct its performance.
Ms. Stefanie Yuen Thio
Independent Non-Executive Chairperson
Independent Non-Executive Chairperson
Member of the Audit, Risk Management and Compliance Committee
Member of Nominating and Remuneration Committee
Date of appointment as Director: 29 March 2019
Ms. Stefanie Yuen Thio is the Joint Managing Partner of TSMP Law Corporation and heads its corporate practice. Admitted to the Singapore Bar in 1994, she has over 31 years of legal experience in mergers and acquisitions, equity capital markets, corporate transactions and regulatory advice. Her clients range from listed corporates to international companies, including in the logistics industry and REITs. She is regularly named by legal journals as a leading practitioner in her areas of specialisation.
Prior to her appointment, she served on the board of ARA Trust Management (CACHE) Limited, manager of Cache Logistics Trust. Ms. Yuen Thio was appointed by the Monetary Authority of Singapore (MAS) to the Corporate Governance Advisory Committee in 2025, and in 2017 she served on the MAS Corporate Governance Council to review the Code of Corporate Governance. She is a Fellow of the Singapore Institute of Directors. From 2014 to 2017, she was a member of the Expert Panel, Centre for Cross-Border Commercial Law in Asia. She was also a member of the Singapore Governance and Transparency Index Advisory Panel from June 2016 to May 2018. Ms. Yuen Thio established SG Her Empowerment Limited, a women’s empowerment charity with Institute of Public Character status in March 2022 where she is the current chairperson and director of the charity. On February 2025, she was appointed as Singapore’s Alternate Representative to the ASEAN Intergovernmental Commission on Human Rights.
Ms. Yuen Thio holds a Bachelor of Law from The National University of Singapore. She is also an Advocate and Solicitor of The Supreme Court of Singapore.
Mr. Ronald Lim
Independent Non-Executive Director
Chairperson of the Nominating and Remuneration Committee
Member of the Investment Committee
Date of appointment as Director: 8 January 2019
Mr. Ronald Lim has more than 36 years of experience in the banking and finance industry. Mr. Lim was with United Overseas Bank Ltd (UOB) from March 1973 to November 2009 where he last held the appointment of Executive Director and Division Head of Commercial Banking in which the Bank is a leader in the SMEs market. Prior to the above and during his tenure with UOB, Mr. Lim had also held leadership appointments as Head of Human Resource and Head of Branches Division where he was involved in the management and development of human capital, its delivery channels and banking services. From November 2009 to October 2011, Mr. Lim was an adviser to RGE Pte Ltd, a resource-based manufacturing group in the paper and pulp, palm oil and the oil and gas industries.
Mr. Lim holds a Bachelor of Social Science from the University of Singapore (currently known as the National University of Singapore).
Mr. Nagaraj Sivaram
Independent Non-Executive Director
Chairperson of the Audit, Risk Management and Compliance Committee
Date of appointment as Director: 3 June 2022
Mr. Nagaraj Sivaram was an assurance partner in Ernst & Young, Singapore and retired from the firm on 30 June 2019 after 35 years with the firm. In his years with the firm, he served in various roles principally in the audit or assurance department. His audit experience over the years included the audit of listed companies and multinationals in the food and beverage, logistics and real estate industries. His business advisory experience included financial due diligence work for the Transaction Advisory Services group of the firm.
He was the technical partner for many years. As technical partner he advised other partners on complex accounting and auditing issues, conducted training and set policies relating to risk management for the assurance practice of the firm. He was a member of the Accounting Standards Council, the standard setter in Singapore for eight years.
He is currently a Board Member and Audit Committee Chairman of the Land Transport Authority, Singapore Institute of Technology and GK Goh Holdings Ltd.
Mr. Sivaram holds a Bachelor of Commerce from the University of Bombay. He is also a FCA – Chartered Accountant and a Certified Public Account.
Dr. Julie Lo Lai Wan
Independent Non-Executive Director
Date of appointment as Director: 1 November 2022
Dr. Lo is the General Counsel of National Healthcare Group (NHG) since September 2020. NHG is a large healthcare company wholly-owned by MOH Holdings Pte Ltd, Singapore, and comprises numerous hospitals, specialty centres and polyclinics. Dr. Lo is a member of the NHG Domain Specific Review Board which is an independent committee that reviews and approves research studies. Dr. Lo also actively participates in national initiatives and strategies including major reforms of the healthcare sector.
Dr. Lo was the Legal Director (Head of Legal & Contract Management Department) of Synapxe (formerly known as Integrated Health Information Systems) and was also Head of Procurement. Synapxe is the technology agency for Singapore's public healthcare sector and is wholly-owned by MOH Holdings Pte Ltd, Singapore. Dr. Lo built the Legal and Procurement Departments, guided Synapxe through the Committee of Inquiry investigation into the SingHealth cyber attack in 2018 and led Synapxe through several major public healthcare projects. Previous to Synapxe, Dr. Lo was a finance sector lawyer.
Dr. Lo holds a Bachelor of Laws from the University College London, London University, a Master of Laws (Corporate & Commercial) from the London School of Economics & Political Science, London University and a Doctor of Business Administration from the University of South Australia. She is admitted to practise law in Singapore, New York, England and Wales.
Mr. Loi Pok Yen
Independent Non-Executive Director
Independent Non-Executive Director
Chairperson of the Investment Committee
Member of the Audit, Risk Management and Compliance Committee
Date of appointment as Director: 15 May 2023
Mr. Loi Pok Yen was the Group CEO of CWT Limited (“CWT”), an SGX listed integrated logistics service provider that provides supply chain solutions to various industries, before he retired from his position on 31 March 2023. In 2017, CWT was acquired by the HNA Group for approximately S$1.4bn via a general offer and was subsequently delisted from the SGX and is now known as CWT Pte. Limited.
Prior to joining CWT, Mr. Loi was responsible for the warehouse and logistics businesses at C&P Holdings Pte Ltd. From 1995 to 1997, he helped oversee and build Myanmar International Terminals Thilawa (MITT), Myanmar’s largest port. Mr. Loi was instrumental in transforming the CWT Group into a global enterprise. In 2013, he was named EY Entrepreneur of the Year — Logistics Winner.
Mr. George Agethen
Non-Executive Director
Non-Executive Director
Date of appointment as Non-Executive Director: 15 May 2023
Mr. Agethen is the Managing Director for Real Estate (APAC and LATAM) for Caisse de dépôt et placement du Québec (“CDPQ”), a global investment group with net assets of 452 billion Canadian dollars. He oversees the investment and asset management strategies for the real estate portfolio in the APAC and LATAM regions. He has over 20 years of experience in real estate, portfolio management and investment banking, and has held senior positions in leading organisations in Australia, Hong Kong, China and Singapore.
Mr. Agethen holds bachelor’s degrees in commerce and in law and a master’s degree in commerce, specializing in Finance, from University of New South Wales in Sydney, Australia. Mr. Agethen is a Fellow of the Financial Services Institute of Australasia and is a Jury Member for the MIPIM Asia Awards. Over the course of his career, George has lived in Australia, Hong Kong, Singapore, and China. He speaks fluent English, Mandarin and Cantonese.
Mr. Stuart Gibson
Non-Executive Director
Non-Executive Director
Date of appointment as Director: 30 August 2023
Mr. Stuart Gibson is currently an executive director, co-founder and co-CEO of ESR Group Limited (“ESR”), the Sponsor of ESR-REIT. He was also the co-founder and CEO of the Redwood group from July 2006 until 2016. Mr. Gibson has been the co-CEO of ESR since January 2016. He is responsible for overseeing ESR’s overall operations and business development.
Mr. Gibson is also a director of various subsidiaries of ESR. He has been an independent director of SYLA Technologies Co., Ltd. (listed on Nasdaq) since July 2023.
Mr. Gibson has over 29 years of real estate development and investment experience in Asia, which includes 15 years in the Japanese industrial real estate sector. Mr. Gibson joined Prologis B.V. (formerly known as LogiStar B.V.) in 1998 as a development associate, and was subsequently seconded from Prologis B.V. to Prologis Japan as a vice president from 2000, and was later promoted to the country head of Prologis Japan. He was the former co-founder and co-CEO of AMB BlackPine from 2003 to 2006, which was subsequently incorporated into Prologis. He was also the chairman of AMB Property Corporation Japan Advisory Committee from July 2006 to December 2007.
Mr. Shen Jinchu, Jeffrey
Non-Executive Director
Non-Executive Director
Date of appointment as Director: 8 November 2023
Mr. Shen is currently an executive director, co-founder and co-CEO of ESR Group Limited (“ESR”), the Sponsor of ESR-REIT. He has been the co-CEO of ESR since June 2011 and was also a co-founder of e-Shang Cayman Limited. Mr. Shen is responsible for overseeing ESR’s overall operations and business development, leading regional growth strategies, and expanding ESR’s asset and fund management platforms.
Mr. Shen is also a director of various subsidiaries of ESR. He was appointed as a non-executive director of ESR Trust Management (Suntec) Limited (manager of Suntec Real Estate Investment Trust which is listed in Singapore) since November 2023.
Mr. Shen has over 25 years of industrial real estate experience in China. Prior to co-founding ESR in June 2011, he held a variety of roles, including senior vice president, at GLP Investment Management (China) Co., Ltd. (formerly known as Prologis China) from January 2004 to September 2010, overseeing the Eastern China area. Mr. Shen was the deputy director of DTZ Debenham Tie Leung International Property Advisers from June 2001 to December 2003. Previously, he was the assistant general manager of marketing at Shanghai Waigaoqiao Free Trade Zone Xin Development Co., Ltd from July 1995 to November 2000.
Mr. Adrian Chui
Chief Executive Office (“CEO”) and Executive Director
Chief Executive Officer ("CEO") and Executive Director
Date of appointment as Director: 24 March 2017
Mr. Chui has more than 20 years of extensive real estate experience, across property investments, divestments and operations, real estate funds management and structuring, capital markets, acquisitions financing, mergers and acquisitions, and fund raising. He was the pioneer in leading and structuring of Singapore’s first ever REIT merger in 2018. He is also an Exco member of the Real Estate Investment Trust Association of Singapore (REITAS).
Prior to joining the Manager, Mr. Chui was responsible for the Southeast Asia real estate business at Standard Chartered Bank. His deal experiences span across private funds, REITs and Business Trusts market includes structuring cross border property investments and fund raising in industrial, logistics, hospitality, office, retail and healthcare. His previous roles include being a sell-side property research analyst responsible for Singapore listed REITs and property companies and had held management roles in other REIT Management companies.
Mr. Chui holds a Bachelor of Business from Nanyang Technological University, Singapore.