• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Temasek Holdings – “not required” to disclose?

by onlinecitizen
21/05/2011
in Current Affairs, Letters, Opinion
Reading Time: 3 mins read
0

Leong Sze Hian

I refer to Temasek Holding’s letter “Protection of Temasek’s past reserves” (Today, May 20).

It states that “Although not required to do so, Temasek publishes an annual Temasek Review, providing a summary of key financials as well as the relevant investment performance over different time periods from one year to over three decades”.

Not required to disclose?

I am rather perturbed by this statement, because Temasek is managing our country’s assets – so, why should it not be required to disclose what it is voluntarily giving in its annual Temasek Review?

Since it is a voluntary disclosure, may I ask to what governance, transparency and reporting standards is it adhering to?

Allow me to illustrate the point with a story.  A large family gives their money to a person to look after and manage for them.

This person then tells the family members that although he is not required to do so, he is voluntarily giving them information.

Does this make sense to you?

As a matter of good corporate governance, listed companies make disclosures on the remuneration of its board and corporate officers.

I don’t seem to be able to find the remuneration information break-down in the annual Temasek Review.  How much of its $8.7 billion Administrative Expenses for the last financial year was for remuneration related expenses?

Do other countries’ Sovereign Wealth Funds (SWF) give this information?

As to its 17 per cent per annum Total Shareholder Return (TSR) by market value, what is the return after adjusting for periodic cash injections from the Government and valuation gains from state assets transferred to Temasek?

For example, in the recent Parliamentary debate announcing the transfer of Changi Airport by corporatisation to Temasek, I do not recall any mention of the valuation of Changi Airport?

With regards to the statement: “Temasek does not manage or invest any CPF money.  Nor does it manage the foreign reserves of Singapore”, the fact is that Temasek manages a large portion of Singapore’s assets.

Over the last 34 years or so, CPF moneys may arguably have been used by the Government to manage through the Government Investment Corporation (GIC), helped to develop state entities and assets, etc.

Thus, although Temasek does not manage CPF moneys, in a sense, it may have indirectly benefited by way of cash injections from the Government, asset transfers, etc.

Whilst repeated questioning in Parliament by Members of Parliament (MPs) failed to find out how much Temasek lost during the last financial crisis, its report now indicates a negative Annual Wealth Added of $68.1 billion in 2009.

In this connection, its Portfolio market Value for the financial year ended 2008 was $185 billion.

If this is the foreplay of “transformation”, I think we may yet have a long way to go, to attain the highest standards of disclosure, transparency and accountability that Singaporeans may now expect from a Government that keeps saying that it wants to ‘transform’ itself.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

WHO panel in talks on COVID emergency status
AFP

WHO panel in talks on COVID emergency status

27/01/2023
AFP

Two years after Myanmar coup, UN says situation ‘catastrophic’

27/01/2023
Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health
Community

Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health

27/01/2023
Philippines to appeal ICC resumption of drug war probe
AFP

ICC grants new inquiry into Manila’s deadly ‘war on drugs’

27/01/2023
Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service
Housing

Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service

27/01/2023
457 civil society organizations call on ASEAN to move beyond the Five-Point Consensus
AFP

Myanmar junta sets out tough new rules for political parties

27/01/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

WHO panel in talks on COVID emergency status

WHO panel in talks on COVID emergency status

27/01/2023

Two years after Myanmar coup, UN says situation ‘catastrophic’

27/01/2023
Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health

Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health

27/01/2023
Philippines to appeal ICC resumption of drug war probe

ICC grants new inquiry into Manila’s deadly ‘war on drugs’

27/01/2023
Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service

Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service

27/01/2023
457 civil society organizations call on ASEAN to move beyond the Five-Point Consensus

Myanmar junta sets out tough new rules for political parties

27/01/2023
Thai ruling party names deputy PM as main election candidate

Thai ruling party names deputy PM as main election candidate

27/01/2023
Mrs Teo says SG continues to invest in training local talent while MNCs transfer staff to work in SG

Mrs Teo says SG continues to invest in training local talent while MNCs transfer staff to work in SG

27/01/2023

Trending posts

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
35

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
52

...

Temasek Holdings – “not required” to disclose?

by onlinecitizen
21/05/2011
0

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
46

...

“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

AGC asked to explain purposes of 68 private letters of inmates illegitimately forwarded to prosecutors

by The Online Citizen
21/01/2023
16

...

May 2011
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr   Jun »
  • About Us
  • Subscribe
  • Letter submission
  • Contact Us

© 2006 - 2021 The Online Citizen

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2006 - 2021 The Online Citizen

wpDiscuz