• 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

Taiwan news reports that Ho Ching makes S$99 million a year as Executive Director and CEO of Temasek Holdings

by kathleen
15/04/2020
in Current Affairs
Reading Time: 4 mins read
50
CORRECTION NOTICE:
This article contains a false statement of fact. For the correct facts, click here: www.gov.sg/article/factually-corrections-on-falsehoods-on-annual-salary-of-temasek-holdings-ceo-ho-ching.

In a Taiwan news show recently, it was reported that Mdm Ho Ching, wife of Prime Minister Lee Hsien Loong, earns about TWD2.1 billion (S$99 million) a year or about S$300,000 a day as the incumbent Executive Director and Chief Executive Officer of Temasek Holdings.

The news anchors also noted that Singaporeans often discuss Mdm Ho’s annual salary and comment if it is too high.
This report relates back to the recent saga sparked by Mdm Ho’s Facebook post about Taiwan’s donation of face masks to Singapore where she shared a news report and included a caption that simply said, “Errr….”
The post drew flak from Taiwan netizens who found her caption confusing and ask her to explain the meaning of the post, adding that if Singapore doesn’t want the masks, it can reject the offer.
While Mdm Ho’s comment was ambiguous, Singaporeans rushed to defend her on Facebook, with allegations from a pro-PAP fanpage called Singapore Matters claiming that Taiwan had held on to Singapore’s face masks leading to shortage in Singapore.
About two days later, Mdm Ho edited her post to thank “friends and friends of friends in Taiwan” for all they have done, adding that she is “forever grateful”.
She said, “We all know we are in this together as one world – and I’m totally grateful for every one which has reached out, advised, pointed the way, and tried their best to help, sometimes successfully and sometimes not.”
“But that sincere effort and thought, regardless of success or failure, is what I will treasure forever.”
She then added, “And mistakes? Also forgiven, lah!”
She also urged people  to stop “trying to beat each other up in cyber space”, stressing that we should “beat” the virus instead and noted that the “bug” can be beaten if everybody pulls together as one an does what needs to be done.
Despite Mdm Ho’s edits to clarify her comment, netizens are still flocking to Facebook to voice their displeasure over her post.

Ho Ching’s salary is question that remains unanswered in Singapore

Now, the question of Mdm Ho’s salary is one that crops up regularly. Back in June 2018, blogger Phillip Ang speculated that it could be somewhere around $100 million a year. Others were speculating as well, guessing at perhaps $24 million or even $1 billion.
Unfortunately, we don’t know for sure if this is true because Temasek Holdings is an exempt private company under the Singapore Companies Act. This means the company is not required to publish its audited statutory consolidated financial statements. It’s even stated on their website.
So really, there’s no way for the public to know for sure how much Temasek’s management makes.
Last year in parliament (8 May), Second Finance Minister Lawrence Wong said that the Government keeps an “arms-length relationship” with GIC and Temasek Holdings, and does not get involved in their operational decisions, such as remunerations.
Mr Wong, who is also Minister for National Development and sits on the GIC’s board of directors, was responding to Workers’ Party Member of Parliament (MP) Png Eng Huat, who asked if there is a salary cap for key management of companies like sovereign wealth fund GIC and state-owned investors Temasek Holding.
The Minister did not reveal the salaries of the top brass at the two firms, and added that instead the Government expects the Boards to hold accountable for their respective performances.
Mr Png had specifically requested for the range of total annual remuneration – which include salary, annual and performance bonuses – of the top three highest-paid executives at GIC and Temasek Holdings over the last five years.
As such, Mr Wong noted that remuneration falls on performance and industry benchmarks, and supports a “prudent risk-taking culture”. In addition, a part of the remuneration at both companies are also tied to long-term performance.
Further pushing for figures, Mr Png said, “These two entities are managing our reserves, and the Government is the sole shareholder. Usually shareholders would know the remuneration packages for the companies they own.”
Despite the push, Mr Wong still refused to divulge the figure and said that there’s a system that is presented to determine compensation. Based on the past performances of these two entities, it shows that the system works, he added.
The system does not solely look at “one or two expense items” like remuneration. Instead, it comprises of a “thorough assessment” to decide long-term expected return, which will then be proposed to the President who will conduct an independent assessment with the help of advisors.

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

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police
Indonesia

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%
AFP

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille
AFP

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled
AFP

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn
AFP

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023
India’s finance minister says markets ‘well regulated’ after Adani storm
AFP

India’s finance minister says markets ‘well regulated’ after Adani storm

03/02/2023
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
50 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Latest posts

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023
India’s finance minister says markets ‘well regulated’ after Adani storm

India’s finance minister says markets ‘well regulated’ after Adani storm

03/02/2023
A man can be sentenced to death by a testimony of another, but CPIB finds it hard to prosecute with mountain of evidence and self-confession?

A man can be sentenced to death by a testimony of another, but CPIB finds it hard to prosecute with mountain of evidence and self-confession?

03/02/2023

Myanmar junta imposes tough new measures on resistance strongholds

03/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
19

...

Singapore warns slower economic growth in 2023

Less than 1 in 10 jobs created in first three quarters of 2022 went to Singaporeans?

by Leong Szehian
28/01/2023
69

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
40

...

April 2020
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« Mar   May »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

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

© 2022 - 2023 The Online Citizen Asia

wpDiscuz