In a statement on Sunday (19 April), state-owned investment management firm Temasek Holdings denied claims that its CEO Ho Ching earns an annual salary of S$99 million.
This follows several days after a Taiwan news show claimed that Mdm Ho – who is also the 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.
Though it rarely ever addressed the matter of remuneration of its top management, this time Temasek addressed the claims of Ho Ching’s salary directly, merely saying that the claim is “false”. Temasek also noted that Ho Ching’s annual compensation is not the highest within the firm nor is she among the top five highest paid executives.
Touching on the issue of it’s compensation framework, Temasek stated that it has a “long-term ownership mindset” which aligns employee and shareholder interests over economic cycles.
The statement said, “Incentives focus on long term performance, and ensure employees share gains and pains alongside Temasek’s shareholder during the economic cycles.”
“Deferred compensation is an integral part of our compensation and clawbacks have been applied during years where the performance requires it.”
The company added that it reviews compensation practices across the financial industry on an annual basis as an added check to support its attraction and retention of talent within the firm’s framework of compensation.