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Netizens express skepticism over Ho Ching’s story of reluctance to accept Temasek CEO role
Temasek marks 50 years with a new book reflecting on its milestones and challenges. Former CEO Ho Ching shares insights into the company’s transformation under her leadership, including a strategic focus on Asia. However, her reflections have drawn scepticism online, with netizens questioning her narrative.
SINGAPORE: Temasek, Singapore’s global investment company, has released a book to commemorate its 50th anniversary. Titled By Generations, For Generations: Fifty Years of Temasek as Told by the People Who Shaped It, the publication reflects on the company’s evolution, major milestones, and the challenges it has faced over the decades.
In the prologue, Ho Ching, former Chief Executive Officer of Temasek Holdings (2004-2021) and current Chairman of Temasek Trust (since 2022), shares her insights on her years with the company.
Ho, the wife of Singapore’s Prime Minister Lee Hsien Loong, who served from 2004 to 2024, discusses the strategic shifts that occurred during her tenure.
A key focus was Temasek’s decision to prioritize Asia in the early 2000s, which transformed the company’s approach to investments.
Ho recounts her initial reluctance to join Temasek after being approached by then-Chairman S Dhanabalan. At the time, she was considering early retirement after a successful career that included serving as CEO of Singapore Technologies.
However, after further discussion, she decided to take on the role of executive director, a position that allowed her to contribute without the added pressures of being CEO at the time.
She reflects on the early challenges Temasek faced, particularly its struggle to define itself after its establishment.
Initially, Temasek was transitioning from its roots in the Ministry of Finance, where it was responsible for managing a broad portfolio of state assets. Ho highlights that, during her early years, the organisation faced operational inefficiencies, with outdated practices and fragmented departmental structures hampering its progress.
By 2002, under CEO Quek Poh Huat, the company began to evolve. It focused on building a stronger management team by bringing in experienced professionals and launching ambitious projects, such as the public listing of Singtel. However, despite managing a portfolio that included prominent companies like Singapore Airlines and DBS, Temasek was often seen as conservative, with internal silos limiting collaboration.
The company underwent further restructuring throughout the 2000s, seeking to break down these silos and promote collaboration. These efforts were part of a broader initiative to align the company’s operations with its long-term goal of delivering sustainable returns.
A pivotal moment in Temasek’s history came in 2002, when it shifted its investment strategy towards Asia.
This decision, driven by the region’s growing economic potential, marked a significant change in the company’s focus, as it sought to build on its success in Singapore by supporting growth across Asia.
Temasek set ambitious targets, including the T2010 initiative to double its portfolio value by 2010, a goal the company achieved by 2007. However, the Global Financial Crisis of 2008-2009 presented significant challenges. Despite these setbacks, Temasek rebounded and exceeded its initial targets, positioning itself for further expansion.
Ho Ching also discusses the importance of succession planning at Temasek, emphasising the need for leadership committed to sustainable, long-term investments. She expresses confidence in her successor, Dilhan Pillay Sandrasegara, who took over as CEO in 2021, noting his ability to navigate the complexities of the modern global investment landscape.
Online Reactions to Ho Ching’s Story Spark Debate
Ho Ching’s reflections in the prologue have sparked mixed reactions online. After Mothership published a Facebook post about her story, many netizens, in the hundreds, voiced their scepticism, particularly questioning her account of initially rejecting the CEO role at Temasek.
One commenter remarked that while Ho’s account was “nice,” it seemed hard to believe. This individual noted the perceived conflict of interest in her appointment, given her family connections, and questioned why Lee Kuan Yew, Singapore’s first prime minister and her father-in-law, allowed her to take on the top role at Temasek despite other qualified candidates being available.
Another commenter shared similar concerns, likening her appointment to the common trope of someone being “randomly chosen” for a position they didn’t actively pursue. Others speculated that Dhanabalan’s decision to approach Ho for the role was likely influenced by her status as the Prime Minister’s wife, raising concerns about nepotism.
Additional scepticism was expressed regarding her remuneration, with one netizen stating they would only believe her story if she publicly disclosed her salary, which they speculated could be in the nine-figure range. Another commenter was more dismissive, suggesting that with such high pay, few would actually reject the opportunity.
Some reactions were more direct, questioning Ho’s claim of avoiding power and her decision to remain in the CEO role for 17 years. Several comments implied that her extended tenure contradicted her narrative of initially resisting the position, suggesting she had grown comfortable with the influence and status that came with it.
Netizens Mock Ho’s “Taking Life Easy” Remarks
Ho Ching’s statement that she had been planning to “take life easy” before receiving the call to join Temasek also drew sarcastic responses.
One netizen remarked that Mdm Ho had gone from taking life easy to making it even easier by joining Temasek, implying that her role at the company provided her with even more comfort.
Others expressed doubt about how someone could claim to take life easy while being married to one of Singapore’s most powerful figures.
Some comments mocked her remarks as out of touch with the everyday struggles of Singaporeans facing rising living costs.
One commenter pointed out that Ho’s luxurious lifestyle, coupled with her role at Temasek, made her claim of seeking a simpler life appear disconnected from the reality of ordinary citizens.
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Dr Chee Soon Juan criticises Ho Ching’s vision for 8-10 million population
SDP chief Dr Chee Soon Juan criticised Ho Ching’s claim that Singapore could support a population of 8 to 10 million through effective city planning. In a video message, he expressed scepticism about the push for population growth, citing adverse effects like rising living costs and mental health issues. Dr Chee argued that smaller populations can thrive, referencing Scandinavian countries that excelled internationally and produced Nobel laureates.
Dr Chee Soon Juan, Secretary-General of the Singapore Democratic Party (SDP), slammed Senior Minister Lee Hsien Loong’s spouse, Ho Ching, for her assertion that Singapore could accommodate 8 to 10 million people with proper city planning and land reclamation.
In a video message published on 1 October, Dr Chee expressed strong scepticism regarding the narrative of increasing the population, highlighting that the current surge past the 6 million mark had been largely driven by the influx of foreigners, which led to several adverse consequences.
He further highlighted that smaller populations were not inherently negative, drawing examples from some Scandinavian countries that had flourished on the international stage despite their smaller populations and had even produced Nobel Prize laureates.
Ho Ching expressed confidence that with proper city planning, Singapore could accommodate up to 8-10 million people
Last Friday (27 September), in a Facebook post, Madam Ho, who was also the former CEO of Temasek Holdings, highlighted the growing demand for caregivers as the population aged and the need for workers to sustain sectors like construction and engineering, particularly as the workforce shrank due to lower birth rates.
“As we have less children, we need more people from elsewhere to join us to keep this city functioning, from repairing train tracks through the night to serving patients in hospitals through the night. ”
Dr Chee Highlights Risks of Population Growth
In response, Dr Chee recalled his experience of being reprimanded by Minister for Foreign Affairs Dr Vivian Balakrishnan during the last General Election for raising concerns about the implications of a rapidly growing population.
He questioned why Madam Ho, who shared similar views, had not faced the same scrutiny.
In his video, Dr Chee articulated several concerns regarding the proposed increase in population, highlighting the potential negative impacts, including increased demand for food, housing, and transportation, which would result in a significant rise in living costs.
With a larger population, Dr Chee pointed out that more flats, roads, hospitals, and public transportation would need to be constructed, which would ultimately require higher taxes and fees to maintain the necessary infrastructure.
The SDP leader emphasized that an influx of residents would intensify competition for jobs, exerting downward pressure on wages and potentially leading to higher rates of unemployment and underemployment.
Dr Chee further expressed concern over the environmental degradation that would accompany population growth, citing the recent clearing of forests for housing and industrial developments, including Tengah and Kranji Forests.
Dr Chee questioned the ability of existing infrastructure to cope with a growing population, referencing the persistent issues with the MRT system, including breakdowns and safety hazards.
He highlighted the toll that congestion and overpopulation take on the mental health of Singaporeans, noting a rise in reported mental health challenges.
“All this while the ministers live in secluded and luxurious bunglows and villas, far from the madding crowd which we are subjected to every single day.”
“So, when Ho Ching says that we can accommodate up to 10 million people, I’d like to ask her, where and what type of house she lives in?”
Dr Chee Argues for Innovative Economic Solutions Over Traditional Urban Expansion
Regarding the ruling government’s persistent push to increase Singapore’s population to what he considered “unhealthy levels,” Dr Chee suggested that the PAP lacked viable alternatives for fostering economic growth.
He implied that the government resorted to traditional methods of expansion, such as construction and urban development.
He highlighted that the government is fixated on physically expanding the city—“digging, pouring concrete, and erecting structures”—to sustain GDP growth.
This approach, he argued, creates an illusion that Singapore remains a productive economic hub, despite potential downsides.
Dr Chee Advocates for the Value of Smaller Populations: Cites Political Freedom as Key to Innovation and Success
Dr Chee further contended that a smaller population did not necessarily hinder a nation’s success.
He cited several Scandinavian countries and Taiwan, emphasising their global brands and innovations despite their relatively small populations.
Dr Chee connected the success of these nations to their political freedoms, arguing that the ability to think and express oneself freely fostered innovation and societal progress.
He contrasted this with Singapore, where he claimed that the government controlled media and stifled freedom of expression.
He criticised the ruling People’s Action Party (PAP) for its centralised control and for limiting the potential of Singaporeans. Dr Chee used the metaphor of a “grotesque monkey” clinging to the nation, suggesting that the PAP hindered progress and growth.
Dr Chee emphasised that the quality of a population—its talent, energy, and potential—was far more important than its size.
He suggested that Singapore possessed the necessary attributes to succeed on a global scale but was held back by the current political landscape.
He urged Singaporeans to engage in critical thinking rather than passively accepting government narratives.
Dr Chee advocated for a more mature and sophisticated approach to governance and civic engagement, encouraging citizens to take an active role in shaping their society.
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Netizens criticise PM Wong’s video, urge Govt to address root causes of cost-of-living crisis
Netizens have voiced concerns over PM Wong’s approach to addressing the cost-of-living crisis. Many argue that distributing CDC vouchers provides only temporary relief and are calling for more substantial action on issues such as transport and rental costs.
SINGAPORE: In response to Prime Minister Lawrence Wong’s video titled “Tackling Cost of Living Concern,” uploaded on 2 October, netizens expressed that the Singapore government should address fundamental issues like transport and rental costs, rather than relying on measures such as distributing Community Development Council (CDC) vouchers.
In the six-minute video, PM Wong acknowledged that although inflation has moderated, the cost of living remains a significant issue for many Singaporeans.
PM Wong assured Singaporeans that his team is committed to helping them through this challenging period.
He emphasised that while inflation is expected to decline further in 2024, prices will still rise from time to time.
He explained that delaying price adjustments would only worsen the situation in the future, but the government will work on mitigating the impact of any necessary increases.
The prime minister outlined that the long-term solution to managing living costs is to ensure Singaporeans have access to good jobs with better wages.
He added that higher wages should outpace inflation, allowing citizens to improve their living standards in real terms.
PM Wong also provided an economic outlook for 2024, predicting higher growth and lower inflation, which could lead to increases in real incomes for workers.
He noted that the government is closely monitoring economic conditions for 2025 and will reveal more of its plans in the upcoming Budget.
Recapping earlier initiatives, PM Wong said the government has allocated over $10 billion through the Assurance Package to help Singaporeans cope with rising living costs, including enhancements to the package.
He highlighted that this year, every household has received S$800 in CDC vouchers, alongside utility rebates and cash payouts.
PM Wong also touched on global inflation trends, explaining how disruptions from the pandemic and global conflicts affected prices.
He assured Singaporeans that the government has taken measures, such as strengthening the Singapore dollar, to shield them from the worst of these effects.
Netizens criticise government’s approach to rising cost of living
Hundreds of netizens have voiced their concerns under a Facebook post by The Straits Times on PM Wong’s video, criticising the government’s approach to addressing cost-of-living issues.
Many users expressed frustration, noting that despite the government’s repeated reassurances about helping Singaporeans, there has been a lack of action to address the ongoing increases in utility and transport fares.
Others echoed similar sentiments, with one user blaming the increase in GST to 9% as a major factor contributing to the rising cost of living. As Finance Minister, PM Wong was the key advocate of the GST hike and defended it when the opposition called for a deferment.
One netizen criticised the government’s actions as being counterproductive. They pointed out that while the government raises prices in several areas, it simultaneously claims to be providing help, which they view as contradictory.
Netizens call for action on rising rental costs, criticise reliance on CDC vouchers
Many commenters also criticised the distribution of CDC vouchers as insufficient, urging the government to tackle root issues such as high rental and housing costs.
One netizen argued that CDC vouchers provide little relief, and reducing rental, medical, and food costs would be a more effective solution.
Another user called for standardised rental prices for hawker stalls and suggested that the government should fine landlords who raise rents excessively.
Other commenters focused on the need for more substantial measures, such as controlling hawker stall and coffee shop leases.
They argued that skyrocketing rental prices directly affect consumers through higher food costs.
One user proposed reducing government officials’ salaries and reforming other key policies such as lowering the GST and making housing more affordable as real solutions.
Additionally, some netizens highlighted the need to address transport and rental costs, noting that higher transport and raw material costs will continue to drive up consumer prices.
They urged the government to reduce rent for commercial shops and food stalls.
Netizens call for concrete measures in addressing cost of living
Some netizens expressed doubts about the government’s efforts to address the cost of living, calling for more transparency and concrete actions.
Many have called for clear metrics, such as housing prices, Certificate of Entitlement (COE) prices, transportation costs, and population growth, to be presented as proof of the government’s commitment to tackling these issues.
Other commenters urged the government to avoid short-term solutions such as payouts, which could ultimately lead to higher taxpayer costs.
They suggested more long-term measures, including lowering CPF contribution rates, which they view as a financial burden on lower-income earners.
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