20140710 Good corporate governance at Temasek Holdings?

Dear PM Lee

On 6 May, I made an enquiry on the remuneration of Temasek Holdings’ board of directors.

Although the government says it wants to engage, more often than not, it does the opposite. Temasek’s silence is not engagement.

Good corporate governance demands transparency which is essential but strangely absent on this issue.

Another sovereign wealth fund 4 times larger than Temasek, Norway’s Pension Fund Global (managed by NBIM), publishes not only the remuneration of its board of directors but ALL relevant information. Transparency is therefore not an issue.

In its 188-page 2013 Annual report, Norges Bank published the remuneration of all NBIM’s directors. (page 50, screenshot below)

Remuneration of NBIM’s directors

At the current exchange rate, the CEO of NBIM earns about S$1.4 million to manage the world’s biggest SWF with a market value of S$1.08 trillion.

Why does Temasek Holdings not disclose its directors’ remuneration to the public when it is managing public funds?

As of 31 Dec 2013, NBIM has listed its holdings of more than 8300 equities, 1000 bonds and more than 30 real estate investments.

The amount of information in Norways’ SWF puts to shame ours, not just Temasek but GIC as well.

Regardless of Temasek’s ‘private limited’ status, Temasek is managing public funds and must disclose ALL relevant information to the public. (similar to Norway’s Pension Fund Global)

On the same issue of directors’ remuneration, GIC has also refused disclosure.

The issue of transparency needs to be urgently addressed to prevent further erosion of trust in the government.

Please reply.

Thank you and have a nice day.


Phillip Ang

I am just an ordinary citizen who wants to engage the government.

From: pipakh
Sent: Tuesday, May 06, 2014 2:18 AM
To: enquiry
Subject: 20140506 Remuneration of board of directors

Dear Sir

Temasek Holdings is an investment arm of the government of Singapore. The remuneration figures of its board of directors should be made public.

However, they could not be found in Temasek Review 2013. Perhaps they are published elsewhere.

Please assist.

Thank you.


Phillip Ang


This entry was posted in EMAIL TO PM LEE/MINISTERS/MPs/STAT BOARD CEOs .... Bookmark the permalink.

9 Responses to 20140710 Good corporate governance at Temasek Holdings?

  1. Xmen says:

    You are one brave soul!

    • phillip ang says:

      : ) Just stating facts. The public’s perception of PAP is incorrect. The government does engage, sometimes with meaningful replies, but of course it’s on their terms because they hold the power. : ( If they don’t engage, then it leaves us with no choice but to document the issue on social media.

      • Xmen says:

        The lawsuits and threats have definitely shaped public perception. They are practically non existent in western democracies. Regardless, I wish you the best in your advocacy.

  2. James says:

    Phillip, I salute you!

  3. jack says:

    were you formally from Simex, symbol pip? enjoy reading your article.

  4. Pingback: PAP must Disclose Tax Dollars Paid to Temasek Directors, Especially its CEO | The Global Point

  5. Warren says:

    phil, as long as we stand firm in our beliefs, unwavering in our values and genuine in our intentions, nothing will be able to hinder our growth and personal refinement. Keep doing what you are doing and always know that we are 1 step behind you all the way. Cheers mate!

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