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)
Why does Temasek Holdings not disclose its directors’ remuneration to the public when it is managing public funds?
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.
Thank you and have a nice day.
I am just an ordinary citizen who wants to engage the government.
Sent: Tuesday, May 06, 2014 2:18 AM
Subject: 20140506 Remuneration of board of directors
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.