Temasek CEO Ho Ching’s estimated remuneration – at least $100 million – should not be state secret

If Singapore’s system is as clean as PAP makes it out to be, then it should no longer conceal information which belongs in the public domain.

Of public interest is the humongous remuneration of Temasek CEO Ho Ching, spouse of PM Lee.  Ho’s total annual remuneration is estimated at more than $100 million.

In February 2009, BHP Billiton CEO Charles Goodyear was approached by Temasek to take over Ho Ching in October 2009.  (Strangely, no one in Temasek was found suitable for Ho’s extra-large shoes.)

Goodyear’s total remuneration in the preceding year was GPB 23.82 million. (Image below from Roy’s FB)

1temasek

Based on the exchange rate on 1 Oct 2009, ie GBP 1 = S$2.26, Temasek would have to offer Charles more than S$54 million to manage a S$130 billion portfolio.

Last year, Temasek’s portfolio was valued at $275 billion.  Since Charles had not taken up the offer under mysterious circumstances, credit must go to … Ho.

Rewarding ‘outstanding’ performance with outsized bonuses – PAP ministers were rewarded with 19-months’ bonuses in 2008 – has always been PAP’s policy.  PAP-controlled Temasek would have by now increased Ho’s remuneration to at least $100 million.

In any democratic country, the government is obligated to disclose the remuneration of senior executives managing state reserves.  Little red dot remains an exception.

Unfortunately, Ho’s remuneration – obscene by any measure – has remained state secret.

Should any individual managing state reserves earn more than the combined remuneration of all ministers and perm secs?

PS
What about Ho’s subordinates?  GIC CEO and senior management?  How many billion$ have been paid in remuneration annually to employees of both SWFs?

 

 

This entry was posted in POLITICS, TEMASEK. Bookmark the permalink.

7 Responses to Temasek CEO Ho Ching’s estimated remuneration – at least $100 million – should not be state secret

  1. DavidLKSee says:

    > FACT 1:
    “Transparency” and “Accountability” are two of the “most bastardised words” often used by the clueless/hopeless/useless PAP Million-dollar Govt to hide the “full facts and figures” from Singapore Voters.

    > FACT 2:
    Singapore Voters have EVERY RIGHT to ASK QUESTIONS about any use of PUBLIC FUNDS (i.e. their hard-earned monies collected through numerous taxes)

    WHY THEN, for nearly 20 years, the PAP Govt has been afraid/reluctant to provide ANSWERS (ie “full facts and figures”) to these TWO SIMPLE QUESTIONS:

    QUESTION 1:
    WHAT is the actual break-even cost to develop a HDB new/BTO flat (versus the flat’s actual Selling Price)?
    [ Note: HDB new/BTO flats are developed using PUBLIC FUNDS. ]

    QUESTION 2:
    HOW much is the Total Annual Pay Package of Ho Ching (wife of PM Lee)for each of the years since she became Temasek Holdings CEO?
    [ Note: Her pay is paid out of PUBLIC FUNDS, and DEFINTELY NOT by her grandfather. ]

  2. Confused says:

    “What about Ho’s subordinates? GIC CEO and senior management? How many billion$ have been paid in remuneration annually to employees of both SWFs?”

    If $100m is what HC draws annually, just think beyond that, how many GLC related companies are there? it could be in the thousands.

    If each of the company pays 10 millions annually on the average to the top management because PAP believes in paying high to prevent corruption, we are essentially paying at least $10billion annually to these bunch of people for doing nothing much. what about those retained earnings that are kept in the thousands of GLC companies?

    Why are the government continue to appoint those good for retired “top people” to all sorts of board to feed on our reserves. It only means something is wrong with our system that those who takes over are simply not good enough that leads to the need to appoint the “expired goods” still be around to leech on our tax monies when they should be enjoying their retirement life on their “earned millions”. If they are not good to be independently, all the more they are not fit for millions pay.

    By reducing the high pay system, we could have easily saved 4 to 6% of equivalent in GST revenue and it is therefore not a need to raise tax.

    Therefore, the humongous pay system must go to save the people billions $$ and stop from paying high tax endlessly. This is why transparency and accountability are the main issues.

  3. Confused says:

    “Last year, Temasek’s portfolio was valued at $275 billion.”

    if Temasek claims to consistently making 16% annually, we would have seen about $40b return last year, which would have been more than enough to add on to our NIRC to fund our budget and there is really no necessity to raise tax.

    Why are we only be able to rely on about 10b from NIRC including land sales?

    Something just not right? It just does not make sense.

  4. Pingback: GIC & TEMASEK & CORRUPT CARLYLE GROUP? - Sunflower Chong

  5. Jerry onis says:

    Who are you really? Sunflower

    Could you publish your real name, address, NRIC and email, which definately not be published also.

    Your remarks are stunning to say the least, but please do not stir sentiments that can lead a nation into an uncalled state of distaste.

  6. David Ng says:

    New generation government $$$motivated…. thanks for standing up for SG50(LKY)…SG100(God knows)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s