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)
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 $100 million.
In any democratic country, the government is obligated to disclose the remuneration of senior executives managing state reserves. Little red dot remains an exception.
Unfortunately, Ho’s remuneration – obscene by any measure – has remained state secret.
Should any individual managing state reserves earn more than the combined remuneration of all ministers and perm secs?
What about Ho’s subordinates? GIC CEO and senior management? How many billion$ have been paid in remuneration annually to employees of both SWFs?