In your Temasek Review 2012 (page 65) as well as a few earlier annual reports, the following were disclosed (Chart 1):
1. ‘Salaries and benefits’,
2. ‘Annual cash bonuses’ and
3. ‘Paid-out portion of WA Bonus earned for prior year’.
Although you did not disclose absolute figures, having this confusing chart was certainly better than none.
This is because taxpayers were aware that total paid-out WA bonuses exceeded annual cash bonuses from 2006 to 2011 (orange and yellow bar).
Frankly, what taxpayers deserve to know is the amount of reserves that has been paid out in total remuneration, not your complicated pay formula.
Stripped of irrelevant information, the chart should have looked like this:
To a layman like me, one look and I can clearly see that:
– Salaries and benefits increased like nobody’s business, disproportionate to the increase in headcount.
– Cash bonuses increased every year, rain or shine.
– On top of the cash bonuses, WA bonuses were paid out in 6 out of 7 years from 2006 to 2012.
In TR 2013 and subsequent annual reports (eg TR 2015 pg 47, below), salaries, benefits and annual cash bonuses were removed, leaving only paid out WA bonuses.
Why did Temasek remove material information which should have been in the public domain?
I hope Temasek could clarify the removal of ‘inconvenient’ information.