According to Kenneth Jeyaretnam’s estimate, Temasek CEO Ho Ching’s remuneration is in the hundreds of millions of dollars.
Kenneth: “He appoints his own wife, on undisclosed remuneration but surely hundreds of millions of dollars, to run Temasek, something that goes against all acceptable standards of good governance.”
The subject of oversized remuneration for managing government reserves is certainly of public interest and the PAP could put a stop to speculation with good governance.
PAP should bear in mind that it is managing public funds which do not belong to PAP.
In February 2009, BHP Billiton CEO Charles Goodyear was approached by Temasek to take over Ho Ching in October 2009.
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.
Logically, Ho could not have been earning anything much less than this amount.
Assuming the impossible, ie Ho’s pay hentak kaki despite Temasek’s portfolio doubling since 2009, she would be still earning more than the entire PAP cabinet ministers’ pay.
Not only that, Ho is likely to be earning more than the $47 million paid to all political appointment holders, ie including Minister of State, Senior MOS and Parliamentary Sec.
Source: Budget 2018 (Govt Expenditure, pg 8)
To put Ho’s out-of-this-universe pay in perspective, the CEO of NBIM is paid about S$1.3 to manage Norway’s US$1 trillion reserves. (Link)
Should Ho Ching be paid more than 40 times the salary of NBIM’s CEO to manage Temasek’s reserves which are only a fraction of Norway’s?
Should taxpayers pay Ho Ching more than the entire PAP cabinet ministers’ salary to manage our reserves?