Ho Ching, spouse of PM Lee, became Temasek’s Executive Director in 2002.
In 2003, Temasek introduced ‘Wealth Added’ (WA) bonus (TR 2018) to increase the quantum of bonuses for senior management, amounting to billions since 2003.
According to Temasek’s computation – without disclosing all assets – ‘WA’ was S$14 billion in 2018.
Coincidentally, or otherwise, Ho Ching became Temasek CEO in 2004. From 2004 to 2018, Temasek – under Ho Ching’s leadership – added $165 billion** in wealth to our reserves.
A 10% ‘wealth added’ bonus amounts to $16.5 billion paid out to senior management – on top of cash bonuses.
Whether it’s 10% or 5%, unaccounted billions have left our reserves since 2003.
Shouldn’t such ‘prudent’ spending be disclosed in Parliament?
Why have our million-dollar jaga presidents been silent on our reserves being raided in such an egregiously blatant manner?
Over to you Temasek. 😉
** Figures in table are from Temasek annual reports. 2010 TR (pg21) discloses figures on charts.