Billion-dollar ‘Wealth Added’ bonus introduced 1 year after Ho Ching joined Temasek

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.

1temasekwa 04 to 18

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.

 

Advertisements
This entry was posted in TEMASEK. Bookmark the permalink.

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