Temasek’s bonuses were upsized in 2003, a year after Ho Ching was appointed director and one year before becoming CEO.
Unlike ministerial salaries which are more transparent and pegged to private sector salaries with a 40% ‘discount’, Temasek senior executives’ salaries are state secrets and – logically – the highest in Singapore.
Prior to the ministerial pay review, ministers could be paid up to 27 1/2 months bonuses. Considered to be in the private sector despite managing public funds, Temasek’s remuneration formula is likely to be no different from PAP’s.
Ministers were grossly overpaid and their salaries underwent a review in 2012.
Likewise, Temasek’s remuneration formula, which paid out more than 12 months’ bonuses in 2008, is long overdue for a review..