Temasek Holdings releases updated Charter
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By Jonathan Peeris/ Rachel Kelly, Channel NewsAsia
SINGAPORE: Singapore investment firm Temasek Holdings has released an updated Charter that reaffirms its role as a commercial investment company to create and deliver sustainable long-term returns for its stakeholders.
The new Charter also said Temasek is an active value-oriented investor and may increase, reduce or hold its investment in companies and other assets.
Speaking at the launch on Tuesday, Temasek chairman S Dhanabalan said it was an opportune time to update the Charter which was first published in 2002.
Although Mr Dhanabalan admitted that there is not much change in the Charter's ideals and principles, the economic environment is very different now.
In 2002, Temasek's focus was on investing in Singapore firms and nurturing them to be able to compete overseas. The bulk of its portfolio of investments then was based in Singapore. Today, two-thirds of its portfolio comprise companies overseas.
This shift is one the main reasons behind Temasek's decision to update its Charter for the first time since it was launched.
Mr Dhanabalan said: "When the Temasek Charter was first released in 2002, it set the stage for better clarity on how we should manage our portfolio. At that time, Temasek's portfolio was largely concentrated in Singapore. And as Asia evolved, it was clear that the opportunities for overseas investments would increase."
The refined Charter reflects Temasek's shift from a focus on "broadening and deepening Singapore's economy" (as stated in the 2002 original version), to becoming a commercial investment firm.
However, even as the company increases its investment overseas, Mr Dhanabalan said it remains an active investor in Singapore.
This includes investments in local companies like Hyflux and Olam, as well as subscribing to rights issues in its Singapore portfolio companies such as DBS, Capitaland and Chartered Semiconductor.
Mr Dhanabalan said the Temasek Charter would be reviewed regularly to ensure that it remains relevant to its current activities and aspiration as an institution.
Temasek, whose sole shareholder is the Singapore government, also spelt out clearly in the updated Charter its relationship with its four key stakeholders - the Singapore president, its shareholders, its portfolio firms, and the wider community.
Temasek also highlighted the lack of involvement from the government with respect to business decisions and strategy. In particular, the Charter stated clearly that the president is not involved in its operations or business decisions.
While this has always been the case, Temasek felt it was necessary to highlight it, as it may differ from other sovereign wealth funds.
Ho Ching, CEO of Temasek, said: "Essentially it sends one message, and the message is we are looking for sustainable returns over the long term. We are an investor who are prepared to invest and divest, and we are a shareholder which will work very closely with our companies to make sure they have the right values for the long term."
The Charter also mentioned for the first time Temasek's contribution to the community such as the Temasek Trust launched in 2007.
- CNA/so/yt -
Hmmm ? So now Temasek invest in overseas company instead of Singapore one ah ?
In layman term, Temasek put money in oversea and pay oversea tax , yes ? Beri confused.
So president not involve..so not same as sovereign wealth fund ?
Then Temasek is not a sovereign wealth fund... then what is it exactly ?
Temasek got Identity crisis.
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yeah very the expensive tuition fees........
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maybe gahmen trying to hint sometin
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The CEO sleeps with the Prime minister every night and there's no influence of the government on business strategy and decisions wtf? :p
Then if Temasek makes a profit, is the money going to be used to invest on the people or reinvest again overseas?
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Hello, my aunty Ho said that she has no regrets because she is looking at this over the long term, I think from year to year there will be ups and downs but that is the nature of temasek business because they concentrated in equity and not managing a balanced fund ya. And such portfolio is alway more volatile than a typical sovereign wealth fund ya.
In fact, Temasek had recently, released more information about its performance and its portfolio of investments than the Government of Singapore Investment Corporation, other SWFs and many private equity funds.
They cannot be like private equity funds which are more flexible and milky in a way of their dealings, there is an disadvantage of being govern owned. It is not like private investor like Buffet or Sorro who can do anything and people dun question them at all. Therefore, temasek is different in many aspect of investment and that is why, i believed that Mr. Goodyear, who is more experience in private investment found himself unable to fit into our system and red tape of such investment system of temasek.
Angel
Investment consultant
UOB
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Originally posted by Stevenson101:
The CEO sleeps with the Prime minister every night and there's no influence of the government on business strategy and decisions wtf? :p
Then if Temasek makes a profit, is the money going to be used to invest on the people or reinvest again overseas?
wait till we make a profit first,..then talk, meantime, u watch your shares -
Originally posted by angel7030:
Hello, my aunty Ho said that she has no regrets because she is looking at this over the long term, I think from year to year there will be ups and downs but that is the nature of temasek business because they concentrated in equity and not managing a balanced fund ya. And such portfolio is alway more volatile than a typical sovereign wealth fund ya.
In fact, Temasek had recently, released more information about its performance and its portfolio of investments than the Government of Singapore Investment Corporation, other SWFs and many private equity funds.
They cannot be like private equity funds which are more flexible and milky in a way of their dealings, there is an disadvantage of being govern owned. It is not like private investor like Buffet or Sorro who can do anything and people dun question them at all. Therefore, temasek is different in many aspect of investment and that is why, i believed that Mr. Goodyear, who is more experience in private investment found himself unable to fit into our system and red tape of such investment system of temasek.
Angel
Investment consultant
UOB
How well do you know Mr Goodyear to say that of him?
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Originally posted by jojobeach:
Hmmm ? So now Temasek invest in overseas company instead of Singapore one ah ?
In layman term, Temasek put money in oversea and pay oversea tax , yes ? Beri confused.
So president not involve..so not same as sovereign wealth fund ?
Then Temasek is not a sovereign wealth fund... then what is it exactly ?
Temasek got Identity crisis.
Didn't they invest in Citibank, UBS, Barclays befpre released of this article?
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Originally posted by angel7030:
Hello, my aunty Ho said that she has no regrets because she is looking at this over the long term, I think from year to year there will be ups and downs but that is the nature of temasek business because they concentrated in equity and not managing a balanced fund ya. And such portfolio is alway more volatile than a typical sovereign wealth fund ya.
In fact, Temasek had recently, released more information about its performance and its portfolio of investments than the Government of Singapore Investment Corporation, other SWFs and many private equity funds.
They cannot be like private equity funds which are more flexible and milky in a way of their dealings, there is an disadvantage of being govern owned. It is not like private investor like Buffet or Sorro who can do anything and people dun question them at all. Therefore, temasek is different in many aspect of investment and that is why, i believed that Mr. Goodyear, who is more experience in private investment found himself unable to fit into our system and red tape of such investment system of temasek.
Angel
Investment consultant
UOB
So are you from UOB investment consultant? or HC is your Boss?
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Originally posted by Arapahoe:
So are you from UOB investment consultant? or HC is your Boss?
IOU or Temasick, she can always be what she want.
Very imaginative.
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Originally posted by Chew Bakar:
IOU or Temasick, she can always be what she want.
Very imaginative.
May be she has in mind to let her Club 88 be public listed so trying hard to garner some kind of support. -
Originally posted by Fantagf:
Didn't they invest in Citibank, UBS, Barclays befpre released of this article?
Well, yes.
But the thing about this release is that.. everyone else acknowledge Temasek as a sovereign wealth fund organization, EXCEPT Temasek and the gahmen lah.
Ya know.. like a cat who refuses to admit it's a cat, but insist to be called a dog. And the owner telling everyone that it's a dog and thus should not be treated like a cat.
Or .. maybe it's really a dog, but just acts and looks like a cat.
Get wat I mean ????? ------> Identity crisis.
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Originally posted by Arapahoe:
So are you from UOB investment consultant? or HC is your Boss?
Ho Ching is temasek boss, i am a free lancer, as a Conn sultant, you cannot simply work in one place like the usual singapore wage earners, you cannot make alot out of it, the most you can own at the end of you life is a condonminum. Tho I am contracted on and off, I am my own boss.In board meeting, HC only listen to proposals by her subordinates and conn sultant pples like us, where to invest, why invest, when invest, how to invest will be all spelled out, aunt HC will view thru it and discuss with the board before making decision, sometime, it is the Conn sultants that give her the wrong consultation that led to some losses, of course as the Chairman, she takes the strokes of the losses, but investment is a risk, no doubt about that, we are actually very new and naive about it, just 40 years of experiences comparing to others 100 of years of experiences, but we learn, strives and hopefully, recovered well and let live another day for the sake of living.
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All I am wondering is how you can be a "commercial" entity when the funds you have belongs to the country.
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If the country is an Inc.
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Originally posted by charlize:
All I am wondering is how you can be a "commercial" entity when the funds you have belongs to the country.
Ofcors you can.
Just keep pretending ye own the country.