Temasek Holdings

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Investment company
Industry Investment Management
Founded 1974
Headquarters Singapore
Key people
Lim Boon Heng,[1] Chairman
Ho Ching,[1] Executive Director & CEO
Revenue Increase $83.8 billion SGD (2013)[2]
Increase $15.2 billion SGD (2013)
Total assets Increase $317.4 billion SGD (2013)
Owner Government of Singapore
Website Temasek

Temasek Holdings (abbreviated as Temasek) is an investment company owned by the Government of Singapore. Incorporated in 1974, Temasek has a multinational team of over 490 people. Temasek owns and manages a net portfolio of S$223 billion[3] (US$177 billion) as on 31 March 2014, mainly in Singapore and Asia.[4] It is an active shareholder and investor, and its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrials, life sciences, consumer, real estate, as well as energy and resources. Temasek has 11 offices globally and in 2014 opened new offices in London [5] and New York.[6]

Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's[7] and "Aaa" by Moody's.[8] However, it is understood that this is only possible due to the extreme likelihood of extraordinary support from the government.[9] S&P's new Standalone Rating puts Temasek’s risk profile as moderately high risk.[10] Temasek has also attained perfect quarterly scores[11] on the Linaburg-Maduell Transparency Index, a measure of the openness of government-owned investment funds. However, the purported difficulty in measuring transparency of sovereign wealth funds should mean that the existence of such an index itself is highly questionable.[12]

Temasek has its own board of directors and a management team. It pays taxes to tax authorities and distributes dividends to its shareholder, the Singapore Ministry of Finance.



Till the time of independence in August 1965, Singapore government had ownership or joint ownership of various local companies such as Malaysia-Singapore Airlines (later segregated as Malaysia Airlines and Singapore Airlines) and the Singapore Telephone Board (became Singapore Telecommunications).

As part of its push for local and foreign private investment in sectors such as manufacturing and shipbuilding, the government's Economic Development Board (EDB) bought minority stakes in a variety of local companies.[13]

The government also acquired or established several companies[14] such as the Keppel Corporation (originally Keppel Shipyard, taken over from the British Royal Navy after it withdrew from the island), ST Engineering (originally a weapon manufacturer set up to supply the Singapore Armed Forces), and the shipping company Neptune Orient Lines.

In 1974 Temasek was incorporated under the Singapore Companies Act[15] to hold the assets and manage the investments previously held by the Singapore government. These were investments made in the first decade of nation building since independence in 1965.

The transfer of assets to Temasek meant that Temasek would own and manage these investments on a commercial basis,[16] allowing the Ministry of Finance and the Ministry of Trade and Industry to focus on their core roles of policymaking.

Temasek’s main mission is to contribute to Singapore’s economic development, industrialisation, and financial diversification by nurturing effective and commercially driven strategic investments in and around Singapore.


Temasek is a company incorporated in Singapore, and operates under the provisions of the Singapore Companies Act. It is neither a statutory board nor a government agency.

Like any other commercial company, Temasek pays taxes to tax authorities, distributes dividends to its shareholder and has its own board of directors and a professional management team.

Temasek is also designated a Fifth Schedule[17] entity under the Singapore Constitution, with certain safeguards to protect its past reserves. For instance, any transaction which is likely to result in a draw of Temasek’s past reserves[18] and the right to appoint, terminate, or renew board members are subject to the approval of the President of Singapore.

Other than specific safeguards to protect the integrity of Temasek board appointments and its past reserves, Temasek operates fully and independently as a commercial investment holding company.

In a 2009 speech[19] given at the Singapore Institute of Policy Studies, Ho Ching (Executive Director & CEO of Temasek) described the company’s efforts to instill discipline, professionalism, and willingness to be tested and measured by providing public markers of performance:

  • Temasek’s structural transformation of its investment strategy has taken place as transparently[20] and as publicly[21] as possible.
  • Temasek’s bonds spreads and credit ratings have been regularly[22] and independently[23] monitored as public markers of Temasek’s financial position and credit risks.
  • Temasek has openly[24] and accurately[25] disclosed its financial information through its annual report even though it is not legally obliged to do so as a private company.
  • Temasek cultivates an ownership mind-set amongst its staff through its compensation framework.[26]

Initial Portfolio[edit]

Temasek’s initial portfolio of S$354 million comprised shares in the following companies, start-ups and joint ventures previously held by the Singapore Government.

The companies included a bird park, a hotel, a shoe maker, a detergent producer, naval yards converted into a ship repair business, a start-up airline, and an iron and steel mill.

The companies in bold below are still within the Temasek portfolio.

  1. Acma Electrical Industries Ltd
  2. Cerebos Singapore Pte Ltd
  3. Chemical Industries (F.E.) Ltd
  4. Development Bank of Singapore Ltd (Now part of DBS Group Holdings Ltd.)
  5. Instant Asia Cultural Shows Pte Ltd
  6. Insurance Corporation of Singapore Ltd
  7. International Development and Construction Corporation
  8. Intraco Ltd
  9. Jurong Bird Park Pte Ltd (Now part of Wildlife Reserves Singapore Pte Ltd.)
  10. Jurong Holdings Pte Ltd (Now part of Sembcorp Industries Ltd.)
  11. Jurong Shipbuilders Pte Ltd (Now part of Sembcorp Marine Ltd.)
  12. Jurong Shipyard Pte Ltd
  13. Keppel Shipyard Pte Ltd
  14. Metrawood Pte Ltd
  15. Ming Court Hotel Ltd
  16. Mitsubishi Singapore Heavy Industries Pte Ltd
  17. National Engineering Services Pte Ltd
  18. National Grain Elevator Ltd
  19. National Iron & Steel Mills Ltd
  20. Neptune Orient Lines Ltd
  21. Primary Industries Enterprises Pte Ltd (Now part of SATS Ltd.)
  22. Sembawang Holdings Pte Ltd
  23. Singapore Airlines Ltd
  24. Singapore Airport Duty-Free Emporium Pte Ltd (Now jointly owned by Singapore Airlines Limited and SATS Ltd.)
  25. Singapore Cable Car Pte Ltd
  26. Singapore General Aviation Service Company Pte Ltd
  27. Singapore National Printers Pte Ltd
  28. Singapore Offshore Petroleum Services Pte Ltd
  29. Singapore Textiles Industries Ltd
  30. Singapore Treasury Building Pte Ltd
  31. Singapore Zoological Gardens
  32. Singmanex Pte Ltd
  33. Sugar Industry of Singapore Ltd
  34. United Industrial Corporation Ltd
  35. United Vegetable Oil Pte Ltd


Board of Directors[edit]

Temasek's Board of Directors provides overall guidance and direction in the management of the company’s assets and investments. The Board comprises 13 members, most of which are non-executive and independent business leaders from the private sector.

  • LIM Boon Heng - Chairman (since August 2013)
  • KUA Hong Pak - Director (since November 1996),Chairman, Audit Committee
  • CHENG Wai Keung - Director (since September 2011)
    • Chairman and Managing Director, Wing Tai Holdings Limited
    • Conferred the Distinguished Service Order (DUBC) in 2007; Justice of the Peace since 2000
  • Bobby CHIN YC - Director (since June 2014)
    • Member, Council of Presidential Advisers
    • Deputy Chairman, NTUC Enterprise Co-operative Limited
    • Associate Member, The Institute of Chartered Accountants, England & Wales
    • Fellow Chartered Accountant, Institute of Singapore Chartered Accountants
    • Conferred the Singapore Public Service Star in 2011 and the Singapore Public Service Medal in 2003
  • GOH Yew Lin - Director (since August 2005)
    • Managing Director, GK Goh Holdings Limited
    • Chairman, SeaTown Holdings Pte Ltd
    • Chairman, Yong Siew Toh Conservatory of Music and Chairman, Singapore Symphonia Company Limited
    • Member, Board of Trustees, and Chairman, Investment Committee, National University of Singapore
  • HO Ching - Executive Director & CEO (since January 2004)
    • Executive Director since May 2002; CEO since January 2004
    • Former President and CEO of the Singapore Technologies Group
    • Fellow of the Institution of Engineers, Singapore
  • Michael LIEN JL - Director (since January 2010)
  • Robert NG CS - Director (since June 2014)
    • Chairman, Sino Land Company Limited
    • Vice Chairman, M+S Pte Ltd
    • Director, DBS Bank (Hong Kong) Limited
    • Member, 11th/12th National Committee, Chinese People’s Political Consultative Conference
  • TEO Ming Kian - Director (since October 2006)
    • Chairman, MediaCorp Pte Ltd, Vertex Venture Holdings Ltd, Temasek Life Sciences Laboratory Limited, and the Governing Board of the Earth Observatory of Singapore at the Nanyang Technological University
    • Previously Permanent Secretary in various Government ministries and Executive Chairman in key agencies
    • Conferred the Commander First Class – Royal Order of the Polar Star (Sweden) in 1994 and Singapore Meritorious Service Medal in 2008
  • Marcus WALLENBERG - Director (since July 2008)
  • Lucien WONG - Director (since March 2013)
  • Robert B Zoellick - Director (since August 2013)
    • Chairman, Goldman Sachs International Advisors
    • Member, Board of Laureate Education, Inc.
    • Senior Fellow, Belfer Center for Science and International Affairs at Harvard University’s Kennedy School of Government
    • Former President and CEO of the World Bank Group (from 2007 to 2012)
    • Former Deputy Secretary of the U.S. State Department (2005 – 2006)
    • Former U.S. Trade Representative (2001 – 2005)
  • Peter R VOSER - Director (w.e.f January 2015)
    • Chairman, Catalyst
    • Board of Trustees of St. Gallen Foundation for International Studies
    • Director, Roche Holdings Limited
    • Former Chief Executive Officer, Royal Dutch Shell plc
    • Former Member, Supervisory Board of Aegon N.V., Supervisory Board of UBS AG, Swiss Federal Auditor Oversight Authority
    • Title of Dato Seri Laila Jasa awarded by His Majesty the Sultan of Brunei (2011)

Financial Highlights in 2014[edit]

As of 31 March 2014:


  • Temasek delivered a net portfolio value of S$223 billion [27](US$177 billion), with a net cash position excluding a net fresh capital injection of almost S$5 billion from the shareholder [27] as part of their asset allocation decision.This marked an increase of S$154 billion over the past 10 years.[27]
  • Temasek invested S$24 billion [27] and divested S$10 billion [28] during the year.
  • Temasek’s Total Shareholder Return (TSR) for the year was 1.50% in Singapore dollar terms.[29] Compounded annual return to shareholder over the past decade was 9% while TSR since the company’s inception in 1974 was 16%.[30]
  • Group Shareholder Equity increased to S$187 billion, including fair value reserve of S$15 billion, and Group Net Profile was at S$11 billion.[30]

Global Exposure[edit]

  • Temasek had an underlying exposure of 60% to mature economies and 40% to growth regions.[31]
  • Temasek’s underlying exposure [32] included 41% exposure to Asia excluding Singapore, 31% to Singapore, 14% to North America & Europe, 10% to Australia & New Zealand, and 4% to Latin America, Africa, Central Asia & the Middle East.[4]


  • Temasek's underlying assets spanned across six major sectors:[33]
  • Financial Services: 30%
  • Telecommunications, Media & Technology: 23%
  • Transportation & Industrials: 20%
  • Life Sciences, Consumer & Real Estate: 14%
  • Energy & Resources: 6%
  • Others: 7%

Major Investments[edit]

During the 2014 financial year, the top three sectors for investments were financial services, life sciences and energy.[34] In the financial services sector, Temasek raised the stake in AIA, the largest independent listed pan-Asian life insurance group, to over 3.5%, and increased the stake in Industrial and Commercial Bank of China to 8.9% of its outstanding H-shares.[35] Temasek’s major investment in the life sciences sector [36] included an investment of almost US$1 billion in Gilead Sciences, a major developer of treatments for cancer, HIV and other diseases, and US$500 million in Thermo Fisher Scientific, a provider of laboratory equipment and consumables. In the energy sector,[36] Temasek invested £235 million in the BG Group, a UK-listed oil and gas company. Temasek also invested about S$2 billion in Pavilion Energy, which purchased a 20% interest in three gas concession blocks in Tanzania from Ophir Energy. Singapore and China remained the two largest countries by underlying assets for Temasek, at 31% and 25% respectively, as at 31 March 2014.[37] The exposure to North America and Europe also grew to 14%.[38]

Temasek founded the Enterprise Development Group[39] to find, fund, and grow new businesses. The group was designed to bring together existing platforms and initiatives, ranging from venture investments in early stage businesses to the development of new business models. Temasek also established Pavilion Energy[40] to invest in the region’s growing needs for clean energy, especially around the LNG supply chain (trading, exploration, storage, processing, and shipping).

Two new platforms, Heliconia Capital and Clifford Capital, were seeded after two years of evaluation to complement Vertex Venture. Collectively, these capital managers address the funding needs of promising small and medium enterprises (SMEs) in Singapore, from start-up to growth and project financing. Within the year, Heliconia has built up an investment portfolio and pipeline of promising SMEs, while Clifford has grown its project financing portfolio commitment to over US$450 million. Vertex has also launched two new funds to address Singapore and US opportunities.

The promising SMEs in which Heliconia has invested include the FNA Group International, a travel retail player that owns The Cocoa Trees, a chocolate retailer in Asia; and Rigel Technology, a regional provider of sanitary ware and bathroom products. Clifford supported Singapore-based companies in their exports or overseas investments. Among its loan portfolio is the financing of a Floating Production Storage Offloading unit that will operate in Brazil, constructed with the participation of several Singapore SMEs. Vertex manages two Asia-focused funds, which invest in early to mid-stage technology companies in Asia. Last year, it launched two more funds – S$100 million to invest in Singapore-based start-ups and US$80 million for North American opportunities.

Timeline of Investments[edit]


In February 2014, Temasek invested almost US1 billion in Gilead Sciences,[41] a US-based biopharmaceutical company which specializes in developing novel therapies for infectious diseases and cancer, and also added shares of 21 Vianet,[41] China’s largest independent internet data centre. In March 2014, China Huiyuan Juice, a juice manufacturer and distributor, issued US$150 million worth of convertible bonds, which enabled Temasek to hold 7.68% of the enlarged share capital of Huiyuan on full conversion of the bonds.[42]

In April 2014, Temasek made a US$5.7 billion investment for a 24.95% stake in A.S. Watson,[43] a global health and beauty retailer with over 10,500 retail outlets in Asia and Europe. Temasek also made an investment of €425 million to NN Group,[44] a Dutch insurance company.

In May 2014, Temasek raised its stake in Olam, a global supply chain manager and processor of agricultural products and food ingredients, to 58.5% through Temasek’s wholly owned subsidiary, Breedens Investments.[45]

Overall, Temasek's portfolio of investments includes:

Financial Services[edit]

Telecommunications, Media & Technology =[edit]

Transportations & Industrials[edit]

Life Sciences, Consumer & Real Estate[edit]

  • Olam International Limited
  • CapitaLand Limited
  • Celltrion, Inc.
  • Li & Fung Limited
  • M+S Pte. Ltd.
  • Pulau Indah Ventures Sdn Bhd
  • Mapletree Investments Pte Ltd
  • SATS Ltd.
  • Surbana Corporation Pte Ltd
  • Wildlife Reserves Singapore Pte Ltd

Energy & Resources[edit]

Timeline of Investments[edit]

Based on publicly available information, Temasek’s investment and divestment activities include, but are not limited to the following:


  • In February 2014, it was reported that Temasek was seeking to sell its US$3.1 billion stake in the Thailand-based telecoms firm Shin Corporation and that it has approached SingTel as a potential buyer.[46] Temasek and SingTel declined comment, noting that it was not their policy to respond to market speculation.[47]
  • In March 2014, Ophir Energy reported that Temasek subsidiary Pavilion Energy had acquired a 20% interest in a joint venture to exploit Blocks 1,3 and 4 offshore Tanzania, for the development of LNG resources for a total consideration of US$1.293bn[48]


  • In February 2013, Temasek invested US$300 million for a 26.1% stake of PT Matahari Putra Prima (MPPA),[49] a subsidiary of the PT Multipolar (MLPL)[50] holding company, through its indirect wholly owned subsidiary, Anderson Investments. Temasek also increased its stake in Olam[51] to 23%.
  • In March 2013, Temasek bought a 5.04% stake in Repsol SA[52] (16.01 euros per share), making this Singapore’s largest investment in Spain. During the same period Temasek invested in Tiger Airways, a budget carrier headquartered in Singapore,[53] in HealthCare Global Enterprises(HCG),[54] a Bangalore-based cancer care provider, and in Evonik Industries AG,[55] a German specialty chemicalscompany.
  • In April 2013, Temasek established Pavilion Energy Pte. Ltd.[56] to invest in clean energy, especially around the LNG supply chain.
  • In May 2013, Temasek increased its stake in the Industrial and Commercial Bank of China (ICBC)[57] and invested in Markit,[58] a leading global financial information services company.
  • In June 2013, Temasek invested in Fanatics, Inc.,[59] a US sports apparel online retailer, and in Celltrion,[60] a South Korean biotechnology firm.
  • In July 2013, Temasek and Goldman Sachs jointly invested US$110 million through private placements in Chinese online literature platform Cloudary.[61] Temasek also raised its shares in CITIC Securities Co.,[62] China's largest listed brokerage firm, from 8.95% to 9.01%.



  • In January 2011, Temasek acquired a total of 65.126 million new shares (S$90 million) in Asian Citrus Holdings Limited,[77] one of the largest Chinese orange growers and tropical fruit juice suppliers.
  • In February 2011, Temasek invested more than S$200 million in ACR Capital, a pan-Asia reinsurer.[78]
  • In March 2011, Temasek invested over S$100 million in the first container port business trust listed on the Singapore Exchange, Hutchison Port Holdings Trust.[79]
  • In May 2011, Temasek, Pfizer, Guoco Group, and the Bank of China Group Investment bought a total of $550 million shares in Shanghai Pharmaceuticals Holding Co.. Temasek also partnered with RRJ Capital and anchored a consortium that purchased a 70% stake in Frac Tech, a US-based company providing well stimulation services.
  • In June 2011, Temasek partnered with Khazanah Nasional Berhad to form a 40:60 joint venture, M+S Pte Ltd, to develop landmark projects in Singapore’s Marina South and Ophir-Rochor. Temasek also invested US$55 million in Hoang Anh Gia Lai, a resources and real estate conglomerate with operations in Indochina.[80]
  • In September 2011, Temasek invested S$50 million in Alibaba Group,[81] China's largest e-commerce website and bought 4.4 billion shares in China Construction Bank Corp., raising its stake to 8.10%.[82]


  • In February 2010, Temasek injected S$210 million into Surbana to support their growth plans and took up a 4% stake in Sobha Developers, a developer in South India.[83]
  • In March 2010, Temasek invested nearly $50 million in Amyris Biotechnologies Inc, the US parent of Amyris Brasil, a Brazilian company which produces biofuels and other chemicals from sugarcane.[84] Temasek also invested S$200 million in Platmin, a Canadian-listed platinum producer with assets in South Africa.[85]
  • In April 2010, Temasek invested S$687 million in Inmet Mining, a Canadian copper producer with operations in six countries,[86] and invested $257.4 million for a 10% stake in Celltrion, a Korean biopharmaceutical company developing biosimilars (generic biotech drugs) for both emerging and developed markets.[87] Temasek’s investment in GMR Energy[88] also gave Temasek a S$280 million exposure to India’s growing power sector.
  • In May 2010, Temasek invested S$240 million in India’s premier multi-asset class exchange, the National Stock Exchange of India.[89] Temasek also invested S$700 million in Chesapeake Energy Corporation, the second-largest producer of natural gas in the USA.[90]
  • In July 2010, Temasek partnered with Impulsora Mexicana de Desarrollos Inmobiliarios in Mexico and committed over S$100 million to pursue land banking opportunities through the joint investment Supra Terra.[91]
  • In August 2010, Temasek invested S$50 million in Tudou, a Chinese online video site.[92]
  • In October 2010, Temasek purchased a 14% stake in Odebrecht Oil & Gas, an upstream services provider for the oil industry, for $400 million.[93]
  • In December 2010, Temasek invested in New China Life, a Beijing-based insurer.


  • In January 2009, Temasek sold its close to 2% stake in British bank Barclays.[94]
  • In February 2009, Temasek offered new shares via the $335 million rights issue by the Indonesian Bank Danamon.[95]
  • In March 2009, Temasek sold its 3.8% stake in Bank of America Corp[96] and all of its 3.26% stake in China’s Minsheng Bank.[97]
  • In June 2009, Temasek re-invested S$438 million in Singapore-based Olam International for a 13.8% stake.[98] Temasek also supported the planned S$1.4 billion ($972 million) rights issue by Neptune Orient Lines (NOL).[99]
  • In September 2009, Temasek took up its full pro-rata 27.77% of the S$235.2 million rights issue by CitySpring Infrastructure Trust[100] and sold its stake in Chartered Semiconductor Manufacturing Ltd., a maker of customised semiconductors.[101]
  • In October 2009, Temasek invested $50 million in Longfor Properties Co Ltd, a real estate developer in Hong Kong,[102] and invested S$21 million (US$15million) in Li & Fung Trinity Limited, a luxury menswear retailer in Hong Kong.[103]
  • In November 2009, Temasek invested S$418 million in the convertible debentures of Niko Resources, a Canadian-listed oil and gas company with assets in Asia,[104] and invested S$343 million for a 12% stake in Seoul Semiconductor, a Korean light emitting diode (LED) company.[105]



  • In February 2007, Temasek set up and listed the CitySpring Infrastructure Trust,[115] a yield-oriented vehicle for infrastructure investments in Asia and took advantage of the increasing depth of the debt market to introduce different risk-related securities through Astrea,[116] a special purpose vehicle holding a portfolio of investments in private equity funds.
  • In May 2007, Temasek raised its stake in STATS ChipPAC[117] from 35% to 83% following a voluntary cash tender offer for the company in March 2007, thus providing greater exposure to the semiconductor sector. Temasek also completed its investment in childcare services with a 12% stake in ABC Learning Centres,[118] which operates childcare centres in Australia, New Zealand, the UK, and USA and invested in MEG Energy, one of the largest Canadian oil sands developers.
  • In June 2007, Temasek invested in Russia at the initial public offering of the PIK Group,[119] an important residential real estate developer, and took a 10% stake in Minh Phu Seafood Joint-Stock Company,[120] a shrimp processor and exporter in Vietnam with exports to US, Japan, Canada, EU, and Australia. Temasek also expanded its platform in NIB Bank of Pakistan through the acquisition of the Pakistan Industrial Credit & Investment Corporation Ltd (PICIC).[121]
  • In August 2007, Temasek invested in the Pacific Road Resources Fund,[122] an Australia-based specialised resources fund focused on investing in mining projects in Asia Pacific, South America and OECD economies. Temasek also invested in Indochina Capital[123] ’s Vietnam-dedicated real estate funds to acquire and develop office, retail, residential, and hotel as well as resort properties.
  • In China, Temasek invested over S$1.6 billion to back emerging champions such as Country Garden,[124] a property developer, Xingyu Hengdeli,[125] a luxury watch retail chain, and Yingli Green Energy,[125] a solar equipment producer. Temasek also invested in Lian Lian Holdings Ltd, a provider of low-cost platform for mobile micro-payments, and in Great Wall Airlines,[126] A 3-way joint venture between Beijing Aerospace Satellite Applications Corporation, Singapore Airlines, and Temasek.
  • In India, Temasek’s investments in emerging champions such as ICICI Bank[127] and BPO company Firstsource Solutions[128] complemented newer investment commitments in Tata Sky,[129] a provider of Direct-to-Home digital satellite TV services, and INX Media,[130] a new television broadcaster. Temasek also made a commitment to invest in GVK Power and Infrastructure Limited,[131] both infrastructure development companies.


  • In January 2006, Temasek joined a consortium of Thai investors to invest in Shin Corp[132] and co-invested with Istithmar PJSC of Dubai in Thailand's healthcare sector, each taking about 6% in Bumrungrad Hospital,[133] one of the largest hospitals in Southeast Asia.
  • In March 2006, Temasek placed out 770 million SingTel ordinary shares worth over S$2 billion[134] and completed its purchase of an 11.5% stake in Standard Chartered from the Tan Sri Khoo Teck Puat Estate.[135] Temasek also participated in the restructuring of China Aviation Oil with a minority co-investment stake alongside oil major BP[136] and invested in Tata Teleservices, one of India's telecom service providers.[137]
  • In March 2006, Temasek also invested some US$400 million in the E.Sun Financial Holding Company, the holding company of Taiwan's E.Sun Commercial Bank,[138] and acquired a 9.95% Stake in i-Logistics,[139] a Japanese logistics firm with core capabilities in international and multi-modal distribution services.
  • In April 2006, Temasek made a follow-on investment in ICICI OneSource, one of India's leading BPO providers and expanded its exposure to infrastructure in India by partnering Reliance Energy for a 50% stake in the US$200 million Reliance India Power Fund.[140] Temasek also made a minority investment in Aptuit,[141] a contract research company providing pre-clinical development services and clinical trial materials.
  • In May 2006, Temasek invested US$106 million in eMobile,[142] a Japanese wireless services provider, and completed its investment in Neumayer Tekfor, a global producer of precision automotive parts.
  • In August 2006, Temasek acquired 30% of PT Chandra Asri,[143] an Indonesian producer of ethylene, a key feedstock for petrochemical products.
  • In October 2006, Temasek invested in Intercell AG[144] of Austria and Vical Inc[145] of USA, both of which have platform technologies for the development of vaccines.
  • In December 2006, Temasek made a substantial investment in food and beverage with a 15% stake in Fraser and Neave,[146] a Singapore-based food and beverage enterprise with significant reach in the region. Temasek also took a 9% stake in the first Vietnam-focused infrastructure fund, Vietnam Infrastructure Limited, a closed-end AIM-listed fund managed by VinaCapital.


  • In January 2005, Asia Financial Holdings, a wholly owned subsidiary of Temasek, acquired a 5% stake in China Minsheng Banking Corporation (Minsheng), China’s first privately owned bank.
  • In March 2005, Temasek's Aranda Investments acquired 5.5 million shares in Mahindra & Mahindra,[147] a utility vehicle and tractor manufacturer in India. Temasek’s AFH also completed its first investment in Malaysia’s banking sector, partnering Langkah Bahagia to jointly purchase a 30% stake in Malaysian Plantations,[148] the 100% shareholder of Alliance Bank Berhad. Also in March 2005, AFH made its first direct investment in Pakistan, with a 25% stake in the listed NDLC-IFIC Bank (NIB).[149]
  • In April 2005, Temasek joined a US$100 million consortium led by Rolls-Royce to develop high temperature solid oxide fuel cells for one to two megawatt power systems.[150]
  • In May 2005, Temasek took a 24% stake in Great Wall Airline Co.,[151] a cargo airline venture with SIA Cargo (25%) and China Great Wall Industry Corp (51%).
  • In June 2005, Temasek invested $7.5 million in Apollo Healthstreet,[152] a medical business process outsourcing and IT services company that specialises in servicing US-based clients, and partnered Zuellig and Quintiles to form a pharmaceutical sales and commercialisation joint-venture, Asia Pacific Pharmaceutical Holdings (APPH).[153]
  • In July 2005, AFH increased its stake in NIB to 73% through a general offer to minority shareholders[154] and signed a definitive agreement with the China Construction Bank (CCB)[155] to invest US$1 billion in its upcoming Initial Public Offering (IPO).
  • In August 2005, AFH purchased a 5.1% stake in CCB from the majority owner, China SAFE Investments Ltd., and announced its agreement to acquire a 10% interest in Bank of China. Temasek also invested US$1.5 billion for a 5% stake in China Construction Bank[155] and acquired an 8.3% stake in Hopson Development Holdings,[156] a developer of residential properties.
  • In September 2005, Temasek took a 50% stake in SingSpring Pte Ltd,[157] a desalination facility in Singapore, and took a 5% in Kinh Do,[158] a Vietnamese confectionery maker with a 50% market share who also distributes its products into Cambodia.
  • In October 2005, Temasek acquired 25% of Medreich,[159] a pharmaceutical firm which provides drug formulation and manufacturing services for a wide range of generic products to global pharmaceutical companies. Temasek also co-invested with J. W. Childs, an American private equity firm, in an investment consortium led by Osim to acquire Brookstone,[160] a specialty retailer across the USA.
  • In November 2005, Temasek co-invested with Cargill in oil palm plantations in Indonesia and Papua New Guinea through a joint-venture company, CTP Holdings,[161] and committed US$10million in a venture capital fund, GSR Ventures, to fund wireless, Internet, new media, semiconductor, and other technology-rich companies in China.
  • In December 2005, Temasek partnered Troika Dialog Asset Management with an initial total commitment of US$150 million to establish the Russia New Growth Fund LP to seek out investments in Russia and in countries of the former Soviet Union.[162] Temasek also participated as a cornerstone investor in the initial public offering of China's Dongfeng Motor Group.
  • Also in December 2005, Temasek co-invested with Silver Lake Partners and KKR, two American private equity firms, in the US$2.7 billion carve-out of the Semiconductor Products Group of Agilent Technologies to form Avago Technologies, which manufactures analogue and optoelectronic components. Temasek also invested US$1.5 billion for a 5% stake in Bank of China.[163]


  • Temasek made its maiden investment in Russia, with a 3% stake in London-listed company Mobile Telesystems.[164]
  • Temasek also acquired a number of small pre-IPO and IPO stakes in various emerging players, particularly in the on-line and technology space such as SOMA Networks,[165] a US-based provider of wireless broadband equipment, and Harbour Networks, a Chinese manufacturer of Internet Protocol-based next generation network equipment.
  • In March 2004, Temasek made its first major direct investment in Malaysia with a 5% stake in Telekom Malaysia,[166] the country’s pioneer telecommunications provider, and made its first investment in airports in the Airport Authority of Thailand.
  • In April 2004, Temasek took a 19% stake in Jetstar Asia Airways, a Singapore-based low-cost carrier in partnership with Australia’s Qantas Airways and two other Singapore investors.[167]
  • In August 2004, Temasek increased its stake in NOL to above 30%,[168] triggering a mandatory general offer under the Singapore Code on Takeovers and Mergers. At the close of the offer on 29 September 2004, Temasek’s stake in NOL was above 68%.
  • At the end of September 2004, Temasek increased its stake in NOL[168] from approximately 29% to over 67% through a mandatory general offer.
  • ST Telemedia, a private investment holding company part of Temasek Holdings, acquired a 62% stake in US submarine cable operator Global Crossing[169] and a 33% stake in India’s Idea Cellular[170] jointly with Telekom Malaysia, and became a significant shareholder in US-listed Equinix.[171]
  • In the power, energy, and natural resources fields, Temasek invested in companies such as Hyflux[172] (membrane technology for water purification) and Olam International[173] (agricultural commodity supply chain management), as part of this theme.
  • In September 2003, Temasek invested US$90 million for a 16% stake in Quintiles,[174] a provider of clinical trial and commercialisation services to the pharmaceutical and biotechnology industries. Temasek also acquired a 14% stake in Matrix Laboratories[175] of India and an 8% stake in Apollo Hospital Enterprise Limited,[176] a fully integrated private healthcare services provider in India.
  • In the IT sector, Temasek acquired a minority stake in ICICI OneSource,[177] a business process outsourcing company focused on the financial sector, and made an investment in Tata Consultancy Services, an IT services company.
  • Temasek acquired a 3% stake in China Power International[178] at its IPO at the end of 2004.


  • In June 2003, Temasek used Asia Financial (Indonesia) Pte. Ltd as proxy acquired 51% of Bank Danamon[179] shares from Indonesian Bank Restructuring Agency(IBRA), during 2003 IBRA sold another 10.88% to AFI.

Governance Framework[edit]

Temasek Charter[edit]

As an institution, Temasek is guided by the Temasek Charter,[180] a set of principles that guides the company’s actions.

The Charter has three main principles:

1. Temasek is an active investor and shareholder.
2. Temasek is a forward looking institution.
3. Temasek is a trusted steward.

According to the first principle, Temasek "owns and manages its assets and makes investment and divestment decisions based on commercial principles with the aim of delivering sustainable value over the long term".

According to the second principle, Temasek is a "forward looking institution with a long term perspective. Through its "MERITT values" (meritocracy, excellence, respect, integrity, teamwork, and trust),[181] Temasek aims to "foster an ownership culture which aligns employee and shareholder interests".

According to the third principle, Temasek acts as "a responsible corporate citizen that safeguards its past reserves and engages people and communities based on the principles of sustainability and good governance".

Rights and Obligations[edit]

As an investment company incorporated under the Singapore Companies Act, Temasek owns and manages its assets. This means that it can make business decisions relating to its portfolio with full commercial discretion under the guidance of its Board, such as increasing, holding, or decreasing its investment holdings to achieve maximum risk-adjusted returns over the long term.

Under the Singapore Constitution, Temasek is one of the key Singapore entities with constitutional safeguards to protect its past reserves.

Key companies designated under the Singapore Constitution include the Government of Singapore Investment Corporation Pte Ltd, which manages the reserves of the Singapore Government. Other designated entities with constitutional safeguards for their respective past reserves under the Singapore Constitution are statutory Boards such as the Central Provident Fund Board and the Monetary Authority of Singapore.

Owner and Shareholder[edit]

Guided by business tenets, Temasek operates with full flexibility without the involvement of its shareholders, Singapore’s Ministry of Finance and the President of Singapore.

Temasek is wholly owned by the Minister for Finance, who under the Singapore Minister for Finance (Incorporation) Act (Chapter 183) is a body corporate.

As such, Temasek provides annual statutory financial statements audited by an international audit firm, as well as periodic updates to its shareholder.

Temasek is a Singapore exempt private company exempted from disclosing any financial information publicly, but chooses to publish its Group Financial Summary and portfolio performance in its annual report, the Temasek Review.

Temasek also declares dividends annually, once they are deliberated and recommended by its Board for its shareholder’s consideration at the annual general meeting. Temasek contributes to the Singapore Government budget via the dividends it pays to its shareholder and the tax on its profits.

The shareholder’s right to appoint, reappoint, or remove Board members is subject to the President’s approval, a measure put in place to safeguard the integrity of the Board and to protect the company’s past reserves.

The appointment or removal of the CEO by the Board is also subject to the concurrence of the President.

Further to its normal fiduciary duties to the Company, the Board is also accountable to the President to ensure that every disposal of investment is transacted at fair market value.

Protection of Temasek’s Past Reserves[edit]

Simplified flow chart illustrating the different processes at play concerning access to Temasek's reserves.

According to the Singapore Constitution, Temasek’s past reserves are those accumulated before the current term of Government while its current reserves are those accumulated during the current term of Government.

This means that on the eve of the first day of each term of Government, Temasek’s total reserves – comprising past reserves and current reserves as at the changeover – are locked up as past reserves for the next term of Government. This cycle repeats every time there is a change in the term of Government.

The President of the Republic of Singapore has an independent custodial role to safeguard Singapore’s critical assets and past reserves. As a key institution under the Singapore Constitution, Temasek is therefore required to seek the President’s approval before a draw occurs on Temasek’s past reserves.

Temasek’s Chairman and CEO also certify the company’s Statement of Reserves and Statement of Past Reserves to the President at prescribed intervals, as part of their responsibility to protect its past reserves.

Portfolio Companies[edit]

Temasek is an active investor and rebalances its portfolio from time to time. Decisions to invest, divest, or hold portfolio companies are based on Temasek’s intrinsic value test.

Temasek’s portfolio companies are guided and managed by their respective Boards and management, which means Temasek does not direct their business decisions or operations.

As Board directors have a fiduciary duty to safeguard the interests of their respective companies, Temasek advocates that Boards be independent of management in order to provide effective oversight and supervision of management. This includes having mostly non-executive members on Boards with the strength and experience to oversee management.

Temasek also advocates that the Chairman and CEO roles be held by separate persons, independent of each other, to ensure a balance of power for independent decision-making, and a greater capacity for management supervision by the Board.

Temasek protects its interests by exercising its shareholder rights, including voting at shareholders’ meetings when needed.

Temasek Board and Committees[edit]

Temasek’s Board provides overall guidance and policy directions to its management. As at 31 August 2013, the Board comprises 10 members, the majority of whom are non-executive independent private sector business leaders.

The Board meets for two-day meetings each quarter, and may meet more often when necessary. Nine Board meetings were held during the year ended 31 March 2013.

The Board decides on the following matters:

  • overall long term strategic objectives
  • annual budget
  • annual audited statutory accounts
  • major investment and divestment proposals
  • major funding proposals
  • CEO appointment and succession planning
  • Board changes

To assist the Board in its responsibilities, specific authority is delegated to various Board committees chaired by a non-executive Director who is independent of management:

  • Executive Committee (ExCo)

The ExCo has the authority to approve new investment and divestment decisions up to a defined threshold beyond which transactions are considered by the Board. The minutes of ExCo meetings are circulated to the Board.

  • Audit Committee (AC)

The AC reviews, among other things, Temasek’s system of internal controls and the processes used for financial reporting, audit, and monitoring compliance with laws and regulations. The AC also reviews the scope and results of the external audit, as well as the independence of external auditors.

The AC is supported by Internal Audit (IA), which reports functionally to the AC and administratively to the office of the CEO to ensure its independence. IA has full and unrestricted access to all records, properties, and personnel to effectively perform its functions.

  • Leadership Development & Compensation Committee (LDCC)

The LDCC is responsible for recommending Board and management leadership plans to the Temasek Board, including Board and CEO succession, guidelines and policies on performance measurement, and compensation plans.

Decisions at Board and Committee meetings are based on a simple majority of votes, including those via telephone or video conference. In the case of a tied vote, the Chairman has a second or casting vote.

Where a Board resolution is obtained via circulation, the resolution becomes effective upon approval by at least two thirds of the Board.

Board members with interests that may conflict with specific Temasek interests are recused from the relevant information flow, deliberations, and decisions.

Quarterly Board meetings include Executive Sessions for the non-executive Directors to meet without the presence of management. The annual CEO succession review is included in these deliberations.

Risk Management[edit]

Temasek tracks and manages the risks associated with long-term market and economic cycles by designating risk owners who take full ownership of risk outcomes.[182]

This process allows day-to-day risk decisions to be taken by management, while major risk decisions, including major investments and divestments, are taken by the Board.

Temasek’s risk management framework covers three categories of risks: strategic, performance, and operational:

  • Strategic Risk:

- Reputation

- Aggregate risk profile

- Political

- Structural foreign exchange

- Funding & liquidity

  • Performance risk:

- Macroeconomic

- Geography

- Industry

- Markets

- Tax

  • Operational risk:

- People

- Legal & regulatory

- Systems & processes

- Counterparty

- Business disruption

Investment Themes[edit]

Temasek’s portfolio companies are independent of Temasek – they are thus guided and managed by their respective Boards and management.

Temasek's investment strategy is guided by four key investment themes:

  • Transforming Economies

Tapping the potential of transforming economies such as China, India, Southeast Asia, and Latin America through investments in sectors such as financial services, infrastructure, and logistics.

Leveraging growing consumer demands through investments in sectors such as telecommunications, media and technology, and consumer and real estate.

Seeking out economies, businesses and companies with distinctive intellectual property and other competitive advantages.

  • Emerging Champions.

Investing in companies with a strong home base as well as companies at inflection points, with the potential to be regional or global champions.

Community Engagement[edit]

Since its inception, Temasek has committed over S$1.5 billion to community and philanthropic activities in Singapore and beyond.[183] Temasek chairman Lim Boon Heng said that the underlying principle is to "support organisations to build capability and…programs that help people to help themselves, become self‑reliant and lead better lives." He added that Temasek prefers not to give one‑off donations; instead, it supports worthy programs continuously, which is why it establishes endowments to serve this purpose.[184]

Since 2003, Temasek has contributed a portion of its annual returns to its communities, focusing on "building people, building communities, building capabilities, and rebuilding lives".[185]

Temasek Trust[edit]

Established in 2007, Temasek Trust oversees the management and disbursement of Temasek’s endowments and gifts, earmarked for specific non-profit philanthropic organisations (NPPOs).

This framework allows the Trust, which has its own Board of Trustees, to manage endowments and donations separately from the NPPOs that develop and deliver community programmes.

Beneficiary NPPOs are independently responsible to their Boards for the development and delivery of the community programmes within their respective mandates.

Temasek has seeded or adopted the following NPPOs:

  • Temasek Education Foundation (TEF)

TEF was set up in 2011 to support education opportunities in Singapore through the nurturing and supporting of young talents in the areas of sports, mathematics, science, arts, and music. TEF has endowments totalling S$150 million, including three S$35 million endowments named after Singapore’s pioneering leaders, EW Barker, Tay Eng Soon, and David Marshall.[186]

  • Temasek International Foundation (TIF)

Formed in 2010, TIF promotes regional scholarships and international fellowships. It oversees the S$25 million S Rajaratnam Endowment to promote international fellowships in ASEAN and beyond, and the S$35 million Hon Sui Sen Endowment which promotes talent development in the Asian financial sector.

  • Temasek Cares

Temasek Cares was established in 2009 to commemorate the 35th Anniversary of Temasek. Backed by two endowments of S$100million, S$70million, and another S$40 million in March 2014, Temasek Cares aims to improve the lives of underprivileged individuals, families, and communities in Singapore. It has since aided nearly 13,000 individuals in Singapore over the last four years.[187] One example is the KK Women's and Children's Hospital’s IIMPACT program, which helps with the developmental needs of children with diverse or difficult needs. Since 2011, the program has assisted 1,500 children as well as trained 184 individuals to become facilitators.[188]

The newest endowment fund of S$40 million was announced by Lim in March 2014 to commemorate Temasek’s 40th anniversary. Called the Temasek Emergency Preparedness (TEP) fund, it will support programs that help people in crises or emergencies including environmental disasters like haze, severe accidents, or trauma.[189][190]

  • Temasek Foundation

Working with expert institutions from Singapore and the region, TF supports training programmes in health care, education, public administration, and disaster-preparedness, as well as programmes that promote positive networks of cooperation in and across communities in Asia. Since May 2007, it has committed almost S$114 million in support of 178 programmes in 19 countries in Asia.[191]

  • Temasek Life Sciences Laboratory (TLL)

Established in 2002, TLL brings together 240 researchers from 21 different nationalities to undertake bio-molecular science research and applications to benefit people in Asia and beyond. It focuses primarily on understanding the cellular mechanisms that underlie the development and physiology of plants, fungi, and animals and also has affiliations with the National University of Singapore and Nanyang Technological University.[192]

  • Singapore Millennium Foundation (SMF)

SMF was founded in 2011 to promote and advance scientific progress in Singapore. It funds research programmes relevant for Singapore, including programmes for mental health, Parkinson’s disease, neuromuscular disease, liver and lung cancer, bio-fuel, ageing, palliative care, special needs education and non-medical bioscience.[193]

  • Singapore Technologies Endowment Programme (STEP)

STEP was created in 1997 to commemorate Temasek’s 30th Anniversary and to provide opportunities for Asian youth to connect with others in and around Asia. Its programmes enable the youth to engage with the less fortunate, learn specific areas on Science, connect with and have a better understanding and appreciation of the cultures and aspirations of youths from other countries in Asia. Since 1997, almost 2,000 teenage students from various countries, including almost 600 junior college and polytechnic students from Singapore, have participated in the Sunburst Youth Camp.[194]


T-Touch is a volunteer initiative driven by Temasek employees to support various communities in and around Singapore. It is supported and supplemented by company-side programmes and initiatives, including the Temasek Community Day, which falls on the anniversary of the company’s incorporation.

Donations by Temasek’s employees for community causes are matched by the company.[195]

Some of the beneficiaries of T-Touch’s initiatives include the elderly, the disadvantaged, ex-offenders, and children with special needs.

T-Touch also engages the wider communities outside of Singapore through international activities in Asia and Latin America.


Temasek hosts and sponsors a wide array of initiatives and events to share perspectives and experiences with partners from around the world, including the International Monetary Fund, the International Forum of Sovereign Wealth Funds, the World Bank Group, the European Union, and other multilateral institutions, as well as national institutions such as China’s State-Owned Assets Supervision and Administration Commission (SASAC), Korea's Investment Corporation, Kazakhstan’s Samruk-Kazyna, Australia’s Future Fund, and Norway’s Norges Bank.

Other regular/one-off events include:

  • Singapore Global Dialogue
  • The Singapore Summit
  • Temasek International Panel
  • Asia Banking CEO Roundtable
  • Learning events
  • Business forums

Over the last decade, Temasek has also seeded a number of purpose built institutions to help develop and strengthen capabilities in the financial and corporate sectors in Singapore and the rest of Asia.

  • Wealth Management Institute

Established in 2003, the Wealth Management Institute (WMI) is a leading provider of wealth management training and education in the region, developing talent for the region’s fast-growing wealth management sector.[196]

WMI’s main programmes are:

  • WMI CACS Training
  • WMI Certificate in Private Banking
  • WMI Advanced Wealth Management Programme
  • Master of Science in Wealth Management
  • WMI Certificate in Trust Services
  • WMI Advanced Certificate in Trust Services
  • Continuing Professional Development Courses and Talks

Since its establishment, more than 5,500 professionals from around Asia have completed WMI’s programmes.

  • Sim Kee Boon Institute for Financial Economics

Established in 2008, the Sim Kee Boon Institute for Financial Economics at the Singapore Management University focuses on education and research to build capacity in the financial sector.[197]

  • Stewardship and Corporate Governance Centre (SCGCentre)

Launched in 2011, the SCG Centre aims to foster thought leadership and help companies develop succeeding generations of corporate directors through signature programmes and regular forums.[198]


Temasek is fully owned by Singapore's Ministry of Finance, and these close links to the government have on several occasions caused protests in foreign countries.

Temasek's 2006 acquisition of Shin Corporation, owned by the family of then Thai prime minister Thaksin Shinawatra, was particularly controversial, with protestors burning effigies of Lee and Ho on the streets of Bangkok.[199] The deal was a factor in exacerbating the Thai political crisis, which eventually led to the downfall of Thaksin and a review of the transaction's legality. The military junta that overthrew Thaksin, later tried unsuccessfully to force Temasek to divest a large part of its investment in Shin Corp.[200] As of 2011, Temasak still effectively controls the majority of share in Shin Corporation which changed its name to Intouch Corporation via its affiliates.[201]

See also[edit]


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