|Investment company / Sovereign wealth fund|
|Lim Boon Heng, Chairman
Ho Ching, Executive Director & CEO
|Revenue||$83.8 billion SGD (2013)|
|$15.2 billion SGD (2013)|
|Total assets||$317.4 billion SGD (2013)|
|Owner||Government of Singapore|
Temasek Holdings Private Limited (abbreviated as Temasek) is an investment company owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$266 billion (US$177 billion; as of 31 March 2014), mainly in Singapore and Asia. 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 industrial, life sciences, consumer, real estate, as well as energy and resources. Temasek has a multinational team of over 490 people, in 11 offices globally including London  and New York.
Temasek is commonly referred to as a sovereign wealth fund, particularly by the press and research outlets based outside Singapore. However, it has frequently disputed this terminology, and prefers to be referred to as an investment company, because it invests mostly in equities, is the outright owner of many assets, and pays taxes like other commercial investment firms. However, its sole shareholder (to which it distributes dividends) is Singapore's Ministry of Finance. A spokesman for the Ministry of Finance has previously noted that even though "there is still no universally accepted definition of sovereign wealth funds", Temasek is required to abide by international guidelines for sovereign wealth funds. Beginning in 2015, capital gains from Temasek are included in Singapore's government budget, contributing approximately S$3 billion  to the 2015 budget.
Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's and "Aaa" by Moody's. However, it is understood that this is only possible due to the extreme likelihood of extraordinary support from the government. S&P's new Standalone Rating puts Temasek’s risk profile as moderately high risk. Temasek has also attained perfect quarterly scores 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.
- 1 History
- 2 Management
- 3 Financial Highlights
- 4 Timeline of investments
- 5 Governance Framework
- 5.1 Temasek Charter
- 5.2 Rights and Obligations
- 5.3 Risk Management
- 5.4 Community Engagement
- 6 Controversy
- 7 See also
- 8 References
- 9 External links
At the point of Singapore's independence in August 1965, the Government of Singapore had ownership or joint ownership of various local companies, such as Malaysia-Singapore Airlines (later split up into Malaysia Airlines and Singapore Airlines) and the Singapore Telephone Board (which 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) also bought minority stakes in a variety of local companies. During the first ten years after independence, the government acquired or established several companies, such as the Keppel Corporation (originally Keppel Shipyard, taken over from the Royal Navy after the British military withdrawal from Singapore), 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 to hold and manage the assets previously held directly by the Singapore government. The goal was for Temasek to own and manage these investments on a commercial basis, allowing the Ministry of Finance and the Ministry of Trade and Industry to focus on policymaking. Temasek’s established mission was 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 government agency nor a statutory board. 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. Its sole shareholder is Singapore's Ministry of Finance.
Temasek is designated a Fifth Schedule entity under the Singapore Constitution, which imposes certain safeguards to protect the government's past reserves. For instance, the approval of the President of Singapore is required for any transaction which is likely to result in a draw-down of Temasek’s cash reserves. The President also has the right to appoint, terminate, or renew the members of Temasek's board of directors. In most other respects, however, Temasek operates as an independent commercial investment holding company.
In a 2009 speech, Ho Ching, Temasek's Executive Director and CEO, said that the company had made an effort to instill discipline and professionalism, and to be tested and measured by providing public markers of performance. She noted that Temasek’s bonds spreads and credit ratings have been regularly and independently monitored as public markers of Temasek’s financial position and credit risks. Temasek had also openly and accurately disclosed its financial information through its annual report (although Ho said that, as a private company, it was not legally obliged to do so).
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.
- Acma Electrical Industries
- Cerebos Singapore Pte Ltd
- Chemical Industries (F.E.) Ltd
- Development Bank of Singapore Ltd (Now part of DBS Group Holdings)
- Instant Asia Cultural Shows Pte Ltd
- Insurance Corporation of Singapore Ltd
- International Development and Construction Corporation
- Intraco Ltd
- Jurong Bird Park Pte Ltd (Now part of Wildlife Reserves Singapore)
- Jurong Holdings Pte Ltd (Now part of Sembcorp Industries Ltd.)
- Jurong Shipbuilders Pte Ltd (Now part of SembCorp Marine)
- Jurong Shipyard Pte Ltd
- Keppel Shipyard Pte Ltd
- Metrawood Pte Ltd
- Ming Court Hotel Ltd (Now part of Far East Orchard)
- Mitsubishi Singapore Heavy Industries Pte Ltd
- National Engineering Services Pte Ltd
- National Grain Elevator Ltd
- National Iron & Steel Mills Ltd
- Neptune Orient Lines
- Primary Industries Enterprises Pte Ltd (Now part of SATS Ltd.)
- Sembawang Holdings Pte Ltd
- Singapore Airlines
- Singapore Airport Duty-Free Emporium Pte Ltd (Now jointly owned by Singapore Airlines Limited and SATS Ltd.)
- Singapore Cable Car Pte Ltd
- Singapore General Aviation Service Company Pte Ltd
- Singapore National Printers Pte Ltd
- Singapore Offshore Petroleum Services Pte Ltd
- Singapore Textiles Industries Ltd
- Singapore Treasury Building Pte Ltd
- Singapore Zoological Gardens
- Singmanex Pte Ltd
- Sugar Industry of Singapore Ltd
- United Industrial Corporation Ltd
- United Vegetable Oil Pte Ltd
Board of Directors
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)
- Executive Chairman, Wah Hin & Co Pte Ltd
- Member, Board of Trustees and Investment Committee, National University of Singapore
- Founder, Leap Philanthropy
- 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)
- Chairman and Senior Partner, Allen & Gledhill LLP
- Chairman, Maritime and Port Authority of Singapore
- Member, Board of Trustees for the Singapore Business Federation
- Sits on the boards of several companies including Hap Seng Plantations Holdings Berhad, Singapore Airlines Limited, Singapore Press Holdings Limited, and Singapore Health Services Pte Ltd
- 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)
- As at 31 March 2015, Temasek’s net portfolio value was S$266 billion, up S$43 billion from last year and with a 55:45 underlying exposure to mature economies and growth regions.
- Temasek invested S$30 billion and divested a record S$19 billion.
- Temasek’s one-year Total Shareholder Return (TSR) was 19.20% in Singapore dollar terms, largely due to the strong performance of Singapore and China portfolios. Longer term 10-year and 20-year TSRs were 9% and 7% respectively, and TSR since inception in 1974 was 16%.
- Wealth Added, which is Temasek’s dollar return above aggregated risk-adjusted hurdle for the year, was S$25.5 billion.
- Group Shareholder Equity increased to S$219 billion.
The top three sectors for investments in 2015 were consumer, financial services, and life sciences & agriculture. During the year, Temasek completed a significant investment in A.S. Watson, and acquired a majority stake in Olam through the completion of a voluntary general offer for the company’s shares.
Temasek continued to expand their financial services portfolio into selected non-banking sub-sectors. These include insurance and consumer finance, which benefit from transforming economies and growing middle income populations, as well as other areas like electronic market making and payments, where technology is disrupting traditional players. Investments last year in NN Group, Synchrony Financial, Virtu Financial and Adyen represented some of their investments in those areas.
Temasek’s investments in the life sciences & agriculture sectors were primarily focused around global champions. Temasek expanded their portfolio into veterinary pharmaceuticals with the investment in Ceva Santé Animale, a leading global animal health company. They also increased their stake in Gilead Sciences, a US-based biopharmaceutical company at the cutting edge of developing novel therapies for infectious diseases and cancer.
In January, Temasek announced their partnership with the Singapore Government to spearhead the rejuvenation of Mandai into an integrated wildlife and nature heritage precinct. This builds on the history and success of the Temasek nature portfolio cluster of the Singapore Zoo, Night Safari and the Bird Park.
As at 31 March 2015, in terms of geographic exposure by underlying assets, Singapore and China were highest at 28% and 27% respectively. Combined exposure to North America and Europe grew moderately from 14% to 17%.
The top three sectors for investments during the year were consumer, financial services and life sciences & agriculture.
In the consumer space, Temasek completed a US$5.7 billion investment in A.S. Watson, a leading international health and beauty retailer, with over 11,600 stores operating 13 retail brands in 24 markets worldwide. With this investment, Temasek increased its exposure to the consumer retail sector, with a balanced focus on a growing Asia and a recovering Europe.
Temasek expanded their financial services portfolio into non-banking sub-sectors, such as insurance, consumer finance, electronic market making and payments through investments in NN Group, Prudential plc, Synchrony Financial, Virtu Financial and Adyen. They also increased holdings in Industrial and Commercial Bank of China.
In life sciences & agriculture, Temasek increased their stake by about US$800 million in Gilead Sciences, a US-based biopharmaceutical company, which specialises in developing novel therapies for infectious diseases and cancer. Temasek also invested in Ceva Santé Animale, a global animal health company, and COFCO International Limited, which holds a controlling stake in Nidera and Noble Agri, two international agriculture supply chain managers.
In terms of geography, Asia (excluding Singapore) accounted for about 42% of Temasek’s portfolio during the year, followed by North America and Europe with a combined 43% share of their new investments.
In Asia, apart from the consumer investments in A.S. Watson and Olam, Temasek invested actively in the telecommunications, media & technology sector. New investments included Tencent, one of the top internet companies in China; Lazada, a leading South East Asia e-commerce platform; and Didi Kuaidi, a prominent Chinese transportation network company.
Temasek increased their exposure in India with investments in Global Health, the owner of the Medanta franchise of multi-specialty, tertiary care hospitals; and in Intas Pharmaceuticals, a global generics company engaged in the development, manufacturing and marketing of pharmaceuticals formulations. They were also active in the technology sector in India with investments in Snapdeal, a leading e-commerce platform; Manthan, a data analytics company focused on the retail sector; and Cognizant Technology Solutions, a US-listed IT and business process outsourcing service provider with the majority of its operations in India. In Europe, Temasek made several investments in the UK real estate sector which included a combination of office and mixed-use development assets, such as MidCity Place and 22 Bishopsgate. Elsewhere in Europe, they invested in Deutsche Post DHL, an international logistics player; Origo Exploration, a North Sea oil exploration company; and Gaztransport & Technigaz, a global provider for liquefied natural gas (LNG) transport and storage. Exposure to European financials also increased, as a play on European recovery, with investments in NN Group and Lloyds Banking Group.
In North America, apart from the life sciences & agriculture and financial services sectors, they also made investments in the technology and energy sub-sectors. These included Internet Brands, a leader in software, marketplace and online media assets; Cheniere Energy, an energy company engaged in LNG related businesses; and a follow-on investment in Venari Resources, an upstream oil and gas exploration company focused on deep water Gulf of Mexico.
Key divestments included part of Temasek’s stakes in China Construction Bank and Alibaba, where they continue to hold substantial positions. They also exited their shareholdings in Mosaic, Qualcomm, Kunlun Energy and Medreich.
Temasek's major investments include:
- AIA Group Limited
- Bank of China Limited
- China Construction Bank Corporation
- DBS Group Holdings Ltd
- Industrial and Commercial Bank of China Limited
- Lloyds Banking Group PLC
- Ping An Insurance (Group) Company of China, Ltd
- Prudential PLC
- PT Danamon Indonesia, Tbk.
- Standard Chartered PLC
Telecommunications, Media & Technology
- Singapore Technologies Telemedia Pte Ltd
- STATS ChipPAC Ltd
- Bharti Airtel limited
- Mediacorp Pte Ltd
- Intouch Holdings Public Company Limited
- Markit Ltd
- Alibaba Group Holding Limited
Transportations & Industrials
- Evonik Industries AG
- Keppel Corporation Limited
- Neptune Orient Lines Limited
- PSA International Pte Ltd
- Sembcorp Industries Ltd
- Singapore Technologies Engineering Ltd
- Singapore Airlines Limited
- Singapore Power Limited
- SMRT Corporation Ltd
Consumer & Real Estate
- Olam International Limited
- A.S. Watson Holdings Limited
- CapitaLand Limited
- M+S Pte. Ltd.
- Pulau Indah Ventures Sdn Bhd
- Mapletree Investments Pte Ltd
- SATS Ltd.
- Wildlife Reserves Singapore Pte Ltd
Energy & Resources
Life Sciences & Agriculture
- Celltrion, Inc.
- Gilead Sciences, Inc.
- Thermo Fisher Scientific Inc.
Total Shareholder Return (one year return)
Total Shareholder Return since inception
Total Shareholder Return (one year return)
Total Shareholder Return since inception
Total Shareholder Return (one year return)
Total Shareholder Return since inception
Total Shareholder Return (one year return)
Returns to Temasek since inception
Total Shareholder Return (one year return)
Total Shareholder Return since inception
Total Shareholder Return (one year TSR by market value)
Total Shareholder Return (by market value since inception)
Timeline of investments
Based on publicly available information, Temasek’s investment and divestment activities include, but are not limited to the following:
- In February 2015, it was reported that Temasek sold 7.3 million shares in Alibaba Group Holding in the fourth quarter as the Chinese Internet firm’s shares rallied following its initial public offering in September.
- Also in February 2015, Industrial landlord JTC Corporation and Singapore investment company Temasek officially sealed their agreement to merge four of their subsidiaries into a single platform. This powerful new platform, worth $5 billion, will become one of the region's largest integrated urban solutions providers.
- In March 2015, Temasek joined Hotel Properties Ltd (HL) and three other partners to buy two prime central London properties for £308 million (S$628.53 million) for a residential and office tower development as Asian investors snap up overseas real estate.
- In April 2015, it was announced that Temasek will invest 9.45 billion rupees ($151.39 million) in Glenmark Pharmaceuticals Ltd through its wholly owned subsidiary Aranda Investments.
- In June 2015, it was reported that European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen. The transaction is the latest sign of the hectic pace of deal-making in the healthcare sector, which has seen more than US$250 billion of mergers and acquisitions so far this year, up nearly two-thirds from a year ago.
- In June 2015, it was reported that Temasek is investing $40m in Hello, a three-year-old company founded by James Proud.
- In July 2015, it was reported that Facebook co-founder and Temasek were main investors in new venture capital fund, Golden Gate Ventures Fund II LP. Golden Gate Ventures is said to take stakes in technology companies in Southeast Asia.
- 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. Temasek and SingTel declined comment, noting that it was not their policy to respond to market speculation.
- 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.
- In April 2014, Temasek made a US$5.7 billion investment for a 24.95% stake in A.S. Watson, a global health and beauty retailer with over 11,600 retail outlets in Asia and Europe. Temasek also made an investment of €425 million to NN Group, 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.
- In February 2013, Temasek invested US$300 million for a 26.1% stake of PT Matahari Putra Prima (MPPA), a subsidiary of the PT Multipolar (MLPL) holding company, through its indirect wholly owned subsidiary, Anderson Investments. Temasek also increased its stake in Olam to 23%.
- In March 2013, Temasek bought a 5.04% stake in Repsol SA (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, in HealthCare Global Enterprises(HCG), a Bangalore-based cancer care provider, and in Evonik Industries AG, a German specialty chemicalscompany.
- In April 2013, Temasek established Pavilion Energy Pte. Ltd. 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) and invested in Markit, a leading global financial information services company.
- In June 2013, Temasek invested in Fanatics, Inc., a US sports apparel online retailer, and in Celltrion, 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. Temasek also raised its shares in CITIC Securities Co., China's largest listed brokerage firm, from 8.95% to 9.01%.
- In January 2012, Temasek invested 6.85 billion rupees (US$136.12 million) in Godrej Consumer Products.
- In April 2012, Temasek raised its stake in the Industrial & Commercial Bank of China Ltd. by purchasing US$2.3 billion of its Hong Kong-listed shares from Goldman Sachs Group Inc and purchased almost half of the shares offered by Kunlun Energy for $1.34 billion.
- In May 2012, Temasek, along with Warburg Pincus, Kelso & Company, and The Jordan Company, made an investment of up to $1.125 billion in Venari Resources, an early-stage company focused on deep water oil exploration in the Gulf of Mexico. Temasek also made a S$160 million investment in the eighth largest bank in Mexico, Banco del Bajio and jointly invested $468 million with RRJ Capital in Houston-based liquefied natural gas firm Cheniere Energy Inc.
- In August 2012, Temasek sold its 1.4% stake in Tiger Beer maker Asia Pacific Breweries (APB) to Heineken.
- In September 2012, Temasek sold a 2.5% stake (or 400 million shares) in SingTel, bringing its shares down to 51.9%.
- In November 2012, Temasek raised its stake in Rio Tinto Group’s Turquoise Hill Resources Ltd. (TRQ) unit to 3.7% and set up Clifford Capital, a specialist finance company, along with a consortium of shareholders including DBS, Standard Chartered, Sumitomo Mitsui Banking Corp, Manulife, and Prudential.
- In November 2012, Temasek also increased its H-share stake in China Construction Bank (CCB) to 9.4%.
- In December 2012, Temasek bought a stake in a Turkish government-owned bank, Turkiye Halk Bankasi, and entered into a definitive agreement with Godrej Agrovet, a subsidiary of Godrej Industries, to acquire a 19.99% stake in the company for Rs 572 crore. Temasek also raised its stake in commodity trader Olam International to 19%.
- In January 2011, Temasek acquired a total of 65.126 million new shares (S$90 million) in Asian Citrus Holdings Limited, 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.
- 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.
- 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.
- In September 2011, Temasek invested S$50 million in Alibaba Group, China's largest e-commerce website and bought 4.4 billion shares in China Construction Bank Corp., raising its stake to 8.10%.
- 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.
- 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. Temasek also invested S$200 million in Platmin, a Canadian-listed platinum producer with assets in South Africa.
- In April 2010, Temasek invested S$687 million in Inmet Mining, a Canadian copper producer with operations in six countries, 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. Temasek’s investment in GMR Energy 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. Temasek also invested S$700 million in Chesapeake Energy Corporation, the second-largest producer of natural gas in the USA.
- 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.
- In August 2010, Temasek invested S$50 million in Tudou, a Chinese online video site.
- In October 2010, Temasek purchased a 14% stake in Odebrecht Oil & Gas, an upstream services provider for the oil industry, for $400 million.
- 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.
- In February 2009, Temasek offered new shares via the $335 million rights issue by the Indonesian Bank Danamon.
- In March 2009, Temasek sold its 3.8% stake in Bank of America Corp and all of its 3.26% stake in China’s Minsheng Bank.
- In June 2009, Temasek re-invested S$438 million in Singapore-based Olam International for a 13.8% stake. Temasek also supported the planned S$1.4 billion ($972 million) rights issue by Neptune Orient Lines (NOL).
- In September 2009, Temasek took up its full pro-rata 27.77% of the S$235.2 million rights issue by CitySpring Infrastructure Trust and sold its stake in Chartered Semiconductor Manufacturing Ltd., a maker of customised semiconductors.
- In October 2009, Temasek invested $50 million in Longfor Properties Co Ltd, a real estate developer in Hong Kong, and invested S$21 million (US$15million) in Li & Fung Trinity Limited, a luxury menswear retailer in Hong Kong.
- 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, and invested S$343 million for a 12% stake in Seoul Semiconductor, a Korean light emitting diode (LED) company.
- In January 2008, Temasek bought $14.5 million shares to raise its stake in Standard Chartered Bank to 19%.
- In February 2008, Temasek lifted its stake in Australia’s childcare provider, ABC Learning Centres, from 12.35% to 14.66%.
- In March 2008, Temasek sold 55.7% of its Bank Internasional Indonesia stake to Maybank for $1.5 billion and sold Tuas Power Ltd. to power producer China Huaneng Group for S$4.24 billion.
- In April 2008, Temasek invested S$150 million in Lung Ming, an independent iron ore company that owns and operates the Eruu Gol iron ore mine in Mongolia.
- In August 2008, Temasek sold its 60% stake in Singapore Computer Systems (SCS) for S$140 million to Singapore Telecommunications (Singtel).
- In September 2008, Temasek sold Senoko Power to Marubeni-led Lion Power consortium for S$3.65 billion.
- In December 2008, Temasek sold its 69.68% stake in Singapore Food Industries Limited (SFI) for S$334.5 million to Singapore Airport Terminal Services Limited (SATS).
- In December 2008, Temasek sold PowerSeraya to YTL Power International for an enterprise value of S$3.8 billion.
- In February 2007, Temasek set up and listed the CitySpring Infrastructure Trust, 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, a special purpose vehicle holding a portfolio of investments in private equity funds.
- In May 2007, Temasek raised its stake in STATS ChipPAC 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, 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, an important residential real estate developer, and took a 10% stake in Minh Phu Seafood Joint-Stock Company, 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).
- In August 2007, Temasek invested in the Pacific Road Resources Fund, 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 ’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, a property developer, Xingyu Hengdeli, a luxury watch retail chain, and Yingli Green Energy, 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, 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 and BPO company Firstsource Solutions complemented newer investment commitments in Tata Sky, a provider of Direct-to-Home digital satellite TV services, and INX Media, a new television broadcaster. Temasek also made a commitment to invest in GVK Power and Infrastructure Limited, both infrastructure development companies.
- In January 2006, Temasek joined a consortium of Thai investors to invest in Shin Corp and co-invested with Istithmar PJSC of Dubai in Thailand's healthcare sector, each taking about 6% in Bumrungrad Hospital, one of the largest hospitals in Southeast Asia.
- In March 2006, Temasek placed out 770 million SingTel ordinary shares worth over S$2 billion and completed its purchase of an 11.5% stake in Standard Chartered from the Tan Sri Khoo Teck Puat Estate. Temasek also participated in the restructuring of China Aviation Oil with a minority co-investment stake alongside oil major BP and invested in Tata Teleservices, one of India's telecom service providers.
- 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, and acquired a 9.95% Stake in i-Logistics, 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. Temasek also made a minority investment in Aptuit, a contract research company providing pre-clinical development services and clinical trial materials.
- In May 2006, Temasek invested US$106 million in eMobile, 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, an Indonesian producer of ethylene, a key feedstock for petrochemical products.
- In October 2006, Temasek invested in Intercell AG of Austria and Vical Inc 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, 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, 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, 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).
- 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.
- In May 2005, Temasek took a 24% stake in Great Wall Airline Co., 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, 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).
- In July 2005, AFH increased its stake in NIB to 73% through a general offer to minority shareholders and signed a definitive agreement with the China Construction Bank (CCB) 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 and acquired an 8.3% stake in Hopson Development Holdings, a developer of residential properties.
- In September 2005, Temasek took a 50% stake in SingSpring Pte Ltd, a desalination facility in Singapore, and took a 5% in Kinh Do, a Vietnamese confectionery maker with a 50% market share who also distributes its products into Cambodia.
- In October 2005, Temasek acquired 25% of Medreich, 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, 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, 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. 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.
- Temasek made its maiden investment in Russia, with a 3% stake in London-listed company Mobile Telesystems.
- 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, 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, 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.
- In August 2004, Temasek increased its stake in NOL to above 30%, 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 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 and a 33% stake in India’s Idea Cellular jointly with Telekom Malaysia, and became a significant shareholder in US-listed Equinix.
- In the power, energy, and natural resources fields, Temasek invested in companies such as Hyflux (membrane technology for water purification) and Olam International (agricultural commodity supply chain management), as part of this theme.
- In September 2003, Temasek invested US$90 million for a 16% stake in Quintiles, a provider of clinical trial and commercialisation services to the pharmaceutical and biotechnology industries. Temasek also acquired a 14% stake in Matrix Laboratories of India and an 8% stake in Apollo Hospital Enterprise Limited, a fully integrated private healthcare services provider in India.
- In the IT sector, Temasek acquired a minority stake in ICICI OneSource, 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 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 shares from Indonesian Bank Restructuring Agency(IBRA), during 2003 IBRA sold another 10.88% to AFI.
As an institution, Temasek is guided by the Temasek Charter, a set of principles that guides the company’s actions.
The Charter has three main principles:
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), 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
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.
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.
Protection of Temasek’s Past 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.
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
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.
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:
- Aggregate risk profile
- Structural foreign exchange
- Funding & liquidity
- Performance risk:
- Operational risk:
- Legal & regulatory
- Systems & processes
- Business disruption
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.
- Growing Middle Income Populations
Leveraging growing consumer demands through investments in sectors such as telecommunications, media and technology, and consumer and real estate.
- Deepening Comparative Advantages
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.
Since its inception, Temasek has committed over S$1.5 billion to community and philanthropic activities in Singapore and beyond. Temasek chairman Lim Boon Heng said that the underlying principle is to "support organisations to build capability and…programmes 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 programmes continuously, which is why it establishes endowments to serve this purpose.
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".
Established in 2007, with an initial endowment of S$500 million, Temasek Trust is a philanthropic arm of Temasek, overseeing the management and disbursement of Temasek’s endowments and gifts, earmarked for specific non-profit philanthropic organisations (NPPOs).
Temasek Trust receives donations for each year of Temasek's positive revenue which may be added to the endowment in Temasek Trust or be designated for specific uses. The Trust re-invests the endowment gifts from Temasek, and serves as a growing stakeholder for Temasek. It is also responsible for the disciplined disbursement of the endowments on a sustainable basis to the various NPPOs sanctioned by Temasek.
The Trust has its own Board of Trustees to manage endowments and donations separately from the NPPOs that develop and deliver community programmes. The Board of Trustees consists of Mr Lee Seng Wee, Chairman, Mr S Dhanabalan, Member, and Mr Ratan Tatam Member; led by Ms Jacqueline (Jackie) Wong, CEO.
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:
- 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.
- 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.
- 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.
- 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.
- 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. One example is the KK Women's and Children's Hospital’s IMPACT programme, which helps children with diverse or difficult needs. Since 2011, the programme has assisted 1,500 children as well as trained 184 individuals to become facilitators.
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 programmes that help people in crises or emergencies including environmental disasters like haze, severe accidents, or trauma.
- 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.
- S Rajaratnam Endowment (SRE)
The S$100 million SRE was set up with the objective to achieve development, peace and stability in the region by deepening international friendships, promoting regional cooperation, and fostering a greater and common understanding of international rules, based on the twin pillars of good governance and sustainability.
- Hon Sui Sen Endowment (HSEE)
The S$35 million Hon Sui Sen Endowment focuses on talent development in the Asian financial sector through the Temasek Regional Regulators Scholarship Programme at the Wealth Management Institute.
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.
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
- Ecosperity 2014
- Jubilee at the Botanics 2015
- 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.
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
- 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.
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. 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. As of 2011, Temasak still effectively controls the majority of share in Shin Corporation which changed its name to Intouch Corporation via its affiliates.
Fortune Magazine described the investment in Shin Corp as a “spectacular misjudgment”
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- "Temasek Invests in Chesapeake as Part of $1.2 Billion Spent on Resources". 12 May 2010.
- "Temasek, IMDI Form $200 Million Venture to Invest in Real Estate in Mexico". 28 July 2010.
- "China's Tudou.com raises $50 million". 5 August 2010.
- "Temasek Buys Stake in Odebrecht Unit in Emerging Markets Plan". 20 October 2010.
- "Temasek sold Barclays stake at loss". 3 June 2009.
- "Bank Danamon outlines$335 million rights issue". 20 February 2009.
- "Temasek Sells Bank of America Stake, Looks to China (Update2)". 15 May 2009.
- "Temasek Said to Have Sold Entire Stake in China Minsheng Bank". 9 March 2009.
- "Temasek invests in commodity firm Olam" (PDF). 2 June 2009.
- "NOL joins Temasek wave with $1.44b rights issue". 3 June 2009.
- "CitySpring Infrastructure Trust: Finally calls for cash".
- "Temasek’s Chartered Semi Sale Speeds Up Chip Industry Exit". 7 September 2009.
- "Longfor Properties IPO raises HK$7.07b". 13 November 2009.
- "Temasek to invest US$15m in Trinity Hong Kong IPO: HKEJ". 19 October 2009.
- "Niko Closes Black Gold Acquisition" (PDF) (Press release).
- "UPDATE 1-Temasek to buy $242 mln stake in S.Korea LED firms". 3 November 2009.
- "Temasek Raises Stake in Standard Chartered to 19% (Update1)". 29 January 2008.
- "Sinagpore's Temasek lifts its stake in ABC Learning". 28 February 2008.
- "Maybank Bids $1.5B For Majority In Bank Internasional Indonesia". 26 March 2009.
- "Huaneng buys Singapore's Tuas Power for $3 billion". 14 March 2008.
- "Goldman's Fang Makes First Private Equity Investment (Update1)". 30 April 2008.
- "SingTel invests $99 mln in Singapore Computer Systems". 24 August 2008.
- "Consortium led by Marubeni to buy Senoko Power of Singapore". September 2008.
- "SATS ANNOUNCES CONDITIONAL ACQUISITION OF SFI" (PDF) (Press release).
- "Temasek Shelves PowerSeraya Auction". 26 November 2008.
- "Singapore's new taste for infrastructure funds". 23 October 2007.
- "Structured secondaries increase risk and reward". 5 February 2007.
- "STATS ChipPAC says Temasek acquired 83 pct of firm". 18 May 2007.
- "Temasek buys 12% of ABC". 30 May 2007.
- "Wall Street Folly Headline Roundup - 8/27/07 - $1.8B hair cut for HD; Nasdaq's LSE suitors; Merrill pointing Russian listings to LSE; Google economist on economic slowdown; Acer buying Gateway; Goldman buying Tokyo Tiffany RE; US Steel buying Stelco". 27 August 2007.
- "Temasek Holdings Acquires 10 Per Cent Stake in Minh Phu Seafood Joint-Stock Company" (Press release).
- "NIB Bank acquires PICIC for Rs20.5bn". 1 July 2007.
- "Pacific Road Resources boss shows no signs of slowing". 1 October 2007.
- "Mua bán, sáp nhập doanh nghiệp: Kiểm soát "giao dịch đen"". 17 August 2007.
- "Temasek Pours $1 Billion into China-Focused Fund". 11 December 2007.
- "Temasek eyes residential real estate, renewable energy sectors". 7 August 2007.
- "Temasek to boost returns in China". 5 September 2006.
- "ICICI Bank - Shareholding Details after FPO".
- "First Source makes pre-IPO placement to two US firms". 5 January 2007.
- "Temasek buys 10% in Tata Sky". 6 January 2007.
- "Temasek Holdings invests in Indian TV venture". 15 March 2007.
- "GVK plans to merge group firms into umbrella company". 7 August 2006.
- "Temasek-SCB led investor group acquires Shinawatra and Damapong Families’ stakes in Shin Corp" (Press release).
- "Istithmar and Temasek Invest in Bumrungrad" (Press release).
- "Liquidity of SingTel Stock Further Enhanced Temasek offer of SingTel shares" (Press release).
- "Ho Ching's Temasek Buys Standard Chartered Stake". 28 March 2006.
- "China Aviation rescue plan agreed". 3 March 2006.
- "Singapore's Temasek buys stake in Tata Teleservices". 8 March 2006.
- "E.Sun partners with Temasek Holdings". 15 March 2006.
- "Temasek Holdings Acquires a 9.95% Stake in i-Logistics" (Press release).
- "Reliance, Temasek to launch India power fund". 26 July 2004.
- "Aptuit Secures Additional Private Equity Funding, Bringing Potential Capital Available to More Than $750 Million" (Press release).
- "eMobile completed 27.3 billion yen additional equity financing to reach a total of 143.2 billion yen and secured over 360 billion yen capital through equity and debt financing; Temasek Holdings to become the third largest shareholder of eMobile" (Press release).
- "Chandra Asri Berniat IPO, Target Rp 4,5 Triliun" (PDF). 14 August 2006.
- "Temasek portfolio crosses US$100 billion mark" (Press release).
- "Vical Scores $25M". 19 October 2006.
- "F&N PLACES OUT $900 MILLION WORTH OF SHARES TO TEMASEK HOLDINGS" (PDF) (Press release).
- "Temasek Holdings' Subsidiary Acquires 5.5 million M&M Shares" (Press release).
- "Langkah Bahagia and Duxton Investments Invest in MPlant" (Press release).
- "NIB Bank Announced AFH has acquired 25% of the shareholding of NIB" (Press release).
- "Rolls-Royce and Singapore Partners to Invest in Fuel Cells" (Press release).
- "China Great Wall Industry Corporation, Singapore Airlines Cargo and Dahlia Investments to Form Joint Venture Cargo Airline in China" (Press release).
- "Temasek arm, One Equity to invest $7.5m in Apollo Health Street". 2 May 2005.
- "Interpharma, Quintiles and Temasek to Form Pharma Commercialization Joint Venture in Asia Pacific With US$112 Million Investment Fund" (Press release).
- "Singapore Equity Raises Stake in NIB to 72.6%" (Press release).
- "China Construction Bank and Temasek Established Strategic Partnership in Beijing" (Press release).
- "Hopson Annual Report (2005)" (PDF).
- "Divestment of 50% Equity in SingSpring Pte Ltd" (Press release).
- "Kinh Do stocks begin trading". 13 December 2005.
- "Temasek buys 25% in Medreich for Rs 109 cr". 15 October 2005.
- "This Chairmaker Sure Isn't Sitting Back". 16 October 2005.
- "Cargill and Temasek Holdings Invest in Palm Plantations in Indonesia and Papua New Guinea" (Press release).
- "Troika Dialog and Temasek Holdings Announce Launch of New Private Equity Fund for Russia and CIS" (Press release).
- "Temasek to buy 5% of Bank of China - report". 26 December 2005.
- "Amtel Holland Holdings N.V. Is Pleased to Announce That It Has Closed A Round of Private Equity Capital Totaling US$ 70 million on June 30th, 2005" (Press release).
- "SOMA Networks Raises $50 Million in Financing Led by Temasek Holdings and Morgan Stanley Venture Partners" (Press release).
- "Telekom Malaysia looks east". 18 December 2004.
- "http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8528" (Press release).
- "Close of Temasek's offer for NOL" (Press release).
- "Global Crossing Emerges From Chapter 11; ST Telemedia and Global Crossing Complete Investment" (Press release).
- "IDEA, STT-TM deal finalised" (Press release).
- "Wall Street Drought Ends for Hosting Companies". 24 November 2003.
- "Temasek buys into Hyflux". 11 January 2003.
- "SINGAPORE-BASED GLOBAL PLAYER, OLAM INTERNATIONAL, ATTRACTS US$45 MILLION OF PRIVATE EQUITY" (Press release).
- "Temasek Invests US$90 Million in Quintiles" (Press release).
- "Matrix Laboratories Limited today signed definitive agreements with India Newbridge Investments Limited and Maxwell (Mauritius) Pte Limited" (Press release).
- "Temasek picks up stake in Apollo Hospitals". 30 July 2004.
- "ICICI OneSource Raises Fresh Capital" (Press release).
- "China Power makes sharp IPO trading debut". 16 October 2004.
- "Bank Danamon Annual report(2003)"
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