Good afternoon, and thank you for joining us at such short notice.

I know you have all seen the news release we issued this morning, but I thought it would be a useful opportunity to bring this group together to share a few thoughts and let you ask us a few questions, which I’m sure you have!

Perhaps before I open to questions, I’ll say a few words and then invite Dilhan to do so as well.

Leadership succession is a strategic responsibility of the Board, as it should be for any company.  We have had in place an annual review since the early 2000s.  This is to enable the Board to be prepared for all eventualities, with various succession options over different time horizons. 

Ho Ching has played a key role in this process, together with the Temasek Holdings Board.  She has been working to identify potential successors, both inside and outside of Temasek, over various time horizons, and has also built and nurtured a strong leadership bench in Temasek. Some have moved on to senior, even CEO, appointments beyond Temasek, but they carry our DNA with them.

As you saw this morning, the Board has decided that, with effect from 1 October 2021, Dilhan [Pillay Sandrasegara] will be appointed as Executive Director and Chief Executive Officer of Temasek Holdings, and join the Board.  He will concurrently retain his appointment as CEO of Temasek International.

And yes, this means Ho Ching will be retiring from her role as Executive Director and CEO, and from her positions on the Temasek Holdings Board, on the same date.

We also announced that Theng Kiat will retire from his executive position at Temasek Holdings on the same date, but will retain his role as Chairman of Temasek International and remain on the Temasek Holdings Board, as a non-executive Director.

Dilhan needs no introduction, but I want to share his journey, and why we see him as the next CEO. He joined Temasek a little over ten years ago. He brought with him a wealth of experience, a rich network across the region, a keen sense of markets and commercial discipline, and above all, a commitment to build people, values and organisations for the longer term and a greater purpose. 

He has held various leadership roles in the firm, including as Head of our Investment, Portfolio Management, and Enterprise Development Groups. He has also led various market teams including Singapore, the US and Americas; including a two year stint as Head Americas, based out of New York. 

Over the years, the Temasek Board has had the opportunity to engage and assess Dilhan in his leadership positions, including when he had assumed the role of Temasek International CEO from 2019.  The Board is confident that Dilhan is the right candidate to succeed Ho Ching, to oversee the stewardship role of Temasek, and in particular our Constitutional responsibilities as a Fifth Schedule entity to safeguard our own past reserves.

While there are still some months to go before Ho Ching retires, let me say a few words about her.

Ho Ching has led Temasek through a remarkable period of transformation.  It is hard to call out her many achievements, but perhaps above all else, she will be remembered for her unwavering commitment to build Temasek as a trusted steward, committed to the highest standards of integrity and governance.

She has laid out and consistently applied the standards we expect of companies – not just those in which we invest, but more widely – and of ourselves, as an owner.

Ho Ching believes we have a stake in the well-being of our communities, and the responsibility to exercise good stewardship through our contributions. 

Under her leadership, we set up Temasek Trust and Temasek Foundation as our philanthropic platforms to support public good and social causes in a sustainable manner over time.  You have all seen the work these institutions have been doing to support our community over many years, and all the more so during the Covid-19 pandemic.

We owe the ability of them to do that to her foresight and discipline.

And as you know, she also passionately convinced and committed Temasek to play a leading role as a champion of sustainability. She has set the tone for a discussion about how companies can play a role in leading sustainability, and beyond that, put in place plans for Temasek and its portfolio to deliver.

Let’s also take a look at our portfolio performance during her tenure as CEO.  When she was appointed in 2004, our net portfolio value stood at S$90 billion, mostly in Singapore.  At our last reporting date, it stood at over S$300 billion with a global footprint – more than triple, notwithstanding the impact of the Global Financial Crisis and the Covid-19 pandemic. 

On behalf of the Temasek Board, I thank Ho Ching for her unwavering commitment to build a forward looking institution of character and reputation.  We also deeply appreciate her formative contributions to the leadership of Temasek over almost two decades.

Temasek would not be what it is today without her courage and conviction. She took bold steps to open new pathways, define the character of the organisation, and instil in all of us a sense of the mission and values that defines Temasek’s Charter today.

Likewise, I thank Theng Kiat for his contributions since he joined the leadership team in 2012. He helped build new capabilities and a more agile and aligned organisation structure, ready to face the emerging opportunities in the investment landscape.

Appointed the first CEO of Temasek International in 2015, he took over much of the commercial and operational parts of the business, as Ho Ching concentrated on the stewardship and Constitutional requirements of her role.

We’re very pleased Theng Kiat has agreed to continue in a non-executive role, so that Dilhan and the senior team may continue to tap on, and benefit from, his guidance and networks.

Let me now invite Dilhan to share a few words with you.

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Click here to read the transcript of the following remarks by Temasek Holdings CEO-Designate Dilhan Pillay.

Click here to read the Questions and Answers at the Editors Briefing.