Singapore - Temasek Holdings sponsored the establishment of Temasek Trust today with an initial endowment gift of S$500 million. Temasek Foundation was also launched to focus on programmes which contribute to the development of people in Asia, including Singapore.

Headquartered in Singapore and anchored in Asia, Temasek Holdings’ philosophy has been to both benefit from and contribute to growth and development in Asia, including Singapore. As an institution, Temasek Holdings has been playing a quiet role beyond its investment focus by sponsoring scholarships, supporting disaster relief, organising youth exchange programmes and funding research programmes.

In 2003, Temasek Holdings made a commitment to set aside funds for the wider community for every year that it delivers returns above its cost of capital. It has been accumulating these funds over the past four years of successful investments.

Temasek Trust

As a steward of the gifts from Temasek, the Temasek Trust institutionalises the commitment of the Temasek Holdings board, management and staff to share the fruits of its labour, and play a constructive role in the continued progress and success of Asia and her people.

Speaking at the presentation of the Deed of Gift to the Temasek Trust, Mr S. Dhanabalan, Chairman of Temasek Holdings, said, “Over the last decade or so, Temasek has been investing in the region, not just because we are headquartered in Singapore and can see the opportunities in Asia, but also because our long term future is anchored in a thriving and peaceful Asia.”

He added: “Just as we have both benefited from and contributed to Singapore’s success through our investments since the 70s, we hope to similarly benefit from and contribute to Asia’s growth and development through our role as a long term investor in Asia and through our contributions as a corporate citizen.”

Temasek Trust is founded by four distinguished leaders from the business and community sectors in Asia: Mr Lee Seng Wee and Mr Sim Kee Boon from Singapore, Mr Ratan Tata from India and Professor Xu Kuangdi from China.

Under their stewardship as Trustees, Temasek Trust will disburse funds to its designated beneficiaries to support worthy civic and community programmes in the region.

Apart from the initial endowment gift of S$500 million from Temasek Holdings, Temasek Trust will continue to receive additional gifts for each year of positive wealth Temasek Holdings achieves in future. Such donations may add to the endowment in Temasek Trust, or may be designated for specific uses. The Trust may also receive gifts from third parties for general endowment or specific purposes, but will not be actively soliciting donations from third party sources. Funds gifted to the Trust from Temasek Holdings are co-invested with Temasek Holdings or may be directed to approved fund managers appointed by Temasek Holdings.

The Trust will disburse up to four per cent of its endowment funds every year to its designated beneficiaries, although the Trustees may at their discretion also decide, on a unanimous basis, to disburse up to 10 per cent of the endowment for major initiatives.

As a start, the Trust will be supporting four non-profit philanthropic organisations: the newly established Temasek Foundation which is being launched today, the Singapore Technologies Endowment Programme (STEP), Singapore Millennium Foundation (SMF) and Temasek Life Sciences Laboratory (TLL).

Temasek Foundation

Established by Temasek Holdings to fulfil part of the objects of the Trust, Temasek Foundation is a non-profit philanthropic organisation with a mandate to operate in and across communities in Asia. Its key focus areas are:

• investing in future generations through education, healthcare, knowledge and research;
• building bridges among people of diverse races, languages, religions and cultures;
• promoting better governance and regulatory capabilities; and
• supporting disaster emergency relief and recovery 

Former Deputy Prime Minister of Singapore, Dr Goh Keng Swee, was one of the first to postulate that the development of human capital is critical to a country’s development – this will be one of Temasek Foundation’s key thrusts. Education and education-related programmes will thus be a natural focus for Temasek Foundation.

The Foundation will also focus on the development of exchange programmes to help build bridges among Asia’s diverse communities, and promote conducive environments for future generations to work together and benefit from one another.

Regulatory frameworks, both in the business and community domains, are key to helping countries and communities prosper. Therefore, promoting better governance and regulatory capabilities will constitute another area where Temasek Foundation hopes to play a prominent role in facilitating the sharing of best practices in the region.

Working with like-minded civic and institutional partners instead of receiving grant applications from individual beneficiaries, Temasek Foundation will leverage on partners with complementary expertise, resources and connections to make a difference in the progress and development of Asia, including Singapore.

The Temasek Foundation Board, with a maximum of 12 directors, will initially comprise eight distinguished leaders from the business and community sectors from Singapore and other countries in Asia. Mr GK Goh, Chairman and Managing Director, of G.K. Goh Holdings Limited, will chair the board and Mr Benedict Cheong will be the Chief Executive Officer.

For more information, please contact :

Temasek Holdings
Mark Lee
Director, Corporate Affairs
Tel: +65 6828 6509
Email: marklee@temasek.com.sg

Weber
Michelle Tham
Account Director
Weber Shandwick (for Temasek Holdings)
Tel: +65 6825 8037
Email: mtham@webershandwick.com

Shandwick

Notes:
The Not-for-Profit Philanthropic Organisations (NPOs)
As a start, the Temasek Trust will be supporting four designated not-for-profit philanthropic organisations or NPOs. These are the newly established Temasek Foundation, which is being launched today, the Singapore Technologies Endowment Programme (STEP), the Singapore Millennium Foundation (SMF) and the Temasek Life Sciences Laboratory (TLL).

Singapore Technologies Endowment Programme (STEP)
The oldest of these NPOs is the Singapore Technologies Endowment Programme or STEP. Started 10 years ago, STEP brings together youths from all over the region together in Singapore to foster greater understanding, friendship and goodwill among the next generation. Today, more than 1200 youths, including 318 Singapore students, have participated in these youth camps, coming from as far away as Khazakhstan and as close as Malaysia and our neighbours in Asean. Many of the STEP alumni are now successful young adults at the start of promising careers and ready to play their role as promising young leaders of our next generations. Previously chaired by Ambassador Ridzuan, Professor Leo Tan is now its acting chairman. STEP enjoys IPC status, ie it has the status of an Institute of Public Character. Thus, donations to STEP activities will be eligible for double tax deduction benefits.

Singapore Millennium Foundation (SMF)
The Singapore Millennium Foundation or SMF was set up 6 years ago in 2001 with an initial contribution of S$60 million from Singapore Technologies and Temasek. It too enjoys IPC status. The focus of the SMF is to support research among young scientific talents and provide a platform for a dynamic exchange of ideas and build knowledge capital in Singapore. Every year since its inception, the SMF sponsors scholarships for up to 35 post-graduate research scholars or post-doctoral fellows to do research in Singapore research institutions and universities, including hospitals and medical centres. To date, it has sponsored and supported 165 graduate students, 80 PhD candidates and 85 post-doctoral fellows. Previously chaired by the late former President Mr Wee Kim Wee, its current chairman is Mr Lee Hee Seng, who has been instrumental in providing guidance for the SMF scope and focus.

Temasek Life Sciences Laboratory (TLL)
Incorporated in 2002, the Temasek Life Sciences Laboratory (TLL) is another NPO sponsored by Temasek. With its 200 researchers and scientists, TLL champions cutting edge and applied research to benefit the broader community. It played an active role during SARS and is currently undertaking research in a broad range of multi-disciplinary life science programmes including research into low cost rapid diagnostic kits for the H5N1 bird flu, as well as animal and plant cell biology. In a short span of four years, TLL has filed 20 patents, and published more than 200 papers in top class scientific journals. Additionally, in conjunction with the National University of Singapore and the Nanyang Technological University, TLL has sponsored and supervised 56 PhD students, 13 of whom have received their PhDs. The Chairman of TLL is Mr Tan Guong Ching, who has taken an active interest in guiding TLL in its next phase of growth and development.

Temasek Trust Trustees
Background information on Chairman and Trustees

Lee Seng Wee
Chairman
Mr Lee is a Director of OCBC Bank, Great Eastern Holdings Ltd, GIC Real Estate Pte Ltd, the Lee Rubber Group and Lee Foundation. At OCBC Bank, Mr Lee has served as a director since 1966 and as Chairman from 1995 to 2003. Mr Lee had previously served on the Council of Presidential Advisers from 1992 to 2000, as Chairman of Singapore International Foundation from 1991 to 2001 and as a director of Government of Singapore Investment Corporation from 1984 to 2003.

Sim Kee Boon
Member
Mr Sim is currently a Board Director of Temasek Holdings (Private) Limited and Fullerton Financial Holdings Pte. Ltd., a wholly-owned subsidiary of Temasek Holdings. He is also a Member of the Temasek Advisory Panel, and Advisor to the Civil Aviation Authority of Singapore and the Lum Chang Group. He was Chairman of the Singapore Council of Presidential Advisers until September 2005 but remained a Member until 6 January 2007. He was also the President Commissioner of Bank Danamon until May 2006. Shortly after his retirement as Head of Civil Service in 1984, he was appointed Executive Chairman of Keppel Corporation Ltd and the Chairman of the Civil Aviation Authority of Singapore, positions he held until 1999. From 1995 to 1999, he was also the Founding Chairman of MobileOne (Asia) Pte Ltd and from 1993 to 2000, he was co-Chairman of the Singapore-Suzhou Industrial Township Development.

Ratan Tata
Member
Mr Tata joined the Tata Group in December 1962. After serving in various companies, he was appointed Director-in-Charge of The National Radio & Electronics Company Limited (NELCO) in 1971. He was named Chairman of Tata Industries Limited in 1981, where he was responsible for transforming the company into a Group strategy think-tank, and a promoter of new ventures in high technology businesses. Mr Tata is also the Chairman of two of the largest private sector promoted philanthropic trusts in India, and associated with various organisations in India and abroad.

Xu Kuangdi
Member
Professor Xu is a member and President of Chinese Academy of Engineering (CAE). He is currently the Vice Chairman of Chinese People’s Political Consultative Conference (CPPCC). In 1992, he was elected as Vice Mayor of Shanghai Municipality, and in 1994 as Deputy Party Secretary of Shanghai Municipal Commission. He was elected Mayor of Shanghai in 1995 and held the position for over six years. In 2002, he became the President of the CAE by election. He was re-elected as the President of CAE in June 2006, and elected as the Vice Chairman of CPPCC in 2003.