I refer to the article “淡马锡市场化思维的启示”(Drawing inspiration from Temasek marketisation approach), written by孟羽, published in Lianhe Zaobao on 8 Apr 2016.

The author states that a number of Directors of Temasek are appointed by the Singapore Government, and are paid by the Government. This is incorrect.  Directors are appointed by the company.  There are no appointments of Shareholder Directors by the Government, and all Directors fees are paid by Temasek.

The majority of Temasek’s Board are non-executive independent private sector business leaders.  The Board operates on a commercial basis, with the added constitutional responsibility of protecting Temasek’s past reserves, given Temasek’s status as a Fifth Schedule entity under the Singapore Constitution.

For those interested in how Temasek’s Board is composed and how Temasek operates, they may read our annual Temasek Review at http://www.temasekreview.com.sg/zh/.

Stephen Forshaw
Managing Director, Strategic & Public Affairs
Temasek