We track our total returns to our shareholder over various periods. Singapore major temasek holdings portfolio companies have been asked how the singapore investment firm can help to strengthen their governance models, in the. Temasek officials insist its goals are primarily financial rather than to support singapore government policy, although singaporean companies make up a. Sovereign wealth funds swfs have been accused of having hidden agendas, being state economic weapons. Incorporated in 1974, temasek is one of two wellknown swfs controlled by the singaporean. Temasek and the shareholder spring may 18, 2012 mark kleinman reports that temasek holdings, the singaporean sovereign wealth fund, withheld its support from the reelection of six executive directors of standard chartered at its annual meeting last week. Sovereign wealth and pension fund issues adrian blundellwignall, yuwei hu and juan yermo sovereign wealth funds swfs are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. Numerous definitions exist and we have adopted one of the broadest. Mar 05, 2018 singapore major temasek holdings portfolio companies have been asked how the singapore investment firm can help to strengthen their governance models, in the wake of keppel corporations. This paper also finds that temasek holdings listed block investments in nonsingapore regions have consistently underperformed those based in singapore during 200408. Its high time someone talks about the elephants in the room singapore that has been the talk of this election and conspiracy theorists.
In this paper, we present some empirical findings on the corporate governance of listed companies owned by or associated with temasek holdings pte ltd temasek in singapore. Sovereign investing and corporate governance 3 they found that when swfs do hold board seats, it is typically because the swf holds a large percentage of the outstanding shares or has historically held controlling stake. Temasek holdings sec fhr filings and top portfolio. Stewardship asia aims to foster effective stewardship and governance amongst businesses and leaders. Fimi is an israeli private equity firm founded by ishay davidi in 1996. They serve as examples of best practice in corporate governance conduct for governmentlinkedcompaniesglcs structures similar in form to soes.
We support community programmes that focus on building people, building communities. But lower commodity prices and exports would not only reduce inflows, but also lead to increased domestic pressure on politicians to raid the swf coffers to sustain the domestic economy. Other investors temasek holdings was created with the government budget surplus and began operating in 1974. Despite the government being its sole shareholder, temasek doesnt consider itself to be a sovereignwealth fund.
Solving the puzzle of corporate governance of stateowned. Pdf sovereign wealth funds swfs are investment portfolios and. Think what it means if we let our planet go past the tipping point of 1. Corporate governance of tlcscorporate governance of tlcs guided by corporate governance policies developed by temasek holdings although there are differences in corporate governance disclosures and practices across them, indicating that boards of the tlcs are allowed to determine their own governance practices within broad policies. Temasek s governance model as an engaged shareholder overview of temasek support formation of high calibre, experienced and diverse boards. The report covers the companys structure, operation, swot analysis, product and service offerings and corporate actions, providing a 360. Sovereign wealth funds swfs are investment portfolios and savings funds that are controlled and actively managed by a sovereign government. Temasek holdings private limited abbreviated as temasek is a singaporean holding company. Manual nispom adequately mitigate the risk posed by. Based in singapore, we are a thoughtleadership centre that collaborates with credible partners globally, while focusing on contributing to the capacity building for organisations and business leaders in growing asia. There could be a few explanations why corporate governance of soes is often poor. Temasek holdings private ltd strategy, swot and corporate. Temasek holdings reorganises to prioritise investment team.
Temasek and the singapore model erick brimen and trey goff neway capital 1875 connecticut ave nw, 10th floor, washington, dc 20009 temasek holdings is one of the largest sovereign wealth funds on the. Temasek capital private limited singapore business. It compares companies associated with temasek with the other listed companies on the singapore exchange that form the components of the straits times index. As the russian case clearly illustrates, swfs will then be asked. There can be no professional management of commercial assets without such a vehicle. Indeed, the book reforming corporate governance in southeast asia had illustrated how the citizens of singapore are the rightful and ultimate shareholders of temasek holdings, as ho ching herself has admitted. More evidence that temasek holdings takes our cpf to invest. Since its inception, it states that its average annualized return is. Dbs group holdings ltd annual report 2006 corporate governance report introduction dbs considers good corporate governance to be the cornerstone of a wellmanaged organisation. A brief research note on temasek holdings and singapore. Sovereign investors 2020 5 sovereign wealth funds swfs are often described as a very diverse breed of heterogeneous institutional investors. Institutions guided by the principles of good governance and sound stewardship are key to achieving sustainable development.
Denis dk and mcconnell jj 2003 international corporate governance. We strive for the advancement of our communities across generations. Our credit profile provides a snapshot of our credit quality and the strength of temasek s financial position. Feb 18, 2020 temasek holdings is a governmentowned company that manages an investment fund on behalf of the government of singapore.
Temasek and the singapore model linkedin slideshare. Schneider antecedents to determine policy implications, corporate governance on deepdyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips. Temasek holdings private ltd strategy, swot and corporate finance report, is a source of comprehensive company data and information. Temasek, founded in 1974, is a holding company for singaporean stateowned. Governance of governmentlinked companies in singapore ap mak yuen teen nus business school eu asia corporate governance dialogue 2015 not to be quoted, copied or distributed without prior permission of the presenter. Singapores temasek holdings is in talks with purchasing rivulis irrigation ltd. Tel avivbased fimi opportunity funds is the controlling shareholder of rivulis. Look at the melting polar ice caps, weather extremes, floods and droughts. Temasek holdings is a governmentowned company that manages an investment fund on behalf of the government of singapore. Sovereign investing and corporate governance tufts selfserve.
By continuing to browse the site you are agreeing to our use of cookies. Sovereign wealth funds and the santiago principles. Sovereign wealth funds swfs are investment portfolios and savings. Temasek officials insist its goals are primarily financial rather than to support singapore government policy, although singaporean companies make up a substantial portion of its portfolio. Jul 11, 2011 despite the government being its sole shareholder, temasek doesnt consider itself to be a sovereignwealth fund. For more details about cookies and how to manage them see our.
Sovereign wealth fund initiative affiliate, the fletcher. The new corporate governance approach hilb, 2004 is taken as a model to. Temasek holdings has reorganised its senior management to refocus its investment team to cope with volatile markets. Swf engagement in corporate governance in the united. All content is posted anonymously by employees working at temasek.
The report covers the companys structure, operation, swot analysis, product and service offerings and corporate actions, providing a. By continuing your navigation, you consent to their use. Read sovereign wealth funds and shareholder activism. Aug 08, 2014 indeed, the book reforming corporate governance in southeast asia had illustrated how the citizens of singapore are the rightful and ultimate shareholders of temasek holdings, as ho ching herself has admitted. Oct 23, 2018 temasek holdings dumps more of celltrion posted on 10232018 on october 22, 2018, singapores temasek holdings, through its sovereign wealth enterprise swe ion investments, entered into its second block deal in selling shares in celltrion, a south korean biopharmaceutical company. Top 10 stocks held by temasek holdings private ltd by holdings channel staff, updated thursday, april 23, 5. Temasek holdings dumps more of celltrion posted on 10232018 on october 22, 2018, singapores temasek holdings, through its sovereign wealth enterprise swe ion investments, entered into its second block deal in selling shares in celltrion, a south korean biopharmaceutical company. Top 10 stocks held by temasek holdings private ltd slide 1. Temasek investor presentation temasek corporate website. Temasek is an investment company headquartered in singapore with a multinational staff of 800 people. Temasek has established independent public institutions and worked with multilateral agencies to promote these principles and share best.
In the public sector, the same professional management vehicle for commercial assets is called a national wealth fund nwf. Then, if this is the case, why is temasek holdings and gic now a. Temasek to hold roundtable on governance and ethics with. A minimalist response to the new mercantilism ronald j. Oct 09, 2015 its high time someone talks about the elephants in the room singapore that has been the talk of this election and conspiracy theorists. The reorganisation which sees the promotion of six investment professionals is a move by temasek international ti chief executive lee theng kiat to refine roles and set priorities. Audrey joined temasek holdings in 2003, and subsequently held leadership positions in temaseks wholly owned subsidiaries temasek management services tms, business leadership centre and the stewardship and corporate governance centre currently known as stewardship asia centre, prior to her current role in tms academy. Since its inception, it states that its average annualized return is 17%. This study is the first to provide detailed analysis on the. The persons filing this statement are i temasek holdings private limited temasek, a company organized under the laws of the republic of singapore, ii fullerton management pte ltd, a company organized under the laws of the republic of singapore fullerton and a whollyowned subsidiary of temasek, iii temasek life sciences private limited, a company organized under the. Keywords investment funds, corporate governance, emerging markets, shareholders, singapore.
Singapores temasek holdings temasek and malaysias khazanah nasional khazanah. Purpose where there has been little indepth understanding of sovereign wealth funds, the purpose of this paper is to describe the complex nature of one of the worlds largest sovereign wealth. Board members with interests that may conflict with specific temasek interests are recused from the relevant information flow, deliberations and decisions on the matter on which they are conflicted. Dec 12, 20 this paper explores the effect of temasek holdings pte ltd, one of singapores two prominent sovereign wealth funds, on the corporate governance of its target companies in singapore. Quarterly board meetings include executive sessions for nonexecutive directors to meet without management presence. Temasek and the shareholder spring the state capitalist. It focuses on investments located in singapore, asia and emerging economies. Based in singapore, we are a thoughtleadership centre that collaborates with credible partners globally, while focusing on contributing to the capacity building for. The company current operating status is live and has been operating for 41 years 258 days. Sovereign wealth funds and corporate governance jstor.
Temasek has established independent public institutions and worked with multilateral agencies to promote these principles and share best practices that enable societies to thrive and prosper. Then, if this is the case, why is temasek holdings and gic now a private limited company. Fostering stewardship and governance steward temasek. We engage our communities based on the principles of sustainability and good governance. Good corporate governance goes beyond the output of transparent, timely and full. While this may comfort critics of soes, this article will show that the unique environment in singapore makes temasek a difficult model to duplicate. Temasek capital that provides evidence of how temasek can claim such large returns. Article information, pdf download for sovereign wealth fund investment. In this paper, we document the investment behaviour of a specific fund, temasek holdings, which is the singapore governments swf. Temasek holdings is working on building its food and agricultural portfolio. Investor factsheet temasek temasek corporate website. At the same time, theyve also been hailed as saviors, buoying up banks. Our people with their diverse experiences, knowledge and perspectives are the heartbeat of temasek.
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