Temasek Holdings

Temasek Holdings Pte Ltd
Investment company / Sovereign wealth fund
Industry Investment Management
Founded 1974
Headquarters Singapore
Key people
Lim Boom Heng ,[1] Chairman
Ho Ching,[1] Executive Director & CEO
Revenue Increase $83.8 billion SGD (2013)[2]
Increase $15.2 billion SGD (2013)
Total assets Increase $317.4 billion SGD (2013)
Owner Government of Singapore

Temasek Holdings Private Limited (abbreviated as Temasek) state-owned holding company that can be characterized as a National Wealth Fund owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$242 billion[3] (US$180 billion; as of 31 March 2016), mainly in Singapore and Asia.[4] 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 580 people, in 11 offices globally including Singapore [5] and New York.[6]

Temasek is commonly referred to as a sovereign wealth fund, particularly by the press and research outlets based outside Singapore.[7] 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.[8] 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.[9] Beginning in 2015, capital gains from Temasek are included in Singapore's government budget, contributing approximately S$3 billion [10] to the 2015 budget.

Apart from Temasek, the Government of Singapore owns another sovereign wealth fund: GIC Private Limited, which manages an estimated US$330 billion and is funded by Singapore's foreign reserves.

Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's[11] and "Aaa" by Moody's.[12] Temasek has also attained perfect quarterly scores[13] 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.[14]



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.[15] During the first ten years after independence, the government acquired or established several companies,[16] 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[17] 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,[18] 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[19] 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.[20] 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,[21] 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[22] and independently[23] monitored as public markers of Temasek's financial position and credit risks. Temasek had also openly[24] and accurately[25] disclosed its financial information through its annual report (although Ho said that, as a private company, it was not legally obliged to do so).

Initial holdings

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.

  1. Acma Electrical Industries
  2. Cerebos Singapore Pte Ltd
  3. Chemical Industries (F.E.) Ltd
  4. Development Bank of Singapore Ltd (Now part of DBS Group Holdings)
  5. Instant Asia Cultural Shows Pte Ltd
  6. Insurance Corporation of Singapore Ltd
  7. International Development and Construction Corporation
  8. Intraco Ltd
  9. Jurong Bird Park Pte Ltd (Now part of Wildlife Reserves Singapore)
  10. Jurong Holdings Pte Ltd (Now part of Sembcorp Industries Ltd.)
  11. Jurong Shipbuilders Pte Ltd (Now part of SembCorp Marine)
  12. Jurong Shipyard Pte Ltd
  13. Keppel Shipyard Pte Ltd
  14. Metrawood Pte Ltd
  15. Ming Court Hotel Ltd (Now already part of Far East Orchard)
  16. Mitsubishi Singapore Heavy Industries Pte Ltd
  17. National Engineering Services Pte Ltd
  18. National Grain Elevator Ltd
  19. National Iron & Steel Mills Ltd
  20. Neptune Orient Lines
  21. Primary Industries Enterprises Pte Ltd (Now part of SATS Ltd.)
  22. Sembawang Holdings Pte Ltd
  23. Singapore Airlines
  24. Singapore Airport Duty-Free Emporium Pte Ltd (Now jointly owned by Singapore Airlines Limited and SATS Ltd.)
  25. Singapore Cable Car Pte Ltd
  26. Singapore General Aviation Service Company Pte Ltd
  27. Singapore National Printers Pte Ltd
  28. Singapore Offshore Petroleum Services Pte Ltd
  29. Singapore Textiles Industries Ltd
  30. Singapore Treasury Building Pte Ltd
  31. Singapore Zoological Gardens (Now part of Wildlife Reserves Singapore)
  32. Singmanex Pte Ltd
  33. Sugar Industry of Singapore Ltd
  34. United Industrial Corporation Ltd
  35. United Vegetable Oil Pte Ltd

Financial highlights



Major investments

The top three sectors for investments in 2016 were Telecommunications, Media & Technology, Financial Services and Life Sciences & Agriculture.[29] During the year, Temasek invested an additional US$500 million in Alibaba shares[31] and invested US$3 billion in Avanda Global Multi-asset Master Fund, a Singapore-based multi-strategy, global asset manager.[32]

Temasek continued to expand their financial services portfolio into non-banking sub-sectors including an investment in PayPal, a digital payment service provider operating in more than 200 markets worldwide.[33]

Temasek has also been investing in smaller but fast-growing technology-enabled companies, such as SoFi and C2FO in the US, Funding Circle in the UK, and BillDesk and Policy Bazaar in India. Within the investment brokerage space, Temasek invested about HK$2 billion in CITIC Securities, a full-service securities firm in China.[34]

In Life Sciences & Agriculture, Temasek invested US$300 million in the management buyout of China-based WuXi PharmaTech, a global provider of laboratory and manufacturing services to biopharma and medical device companies.[33]

The US accounted for Temasek's largest share of new investments during the year. In the US, Temasek increased their position in the logistics sector via a US$450 million investment in Univar, a distributor of commodity and specialty chemicals.[33]

As at 31 March 2016, in terms of geographic exposure by underlying assets, Singapore and China were highest at 29% and 25% respectively. The US is third largest at 10%.[4]


The top three sectors for investments in 2016 were Telecommunications, Media & Technology, Financial Services and Life Sciences & Agriculture.[29]

In the Telecommunications, Media & Technology space, Temasek invested an additional US$500 million in Alibaba shares[31] and, along with other top sovereign investors, invested a total of $1.5 billion in Cainiao, a data and technology-based logistics platform focused on e-commerce.[35]

In the Financial Services space, Temasek continued to expand into non-banking sub-sectors including an investment in PayPal, a digital payment service provider operating in more than 200 markets worldwide.[36] Temasek also increased their stake in Industrial and Commercial Bank of China, and invested in Postal Savings Bank of China, a provider of financial services to rural, small-to-medium enterprises, and retail banking segments.[37]

In line with Temasek's theme of investing in companies with distinct competitive advantages, Temasek invested in Airbnb, a global marketplace for travel accommodation in 190 countries worldwide. Temasek has also invested in Didi Chuxing, a Chinese transportation network company; and Meituan-Dianping, an online-to-offline local service platform in China.[38] In October 2015, Temasek committed to funding Dell's merger with EMC, which, when completed, will result in one of the world's top technology vendors.[33]

As for Life Sciences & Agriculture, Temasek invested in Alvogen, an international generics pharmaceuticals company. Temasek also increased their investment in COFCO International Limited, a holding company which owns the controlling stakes in international supply chain managers Nidera and Noble Agri.[33]

In terms of geography, Asia (excluding Singapore) accounted for about 40% of Temasek's portfolio during the year, followed by Singapore with 29%.[29]

In Asia, Temasek increased their investments in the consumer sector in South Korea by investing in Homeplus, a domestic hypermarket operator with 140 stores. In India, Temasek invested in Glenmark Pharmaceuticals, a global manufacturer and distributor of branded and generic pharmaceuticals; ICICI Prudential, a life insurance company; and CarTrade, an online auto classifieds company.[39]

In Europe, Temasek made a CHF600 million investment in Switzerland-based airport retail operator, Dufry AG, to help finance its merger with World Duty Free to create one of the largest travel retailers worldwide. Temasek also continued their investments in UK real estate by acquiring a stake in Blue Fin Building, a Grade A property located in South Bank, London.[33]

Temasek's key divestments during the year include STATS ChipPAC and Cognizant Technology Solutions, Lloyds Banking Group, and Kweichou Moutai.[40]

Temasek's major investments include:

Telecommunications, Media & Technology
  • ONE Championship, Asia's largest sports media property
  • Bharti Airtel Limited
  • Mediacorp Pte Ltd
  • Singapore Telecommunications Limited
  • Intouch Holdings Public Company Limited
  • Markit Ltd.
  • ST Telemedia
  • Alibaba Group Holding Limited

Financial Services

Transportations & Industrials

Consumer & Real Estate
  • Olam International Limited
  • A.S. Watson Holdings Limited
  • CapitaLand Limited
  • Dufry AG
  • M+S Pte. Ltd.
  • Pulau Indah Ventures Sdn Bhd
  • Surbana Jurong Private Limited
  • Acendas-Singbridge Pte Ltd
  • Mapletree Investments Pte Ltd
  • Mandai Park Holdings Pte. Ltd.
  • SATS Ltd.

Energy & Resources
Life Sciences & Agriculture
  • Celltrion, Inc.
  • Gilead Sciences, Inc.
  • Thermo Fisher Scientific Inc.

Summary of financial performance

Performance measure 2010 2011 2012 2013 2014 2015 2016
Portfolio value S$186 bn S$193 bn Increase S$198 bn Increase S$215 bn Increase S$223 bn Increase S$266 bn Increase S$242 bn Decrease
Total Shareholder Return (one year TSR by market value) 42% 4.6% Decrease 1.50% Decrease 8.86% Increase 1.50% Decrease19.2% Increase -9.02% Decrease
Total Shareholder Return (by market value since inception) 17% 17% Steady 17% Steady 16% Decrease 16% Steady 16% Steady 15% Decrease
Net investments S$4 bn S$4 bn Steady S7 bn Increase S$7 bn Steady S$14 bn Increase S$11 bn Decrease S$2 bn Decrease

Timeline of investments

Based on publicly available information, Temasek's investment and divestment activities include, but are not limited to the following:















Governance framework

Temasek Charter

As an institution, Temasek is guided by the Temasek Charter,[188] a set of principles that guides the company's actions.

The Charter has three main principles:

1. Temasek is an active investor and shareholder.
2. Temasek is a forward looking institution.
3. Temasek is a trusted steward.

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),[189] 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.

Owner and shareholder

Guided by business tenets, Temasek operates with full flexibility without the involvement of its shareholders, Singapore's Ministry of Finance and the President 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.

Further to its normal fiduciary duties to the Company, the Board is also accountable to the President to ensure that every disposal of investment is transacted at fair market value.

Protection of Temasek's past reserves

Simplified flow chart illustrating the different processes at play concerning access to Temasek's 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.

Portfolio companies

Temasek is an active investor and rebalances its portfolio from time to time. Decisions to invest, divest, or hold portfolio companies are based on Temasek's intrinsic value test.

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'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.

Community engagement

Since its inception in 1974, Temasek has established 17 endowments focusing on building people, building communities, building capabilities and rebuilding lives.

The Temasek Philanthropic Platform was established in 2016 and its establishment restructured Temasek's 17 endowments into Temsaek Trust, Temasek Foundation Management Services and Temasek's six foundations.[190]

As at 2016:

More than 300,000 lives in Singapore and across Asia have been touched and more than S$2 billion has been committed to Temasek's philanthropic efforts through its six foundations.

Temasek Trust

Established in 2007, with an initial endowment of S$500 million, Temasek Trust provides financial oversight and governance of Temasek's endowment gifts as an independent trustee.[191]

Temasek Trust is responsible for ensuring disciplined and sustainable disbursements of the endowments and gifts to Temasek's six foundations. The Trust may appoint third party fund managers approved by Temasek.[192]


T-Touch is a volunteer initiative driven by Temasek employees to support various communities in the Singapore and globally. 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 the employees for are matched by the company.

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, including the Wealth Management Institute, founded in 2003,[193] Sim Kee Boon Institute for Financial Economics. established in 2008, which focuses on education and research in the financial sector.,[194] and the Stewardship and Corporate Governance Centre, launched in 2011, which helpz companies develop succeeding generations of corporate directors .[195]

Temasek Foundation Management Services

A new entity that was established in 2016 as part of Temasek's restructuring of its philanthropic platforms, Temasek Foundation Management Services serves to drive collaboration among the foundations and provide support services for all of Temasek's foundations.[196]

Temasek Family of Six Foundations

Under the Temasek Philanthropic Platform, Temasek's Family of Six Foundations includes the following non-profit organisations (NPPOs):

Temasek Foundation International

Temasek Foundation International, formerly known as Temasek Foundation, is a Singapore-based NPPO that funds and supports programmes that aim to build capabilities with programme partners in and beyond Asia. These programmes enable human and social capital development.[197]

Its areas of work are: 
Temasek Foundation Cares

Temasek Foundation Cares is a Singapore-based NPPO that funds and supports meaningful and innovative community-based programmes for the benefit of Singaporeans. It aims to contribute to the well-being, dignity and livelihood of needy individuals, families and communities by building people, building communities, building capabilities and rebuilding lives.[199]

Some of its featured programmes include:

Temasek Foundation Connects

Temasek Foundation Connects is a Singapore-based NPPO that funds and supports programmes which seek to build bridges and partnerships and promote dialogue and mutual understanding across international communities and markets. Its programmes promote dialogue and advance collective knowledge and mutual understanding in key areas that are important to Singapore and on a global front. The issues addressed include security, geopolitics and economic imperatives as well as best practices in areas such as corporate governance and stewardship.[201]

Under it are two endowments:

Temasek Foundation Nurtures

Temasek Foundation Nurtures is a Singapore-based NPPO that funds and supports programmes focused on education and professional development. Its aims are to develop talent and foster learning and growth, particularly for youths to make the leap in areas such as music, arts, sports, math and science, engineering and technology. At the core of this foundation is the belief that education is a key building block of sustainable national development and can improve the quality of lives.[204]

It oversees five endowments:

Temasek Foundation Innovates

Temasek Foundation Innovates is a Singapore-based NPPO that funds and support programmes focusing on developing practical solutions for a better life through research and innovation. Its aims are to strengthen research capabilities by nurturing talents as well as encouraging multi-disciplinary programmes and inter-agency collaboration for collective capabilities.[207]

It oversees two endowments:

Temasek Foundation Ecosperity

Temasek Foundation Ecosperity is a Singapore-based NPPO that funds and supports strategic and impact-driven programmes focused on championing the sustainability of the global ecosystem and the development of innovative solutions to improve liveability. Its aims are to develop enduring solutions, systems and capabilities against environmental, biological and other adversities in and beyond Singapore. It also strives to develop and nurture a vibrant ecosystem for innovation and entrepreneurship, as well as promote sustainable best practices and standards.[210]

It has piloted and developed two released projects:


Shin Corp

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.[213] 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.[214] As of 2015, Temasek's stake in Intouch Corporation (as Shin Corporation was renamed) had reduced to 42%.[215]

Fortune Magazine described the investment in Shin Corp as a "spectacular misjudgment"[216]


In 2012, Singaporean blog TR Emeritus alleged that the appointment of Ho Ching, Singapore Prime Minister Lee Hsien Loong's wife, as CEO of Temasek Holdings was a case of cronyism and nepotism, which was subsequently deleted and for which they apologised.[216]

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