Why is Temasek’s CEO’s remuneration a state secret?

What is the annual remuneration of Temasek’s CEO?

I understand that the annual salary of the CEO of Norway’s sovereign wealth fund, is about S$1.1 million.

The portfolio of Norway’s sovereign wealth fund is more than US$ 1 trillion.

In contrast, Temasek’s portfolio is about S$308 billion (US$225 million).

So, what is the annual remuneration of Temasek’s CEO?

As Temasek is managing taxpayers’ money – why is it, as I understand it, that this question has never been asked in Parliament?

What is the total remuneration over the years, since Temasek’s CEO became the CEO?

Is it the norm for the other sovereign wealth funds not to disclose their CEO’S remuneration?

In this connection, according to the article “Norway’s $1 Trillion Oil Fund Taken to Task Over Rising Cost” (Bloomberg, Jan 18, 2018) – “The ministry said that management costs have risen “significantly over time” and are projected to hit 3.5 billion kroner ($446 million) this year, up from 2.1 billion kroner in 2014. The ministry pointed out that based on its 2017-2019 strategy plan the fund is now running ahead of schedule in terms of employees.”

So, does it mean that the “management costs” of Norway’s Sovereign Wealth Fund (SWF) is about 0.05 per cent ($446 million divided by $1 trillion) of its portfolio value?

To the best of my knowledge, I understand that Temasek does not disclose its  “management costs” (such as the CEO’s annual remuneration) like Norway’s SWF.

What we know is that Temasek’s administrative expenses were S$8.4 billion in 2017, on a net portfolio value of S$275 billion.

Of course, Temasek has clarified that its “administrative expenses” by stating, “This (administrative expenses) also included expenses of subsidiary companies such Singapore Airlines, PSA, and others, and not for Temasek Holdings only” (“Temasek Holdings responds to NSP’s claims“, Yahoo News, Aug 23, 2011).

Perhaps Temasek can go one step further by disclosing its “management costs” like Norway’s SWF.

Do most SWFs report “management costs” like Norway’s or just “administrative expenses” like Temasek?

Do most SWFs report “administrative expenses” that include the “expenses of subsidiary companies” (which it owns wholly or partly in its portfolio?) like Temasek?

And why is Temasek hiding its accounts behind the excuse of being a private exempt company and insisting that it is not a sovereign wealth fund despite having capital injection from the Singapore reserves and seed capital coming from taxpayers’ money?

*Correction on the exchange rate from Norwegian crowns to SGD

 

Leong Sze Hian

 

 

 

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29 Responses to “Why is Temasek’s CEO’s remuneration a state secret?”

  • que sera sera:

    Cannot let others know, state cigarette – sekali enemies know she damn obscencely rich and harm the reputation of Sinkingpoor.

    She may be the world’s only CEO earning S$2,000,000,000 per annum. Shh …

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  • Bits and Trials:

    Can’t blame anyone from suspecting that these could all be bits and trails of Dirty Sinister Works in practice. Otherwise, why so much difference in implementation of justice? Nepotism?

    The only way for them to be crystal clear is when they are OUT of power.

    Singaporean should blame themselves.

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  • NotMyProblem:

    Maybe it requires 56 man-year to calculate Temasick’s CEO’s salary. So make thing simple just ah-gar ah-gar will do.

    After all we also don’t know how much we have in the nation’s reserve, nobody is telling the Indian Malay-President and she did not ask!!

    If 70% is happy so every one is happy!!!

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  • asd:

    To keep the can of worms closed . .. . day light robbery . ..

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  • Bapak:

    Now you know why die die also cannot let TCB be the President. And what is that DoGooder doing? Everyday drinking Milo Kosong?

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  • patriot of Temesak:

    Answer Leong Kor???…LEEgal Corruption that’s WHY???

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  • whats cannot let people knoe:

    Why does one need to do things that cannot let anyone know? Normal ordinary people will tell you that one has done something bad that if anyone knows that will be the end of him. A non compliant judicial system will find that suspicious worthy of a thorough investigation while the opposite will be dumb. deaf n blind while queuong for the fat rewards.

    So there is a commom cliche darkness is the home of evil lurking and need rewards greed to stand guard. Fear of the wave sweeping thru Malaysia has infused sufficient fear to mad rush of patching to temper the heat n a reassurance of sustaining the darkness.

    Do the faiths upon which oaths r taken to lie take mercy on the daft has yet to be seen? Extent of fear of light shinin thru the darkness determines the extent of patching n charging the dafts including bonus paymeny for the patch. Chinese dynasty history has recorded how self gratification at relief of natural disasters is not a thing of the past but surfacing in modified democracy.

    Xi urged his wealth aspiring political associates to come to SIN which just falls in place with a press statement of how the gorilla family loves to have PRC billionaires. All scumbags concur.

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  • shi:

    when you know who is the king and queen of singapore,no need to ask anymore.

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  • opposition dude:

    Temashit, just like PAP, has got plenty of skeletons in the closet. Some daft reasons given about secrecy and whatnot is enough to not reveal Ho Ching’s pay.

    With all the secrecy it’s not unreasonable to say she is paid perhaps a little more than a minister at say, 65k per month? And of course since we know PAP loves increasing salaries like there is no tomorrow it would not be too much of a stretch to say that the CEO’s pay has risen at least 250% since Temashit was set up.

    PAP can never take heat very well and would just keep quiet whenever this topic or the cost of building BTOs comes up. But nothing can remain hidden forever so just wait patiently for the day to arrive when all and more will be revealed!

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  • tell u u kpkb:

    Tell u, u get shocked n then u kpkb. After it is hubby paying wify n vice versa. By the same argument of the indian chinese race car driver buddy with Anton Casey for whom she so angrily accused SIN netizens as lynchers. A contradiction to KKK who lynch the colored but here the colored lynching the white as claimed by the blackish yellow, as long as they r successful there will be no conflict of interests n can do no wrong.

    BUT if you really want to know, vote them out then conflict of interest remain what it is regardless of wealth status sex education or color. Abuse of power in nepotic appts, plp appt even they have nfi of the job involved is abuse of power n not if they r appted, why should the nepotic SH forbid it.

    Besides dafts will not be dafts but rightful citizens. The voice of citizens will be voices n not roti prata noises of his stinking environment. What u want to know becomes your right n not in exchange with threats n legal suits admin by plps as described by the discarded siblings succintly n not responded in Court for reason s remaining as silent guesses among the untouchables or jian mins or dafts.

    So keep ur kpkb n make your vote to reverse the kpkb. Aren’t u interested to hear how they kpkb n recieving ends of everything becoming real n what they should be not fakes, lies n fat plp rewards for siblings’ define compliance since it has not been legally challenged n according to SW n his big lp withbthe imbercile words are nothing but self admited t ruths.

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  • District Magistrate:

    Actually the remuneration of the CEO of Temasek Holding is no secret at all. Ask the Chairman and any Director of the Holding and they will know. However these people are all their so-called cronies and they are all keeping their lips tied as they know that they are not supposed to disclose it. The ex-Presidents and the Deputy Prime Ministers and the so-called Senior Ministers and Emeritus Ministers, they all should know already. So it is no secret to them. They just don’t want to let you know.

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  • Best Paid CEO in SG!:

    We can only tell you this, so don’t probe further..

    Which CEO handles more than S$308 billion?

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  • You Can Help. To Find Out!:

    Vote the Whites out in the next GE and Dr Tan Cheng Bock will be more than happy to reveal it!

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  • MarBowling:

    Her dear FIL should DEFINITELY know. Go to HELL and ask him!

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  • Aint my Brother:

    Lee Hsien Yang and Wei Ling will know; perhaps they will let the tax payers know.Every single cent of TH belong to tax payer.Or LHY son in Harvard may want to do a FB post.
    Strangest of all a lot of the zombie 70% do not even want to ask this question.
    Want to wear this T-shirt with sologan ‘CEO–$50 million per year?’ at NDP?

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  • kueh lapis:

    it’s called TRANSPARENCY !!!

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  • C'est la vie:

    *****
    If the people of SG knew ……… there’ll be wholesale riots !!!

    And if you think the salaries of the Ministers are obscene, where Engineer Ho is concerned ……….. think again !!!
    ***
    *****

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  • True facts:

    Only regime change than reveal.

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  • Ansari Marikan:

    Halimah Yakob does not want to find out. She is too busy cooking nasi lemak (as a ‘Malay’) or mee goreng as an ‘Indian’

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  • Ansari Marikan:

    Darkness conceals great evils

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  • HarderTruths:

    Why? Because CEO is paid real money and we monkeys are paid peanuts.
    Don’t $G locals feel ashamed voting for such people or do they rally like masochism?

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  • LIONS:

    Too shameful to disclose becos salary not consumerate with UNDERPERFORMANCE.

    Need to be auditted by OPP AUDITING COMMITTEE.

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  • jj:

    Mdm is paid probably near $100M a year, his husband surely a lot also.

    These people dont dare to declare because there will be a lot of public anger.

    World biggest and most profitable fund, Norwegian fund only pays $1.1M to its CEO and the management drawing lower pay etc. So PAP cannot say they need to pay sky in order to deliver…. because the whole jiak liao bee team has been losing money ever since.

    But again Singaporeans love PAP and voted them overwhelming….. you cannot pity these sheep.

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  • clown pap are hypocrites !!!:

    Ansari Marikan:
    Halimah Yakob does not want to find out. She is too busy cooking nasi lemak (as a ‘Malay’) or mee goreng as an ‘Indian’

    actually busy promoting milo.

    BTW she is not our president. we did not vote for her.

    ACTUALLY, due to neighbours Malaysia, Indonesia, we need to have a malay Prime Minister. It is for stability. we hope clown pap and S$m gang realizes an INDIAN malay milo president does not cut it despite what they said. Rather, it is a malay Prime Minister that shall do the work regionally, not president.

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  • To Crumble Stiff Spine:

    LIONS:
    Too shameful to disclose becos salary not consumerate with UNDERPERFORMANCE.

    Need to be auditted by OPP AUDITING COMMITTEE.

    Crooks know no shame. They are too greedy and evil to know any shame.
    They are there to steal and will continue to do so by keeping themselves in power.

    How to deal with such self righteous amoral incorrigible crooks?
    Lengthy jail time and take back all that have been stolen covertly and leegally will be effective, this recovery of public funds should go beyond through the generations. As what the dead man said, make them crawl and beg the people for forgiveness.

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  • SG Best Kept Secret?:

    No one knows how much CEO TH is paid annually?

    If no one really knows, then no need to pay Income Tax isit?

    Who knows, could be the best paid job in the World too!

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  • $50 million Monkey:

    The best guess so far is about $50 million per year.
    So single-handledly she can choose to sponsor the brain washing NDP.
    After all she actually carry a $11 dollar bag on a state visit.
    ”Priced at just $11 (£8), the pouch was designed by a Singaporean student at Pathlight, the country’s first autism-focused school. ”
    Papiggies love to put up wayangs like Pathlight bag, eat at hawker centre, queue for chicken wings—-meantime drawing millions of tax payers money.

    70% zombies—why are you so stupid; remember the middle-fingered monkey episode?

    SG Best Kept Secret?:
    No one knows how much CEO TH is paid annually?

    If no one really knows, then no need to pay Income Tax isit?

    Who knows, could be the best paid job in the World too!

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  • Hang Flag has no bearings:

    In the true spirit of democracy, the people has spoken that they dun wanna know. They dun feel the need to know and this is why the reason is the People.

    most well educated in the world.

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  • Equality Was Stealthily Remove:

    LIkely, she is paid between S$20 to S40 million a year, plus
    bonuses.

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