Why is the remuneration of Temasek’s CEO a secret?

I refer to the article “Parliament: Ministerial salary structure totally transparent, no hidden components or perks, says DPM Teo” (Straits Times, Oct 1).

It states that “All the bonuses paid to an entry level minister form part of his $1.1 million annual salary norm, and are not in addition to that amount, Deputy Prime Minister Teo Chee Hean said in Parliament on Monday (Oct 1).

He said all the components of a political office holders’ annual salary are set out clearly in the 2012 White Paper on “Salaries for a Capable and Committed Government”, which was submitted by an independent committee after extensive consultation with MPs and the public.

“The salary structure is totally transparent. There are no hidden salary components or perks,” Mr Teo said.”

Why is there no mention of the salaries of the otber ministerial grades, like that of MR1 Ministers?

As the ministerial review committee said last year that the ‘norm’ annual salary of a MR1 Minister is $1.76 million – what is the total annual remuneration of MR1 Ministers, including their MP’s remuneration and pension, for those who are eligible to receive the pension?

What proportion of all the Ministers are starting junior MR4 Ministers, and what is the breakdown for the higher grades of Ministers?

The Government may arguably, have only itself to blame, for causing all the speculation about ministerial salaries online.

Why can’t it be just simply transparent by disclosing the highest, lowest and average total annual remuneration every year for the different grades of Ministers?

If we are totally transparent – why is the annual remuneration of Temasek’s CEO a secret?

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 in the world, to not 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” – “”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?

Isn’t the above, arguably, in the public interest, and in line with the online falsehoods’ committee’s recommendation that the Government should give the reasons for decisions not to disclose information to the public, and to gain the public’s trust?

 

Leong Sze Hian

 

 

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18 Responses to “Why is the remuneration of Temasek’s CEO a secret?”

  • LIONS:

    WHEN YOU ARE OVER-PAID FOR UNDER-PERFORMANCE,YOU ‘MALU’ AND TRY TO FIND EXCUSES NOT TO REVEAL YOUR UNJUSTIFIED SALARY?

    YES,NO?

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  • Boundless Greed:

    Don’t ask thieves the obvious.

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  • AristoCATs vs Peasants ???:

    In advanced countries, many economic data are available and made public.
    -
    In SG, even details of employment data are not public.
    A frequent complaint by Econ Prof because data needed for their research.
    -
    Why?
    -
    GeorgeYeo –
    “Remember your place in society before you engage in political debate . . .”
    -
    Pinky – “We are natural AristoCATs. . . ”
    -
    the AristoCATS dont like Qs from the Peasants . . .
    Lest, the Peasants easily point out that – “the emperor is wo clothes . . .”
    -
    Remember the Ballot Box !

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  • Bobo:

    He said all the components of a political office holders’ annual salary are set out clearly in the 2012 White Paper….which was submitted by an independent committee after extensive consultation with MPs and the public.

    How about sending Mr Leong, Mr Gilbert, Mr Lim Tean, Dr Chee, Mr Tan KL, Mr Kenneth J and Mr Roy to be our independent committee? They are all qualify to represent the public appropriately. Singaporeans are all ears to oppositions voices and NO MORE “Yes” for all the nonsense call.

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  • GodHasEyes:

    You want PAP to tell the absolute truths, then you wait long long!
    By them keeping mum or being evasive in their answers should tell us they have lots of skeletons to hide.
    “You say it all, when you say nothing at all” (lyrics of a famous song).

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  • Asd:

    Think they warrant buffet… so smart go use own $ go gamble la… why get paid to gamble with citizens $…

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  • another:

    Let me guess, its so little that I feel total respect for PM and his family?

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  • If your son is gay u write law:

    The people dun even demand for answers.
    That’s the bigger problem.

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  • HarderTruths:

    That is because the CEO does not know how much he earns.

    If he did he would be arrested and sent to prison under the ISA.

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  • Undaft:

    Roughly $8b wages for 145k pubic service employee p.a. Miniscule compared to hers. :-)

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  • SG Biggest Secret!:

    We know how much the President, PM and Ministers are paid.

    Even the CEOs of SingTel, DBS and the big banks reveal their annual pay packets.

    The only ‘cannot tell’ is the one who love to keep Singaporeans guessing!

    Maybe she is like Trump, don’t collect any pay or only God knows!

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  • MarBowling:

    It’s no secret that HoLee Jinx is paid a bag of peanuts annually when each peanut is worthed $600,000.00!

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  • WhySoSecretive:

    The biggest mystery/secret in our SG’s modern day history.
    We can m.y.o.b ..but if the salaries are paid with taxpayers hard earned monies, we surely have a right to know.
    Like pulling teeth the way they answer questions from peasants.

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  • Kept Ignorant:

    If Singaporeans insist to let the secret be secret and not demand for answers, then there is nothing we can do
    .

    Stupidity has no cure.

    Malaysians also believed and perceived all is well until USA revealed the corruptions.

    What you dun see or hear does not mean it’s not there.

    Too many idiots .

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  • N.Jungne:

    This one hor, State Secret lah.

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  • want to know VTO:

    There r hell of a lot of things all abt monies, Singaporeans want to know n to verify for sure is the meaning clean is the same for the govern n govern. It has been crystal clear that there r hell of a lot of info n data the pap n its hell of a lot of polanpas try to keep in the dark n seem the whole roof over them will collapse when Singaporeans got hold of them. Why? No way to know. Husband n wife team, father minister son got virtually free from NS, Lately after the Google nepotic alliance fake or no fake otdinaru goiks no way to lnow actually how many ministers decrndent got national scholarship n how many r given the right to stay or go anywhere except to return th serve their bond? How many dont have to serve bond n if they serve bond do they got appointed like LHY n his beloved ?
    How many nepotic appointments (nepotic main branch and cabinet ministers,mps n president branche) including public institutions or companies with SGovt as the main shareholders eg the NUS Dean of Law, STel, DBS, KC etc…
    No way no way to know. Why r they afraid to let Singaporeans know? If there is inappropriety what r AGO, AGC, CPIB doing – compliant as siblings said. If there is nothing wrong, why hide?
    To know the trith n not wayang falsejood, threats or more SC to make more devious control, VTO like Malaysia n everything can surface. 50 y of darkness n threats r enough. Te to change all these. Singaporeans r not that dumb to bote a govt not for the people, not open but only for themselves n ers all done in darkness.Kia xi lan, Xia xer ren,

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  • l don' know what to say:

    I guess! She is like Trump, paid only $1 per month!

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  • IRAS Will Know....:

    Unless, never pay any Income Tax?

    Can someone at IRAS advise Singaporeans?

    Do it discreetly or else you may get the sack for sharing!

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