We need a revolution in accountability and transparency in Temasek and GIC

The Canadian Pension Plan Investment Board (CPPIB), which invests the pension funds of Canadians, has published its annual report. It is a model of clarity as it fully accounts to every stakeholder who contributes to this fund on how the fund has performed over the last year.

In summary, the CPPIB reported:

a) $239 Billion net income, after all CPPIB costs, for the last 10 years. The rate of return was 11.1% (net nominal);

b) As of March 31, 2019, the CPP Fund Value stood at $392 Billion;

c) The fund made a net income of $32 Billion, after all CPPIB costs, for fiscal 2019. The rate of return was 8.9% (net nominal).

So, no excuses based on the “trade war” which our State Media recently gave for the expected negative returns of Temasek and GIC for the last financial year.

And this so called 20 year average returns which GIC operates on is nothing more than a camouflage for bad performance. Every investment fund should inform its stakeholders of how it has performed in the last financial year!

We cannot continue with our SWFs operating an opaque system where vital information, including the remuneration of management and our true national reserves, are kept away from the stakeholders, who are the CPF contributors and every tax payer in Singapore. Every Norwegian citizen knows at any given moment what the national reserves of Norway are. That is true transparency and accountability.

When Peoples Voice is in government, we will ensure that our SWFs operate with the transparency that is in line with 1st world standards!

 

Lim Tean

 

 

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15 Responses to “We need a revolution in accountability and transparency in Temasek and GIC”

  • Complex Exemption so Many:

    If GIC is a PRIVATE LIMITED (the “Company”) Exempted Private Company Limited by Shares in Singapore, the question is,

    Question: “IS THE PM/his family, A MAJOR SHAREHOLDER IN THE COMPANY”?

    Question: “How is the delineation of interested parties/Conflict of interests”

    Anyone knows or state secret again!

    Mr Lim Tean, please clear all these dead skeletons in the cabinet.

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  • patriot of TUMASIK:

    No Clarity with smokescreen…that’s the way to go to be LEEgally Accountable & LEEgally Corrupt…a Phd (LALC)thesis created by the man who Con You

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  • oxygen:

    WHY MUST I BE REMINDED YET AGAIN of this strange official denial in Parly.

    Oxygen : oxygen:
    August 11, 2014 at 9:31 am (Quote)

    GIC IS A SUBSTANTIAL SHAREHOLDER OF AUSTRALIAN-LISTED uranium producer – Paladin Energy Ltd. Botak denied in Parliament that GIC has any investment in its book either as asset or liability.

    HE IS PROVEN INCORRECT. Here is my proof.

    http://www.asx.com.au/asxpdf/20130814/pdf/42hnqk7kv7pw9b.pdf

    This investment lost a lot of money in book value term relative to GIC entry price but GIC has NOT sold out a single share. Uranium stocks around the world lost a lot of market value after Fukushima.

    Is GIC holding on to Paladin Energy to secure Singapore’s future supply of uranium as we are MOST LIKELY HEADING THE PATHWAY TO NUCLEAR ENERGY and LTK 10 million or more population which CCS has been evasive of our future population target DESPITE PAP rammed through the PWP last year?

    UNTIL GIC ADMITTED PUBLICLY ITS SHAREHOLDINGS IN PALADIN ENERGY AND DIVESTED ALL ITS SHARES IN THIS ENTITY, I do NOT believe that we are not heading for 10 million or more AND NUCLEAR ENERGY for certainty.

    In hindsight now, POFMA is ONE-SIDED FREEDOM OF SPEECH, the truth may not be expressed of same freedom to expose.

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  • Trublu:

    Only WHEN THEY MAKE A FEW BUCK$,they pretend to be *transparent* in order to CLAIM GLORY?
    Else,they DIAM DIAM.

    Transparency is a TABOO for the UNDER-PERFORMING PAPigs.

    They only like to BLOW TRUMPETS for small n useless *achievements* like their *JEWEL*?

    THE SCHOLARS ARE MOSTLY UNFIT FOR DUTY N MUST BE QUICKLY REPLACED.
    THEY HAVE BREACHED OUR TRUST IN THEM

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  • Let alone Crony-Capitalism:

    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone … By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”

    [John Maynard Keynes]

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  • Harder Truths:

    Canada is a large country with a constitutional monarchy and various political parties and an independent judiciary and head of state.

    $G is a tiny island run by a communist dictatorship that 70% vote for every 5 years. with a Milo head of state.

    No contest.

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  • PAP makes poor retirees:

    Singaporeans please wake up. PAP is the cause of poor retirement,.

    If your CPF returns 10% like good pension funds in Canada and Norway, your retirement will be very rich. With CPF lousy 2.5%, you lose out millions of dollars each. The yearly loss compounded over 4 or 5 decades is easily millions for an average CPF member.

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  • CPF members please read:

    Many Singaporeans think they have only a small sum in their CPF, and therefore the interest rate does not matter much.

    They are very very wrong. The power of interest building up on interest over a few decades is very very big.

    If you start at 25 and have a small CPF sum of $10,000, what do you expect your $10,000 to be when you are 75?

    At 2.5%, your $10,000 will grow to $34,000 when you reach 75.
    At a normal good return of 8%, your $10,000 will grow to $470,000.
    At a good return of 10%, your $10,000 will grow to $1.2 million.
    (All these calculations can be easily verified.)

    This is based on only $10,000. If you have $50,000, you will have a few million dollars in your CPF at 75.

    You see? The CPF system is making Singaporeans poor, when Singaporeans should be very rich in their retirement years. We should be traveling business class tours instead of wiping tables for $5 an hour.

    PAP makes poor retirees:
    Singaporeans please wake up. PAP is the cause of poor retirement,.

    If your CPF returns 10% like good pension funds in Canada and Norway, your retirement will be very rich. With CPF lousy 2.5%, you lose out millions of dollars each. The yearly loss compounded over 4 or 5 decades is easily millions for an average CPF member.

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  • never vote pap:

    pap is a clan of legal thieves made legitimate by a pliant parleee.

    pap folks all deny this and deny that. but it is not the denial that makes the truth go away. it is the group think that hooks them together. their reasoning is, as a lawyer I make S$6m pa or as a doctor I make S$4m pa or if I make less than S$1 pa I am mediocre peanut monkey.

    but they forget when they are in government, they must make only median wage and not use their position to enrich themselves. as a government, each pap minister must ensure they rise or fall with 70% sheep median wage, and not self proclaim and self approve via a pliant parleeement the S$m they are now paying each other for being in a group thinking thieving euphoria.

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  • Pseudo-pap materialised:

    When I recall the achievements and personal integrity of Dr. Goh Keng Swee and Dr. Toh Chin Chye I see the political perversion this party has devolved into over the last 3 decades.

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  • C’est la vie:

    *****
    This “revolution” had better get cracking.

    With another term, … there won’t be much left to salvage, even more will be hidden and buried and another generation will be consigned to driving the proverbial taxis in a downshift in the world economy, … and a load more elderlies cleaning tables and toilets !!!

    Wake up or lose out !!!
    ***
    *****

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  • by its very substance:

    //is a PRIVATE LIMITED (the “Company”) Exempted Private Company Limited by Shares in Singapore, the question is,//

    private their head lar. public funds into an institution and register (a stamp of “official” label) and then can call it private liao – so easy meh ?

    by its very substance (very substantial hor), it is even MORE public than all the private or public listed companies all put together ? – however the white idiots prefer to twist and turn the legal dressing of it ?

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  • Yam Mee Mee:

    The word Revolution is incompatible with Singaporeans.

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