Singapore $288 Billion Temasek Open Letter on Financial Times Inaccuracies & Misperceptions on Temasek, Financial Times Article on 1st July 2024 Titled Temasek on Deal Hunt to Boost Returns for Singapore
7th August 2024 | Hong Kong
Singapore Temasek ($288 billion AUM) has released an open letter on Financial Times inaccuracies & misperceptions on Temasek, in response to Financial Times article on 1st July 2024 titled “Temasek on Deal Hunt to Boost Returns for Singapore.” Lena Goh, Managing Director, Public Affairs, Temasek (15/7/24): “The Financial Times article “Temasek on deal hunt to boost returns for Singapore” (1 July 2024) contains several inaccuracies and misperceptions about Temasek. As reiterated in our annual reviews, and the latest Temasek Review 2024 published on 9 July, our mandate to deliver sustainable returns over the long term guides our strategy and shapes our portfolio. We do not manage our portfolio based on short-term considerations, let alone election cycles as mentioned in the article. As part of the national budget, the Government spends every year up to 50% of the long-term expected real returns on its accumulated net assets. There is an independent process to determine the expected long-term rate of return. Contrary to your claim, this is not linked to Temasek’s annual profits. On our part, we are mindful of our responsibility to deliver sustainable returns over the long term. To achieve this, we actively manage our portfolio for performance. But we do not direct the strategies or day-to day operations of our portfolio companies. Rather, we hold them accountable for achieving sustainable returns and shareholder value over the long term. Similarly, our shareholder, the Government, holds Temasek accountable. The Singapore companies we own today have been stalwarts of Temasek for many years, some since 1974 when Temasek was set up. These include DBS, Singapore Airlines and Sembcorp Industries. The Singapore portfolio companies collectively comprise 40% of our overall portfolio today. They have historically provided stable returns. In recent years, given the rapidly changing global business environment, some of them have had to re-evaluate their strategies. As an active shareholder, we engage these companies on their strategies and support initiatives that lead to long-term shareholder value.”
“ Singapore $288 Billion Temasek Open Letter on Financial Times Inaccuracies & Misperceptions on Temasek, Financial Times Article on 1st July 2024 Titled Temasek on Deal Hunt to Boost Returns for Singapore “
Lena Goh, Managing Director, Public Affairs, Temasek (15/7/24): “The Financial Times article “Temasek on deal hunt to boost returns for Singapore” (1 July 2024) contains several inaccuracies and misperceptions about Temasek.
As reiterated in our annual reviews, and the latest Temasek Review 2024 published on 9 July, our mandate to deliver sustainable returns over the long term guides our strategy and shapes our portfolio. We do not manage our portfolio based on short-term considerations, let alone election cycles as mentioned in the article.
As part of the national budget, the Government spends every year up to 50% of the long-term expected real returns on its accumulated net assets. There is an independent process to determine the expected long-term rate of return. Contrary to your claim, this is not linked to Temasek’s annual profits. On our part, we are mindful of our responsibility to deliver sustainable returns over the long term.
To achieve this, we actively manage our portfolio for performance. But we do not direct the strategies or day-to day operations of our portfolio companies. Rather, we hold them accountable for achieving sustainable returns and shareholder value over the long term. Similarly, our shareholder, the Government, holds Temasek accountable.
The Singapore companies we own today have been stalwarts of Temasek for many years, some since 1974 when Temasek was set up. These include DBS, Singapore Airlines and Sembcorp Industries. The Singapore portfolio companies collectively comprise 40% of our overall portfolio today. They have historically provided stable returns. In recent years, given the rapidly changing global business environment, some of them have had to re-evaluate their strategies. As an active shareholder, we engage these companies on their strategies and support initiatives that lead to long-term shareholder value.”
Singapore $288 Billion Temasek Open Letter on Financial Times Inaccuracies & Misperceptions on Temasek, Financial Times Article on 1st July 2024 Titled Temasek on Deal Hunt to Boost Returns for Singapore
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