<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Singaporeans in control of Temasek
</TR><!-- headline one : end --><TR>Parliament told of the search for a CEO and succession planning </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Zakir Hussain
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->THE Cabinet discussed the appointment of American Charles Goodyear as CEO-designate of Temasek Holdings and decided the Government should not object to a foreigner holding the post if the company's board found him suitable and the best candidate available.
But the Cabinet also stressed the need for Temasek's board to remain in the effective control of Singaporeans, Senior Minister of State (Finance) Lim Hwee Hua told Parliament yesterday.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>GOODYEAR'S STRONG TRACK RECORD
'Indeed, Temasek has internal candidates with very strong investment expertise and track records. However, the board felt that Mr Goodyear's strong track record in managing a global enterprise and his experience in running an operating company would complement and add to the depth and capacity of their senior leadership team.'
</TD></TR></TBODY></TABLE>She was replying to Mr Lim Biow Chuan (Marine Parade GRC), who asked about the steps taken by Temasek to find a replacement chief executive officer, and if any Singaporeans were considered for the post.
Eight of the 10 current Temasek board members, including chairman S. Dhanabalan, are Singaporeans.
Mr Charles Goodyear, the former chief executive of mining and resources giant BHP Billiton, was appointed Temasek's CEO-designate this month and takes over from current CEO Ho Ching on Oct 1.
In her reply, Mrs Lim said that since early 2005 and on an annual basis, a subcommittee of the Temasek board of directors had worked with the incumbent CEO to review potential successor candidates.
The list includes candidates from within the company and outside it, both in Singapore and abroad.
It also includes Singaporeans, permanent residents and foreigners.
The candidates are also grouped according to a time line for possible CEO succession, she added.
That means there are some who can be considered immediately, should anything unexpected happen to the incumbent.
Others are grouped into categories for succession over short, medium, and longer-term horizons.
This approach, Mrs Lim explained, enabled Temasek to identify 'excellent future CEO candidates even in their 30s, and nurture them as part of its pipeline of future successors'.
Current candidates for future CEO succession within Temasek are mostly in their late 30s or 40s and include Singaporeans as well as foreigners, she added.
Mrs Lim said that Temasek looks for candidates with commitment and capacity to be with the organisation for the longer term, and with a long-term perspective in managing and building it.
She said the board identified and approached Mr Goodyear as a potential CEO candidate in 2007.
Once he agreed, he was interviewed by board members, individually and as a group. The board engaged with him for over a year before it made its decision.
Mrs Lim also explained that the board's selection process was not limited to finding the best investment professional. 'Indeed, Temasek has internal candidates with very strong investment expertise and track records,' she said.
'However, the board felt that Mr Goodyear's strong track record in managing a global enterprise and his experience in running an operating company would complement and add to the depth and capacity of their senior leadership team.'
Temasek's recommendation was then put to the President for approval, and the President met Mr Goodyear before giving his concurrence, she added. [email protected]
</TR><!-- headline one : end --><TR>Parliament told of the search for a CEO and succession planning </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Zakir Hussain
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->THE Cabinet discussed the appointment of American Charles Goodyear as CEO-designate of Temasek Holdings and decided the Government should not object to a foreigner holding the post if the company's board found him suitable and the best candidate available.
But the Cabinet also stressed the need for Temasek's board to remain in the effective control of Singaporeans, Senior Minister of State (Finance) Lim Hwee Hua told Parliament yesterday.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>GOODYEAR'S STRONG TRACK RECORD
'Indeed, Temasek has internal candidates with very strong investment expertise and track records. However, the board felt that Mr Goodyear's strong track record in managing a global enterprise and his experience in running an operating company would complement and add to the depth and capacity of their senior leadership team.'
</TD></TR></TBODY></TABLE>She was replying to Mr Lim Biow Chuan (Marine Parade GRC), who asked about the steps taken by Temasek to find a replacement chief executive officer, and if any Singaporeans were considered for the post.
Eight of the 10 current Temasek board members, including chairman S. Dhanabalan, are Singaporeans.
Mr Charles Goodyear, the former chief executive of mining and resources giant BHP Billiton, was appointed Temasek's CEO-designate this month and takes over from current CEO Ho Ching on Oct 1.
In her reply, Mrs Lim said that since early 2005 and on an annual basis, a subcommittee of the Temasek board of directors had worked with the incumbent CEO to review potential successor candidates.
The list includes candidates from within the company and outside it, both in Singapore and abroad.
It also includes Singaporeans, permanent residents and foreigners.
The candidates are also grouped according to a time line for possible CEO succession, she added.
That means there are some who can be considered immediately, should anything unexpected happen to the incumbent.
Others are grouped into categories for succession over short, medium, and longer-term horizons.
This approach, Mrs Lim explained, enabled Temasek to identify 'excellent future CEO candidates even in their 30s, and nurture them as part of its pipeline of future successors'.
Current candidates for future CEO succession within Temasek are mostly in their late 30s or 40s and include Singaporeans as well as foreigners, she added.
Mrs Lim said that Temasek looks for candidates with commitment and capacity to be with the organisation for the longer term, and with a long-term perspective in managing and building it.
She said the board identified and approached Mr Goodyear as a potential CEO candidate in 2007.
Once he agreed, he was interviewed by board members, individually and as a group. The board engaged with him for over a year before it made its decision.
Mrs Lim also explained that the board's selection process was not limited to finding the best investment professional. 'Indeed, Temasek has internal candidates with very strong investment expertise and track records,' she said.
'However, the board felt that Mr Goodyear's strong track record in managing a global enterprise and his experience in running an operating company would complement and add to the depth and capacity of their senior leadership team.'
Temasek's recommendation was then put to the President for approval, and the President met Mr Goodyear before giving his concurrence, she added. [email protected]
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