<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>Coffeeshop Chit Chat - I think I know why Goodyear left...</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt22 <NOBR>
</NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>7:03 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>19898.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>All of a suddent, Temasek is tweaking its charter right after Goodyear left... so I think their "quarrel" must have led to this... if you can see what Temasek is changing in its charter, you should be able to find the reason why Goodyear left... probably something he tried following the old charter but was stopped cold by Ho Ching... so now that Goodyear has left, quickly "tighten" the charter to prevent new disagreement with future CEOs...
HAHAHA!
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>Temasek tweaks its charter
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>A more accurate reflection of objectives, relationship with Govt </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Ignatius Low & Alvin Foo
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->TEMASEK Holdings updated its seven-year-old constitution yesterday, unveiling a revised charter that it says more accurately reflects its investment objectives and relationship with the Singapore Government.
Instead of simply holding and managing the Government's investments in companies, Temasek now describes itself as an investment company managed on 'commercial principles'.
Divestment of sizeable stakes in Temasek-linked companies (TLCs) like SingTel and Singapore Airlines will also no longer be a core function of the investment firm, but rather an option that it may adopt in future as an 'active value-oriented investor'.
Another change from the charter's previous version is that Temasek now makes an explicit commitment to giving part of its returns back to the community.
The tweaks to the charter arise from changes in Temasek's operating environment since it was first crafted in 2002.
'At the time, Temasek's portfolio was largely concentrated in Singapore,' said Temasek chairman S. Dhanabalan at a media roundtable yesterday. This is why the 2002 charter emphasised the nurturing of successful international or regional TLCs.
'Today, many of our Singapore-based portfolio companies have become regional or international businesses,' he noted.
As a result, about two-thirds of Temasek's underlying portfolio now comprise assets outside Singapore. The investment company has also widened its own coverage with more than 10 offices and affiliates in Asia and Latin America.
The 2002 charter was also written at a time when there was much talk of the Government exiting the private sector.
An entrepreneurship committee had devised a 'yellow pages rule', suggesting that the Government get out of any investment that could be found in the business directory.
'The divestment call is not there anymore,' said Mr Dhanabalan in a separate interview with The Straits Times.
'We have divested quite a lot and that is now not the focus. We see divestment as part of our investment activities, we invest and divest as and when we see value.'
Mr Dhanabalan also highlighted refinements in the charter that better reflect Temasek's relationship with its sole shareholder, the Singapore Government.
'The relationship is now a more normal institutional relationship between a company and its shareholder,' he said.
'The shareholder has a say in matters that shareholders should have a say, and the board and management run the company.'
For example, frequent ad hoc meetings between Temasek and the Ministry of Finance have given way to more structured once-a-year briefings, he noted.
Aside from these changes and a fresh commitment to the community, there are no major changes in the updated one-page document, Temasek stressed yesterday.
Temasek chief executive Ho Ching said the update was not a reaction to increased international scrutiny of sovereign wealth funds (SWFs), which has emerged in recent years.
She noted: 'We started reviewing this in 2005...well before SWFs were in the picture.'
Indeed, the charter will be reviewed regularly to ensure its relevance to Temasek's role and core focus, said Mr Dhanabalan.
Reacting to the updated document, observers noted a distinct downplaying of Temasek's strategic state role.
Mr David Cohen, an economist at Action Economics, said: 'This is probably to avoid political sensitivities when they make investments overseas.'
CIMB-GK regional economist Song Seng Wun said the refined charter was more befitting of a truly international investment company rather than an SWF.
He added: 'Perhaps, the board is looking into the next decade when Temasek might seek both sophisticated and retail investors, as suggested by Ms Ho recently.'
Last month, Ms Ho said Temasek may allow retail investors to co-invest with it as part of long-term plans to expand its stakeholder pool and enhance discipline for its performance.
At yesterday's media briefing, Ms Ho took questions on Temasek's future investments.
She said it will still invest in Western financial institutions, 'if the opportunities come and look attractive'.
She added that Temasek is still considering an initial share offer for port operator PSA but added there was no deadline.
She also said Temasek could package its private equity investments in infrastructure into business trusts in the next three to five years to raise funds, and could make such assets available to retail investors here.
[email protected]
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HAHAHA!
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>Temasek tweaks its charter
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>A more accurate reflection of objectives, relationship with Govt </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Ignatius Low & Alvin Foo
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->TEMASEK Holdings updated its seven-year-old constitution yesterday, unveiling a revised charter that it says more accurately reflects its investment objectives and relationship with the Singapore Government.
Instead of simply holding and managing the Government's investments in companies, Temasek now describes itself as an investment company managed on 'commercial principles'.
Divestment of sizeable stakes in Temasek-linked companies (TLCs) like SingTel and Singapore Airlines will also no longer be a core function of the investment firm, but rather an option that it may adopt in future as an 'active value-oriented investor'.
Another change from the charter's previous version is that Temasek now makes an explicit commitment to giving part of its returns back to the community.
The tweaks to the charter arise from changes in Temasek's operating environment since it was first crafted in 2002.
'At the time, Temasek's portfolio was largely concentrated in Singapore,' said Temasek chairman S. Dhanabalan at a media roundtable yesterday. This is why the 2002 charter emphasised the nurturing of successful international or regional TLCs.
'Today, many of our Singapore-based portfolio companies have become regional or international businesses,' he noted.
As a result, about two-thirds of Temasek's underlying portfolio now comprise assets outside Singapore. The investment company has also widened its own coverage with more than 10 offices and affiliates in Asia and Latin America.
The 2002 charter was also written at a time when there was much talk of the Government exiting the private sector.
An entrepreneurship committee had devised a 'yellow pages rule', suggesting that the Government get out of any investment that could be found in the business directory.
'The divestment call is not there anymore,' said Mr Dhanabalan in a separate interview with The Straits Times.
'We have divested quite a lot and that is now not the focus. We see divestment as part of our investment activities, we invest and divest as and when we see value.'
Mr Dhanabalan also highlighted refinements in the charter that better reflect Temasek's relationship with its sole shareholder, the Singapore Government.
'The relationship is now a more normal institutional relationship between a company and its shareholder,' he said.
'The shareholder has a say in matters that shareholders should have a say, and the board and management run the company.'
For example, frequent ad hoc meetings between Temasek and the Ministry of Finance have given way to more structured once-a-year briefings, he noted.
Aside from these changes and a fresh commitment to the community, there are no major changes in the updated one-page document, Temasek stressed yesterday.
Temasek chief executive Ho Ching said the update was not a reaction to increased international scrutiny of sovereign wealth funds (SWFs), which has emerged in recent years.
She noted: 'We started reviewing this in 2005...well before SWFs were in the picture.'
Indeed, the charter will be reviewed regularly to ensure its relevance to Temasek's role and core focus, said Mr Dhanabalan.
Reacting to the updated document, observers noted a distinct downplaying of Temasek's strategic state role.
Mr David Cohen, an economist at Action Economics, said: 'This is probably to avoid political sensitivities when they make investments overseas.'
CIMB-GK regional economist Song Seng Wun said the refined charter was more befitting of a truly international investment company rather than an SWF.
He added: 'Perhaps, the board is looking into the next decade when Temasek might seek both sophisticated and retail investors, as suggested by Ms Ho recently.'
Last month, Ms Ho said Temasek may allow retail investors to co-invest with it as part of long-term plans to expand its stakeholder pool and enhance discipline for its performance.
At yesterday's media briefing, Ms Ho took questions on Temasek's future investments.
She said it will still invest in Western financial institutions, 'if the opportunities come and look attractive'.
She added that Temasek is still considering an initial share offer for port operator PSA but added there was no deadline.
She also said Temasek could package its private equity investments in infrastructure into business trusts in the next three to five years to raise funds, and could make such assets available to retail investors here.
[email protected]
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"> </TD><TD class=msgopt width="24%" noWrap>
