Temasek Holdings talks on the ST Forum!!!

[steffychun]

Shedding more light on Temasek's reserves

THE new Cabinet will be sworn in tomorrow. This marks the start of a new term of the Government in Singapore. Accordingly, all reserves built up by Temasek Holdings, up to and including today, will be protected as Temasek's past reserves.

We take this opportunity to share the following additional background facts with the public.

Under the Singapore Constitution, Temasek is a Fifth Schedule company, directly and independently accountable to the President of Singapore for the protection of Temasek's past reserves.

While the President does not direct Temasek's investment and company decisions, prior approval from the President is required for any activity which may draw on Temasek's past reserves.

To date, Temasek has not drawn on its past reserves.

Temasek does not manage or invest any CPF money. Nor does it manage the foreign reserves of Singapore.

Temasek is a commercially managed investment company, governed by the Singapore Companies Act. Investment, divestment and all company decisions are the fiduciary responsibility of Temasek's board of directors and its management team. While it is the sole shareholder, the Singapore Government does not direct Temasek's commercial and business activities.

As a commercial company, Temasek pays taxes on its earnings, and also distributes dividends to its shareholder. These contributions to government revenues are available for budget spending for the current generation, or add to the Government's past reserves to be kept for future generations or used for a rainy day or emergency situations.

Temasek is managed professionally with the aim to deliver sustainable long-term returns, and reports annually to its shareholder on its performance. Between March 2005 and March last year, Temasek's portfolio grew from $103 billion to $186 billion.

Although not required to do so, Temasek publishes an annual Temasek Review, providing a summary of key financials as well as the relevant investment performance over different time periods from one year to over three decades. The latest publication is available at www.temasekreview.com.sg.

Stephen Forshaw
Managing Director,
Corporate Affairs
Temasek Holdings

PS: Why is an Ang Moh the MD?

 

[longbow]

1) Why shouldn't we require Temasek have fully audit statements rather than this Temasek Review - "Although not required to do so, Temasek publishes an annual Temasek Review"

2) Regardless of why Mr Forshaw says, Temasek is viewed as a Sovereign Wealth Fund by the international community and as such its operations are deem controlled by the Singapore Gov. - " the Singapore Government does not direct Temasek's commercial and business activities."

3) Why should Temasek use its reserves. It can borrow from the market at sovereign rates.

4) All of Singapore's assets from Singtel, to PSA to SIA to DBS to Pidemco (Capitaland) to power stations were placed in Temasek. The income alone generated from these GLCs are in the tune of billions per year. Perhaps $5B a year? On top of that, as the largest shareholder Temasek can force these GLCs to sell its assets and return cash in the form of special dividend (Singtel return billions and is now a leveraged company) so that is more money.

Then Temasek can sell its investments like PSA, SIA if it wants to. So it appears that the earnings gets locked into the reserves but not the invesments (Anyone clarify?). They recently disposed of all their power stations for billions.

As mentioned, Temasek can also borrow money.

Temasek gets the dividends from its Singapore injected investments, can sell its investments and borrow from market. Therefore it may not mean much to say that Temasek has never touched it reserves. Since it never used to borrow $ but does so now.

I believe there are many great portfolio managers within Temasek and perhaps this SWF is doing a great job. Why not just list everything and have the fund undergo a full audit once a year.

5) Gov reserves and CPF funds are invested by GIC not Temasek.

 

[bullfrog]

Funny the link in the last line says www.temasekreview.com.sg but when you click on it, it goes to url www.temasekreport.com. LOL!

So Temasek Holdings can't do fuckall about that nasty site huh?

 

[steffychun]

Funny the link in the last line says www.temasekreview.com.sg but when you click on it, it goes to url www.temasekreport.com. LOL!

So Temasek Holdings can't do fuckall about that nasty site huh?

"honest mistake"

 

[makapaaa]

While the President does not direct Temasek's investment and company decisions, prior approval from the President is required for any activity which may draw on Temasek's past reserves.

=> So where are the past reserves? OTC was asked to leave when he tried to have the book opened and audited. Why?

 

[shitonleeky]

Shedding more light on Temasek's reserves

THE new Cabinet will be sworn in tomorrow. This marks the start of a new term of the Government in Singapore. Accordingly, all reserves built up by Temasek Holdings, up to and including today, will be protected as Temasek's past reserves.

We take this opportunity to share the following additional background facts with the public.

Under the Singapore Constitution, Temasek is a Fifth Schedule company, directly and independently accountable to the President of Singapore for the protection of Temasek's past reserves.

While the President does not direct Temasek's investment and company decisions, prior approval from the President is required for any activity which may draw on Temasek's past reserves.

To date, Temasek has not drawn on its past reserves.

Temasek does not manage or invest any CPF money. Nor does it manage the foreign reserves of Singapore.

Temasek is a commercially managed investment company, governed by the Singapore Companies Act. Investment, divestment and all company decisions are the fiduciary responsibility of Temasek's board of directors and its management team. While it is the sole shareholder, the Singapore Government does not direct Temasek's commercial and business activities.

As a commercial company, Temasek pays taxes on its earnings, and also distributes dividends to its shareholder. These contributions to government revenues are available for budget spending for the current generation, or add to the Government's past reserves to be kept for future generations or used for a rainy day or emergency situations.

Temasek is managed professionally with the aim to deliver sustainable long-term returns, and reports annually to its shareholder on its performance. Between March 2005 and March last year, Temasek's portfolio grew from $103 billion to $186 billion.

Although not required to do so, Temasek publishes an annual Temasek Review, providing a summary of key financials as well as the relevant investment performance over different time periods from one year to over three decades. The latest publication is available at www.temasekreview.com.sg.

Stephen Forshaw
Managing Director,
Corporate Affairs
Temasek Holdings

PS: Why is an Ang Moh the MD?

Nothing special in the disclosure. As usual, PAPies are just showing that they are actually very accountable. Goons will be taken in by them.

 

[steffychun]

Nothing special in the disclosure. As usual, PAPies are just showing that they are actually very accountable. Goons will be taken in by them.

Forshaw=Ang Moh=PAP?

 

[steffychun]

Nothing special in the disclosure. As usual, PAPies are just showing that they are actually very accountable. Goons will be taken in by them.

Forshaw=Ang Moh=PAP?

 

[scroobal]

This govt must be dumb to think that this clarification by Temasek is going to put to rest all the issues with nepotism. When he was Minister of Finance in 2001 the wife was CEO of Temasek and the same bedroom. He is now the chairman of Temasek and the wife is still the boss of Temasek and they are still sharing the same bedroom.

Common sense tells that one should keep such matters at arms length and to avoid conflict of interest. No one will buy the argument that in this country they can't find anyone that can do the stuff that his wife does. Lets face it - if Temasek performed better than many of the common indices, SPH will be glorifying its achievements till Kingdom come. That is not the case.

By the way the comment that they are not required to disclose any financials but chose to release Temasek Review voluntarily is being dishonest. The international financial community threathened to remove some of Temasek companies such as SIA and DBS from commonly accepted internal indices is such disclosures are not done. The final version of the disclosure was done after consulting the international community discreetly. If you are not part of the indices, share prices tend to fall.

Stephen Forshaw used to be with SIA and knows very well what this is all about. Truly a mercenary.

Looks like after the drama of drastic changes in cabinet, some things close to the Lee family will continue as usual including making such dishonest comments.

 

[kingrant]

Well said. I also cant believe smart people like them dont see it. I can only conclude there's one law for them, and the other laws for the rest of us and the world. And then you have utter idiots like Joan Hon as the family apologist.

 

[steffychun]

This govt must be dumb to think that this clarification by Temasek is going to put to rest all the issues with nepotism. When he was Minister of Finance in 2001 the wife was CEO of Temasek and the same bedroom. He is now the chairman of Temasek and the wife is still the boss of Temasek and they are still sharing the same bedroom.

Common sense tells that one should keep such matters at arms length and to avoid conflict of interest. No one will buy the argument that in this country they can't find anyone that can do the stuff that his wife does. Lets face it - if Temasek performed better than many of the common indices, SPH will be glorifying its achievements till Kingdom come. That is not the case.

By the way the comment that they are not required to disclose any financials but chose to release Temasek Review voluntarily is being dishonest. The international financial community threathened to remove some of Temasek companies such as SIA and DBS from commonly accepted internal indices is such disclosures are not done. The final version of the disclosure was done after consulting the international community discreetly. If you are not part of the indices, share prices tend to fall.

Stephen Forshaw used to be with SIA and knows very well what this is all about. Truly a mercenary.

Looks like after the drama of drastic changes in cabinet, some things close to the Lee family will continue as usual including making such dishonest comments.

maybe they dont sleep together

 

[longbow]

Looks like after the drama of drastic changes in cabinet, some things close to the Lee family will continue as usual including making such dishonest comments.

But in this new paradigm with 5 Opposition MP and demands for more transparency + social network - they are forced to change. This is the crux of the problem - disclosure.

In a way it will be tough to fend off the Opposition. Since Opp not in control they will not be responsible for bad policy but yet they can continue firing away with call for transparency.

As a minister how can you defend against releasing the YOG cost overuns. How to defend against releasing details on PR vs Citizens and etc.

 

[makapaaa]

Yet another damning piece of evidence of marriedtocracy @ work. It should be beyond doubt by now that their ultimate aim is to build a dynasty!

<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>

Coffeeshop Chit Chat - The secret is out for Kie Chiu</TD><TD id=msgunetc noWrap align=right></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 vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Raffles1823 <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>3:20 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>hahaman5 <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(4 of 36) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>51346.4 in reply to 51346.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD id=msgtxt_4 class=msgtxt>Monica Lee Kim Mon is married to Chan Chee Chiu?
The couple named above bought a unit at Scots 28 also......
So MG Chan Chun Sing (Kee Chiu) is son of Chan Chee Chiu?..... ah...so.....
http://www.tangtalk.com/hplchart2.html

<HR SIZE=1>Edited 5/20/2011 6:26 am ET by Raffles1823</TD></TR><TR><TD></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

This govt must be dumb to think that this clarification by Temasek is going to put to rest all the issues with nepotism. When he was Minister of Finance in 2001 the wife was CEO of Temasek and the same bedroom. He is now the chairman of Temasek and the wife is still the boss of Temasek and they are still sharing the same bedroom.

Common sense tells that one should keep such matters at arms length and to avoid conflict of interest. No one will buy the argument that in this country they can't find anyone that can do the stuff that his wife does. Lets face it - if Temasek performed better than many of the common indices, SPH will be glorifying its achievements till Kingdom come. That is not the case.

By the way the comment that they are not required to disclose any financials but chose to release Temasek Review voluntarily is being dishonest. The international financial community threathened to remove some of Temasek companies such as SIA and DBS from commonly accepted internal indices is such disclosures are not done. The final version of the disclosure was done after consulting the international community discreetly. If you are not part of the indices, share prices tend to fall.

Stephen Forshaw used to be with SIA and knows very well what this is all about. Truly a mercenary.

Looks like after the drama of drastic changes in cabinet, some things close to the Lee family will continue as usual including making such dishonest comments.

 

[ivebert]

Forshaw=Ang Moh=PAP?

Hire the best

Not based on race lah

Why you think like some peasant farmer???

 

[longbow]

Of course the Temasek "income" that is now part of the reserves is managed and invested by GIC.

 

[steffychun]

Hire the best

Not based on race lah

Why you think like some peasant farmer???

you think ang moh the best? They started the recession

 

[streetsmart73]

Forshaw=Ang Moh=PAP?

hi there

1. aiyoh!
2. handsomely paid white guy too.

 

[Papsmearer]

This govt must be dumb to think that this clarification by Temasek is going to put to rest all the issues with nepotism. When he was Minister of Finance in 2001 the wife was CEO of Temasek and the same bedroom. He is now the chairman of Temasek and the wife is still the boss of Temasek and they are still sharing the same bedroom.

Common sense tells that one should keep such matters at arms length and to avoid conflict of interest. No one will buy the argument that in this country they can't find anyone that can do the stuff that his wife does. Lets face it - if Temasek performed better than many of the common indices, SPH will be glorifying its achievements till Kingdom come. That is not the case.

By the way the comment that they are not required to disclose any financials but chose to release Temasek Review voluntarily is being dishonest. The international financial community threathened to remove some of Temasek companies such as SIA and DBS from commonly accepted internal indices is such disclosures are not done. The final version of the disclosure was done after consulting the international community discreetly. If you are not part of the indices, share prices tend to fall.

Stephen Forshaw used to be with SIA and knows very well what this is all about. Truly a mercenary.

Looks like after the drama of drastic changes in cabinet, some things close to the Lee family will continue as usual including making such dishonest comments.

Stephen Forshaw is a nobody. They have so many MDs in Temasek, They got an MD for this and an MD for that. He is just the company spokesperson, not even on the executive board.Even so, he must be the worse type of spokesperson. The one who is either a congenital liar or just like a mushroom kept in the dark and fed bullshit.

This so called statement by him raises more questions than it answers. As for not being required to reveal any financial numbers, Foreskin is really full of shit. Temasek issued bonds, and it has to disclose its financial performance as part of its prospectus for the bond issue. And that is also how Moodys allocates a rating for its bond. It will not be able to sell the bonds in any market place if it did not reveal its numbers, this is a compulsory requirement of all regulators. For him to say they are doing it as a big fat favour to us is bullshit. We would have found out anyway.

 

[Confuseous]

Stephen Forshaw is a nobody. They have so many MDs in Temasek, They got an MD for this and an MD for that. He is just the company spokesperson, not even on the executive board.Even so, he must be the worse type of spokesperson. The one who is either a congenital liar or just like a mushroom kept in the dark and fed bullshit.

This so called statement by him raises more questions than it answers. As for not being required to reveal any financial numbers, Foreskin is really full of shit. Temasek issued bonds, and it has to disclose its financial performance as part of its prospectus for the bond issue. And that is also how Moodys allocates a rating for its bond. It will not be able to sell the bonds in any market place if it did not reveal its numbers, this is a compulsory requirement of all regulators. For him to say they are doing it as a big fat favour to us is bullshit. We would have found out anyway.

Leong Sze Hian - "Allow me to illustrate the point with a story. A large family gives their money to a person to look after and manage for them.

This person then tells the family members that although he is not required to do so, he is voluntarily giving them information.

Does this make sense to you?"

http://theonlinecitizen.com/2011/05/temasek-holdings-not-required-to-disclose/

 

[Papsmearer]

As a commercial company, Temasek pays taxes on its earnings, and also distributes dividends to its shareholder. These contributions to government revenues are available for budget spending for the current generation, or add to the Government's past reserves to be kept for future generations or used for a rainy day or emergency situations.

Stephen Foreskin forgot to mention that Temasek is like no other commercial company that I know of. I know of no commercial company that reports to the President of a country. I am not aware of Microsoft or Boeing reporting to Obama. Does Sime Darby also report to Prataman?

Also, if these funds are to use for emergency and rainy days, than why is the investment profile so different? If these are the objectives of the fund, than the fund should be conservative investments emphasizing capital preservation with strong income, and a little bit of capital gains. Instead, these fuckers are nothing more than speculators, venture capitalists, and take way too much risk in questionable companies. They are rolling the dice going for the home run with our money. $39 billion in losses in just Bank of America/Merrill Lynch, Standard, Barclays, plus $2 billion in Shincorp, than god knows how much in Optus, Global crossing, etc. Are these signs that Temasek is really safeguarding the rainy day fund for singaporeans? What does Stephen Foreskin have to say about that?