why i spit on singapore transparency index rankings.

[songsongpunggol]

Josephine Teo explains GIC’s omission on nominal returns in Singdollar
2013-03-13 07:12:07


SINGAPORE: The Government Investment Corporation’s Report on the Management of the Government’s Portfolio stopped publishing its nominal returns converted to Singapore dollars three years ago.

Replying to a question in Parliament on Wednesday, Minister of State for Finance Josephine Teo said this is to avoid confusion when comparisons are made with other fund managers or global market indices.

Non—Constituency MP, Mrs Lina Chiam had asked for the reasons for omitting the annualised nominal rates of return in Singapore dollar terms given these figures are reported in US dollar and Singapore dollar terms in previous years.

Mrs Teo said previously, some readers had compared GIC returns in Singapore dollars with the returns of global market indices in US dollars.

Mrs Teo said: "It is the GIC real long—term returns, not its nominal returns, that reflect its mandate and are its key performance measures. I should reiterate too that GIC now publishes more information on its performance than when it began this annual report five years ago.

"Its reports over the last two years include GIC’s performance over a five—year and 10—year period, in addition to the 20—year period that remains its primary goal. For each of these periods, GIC also includes comparisons with the performance of market portfolios that are typical of those adopted by large global investors."

— CNA

 

[scroobal]

Now that there a number of sitting opposition MPs, scrutiny of the sovereign funds should come under a Special Parliamentary Select Committee with Opposition MPs representation. I am sure the PAP MPs for instance would not be comfortable querying the PM and their party chief about his wife's performance.

All the comments about being squeaky clean and whiter than white has no purchase when obvious scrutiny for such important state assets and enterprise are missing.

 

[Fook Seng]

For past few years since the subprime crisis, the average return of GIC fell to around the 3 % level, less than half of the long term returns. During this period the USD depreciated quite a bit relative to the SGD. If returns were to be expressed in nominal SGD terms, it could very well show a negative or near zero figure.

 

[Cestbon]

What WP comment? After win election all keep quite no more asking question in Parliament.
Maybe net time other party better.