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Singapore: Rapid Improvement Followed by Strong Performance
7 Singapore: Rapid Improvement Followed by Strong Performance Singapore is one of Asia’s great success stories, transforming itself from a developing country to a modern industrial economy in one generation. During the last decade, Singapore’s education system has remained consistently at or near the top of most major world education ranking systems. This chapter examines how this “tiny red dot” on the map has achieved and sustained so much, so quickly. From Singapore’s beginning, education has been seen as central to building both the economy and the nation. The objective was to serve as the engine of human capital to drive economic growth. The ability of the government to successfully match supply with demand of education and skills is a major source of Singapore’s competitive advantage. Other elements in its success include a clear vision and belief in the centrality of education for students and the nation; persistent political leadership and alignment between policy and practice; a focus on building teacher and leadership capacity to deliver reforms at the school level; ambitious standards and assessments; and a culture of continuous improvement and future orientation that benchmarks educational practices against the best in the world. Strong PerformerS and SucceSSful reformerS in education: leSSonS from PiSa for the united StateS © OECD 2010 159 7 Singapore: rapid improvement Followed by Strong perFormance introduction When Singapore became independent in 1965, it was a poor, small (about 700 km2), tropical island with few natural resources, little fresh water, rapid population growth, substandard housing and recurring conflict among the ethnic and religious groups that made up its population. -
Temasek Review 2017
Temasek Review 2017 Investor Institution Steward Investor Institution Steward Section Title orn scarcely a decade into Singapore’s independence, we had no blueprint except for the Singapore DNA of integrity and courage. We grew with a transforming Singapore, ventured abroad in an ascendant Asia, and tapped into emerging global trends. We constantly reinvent ourselves to remain relevant. Agility, Alignment and Accountability are our watchwords in the new world of disruptive technologies, uncertain geopolitics, and shifting economic powers. We treasure the solid foundation laid by pioneers before us, in and outside of Temasek. Our culture of ownership shapes our institution. Our people are the bedrock of our Temasek values. Our purpose and passion give us courage to embrace the future and its endless possibilities. Doing the right things today with tomorrow in mind, we strive for an ABC World – an Active Economy for jobs and opportunities; a Beautiful Society of peace and inclusion; and a Clean Earth as our common home. Forty ‑ three years on, we remain true to our DNA, our roots, our core – as an active Investor, a forward looking Institution, and a trusted Steward. Contents The Temasek Charter 4 Ten ‑ year Performance Overview 6 Portfolio Highlights 8 From Our Chairman 10 The DNA of Temasek 14 Ins & Outs of Temasek 16 Investor 19 Value since Inception 20 Total Shareholder Return 21 An Active Investor 22 Investing for Generations 24 T ‑ GEM Simulations 28 Managing Risk 32 Institution 39 Our MERITT Values 40 A Forward Looking Institution -
Our Journey Has Just Begun
Temasek Review 2014 Review Temasek Our journey has just begun Temasek Review 2014 Our journey has just begun Cover: Sherlyn Lim on an outing with her sons, Amos and Dean, on Sentosa Island, Singapore. Our journey has just begun The world is fast changing around us. Populations urbanise, and life expectancies continue to rise. We are entering a new digital age – machines are increasingly smarter, and people ever more connected. Change brings unprecedented challenges – competing demands for finite resources, safe food and clean water; health care for an ageing population. Challenges spawn novel solutions – personalised medicine, digital currencies, and more. As investor, institution and steward, Temasek is ready to embrace the future with all that it brings. With each step, we forge a new path. At 40, our journey has just begun. TR2014_version_28 12.00pm 26 June 2014 Contents The Temasek Charter 4 Ten-year Performance Overview 6 Portfolio Highlights 8 From Our Chairman 10 Investor 16 Value since Inception 18 Total Shareholder Return 19 Investment Philosophy 20 Year in Review 24 Looking Ahead 26 Managing Risk 28 Institution 34 Our MERITT Values 36 Public Markers 37 Our Temasek Heartbeat 38 Financing Framework 42 Wealth Added 44 Remuneration Philosophy 45 Seeding Future Enterprises 48 Board of Directors 50 Senior Management 57 2 Temasek Review 2014 Contents Steward 60 Trusted Steward 62 Fostering Stewardship and Governance 67 Social Endowments & Community Engagement 68 Touching Lives 72 From Ideas to Solutions 74 Engaging Friends 75 Temasek International Panel 76 Temasek Advisory Panel 77 Group Financial Summary 78 Statement by Auditors 80 Statement by Directors 81 Group Financial Highlights 82 Group Income Statements 84 Group Balance Sheets 85 Group Cash Flow Statements 86 Group Statements of Changes in Equity 87 Major Investments 88 Contact Information 98 Temasek Portfolio at Inception 100 Explore Temasek Review 2014 at www.temasekreview.com.sg or scan the QR code 3 TR2014_version_28 12.00pm 26 June 2014 A journey of a thousand miles begins with a single step. -
Roy-Ngerngs-Closing-Statement-In
1 IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE Suit No. 569 of 2014 Between LEE HSIEN LOONG (NRIC NO. S0016646D) …Plaintiff And ROY NGERNG YI LING (NRIC NO. S8113784F) …Defendant DEFENDANT’S CLOSING STATEMENT Solicitors for the Plaintiff Defendant in-Person Mr Davinder Singh S.C. Roy Ngerng Yi Ling Ms Tan Liyun Samantha Ms Cheng Xingyang Angela Mr Imran Rahim Roy Ngerng Yi Ling Drew & Napier LLC Block 354C 10 Collyer Quay #10-01 Admiralty Drive Ocean Financial Centre #14-240 Singapore 049315 Singapore 753354 Tel: 6535 0733 Tel: 9101 2685 Fax: 6535 7149 File Ref: DS/318368 Dated this 31st day of August 2015 2 DEFENDANT’S CLOSING STATEMENT A. Introduction 1. I am Roy. I am 34 this year. Little did I imagine that one day, I would be sued by the prime minister of Singapore. Throughout my whole life, I have tried my very best to live an honest life and to be true to myself and what I believe in. 2. When I was in primary school, I would reach out to my Malay and Indian classmates to make friends with them because I did not want them to feel any different. This continued when I went to secondary school and during my work life. Some of my closest friends have been Singaporeans from the different races. From young, I understand how it feels to be different and I did not want others to feel any differently about who they are. 3. But it is not an easy path in life, for life is about learning and growing as a person, and sometimes life throws challenges at you, and you have to learn to overcome it to become a stronger person. -
Board of Directors
13 SINGAPORE TELECOMMUNICATIONS LIMITED Board of Directors SIMON ISRAEL • Non-executive and non-independent Director • Member, Optus Advisory Committee • Chairman, Singtel Board • Date of Appointment: Director on 4 Jul • Chairman, Finance and Investment Committee 2003 and Chairman on 29 Jul 2011 • Member, Corporate Governance and • Last Re-elected: 26 Jul 2013 Nominations Committee • Number of directorships in listed • Member, Executive Resource and companies (including Singtel): 4 Compensation Committee Mr Simon Israel, 63, is the Chairman of Singapore Post Limited and a Director of CapitaLand Limited, Fonterra Co-operative Group Limited and Stewardship Asia Centre Pte. Ltd. He is also a member of the Governing Board of Lee Kuan Yew School of Public Policy and Westpac’s Asia Advisory Board. Simon is a former Chairman of Asia Pacifi c Breweries Limited. Simon was an Executive Director and President of Temasek Holdings (Private) Limited before retiring on 1 July 2011. Prior to that, he was Chairman, Asia Pacifi c of the Danone Group. Simon also held various positions in Sara Lee Corporation before becoming President (Household & Personal Care), Asia Pacifi c. Simon was conferred Knight in the Legion of Honour by the French government in 2007 and awarded the Public Service Medal at the Singapore National Day Awards 2011. He holds a Diploma in Business Studies from The University of the South Pacifi c. CHUA SOCK KOONG • Executive and non-independent Director • Last Re-elected: 21 Jul 2015 • Member, Optus Advisory Committee • Number of directorships in listed • Date of Appointment: Director on 12 Oct companies (including Singtel): 2 2006 and Group Chief Executive Officer (CEO) on 1 Apr 2007 Ms Chua Sock Koong, 58, was appointed Group CEO on 1 April 2007. -
ATTACHMENT 1 Ihc Hrr~Imblc Kiikn R Lwiiicli Llniiud States Tradc Kcpresentiilivc Rku .\Rnhnnsndor Lucllick
ATTACHMENT 1 Ihc Hrr~imblc Kiikn R LwIIicli Llniiud States Tradc Kcpresentiilivc rku .\rnhnnsndor Lucllick: Ihe Singapore Government is c;omnlined IO he privati7ation of SingTcl and ST Telemedia and In the ob.jectirr reducing iis existing slakes in lhcnc companies lo zcm. subject IO hesmc of capiml rnarkeu and the intcrens afolher shareholden. The Singapom Ciuvermnent will thermflci only hold shares it) hcse conlpmies us part of its pflfolio investments. For Sing Iel. the privariwucn procerr Iregm in 1993 with he listing of SingTcl on the Singapore Stack iFuchange Since then. the Singapore Govcmmcm hac progressively reduced its nake In Sing 'lei 3nd cunently hrilds 67.56% of ih shares. SingTcl ha< also been listcd on the .4uslralian Stock Fxchaiee MCC Ssprcmber 2001 The Singapore Guvenimcnl will establish a plan to divM ia majority hein Sing'Iel and ST Telemedia. Thu Singopon- Govcnuneiit undcrhunds ilic Unitcd States' inrnen in seeing such iiirezinicnl cumpleted ;~5soon feasible. I he Singapom (;ovemrnenl cacrci.ses no cunlrol over the commercial policy of Sing'rel and ST relelrldia and thr Singnport Government does nnt have veto rightsover ihe key decisions of liirse mnpanles bg way 01 a 'golden share' Neilher SingTrl nor ST Telemcdia receives my subhid? from die Singapcire imverlirnznt. Dolh SingTel aid SI' '1-eiemcdnBTC hlly subject Io Ihe irdepeudenl regukdlov ovnsiglu and sulhririiy or Ihe info-wminunicalions Development Aurhority of Singapore (IDA). wiich is ernprwurcd under he Info-conimunicutions Develupmcnt Aulhority ofsingapore Act to ensure lh31 rhcg 40 1101 ciigdge in :iiiti-cwnpetilive bchavior. Sinccrcly. ATTACHMENT 2 Temasek Holdings is an investment holding company based in Singapore. -
Temasek Holdings (Private) Limited
Offering Circular Temasek Financial (I) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 200408713K) US$25,000,000,000 Guaranteed Global Medium Term Note Programme unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 197401143C) On 14 September 2005, Temasek Financial (I) Limited (the “Issuer”) and Temasek Holdings (Private) Limited (the “Guarantor”) established a Guaranteed Global Medium Term Note Programme (as amended and supplemented from time to time, the “Programme”) and issued an offering circular describing the Programme. The maximum aggregate principal amount of Notes (as defined below) outstanding from time to time under the Programme (the “Programme Limit”) is currently set at US$25,000,000,000. This Offering Circular supersedes all previous offering circulars and any supplements thereto. Any Notes issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes already issued. Under this Programme, the Issuer may from time to time issue notes (the “Notes”) unconditionally and irrevocably guaranteed (the “Guarantee”) by the Guarantor. The aggregate principal amount of Notes outstanding will not at any time exceed US$25,000,000,000 (or the equivalent in other currencies), unless such amount is otherwise increased pursuant to the terms of the Programme. Application has been made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission to deal in and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST. -
Temasek Review 2020 Highlights
Temasek Review 2020 Highlights Towards T2030 We delivered a carbon neutral Temasek. We are now committed to halve the aggregate carbon emissions of our growing portfolio by 2030, and drive towards net zero carbon emission by 2050. These are ambitious intergenerational goals. The digital economy is accelerating apace. Deep knowledge is even more critical. Committed to sustainability as always; Staying resilient in adversity; and Working together in partnership We do well, do right, and do good, ultimately to uplift lives in a kinder world, build resilient and inclusive communities, and leave a better world as our legacy. COVID-19 is a devastating reminder to stay prepared for the unknown. Committed, Resilient, Together The Temasek Charter An active investor and shareholder We deliver sustainable value over the long term A forward looking institution We act with integrity and are committed to the pursuit of excellence A trusted steward We strive for the advancement of our communities across generations Discover the Temasek Charter at temasekreview.com.sg/charter or scan the QR code Contents Overview Institution Ten - year Performance Overview 4 A Forward Looking Institution 16 Portfolio Highlights 5 Our Values 17 Excerpts from Our Chairman’s 6 Our OneTemasek Team 18 Message Instilling Ownership 20 The DNA of Temasek 8 Public Markers 22 Building a Sustainable Future 10 Credit Quality 23 Investor Steward How We Invest 12 A Trusted Steward 24 12 - month Returns Simulation 13 Enabling a Better World 25 20 - year Returns Outlook 14 Fighting COVID-19 Together 26 Group Financial Highlights 28 Ten-year Performance Overview We ended the year with a net portfolio value of S$306 billion1. -
Temasek Holdings Pte Ltd Annual Report
Temasek Holdings Pte Ltd Annual Report DesmundNarrow-gauge disembogued Townie ravens her orangeries? that maturities Sherlock budging remains posthumously cercarian andafter caricature Ellwood dematerializing dwarfishly. Which faster Gregorio or rook forgotten any borosilicate. so prodigally that Management pte ltd is temasek annual In business partners on a global real employees and st digital tools and save costs that gic board. What should carefully consider supporting equality and a plan to ensure that own and risk management proposals on estimates are recognised as singapore contributed to. GIC through classroom training and apprenticeship under experienced professionals. Anchored by temasek holdings pte ltd annual report? SINGAPORE'S state investor Temasek Holdings will succeed its annual reporting to September from July this year citing disruptions amid the. There was previously recognised in addition, temasek annual report on borrowing costs might be. Preparation of Temasek's consolidated financial statements of this. The lease rental is suddenly to yearly revision. Booking holdings pte ltd and temasek holdings pte ltd annual report! Temasek remained broadly unchanged from exposure limits are classified according to enhance our client, i would be compensated by a registered service. In particular, the Singapore companies in the Group make contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Security and shall commission filings for Temasek Holdings Private Ltd Insider trades quarterly and annual reports. SINGAPORE State investment firm Temasek Holdings will release society annual ceiling in September instead of July to revere the carcass in. Financial Year 2012019 Annual house Full Financial Statements Summary Reports Multiple Languages. So no redirection will ever take place. -
Investment Strategy of the Temasek Holding
Investment Strategy of the Temasek Holding JOZEF KOMORNIK Faculty of Management, Comenius University, Bratislava MARTIN VOZAR Faculty of Management, Comenius University, Bratislava Abstract: Sovereign Wealth Funds (SWFs) are generally known as investment funds owned by national governments and financed by the country's foreign currency reserves (dollar, euro, yen), often through their central banks or via direct investments. Usually the funds are invested in the proceeds of non-renewable natural resources or a higher return alternative to holding foreign currency. SWFs are currently managing between USD 3 and 4 trillion. The Government of Singapore owns two independent SWFs. The first, Temasek Holdings, was founded in 1974 to manage part of the Government’s revenues. This paper analyses the investment strategy of the Temasek Holding as one of the most successful SWF. Present turbulent times create a big pressure on healthy investment strategy of the SWFs. But total shareholder return of the Temasek Holding since its inception in 1974 has been a healthy 17% compounded annually. Temasek is managed on commercial principles to create and deliver sustainable long-term value for its stakeholders. It is an active shareholder and aims to achieve sustainable returns by engaging the boards and management of its portfolio companies to foster a culture of integrity, excellence and meritocracy, maintain a clear focus on core competence, customer fulfilment, consistent value creation, and cultivate high calibre board and management leadership. This paper will provide answers on a questions like: who is the Temasek Holding, what is its investment strategy and why is Temasek so successful story? Another part of this paper analyzes and compares investment strategy of the Temasek Holding with others SWFs. -
GIC) Final-09.03 Ok.Indd
Report on the Management of the Government’s Portfolio for the Year 2007/08 Pantone 877C Pantone 876C Pantone Re ex Blae C GIC) Final-09.03_ok.indd 4 9/3/08 8:48:53 PM Pantone 876C Pantone 876C Report on the Management of the Government’s Portfolio for the Year 2007/08 Our responsibility is to preserve and enhance Singapore’s foreign reserves. THE GIC People and talent are central to what we can do. We believe that the PRIMER results we seek are best achieved through a culture founded on our five PRIME values of Prudence, Respect, Integrity, Merit and Excellence. PRPR PRUDENCE RESPECT We exercise prudence and sound All of us are united in a common judgement and take a considered endeavour, regardless of who we are, approach to managing risks as where we work or what we do. We we seek to deliver sustainable, respect people as individuals, care for superior investment returns, their well-being, and welcome diversity always conscious of our overriding in capability and background. We do fiduciary responsibility. not tolerate behaviour that works against the interests of our clients or of GIC. As an institution and as individuals, we conduct ourselves with good sense We stress teamwork within and across and circumspection, even as we take departments, and with our clients and the best advantage of our large asset business partners. We expect everyone base, global presence, multi-asset to be free, candid and constructive in approach and long-term orientation. their comments and suggestions, and always seek to help our colleagues and GIC do better. -
Press Release
Press Release 2021 Budget Statement to be delivered on Tuesday, 16 February 2021, at 3 pm Singapore’s FY2021 Budget Statement will be delivered by Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Mr Heng Swee Keat, on Tuesday, 16 February 2021 at 3pm in Parliament. 2. A ‘live’ webcast of the Budget Speech will be available on the Singapore Budget website (www.singaporebudget.gov.sg) and MOF Facebook page (www.facebook.com/MOFsg). The Ministry of Finance (MOF) is also partnering the Singapore Association for the Deaf (SADeaf) to provide simultaneous sign language interpretation of the Budget Speech on the Singapore Budget website and Channel 5. 3. There will be real-time updates of key announcements from the Budget Speech on the MOF Facebook page (www.facebook.com/MOFsg) and on the MOF Twitter account (www.twitter.com/MOFsg). 4. The Budget Speech will be broadcast 'live' on Channel 5, CNA, CNA938, Capital 958, CNA website (www.channelnewsasia.com), CNA Youtube, CNA FB, 8 World News (www.8world.com), 8 World News Youtube, 8 World News FB and on MediaCorp’s meWATCH (www.mewatch.sg). 5. The public may visit the MOF website (www.mof.gov.sg/email-subscription) and subscribe to receive the full Budget Statement via email after it has been delivered. This service will be available for sign-ups until 2.00pm on Monday, 15 February 2021. Alternatively, members of the public may also wish to keep themselves updated on the Budget announcements by subscribing to MOF’s Telegram channel via https://t.me/MOFSpore.