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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. -
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. -
Major Vote Swing
BT INFOGRAPHICS GE2015 Major vote swing Bukit Batok Sengkang West SMC SMC Sembawang Punggol East GRC SMC Hougang SMC Marsiling- Nee Soon Yew Tee GRC GRC Chua Chu Kang Ang Mo Kio Holland- GRC GRC Pasir Ris- Bukit Punggol GRC Hong Kah Timah North SMC GRC Aljunied Tampines Bishan- GRC GRC Toa Payoh East Coast GRC GRC West Coast Marine GRC Parade Tanjong Pagar GRC GRC Fengshan SMC MacPherson SMC Mountbatten SMC FOUR-MEMBER GRC Jurong GRC Potong Pasir SMC Chua Chu Kang Registered voters: 119,931; Pioneer Yuhua Bukit Panjang Radin Mas Jalan Besar total votes cast: 110,191; rejected votes: 2,949 SMC SMC SMC SMC SMC 76.89% 23.11% (84,731 votes) (25,460 votes) PEOPLE’S ACTION PARTY (83 SEATS) WORKERS’ PARTY (6 SEATS) PEOPLE’S PEOPLE’S ACTION PARTY POWER PARTY Gan Kim Yong Goh Meng Seng Low Yen Ling Lee Tze Shih SIX-MEMBER GRC Yee Chia Hsing Low Wai Choo Zaqy Mohamad Syafarin Sarif Ang Mo Kio Pasir Ris-Punggol 2011 winner: People’s Action Party (61.20%) Registered voters: 187,771; Registered voters: 187,396; total votes cast: 171,826; rejected votes: 4,887 total votes cast: 171,529; rejected votes: 5,310 East Coast Registered voters: 99,118; 78.63% 21.37% 72.89% 27.11% total votes cast: 90,528; rejected votes: 1,008 (135,115 votes) (36,711 votes) (125,021 votes) (46,508 votes) 60.73% 39.27% (54,981 votes) (35,547 votes) PEOPLE’S THE REFORM PEOPLE’S SINGAPORE ACTION PARTY PARTY ACTION PARTY DEMOCRATIC ALLIANCE Ang Hin Kee Gilbert Goh J Puthucheary Abu Mohamed PEOPLE’S WORKERS’ Darryl David Jesse Loo Ng Chee Meng Arthero Lim ACTION PARTY PARTY Gan -
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. -
The Candidates
BT INFOGRAPHICS GE2015 The candidates Bukit Batok Sengkang West SMC SMC Sembawang Punggol East GRC SMC Hougang Marsiling- SMC Yew Tee GRC Nee Soon GRC Chua Chu Kang AngAng Mo MoKio Kio Holland- Pasir Ris- GRC GRCGRC Bukit Punggol GRC Timah Hong Kah GRC North SMC Tampines Bishan- Aljunied GRC Toa Payoh GRC East Coast GRC Jurong GRC GRC West Coast GRC Marine Parade Tanjong Pagar GRC GRC Fengshan SMC FOUR-MEMBER GRC Jalan Besar Chua Chu Kang MacPherson SMC GRC (Estimated no. of electors: 119,848) Mountbatten SMC PEOPLE’S PEOPLE’S ACTION PARTY POWER PARTY Gan Kim Yong Goh Meng Seng Low Yen Ling Lee Tze Shih Pioneer Yuhua Bukit Panjang Radin Mas Potong Yee Chia Hsing Low Wai Choo SMC SMC SMC SMC Pasir SMC Zaqy Mohamad Syafarin Sarif East Coast SIX-MEMBER GRC FIVE-MEMBER GRC FOUR-MEMBER GRC SINGLE-MEMBER CONSTITUENCY (SMC) (Estimated no. electors: 99,015) PEOPLE’S WORKERS’ SIX-MEMBER GRC FIVE-MEMBER GRC ACTION PARTY PARTY Jessica Tan Daniel Goh Ang Mo Kio Aljunied Nee Soon Lee Yi Shyan Gerald Giam (Estimated no. of electors: 187,652) (Estimated no. of electors: 148,024) (Estimated no. of electors: 132,200) Lim Swee Say Leon Perera Maliki Bin Osman Fairoz Shariff PEOPLE’S THE REFORM WORKERS’ PEOPLE’S PEOPLE’S WORKERS’ Holland-Bukit Timah ACTION PARTY PARTY PARTY ACTION PARTY ACTION PARTY PARTY (Estimated no. of electors: 104,397) Ang Hin Kee Gilbert Goh Chen Show Mao Chua Eng Leong Henry Kwek Cheryl Denise Loh Darryl David Jesse Loo Low Thia Kiang K Muralidharan Pillai K Shanmugam Gurmit Singh Gan Thiam Poh M Ravi Faisal Abdul Manap Shamsul Kamar Lee Bee Wah Kenneth Foo Intan Azura Mokhtar Osman Sulaiman Pritam Singh Victor Lye Louis Ng Luke Koh PEOPLE’S SINGAPORE ACTION PARTY DEMOCRATIC PARTY Koh Poh Koon Roy Ngerng Sylvia Lim Yeo Guat Kwang Faishal Ibrahim Ron Tan Christopher De Souza Chee Soon Juan Lee Hsien Loong Siva Chandran Liang Eng Hwa Chong Wai Fung Bishan-Toa Payoh Sembawang Sim Ann Paul Ananth Tambyah Pasir Ris-Punggol (Estimated no. -
Temasek Holdings (Private) Limited
Temasek Holdings (Private) Limited Primary Credit Analyst: Simon Wong, Singapore (65) 6239-6336; [email protected] Secondary Contact: Yijing Ng, Singapore (65) 6216-1170; [email protected] Table Of Contents Credit Highlights Outlook Our Base-Case Scenario Company Description Business Risk Financial Risk Liquidity Environmental, Social, And Governance Government Influence Issue Ratings - Subordination Risk Analysis Ratings Score Snapshot Related Criteria WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 19, 2021 1 Temasek Holdings (Private) Limited Credit Highlights Issuer Credit Rating AAA/Stable/A-1+ Overview Key strengths Key risks Sizable and well diversified portfolio of quality assets. Significant exposure to volatile financial services and emerging economies. Consistent record of prudent investment and active Our view that the steady increase in unlisted investments over the years could erode the asset rotation. portfolio characteristics. Strong cash flow adequacy. Infrequent and limited, albeit improving, information disclosure. Track record of net cash at the parent level. Our view of strong support from the Singapore government. Temasek Holdings (Private) Limited's high proportion of unlisted investments could erode the credit quality of its investment portfolio, in our view. The Singapore-headquartered investment holding company's relatively high proportion of unlisted investments, which accounted for 45% of its total portfolio as of March 31, 2021, could erode the asset liquidity and credit quality of the company's portfolio if Temasek increases its exposure to investments, including early-stage companies, with weaker credit profile. However, Temasek's substantial cash and cash equivalents and short-term investments, the increased asset diversity of its portfolio, and steady reduction in portfolio concentration of key assets have so far tempered the risk. -
Temasek Review 2007 Full
“Drop by drop a river is formed” – URDU SAYING Creating Value As a long-term investor anchored in Asia, we have the opportunity to play our part as an enlightened partnership, and as a responsible corporate citizen in the wider community, to create value and help shape a better world for our present and future generations in Asia. We too are changing and re-inventing ourselves as Asia transforms. However, the principle of creating and managing for value remains a constant for us, as do our core values of integrity, meritocracy and excellence. These are the compass points for us to remain focused and relevant to our stakeholders, including our portfolio companies, employees, shareholder, bondholders, partners, friends as well as society at large. In so doing, we remain true to the vision, commitment and dedication of our founding generation, as well as the many others who have contributed to our success over the years to do things today with tomorrow clearly in mind. About Temasek Holdings Temasek Holdings is an Asia investment house headquartered in Singapore. With a multinational staff of some 250 people, we manage a portfolio of over S$160 billion, or more than US$100 billion, focused primarily in Asia. We are an active shareholder and investor in diverse industry sectors such as banking & financial services, real estate, transportation & logistics, infrastructure, telecommunications & media, bioscience & healthcare, education, consumer & lifestyle, engineering & technology, as well as energy & resources. As an active shareholder, we encourage a culture of excellence, leadership and sound governance in our portfolio companies, as the foundation for developing people and building outstanding businesses. -
2021 Investor Presentation
Temasek Investor Presentation 2021 Information as at 13 July 2021 Investor Disclaimer Presentation This presentation is current only as at its date and the availability or use of this presentation subsequent to its date shall not create any implication that there has been no change in our affairs since the date of this presentation or that the information, statements or opinions contained herein is current as at any time subsequent to its date. This presentation is not and does not constitute or form part of, and is not made in connection with, any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of any entity, and neither this presentation nor anything contained in it shall form the basis of, or be relied upon in connection with, any contract or investment decision. This presentation includes forward-looking statements / projections, which are based on current expectations and forecasts about future events. Such statements / projections involve known / unknown risks, uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others, the condition of, and changes in, the local, regional or global economy. We can give no assurance that our expectations will be attained. Temasek’s consolidated financial information as at and for the financial years ended 31 March 2019 to 2021 included in this presentation have been prepared in accordance with both International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and Singapore Financial Reporting Standards (International). -
Reshaping Our Portfolio
TEMASEK REVIEW 2005 RESHAPING OUR PORTFOLIO RESHAPING OUR PORTFOLIO TEMASEK REVIEW 2005 * CCurrencyurrency iinn SS$,$, uunlessnless ootherwisetherwise sstatedtated **** FFYY 22004004 rrefersefers ttoo ffinancialinancial yyearear eendednded 3311 MMarcharch 22005005 aandnd ssimilarlyimilarly fforor FFYY 22003,003, FFYY 2200002 aandnd FFYY 22001001 MISSION STATEMENT 02 CORPORATE PROFILE 03 OUR PORTFOLIO 04 WEALTH ADDED 06 TOTAL SHAREHOLDER’S RETURN 07 MESSAGE FROM CHAIRMAN 08 GROUP FINANCIAL SUMMARY 15 TEMASEK HIGHLIGHTS 22 RISK MANAGEMENT 36 CORPORATE GOVERNANCE 40 BOARD OF DIRECTORS 49 SENIOR MANAGEMENT 53 TEMASEK ADVISORY PANEL 54 TEMASEK INTERNATIONAL PANEL 55 OUR PEOPLE, OUR VALUES 56 MAJOR TEMASEK-LINKED COMPANIES 59 TEMASEK OFFICES 87 TEMASEK REVIEW 20 05 CONTENTS 2 TEMASEK REVIEW 2005 MISSION STATEMENT TO CREATE AND MAXIMISE LONG-TERM SHAREHOLDER VALUE AS AN ACTIVE INVESTOR AND SHAREHOLDER OF SUCCESSFUL ENTERPRISES CORPORATE PROFILE 3 CORPORATE PROFILE BUILDING A VIABLE FUTURE THROUGH SUSTAINABLE VALUE emasek Holdings is an Asia T investment company headquartered in Singapore. We are an active shareholder and investor. We manage our investments with the aim of creating and maximising sustainable value for our shareholder. Established in 1974, we manage a diversified global portfolio of S$103 billion, principally in Singapore, Asia and the OECD economies. Our investments are in various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, Examples of Singapore-based companies infrastructure, engineering and technology, as in our portfolio are Singapore Airlines, well as pharmaceuticals and biosciences. Singapore Telecommunications, DBS Bank and Neptune Orient Lines. Industrial stalwarts Our total shareholder’s return since inception include Singapore Technologies Engineering, is 18% compounded annually.