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A company like no other!

sochi2014

Alfrescian
Loyal
Other companies are only interested in making $$$$$

Temasek Hldgs is different!! hehe..

jq56b5.png
 

Leepotism

Alfrescian (Inf)
Asset
President Tony Tan praises Temasek Holdings sky high





"A company like no other": President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary




As it expands beyond Singapore, the firm represents the standards and values of Singapore on the global stage, he said. These include integrity, meritocracy, and a commitment to the long term.

temasek-tony.jpg




SINGAPORE: From humble beginnings, the value of assets held and grown by Temasek Holdings has contributed to the wealth of the nation, and supports present and future generations, said President Tony Tan Keng Yam.

He spoke at the 40th-anniversary celebration dinner held for the investment firm at the Istana on Monday (Sep 22). The full text of his speech is presented below:
AN UNEXPECTED BEGINNING
Established within the first decade of Singapore’s independence, Temasek was a company like no other. It was an experiment, born out of necessity.

In its first decade, the Singapore Government had pushed hard to industrialise, and to find a living for its people. It provided loans to some companies, and co-invested in others, in order to encourage investors to create jobs in Singapore. In 1968, it took the various industrial loans and put them together, with the support of local banks, to form the Development Bank of Singapore, now DBS.

Then came the announcement of the British plan to withdraw its Far East forces by 1971. The British forces based in Singapore contributed to 20 per cent of our island nation’s GDP and accounted for one-fifth of its jobs.

This spurred a huge effort to convert the British military and naval bases to other facilities in order to keep the jobs. Naval yards became ship repair yards, and naval workshops became engineering companies.

By 1974, the Singapore Government owned shares in a motley collection of companies, from detergent manufacturers to chicken essence producers, from newly converted shipyards to a start-up airline.

It was clearly not the business of government to run such enterprises, and so Temasek was set up to take over and own some 35 companies and miscellaneous investments.

This provided a clear separation between the role of Government as a policy-maker and regulator, and the role of Temasek as the shareholder and commercial owner of companies. Even today, 40 years later, it is a distinction that remains unclear to some.

Governments the world over tend to keep close links to corporations, even if they only have a small stake – governments and politicians tend to harbour ambitions to control and direct the business of such companies. Political patronage may dictate senior appointments at the boards and management of State-Owned Enterprises (SOEs).

Many SOEs around the world are protected from competition and cushioned from corporate realities through subsidies in various guises. This leads to an unlevel playing field. Other SOEs may become instruments for achieving politically-driven agendas. Their workforces may balloon, while their cost burdens become unsustainable.

Singapore saw all these scenarios as unacceptable. As a nation, we have no oil and mineral wealth. With land only barely bigger than Lake Tahoe, we only had our people, and our collective will to survive.

We sought to build robust public institutions, free of corruption and sanctioned by the rule of law. We concentrated on education, to ensure future generations of Singaporeans were well-equipped to deal with a changing world. And we opened our economy, embraced free trade, foreign investment and capital flows.

We kept an eye on our nation’s future. Just as our people have a strong culture of savings, Government also set out to live within its means from day one.

Thus, Temasek was born in this fluid milieu of early nationhood, of self-reliance and fiscal prudence, of the imperative to strive for survival while fostering unity amidst the diversity of race, language and religion.
Temasek is but one of the many Singapore institutions which epitomises this culture of constant hard work and ceaseless innovation to build for the future.

PROTECTING OUR RESERVES
And so Singapore’s wealth grew – from the value of assets, held and grown by institutions like Temasek over the years; from the budget discipline of successive Governments, all committed to live within their means and paranoid about building for future generations and not just spend past or future generations’ earnings; from the hard work and savings of her people.

Our wealth was not held in cash and shares alone. Our assets include land – scarce for such a small country as Singapore. These constitute the wealth and reserves of our nation, to support our present and future generations.

It is to protect these hard-earned reserves, accumulated over generations, that the Singapore Government proposed amendments to the Constitution in 1991, to enshrine the philosophy for each Government to live within its means, and not lightly touch the reserves built by previous Governments. At the time, this was almost without equal.

This concept of protecting past reserves was also extended in the Singapore Constitution to key institutions such as Temasek, GIC, MAS and CPF, as well as Government agencies responsible for significant land assets such as JTC and HDB, for industrial and housing land respectively. These institutions have constitutional responsibilities to protect their respective past reserves, and are collectively known as the Fifth Schedule entities.

Our principles are framed around some key concepts. The first is that the Government of the day can only spend current reserves accrued within its own term of office; each Government can only spend what it can earn, and deliver a balanced budget over its term of office.

And the second is that a second key protects the past reserves. The second key would be vested in an elected President, who will decide independently whether to approve a draw on past reserves.

The President also exercises independent veto powers on decisions to appoint, or remove board members and the chief executives of Fifth Schedule entities. This was intended to protect the integrity of their boards and management.

These are not just mechanical or legal requirements. They go to the heart of protecting our nation’s nest egg, our past reserves; be it the Government and its past reserves, or the board and management of any Fifth Schedule entity and their respective past reserves.
Of course, we have little choice but to be careful with managing our reserves. The reserves have been built up over many years by men and women who have worked hard and saved prudently. We don’t have the luxury of replacing our reserves with mineral or oil revenue.
Temasek has played its part as a steward of its own company reserves, and I thank the Board and management – past and present – for their strong sense of purpose and commitment to these principles.

TEMASEK AND ITS PORTFOLIO COMPANIES

The adherence to the principles I just spoke of played a role in the steady growth of Temasek even as it evolved over the years.

There is also a shared commitment to meritocracy, commercial discipline and accountability among the Temasek portfolio companies or TPCs. It is a particular delight that some of those who played leadership roles in these companies in the early days of our independence are here with us tonight.

Many TPCs became regional and global champions in their own right, from rig-builders to airlines, from real estate to engineering. Government didn’t make them champions. Temasek didn’t make them champions. They competed freely against the best in the world for a customer base far larger than our home market. They earned the support and trust of their customers in a globally competitive marketplace.

In all cases, these companies leant on their biggest assets – their people – to adapt, grow and compete.

Like its portfolio companies, Temasek itself has also expanded beyond Singapore. It has investments across all the continents, and where it goes, it represents the standards and values of Singapore: Integrity, meritocracy, fairness, humility, a trusted partner and a commitment to the long term.

Geopolitical and other risks will, from time to time, threaten economic growth and social cohesion, or overturn conventional business models. This highlights the importance of focusing on the fundamentals of growth, especially for the longer term. All the more important for a long-term investor is the need to maintain consistency in the exemplary standards and values for which Temasek is so well-known.

HELPING THOSE IN OUR COMMUNITY
While Temasek has increasingly become a global investor, I greatly welcome its commitment via its various non-profit philanthropic organisations to support those in our community who need help, both in Singapore and further afield.

I am also heartened to note that the Singapore companies in the Temasek portfolio are also active contributors to their wider community, not just in terms of funding support, but also in bringing their knowledge and expertise to bear in finding solutions to some long standing needs.

I have seen many community groups and projects benefit from the long-term commitment of Temasek, and the TPCs. I know many from those organisations are here tonight, and I thank them for their work.

For an institution that thinks long term, 40 years may not seem a major milestone. However, for a country that is just a little shy of its 50th birthday, Temasek is but one very good example of how we think, act and invest as a community.

Temasek has inculcated standards of governance among its portfolio companies, and leads the way to think and plan for the long term as a trusted steward.

From a humble beginning 40 years ago in a tiny office at the mouth of the Singapore River, Temasek has come to be regarded as one of the foremost global equities investment companies today.

I especially reflect on those individuals who had the courage of conviction to make Temasek, and its portfolio companies, much greater than I think our early leaders would have expected. The journey has been a remarkable one. Happy 40[SUP]th[/SUP] birthday, Temasek. To many more to come.



 

laksaboy

Alfrescian (Inf)
Asset
Re: President Tony Tan praises Temasek Holdings sky high

"A company like no other": President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary



weetheamseng1.jpg


40792644614446543887426.jpg



A familee like no other.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Gay Loong cousin Tony Tan praise Temasek "A company like no other" hahahahhahaha

I didn't know Gay Loong's karchng became a stand up comedian. U mean his salary is not enough he has to moonlight at comedy improv? Integrity and meritocracy at Temasick? what a joke. How can a President supposed to be the guardian of the national reserves be eating free luxury dinner with themat his own house the Istana, and than praising their shit results to high heavens? Like that, he is already so biased towards them, how to be a real neutral guardian? By his own admission, there were already shipyards, naval repair facilities, and at least 35 sizeable companies that the govt put into Temasek. Sure doesn't sound like a sleepy fishing village to me.

"A company like no other": President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary

As it expands beyond Singapore, the firm represents the standards and values of Singapore on the global stage, he said. These include integrity, meritocracy, and a commitment to the long term.

SINGAPORE: From humble beginnings, the value of assets held and grown by Temasek Holdings has contributed to the wealth of the nation, and supports present and future generations, said President Tony Tan Keng Yam.


He spoke at the 40th-anniversary celebration dinner held for the investment firm at the Istana on Monday (Sep 22). The full text of his speech is presented below:

AN UNEXPECTED BEGINNING

Established within the first decade of Singapore’s independence, Temasek was a company like no other. It was an experiment, born out of necessity.

In its first decade, the Singapore Government had pushed hard to industrialise, and to find a living for its people. It provided loans to some companies, and co-invested in others, in order to encourage investors to create jobs in Singapore. In 1968, it took the various industrial loans and put them together, with the support of local banks, to form the Development Bank of Singapore, now DBS.

Then came the announcement of the British plan to withdraw its Far East forces by 1971. The British forces based in Singapore contributed to 20 per cent of our island nation’s GDP and accounted for one-fifth of its jobs.

This spurred a huge effort to convert the British military and naval bases to other facilities in order to keep the jobs. Naval yards became ship repair yards, and naval workshops became engineering companies.

By 1974, the Singapore Government owned shares in a motley collection of companies, from detergent manufacturers to chicken essence producers, from newly converted shipyards to a start-up airline.

It was clearly not the business of government to run such enterprises, and so Temasek was set up to take over and own some 35 companies and miscellaneous investments.

This provided a clear separation between the role of Government as a policy-maker and regulator, and the role of Temasek as the shareholder and commercial owner of companies. Even today, 40 years later, it is a distinction that remains unclear to some.

Governments the world over tend to keep close links to corporations, even if they only have a small stake – governments and politicians tend to harbour ambitions to control and direct the business of such companies. Political patronage may dictate senior appointments at the boards and management of State-Owned Enterprises (SOEs).

Many SOEs around the world are protected from competition and cushioned from corporate realities through subsidies in various guises. This leads to an unlevel playing field. Other SOEs may become instruments for achieving politically-driven agendas. Their workforces may balloon, while their cost burdens become unsustainable.

Singapore saw all these scenarios as unacceptable. As a nation, we have no oil and mineral wealth. With land only barely bigger than Lake Tahoe, we only had our people, and our collective will to survive.

We sought to build robust public institutions, free of corruption and sanctioned by the rule of law. We concentrated on education, to ensure future generations of Singaporeans were well-equipped to deal with a changing world. And we opened our economy, embraced free trade, foreign investment and capital flows.

We kept an eye on our nation’s future. Just as our people have a strong culture of savings, Government also set out to live within its means from day one.

Thus, Temasek was born in this fluid milieu of early nationhood, of self-reliance and fiscal prudence, of the imperative to strive for survival while fostering unity amidst the diversity of race, language and religion.

Temasek is but one of the many Singapore institutions which epitomises this culture of constant hard work and ceaseless innovation to build for the future.

PROTECTING OUR RESERVES

And so Singapore’s wealth grew – from the value of assets, held and grown by institutions like Temasek over the years; from the budget discipline of successive Governments, all committed to live within their means and paranoid about building for future generations and not just spend past or future generations’ earnings; from the hard work and savings of her people.

Our wealth was not held in cash and shares alone. Our assets include land – scarce for such a small country as Singapore. These constitute the wealth and reserves of our nation, to support our present and future generations.


It is to protect these hard-earned reserves, accumulated over generations, that the Singapore Government proposed amendments to the Constitution in 1991, to enshrine the philosophy for each Government to live within its means, and not lightly touch the reserves built by previous Governments. At the time, this was almost without equal.

This concept of protecting past reserves was also extended in the Singapore Constitution to key institutions such as Temasek, GIC, MAS and CPF, as well as Government agencies responsible for significant land assets such as JTC and HDB, for industrial and housing land respectively. These institutions have constitutional responsibilities to protect their respective past reserves, and are collectively known as the Fifth Schedule entities.

Our principles are framed around some key concepts. The first is that the Government of the day can only spend current reserves accrued within its own term of office; each Government can only spend what it can earn, and deliver a balanced budget over its term of office.

And the second is that a second key protects the past reserves. The second key would be vested in an elected President, who will decide independently whether to approve a draw on past reserves.

The President also exercises independent veto powers on decisions to appoint, or remove board members and the chief executives of Fifth Schedule entities. This was intended to protect the integrity of their boards and management.

These are not just mechanical or legal requirements. They go to the heart of protecting our nation’s nest egg, our past reserves; be it the Government and its past reserves, or the board and management of any Fifth Schedule entity and their respective past reserves.

Of course, we have little choice but to be careful with managing our reserves. The reserves have been built up over many years by men and women who have worked hard and saved prudently. We don’t have the luxury of replacing our reserves with mineral or oil revenue.

Temasek has played its part as a steward of its own company reserves, and I thank the Board and management – past and present – for their strong sense of purpose and commitment to these principles.

TEMASEK AND ITS PORTFOLIO COMPANIES


The adherence to the principles I just spoke of played a role in the steady growth of Temasek even as it evolved over the years.

There is also a shared commitment to meritocracy, commercial discipline and accountability among the Temasek portfolio companies or TPCs. It is a particular delight that some of those who played leadership roles in these companies in the early days of our independence are here with us tonight.

Many TPCs became regional and global champions in their own right, from rig-builders to airlines, from real estate to engineering. Government didn’t make them champions. Temasek didn’t make them champions. They competed freely against the best in the world for a customer base far larger than our home market. They earned the support and trust of their customers in a globally competitive marketplace.

In all cases, these companies leant on their biggest assets – their people – to adapt, grow and compete.

Like its portfolio companies, Temasek itself has also expanded beyond Singapore. It has investments across all the continents, and where it goes, it represents the standards and values of Singapore: Integrity, meritocracy, fairness, humility, a trusted partner and a commitment to the long term.

Geopolitical and other risks will, from time to time, threaten economic growth and social cohesion, or overturn conventional business models. This highlights the importance of focusing on the fundamentals of growth, especially for the longer term. All the more important for a long-term investor is the need to maintain consistency in the exemplary standards and values for which Temasek is so well-known.

HELPING THOSE IN OUR COMMUNITY

While Temasek has increasingly become a global investor, I greatly welcome its commitment via its various non-profit philanthropic organisations to support those in our community who need help, both in Singapore and further afield.

I am also heartened to note that the Singapore companies in the Temasek portfolio are also active contributors to their wider community, not just in terms of funding support, but also in bringing their knowledge and expertise to bear in finding solutions to some long standing needs.

I have seen many community groups and projects benefit from the long-term commitment of Temasek, and the TPCs. I know many from those organisations are here tonight, and I thank them for their work.

For an institution that thinks long term, 40 years may not seem a major milestone. However, for a country that is just a little shy of its 50th birthday, Temasek is but one very good example of how we think, act and invest as a community.

Temasek has inculcated standards of governance among its portfolio companies, and leads the way to think and plan for the long term as a trusted steward.

From a humble beginning 40 years ago in a tiny office at the mouth of the Singapore River, Temasek has come to be regarded as one of the foremost global equities investment companies today.

I especially reflect on those individuals who had the courage of conviction to make Temasek, and its portfolio companies, much greater than I think our early leaders would have expected. The journey has been a remarkable one. Happy 40th birthday, Temasek. To many more to come.
 

halsey02

Alfrescian (Inf)
Asset
Buy high sell low ?

Buy LOONG Term , Sell SHORT term....no worries, no need to account for losses, all kar kee lang, kar chng ang ang.....they now have Paul the sibeh heng there too....a company like no other...SINGAPOREANS A CONTRIBUTOR TO THE COMPANY'S FUND LIKE NO OTHER TOO!!
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Re: Gay Loong cousin Tony Tan praise Temasek "A company like no other" hahahahhahaha

The President also exercises independent veto powers on decisions to appoint, or remove board members and the chief executives of Fifth Schedule entities. This was intended to protect the integrity of their boards and management.

How can the President exercise these independent powers when he is in close cahoots with them?. Look at the venue of the dinner. Tony Tan invited and than provided Temasek a lavish dinner at his residencem the Istana!! What is so independent about this? Why is Tony using taxpayer money to fund a dinner for Temasek? Those fuckers are too cheap to host their own dinner at a local hotel? Lost too much money and cannot afford to rent banquet facility? Not to mention that his cousin's wife is the CEO of Temasek. He is about as independent as his left testicle from his right balls.
 

krafty

Alfrescian (Inf)
Asset
Re: Gay Loong cousin Tony Tan praise Temasek "A company like no other" hahahahhahaha

only he knows how he got there...:rolleyes:
 

tanwahtiu

Alfrescian
Loyal
Re: Gay Loong cousin Tony Tan praise Temasek "A company like no other" hahahahhahaha

He is a 1 term EP and with a stick shafted to his balls (lumpar ke tio char kee) he throw freebies to his own kind.



The President also exercises independent veto powers on decisions to appoint, or remove board members and the chief executives of Fifth Schedule entities. This was intended to protect the integrity of their boards and management.

How can the President exercise these independent powers when he is in close cahoots with them?. Look at the venue of the dinner. Tony Tan invited and than provided Temasek a lavish dinner at his residencem the Istana!! What is so independent about this? Why is Tony using taxpayer money to fund a dinner for Temasek? Those fuckers are too cheap to host their own dinner at a local hotel? Lost too much money and cannot afford to rent banquet facility? Not to mention that his cousin's wife is the CEO of Temasek. He is about as independent as his left testicle from his right balls.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Re: President Tony Tan praises Temasek Holdings sky high

So Slick Tony said,

Our principles are framed around some key concepts. The first is that the Government of the day can only spend current reserves accrued within its own term of office; each Government can only spend what it can earn, and deliver a balanced budget over its term of office.

And the second is that a second key protects the past reserves. The second key would be vested in an elected President, who will decide independently whether to approve a draw on past reserves.


So, here is my question for slick Tony. If you don't know How much is in the reserves (as told to Ong Teng Cheong in the 52 man years excuse), than how do you know how much can be drawn in an emergency? In addition, the terms of the reserve draws says that the govt of the day can only spend the accrued surplus during its term. Well, than, shouldn't a report be made known after each govt of the day is over to indicate how much they have accrued? SO, as not to use their money for the current govt. There has been 11 governments of the day under 3 different prime ministers, therefore the reserves should indicate how much surplus each govt accumulated. which leads to the next question.

If there was an election, and 2 months after the election, the new govt faced a man made or natural disaster, than it cannot draw on the reserves of prior govts but only on what it accumulated in the 2 months it has been in power? How stupid is that? Before idiots start firing away at what disasters can befall us, let me say there are the natural ones like earthquakes, or man-made ones like prolonged haze, a nuclear diasater caused by islamic saboteurs onboard a US aircraft carrier berth at Changi Naval base, or some MAS pilot decides to fly his Boeing 777 into the RWS buildings to protest something or other, etc. Where would the govt of the day get the funds to go on?

This is why this must be one of the first laws abolished under any new oppo govt that wins the elections. Its stupid and serves to protect the PAP. By obfuscating the amount in the national reserves, it makes sure that if they lose a GE, the new party cannot determine how much is accessible to it. Also, easier for the PAP to still it. Its like investors who put money in a bank, but the bank tells them it would take too many man years to figure how much all the investors money plus accrued interest came up to. This kind of fucked govt also can? song boh?
 

spotter542

Alfrescian (Inf)
Asset
Re: President Tony Tan praises Temasek Holdings sky high

A country like no other alrite :rolleyes:
2016 will be the year karma spit them back in the face
:oIo:
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Re: President Tony Tan praises Temasek Holdings sky high

Many TPCs became regional and global champions in their own right, from rig-builders to airlines, from real estate to engineering. Government didn’t make them champions. Temasek didn’t make them champions. They competed freely against the best in the world for a customer base far larger than our home market.

hahahaahha, all these GLCs can become global champions without being protected with monopolies in singapore meh? If SQ wasn't the only approved singapore airline, they would not have been this big. They are not champions, they are not even in the top 10 in the world, and the govt did protect them, stop lying slick tony.
 

melzp

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Loyal
Re: President Tony Tan praises Temasek Holdings sky high

No wonder Goodyear couldn't fit into their Company(companions),
 
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