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Temasek Review Writer...Praises Temasek?!

WayangPartyClub

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Still not convinvce that Temasek Review is now under PAP management?

Home > ST Forum > Story
Kudos to Temasek for transparency award - let's take it to next level

TEMASEK'S transparency won the organisation a perfect score on the Linaburg-Maduell Transparency Index,

('Temasek scores perfect 10 on SWF transparency index', last Friday), and this is good news.

Transparency, however, is only one aspect of accountability. Corporate accountability calls for an independent board of directors which asks management tough questions about investment strategy and performance.

In Temasek's case, the board of directors comprises nine members, seven of whom have some nature of linkage with the Government. This is not necessarily a flaw per se.

Yet, others may argue that it inhibits their independence as directors. Consequently, the board's contribution to improving Temasek's corporate governance is reduced.

Certainly, one is conscious of the Government's desire to retain control over a strategic organisation such as Temasek. Nonetheless, there are approaches that may satisfy both board independence and government control.

The Ministry of Finance, Temasek's sole shareholder, should consider the structure of the California Public Employees' Retirement System (Calpers) board of directors.

Calpers, a body established by the state of California, has a 13-member board. Seven are appointed by the California government and six are elected independently. Thus, a board majority is retained by the Government.

Perhaps the Temasek board can be expanded in a similar manner. Seven directors appointed by the Government and six nominated by appropriate private sector bodies such as the Securities Investors Association (Singapore), Singapore Investment Banking Association and Association of Banks in Singapore.

It is useful to remember that all board members require the President's concurrence so any unacceptable nominees can be screened out.

Inducting significantly more independent private sector expertise into Temasek's board may not only improve its performance, but also sends a strong signal to Singaporeans that the Government and the people are in Temasek's investment journey together.

Imran Ahmed

Comment left by Temasek Review admin
http://www.temasekreview.com/2009/11/02/sph-and-recent-ddos-attack-on-temasek-review/


admin on Tue, 3rd Nov 2009 10:17 am

Hi anon,

We are not xenophobic and neither are we against foreigners and PRs. Do you know that our Managing Editor is a foreigner herself? And we have many writers who are PRs like Imran Ahmed. We are not anti-establishment either. We are focused only on issues.

As for the point you brought up, it is merely speculation. Spiders are routine visitors to any servers which allow them entry. They do not come suddenly in a flurry at one go.

Who happens to also be a writer for TOC

http://theonlinecitizen.com/2009/08/make-mandarin-compulsory-for-all/

and keeps a blog


http://www.imranwrites.blogspot.com/

Imran Ahmed
By profession, I am a banker and have been involved in the financial services industry in various roles since I started my career with Citibank in 1988. I was born in Karachi, Pakistan in 1966. Since then I have lived in various parts of the world, both as a professional and as a student. These locations include London, Singapore, Karachi, Dubai, and Los Angeles. I am presently residing in Singapore, having returned after working for over five years in Dubai, United Arab Emirates. In my last professional role, I established the discretionary asset management business for Mashreqbank. For more details on my background and professional experience, please email me at [email protected] .
 
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