Chanced upon this thread in another forum. SHOCKING!
From: pJUDGE2009 Apr-6 10:53 am
To: ALL
10913.1
Why are we so shocked that Temasek has lost so much of S'pore's money in recent time? Governance, transparency, structure and accountability issues have been raised and summarily brushed aside by the powers that be. Now it has happened.
According to the Peterson Institute for Interantional Economics, a Washington DC-based private non-profit think tank, in its 2007 report on Soverign Wealth Funds, Temasek ranked lower than countries like Timor Leste and even Botswana in terms of "good" governance. No wonder Timor Leste's SWF is still in the good making money despite the current financial meltdown, whilst S'pore's Temasek has lost for us 31% of the USD285Billion portfolio. (See Forbes Asia, 13th April issue)
Table 3: Summary Scoreboard for Sovereign Wealth Funds
Structure Governance
Transparency & Accountability Behavior Total
New Zealand Superannuation Fund 8.00 4.00 12.00 0.00 24.00
Norway Government Pension Fund – Global 7.50 4.00 10.50 1.00 23.00
Timor-Leste Petroleum Fund 8.00 2.00 11.75 0.00 21.75
Canada Alberta Heritage Savings Trust Fund 7.50 3.00 9.00 0.00 19.50
United States Alaska Permanent Fund 7.50 2.00 8.50 0.00 18.00
Australia Future Fund 8.00 2.00 7.00 0.00 17.00
Azerbaijan State Oil Fund of the Republic of Azerbaijan 5.00 2.00 9.50 0.00 16.50
Chile Economic and Social Stabilization Fund 7.00 2.00 6.50 0.00 15.50
Botswana Pula Fund 5.50 2.00 7.00 0.00 14.50
Kazakhstan National Oil Fund 6.00 2.00 6.50 0.00 14.50
Singapore Temasek Holdings 4.00 1.50 8.00 0.00 13.50
São Tomé and Príncipe National Oil Account 8.00 2.00 2.25 0.00 12.25
Trinidad and Tobago Heritage and Stabilization Fund 6.50 2.00 3.75 0.00 12.25
Kuwait Kuwait Investment Authority 6.00 3.00 3.00 0.00 12.00
Malaysia Khazanah Nasional 4.00 1.50 4.00 0.00 9.50
Russia Stabilization Fund of the Russian Federation 4.00 2.00 3.50 0.00 9.50
Korea Korea Investment Corporation 6.00 2.00 1.00 0.00 9.00
Kiribati Revenue Equalization Reserve Fund 5.00 2.00 0.50 0.00 7.50
Mexico Oil Income Stabilization Fund 5.00 0.00 2.00 0.00 7.00
China Central Huijin Investment Company 5.50 0.00 0.50 0.00 6.00
Venezuela National Development Fund 1.50 0.50 4.00 0.00 6.00
Iran Oil Stabilization Fund 4.00 1.00 0.50 0.00 5.50
Venezuela Macroeconomic Stabilization Fund 3.00 0.50 2.00 0.00 5.50
Oman State General Reserve Fund 3.00 0.00 2.00 0.00 5.00
Sudan Oil Revenue Stabilization Account 4.00 0.00 1.00 0.00 5.00
Algeria Revenue Regulation Fund 3.00 1.00 0.50 0.00 4.50
United Arab Emirates Istithmar 3.00 0.50 0.25 0.00 3.75
United Arab Emirates Mubadala Development Company 3.00 0.50 0.00 0.00 3.50
Brunei Brunei Investment Agency 1.00 0.50 1.00 0.00 2.50
Singapore Government of Singapore Investment Corporation 1.50 0.00 0.75 0.00 2.25
Qatar Qatar Investment Authority 2.00 0.00 0.00 0.00 2.00
United Arab Emirates Abu Dhabi Investment Authority and Corporation 0.50 0.00 0.00 0.00 0.50
Total Possible Points 8.00 4.00 12.00 1.00 25.00
Average Number of Points 4.80 1.42 4.02 0.03 10.27
http://www.iie.com/publications/papers/truman1007swf.pdf
From: pJUDGE2009 Apr-6 10:53 am
To: ALL
10913.1
Why are we so shocked that Temasek has lost so much of S'pore's money in recent time? Governance, transparency, structure and accountability issues have been raised and summarily brushed aside by the powers that be. Now it has happened.
According to the Peterson Institute for Interantional Economics, a Washington DC-based private non-profit think tank, in its 2007 report on Soverign Wealth Funds, Temasek ranked lower than countries like Timor Leste and even Botswana in terms of "good" governance. No wonder Timor Leste's SWF is still in the good making money despite the current financial meltdown, whilst S'pore's Temasek has lost for us 31% of the USD285Billion portfolio. (See Forbes Asia, 13th April issue)
Table 3: Summary Scoreboard for Sovereign Wealth Funds
Structure Governance
Transparency & Accountability Behavior Total
New Zealand Superannuation Fund 8.00 4.00 12.00 0.00 24.00
Norway Government Pension Fund – Global 7.50 4.00 10.50 1.00 23.00
Timor-Leste Petroleum Fund 8.00 2.00 11.75 0.00 21.75
Canada Alberta Heritage Savings Trust Fund 7.50 3.00 9.00 0.00 19.50
United States Alaska Permanent Fund 7.50 2.00 8.50 0.00 18.00
Australia Future Fund 8.00 2.00 7.00 0.00 17.00
Azerbaijan State Oil Fund of the Republic of Azerbaijan 5.00 2.00 9.50 0.00 16.50
Chile Economic and Social Stabilization Fund 7.00 2.00 6.50 0.00 15.50
Botswana Pula Fund 5.50 2.00 7.00 0.00 14.50
Kazakhstan National Oil Fund 6.00 2.00 6.50 0.00 14.50
Singapore Temasek Holdings 4.00 1.50 8.00 0.00 13.50
São Tomé and Príncipe National Oil Account 8.00 2.00 2.25 0.00 12.25
Trinidad and Tobago Heritage and Stabilization Fund 6.50 2.00 3.75 0.00 12.25
Kuwait Kuwait Investment Authority 6.00 3.00 3.00 0.00 12.00
Malaysia Khazanah Nasional 4.00 1.50 4.00 0.00 9.50
Russia Stabilization Fund of the Russian Federation 4.00 2.00 3.50 0.00 9.50
Korea Korea Investment Corporation 6.00 2.00 1.00 0.00 9.00
Kiribati Revenue Equalization Reserve Fund 5.00 2.00 0.50 0.00 7.50
Mexico Oil Income Stabilization Fund 5.00 0.00 2.00 0.00 7.00
China Central Huijin Investment Company 5.50 0.00 0.50 0.00 6.00
Venezuela National Development Fund 1.50 0.50 4.00 0.00 6.00
Iran Oil Stabilization Fund 4.00 1.00 0.50 0.00 5.50
Venezuela Macroeconomic Stabilization Fund 3.00 0.50 2.00 0.00 5.50
Oman State General Reserve Fund 3.00 0.00 2.00 0.00 5.00
Sudan Oil Revenue Stabilization Account 4.00 0.00 1.00 0.00 5.00
Algeria Revenue Regulation Fund 3.00 1.00 0.50 0.00 4.50
United Arab Emirates Istithmar 3.00 0.50 0.25 0.00 3.75
United Arab Emirates Mubadala Development Company 3.00 0.50 0.00 0.00 3.50
Brunei Brunei Investment Agency 1.00 0.50 1.00 0.00 2.50
Singapore Government of Singapore Investment Corporation 1.50 0.00 0.75 0.00 2.25
Qatar Qatar Investment Authority 2.00 0.00 0.00 0.00 2.00
United Arab Emirates Abu Dhabi Investment Authority and Corporation 0.50 0.00 0.00 0.00 0.50
Total Possible Points 8.00 4.00 12.00 1.00 25.00
Average Number of Points 4.80 1.42 4.02 0.03 10.27
http://www.iie.com/publications/papers/truman1007swf.pdf
