Temasek with 400 employees spend $8 billion on adminstration expense

[Watchman]

Inflation is where poor folks are paying for most of the indirect taxes .

 

[Papsmearer]

forgive her. sh'es cock-eyed. hard to see things when u look so spastic like that.

Don't care what she looks like, she needs to come on this forum more often if she wants to dig up shit on the PAP.

 

[scroobal]

You are right.

SGD8billion is from "The Group" which is consolidated accounts.

Four hunderd employees is from "The company" which is HQ only.

Akin to taking whole company expenses and divide by only one dept head count :o

I didnt see the financial statements she is referring to, but like that tio bo

 

[Rogue Trader]

SGD8billion is from "The Group" which is consolidated accounts.

Four hunderd employees is from "The company" which is HQ only.

Akin to taking whole company expenses and divide by only one dept head count :o

I didnt see the financial statements she is referring to, but like that tio bo

Going by the accounting principle of Matching, you have to allocate costs to your revenue generating entity. eg, in a group of 10 companies, you can't transfer all the costs to a single entity to make the other 9 look super profitable. The Enron scandal was caused by accountants hiding debts and losses at phantom companies.

 

[scroobal]

Temasek is not required to reveal their actual audited accounts. The idea is to avoid people following their investment strategy. Enron was different - special purpose vehicle to take liabilities off their books. Arthur Anderson disappeared from the face of the earth because of it.

Instead of talking about the 400 employees, she should have asked what the billions were for and demanded transparency or an independent commission to conduct a closed review.

Going by the accounting principle of Matching, you have to allocate costs to your revenue generating entity. eg, in a group of 10 companies, you can't transfer all the costs to a single entity to make the other 9 look super profitable. The Enron scandal was caused by accountants hiding debts and losses at phantom companies.

 

[Rogue Trader]

Instead of talking about the 400 employees, she should have asked what the billions were for and demanded transparency or an independent commission to conduct a closed review.

Actually, headcount is an appropriate measure. The $8b in question was for admin expenses

 

[Unrepented]

http://www.sammyboy.com/showthread....A-(among-others)-included-in-Temasek-accounts

The above recent thread provides some ancillary on this discussion.

Ms Pao just scored another own goal and a very embrassing one, imo. She should have done more research and consultation before commenting on issues outside her scope of expertise and training.:o

Actually, headcount is an appropriate measure. The $8b in question was for admin expenses

 

[Unrepented]

Imo, it all boils down to the respective CEOs and BODs of companies within the local group portfolio that contributes to the relevant figures under the microscope. Independent commissions can only scratch the surface but not the root attributing factors.

I can hazard the guess on the findings after the commission of inquiry (however remote the possibility of having one); ...... the group adopts good corporate govenance in accordance with the guidlines, independent directors in renumeration and audit committees, salary scale are marked to market, inflationary factors, competitive environment for operating resources, adopted measures to improve productivity etc. and the list goes on.

Even if the said figures are segregated into sub categories in the name of transparency, imo it means nothing. The scope and spread of industries within the local portfolio in the group very wide. Beating the dog with the wrong end of the stick. Just my 2c:o

Instead of talking about the 400 employees, she should have asked what the billions were for and demanded transparency or an independent commission to conduct a closed review.

 

[Papsmearer]

Temasek is not required to reveal their actual audited accounts. The idea is to avoid people following their investment strategy. Enron was different - special purpose vehicle to take liabilities off their books. Arthur Anderson disappeared from the face of the earth because of it.

Instead of talking about the 400 employees, she should have asked what the billions were for and demanded transparency or an independent commission to conduct a closed review.

Temasek IS required to reveal their actual audited statements. But this is not a govt, requirement, It was a S & P and Moody's requirement went Temasek started selling $billions in bonds to institutional investors. S & P had to give the Termasek bonds a rating, and the only way they will give Triple A is if they see the books themselves. No AAA rating, = No institutional investors.

 

[Unrepented]

To what depth? Is it just an assurance report by auditor in specific area only? Notwithstanding the employees in S&P, who knows the methodologies and models employed in deriving the varied ratings which are of differing nature?

I am not familiar with CRAs. But are you making an educated guess with regard to revealing "actual audited statements" ( whats your definition of audited statement? Group only or including the rest of investments therein?)

I'd also like to learn from your opinion.

Temasek IS required to reveal their actual audited statements. But this is not a govt, requirement, It was a S & P and Moody's requirement went Temasek started selling $billions in bonds to institutional investors. S & P had to give the Termasek bonds a rating, and the only way they will give Triple A is if they see the books themselves. No AAA rating, = No institutional investors.

 

[sense]

 

[sense]

From Temasek admin expenses, one can infer that if TT becomes the EP, even at $4m a year, he will still be taking pay cut from what he had there - poor thing.

 

[cheekenpie]

Yes! KNN they take CPF money make tons of profits but give us 2.5% niah!

 

[sense]

 

[streetsmart73]

Going by the accounting principle of Matching, you have to allocate costs to your revenue generating entity. eg, in a group of 10 companies, you can't transfer all the costs to a single entity to make the other 9 look super profitable. The Enron scandal was caused by accountants hiding debts and losses at phantom companies.

hi there


1. isn't this some creative accounting or what?

 

[Unrepented]

When cost is consolidated, they also consolidate the revenue, assets and liabilites in the books, matching principle still exists.

In the Enron scandal, it was the "off balance sheet" items through creative structuring to beat the accounting law passed by the local jurisdiction.

Going by the accounting principle of Matching, you have to allocate costs to your revenue generating entity. eg, in a group of 10 companies, you can't transfer all the costs to a single entity to make the other 9 look super profitable. The Enron scandal was caused by accountants hiding debts and losses at phantom companies.

 

[Rogue Trader]

When cost is consolidated, they also consolidate the revenue, assets and liabilites in the books, matching principle still exists.

In the Enron scandal, it was the "off balance sheet" items through creative structuring to beat the accounting law passed by the local jurisdiction.

paiseh, I haven't seen Temasek's annual reports, only commented on Hazel's findings. Yes, if it is the group ledger, then an aggregated cost has to be reported against an aggregated profit.

 

[Unrepented]

No need paiseh. I just give my limited 2c so that others can avoid Ms Pao mistake.

paiseh, I haven't seen Temasek's annual reports, only commented on Hazel's findings. Yes, if it is the group ledger, then an aggregated cost has to be reported against an aggregated profit.