Ho Ching to get “special adviser” in Ex-SGX chief to support “leadership development”
February 18th, 2010 | 
Author: Written by Our Correspondent
Temasek Holdings’ CEO Ho Ching will be getting a “special adviser” in former SGX CEO Mr Hsieh Fu Hua. The appointment was announced internally to its staff this month.
Mr Hsieh will serve on the Leadership Development and Compensation Committee and the Board Executive Committee and his role would involve supporting management ‘in leadership development and talent management,” said Temasek.
Besides Mr Hsieh, Mr Michael Lien, grandson of the late Lien Ying Chow, the founder of Overseas Union Bank, joined the Temasek board last month as a member of the Audit Committee and the Leadership Development and Compensation Committee.
It is not known if there are further leadership shuffles within Temasek in the near future.
CEO Ho Ching was supposed to step down last year August and replaced by former BHP-Bilton CEO Chip Goodyear who pulled out last-minute due to “strategic differences” with the Temasek Board.
When questioned in Parliament over the the fiasco, Finance Minister Tharman said revealing the reasons behind Goodyears’ departure will not serve any “strategic purposes.”
Temasek has drawn flak from Singaporeans lately over a series of investment losses which saw its portfolio shrunk by nearly 30 per cent in the financial year ending March 2009 which includes the disastrous purchase of Merrill Lynch at a high price and selling it at a low only a few months later.
According to both Temasek and the ruling party, Temasek Holdings is a “commercial entity” or “Asian investment firm” owned entirely by the Ministry of Finance (incorporated).
As such, it is accountable only to the government and not the people of Singapore. It is not known where Temasek obtain its startup capital initially.
Temasek Holdings has stakes in almost all the major companies in Singapore such as SIA, SingTel and Capitaland. The model was criticized by U.S-based political economist Professor Huang Yasheng in a recent speech made at the Civil Service College:
“The private sector is the best way to grow the economy. It has the most productive, most innovative and entrepreneurial culture. The state-owned enterprise system doesn’t give you that….You are already hitting the wall. Retaining this strategy could mean sacrificing future growth that is possible only through a bigger, more dynamic private sector,” he said.
He also questioned how the government can defend its decisions to invest in “failing individuals and projects”:
“Nine out of 10 investment projects fail. Does the government have such a high tolerance for risk? It’s taxpayers’ money, right? I don’t think, politically, it’s legitimate for the government to keep investing in failing individuals and failing projects. How do you defend these decisions?,” he asked.
Singaporeans should not be too concerned over recent leadership changes in Temasek Holdings or its recent investment losses. After all, the entire system is based on “trust” and there’s nothing they can do except to “trust” the acumen of its CEO Ho Ching.
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why have advisor? let mr hsieh take over as CEO and we save one salary.
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If her husband can have so many “advisers” …why can’t she?
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Hey TR or Readers out there…
I have been asking this question that nobody has picked up…
“If TH is owned own MOF, then who really owns MOF? Private investors??? The PAP??? Nobody but the MOF themselves??? Then what happens if the PAP loses the majority to another Party? Will TH then still belong to the MOF or changes hands???”
THANKS – HOPE SOMEONE CLARIFIES THIS MURKY-NESS.
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Just like her husband it looks like she is going to surround herself with all kinds of adviser. If you are no good, you are no good. Please vacate the seat for better qualified people.
Investment is a lonely endeavour. You can receive all kinds of advice but in the end you stand alone. If you are not cut out for it, nothing can help you. It includes intelligence as well as acumen (which is a many faceted quality).
In the case of Ho Ching, she had had her many chances. The way to go is to show her the door, no regrets! ie before we lose another few billions!
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why is there a need for so many “advisors” and “directors” if the current Temasek Holdings management is capable?
if it is not capable enough, sack the top management and replace with more capable ones…
since TH answers to the MOF, then why MOF did not question the mega losses incurred by the current management?
MOF should give an answer to all singaporeans. If the current finance minister who earn millions in taxpayer money cannot answer and account for the losses, replace him with someone more capable, more productive and cheaper…
action should speak louder than words.
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Is Mr Hsieh “Cheaper, Better, Faster”?
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Woo, waoh! She is really the “CAN”! With so many million-dollar advisors under her “skirt”, she still can lose BILLIONS OF DOLLARS of state money within a couple of months without responsibilities and accountabilities, if she is not the “CAN”, who else can?
No wonder she is “nicknamed” the little emperor’s son’s wife, the little queen’s daughter-in-law, a bunch of nepotistic million-dollar nerds, and an oligarchy “vixen” belongs to the snobbish cum aristocratic clique!
Where is the justice? Where is the fairness?
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What if Hsieh Fu Hua thinks that Ho Ching is the real problem? Will the doctor take his own medicine?
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That’s not enough.
While Temasek is searching for solution, Ho Ching, eventually needs to be replaced by another CEO….
骑(qí)驴(lǘ)找(zhǎo)马(mǎ) (ride+mule+look for+horse)
Literally: Riding a mule while looking for a horse.
We are looking for a win and not a place.
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Temasek Holdings money is ultimately the taxes and revenues collected from various sources from the people of S’pore. As such, the people can ask for accountability and transparency, and the govt has to present answers to Parliament.
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@omigod
HAha. you’re damn right man. But some people are just damn thick skinned. Screw up like crazy still want to hold on to that position.
All these emergence of ‘advisers’ just amplifies her incompetence. Please. Stop wasting taxpayers’ money. For once, do Singaporeans a favor.
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why advisor? Ho Ching should step down and let Mr Hsieh take over. The salary she earn should be donate to the poor and the sick. Why waste so much money to have an advisor if she is no good? Step down Ho Ching, enough of your loses ( Billion of Dollars), please have a heart and for the poor sake, please step down.
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What TH need are MORE generals…with newly created roles
http://urbanrant.blogspot.com/2007/07/temasek-hires-talented-ex-chief-of.html
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well, if this kind of transparency is what sporeans want, there is nothing anyone in the world can help us now.
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SHE IS REDUNDANT AND NEEDS TO BE REMOVED. WASTING PUBLIC MONEY.
If she needs an adviser, might as well put the adviser to be the CEO. Why need her? Just to sit there to collect salary? Let her make another decision going to cost us another $1b in losses so can’t let her do any decision. Then why the fxxk is she sitting there for? Just so she can be counted on as one of Asia’s most powerful women?
They are really treating Singapore as belonging to them.
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Murky
TH is owned by the LEE family. They do whatever they want with TH money. If daughter-in-law no good and not capable, then get advisers for her. If still no good and making more losses, then sack adviser (just like he did with Goodyear) and recruit new one (like Hsieh Fu Hua). But whatever changes, TH must be controlled by a LEE family member because it belongs to them !
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@Murky,
Ultimately, all reserves belong collectively to the People (citizens). The government is the caretaker to make good use of these and other monies to manage the country through its governing policies. Lee Hsien Loong has suggested it on several occasions, but it remain absolutely untrue that the government cannot be questioned except at the ballot boxes. The People should, rather MUST, question the government, particularly on issues of well-being of the country.
There are specifically two mechanisms to question the executive (i.e. cabinet), the parliament and elected presidency, both have under-performed. The parliament must represent the People to act as a check and balance to the executive, but it does not. The elected president is the constitutional custodian of ALL reserves (including TH and GIC), but he does not discharge his duty.
We have a very broken system, to say the least.
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昏君有再多的军师也还是昏君
no matter how many advisors one has, a dumb leader is still a dumb leader.
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To Murky on thu,
When dey says TH nelongs to MOF, U then ask MOF belongs to who?
Haven’t they ald given u the answers based on the article written? MOF is only answerable to the govt!!! And who is the govt? It’s the Pappies lah…
So they are very good in TAICHI, go round the merry go and the end of it , they just wanna to tell the singaporeans to just shut up their mouth and they question!!! Just trust!!!
Everything based on TRUST!!!
Vote MOF out! Vote the BOTAK FM OUT!!
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Sorry , some typo error,
it should be don’t question!!! Just solely placed your TRUST to the govt!!!
Shit!!! All kinds of blatant lies!!!
The truth is : All these monies belongs to taxpayer, we true born singaporeans monies!!! They are supposed to be accountable to us!!!
Vote the MOF out !!! Vote the Botak out!! NO more walkover for the BOTAK!!
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I maybe wrong warren buffet has many advisors too
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TH is using Singaporeans tax money to invest. TH should be accountable to all Singaporeans, not the LEEs.
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Didn’t she GOT LOST from Chartered SemConductorrrrrr some 6 months before her AngMo Adviser!!!
SO She MUST be LOST in her wilderness in her bewilderment.ngngng!!!
She LOST A LOT of SembCorp, she LOST More of ST Tecnology, Chartered SemicConductorrrrr, ST Assembly too… And looks like she’s TOTALLY LOST in TEEEmAsAk Temasek and LSOING it tooooo!!!
For better or for worse…. she’s lost in fame, power and money lehhh!!!… Having married into the famiLEE whose other two are LOST too in their lee namesake lehhh!!!
So now, where has my little dog gone, oh where can he be??? With a mouth SO BIG and A bark SO LOUD, and waggly tail so BUSHY… Oh where can he BEeeeeeeeeeeeeeeee???????????? WOW WOW!!!
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Aiyah….HC will not step down until her hubby finds her an equally lucrative senior job elsewhere. Why do you think the garhmen keeps GLCs for??? To provide high paying positions for MIW and their sycophants!!!
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@ This Is Too Much on Thu, 18th Feb 2010 12:22 pm
brother, you missed out GIC.
let’s Imagine the unimaginable, if there is a freak election result, do you think that the coffer in GIC, TH, CPF, IRAS etc still belong to Singapore and its people? I think likely the pap will claim them to be theirs and zhao law first because deep in their mind, they built up the wealth from zero.
KNL.
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I know Mr Hsieh personally and he’s a good man. Humble and honest. He treats his staff with a lot of respect and dignity irregardless your race, religion, gender or orientations.
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A GOV primary role should be to take care of the needs of the Citizen, after so many years the PAP GOV have become one that is more interested in business and money, the needs of the Citizen no long in their list. TH owner will become own by PAP and own by PAP and fund safe guarded by Pro PAP President. Any new GOV that takeover from PAP will have nothing to start with,Singaporean will be left with nothing. So take back whatever we can control now using our Votes but this would require as many opposition to field in as many constituencies as possible to make it happen in GE. Win or Lose the Oppositions should field as many candidates as possible in order to shock the PAP. Never mind if it failed, at least it give people a chance to vote and no walkover for the PAP anymore.
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The money belongs to Warren Buffet. I see no issue if he wants to employ a 1000 advisers. But where is the transparency & accountability where TH lost billions of dollars. If she has that much money, I see no problem in herself getting as many as she wants. It’s the people’s moneys. She is just not cut-out to be the CEO of TH and she has to go!
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tan
He is the master. He has many advisees !
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She is incompetent.
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If win money = she takes the credit
If lose money = blame the advisers
Meanwhile, up ERP, GST to cover loses.
Advisers’ heads rolls, CEO keeps her million-dollar salaries and bonuses.
LOL
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tan on Thu, 18th Feb 2010 12:40 pm wrote:
“I maybe wrong warren buffet has many advisors too”
Big difference is whom would you entrust your blood & sweat money with?!?
Buffet is those 1-of-a-kind astute and cunning investor who nonetheless is humble and philanthropic. He still stays in the same house he bought over 50 yrs ago when he got married, and never flies private chartered planes even though he OWNS a private chartered plane company. He already mandated donating 90% of his wealth by the time of his death. He draws a fixed annual salary of US$100K, one of the lowest paid CEOs among Fortune 500 companies. He grew his wealth over the last 50+ years through investing in his own investment holding company — he eats his own shit. You ask Ho Ching and the top 10 people in TH to reveal each of their total pay packages — wait long long! I dare say if Ho Ching has no connections whatsoever, and totally just depend on her engineering degree and capability, her salary at most S$10K/month — if include the usual 13th month, AWS and other bonus, this will be even more that Buffet’s salary!
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Yike..expect another massive fallout akan datang when they bring in another “fall guy”
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Ben
Hsieh Fu Hua was my faculty mate in the university. Actually, he is very lucky to have gotten where he is, being at the right place and at the right time. Being appointed MD of Morgan Grenfell (MG) was the pedestal and ticket for him to get into the big time. At that time MG was just a relatively small merchant bank. But he probably met the right people in his dealings (also, among others he had met, he became quite close to Kwek Leng Beng too in the early 90’s when he was a representative member of the Leasing Association of Singapore then and Kwek was its inaugural Chairman).
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I am bewildered – thoroughly, almost.
TH’s strategic objectives in 2003 was to spearhead Singapore external arm of the economy.
After Chip Goodyear’s departure, the defined strategic objectives were re-defined in 2009 in vaguely understood terms dropping a key plank that TH is to “spearhead Singapore external arm of the economy”
And now in 2010, the ESC, recommend strongly as one of its key plank is to drive the external economic arm of Singapore.
TH and GIC virtually own of our national assets.
Since the intent of the ESC is to restructure our economy, WHAT IS THE RELEVANCE OF TH in its PRESENT FORM AND STRATEGIC OBJECTIVES SINCE IT IS NO LONGER INTENDED TO SPEARHEAD OUR ECONOMY’S EXTERNAL ARM any more?
Why don’t they disband BOTH organisations and distribute the assets to all stakeholders – we the citizens SINCE THEY OUTLIVE THEIR USEFULNESS AND RELEVANCE TO SINGAPORE’S FUTURE ECONOMIC VISION AND FUTURE???
Or is the money locked inside TH and GIC are for safekeeping and earmark to spend on massive infrastructures and support services to support a massive influx of migrants?
Anyone, any contributing thoughts here?
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Folks,
All of us have been kana fooled and tricked by LKY already! In fact he did told us , its juz tat we r not paying attention to hos words!
Remember many years back ago, in the parliament, LKY says:
Audience here, listen carefully. This is LKY quote : This is not administration, this is entreprenueship! In political and national scale!!!
Got it: Entreprenueship in political and national scale!!!
He has says it, and we totally ignore it!!! Thinking that he don’t meant business , but he really meant business. LKY IS A ILLUSIONIST, BETTER THAN DAVID COPPERFIELD!!!
Take my hat off to him>…
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Conclusion : LKY has told us beforehand long long time ago in parliament.
Singapore should be run like a business (entrepreunship)! And not administration (to serve citizens)!!
And it have to be in POLITICAL and NATIONAL SCALE…
Finally Got it Folks???
He is the champion !!! David Copperfield will be counted as Second…
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This Ho JInx should be out of TH now!!
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Conclusion : We are in real deep shit now!!!
Meaning : Singapore should be run like a business (Entrepreunship) and not Administration (To serve citizen)!!!
And is to be in POLITICAL and on NATIONAL SCALE!!!
GOT IT FOLKS??? LKY meant it and he did it!
LKY is number 1 champion magician and illusionist!!! David Copperfield have to come in second now…
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Goodyear not good enough?
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The blind leading the blind
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Hope this time, Hsien cleared any “strategic differences” with Mdm Ho…oops i meant the Temasek Board
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So Many New Overheads.
Like like how to justify “Cheaper,Better and Faster” ???
You can run it like a private business entity, but please dun use my CPF money or tax payers money.
That will support the fundamentals of a PTE LTD.
That will support the statement that u are not accountable to the people.
Understand? U dun need to be a degree holder to understand this.
Please wake up ur ideas.
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I suspect she will contest the next GE. In case LHL falls ill, she will take over the job
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FYI: buffett doesn’t have advisers, though he has a soul mate in charlie munger, but still buffett is his own man, he decides for himself though he seeks other’s opinions.
i don’t see how hsieh fu hua is going to add value in leadership development when his successor at SGX is not from SGX. He has failed in talent development,how to expect him to teach Ho Ching?
Also, don’t forget abt the lax discipline in admitting many poor quality S-chips, now they are falling like dominoes
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ANY CEO THAT LOSE SO MUCH MONEY WOULD ‘AUTO RESIGN’.
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I found this article in the asiaone website. I am not sure how to interpret it. Anybody like to help
= Extract =
Sparkling year for corporate Singapore
Alvin Foo. Fri, Dec 28, 2007. The Straits Times
http://www.asiaone.com/Investor%2BRelations/Industry%2BNews/Story/A1Story20071231-43114.html
It was the year of the bull – at least until the US sub-prime woes began in July – but corporate Singapore still dazzled with healthy growth from a thriving domestic economy and strong regional consumption. We look back at the top 10 events that shook the stock market and the Singapore corporate scene.
6. SGX chief’s stake controversy
SGX chief executive (CEO) Hsieh Fu Hua was embroiled in a potential conflict of interest controversy after a Dow Jones wire report in April.
The report disclosed that he had a stake in boutique investment firm PrimeFounders, which runs PrimePartners Corporate Finance.
PrimePartners began a joint venture in March to attract Chinese firms to list in London, putting it in direct competition with the SGX.
Mr Hsieh eventually quit as PrimeFounders non-executive director and arranged for his stake to be put into a trust.
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“Sail Along SILVERY Mooo”! (No spelling mistake OK!)
1. Deprive many us of our voting rights by the GRC system. And an old friend in his mid 50s has only voted once! Yet present Law Minister Shanmugam had the cheek to say recently that “Singaporeans have voting rights”! – Of course he meant WITH TONGUE IN CHEEK!!! You ALL wanna trust double talk people to be in charge???
2. As for Anonymous’ confusion by TH’s 2003, 2006 & 2009 and HC’s MIXED bags of ‘mission’ statements with new ESC’s 2010 mission statements… IT SIMPLY MEANS… that “SILVERY Moo” is still sailing as Singaporean Inc.’s CHAIRMare!!! Even though he was voted by FEARS and GRC But nevertheless to ONLY GOVERN Singapore. Who ever gave him the outright authority in such unfair GE ways to also invests our money and LOSE BIGGY??? CAN’T SINGAPOREANS SEE THE CON THERE???
3. Oh My GOD… HOW did Singaporeans allow themselves to get into such a MESS??? There only one answer… And that’s Blind allegiance and OR out of induce Fear!!! How LOW can Singaporeans get??? Like Conman & Wee Pong for example!!! Are so many Singaporeans really so NAIVE Till SPINELESS???
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Why can’t she “invite” her father-in-law who is special adviser to Citigroup to be her special adviser…save taxpayers $$
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cy:
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Exactly! This is the result of incompetent, inadequate, lax regulation and failure to take action when needed by MAS on SGX.
And now the singapore exchange is like some sort of joke, some kind of small-time gambling den where the dealers can suddenly flee with your money.
And of course, nobody takes accountability for this. In singapore, such large scale disasters just happens naturally with no one to blame, like earthquakes.
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Not surprised! We have SM, MM and PMOs to advise a PM (Pinky Man).
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One is a she-male, the other is an ah qua..
Enough is enough, LEE KUAN YEW IS DYING SOON…
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Singapore is the Lee family’s plaything. LKY believes that since he alone is instrumental in making Singapore what it is, he owns Singapore and Singaporeans. He has admitted only to one mistake in ruling Singapore, a small tiny one regarding language that is actually due to bad implementation, i.e., not really his fault.
I hope that I’m wrong, he is not going to give up power easily. Even if he loses the election, he has put in place hundreds of his goons that is going to sabotage the next government. His family will still be in control of MAS, GIC and TH- that is why he is saying that GIC and TH belongs to MAS and not to the people of Singapore. Even if the new government (wow, that smells like a breath of fresh air) wants access and accountability for these funds, he has got the prata man to prevent them.
I see exciting times ahead. LKY is not going to go quietly. Singapore is his sandbox, his gravy train, for himself and his family. How did we allow this situation to come about in the first place. We placed our entire trust in one man and he screwed us and now want us to trust him again! Read carefully into his speeches. When he says that Singapore needs strong government, what he actually is saying that the PAP alone can provide the strong government. We have to make sure we give the right message to this megalomaniac. Singapore is bigger than LKY and his family. Singapore deserves to come first before LKY and his goon squad. Elections are coming. Lets give them a straight convincing message- we have had enough!
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Special Adviser = CEO Designate ??
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Aiyoh.. Of Course.. TH need more advisers so that the CEo can blame and fired them if TH loose money in investment lor… This is to safe guard the CEO… U know.. I know.. lah.. RIGHT!!!!!
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haha Ho Ching got no leadership, so she needs a coach for “leadership development”
she’s only CEO because she is bedfellows with the PM
would you “trust” a prostitute?
hahahaha
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go watch ‘one nation under lee’ & revise ur history lesson
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why don’t they make her learn the hard way every body does.
Trade with her own monies.
If she made monies then increase her lot size.
Why give her such a big lot in the beginning?
The guy who recommended her ought to be shot.
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No matter how she wayangs, she will be remembered in history as the person who losed billions. Thats a fact and can’t be changed or altered/covered up.
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@ Murky
The answers that you seek will not be forthcoming. But we all know in our hearts where the money from GIC and TH comes from. The incumbent has time and time again failed to be fully held accountable to its people as the entire government has been under control by the recalcitrant executive arm. The only way to fix this would be at the ballots.
If PAP is no longer the majority in parliment, this will mean no more cover ups on the losses incurred in GIC and TH or how much the people working there are being rewarded while they lost the billions.
I don’t know if our CPF money made up part of the billions and if it is the case, the people will want justice and it could turn out like the case of Enron where paper shredding suddenly becomes the favorite activity at GIC and TH with the leftover money mysteriously disappeared.
I am sure then the current incumbents will move overseas since they have incurred the wrath of the people to plan its return to power.
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Ho is such a jinx that even if she runs Coka-Cola, it will be taken over by Pepsi in 2 years!
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