PAP should disclose hundreds of million$ paid to CEO and ‘volunteer’ of Temasek Holdings

The issue of transparency at Temasek and GIC needs to be addressed.

Besides concealing material information on state investments, hundreds of million$ paid to top management and directors has also been concealed.

The biggest paycheck probably goes to Ho Ching, Temasek CEO. Based on PAP’s principle of pegging remuneration to private sector salaries, Ho probably earns more than $100 million annually.

Fund/portfolio managers earn a percentage of the value of assets under management. Assuming Ho earns a peanuts 0.1% of Temasek’s portfolio – currently valued at a record S$275 billion – she would be getting about $275 million, excluding bonus.

Even if we apply PAP’s 40% discount to reflect her ‘volunteer’ status, she would still be getting $165 million annually.

Many have wrongly assumed Ho is paid only a few million dollars. This is clearly not possible because Ho – a big-shot fund manager – could not be earning the same amount as CEOs of Temasek portfolio companies.

If Ho did, it might have posed some problems when she discussed issues with her peers. Market-rated pay – with a 40% discount – would have helped maintain a bit of dignity.

Ho could not even have been paid a miserable $10 million and earn only slightly more than DBS Group CEO and recent new citizen, Piyush Gupta.  Gupta reportedly earned $8.44 million last year but had been paid $10.9 million 3 years ago.

Can Ho be paid on par with the former Indian national when DBS Group market cap makes up less than 10% of Temasek’s portfolio value?

Temasek also derives part of its profits from seeding hedge funds which earn higher returns. A few hedge funds were set up by its former employees.

Managers of hedge funds are rewarded for delivering outsized returns. In 2015, 5 highest-paid managers earn more than US$1 billion each.

Since Ho is likely to be given credit (into her bank account) for the performance of Temasek’s hedge funds, she would have been amply rewarded. But of course the reward is nowhere close to $1 billion because hedge funds set up by Temasek are not as large.

By any measure, Ho is grossly overpaid: her CEO role happens to be the highest part-time job in the universe.

As the spouse of PM Lee, Ho has to accompany her husband overseas on numerous occasions, maybe even forced to listen to his pork soup jokes. Ho has clearly not been able to fulfill her full-time CEO role.

In 2015, it was reported that Ho had taken a 3-month sabbatical leave. If Ho was not paid millions during the period, Temasek would have clarified.

The government should come clean on the remuneration paid to top tax dollar/reserves earners like Ho, who is likely to be paid more than $100 million annually.

 

Phillip Ang

 

 

 

 

Sponsored Content

17 Responses to “PAP should disclose hundreds of million$ paid to CEO and ‘volunteer’ of Temasek Holdings”

  • MarBowling:

    The Big Q is whether HoLee Jinx is able to spend so huge amount of $$$$ in her life time. Maybe she is accumulating such huge fortune to last the FAMILEE for the next 18 generations!

    GD Star Rating
    loading...
  • Bapak:

    They can buy an island and run road anytime.

    GD Star Rating
    loading...
  • pap selected INDIAN president:

    we are Singaporeans with pink ic. we have served NSF and completed NSR. Singapore belongs to us too.

    we cannot tahan such news that S$m of public money, which being Singaporeans we have a share, have been abused without our permission.

    if it is lky money, then, we have no say. if it is lky clown prince money, again, we have no say. but if it is public money, it is our money too. we must have a say.

    this ownself check ownself mickey mouse must stop. how can botak check on his boss? impossible.

    not too long ago FOX news commentator said, if a politician gets rich while in office there is THEFT. and he was talking of US$12m. but the sums involved here are humongous. same or even exceeding the suharto billions.

    if there really no rule of law in Singapore? is there really no honest person in government today to initiate a check on the husband and wife abuse of power? not one person to do so in the whole of Singapore?

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    pap looks at pig and calls it a goat. every pap MF agrees. that is why an INDIAN is called a malay by same pap. WTF.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    GD Star Rating
    loading...
  • Trust only myself:

    The only way to get to the bottom of how much the top management of TH are paid is to replace the cabinet.
    But most Singaporeans are stupid so dream on……

    GD Star Rating
    loading...
  • GIC Too:

    Disclose GIC directors salary too. Assuming Ho Ching earns $100 million, then LHL should be paid at least $100 million too, so as not to lose face and earn less than his wife.

    GD Star Rating
    loading...
  • Amos exposed PAP hypocrisy:

    Why focus how much Ho Jinx has been paid? More important (and relevant) is how many BILLIONS of taxpayers’money has she lost AND why she is not held accountable?

    Only former 35% President Tony Tan had lost more when he led GIC to invest billions in UBS. My fiends at UBS were laughing when it was reported GIC invested in UBS convertible bonds. They said it was obvious GIC was not aware the extent of UBS losses from the 2008 financial crisis. Sure enough UBS had to go for another round of financial restructuring forcing conversion of the GIC held convertible bonds resulting in billions of losses for GIC. BTW, at that time LKY was still GIC Chairman.

    In the 1970′s LKY gave Jardine Fleming merchant bankers 24 hours to leave Singapore after their client Keppel Shipyard reported an “accounting” (not cash) loss of a few million after acquiring another listed company. LKY also removed the Keppel board Chairman. He stated: “GLCs do not lose money”. Fast forward a few decades, GIC lost BILLIONS (in cash) and his daughter-in-law also lost BILLIONS (also in cash) and he said nothing. This is what PAP calls “meritocracy”.

    GD Star Rating
    loading...
  • $500m? $1b?:

    So after all those years after being appointed and remaining as CEO of Temasek, how much has she accumulated from our public fund? $500m? $1b?

    And how many billions has Temasek lost?

    GD Star Rating
    loading...
  • MarBowling:

    $500m? $1b?:
    November 15, 2017 at 2:18 am (Quote)
    So after all those years after being appointed and remaining as CEO of Temasek, how much has she accumulated from our public fund? $500m? $1b?
    And how many billions has Temasek lost?

    Response: this is the Mother of All Good Qs, 70% DON’T bother or want to know!
    Btw besides the FAMILEE, only Heaven and the Barn Owl know how much the FAMILEE esp HoLee Jinx have accumulated from our public fund and also how much the husband and wifey team have lost in both TH & GIC. HoLee $moke!

    GD Star Rating
    loading...
  • asd:

    wowo so much $$ and no need to show P/L account . . LOL

    GD Star Rating
    loading...
  • Recipe for Disaster:

    But Singaporeans by and large NEVER DEMAND for Answers.
    Blame who?

    GD Star Rating
    loading...
  • Rabble-rouser:

    In the fast-flowing world of finance, even Ho Ching & Temasek Holdings comes out looking 2nd best to anyone whose attuned to recent developments in the Finance Industry. SWFs who invests into Hedge Funds which was previously a NO-BRAINER strategy – now they look like making a stupid move or something else.
    Hedge Funds everywhere were underperforming – hampered by their relatively high fee structure i.e. 2/20 fee structure [2% based on total asset value as a management fee and an additional 20% of any profits earned] & affected by the market which had shifted i.e. achieving ALPHA [ie. Supernormal returns] & Active Investment no longer outperforms the underlying market.
    As we write, some Hedge Funds are winding up because their investors are redeeming (cashing out) from their high-fee Hedge Funds & reinvesting them elsewhere. Others are finding it hard to attract investments/inflows into their hedge funds. The whole Hedge Fund industry is unwinding.
    The present day norm in Investing is investing into low cost tracker funds [aka Passive Investing] eg. Index Trackers &/or ETFs which follow Stock Indices & Industry sectors. The DJI & S&P 500 Index has been on a one-way winning streak since 2010 (benefited from Post-GFC Quantitative Easing). And FAANG [Technology] stocks based on Facebook, Amazon, Apple, Netflix & Google (aka Alphabet) had 30% gains in 2017 YTD. A low-fee structure FAANG ETF would have outperform many [if not all] hedge funds in that respect!
    My point here is that Global Investors are taking their money out from Hedge Funds & placing them into Passive Investments like ETFs & Index tracker funds which have very low fee structures (mgmgt fee only about 0.5% average vs 2% for hedge funds) & no profit sharing like hedge funds.
    My next question is why Temasek Holdings are paying their Hedge Funds so much in fees when they could have reinvested into Passive Investments. And why do we need to pay Temasek custodians high salaries & bonuses when Passive Investing is so low-cost & need no monitoring nor management inputs.
    We need to look into Temasek’s Investment Strategy & their management costs because the Finance & Investment world has shifted yet they are still wedded to a high cost Investment model re: Hedge Funds that no longer works.
    Many questions to be answered – Ho Ching can’t continue to have her way because there needs to be accountability & a level of investment nous/financial smarts – right now all I see is a sense of being smug & doing all the wrong things because there is no one to question their strategy, motives & agenda! Is S’pore’s money being optimally invested?

    GD Star Rating
    loading...
  • Vincent Goh:

    Yeah , I really cant understand why so much secrecy over the salaries/Bonuses of Temasek CEO N its top executives. Even the salary/bonuses of the President is well disclosed to the Public. Please enlighten me

    GD Star Rating
    loading...
  • Neo:

    Cannot disclose la. It is beyond any comprehension of the Daft and Lesser Mortals. Will cause jealousy, red eyes, fear mongering etc. Simply not in the interest of the Daft and lesser mortals to know. Seriously…LOL.

    Or 70 got the mentality of Cypher in the movie matrix. Ignorance is Bliss

    “You know.. I know this steak doesn’t exist. I know when I put it in my mouth; the Matrix is telling my brain that it is juicy, and delicious. After nine years.. you know what I realize? Ignorance is bliss.”
    ―Cypher justifying his decision to betray his friends and re-enter the Matrix

    GD Star Rating
    loading...
  • LIONS:

    even if TH / SG were to lose another 50/100 billions,these IDIOT$ would not be so much affected as the common sgs especially the poor n jobless.

    the very most,they ‘step down’ TEMPORARILY like they did n employ another ‘ang-moh’ or indian to hold the fort until the LOSSES ARE CLOSE TO RECOVERY(HOPEFULLY) and then they come back n REPLACE the clown holding the fort?

    when TH loses BIG,SGS will be made to PAY more for singtel,power supply,transport,hospitals,ntuc fair price etc,COE N other scams???

    its business as usual COLLECTING MORE MONEY TO FILL THE HOLES THEY OWNSELVES CREATED???

    WHAT SO GOOD ABOUT THESE SCHOLARS?
    THEY HAVE BEEN FARKING US,COMMONERS,UP FOR DECADES???

    GD Star Rating
    loading...
  • PAP is BEST:

    This one means PAP is best one, sure win cannot lose one.

    You is jealous because you no get millions.

    LIONS:
    even if TH / SG were to lose another 50/100 billions,these IDIOT$ would not be so much affected as the common sgs especially the poor n jobless.

    the very most,they ‘step down’ TEMPORARILY like they did n employ another ‘ang-moh’ or indian to hold the fort until the LOSSES ARE CLOSE TO RECOVERY(HOPEFULLY) and then they come back n REPLACE the clown holding the fort?

    when TH loses BIG,SGS will be made to PAY more for singtel,power supply,transport,hospitals,ntuc fair price etc,COE N other scams???

    its business as usual COLLECTING MORE MONEY TO FILL THE HOLES THEY OWNSELVES CREATED???

    WHAT SO GOOD ABOUT THESE SCHOLARS?
    THEY HAVE BEEN FARKING US,COMMONERS,UP FOR DECADES???

    GD Star Rating
    loading...
  • Eric:

    The astronomical salaries these people are getting are astonishing. Take CEO SMRT for example. He is paid $6000 a day, while his drivers and technicians earn about half or not much more than half this amount in a month. And he is not one of the highest paid CEO in the Temasak group.Singtel’ CEO, for instance is paid much more.

    GD Star Rating
    loading...
  • Which is smaller?:

    PAP is BEST:
    This one means PAP is best one, sure win cannot lose one.

    You is jealous because you no get millions.

    Your brain or your dic*????

    GD Star Rating
    loading...
Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement
Search On TR Emeritus
Sponsored Advertisement
Most Recent Comments
  • opposition dude: So this means that the election will be next year or 2020 before GST is upon us in 2021. By then we...
  • they dine at Din Tai Fung: how much nourishment is there: What or how much nourishment is there...
  • Well up to 70% now.: Well , up to 70% now.
  • opposition dude: The handing over has been bungled, just like how the MRT is always giving problems, the HDB lifts...
  • PAP is BEST: PAP best one, increase tax is good means Swiss Standard of Living is coming. Last time, PM Goh GST 3%...
  • N.Jungne: Heng Ah Keat has already said he has no benchmark and too troublesome, so this is a “Gasak Buta” budget....
  • Give more lah: Should give at least $1000 instead of $300 to be meaningful.
  • N.Jungne: HarderTruths: We cannot solve our problems with the same thinking we used when we created them. Albert...
  • oxygen: OF COURSE IT IS FARKING WAYANG, 2017 budget gave up to $300 PER HOUSEHOLD as a special one-off relief for...
  • pap selected INDIAN president: The carbon tax will encourage businesses to take measures to reduce carbon...
  • pap selected INDIAN president: pap Ljs and pap Cbs please listen. your MFing group think is truly disastrous. carbon...
  • Nonsensical budget: Increasing rates everywhere , then they cunningly give us rebates n angpows ..for what? Makes no...
Announcement
Advertisement
Advertisement
Support TR Emeritus
Support TR Emeritus:
Other Amount:
Advertisement
Visitors Statistic
Latest Statistic