Featured Work, Funds Management, Politics, Singapore, Sovereign Wealth Funds - Sunday, March 1, 2009 16:48 - 0 Comments

Singapore: Will Temasek change tack?

Euromoney, March 2009

Temasek’s decision to replace Ho Ching with Chip Goodyear as CEO raises a host of questions about the future direction of Singapore’s sovereign wealth fund.

The first is whether the change signals a greater degree of independence for the S$185 billion fund from Singapore itself. Temasek’s top brass has always claimed the fund has been run entirely independently; in an interview with Euromoney last year Temasek’s executive director, Simon Israel, put it like this. “I find it interesting to apply to people the Singapore Stock Exchange test of independence: independence of mind and judgement,” he said. “If you looked at any member of the Temasek board, every one of them has a completely independent mind and sense of judgement, and a very strong set of principles that would never accept the government interfering in the business. Frankly it is almost a parallel to what it would be if we were a listed company.” Continue…

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