Reflecting success: An employee walks past the logo of Temasek at the company’s headquarters. Temasek’s 50th anniversary marks five decades of strategic growth and global impact, according to Prime Minister Lawrence Wong. — Bloomberg
SINGAPORE: Singapore’s investment company Temasek Holdings Pte Ltd (Temasek) has transformed over the past 50 years to become one of the foremost equity investment companies in Asia and the world, and it is moving forward from a position of strength amid uncertainty, says Prime Minister Lawrence Wong.
Speaking at Temasek’s 50th anniversary dinner on Sept 23, Wong noted that Temasek’s initial role was mainly custodial and administrative, with a portfolio of 35 companies that it had taken over from the government including DBS Bank and Singapore Airlines.
But Temasek transformed into a more active manager of its portfolio over the years, and stepped up its direct investments into new areas in Asia and beyond, he added.
Its portfolio also developed from being just Singapore-based to having investments across Asia, the Americas, Europe, the Middle East and Africa.
Wong pointed out that Temasek today is very different from what it was in 1974, but that the global environment is also more challenging amid US-China tensions and greater protectionism.
Against that backdrop, Singapore will have to find its own path forward, and what is true for the country also applies to Temasek, he said.
“Even as Temasek embarks on its next phase of transformation, some things cannot, and must not, change – your adherence to exemplary standards and values; your ability to think long term, to grow with commercial and strategic discipline, and to add to the Singapore brand of quality, reliability and integrity,” he added.
“These are the attributes for which Temasek is well known for, and which will ensure Temasek remains a valued and trusted long-term partner.
”The event was attended by more than 600 Temasek partners and friends including representatives from the board and senior executives from its local and global portfolio companies.
Singapore cabinet ministers, along with government and business leaders from both local and global spheres were also in attendance.
Temasek also launched a commemorative book titled By Generations, For Generations: Fifty Years Of Temasek As Told By The People Who Shaped It, written by former journalist Ong Soh Chin, who did research and interviews with about 90 staff, alumni and business partners.
Wong noted that when Temasek was formed in 1974, Singapore was still in its early stages of industrialisation, and the government owned a collection of companies, including a chicken essence company.
“In many developing countries, then and now, it is not unusual for governments to play a direct role in stimulating economic activities.
“Because the private sector may not be so well developed; so the line between business and government is not always clearly defined,” he further added.
“But Singapore’s founding leaders felt that the government needed to do things differently and resist the temptation of running the companies itself.
“Hence, Temasek was set up to own companies and manage them on commercial principles.“
This means the government should not be leaning on the companies for favours; (and) importantly, neither should the companies be asking the government for special treatment,” said Wong, noting that this is how things have operated here for the past 50 years.
According to him, the same principles that guided Singapore also guided Temasek such as being self-reliant while remaining open and having a forward-looking mindset, to create a better future for the next generation.
“Today, Temasek has become an institution synonymous with Singapore’s success. Your evolution mirrors our own nation’s journey.
Your achievements are a reflection of the same resilience, adaptability and strength – to continually strive for excellence, ceaselessly innovate, and build for the future.” — The Straits Times/ANN
