Temasek Holdings
Extending Pathways
Temasek Review 2012
Extending Pathways
Temasek was born barely a decade after Singapore’s independence. There were no models to emulate, no pathways to follow. We knew only that we must stay relevant to survive, and build for the next generation. We learnt and reinvented ourselves over the years, always seeking to understand, quietly working to deliver results, even as we stepped into the unknown. Sometimes, we wandered into cul-de-sacs. At other times, we paid the price for being pioneers. Each step an adventure and a learning; each footfall a commitment and an aspiration. We stepped forward, shoulder to shoulder with Singapore in our early years. Ten years ago, we ventured forth into an emerging Asia. Today, we continue to extend our pathways. Our people and their families featured in this Temasek Review symbolise the past, present and future of the pathways we create as Temasek. They reflect the many who contributed to Temasek in our 38 year journey as an investor, a forward looking institution and a trusted steward.
1
Contents
Temasek Charter
5 6 8 14
16 18 19
Year in Review
From Our Chairman
Portfolio Highlights
Portfolio by Geography, Sector, Liquidity and Currency Portfolio Value since Inception Total Shareholder Return
Group Financial Summary
Statement by Auditors Statement by Directors Group Financial Highlights Group Income Statements Group Balance Sheets Group Cash Flow Statements Group Statements of Changes in Equity
20
22 23 24 26 27 28 29
Financing Framework
30
Scan the QR code with your smartphone Explore Temasek Review 2012 at www.temasekreview.com.sg
2
Temasek Review 2012
Contents
Extending Our Portfolio
Investment Framework Wealth Added Framework Investment Highlights
32
34 38 39
Shaping Our Institution
Governance Framework Board of Directors Senior Management Risk Framework MERITT Values Compensation Framework The Temasek Heartbeat
42
44 52 54 57 62 63 66
Temasek Review 2012
Extending Pathways
Temasek was born barely a decade after Singapore’s independence. There were no models to emulate, no pathways to follow. We knew only that we must stay relevant to survive, and build for the next generation. We learnt and reinvented ourselves over the years, always seeking to understand, quietly working to deliver results, even as we stepped into the unknown. Sometimes, we wandered into cul-de-sacs. At other times, we paid the price for being pioneers. Each step an adventure and a learning; each footfall a commitment and an aspiration. We stepped forward, shoulder to shoulder with Singapore in our early years. Ten years ago, we ventured forth into an emerging Asia. Today, we continue to extend our pathways. Our people and their families featured in this Temasek Review symbolise the past, present and future of the pathways we create as Temasek. They reflect the many who contributed to Temasek in our 38 year journey as an investor, a forward looking institution and a trusted steward.
1
Contents
Temasek Charter
5 6 8 14
16 18 19
Year in Review
From Our Chairman
Portfolio Highlights
Portfolio by Geography, Sector, Liquidity and Currency Portfolio Value since Inception Total Shareholder Return
Group Financial Summary
Statement by Auditors Statement by Directors Group Financial Highlights Group Income Statements Group Balance Sheets Group Cash Flow Statements Group Statements of Changes in Equity
20
22 23 24 26 27 28 29
Financing Framework
30
Scan the QR code with your smartphone Explore Temasek Review 2012 at www.temasekreview.com.sg
2
Temasek Review 2012
Contents
Extending Our Portfolio
Investment Framework Wealth Added Framework Investment Highlights
32
34 38 39
Shaping Our Institution
Governance Framework Board of Directors Senior Management Risk Framework MERITT Values Compensation Framework The Temasek Heartbeat
42
44 52 54 57 62 63 66