In 2003, we adopted the discipline of measuring our returns against risk-adjusted hurdles, to account for capital deployed and the associated risks.

Wealth Added (WA) is our dollar returns above a risk-adjusted hurdle. Investments in riskier sectors or markets have higher hurdles.

Total WA is the sum of all our individual investment WA, adjusted for changes in the net present value of our operating costs.

When WA is positive, we have a positive WA bonus pool to share. Part of this WA bonus pool is deferred to future years. When returns are negative, we share a negative bonus pool. This means a clawback of the deferred bonuses earned in prior years, and if needed, from future bonus pools as well.

Our WA was negative S$44.7 billion for the year.

Illustration of Wealth Added

Wealth Added
A Forward Looking Institution

A Forward Looking Institution

We are an investor, institution and steward, guided by the principles of good governance and sustainability.

Remuneration Philosophy

Remuneration Philosophy

Temasek's ownership ethos puts the institution above the individual, emphasises long term over short term, and aligns employee and shareholder interests over economic cycles.

Board of Directors

Board of Directors

Temasek's Board provides overall guidance and policy directions to management.