Institution
We aspire to do well, do right, and do good, for today's and future generations.
Guided by our Purpose, which defines why we do what we do, our Charter sets out who we are and what we do.
Incorporated as a company under the Singapore Companies Act on 25 June 1974, Temasek22 is wholly owned by the Singapore Minister for Finance23.
Under the Singapore Constitution, Temasek is a Fifth Schedule entity24 with a constitutional responsibility to safeguard our Company's past reserves25. Temasek's reserves form part of the nation's reserves26.
Temasek owns its assets — we are not a fund manager. We do not manage Singapore's Central Provident Fund savings, or the Singapore Government's assets, or the foreign exchange reserves of Singapore. Neither does Temasek manage the assets of any other Fifth Schedule entity: these are independently managed by the respective Fifth Schedule entities themselves.
Temasek is not state-directed. Neither the President of Singapore27 nor the Singapore Government is involved in or directs our investment strategies, investment decisions, or other business decisions, except in relation to the protection of our past reserves.
Relating to the President of Singapore
The Chairman, CEO, and each Board member have the responsibility under the Singapore Constitution to protect our Company's past reserves. Temasek's past reserves are those accumulated by the Company before the current term of Government. Temasek's current reserves are those Temasek accumulates during the current term of Government.
Our Board and the CEO have a duty to seek the President's approval before any draw occurs on our past reserves. There is no draw on our past reserves if our total reserves equal or exceed our past reserves. Mark to market declines on existing investments are not a draw on past reserves. We have a duty to ensure every disposal of investment is transacted at fair market value28. A realised loss arising from such disposals at fair market value is not a draw on past reserves.
Every year, the Temasek Board and senior management brief the President and the Council of Presidential Advisers on Temasek’s performance and investment strategies.
Relating to Our Shareholder
Our shareholder holds the Board accountable for our overall performance by assessing Temasek's long-term returns. In turn, the Board delegates the day-to-day management of Temasek to Temasek's senior management.
While the Board Leadership Development & Compensation Committee is responsible for recommending Board and management leadership plans, our shareholder has the right under the Singapore Companies Act to appoint, reappoint, or remove our Board members, subject to the President's concurrence29. The Board's appointment or removal of the CEO is also subject to the President's concurrence. These constraints are part of the "second key" concept, to safeguard the integrity of our Board and CEO in protecting Temasek's past reserves.
Temasek declares dividends annually in accordance with our dividend policy. Our Board sets our dividend policy, balancing the sustainable distribution of profits as dividends to our shareholder with the retention of profits for reinvestment to generate future returns. The policy also takes into account our constitutional responsibility to protect Temasek's past reserves. Our Board recommends the dividend payout for our shareholder's acceptance at the annual general meeting.
Under the Net Investment Returns (NIR) Framework, the Government is permitted to spend up to 50% of the expected long-term real rates of return of GIC, the Monetary Authority of Singapore, and Temasek. The NIR framework does not affect, change, or impact Temasek’s responsibility to protect our past reserves; our dividend policy; and strategies and operations as a long-term investor.
Every year, the Temasek Board and senior management meet with the Finance Minister and officials from the Ministry of Finance to review Temasek's performance and investment strategies.
Our Internal Governance Approach
Temasek30 is an exempt private company31 under the Singapore Companies Act which is exempted from disclosing its financial information publicly. We have nonetheless published our portfolio performance in our annual Temasek Review since 2004, and our consolidated group financials in our bond offering circulars. As a commercial investment company, our annual statutory financial statements are audited by a major international audit firm.
We comply with our obligations under Singapore laws and regulations, as well as those of the jurisdictions where we have investments or operations.
Our Board has a fiduciary duty towards Temasek as a Company, with full discretion and flexibility to guide the management of our portfolio.
Temasek Board
Our Board provides overall guidance and policy directions to management.
As at 31 March 2024, our Board comprised 11 members from across the world, each with diverse skills, experiences, and knowledge, and the majority of whom (82%) are non-executive independent private sector business leaders. Tan Chong Meng and Geoffrey Wong joined Temasek’s Board on 1 April 2024 and 10 May 2024 respectively.
Both are senior business leaders with extensive global experience in their respective fields. Chong Meng recently retired as the Group CEO of PSA International and is the Chairman of JTC Corporation. He has over 40 years of global experience in a multinational business environment. Geoffrey, who recently retired as Head of Emerging Markets and Asia Pacific Equities at UBS Global Asset Management, brings over 40 years of investment experience in the Asia Pacific and emerging markets.
Our Board operates on a commercial basis, with the added constitutional responsibility, together with our Chairman and CEO, of protecting the Company's past reserves, given Temasek's status as a Fifth Schedule entity32 under the Singapore Constitution. There are no nominees of the Government on our Board.
The annual Board schedule includes quarterly two-day meetings, and additional meetings as needed, such as for significant large investments. Six Board meetings were held in the financial year ended 31 March 2024.
The Board has reserved the following matters for its decision:
- overall long-term strategic objectives
- annual budget
- annual audited statutory accounts
- major investment and divestment proposals
- major funding proposals
- CEO appointment and succession planning
- Board changes
- portfolio risk appetite and profile
The following Board committees, each chaired by a non-executive Director who is independent of management, have been set up with specific delegated authorities:
- Executive Committee
- Audit Committee
- Leadership Development & Compensation Committee
- Risk & Sustainability Committee
The Board has separate and independent access to information to assist it with its deliberations, including the opportunity to request supplementary or explanatory information from management. Management provides information to the Board on an ongoing basis, including minutes of key management committee meetings, to allow the Board to effectively discharge its responsibilities.
Executive Committee (ExCo)
The ExCo has been delegated the authority to approve new investment and divestment decisions up to a defined threshold, beyond which, transactions will be considered by the Board. The minutes of ExCo meetings are circulated to the Board. The ExCo met seven times during the year.
Audit Committee (AC)
Comprising only independent directors, the AC supports the Board in its oversight responsibilities by reviewing, among other things, our system of internal controls, and processes used for financial reporting, audit, and monitoring compliance with laws and regulations. The AC also reviews the scope and results of the external audit, and the independence of the external auditors.
The AC is supported by Internal Audit (IA). To ensure its independence, IA reports functionally to the AC and administratively to the office of the CEO of Temasek Holdings.
IA has full and unrestricted access to all records, properties, and personnel to effectively perform its functions. IA performs planned reviews of key control processes for all offices.
To maintain confidentiality, the key controls over financial reporting relating to central payroll processes are reviewed by external auditors as part of the statutory audit of our group financial statements. IA may also undertake special reviews requested by our Board, AC, or senior management. The minutes of AC meetings are circulated to the Board.
The AC met four times during the year. The AC also has separate sessions, without management, with the external auditors and with IA.
Leadership Development & Compensation Committee (LDCC)
The LDCC is responsible for recommending Board and management leadership plans to the Temasek Board. These include Board and CEO succession, as well as guidelines and policies on performance measurement and compensation plans. The LDCC met three times during the year.
Risk & Sustainability Committee (RSC)
We operate in a complex global environment influenced by multiple geopolitical and socio-economic forces. The RSC was established to enhance focus on opportunities and risks arising from sustainability trends, including climate change, and other financial, reputational, operational, and cyber risks.
The RSC supports the Board in its oversight responsibilities by reviewing, among other things, our portfolio risk appetite and profile, material Environmental, Social, and Governance (ESG) matters, risk management and sustainability frameworks and policies, as well as key public statements relating to risk, sustainability, and ESG. The RSC coordinates with other standing Committees of the Board, such as the AC and the LDCC, in its oversight of risk and sustainability matters, where relevant. The RSC met three times during the year.
Board Governance
Decisions at Board and Committee meetings are based on a simple majority of the votes, including those made via telephone and/or video conference. Where a Board resolution is obtained via circulation, the resolution becomes effective upon approval by at least two thirds of the Board.
Board members with interests that may conflict with specific Temasek interests are recused from the relevant information flow, deliberations, and decisions on the matter on which they are conflicted.
Quarterly Board meetings include Executive Sessions for non-executive Directors to meet without management presence. The discipline of our annual CEO succession review is a part of these deliberations.
Board and Committee Memberships as at 31 March 2024
| Board | ExCo | AC | LDCC | RSC | |
|---|---|---|---|---|---|
| Lim Boon Heng | Chairman | Chairman | Chairman | ||
| Cheng Wai Keung | Deputy Chairman | Member | Member | ||
| Bobby Chin YC | Member | Chairman | |||
| Fu Chengyu | Member | ||||
| Jenny Lee | Member | Member | |||
| Stephen Lee CY | Member | Member | Member | Member | |
| Lee Theng Kiat | Member | Member | Member | Member | |
| Tan Chee Meng | Member | Member | Member | ||
| Peter R Voser | Member | Member | Chairman | ||
| Jaime Augusto Zobel de Ayala | Member | Member | |||
| Dilhan Pillay Sandrasegara | ED & CEO | Member |
Full profiles of our Board members are available on our corporate website.
Temasek Senior Management
Senior management sets the tone and culture of our institution, leading the delivery of Temasek's vision and mission.
In line with global best practices of international investment companies, Temasek International (TI) was set up in 2011 as the management arm of Temasek. Today, TI houses all our management and staff, except the Temasek CEO who continues to be employed under Temasek Holdings.
Operating as OneTemasek, our management team implements the strategy and policy directions set by the Temasek Board to fulfil our mandate to deliver sustainable returns over the long term. Levels of authority for investment, divestment, and other operational matters are defined according to our Board's delegation.
Our senior management oversees Temasek's key business strategies and organisational initiatives with the support of the following committees, which are chaired by our CEO and comprising members of senior management:
- Strategy, Portfolio and Risk Committee (SPRC)
- Senior Divestment and Investment Committee (SDIC)
- Senior Management Committee (SMC)
The SPRC reviews macroeconomic, political, industry, technological, and social trends that provide the context in which new opportunities and risks may arise, in both existing and new markets. It also reviews our overall portfolio construction efforts and investment strategies.
The SDIC manages and shapes our portfolio on an ongoing basis and decides on investments and divestments up to the authority limits as delegated by our Board. Investment proposals beyond these authorisation limits are escalated to the ExCo and/or the Board as warranted. Meeting minutes are circulated to the Board.
The SMC reviews and sets overall management and organisational policies. These include internal controls, the implementation of our Derivatives Framework, and the Valuation Policy approved by the Board Audit Committee. The SMC has developed the Temasek Code of Ethics and Conduct (T-Code) and constituted the Ethics Committee to assist in its implementation. All employees are required to observe and comply with the T-Code.
Our list of senior management is available on our corporate website.
Relating to Our Portfolio Companies
As stewards of our assets, we engage our portfolio companies to enhance shareholder value and advocate good governance and sustainability practices.
Governance
The day-to-day management and business decisions of companies in our portfolio are the responsibility of their respective boards and management. Temasek does not direct their business decisions or operations.
Effective board governance is fundamental to a company's success and long-term viability. Board directors have a fiduciary duty to safeguard the interests of their respective companies and those of shareholders as a whole. We rely on the boards of portfolio companies to set the company's strategy, supervise management's performance, exercise effective oversight, and be accountable to stakeholders for their decisions and outcomes of their actions.
We support the formation of high-calibre and effective boards. An effective board is one that displays independent judgement, a good mix of competencies and expertise, as well as diversity and accountability. We encourage our portfolio companies to conduct regular reviews of board succession plans, taking into consideration the changing needs of the company.
We support boards which are predominantly independent, comprising individuals with the requisite skills, experience, and attributes to significantly contribute to the success of the company. We advocate that the Chairman and CEO roles be held by separate persons, independent of each other, to ensure a healthy balance for independent decision-making, and a greater capacity for management supervision by the board.
As a shareholder, we vote to express our opinion on how a portfolio company should be governed and managed, and to hold its board and executives accountable for their actions, decisions, and performance. Voting also assists us to align our investments with our ethical and environmental values and promote sustainable and responsible business practices. When we exercise our vote, we seek to promote sound governance and long-term financial value creation, and to protect our interest as an investor.
We do not provide any financial guarantees for the obligations of our portfolio companies, just as the Singapore Government does not provide any financial guarantees for Temasek's obligations.
Engagement
While we do not direct the business decisions and operations of our portfolio companies, we interact with them as an engaged shareholder to enhance shareholder value and advocate good governance, sustainability, and corporate practices. We believe in constructive engagement and are committed to working with our portfolio companies to promote a close alignment between strategy and performance, and returns and rewards.
We add value as a shareholder by exchanging ideas, sharing best practices, and organising roundtables and networking events in areas such as corporate governance, cybersecurity, industry and technology trends, legal and regulatory, reputational risk management, and sustainability. We also keep track of industry developments and trends that may impact our portfolio companies, and share our expertise and knowledge in these areas with them.
Expectation
As part of our constructive engagement, we share our shareholder expectations with the boards of our portfolio companies. We encourage them to be agile and innovative, and to be prepared to face disruptions while tapping on new opportunities. They are key to helping us build a resilient and forward-looking portfolio as part of our T2030 strategy, and ultimately, to deliver sustainable returns over the long term.
We expect companies to comply with applicable laws, and to abide by sound corporate governance and appropriate codes of conduct and ethics. We do not condone any form of misconduct and malfeasance and hold the boards accountable for the activities of their companies.
Boards should set the tone — in the pursuit of governance excellence — to effectively oversee management in the development and implementation of strategies and ensure robust governance, compliance systems, and processes are in place. These must be constantly reviewed and refreshed to ensure they are appropriate and relevant.
Our ownership ethos places the institution above the individual, emphasises long term over short term, and aligns employee and shareholder interests over economic cycles.
Our compensation framework aims to foster a high-performing and responsible culture, where our employees think and act as owners with a strong sense of intergenerational duty, sharing gains and pains alongside our shareholder. It balances rewards for short-term performance and long-term value creation. It also aligns our staff towards achieving both our financial performance and carbon emissions reduction targets.
Our base salaries are benchmarked globally. Short-term bonuses are driven by financial and non-financial targets. Medium and long-term incentives, which form a major proportion of our annual total compensation, are driven by our portfolio returns.
Returns above our overall risk-adjusted cost of capital determine our Wealth Added (WA) incentive pool, while negative portfolio returns determine our clawback pool.
Deferred incentives and clawbacks are integral to our remuneration. Longer-term incentives can be deferred for up to 12 years, and are subject to market risks and clawbacks, to ensure the sustainability of returns over market cycles.
For the year ended 31 March 2024, our one-year Total Shareholder Return (TSR) was 1.60% and three-year TSR was 0.68%. WA was S$26.7 billion below our risk-adjusted cost of capital of 9% aggregated across our portfolio.
Annual Cash Bonuses ― Our Short-Term Incentives
Annual cash bonuses are driven by company-wide, team, and individual performances, and capped within budgeted limits. One of our annual performance targets requires our three-year average TSR to exceed our three-year average cost of debt.
Apart from financial targets, our Make-A-Difference (MAD) programme rewards employees for achieving non-financial goals targeted at strengthening the institution, contributing to the community, and taking care of their families and themselves.
WA Bonus Bank ― Our Medium-Term Incentives
A portion of our WA incentive pool, whether positive or negative, is distributed into each employee's notional WA bonus bank account, based on the individual's performance and contributions over four years.
When WA bonus bank balances are positive, a portion of the balance is paid out to staff. The remaining portion is deferred with the percentage deferral increasing with seniority.
Part of the retained balances are deferred as co-investment grants which vest over the following three years. The remaining WA bonus bank balances are subject to clawbacks in the future should portfolio returns be negative.
Co-investment Grants ― Our Long-Term Incentives
Our employees may be awarded co-investment grants with performance-based or time-based vesting conditions. These units grow or decline in value with our yearly TSR, reinforcing the ownership culture of our company. Co-investment units lapse after 12 years.
The performance-based co-investment grants are subject to stringent multi-year portfolio performance conditions to trigger a five-year vesting. Our time-based co-investment grants vest up to 12 years.
These co-investment grants reinforce our long-term alignment with shareholder interest and the sustainability of our business performance over different market cycles.
To reinforce the commitment to our carbon emission goals, we apply a carbon charge against our portfolio performance. This carbon charge is taken from our WA incentive pool to be awarded as another type of co-investment grants tied to our carbon emission reduction targets. This drives us to collectively work towards our institutional commitment to halve the net carbon emissions of our portfolio over 2010 levels by 2030, and to achieve net zero carbon emissions by 2050.
Co-ownership in Practice
As part of co-ownership alignment, clawbacks are made to our employees' retained bonus banks when WA and portfolio returns are negative.
In the last decade, we had four clawback pools. Of these, two were clawback balances carried forward when the deferred WA incentives were not enough to clear the clawback pools from prior years. Clawback balances were then made good from future years' positive WA.
The negative WA for the year ended 31 March 2024 meant that we will not have new WA incentives to share. With a positive Total Shareholder Return, there will be no clawback pool.
We also have a policy to recover paid-out incentives in the event of financial misstatements and/or misconduct by staff that have material impact on the performance or reputation of the firm.
This demanding framework for sharing gains and the associated risks and pains through market cycles has been tested and reaffirms our ownership ethos.
(for year ended 31 March)
WA Incentives of Key Team
- Wealth Added (WA) in dollars
- Total Shareholder Return in dollars (Total Dollar Return or TDR)
- Paid-out portion of WA Bonus earned for prior year’s performance
- Deferred portion of WA Bonus earned for prior year’s performance, with future clawback risks
- Co-investment units which grow or shrink with total returns to shareholder, and are subject to performance and time-based conditions
- Clawback of deferred WA Bonus from prior years
- Clawback balances carried forward for future bonus offset
- Part of earned WA Bonus used to offset the clawback balances brought forward from prior year
1 WA incentives awarded in the year were for WA performance in the prior year.
2 WA incentives of key management team which includes CEOs, Presidents, Senior Managing Directors, Managing Directors, as well as management Directors.
3 No new T-Scope pool was generated due to negative WA in the prior year.
4 WA Bonus attributable to the IPO of Alibaba was split into three tranches over 2016, 2017, and 2018, subject to sustained performance.
5 WA Bonus attributable to the unallocated pool brought forward from the prior year.
We are guided by our Purpose, Temasek Charter, and MERITT values to work and grow together to build a better tomorrow.
We strive to do well, do right, and do good, to build a brighter and more inclusive tomorrow for this and future generations. At the core of this ambition is our people — their values, passions, capabilities, and their willingness to learn, contribute, lead, and take on new ideas and responsibilities.
Supporting Our People
Our Make-A-Difference (MAD) programme has been an integral part of our life in Temasek since 2008. MAD promotes a culture of personal ownership and responsibility. Individual and company-wide MAD targets go beyond financial and performance targets to cover self-development, institution, community, and sustainability goals, and to foster lifelong skills and healthy habits.
We curated a learning module to deepen the understanding of Temasek's sustainability journey, how we have embedded sustainability through our various investments, as well as institutional and community initiatives.
To support the well-being of our employees, we have developed a suite of programmes that focuses on mindfulness, personal resilience, and crisis support. In addition to our Employee Assistance Programme that avails practical information and counselling to staff and their family members, our Care Supporter Programme equips staff to support each other's mental well-being. Our staff also have access to digital applications that offer classes on meditation, stress management, and fitness activities to support them in managing their well-being.
We offer a broad range of parental and family planning benefits. These include maternity leave of at least 26 weeks, paternity and adoption leave of at least 20 weeks, as well as fertility and family planning subsidies. Additionally, we increased our flexible leave provisions to allow staff to take time off for purposes meaningful to them, be it for childcare, eldercare, or for their own well-being. We also introduced rejuvenation leave for staff to take time off and recharge at specific career milestones.
Our hybrid and flexible work arrangements also help our staff manage their professional and personal obligations.
Growing Our Talent
As part of our institutional focus to build a future-ready team, we anchor our talent development on the 4Es of Experience, Exposure, Education, and Enrichment.
Our annual CEO Challenge encourages staff to acquire new skills in areas such as Artificial Intelligence (AI), coding and data science, language, music, and dance. Our learning roadmaps help our employees scale their capabilities.
We continue to evolve our curriculum to build future-focused skill sets. For example, we have intensified our digital fluency efforts to encompass Analytics, Automation, and Generative AI. A growing number of our staff have been certified as "Citizen Developers", enabling them to utilise digital resources to increase productivity. We have organised hackathons to engage our staff to develop AI-based solutions for varied work areas.
360º feedback is an integral part of our performance assessment and development process. We have implemented a real-time feedback mechanism and leveraged AI to synthesise feedback, enabling a culture of continuous improvement and ongoing learning. We also supplement 360º feedback with self-profiling tools to allow our teams to gain a better understanding of themselves and to foster collaboration.
Our OneTemasek Team
We are committed to making Temasek a great place to work. By building an inclusive culture that celebrates diversity in perspectives, skill sets, and experiences, we create a conducive environment where everyone feels they belong and can bring their best self to work.
We have developed a set of Teaming principles and practices. Inspired by the Agile methodology, Teaming outlines a set of techniques, values, and principles designed to guide and improve how teams work in a continuous, collaborative, and iterative manner. This uniquely Temasek way of working together harnesses the collective experiences, thoughts, and perspectives within our teams, and drives better outcomes.
We continue to support workforce diversity through initiatives such as Inclusivity@Temasek and Temasek Women's Network.
(as at 31 March)
Our Staff Composition
- Singaporeans
- Singapore PRs
- Other Nationalities
- Age range: ≤30
- Age range: 31-40
- Age range: 41-50
- Age range: >50
- Female Staff
- Male Staff
We have about 1,000 people, encompassing 34 nationalities across 13 offices in 9 countries. About 60% of our staff are Singaporeans.
Doing Good Together
Temasek's founding date, 25 June, is designated as our annual Community Day. Staff in our various offices work with beneficiaries on our anniversary, and throughout the year, and are given dedicated volunteer leave to participate in their personal or group volunteering activities.
Our offices also support local communities through donations and our staff actively participate in outreach programmes with non-profit groups and other organisations, as part of T-Touch, Temasek's staff volunteer initiative.
Inspiring Generations
Last year, our Singapore office partnered the People's Association and the Community Development Council and invited about 160 youths from low-income families to experience and learn about jobs of the future. Our staff organised three career tracks spanning digital and social media, game development, and food sustainability, and the youths also tried out virtual reality headsets and played laser tag.
Enhancing Living Environments
Our London colleagues volunteered at Haven House Children's Hospice, which provides specialist care to children who have life-limiting or life-threatening conditions, by improving the beneficiaries' facilities.
Empowering Social Entrepreneurship
Our team in China partnered YouChange Foundation to empower social entrepreneurs through structured mentoring and resources to support projects that overcome challenges and achieve social goals.
Reaching Out to the Needy
Our New York colleagues partnered Hope for New York and City Relief to distribute soup, bread, and beverages, as well as socks and hygiene kits to the homeless. Over 1,000 beneficiaries were assisted through the event.
Supporting Well-being
In Mumbai, our colleagues volunteered at St. Jude India ChildCare Centres where they participated in recreational activities to enhance the emotional and mental well-being of the beneficiaries.
Uplifting Youth
Our Vietnam office has sponsored 500 VietSeeds students from underprivileged backgrounds over the past nine years and supported their academic progress.
Our not-for-profit gifts aim to Connect People, Uplift Communities, Protect our Planet, and Advance Capabilities, in Singapore, Asia, and beyond.
As a global investor, our social licence to operate depends on our ability to create value for all stakeholders, including our communities. We believe in seeding social capital to foster a more inclusive and resilient world, so every generation prospers.
Our journey in building social capital started over 20 years ago, when we adopted a deliberate and structured approach, anchored on the twin pillars of governance and sustainability, to give back to communities.
Since 2003, we have been setting aside a portion of our net positive returns above our risk-adjusted cost of capital for community gifts. These are approved by the Temasek Board and then donated to partners to achieve our community objectives.
Temasek Trust (TT) has been the primary beneficiary of our gifts. TT disburses grants for programmes to be developed and delivered by our non-profit ecosystem, including Temasek Foundation (TF), Temasek Life Sciences Laboratory, Stewardship Asia Centre, and Mandai Nature. Our non-profit ecosystem has evolved over the years to better handle multi-faceted and complex social challenges.
To date, Temasek's gifts to TT have impacted about 3.7 million lives across Singapore and beyond.
Read more about how we support ground-up initiatives such as Canine Partners
TT has made good strides towards its vision to become a responsible steward of philanthropic assets, a trusted advocate of sustainability, and a proactive catalyst of positive impact.
Underscoring its catalytic role, the TT-backed Philanthropy Asia Alliance (PAA), with over 80 members and partners, crossed S$1 billion of collective pledges last year. These pledges will help address key issues in the region surrounding climate and nature, holistic and inclusive education, and global and public health.
On the climate action front, TT became a Founding Partner of The Earthshot Prize, which aims to showcase and scale innovative climate solutions for a more sustainable future. As a Founding Partner, TT hopes to spotlight Asia in the fight against climate change.
More cross-border collaborations will be forged through TT's Asia Centre for Changemakers (ACC). Hosted by the Wealth Management Institute, the ACC aims to develop a regional community of active and informed changemakers ready to deploy their resources, skills, and passion for a better tomorrow.
Beyond our non-profit ecosystem, Temasek works with partners from the Public, Private, and People sectors to advance our community objectives, where our philanthropic capital, network, and industry insights can make the most impact.
Advancing Capabilities
In June 2024, we announced T-Spring, a S$150 million gift to the community to advance capabilities and contribute to preparing Singapore’s workforce and organisations to embrace a different world. The gift — which supports skills development, scholarships, and fellowships — is Temasek’s tribute to Singapore’s past, present, and future generations on our 50th anniversary. It reflects our intergenerational focus, underscores our roots, and acknowledges human capital as the driver of our journey and its role in Singapore’s success.
Driving Impact
This year, we launched a pilot funding scheme to support impact enterprises that seek to achieve social objectives while operating in a financially sustainable manner. This highlights our belief that social and financial outcomes need not be mutually exclusive. Impact enterprises that aspire towards achieving a double bottom line represent a more sustainable way of delivering long-term impact. Under this scheme, we will provide recoverable grants to help impact enterprises scale their impact and operations. Our staff will also provide mentorship with the aim of empowering these impact enterprises to achieve self-sufficiency.
As our programme reach and partnerships widen, we must ensure that our gifts are truly making a difference to the communities. We have developed an Impact Measurement and Management framework that links the desired outcomes with programme activities across all our gifts. We see impact measurement as an essential part of good governance on our philanthropic journey and are working with our partners to co-create the measurement metrics. This will pave the way for more clarity and accountability, and ultimately, better outcomes for our communities.
Doing Good in Our Communities
As a responsible corporate citizen, we support local charities with donations and staff volunteerism across all our offices. When staff decide to launch a fundraising effort for a charity or cause, Temasek will provide matching grants.
Financial Oversight and Governance
Established by Temasek Holdings in 2007, Temasek Trust (TT) is a steward of philanthropic assets, advocate of sustainability, and catalyst of positive impact. As a Company Limited by Guarantee, TT provides governance and financial oversight of non-profit endowments and gifts from Temasek and other donors. It provides steady and sustainable multi-year funding to support capacity building and capability development for an ecosystem of entities, with the shared purpose of building better for every generation — by connecting people, uplifting communities, protecting the planet, and advancing capabilities. TT aims to also forge new pathways for philanthropy and impact investing through collaborations with like-minded partners, as a force for good.
The skills required for the financial management of endowment funds are very different from those for developing and delivering community and social programmes. This governance model separates the financial management of philanthropic assets by TT, from the programme design and delivery by Temasek's non-profit ecosystem, and enables the respective entities to develop clear focus and capabilities. TT, TF, and other non-profit entities are separate, independent entities from Temasek, each with their respective boards and management teams. Temasek does not direct their day-to-day operations.
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Temasek Foundation (TF)
TF, a Company Limited by Guarantee, supports a diverse range of programmes that uplift lives and communities in Singapore and beyond. TF’s programmes are made possible through philanthropic endowments gifted by Temasek, as well as gifts and other contributions from other donors. These programmes strive towards achieving positive outcomes for individuals and communities now, and for generations to come. Collectively, TF’s programmes strengthen social resilience, foster international exchange and regional capabilities, advance science, and protect the planet.
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Temasek Life Sciences Laboratory (TLL)
In 2002, TLL, an Institution of a Public Character, was established as a research institute to harness the power of life sciences to improve lives. With close to 200 researchers, TLL undertakes biomolecular science research and applications to benefit people in Asia and beyond.
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Stewardship Asia Centre (SAC)
SAC is a non-profit organisation dedicated to helping business and government leaders, investors, and individuals accelerate leadership action on environmental and social challenges through catalytic knowledge and advisory. Through initiatives such as its annual Steward Leadership 25 listing, SAC showcases projects across Asia Pacific which create sustainable economic value by integrating the needs of stakeholders, society, future generations, and the environment.
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Mandai Nature
Mandai Nature was jointly established by Temasek and Mandai Wildlife Group. It is dedicated to advancing efforts on biodiversity conservation in Asia, with a focus on averting species extinction especially in Southeast Asia, by delivering conservation programmes at scale with partners, as well as convening partnerships and collaborative alliances to address critical conservation outcomes. As the conservation arm of Mandai Wildlife Group, it also works closely with the Group to apply holistic and integrated conservation action.
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Centre for Impact Investing and Practices (CIIP)
CIIP fosters the growth of impact investing and practices in Asia and beyond by building and sharing knowledge, bringing together stakeholders in the community, and bringing about positive action that accelerates the adoption of impact investing. Based in Singapore, CIIP was established by TT in 2022 as a non-profit centre, with Temasek and ABC Impact as strategic partners.
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Philanthropy Asia Alliance (PAA)
PAA is a TT initiative dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. By harnessing collective strengths, PAA amplifies positive impact and accelerates action to address the pressing environmental and social challenges of our time. PAA’s flagship programme is the annual Philanthropy Asia Summit, a platform for global partners across the public, private, and philanthropic sectors to connect and catalyse collective action.
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Temasek Shophouse
Temasek Shophouse is a social impact hub located in the heart of Singapore and works closely with partners from the Public, Private, and People sectors to convene changemakers, foster collaborations, and catalyse solutions for positive impact. It is also home to the TT ecosystem and like-minded co-working partners.
Since its launch in 2019, Temasek Shophouse has enabled more than 300 programmes including community engagement events, educational exhibitions, and workshops on a range of social and environmental issues.
Lending a Helping Paw to Seniors
For two months last year, Madam Tan Guat Choo spent her mornings bonding with dogs such as a Cavapoo, a Golden Retriever, and a Singapore Special.
The 97-year-old great-grandmother guided the dogs, alongside their owners, to complete obstacle courses. Madam Tan, who sat on a wheelchair pushed by her helper, held on to one leash and the owners held on to the other leash as the dogs hopped over poles and jumped through hoops. On other days, she played Bingo, which involved the dogs picking up balls with numbers on them, made cards with photos of herself and the dogs, or petted the smaller dogs as they sat on her lap.
“Playing with them brought back happy memories of the dogs that my family had when I was growing up,” said Madam Tan in Mandarin.
Madam Tan was among 16 seniors who took part in Canine Partners, a programme that aimed to improve the well-being of the participants as they interacted with the dogs over a series of curated activities.
The programme, which was supported by Temasek Foundation’s OSCAR Fund, was run by social enterprise Animal-Assisted Interactions Singapore (AAISG). The funding helped to cover costs such as equipment and refreshments for the seniors. The programme was conducted over seven one-hour sessions that were held at an active ageing centre run by non-profit organisation Care Corner in Toa Payoh.
Improving Well-being of Seniors
Research has shown that animal-assisted interactions can reduce stress and anxiety among the elderly and improve the quality of life of people suffering from dementia.
AAISG founder Adele Lau said the dogs help her, AAISG programme manager Sarah Chin, and around 40 members, who are dog owners, to connect better with the seniors.
Some seniors are very withdrawn and unwilling to converse with us. However, when we introduce our dogs to them, we find that the seniors are more willing to open up. We may start off talking about dogs, but the seniors usually end up sharing more about themselves.
Adele Lau
Founder, AAISG
Before taking part in Canine Partners, the members go through a 10-hour training programme over the span of 10 sessions, conducted by Adele and Sarah. The members, whose main responsibility is to facilitate the interactions with their pets and the seniors, learn tips on communicating with seniors and the importance of being mindful of the needs of their dogs to ensure that the sessions are enjoyable for both their pets and the seniors.
For member Paula Lim, retiree, 65, taking part in Canine Partners was an opportunity to share the joy that her 11-year-old West Highland White Terrier, Tobi, has brought to her and her family.
“Tobi is friendly and likes being around seniors. I also have an auntie who is bedridden and she always smiles when she sees Tobi,” said Paula who has worked with AAISG since 2022.
Care Corner Assistant Programme Executive Glynis Lee has seen the positive impact that taking part in Canine Partners has made on the seniors.
“Some of the seniors may have difficulty moving around. But as they play fetch or go for walks with the dogs, they regain their confidence as they feel they are accomplishing something,” she said.
I looked forward to seeing the dogs. They made my worries go away.
MADAM TAN GUAT CHOO
Participant of Canine Partners
Building Bonds
Adele hopes that more seniors in Singapore can benefit from animal-assisted interactions.
“The presence of dogs creates a unique and special connection that cannot be replicated through conversation alone,” she added.
Madam Tan said she enjoyed bonding with the dogs and is grateful to Canine Partners’ members for dedicating their time and effort.