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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.

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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

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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

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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

Broadening Our Perspectives
Engaging Friends Temasek International Panel Temasek Advisory Panel

68
70 72 73

Exercising Stewardship
Making a Difference Enriching Lives

74
76 83

Major Investments

86 94

Our Contact Points

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“Over 100 years ago, this was a mud-flat, swamp. Today, this is a modern city. Ten years from now, this will be a metropolis. Never fear.” Lee Kuan Yew Founding Prime Minister, Republic of Singapore Speech at the Sree Narayana Mission in Sembawang 12 September 1965

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Temasek Review 2012

Temasek Charter
Temasek is an active investor and shareholder.
We deliver sustainable value over the long term.

Temasek is a forward looking institution.
We act with integrity and are committed to the pursuit of excellence.

Temasek is a trusted steward.
We strive for the advancement of our communities across generations.

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Year in Review
(as at 31 March)

Our portfolio remained resilient in a volatile year. We continued to build our people and capabilities as an investor and shareholder, as an institution, and as a steward.

Portfolio Value Our portfolio grew by S$121 billion since March 2002.

Portfolio Value (S$b)

164

185 130

186

193

198

S$198b
Portfolio value Total Shareholder Return Three-year annualised compounded return to our shareholder was 15%.

129 90 61 103

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04

05

06

07

08

09

10

11

12

Rolling S$ Total Shareholder Return (%)

20 16 16

18

16

18

17 13 10 6

16

15 9

15 10

1.50%
One-year return

5 3 03 04 05

6

8

6

06

07

08

09

10

11

12

10-year

20-year

Returns to Temasek Post-2002 investments contributed significantly to our total returns.

10-year Annualised S$ Returns to Temasek (%)

18

18%
Returns on post-2002 investments

11

Investments made after 31 March 2002 Investments held as at 31 March 2002

6

Temasek Review 2012

Year in Review

Investment...
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