Our Board comprises 13 members, the majority of whom are non-executive independent private sector business leaders. Our Board operates on a commercial basis, with the added constitutional responsibility of protecting the Company’s past reserves, given Temasek’s status as a Fifth Schedule entity under the Singapore Constitution.

During the last financial year, three additional members joined our Board. Mr Robert Ng Chee Siong, Chairman of Sino Land Company in Hong Kong, and Mr Bobby Chin Yoke Choong, retired Managing Partner of KPMG Singapore, both joined the Board on 10 June 2014. The newest member, Mr Peter Robert Voser, retired CEO of Royal Dutch Shell, joined the Board on 1 January 2015.

The annual Board schedule includes quarterly two-day meetings, plus additional meetings as needed. Four Board meetings were held in the last financial year.

Our Board has the added constitutional responsibility of protecting Temasek’s past reserves.

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

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
Majority of our Board are non-executive independent private sector business leaders.

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 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. It met three 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. IA has full and unrestricted access to all records, properties and personnel to effectively perform its functions. Aside from periodic planned reviews of key control processes for all offices, IA may also undertake special reviews requested by our Board, AC or senior management.

During the year, the AC met four times and reviewed the following:

  • annual audited statutory accounts
  • compliance with regulatory and accounting standards
  • internal controls system and risk management framework
  • impairment recommendations
  • reports on violations of Temasek Code of Ethics and Conduct
  • independence and performance of the external auditors

Leadership Development & Compensation Committee (LDCC)

The LDCC is responsible for recommending Board and management leadership plans to the Temasek Board. This includes Board and CEO succession, as well as guidelines and policies on performance measurement and compensation plans. The LDCC met four times last year.

Board and Committee Processes and Decisions

Board members with interests that may conflict with Temasek’s are recused.

Decisions at Board and Committee meetings are based on a simple majority of the votes, including those via telephone 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. 

Quarterly Board meetings include Executive Sessions for non-executive Directors to meet without management presence. The annual CEO succession review is part of these deliberations. 

Board Committee Membership as at 31 March 2015

  Board ExCo AC LDCC
Lim Boon Heng Chairman Chairman   Chairman
Cheng Wai Keung Deputy Chairman Member    
Kua Hong Pak Member   Chairman  
Bobby Chin YC Member   Member  
Goh Yew Lin Member   Member Member
Ho Ching ED & CEO Member   Member
Michael Lien JL Member   Member Member
Robert Ng CS Member      
Teo Ming Kian Member Member    
Peter R Voser Member      
Marcus Wallenberg Member      
Lucien Wong YK Member   Member Member
Robert B Zoellick Member      

(as at 31 March 2015)

Board of Directors

LIM Boon Heng

Chairman (since August 2013)

  • Deputy Chairman
    Singapore Labour Foundation
  • Chairman
    NTUC Enterprise Co-operative Limited
  • Former Secretary-General
    National Trades Union Congress
  • Held several Cabinet positions in the Singapore Government from 1993 to 2011

CHENG Wai Keung

Deputy Chairman (since November 2013)

  • Chairman and Managing Director
    Wing Tai Holdings Limited
  • Distinguished Service Order (DUBC) in 2007
  • Justice of the Peace since 2000

KUA Hong Pak

Director (since November 1996); Chairman, Audit Committee 

  • Managing Director and Group CEO
    ComfortDelGro Corporation Limited
  • Deputy Chairman
    • SBS Transit Ltd
    • VICOM Ltd
  • Singapore Public Service Star in 1996
  • Re-appointed a Justice of the Peace in 2010
  • Honorary Shenyang Citizenship in 1997

Michael LIEN JL

Director (since January 2010)

  • Executive Chairman
    Wah Hin & Co Pte Ltd
  • Trustee and Investment Committee Member
    National University of Singapore
  • Founder
    Leap Philanthropy

Robert NG CS

Director (since June 2014)

  • Chairman
    Sino Land Company Limited
  • Vice Chairman
    M+S Pte Ltd
  • Director
    DBS Bank (Hong Kong) Limited
  • Member
    11 th/12th National Committee, Chinese People’s Political Consultative Conference

TEO Ming Kian

Director (since October 2006)

  • Chairman
    • MediaCorp Pte Ltd
    • Vertex Venture Holdings Ltd
    • Temasek Life Sciences Laboratory Limited
    • Tessa Therapeutics Pte. Ltd.
    • Earth Observatory of Singapore
      Nanyang Technological University
  • Former Permanent Secretary at various Singapore Government ministries and Executive Chairman in key agencies
  • The Public Administration Medal (Gold), Singapore (1993)
  • Commander First Class – Royal Order of the Polar Star (Sweden) (1994)
  • Distinguished Alumni Award, Monash University, Australia (1999)
  • The Meritorious Service Medal, Singapore (2008)


Director (since January 2015)

  • Chairman
    • ABB Ltd
    • Catalyst
    • Board of Trustees of St. Gallen Foundation for International Studies
  • Director
    • Roche Holdings Limited
    • International Business Machines Corporation
  • Former Chief Executive Officer
    Royal Dutch Shell plc
  • Former Member
    • Supervisory Board of Aegon N.V.
    • Supervisory Board of UBS AG
    • Swiss Federal Auditor Oversight Authority
  • Title of Dato Seri Laila Jasa awarded by His Majesty the Sultan of Brunei (2011)


Director (since June 2014)

  • Member
    Council of Presidential Advisers
  • Chairman
    • NTUC Fairprice Co-operative Ltd
    • NTUC Fairprice Foundation Ltd
  • Deputy Chairman
    • NTUC Enterprise Co-operative Limited
  • Former Managing Partner of KPMG, Singapore
  • The Singapore Public Service Star in 2011
  • The Singapore Public Service Medal in 2003

GOH Yew Lin

Director (since August 2005)

  • Managing Director
    GK Goh Holdings Limited
  • Chairman
    • SeaTown Holdings Pte Ltd
    • Yong Siew Toh Conservatory of Music
    • Singapore Symphonia Company Limited
  • Trustee and Investment Committee Chairman
    National University of Singapore
  • Deputy Chairman
    National Arts Council

HO Ching

Executive Director & CEO

  • Executive Director since May 2002;
    CEO since January 2004
  • Former President and CEO
    Singapore Technologies Group
  • Fellow of the Academy of Engineering Singapore


Director (since July 2008)

  • Chairman
    • Skandinaviska Enskilda Banken
    • SAAB AB
    • FAM AB
  • Former Chairman
    • AB Electrolux
    • International Chamber of Commerce
    • LKAB
  • Former Deputy Chairman
    L M Ericsson
  • Former President and CEO
    Investor AB

Lucien WONG YK

Director (since March 2013)

  • Chairman and Senior Partner
    Allen & Gledhill LLP
  • Chairman
    Maritime and Port Authority of Singapore
  • Trustee
    • Singapore Business Federation
  • Board Member
    • Hap Seng Plantations Holdings Berhad
    • Singapore Airlines Limited
    • Singapore Press Holdings Limited
    • Singapore Health Services Pte Ltd


Director (since August 2013)

  • Chairman
    Goldman Sachs International Advisors
  • Member
    Board of Laureate Education, Inc.
  • Senior Fellow
    Belfer Center for Science and International
    Affairs, Kennedy School of Government,
    Harvard University
  • Former President (2007-2012)
    World Bank Group
  • Former Deputy Secretary (2005-2006)
    U.S. State Department
  • Former U.S. Trade Representative (2001-2005)
Fifth Schedule entities under the Singapore Constitution include GIC Private Limited, which manages the reserves of the Singapore Government, the Central Provident Fund Board, the Monetary Authority of Singapore, Housing and Development Board, and Jurong Town Corporation. See section on As a Trusted Steward for more information.