please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article may contain an excessive amount of intricate detail that may only interest a specific audience . please help by spinning off or relocating any relevant information and removing excessive detail that may be against wikipedia s inclusion policy . august 2015 learn how and when to remove this template message this article may be too long to read and navigate comfortably . please consider splitting content into sub articles condensing it or adding or removing subheadings . august 2015 learn how and when to remove this template message temasek holdings pte ltd type investment company sovereign wealth fund industry investment management founded 1974 headquarters singapore key people s dhanabalan 1 chairman ho ching 1 executive director & ceo revenue 83.8 billion sgd 2013 2 net income 15.2 billion sgd 2013 total assets 317.4 billion sgd 2013 owner government of singapore subsidiaries dbs bank singapore airlines capitaland st engineering singtel mediacorp psa corporation aetos security management certis cisco smrt corporation surbana jurong website www.temasek.com.sg temasek holdings private limited abbreviated as temasek is an investment company owned by the government of singapore . incorporated in 1974 temasek owns and manages a net portfolio of s 242 billion 3 us 180 billion ; as of 31 march 2016 mainly in singapore and asia . 4 it is an active shareholder and investor and its portfolio covers a broad spectrum of sectors including financial services telecommunications media and technology transportation and industrial life sciences consumer real estate as well as energy and resources . temasek has a multinational team of over 580 people in 11 offices globally including singapore 5 and new york . 6 temasek is commonly referred to as a sovereign wealth fund particularly by the press and research outlets based outside singapore . 7 however it has frequently disputed this terminology and prefers to be referred to as an investment company because it invests mostly in equities is the outright owner of many assets and pays taxes like other commercial investment firms . 8 however its sole shareholder to which it distributes dividends is singapore s ministry of finance . a spokesman for the ministry of finance has previously noted that even though there is still no universally accepted definition of sovereign wealth funds temasek is required to abide by international guidelines for sovereign wealth funds . 9 beginning in 2015 capital gains from temasek are included in singapore s government budget contributing approximately s 3 billion 10 to the 2015 budget . apart from temasek the government of singapore owns another sovereign wealth fund gic private limited which manages an estimated us 330 billion and is funded by singapore s foreign reserves . temasek is one of a few global firms assigned with the highest overall corporate credit ratings of aaa by standard & poor s 11 and aaa by moody s. 12 temasek has also attained perfect quarterly scores 13 on the linaburg maduell transparency index a measure of the openness of government owned investment funds . however the purported difficulty in measuring transparency of sovereign wealth funds should mean that the existence of such an index itself is highly questionable . 14 contents 1 history 1.1 incorporation 1.2 status 1.3 initial holdings 2 financial highlights 2.1 2016 2.1.1 performance 2.1.2 major investments 2.1.3 investments 2.1.3.1 telecommunications media & technology 2.1.3.2 financial services 2.1.3.3 transportations & industrials 2.1.3.4 consumer & real estate 2.1.3.5 energy & resources 2.1.3.6 life sciences & agriculture 2.2 summary of financial performance 3 timeline of investments 3.1 2016 3.2 2015 3.3 2014 3.4 2013 3.5 2012 3.6 2011 3.7 2010 3.8 2009 3.9 2008 3.10 2007 3.11 2006 3.12 2005 3.13 2004 3.14 2003 4 governance framework 4.1 temasek charter 4.2 rights and obligations 4.2.1 owner and shareholder 4.2.2 protection of temasek s past reserves 4.2.3 portfolio companies 4.2.4 board 4.3 community engagement 4.3.1 temasek trust 4.3.2 t touch 4.3.3 sponsored initiatives & events 5 controversy 5.1 shin corp 5.2 nepotism 6 see also 7 references 8 external links history edit incorporation edit at the point of singapore s independence in august 1965 the government of singapore had ownership or joint ownership of various local companies such as malaysia singapore airlines later split up into malaysia airlines and singapore airlines and the singapore telephone board which became singapore telecommunications . as part of its push for local and foreign private investment in sectors such as manufacturing and shipbuilding the government s economic development board edb also bought minority stakes in a variety of local companies . 15 during the first ten years after independence the government acquired or established several companies 16 such as the keppel corporation originally keppel shipyard taken over from the royal navy after the british military withdrawal from singapore st engineering originally a weapon manufacturer set up to supply the singapore armed forces and the shipping company neptune orient lines . in 1974 temasek was incorporated under the singapore companies act 17 to hold and manage the assets previously held directly by the singapore government . the goal was for temasek to own and manage these investments on a commercial basis 18 allowing the ministry of finance and the ministry of trade and industry to focus on policymaking . temasek s established mission was to contribute to singapore s economic development industrialisation and financial diversification by nurturing effective and commercially driven strategic investments in and around singapore . status edit temasek is a company incorporated in singapore and operates under the provisions of the singapore companies act . it is neither a government agency nor a statutory board . like any other commercial company temasek pays taxes to tax authorities distributes dividends to its shareholder and has its own board of directors and a professional management team . its sole shareholder is singapore s ministry of finance . temasek is designated a fifth schedule 19 entity under the singapore constitution which imposes certain safeguards to protect the government s past reserves . for instance the approval of the president of singapore is required for any transaction which is likely to result in a draw down of temasek s cash reserves . 20 the president also has the right to appoint terminate or renew the members of temasek s board of directors . in most other respects however temasek operates as an independent commercial investment holding company . in a 2009 speech 21 ho ching temasek s executive director and ceo said that the company had made an effort to instill discipline and professionalism and to be tested and measured by providing public markers of performance . she noted that temasek s bonds spreads and credit ratings have been regularly 22 and independently 23 monitored as public markers of temasek s financial position and credit risks . temasek had also openly 24 and accurately 25 disclosed its financial information through its annual report although ho said that as a private company it was not legally obliged to do so . initial holdings edit temasek s initial portfolio of s 354 million comprised shares in the following companies start ups and joint ventures previously held by the singapore government . the companies included a bird park a hotel a shoe maker a detergent producer naval yards converted into a ship repair business a start up airline and an iron and steel mill . the companies in bold below are still within the temasek portfolio . acma electrical industries cerebos singapore pte ltd chemical industries f.e. ltd development bank of singapore ltd now part of dbs group holdings instant asia cultural shows pte ltd insurance corporation of singapore ltd international development and construction corporation intraco ltd jurong bird park pte ltd now part of wildlife reserves singapore jurong holdings pte ltd now part of sembcorp industries ltd. jurong shipbuilders pte ltd now part of sembcorp marine jurong shipyard pte ltd keppel shipyard pte ltd metrawood pte ltd ming court hotel ltd now already part of far east orchard mitsubishi singapore heavy industries pte ltd national engineering services pte ltd national grain elevator ltd national iron & steel mills ltd neptune orient lines primary industries enterprises pte ltd now part of sats ltd. sembawang holdings pte ltd singapore airlines singapore airport duty free emporium pte ltd now jointly owned by singapore airlines limited and sats ltd. singapore cable car pte ltd singapore general aviation service company pte ltd singapore national printers pte ltd singapore offshore petroleum services pte ltd singapore textiles industries ltd singapore treasury building pte ltd singapore zoological gardens now part of wildlife reserves singapore singmanex pte ltd sugar industry of singapore ltd united industrial corporation ltd united vegetable oil pte ltd financial highlights edit 2016 edit performance edit as at 31 march 2016 temasek s net portfolio value was s 242 billion down s 24 billion from last year and with a 60 40 underlying exposure to mature economies and growth regions . 26 temasek invested s 30 billion and divested a record s 28 billion . 27 temasek s one year total shareholder return tsr was negative 9.02 % in singapore dollar terms . longer term 10 year and 20 year tsrs were both 6 % and tsr since inception in 1974 was 15 % . 28 wealth added which is temasek s dollar return above aggregated risk adjusted hurdle for the year was negative s 44.7 billion for the year . 29 temasek ended the year in a net cash position . in liquidity terms temasek s cash and bank balances together with short term investments were three times the s 8 billion debt due over the next decade . 30 major investments edit the top three sectors for investments in 2016 were telecommunications media & technology financial services and life sciences & agriculture . 29 during the year temasek invested an additional us 500 million in alibaba shares 31 and invested us 3 billion in avanda global multi asset master fund a singapore based multi strategy global asset manager . 32 temasek continued to expand their financial services portfolio into non banking sub sectors including an investment in paypal a digital payment service provider operating in more than 200 markets worldwide . 33 temasek has also been investing in smaller but fast growing technology enabled companies such as sofi and c2fo in the us funding circle in the uk and billdesk and policy bazaar in india . within the investment brokerage space temasek invested about hk 2 billion in citic securities a full service securities firm in china . 34 in life sciences & agriculture temasek invested us 300 million in the management buyout of china based wuxi pharmatech a global provider of laboratory and manufacturing services to biopharma and medical device companies . 33 the us accounted for temasek s largest share of new investments during the year . in the us temasek increased their position in the logistics sector via a us 450 million investment in univar a distributor of commodity and specialty chemicals . 33 as at 31 march 2016 in terms of geographic exposure by underlying assets singapore and china were highest at 29 % and 25 % respectively . the us is third largest at 10 % . 35 investments edit the top three sectors for investments in 2016 were telecommunications media & technology financial services and life sciences & agriculture . 29 in the telecommunications media & technology space temasek invested an additional us 500 million in alibaba shares 31 and along with other top sovereign investors invested a total of 1.5 billion in cainiao a data and technology based logistics platform focused on e commerce . 36 in the financial services space temasek continued to expand into non banking sub sectors including an investment in paypal a digital payment service provider operating in more than 200 markets worldwide . 37 temasek also increased their stake in industrial and