Temasek Holdings announces new Chairman
Temasek Holdings (Private) Limited (“Temasek”) announces that Mr Lim Boon Heng will succeed Mr S Dhanabalan, to become its fourth Chairman, on 1 August 2013, said in the company's press release.
Mr Dhanabalan will be retiring from the Temasek Board with effect from 1 August 2013, ahead of his 76th birthday in early August. His 17-year leadership since September 1996 as Chairman of Temasek was marked by his clarity of purpose and a deep commitment to the larger good.
Mr Lim Boon Heng, a shipping pioneer and a well-respected retired union and political leader, joined the Temasek Board in June last year. Elected unanimously by the Board to succeed Mr Dhanabalan, Mr Lim brings with him a lifelong dedication to improve the lives of workers, families and the elderly.
Mr Dhanabalan guided Temasek over almost two decades of growth and change, as its longest serving Chairman. He enabled Temasek to build on its strong foundation in Singapore and nurture a global leadership team of diverse talent.
The 1990s saw the addition of corporatised entities to the Temasek portfolio, such as SingTel and PSA. These have since transformed into competitive regional and international enterprises.
Post 2000, Temasek stepped up its regional investments to add a robust Asia growth element to its portfolio. This layered in a more resilient balance of growth and stability for the Temasek portfolio as a whole.
In the process, the Temasek portfolio grew from a value of S$70 billion in March 1997, to S$215 billion in March 2013, amidst a turbulent era which included three major economic dislocations - the 1997 Asian Financial Crisis; the extended post-2000 recession including the effects of 9/11 in 2001 and SARS in 2003; and the Global Financial Crisis in 2008.
In 2003, Temasek initiated a policy to set aside a share of its returns above its risk-adjusted hurdle for community contributions. Such funding for community causes has been gifted mostly in the form of endowments. Earmarked for various non-profit philanthropic organisations (NPPOs) such as Temasek Foundation and Temasek Cares, these endowments support public good and social causes in a sustainable manner over time.
The Temasek Trust was established in 2007 with its own Board of Trustees to independently oversee the management and sustainable distribution of endowments and gifts from Temasek for specific NPPOs.
