Mr Robert Zoellick Joins The Temasek Board
1 August 2013
Singapore, 1 August 2013 – Temasek Holdings (Private) Limited (“Temasek”) is pleased to announce the appointment of Mr Robert B Zoellick to its Board of Directors, with effect from 15 August 2013.
With a distinguished career which spans academia, government, politics and business, Mr Zoellick, 60, brings with him extensive international experience as well as an in-depth knowledge of the global economy and international finance.
Mr Zoellick was the President of the World Bank from July 2007 through June last year. He had also served the US Government in various roles over the years, including as the US Trade Representative (2001 to 2005) and Deputy Secretary of State (2005-2006) during the Administration of President George W Bush. During his tenure as US Trade Representative, the USA signed its Free Trade Agreement with Singapore, as well as with 11 other countries.
Mr Lim Boon Heng, Chairman of Temasek, welcomed Mr Zoellick to the Temasek Board, “We are very pleased that Bob has accepted our invitation to join the Temasek Board. He brings a wealth of experience in international business, diplomacy and finance that will be both welcome and valuable on our Board.
“His appointment to our Board also comes at an opportune time, as Temasek sets out to establish its first US office in the near future. Bob’s insights will be especially helpful as we continue to explore opportunities in USA, Europe and also in the various growth markets.”
Commenting on his appointment, Mr Zoellick said “I have a high regard for Singapore, and welcome its contribution to international business, finance and trade.”
“Over the years, I have also come to know Temasek well, and have followed its growing reputation as a well-regarded international investor. Its commitment to strong corporate governance principles is very important to set the tone in international investing. I look forward to being part of a very strong team as I join the Temasek Board.”
Mr Zoellick currently serves on the International Advisory Board of Rolls-Royce Group plc, which has a sizeable aircraft engine facility in Singapore. He is also a Distinguished Visiting Fellow of the Peterson Institution for International Economics, and concurrently a Senior Fellow at the Belfer Center for Science and International Affairs of the Kennedy School of Government at Harvard University.
Mr Zoellick holds a J.D. magna cum laude from the Harvard Law School and a Master of Public Policy from the John F Kennedy School of Government at Harvard. He has received numerous awards and honours for his work in public service in the United States, Germany and elsewhere.
Temasek’s Board of Directors
Mr LIM Boon Heng (Chairman with effect 1 August 2013)
Mr CHENG Wai Keung
Mr GOH Yew Lin
Ms HO Ching (Executive Director and CEO)
Mr KUA Hong Pak
Mr Michael LIEN
Mr TEO Ming Kian
Mr Marcus WALLENBERG
Mr Lucien WONG
Mr Robert B ZOELLICK (with effect 15 August 2013)
Mr S Dhanabalan, Chairman of Temasek since 1996, has just retired with effect from 1 August 2013, ahead of his 76th birthday in early August.
More about Mr Robert B Zoellick
Mr Robert B Zoellick, 60, is a Senior Fellow at the Belfer Center for Science and International Affairs at Harvard University’s Kennedy School of Government; and a Distinguished Visiting Fellow at the Peterson Institute for International Economics. He is also currently on the International Advisory Board of Rolls-Royce Group plc.
Mr Zoellick previously served as the 11th President and CEO of the World Bank Group from 1 July 2007 to 30 June 2012. Notable among his many achievements at the World Bank were his programmes to recapitalise and modernise the Bank. He helped to raise US$90 billion to support development and aid the world’s poorest countries, especially following food, fuel and financial crises. Under his leadership, the Bank emphasized greater transparency, good governance and anti-corruption for its projects around the world. His record at the Bank was also marked by increased representation of the developing countries, and an increased role for private sector partnership in development projects.
His private sector roles included his tenure at Goldman Sachs from 2006 to 2007, as Vice Chairman, International, and Chairman of Goldman Sachs' Board of International Advisors. He had also been with Fannie Mae a decade earlier, where he was its Executive Vice President (1993-1997), supervising the affordable housing business, and other regulatory, government and international activities. Commonly known as Fannie Mae, the Federal National Mortgage Association is the largest housing corporation in the USA.
Among his numerous and wide ranging roles with the US Government, Mr Zoellick is most closely identified internationally with his advocacy of free trade as the 13th US Trade Representative (2001 to 2005) and cabinet member of the George W Bush Administration.
As US Trade Representative, Mr Zoellick worked with nearly 150 economies to launch the Doha Development Agenda in 2001 at the World Trade Organisation, and completed the framework accord for opening markets in 2004. He was instrumental in completing the accession of China and Chinese Taipei to the WTO.
In addition, Mr Zoellick concluded Free Trade Agreements (FTAs) with various countries, including Singapore and Australia, quintupling the number of countries with which the U.S. has FTAs.
Other US Government roles in Mr Zoellick’s career included his appointment as the Deputy Secretary of the U.S. State Department (2005 to 2006), serving as the Department's Chief Operating Officer and policy alternate for the Secretary of State. Earlier roles from 1985 to 1993 included various senior roles at the Treasury Department with Secretary James A. Baker, III; various Undersecretary responsibilities at the State Department; and briefly his appointment as Deputy Chief of Staff at the White House and Assistant to the President.
On the diplomatic and trade fronts, Mr Zoellick was a key actor in the end of the Cold War in Europe, while also playing a leading role in the development of a new system through the creation of APEC and NAFTA. In Europe, he was the lead US official in the "Two-plus-Four" process of German unification in 1989-90.
Mr Zoellick received his J.D. magna cum laude from the Harvard Law School and a Master of Public Policy from Harvard University’s John F Kennedy School of Government in 1981. He graduated Phi Beta Kappa from Swarthmore College as a history major in 1975.
Among the numerous awards Mr Zoellick received in recognition for his contributions in various spheres were the Knight Commanders Cross from Germany for his work on unification; the Aztec Eagle and Order of Merit, the highest honours from Mexico and Chile, respectively, for his work on free trade, development, and the environment; the Alexander Hamilton and Distinguished Service Awards, the highest honours of the Departments of Treasury and State, respectively; the Department of Defense Medal for Distinguished Public Service; an Honorary Doctorate of Public Policy from the RAND Graduate School; and an Honorary Doctorate of Humane Letters from St. Joseph’s College in Rensselaer, Indiana.
More about Temasek
Incorporated in 1974, Temasek is an investment company based in Singapore, with 11 affiliates and offices in Asia and Latin America. Temasek owns a S$215 billion portfolio as at 31 March 2013, with 71% of its underlying assets in Asia (including Singapore), and 25% in the mature economies of North America, Europe, Australia & New Zealand.
Its investment themes centre on:
- Transforming Economies
- Growing Middle Income Populations
- Deepening Comparative Advantages
- Emerging Champions
Temasek’s portfolio covers a broad spectrum of industries: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources.
Total shareholder return since inception in 1974 has been 16% compounded annually in Singapore dollar terms, or 18% in US dollar terms.
The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies Standard & Poor's and Moody's respectively.
For more information on Temasek, please visit www.temasek.com.sg
For the latest Temasek Review 2013, please visit www.temasekreview.com.sg
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