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Ins & Outs of Temasek

Temasek’s sources of funds come mainly from what we do as an investor and shareholder.

Temasek owns its assets – we are not a fund manager.

We do not manage:

  • Singapore CPF savings
  • Singapore Government assets
  • Singapore foreign exchange reserves

The visual guide below explains Temasek’s sources of funds and how they may benefit you, businesses or the community at large.

A visual guide to our sources of funds and their use.

Icon Divestments

We receive proceeds from the sale of our investments whenever we rebalance our portfolio.


Our annual divestments averaged about S$31 billion over the last five years.

Icon Dividends from Portfolio

We receive dividends from our portfolio companies.


Our annual dividends averaged S$9.9 billion in the last five years.

Icon Distributions from Funds

Funds we have invested in distribute their returns to us when they start maturing.

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Icon Temasek Bonds

We borrow from bond investors through our US$25 billion Guaranteed Global Medium Term Note Programme and S$5 billion Guaranteed Medium Term Note Programme.


As at 31 March 2023, we had 23 Temasek Bonds outstanding totalling some S$20.2 billion with a weighted average maturity of over 19 years.


Temasek Bonds are rated Aaa/AAA by Moody’s Investors Service and S&P Global Ratings respectively.

Icon Temasek Euro-commercial Paper (ECP)

We borrow short term money by issuing ECP, with maturities typically below a year.


As at 31 March 2023, our S$1.3 billion of ECP outstanding had a weighted average maturity of over three months.

Icon Bank Borrowings

We may also borrow from banks from time to time, especially for short term funding or bridging needs.

Icon Investment by Shareholder in Temasek’s Shares

Our shareholder, the Minister for Finance, may invest in Temasek's shares. These investments are made at the discretion of our shareholder as part of their own decision as to their overall asset allocation, taking into account the Singapore Government’s liquidity needs and the long-term risk-adjusted expected returns of such investments. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information. The number of shares issued by Temasek to the Singapore Government is based on the audited consolidated Temasek Group Shareholders’ Funds.

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Temasek mixing pot

A visual guide to our sources of funds and their use.

  • Funnel
  • Funnel
  • Icon Divestments

    We receive proceeds from the sale of our investments whenever we rebalance our portfolio.

    Our annual divestments averaged about S$31 billion over the last five years.

  • Icon Dividends from Portfolio

    We receive dividends from our portfolio companies.

    Our annual dividends averaged S$9.9 billion in the last five years.

  • Icon Distributions from Funds

    Funds we have invested in distribute their returns to us when they start maturing.

  • Icon Temasek Bonds

    We borrow from bond investors through our US$25 billion Guaranteed Global Medium Term Note Programme and S$5 billion Guaranteed Medium Term Note Programme.

    As at 31 March 2023, we had 23 Temasek Bonds outstanding totalling some S$20.2 billion with a weighted average maturity of over 19 years.

    Temasek Bonds are rated Aaa/AAA by Moody’s Investors Service and S&P Global Ratings respectively.

  • Icon Temasek Euro-commercial Paper (ECP)

    We borrow short term money by issuing ECP, with maturities typically below a year.

    As at 31 March 2023, our S$1.3 billion of ECP outstanding had a weighted average maturity of over three months.

  • Icon Bank Borrowings

    We may also borrow from banks from time to time, especially for short term funding or bridging needs.

  • Icon Investment by Shareholder in Temasek’s Shares

    Our shareholder, the Minister for Finance, may invest in Temasek's shares. These investments are made at the discretion of our shareholder as part of their own decision as to their overall asset allocation, taking into account the Singapore Government’s liquidity needs and the long-term risk-adjusted expected returns of such investments. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information. The number of shares issued by Temasek to the Singapore Government is based on the audited consolidated Temasek Group Shareholders’ Funds.

Temasek mixing pot

Investments and Associated Costs

We invest in companies to deliver a better, smarter and more sustainable world.

Payment to Temasek Bondholders and ECP Holders

We pay our investors interest payments and repay the principal amount of our Temasek Bonds and ECP when due.

Taxes to Tax Authorities

Temasek pays local taxes on its earnings in various countries.

Taxes paid to the Singapore Government help to fund spending for public services like defence, education, healthcare and social services.

Dividends to Shareholder

We pay dividends to our shareholder. This financial discipline is directed by the Temasek Board.

From 2000 to 2015, Temasek was under the Government NII spending framework, where up to 50% of our dividends could be used by the Singapore Government for budget spending. The remaining dividends were locked up as past reserves of the Singapore Government.

From 2016 onwards, Temasek was included in the Government NIR framework.

NIR Contributions to Singapore Government Budget

MAS and GIC have been part of the NIR framework since 2009.

Since Temasek’s inclusion in 2016, the Singapore Government may spend up to 50% of Temasek's expected long term returns, net of inflation. These are projected and unrealised returns based on the current portfolio mix.

NIR is not an outflow for Temasek. The NIR framework does not determine the amount of dividends we declare to our shareholder.

NIR Contribution is estimated to be the second largest contributor to Singapore Government revenues, at 19.5% of the 2023 Government Budget, after Corporate Income Tax at 20.2%.

Community Gifts

Our not-to-profit gifts to Temasek Trust enable Temasek Foundation and other non-profit entities to focus on different aspects of connecting people, uplifting lives, protecting our planet and advancing capabilities.

To date, Temasek’s gifts to Temasek Trust have enabled programmes which have impacted about 2.5 million lives across Singapore and Asia.

Staff Volunteers

Our staff volunteers come together via their T-Touch initiative to make a difference in the community.

They volunteer ideas, time and money to support their chosen charities within their communities.

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