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Commemorating 50 Years

Since our inception in 1974, Temasek has transformed from a Singapore holding company into a global investor. Our journey has been driven by a sense of purpose to do well, do right, and do good – so every generation prospers.

As we commemorate our 50th anniversary, we recognise the achievements and contributions by generations past who made Temasek what it is today. Now, we carry the torch and continue our commitment to realise a better future for generations ahead.

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Birth

For Lam Khin Khui, a Temasek pioneer, the company’s move to the Treasury Building in 1986 was extra special – his son was born the day before the topping out ceremony of his new office home.

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Resilience

The Asian Financial Crisis was a major economic test for Singapore in 1997/1998. Over 28,000 workers were retrenched across Singapore during the trough of 1998. Temasek companies were hit by the downturn too. Many staff feared for their jobs, but resilience and collective sacrifice helped everyone pull through.

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Growth

A sharp recession hit Singapore in 1985, followed by the Asian Financial Crisis in 1997. Severe Acute Respiratory Syndrome struck in 2003, foreshadowing the 2009 Global Financial Crisis. Everyone in Singapore was sorely tested, as were Temasek and all our staff. 

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Purpose

Christine Ng, Director of Organisation & People at Temasek, has been volunteering in a mobile clinic over the past decade, to bring clean water to the poor in Cambodia. We are proud that she is one of our many volunteer staff with our staff initiative, T-Touch, to help uplift the communities around us.

     

50 Years of Temasek –
A Visual Timeline

Slide to select different eras of Temasek

50 Years of Temasek –
A Visual Timeline


1965

Birth of Independent Singapore

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1968

Withdrawal of British Armed Forces

In 1968, Britain announced that it would accelerate the withdrawal of their armed forces from Singapore by 1971.

With 20% of economic activity attributable to British forces and its related industries, Singapore had to accelerate its plans for an export-led industrialisation strategy and prepare its working population for the new jobs resulting from massive industrialisation and investment promotion.

1974

Incorporation of Temasek

The Singapore Government decided its rightful role was to manage its economy, not individual enterprises. Thus, Temasek was set up in 1974 to take over an eclectic collection of 35 companies, with a portfolio value of S$354 million. This allowed the Government to focus on its core role of policymaking and regulations. Some of these companies remain in Temasek’s portfolio today, including DBS Bank, Singapore Airlines, and the Singapore Zoological Gardens (now known as Mandai Wildlife Reserve).

Temasek’s tasks then included maintaining books of accounts, executing share transactions, and carrying out secretarial work on board appointments. All key decisions came from the Ministry of Finance.

Temasek Holdings’ first company logo

1974

Incorporation of Temasek

The Singapore Government decided its rightful role was to manage its economy, not individual enterprises. Thus, Temasek was set up in 1974 to take over an eclectic collection of 35 companies, with a portfolio value of S$354 million. This allowed the Government to focus on its core role of policymaking and regulations. Some of these companies remain in Temasek’s portfolio today, including DBS Bank, Singapore Airlines, and the Singapore Zoological Gardens (now known as Mandai Wildlife Reserve).

Temasek’s tasks then included maintaining books of accounts, executing share transactions, and carrying out secretarial work on board appointments. All key decisions came from the Ministry of Finance.

Temasek’s first office at the Fullerton Building (now Fullerton Hotel)

Temasek Holdings’ first company logo

 

Temasek’s first office at the Fullerton Building (now Fullerton Hotel)

 

Mr J Y Pillay, Temasek Holdings’ Chairman (1974-1987)

Temasek Holdings Chairman

Mr Joseph Yuvaraj Pillay, also known as Mr J Y Pillay, was appointed Temasek Holdings’ Chairman. He remained Chairman until 1987.

Mr Pillay was such a mentor for me. He was a person who would tell you what to do and then he left it to you, and you just report to him. He didn’t micro-manage. He looked at the big picture and said, ‘Well, you report to me what you have done.’

Dr Chua Yong Hai
Temasek’s General Manager
(1979-1982)

 

Mr Pillay was such a mentor for me. He was a person who would tell you what to do and then he left it to you, and you just report to him. He didn’t micro-manage. He looked at the big picture and said, ‘Well, you report to me what you have done.’

Dr Chua Yong Hai
Temasek’s General Manager
(1979-1982)

1977

Petrochemical Hub

In 1977, the Petrochemical Corporation of Singapore (“PCS”) was incorporated. The equity structure was 50% owned by a Japanese consortium led by Sumitomo Chemical, and 50% by Temasek, on behalf of the Singapore Government.

PCS was one of the most notable and high profile investments Temasek made together with the Singapore Economic Development Board in the company’s early days. The investment impetus then was a combination of nation building and economic opportunity.

Jump to 1984: Read more about the Singapore Petrochemical Complex, made up of PCS and four other downstream companies.

1979

Temasek Holdings General Manager

In September, Dr Chua Yong Hai, former Deputy Secretary of the Ministry of Trade and Industry, joined Temasek as its General Manager. Dr Chua came onboard with a specific mandate – to set up new management systems and make Temasek a more active holding company as well as investor. He remained General Manager until 1982.

CPF Building

Temasek moved out of the Fullerton Building to the former CPF Building on Robinson Road, where the Ministry of Finance was then located. At that time, Temasek only had five employees.

1980

DBS Building

Temasek moved from the former CPF Building to a larger space at the former DBS Building (now OUE Downtown 2) in Shenton Way, Singapore’s newly developing financial district.

DBS building and CPF building in the background (Image credit: Courtesy of National Archives of Singapore)

1982

New Temasek Holdings General Manager

Mr Lum Choong Wah took over from Dr Chua Yong Hai as Temasek’s General Manager in 1982. He later moved up and became President and Board member of Temasek and held office until 1995.

1984

First Large-scale Project

The Petrochemical Corporation of Singapore and four downstream petrochemical companies formed the Singapore Petrochemical Complex, Temasek’s first large-scale project and greenfield venture. While Temasek eventually divested its stake in the Complex in 1989, its investment had a catalytic effect, encouraging major oil companies to set up in Singapore. It also served as a blueprint for industry integration in what would eventually become Singapore’s “Chemicals Island” – Jurong Island.

Jurong Island

1986

Treasury Building

Temasek’s first major construction project was the Treasury Building at 8 Shenton Way. It was meant to house the Ministry of Finance, the Ministry of Trade and Industry, and Temasek. Standing at 52 storeys and 235 metres tall, it was the tallest cylindrical building in the world then and a prominent building in the business district. With a 75% stake, Temasek was the majority owner of the building.

Treasury Building (Image credit: Courtesy of National Archives of Singapore)

1987

New Temasek Holdings Chairman

In 1987, Mr Lee Ek Tieng succeeded Mr J Y Pillay as Chairman of Temasek Holdings. He remained Temasek’s Chairman until 1996.

Mr Lee Ek Tieng, Temasek Holdings’ Chairman,1987-1996 (Image credit: Ministry of Information and the Arts Collection, courtesy of National Archives of Singapore)

1991

Fifth Schedule Company

The Singapore Constitution was amended in 1991 to designate Temasek a Fifth Schedule Company. This meant that its past reserves, like those of the Singapore Government and other Fifth Schedule entities, are safeguarded by the President of the Republic of Singapore.

1992

First Major Corporatisation

The first major corporatisation exercise was launched with the Government carving out the Telecommunication Authority of Singapore (“TAS”) from Singapore Telecommunications (“Singtel”), the newly corporatised service provider. The regulatory function remained with TAS as the new statutory board under direct government control, while Singtel was transferred, along with Singapore Post, to Temasek to be managed commercially. This was in preparation for the public listing of Singtel which would take place in November 1993.

Singtel's current logo

1993

Listing of Singtel

Singtel shares traded for the first time on the Stock Exchange of Singapore in November. The IPO was a massive undertaking, breaking new ground for both Singapore and Temasek, and giving Singaporeans a stake in one of the jewels in the country’s portfolio. The Singtel IPO would become a huge success and the Government would subsequently divest many more of its assets, via Temasek, through the 1990s.

1995

New Temasek Holdings President

Mr Quek Poh Huat, who was previously with Singapore Technologies Aerospace, was appointed President of Temasek. He remained President until 2003.

Mr Quek Poh Huat, Temasek’s President (1995-2003) (Image credit: Ministry of Information and the Arts Collection, courtesy of National Archives of Singapore)

 

Corporatisation of PUB

Singapore’s Public Utilities Board’s (“PUB”) electricity and gas departments were corporatised, and Singapore Power (“SP Group”) was formed with wholly owned subsidiaries in power generation, power distribution, and power retail. SP Group’s gencos were divested to Temasek to prevent a conflict of interest between power generation and distribution.

1996

New Temasek Holdings Chairman

Mr Dhanabalan Suppiah, also known as Mr S Dhanabalan, was appointed Chairman of Temasek Holdings in 1996. At the time of his retirement in 2013, he was the longest serving Chairman of Temasek at 17 years.

A respected and accomplished civil servant, business and political leader, Mr Dhanabalan actively participated in the transformation of Singapore through decades of public service. One of the first things he did in Temasek was to refresh Temasek’s governance approach and broaden its talent pool beyond the civil service. He also reshaped the Temasek Board, bringing in private sector movers and shakers. Under his watch, Temasek’s portfolio grew from S$70 billion in March 1997 to S$215 billion in March 2013, amidst a turbulent era which included three major economic upheavals.

Mr S Dhanabalan, Temasek Holdings’ Chairman (1996-2013)

 

Mr S Dhanabalan, Temasek Holdings’ Chairman (1996-2013)

A respected and accomplished civil servant, business and political leader, Mr Dhanabalan actively participated in the transformation of Singapore through decades of public service. One of the first things he did in Temasek was to refresh Temasek’s governance approach and broaden its talent pool beyond the civil service. He also reshaped the Temasek Board, bringing in private sector movers and shakers. Under his watch, Temasek’s portfolio grew from S$70 billion in March 1997 to S$215 billion in March 2013, amidst a turbulent era which included three major economic upheavals.

It was from that moment on (when Mr Dhanabalan became Chairman) that Temasek became more exciting and more fulfilling, because we were entering what I would term a more challenging environment of change. Dhana is very open-minded; he is a very smart, wise and humble man.

Mr Fock Siew Wah
Temasek’s Board Director
(1991-2005)

1997

Asian Financial Crisis

Temasek worked with its portfolio companies to weather the 1997 Asian Financial Crisis and preserve jobs. During the downturn, Temasek senior management led by example, volunteering heftier pay cuts than its junior staff.

Temasek staff also took wage cuts or salary freezes during the Singapore recession of 1985; the dotcom bust in 2001 and 2002; SARS in 2003; the Global Financial Crisis of 2008; the global financial correction in 2019; and during the COVID-19 pandemic in 2020 and 2021.

Corporatisation of PSA

The Port of Singapore Authority (“PSA”) was corporatised in October. Thereafter, it expanded globally and became a leading port operator, with ports across 50 locations across the world today.

PSA’s current logo

1997

Corporatisation of PSA

The Port of Singapore Authority (“PSA”) was corporatised in October. Thereafter, it expanded globally and became a leading port operator, with ports across 50 locations across the world today.

PSA’s current logo

2000

NPV Surpasses S$100B

Temasek’s net portfolio value (“NPV”) grew to S$104 billion at the close of its financial year in March 2000.

Temasek Net Portfolio Value since Inception

  • Market value
  • Shareholder equity
  • Shareholder equity excluding mark to market movement

2001

T-Touch

T-Touch, a staff-led volunteer initiative, was launched to support Temasek’s communities. Temasek's incorporation date, 25 June, is also designated as its annual Community Day where Temasek staff give back to the community as one. Temasek first adopted the Singapore Leprosy Relief Association Home in 2002 and has since contributed to other charities over the years.

T-Touch's logo

Staff volunteers at Singapore Leprosy Relief Association

2002

New Temasek Holdings Director

Ms Ho Ching joined Temasek Holdings as a Director in January 2002 and was appointed Executive Director in May that year. She subsequently became its Chief Executive Officer in 2004.

Ms Ho Ching, Temasek Holdings’ CEO (2004-2021)

 

The Atrium@Orchard

Temasek relocated its office to The Atrium@Orchard, which remains Temasek’s office till today. The company also refreshed its logo, with its staff choosing a deep royal purple as its new brand colour, representing steadfastness in its hint of blue while imbuing liveliness and a sense of the unusual.

Temasek’s refreshed logo

Temasek’s office at The Atrium@Orchard

2003

SARS Epidemic

Temasek’s investment outreach slowed during 2003, partly due to the SARS crisis which impacted Asian economies, more significantly on the transport and tourism/leisure industries. Temasek’s investment levels between 2003 and 2004 dipped, with just S$3.3 billion invested in 35 companies. However, by 2005, new investments – mostly in Asia – had jumped to almost S$13 billion.

Tiger Airways

Temasek saw the potential of budget travel in Asia and took an 11% stake in a new low-cost carrier named Tiger Airways. Other shareholders included the Ryan family (which started Ryanair) and American private equity firm Indigo Partners. Singapore Airlines eventually took a 49% stake in the venture and Tiger Airways was listed in 2010. Temasek exited the business in 2014.

2004

New Temasek Holdings CEO

Ms Ho Ching was appointed CEO of Temasek Holdings on 1 January 2004. She remained CEO until 2021. Under Ms Ho’s leadership, Temasek’s net portfolio value more than quadrupled from S$90 billion when she joined in 2004, to S$381 billion at financial year ending March 2021.

 

First Public Annual Report

As an exempt private company under the Singapore Companies Act, Temasek is exempted from disclosing its financial information publicly. Nonetheless, in 2004, the company published its first Temasek Review, an annual report providing information on its portfolio performance.

Cover of Temasek’s first public annual report

 

First Overseas Offices

Coming out of the 1997 Asian Financial Crisis, Temasek identified investment opportunities in sectors including Financial Services and Telecoms, Media & Technology. Temasek also started to invest directly into Asia to capitalise on an emerging Asia, guided by its investment themes.

Temasek established its first overseas offices in Mumbai and Beijing, building up local teams and expertise in direct investments. The company also identified longer term or emerging trends that guided its investment activities and helped shaped its portfolio construction. Its investment activities were guided by four investment themes: transforming economies; growing middle income populations; deepening comparative advantages; and emerging champions – as well as the long term trends they represent.

Temasek’s Mumbai office

Temasek’s Beijing office

 

Temasek’s Mumbai office

Temasek’s Beijing office

 

ST Group

In 1974, Singapore Technologies Group (“ST Group”, formerly known as Sheng-Li) was established as the holding company for several of Singapore’s local defense companies, including Chartered Industries of Singapore. The ST Group built companies such as ST Engineering, ST Telemedia, and Pidemco Land (which was to become CapitaLand through its merger with DBS Land). In 2004, the ST Group was dissolved, and its portfolio transferred to Temasek.

2005

Shanghai Office

In 2005, Temasek opened its Shanghai office, expanding its presence in China. Temasek invested in traditional sectors like banking and real estate as it recognised them as proxies to China’s growing economy. This led Temasek to participate in the banking sector restructuring and to invest into state-owned banks like China Construction Bank and Bank of China.

Temasek’s Shanghai office

 

Inaugural Temasek Bond

In September, Temasek issued its maiden Yankee Bond, its first top-rated global bond in Asia (ex-Japan). The issuance raised US$1.75 billion. Although Temasek did not need to raise capital, the bond issue – and subsequent ones – enabled it to gain financial flexibility and underpinned its financing framework. It burnished Temasek’s growing reputation as an institutional investor as it positioned itself for global expansion.

2006

Issuance of Co-Investment Vehicle

In 2006, Temasek introduced a co-investment vehicle called Astrea, which allowed institutional investors access to its private equity funds.

Astrea purchased Temasek’s interests in a portfolio of 46 buyout and venture capital funds diversified by vintage and geography. It was the first such product to be originated by an Asia-based institution and raised nearly US$810 million in debt and equity.

2007

Steward of Philanthropic Assets

Temasek Trust was set up with an initial endowment of S$500 million and a board of trustees from across Asia to independently oversee the management and distribution of the company’s philanthropic endowments and gifts. The Trust started with one main beneficiary, Temasek Foundation, focusing on the wider community in Asia, especially Southeast Asia. In 2009, Temasek Cares was added, to pilot programmes in Singapore for under-served communities. Various entities were added over the years.

Temasek Trust’s logo

Temasek Foundation’s logo

Launch of Temasek Trust and Temasek Foundation

 

Launch of Temasek Trust and Temasek Foundation

2008

GFC

The Global Financial Crisis (“GFC”) from 2007 to 2008 led to Temasek’s net portfolio value (“NPV”) dropping by over S$50 billion to S$130 billion at financial year ending March 2009. As markets recovered in 2010, Temasek’s NPV rebounded to S$186 billion in financial year ending March 2010.

Temasek Divests Singapore Gencos

Temasek completed the divestment of its wholly owned Singapore power generation companies; namely, PowerSeraya Ltd, Senoko Power Ltd, and Tuas Power Ltd (“the gencos”), which enabled greater competition and more competitive prices.

 

Temasek’s Hanoi office

Hanoi Office

Temasek opened an office in Hanoi in 2008, further expanding its coverage in Asia.

2009

SeaTown Holdings

SeaTown, a wholly owned global investment company, was set up under Temasek with committed capital of more than S$4 billion, to generate returns by investing in multiple asset classes, including stocks and bonds in both private and public markets. Today, SeaTown is part of an umbrella platform called Seviora Holdings, set up in 2020.

SeaTown's logo

2011

T2020

2012

Creating Diverse Platforms

Temasek created several subsidiary companies in the asset management space which included Pavilion Capital, Clifford Capital, and Heliconia Capital Management. In subsequent years, more would be launched, adding agility, breadth, and depth to Temasek’s evolving investment landscape. These platforms would form Temasek’s “partnership engine” which, in 2023, had assets under management of about S$80 billion.

2013

New Temasek Holdings Chairman

On 1 August 2013, Mr Lim Boon Heng succeeded Mr S Dhanabalan as Chairman of Temasek Holdings, after having served as its Director since 1 June 2012.

Mr Lim Boon Heng, Temasek Holdings’ Chairman (2013-Present)

 

NPV Surpasses S$200B

At financial year ending 31 March 2013, Temasek’s net portfolio value (“NPV”) reached S$215 billion.

Temasek’s net portfolio value (S$b) over the years

2014

Temasek Emergency Preparedness Fund

On March 2014, to commemorate its 40th anniversary, Temasek Chairman Lim Boon Heng announced the setting up of a S$40 million endowment called the Temasek Emergency Preparedness Fund. The fund supported programmes that help people to prepare and cope with different emergencies, including environmental disasters like haze.

 

New Markets

Temasek opened offices in London and New York to tap on opportunities in developed markets as they undergo their own inflection points. This was in line with Temasek’s T2020 strategy to become a global investment house by the year 2020.

Temasek’s London office

Temasek’s New York office

 

Launch of Ecosperity

In 2014, the inaugural Ecosperity conference was hosted by Temasek in conjunction with Temasek’s 40th anniversary and in partnership with Goldman Sachs and NUS Business School. Ecosperity brings together global CEOs, top public officials, and thought leaders to explore cutting edge issues on sustainable growth.

Ecosperity's logo

2015

New Temasek International CEO

Mr Lee Theng Kiat was appointed as Chief Executive Officer of Temasek International (“TI”) in 2015, a position which he held until 2019. As CEO of TI, Mr Lee was responsible for Temasek’s role as an active investor and shareholder. He oversaw Temasek’s commercial strategies and portfolio, and built up the management and operational capabilities at TI to support the next phase of Temasek’s development and deliver sustainable long term returns.

Ms Ho Ching was concurrently appointed Chairman of TI on 1 October 2015 and remained Executive Director and Chief Executive Officer of Temasek Holdings.

Mr Lee Theng Kiat, Temasek International’s Chairman (2019-Present)

2016

Inclusion in NIR Framework

Temasek was included in the Government’s Net Investment Returns (“NIR”) framework, which allows the Singapore Government to spend up to 50% of Temasek's expected long term real returns. These are projected and unrealised returns based on the current portfolio.

Structural Trends

Since 2016, Temasek’s portfolio construction has been guided by four long term structural trends: Digitisation, Sustainable Living, Future of Consumption, and Longer Lifespans. These are interconnected, transcend sectors and countries, and continue through economic cycles. Temasek’s portfolio exposure to these trends has steadily increased from 13% in 2016 to 31% in 2023.

2017

Expanding Footprint in North America

Temasek opened its San Francisco office in February. The office served as a gateway to investment opportunities in areas such as technology, healthcare, and life sciences, and facilitated the deepening of relationships within the Bay area and beyond.

Temasek also established an office in Washington, D.C., to help it track and understand the implications of policy developments – while complementing its New York and San Francisco offices for investments in North America.

Temasek’s San Francisco office

Temasek’s Washington, D.C. office

 

Temasek’s San Francisco office

Temasek’s Washington D.C. office

2018

First Temasek Retail Bond

In October, Temasek issued its first Temasek Bond to retail investors in Singapore, broadening Temasek’s stakeholder base and providing Singapore retail investors the opportunity to participate in another retail product. The strong demand from retail investors led to it being oversubscribed.

 

NPV Surpasses S$300B

Temasek’s net portfolio value (“NPV”) reached S$308 billion at the end of its financial year on 31 March 2018.

Temasek’s net portfolio value (S$b) over the years

2019

New Temasek International CEO and Chairman

In April, Mr Dilhan Pillay Sandrasegara succeeded Mr Lee Theng Kiat to become the Chief Executive Officer of Temasek International (“TI”). On the same date, Mr Lee took over Ms Ho Ching’s role as Chairman of TI.

Mr Dilhan Pillay Sandrasegara, Temasek’s Executive Director & CEO (2021-Present)

 

T2030 Strategy

Temasek developed its T2030 strategy in 2019, its 10-year roadmap to guide its strategic planning, capability building, and institutional development initiatives. T2030 focuses on four pillars – building a resilient and forward looking portfolio; embedding sustainability at the core; creating the “Temasek Operating System” to add value to its ecosystem and marketplace; and developing Temasek’s organisation, talent, and capabilities.

Four pillars and three foundational enablers of Temasek’s T2030 strategy

 

Capital with Purpose

In June, Temasek launched the Temasek Shophouse as a gift for social impact in Singapore and beyond. Temasek Shophouse aims to be a convenor for community collaboration and a catalyst for advancing sustainability.

Temasek Shophouse

2020

Sustainability at the Core

 

New Offices

Temasek expanded its coverage of China through its Shenzhen office.

It also opened a Brussels office to further expand Temasek’s presence and to better understand policy developments in an increasingly complex world.

Temasek’s Shenzhen office

Temasek’s Brussels office

 

Temasek’s Shenzhen office

Temasek’s Brussels office

 

Seviora Holdings

Temasek established Seviora Holdings, a Singapore-based asset management group, with an initial AuM of about S$75 billion to scale capital through partnerships. Through its asset management companies (“AMCs”), the group provides investors with access to a wide range of multi-asset and multi strategies investment expertise in both active and alternative strategies internationally. Its AMCs include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings International, and Seviora Capital.

 

COVID-19

Temasek worked closely with Temasek Foundation to enhance the Stay Prepared initiatives, which centred on five areas: testing & diagnosis, containment & contact tracing, care & treatment, protection & prevention, and enablement. By April 2022, Temasek had given out approximately more than 1.27 million litres of hand sanitisers, more than 35 million reusable masks and 146 million surgical and N95 masks, about 1.3 million oximeters, about 1 million face shields, and more than 900,000 mouth gargle to various groups in the local community.

Free masks distributed to Singapore residents via vending machines

Free 500ml, zero-alcohol hand sanitisers were offered to all households in Singapore in March 2020 by Temasek Foundation

 

Free masks distributed to Singapore residents via vending machines

Free 500ml, zero-alcohol hand sanitisers were offered to all households in Singapore in March 2020 by Temasek Foundation

 

By June 2022, Temasek Foundation had provided some 40 countries outside of Singapore, COVID-related supplies. These included diagnostic test kits which enabled over 1.6 million PCR diagnostic tests, and more than 20 PCR testing machines to expand lab test capability and capability; over 36,000 units of oxygen support and ICU-grade ventilation equipment, to provide life-saving oxygen to COVID-19 patients; and over 46 million surgical, N95, KN95 and FFP2 masks for hospital and frontline workers, some 26 million reusable masks for the community, as well as some hazmat suits to provide protections against infection.

Despite the COVID-19 pandemic, Temasek ended the year in a net cash position with a strong balance sheet.

Reusable, washable, antiviral, and antibacterial face masks for Singapore residents

Medical supplies being airlifted to India for distribution to hospitals and COVID treatment centres across the country

 

Reusable, washable, antiviral, and antibacterial face masks for Singapore residents

Medical supplies being airlifted to India for distribution to hospitals and COVID treatment centres across the country

2021

Decarbonization Partners

Temasek, in partnership with BlackRock, formed Decarbonization Partners in 2021 with a joint commitment of US$600 million to invest in decarbonisation solutions. The company invests in late-stage venture capital and early-stage growth equity companies targeting de-risked technologies across clean energy, electrification, green materials, and a circular, digital economy.

Decarbonization Partners’ logo

 

Climate Impact X

In 2021, DBS Bank, Singapore Exchange, Standard Chartered, and Temasek established Climate Impact X, which aims to be a global exchange and marketplace for high-quality carbon credits.

Climate Impact X’s logo

 

New Temasek Holdings CEO

On 1 October 2021, Mr Dilhan Pillay Sandrasegara succeeded Ms Ho Ching as Executive Director and Chief Executive Officer of Temasek Holdings. He is concurrently the Executive Director and CEO of Temasek International, positions he has held since April 2019. Dilhan has held various leadership roles in Temasek, including Head of Investment, Portfolio Management and Enterprise Development Groups. He has also led the Temasek market teams in Singapore and the Americas.

Mr Lee Theng Kiat continues as Temasek Board member and Chairman of Temasek International and Ms Ho Ching was appointed Chairman of Temasek Trust in 2022.

Mr Dilhan Pillay Sandrasegara, Temasek’s Executive Director & CEO (2021-Present)

Mr Dilhan Pillay Sandrasegara, Temasek’s Executive Director & CEO (2021-Present)

 

Mr Lee Theng Kiat continues as Temasek Board Member and Chairman of Temasek International and Ms Ho Ching was appointed Chairman of Temasek Trust in 2022.

Temasek is a remarkable institution with deep roots in the ethos and founding values of Singapore. I have been privileged to be part of an incredible journey over these two decades at Temasek.

Ms Ho Ching

I thank the Board for its confidence in me and our senior management team. I am especially grateful to Ho Ching and Theng Kiat for laying down a strong foundation for Temasek as it navigates a world of continuous change, increasing complexity and ambiguity.

Mr Dilhan Pillay Sandrasegara

 

Purpose Statement

In 2021, the organisation embarked on a year-long exercise to engage its staff on a Purpose journey. Together, it defined its purpose as “So every generation prospers”. The four actions that undergird this Purpose are, building with courage, investing in human potential, catalysing solutions, and growing for generations.

2022

NPV Surpasses S$400B

At financial year ending 31 March 2022, Temasek’s net portfolio value (“NPV”) reached S$403 billion.

Temasek’s net portfolio value (S$b) over the years

 

Strengthening Diversity and Inclusion

Inclusivity@Temasek was launched to strengthen Temasek’s diversity practices and reinforce its culture of belonging. The Temasek Women’s Network was also formed to provide a platform for awareness, mentorship, and learning in support of women’s career journeys.

Temasek Women’s Network logo

 

GenZero

In 2022, Temasek launched GenZero, a wholly owned investment platform dedicated to accelerating decarbonisation globally. GenZero seeks to catalyse decarbonisation solutions with its ability to deploy long term and flexible capital.

GenZero’s logo

2023

Paris Office

Temasek opened its third European office in Paris. Together with its London and Brussels offices, the Paris office will strengthen Temasek’s global network, and help enhance access to deal flow, partnership opportunities and the talent pool across the European Union and the broader Europe, Middle East, and Africa region.

Temasek’s Paris office

 

GSR Scorecard by Global SWF

Temasek scored 100% and led the overall ranking of the 2023 GSR Scorecard by Global SWF, which assesses the Governance, Sustainability, and Resilience (“GSR”) progress of state-owned investors. The 2023 GSR Scoreboard is the most comprehensive analysis on GSR practices and efforts of the world’s major State-Owned Investors, including Sovereign Wealth Funds and Public Pension Funds.

 

As we commemorate Temasek’s first 50 years, we look forward to the next 50 knowing that, as much as things around us have changed, there is a lot that remains constant. One of Singapore’s founding leaders, S Rajaratnam, said in 1966: “We must do things today with tomorrow clearly in our minds”. We add on to his words and say, “We must do things today with tomorrow very clearly in our minds, so every generation prospers, as every generation matters.”

As we mark our 50th anniversary, we present 50 stories from our staff, alumni, and beneficiaries who have been a part of Temasek's journey through the years.

On their own, these stories in our 50 by Fifty series capture the personal experiences and moments which came to define each individual.

Together, they capture pivotal milestones of the firm, and tell the story of an institution built By Generations, For Generations.

The Story of Temasek is a story of all of us – the people who have helped shaped Temasek into what it is today, and the same ones who have been shaped by it along the way.

Join us each week as we unveil new stories, and explore the pages of Temasek’s history together.

Staff,

To me, generational thinking is very important – to know that what I do today, somebody else is going to inherit.

Lim Ming Pey

Explore the full story

A Storied Coming of Age

One of its first scholars, Lim Ming Pey witnessed Temasek’s transformation over two decades into the global investment powerhouse it is today.

…

Alumni,

Temasek was a big part of my life. It was where I built my career and found my best friends… it will always feel like family.

Margina Lee

Explore the full story

A Gift Of Life And Lifelong Friendships

In a career spanning close to four decades, Margina Lee had a front row seat to Temasek's growth story

…

Staff,

I have witnessed how help can be transformative, and how Temasek is making a difference.

Sylvester Long

Explore the full story

A Canvas for Impact

The opportunity to make a difference – whether to the business or to the wider community – has been a cornerstone of Sylvester Long’s Temasek journey

…

Community Beneficiaries,

​The Temasek volunteers, they are good people. They come here and we are happy, we are all very happy.

Lim Ah Lee

Explore the full story

A Lifeline For The Forgotten

For Lim Ah Lee, a charge of the Singapore Leprosy Relief Association, Temasek’s visits have brought companionship, cheer and even a new “best friend”

…

Staff,

I’ve seen how Temasek puts time, money, commitment and people into bringing real value to communities… and I want to be a part of that.

Immanu'el Woo

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Hooked On Impact

For numbers man Immanu’el Woo, Temasek’s sharpened focus on sustainability not only presented a new career track, it redefined how he viewed returns

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Staff,

From London to Paris: Taking the Temasek Brand Further

Staff,

The Doctor Is In

Portfolio Companies & Partners,Staff,

Building a Healthier Tomorrow, for Generations

Staff,

Staying a Step Ahead in a Digital Future

50 by Fifty,

Making Learning Lifelong

Community Beneficiaries,

Behind the Scenes: Nurturing Singapore’s Aspiring Filmmakers

Portfolio Companies & Partners,

Making a Lasting Impact through Giving

Staff,

A Storied Coming of Age

Alumni,

A Gift Of Life And Lifelong Friendships

Staff,

A Canvas for Impact

Community Beneficiaries,

A Lifeline For The Forgotten

Staff,

Hooked On Impact

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