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Prime Minister, Mr Lee Hsien Loong & Mrs Lee
Minister Mentor, Mr Lee Kuan Yew & Mrs Lee
Chairman of Temasek Holdings, Mr S Dhanabalan & Mrs Dhanabalan
Ministers
Excellencies
Ladies & Gentlemen

There is nothing extraordinary in a 30-year history for a private investment company if one went by the annals of corporate history. However, what we are here to celebrate today is the growth of an extraordinary private investment company whose history is entwined with that of Independent Singapore and its economic development and growth. Although Temasek was established in 1974, its origin dates back to the immediate years after independence. Looking back on the stern realities of those early years before Temasek was founded, I must applaud what has been achieved, both in terms of its earlier development and how Temasek has been managing its diversified portfolio of varied investments that geographically span beyond Singapore. Today, Temasek’s investment covers a wide range of services, industries, resources, technology and infrastructure.

Before Temasek came into existence in 1974, it was the Singapore Government that played the role of “state entrepreneur”. It then embarked on projects to develop the young nation’s infrastructure, and provided basic services for the growth of industries and enterprises, which our nascent private sector was not able to undertake. Gradually, the Government, in the name of “Ministry of Finance Inc”, began to hold significant stakes in companies that formed the backbone of our domestic economy.

The key philosophy that guided the Government at that stage was one of ensuring that the companies they owned or had substantial shares in were subject to market discipline. A conscious effort was made by the Government to distance itself from the day-to-day decision making of the companies in which it had a stake. That enabled the companies to operate and grow on commercial principles. It was also made clear, both in policy and practice, that the companies concerned would not enjoy any government subsidies or protection. These companies had to go through their baptism of fire in the real world of business and industry, learning from the best in both the regional and global market, and breaking new grounds.

That was the foundation that Temasek inherited when it was formed in 1974. The objective behind Temasek’s establishment was to distance the Government, with its role as policy-maker, from its role as shareholder.

Thus, in 1974, the Government’s stakes in various companies were transferred to Temasek, instead of being held directly. Government departments or statutory boards which were corporatised, such as SingTel and PSA, were also added along the way. By so doing, the Government implicitly gave Temasek and its Temasek-linked companies the mandate to operate on their own and make decisions commercially, without intervention from policy objectives. Since then, Temasek’s achievements have been measured by its ability and that of its linked-companies to add value, with emphasis on the development and expansion of its range of business and investments.

Over the last 30 years, many Temasek-Linked Companies, or TLCs, have been guided by the philosophy of maintaining their operations at minimum cost and with maximum efficiency. TLCs like Singapore Airlines, SingTel, PSA are now household names, trusted by their customers to provide high quality and reliable services. While they started out focusing on the Singapore market, many TLCs are now well-established in overseas markets, building a good reputation for themselves and winning new customers.

While continuing to search for new opportunities outside of Singapore, Temasek and the TLCs have managed to retain, in essence, something which is truly Singaporean – values based on the foundations of integrity, excellence and meritocracy which are well-associated with the Singapore brand name.

It is heartening that in just one generation, Temasek has managed through enhancing its competitive strength and advantages, not only developed successful internationally recognizable icons, but also spread its investments in successful ventures, local and foreign. I wish to commend the leaders, management and staff of Temasek and the TLCs, past and present, without whose passion and drive in building such a sound portfolio of investments and ownership of enterprises, Temasek would not be what it is today. More than growing with Temasek, it is Temasek that has grown with them. It is therefore only appropriate that on this occasion, I pay a tribute to the men and women of Temasek and TLCs, who with their personal traits and acquired skills came to build the Temasek of today.

The next 30 years will pose new challenges as Temasek navigates through unchartered waters. I encourage you to boldly go forth and continue to ‘plant the seeds and nurture the trees’ that will provide ‘shade’ for the future generations of Singaporeans to come.

I can do no better than to paraphrase the words of your founding father – Dr Goh Keng Swee – who said these words to us Singaporeans:
“We must build on the foundations of the accumulated experience of decades past and always ensure that progress and prosperity will continue to higher levels. It is imperative that we should never either through extravagance or carelessness fritter away all that we had so laboriously built up.”

With these words, allow me to wish Temasek Holdings a happy 30th Anniversary. I am sure everyone here will join me in looking forward to the next 30 fruitful years ahead. I wish all of you an enjoyable evening. Thank you.