Senior Minister Lee Hsien Loong,

Distinguished Guests,

Friends of Temasek one and all.

First, thank you SM Lee for your kind and generous words.

I have much to thank for. To serve as Chairman of Temasek has been a great privilege. Mine has been a life shaped by opportunities generously given: the scholarship that opened new horizons, the early years in shipping with postings to shipyards where I learned the discipline of building things well, and later, the call to serve Singapore in roles far beyond what I had imagined for myself. These experiences taught me that none of us succeeds alone, and instilled in me a conviction that we must, in turn, create opportunities for the next generation.

When Mr Dhanabalan – many of us fondly call him Dhana – invited me to join Temasek, I hesitated. I knew little about investing, and Temasek had a sizeable portfolio. It was only the second time in my life when I hesitated. The first was when Mr Goh Chok Tong had asked me, in the late 1970s, to enter politics. I told him I did not have the right aptitude, being a natural introvert. His reply was simple: “Never mind the aptitude. Knowing your character, I think you will be fine. Just be yourself.” That reminder, that leadership is less about readiness than about character and purpose, stayed with me. I took Dhana’s advice, to pray over it. After a month, I accepted Temasek’s call, not because I felt fully prepared, but because I believed in its purpose.

And Temasek’s recently refreshed Purpose statement, ‘So Every Generation Prospers’, is well-aligned with our national purpose, which is to achieve happiness, prosperity, and progress for our people.

Over these years, I have had the privilege of seeing Temasek grow not only in size, with our net portfolio value increasing from S$223 billion in 2014 to S$434 billion today, but also in spirit. We expanded our global presence, opening new offices across Europe and the US, and built advisory panels across the Americas, Europe, and Southeast Asia. We launched our T2030 strategy to construct a resilient, forward-looking portfolio. We refreshed our Charter in 2024, reaffirming that we must always do things today with tomorrow in mind.

But numbers and strategies only tell part of the story. Temasek has sought to be a catalyst for solutions – embedding sustainability into our investment approach, convening leaders at Ecosperity to drive action, and ranking first globally for governance, sustainability, and resilience. We have championed tripartism through the Temasek Tripartite Conversations, and together with Temasek Foundation and our portfolio companies, we stood shoulder-to-shoulder with communities during COVID-19. For our 50^th anniversary, we made a T-Spring gift of S$150 million to help build a resilient and future-ready workforce.

Above all, I have always believed that Temasek’s greatest asset is our people; people who invest with integrity, build with courage, and steward with purpose. When you have good people working with you, you sleep well at night. And that has been my focus – to make sure that we have good people in our Board and in our key management. 

As Chairman, I have tried to nurture leadership renewal and succession, and I am proud of the team we have today, guided by strong values and a clear sense of mission.

This journey has never been mine alone. It has been a collective endeavour. I owe my deepest gratitude to my fellow Board members for their wisdom and dedication, to our shareholder for its trust and discipline, and to our management team for always being forward-looking and steadfast in their commitment to excellence.

To our panel members: you have lent valuable insight as Temasek grew its global footprint, seeking opportunities for the future. And this weekend’s different panel discussions set a very high bar for future editions to come. I think this one of our best, if not the best, TIP and associated advisory panel meetings.

I thank my fellow Board Directors, for the robust debates we have had – sometimes, at the verge of tempers fraying. I would also like to thank our past and present CEOs, Ho Ching and Dilhan, for their leadership, courage, and clarity of purpose, underpinned by their strong personal values. And for never being afraid of making mistakes, and learning from them when occasionally they occur. They, together with all my colleagues at Temasek, have been the true stewards of our Purpose.

As I pass the helm to Chee Hean, I do so with confidence. He brings with him decades of experience in public service, with deep insights into global affairs, security, climate, and technology. I can think of no better helmsman to steer Temasek into its next chapter of growth as a global investor.

One lesson has guided me throughout my life: our duty is not to seek position or prestige, but simply to be useful. To be useful to others. It should never be about “me”; it is always about “us”. To serve, and to nurture what has been entrusted to us, so that we hand it on in better shape than when we received it. That, to me, is the essence of stewardship.

Temasek is well placed for the future, because it has always built not for today alone, but for tomorrow – and for every generation to come. I step down with confidence, and with gratitude, knowing that Temasek will continue to do well, do right, and do good… so every generation prospers.

Finally, I thank my family, especially my wife, for their patience and forbearance. I hope we will be blessed with more healthy years and good years ahead to enjoy home and them.

Thank you.