As Temasek expanded rapidly in the mid-2000s, a critical challenge emerged: getting an increasingly diverse group of people to work as a cohesive unit.

“We had grown significantly between 2005 and 2007, and were also bringing in lateral hires from banks and other sectors,” says Juliet Teo, Joint Head of the Portfolio Development Group and Head of Singapore Market. The influx of talent brought fresh ideas, geographic expertise, and industry insights, but it also added complexity to decision-making.

“As business models and ideas converged, responsibility for decision-making couldn’t sit with just one team. We needed to bring together the right people from across the organisation to make the best decisions for Temasek,” she says. The challenge was establishing a common frame of reference.

The solution came from an unexpected source: schools. “It was where we saw how values were used as a common language,” says Juliet. “In schools, values are not abstract ideas, they’re directly tied to action, bringing people together, aligning behaviour and guiding decisions.”

This insight triggered a year-long ground-up process to determine the values that truly mattered to Temasek and its staff, and that would guide its people and decisions moving forward.  

From sticky notes to a shared vision

Juliet joined Temasek in 1996, drawn by a serendipitous newspaper advertisement. At the time, she was a management trainee at Singapore Press Holdings (SPH), having entered the workforce in the turbulent post-recession years of the early 1990s. “It was a tough time for finance,” she says. “I took the first job that came along, but I knew that I wanted to make investments my career.”   

Starting as an associate covering infrastructure funds, Juliet’s versatility quickly became apparent. As Temasek sought to navigate emerging trends, she was deployed to various teams – focusing on venture capital during the dot-com boom, financial services as a gateway to emerging Asia, and Telecommunications, Media & Technology (TMT) during the rise of giants like Alibaba.

“I think how I delivered my work gave my bosses the confidence that I could manage these roles. So when new opportunities came up, I was given the chance to take them on.” 

As Temasek recognised the need to anchor the increasingly diverse perspectives and voices in its rapidly expanding organisation around a shared objective, Juliet found herself part of the team tasked to take this on.

The team began by looking outward, seeking inspiration from a range of organisations, from investment banks and law firms to consulting firms. “We saw how their culture – what they cared about and what mattered to them – shaped everything, from who they admitted into partnerships to how they made decisions,” says Juliet.

What began as a top-down exercise quickly turned into an inclusive, company-wide process. “We set up booths in the linkway and invited employees to share their thoughts,” says Juliet. Sticky notes piled up on boards as people shared what resonated with them – and what didn’t. From this feedback, the leadership team crafted and refined statements that encapsulated what Temasek stood for. Employees were then invited to vote on the options they felt best reflected the company’s ethos.

Later, games and activities during the company’s annual team-building retreat were used to make the values more relatable and immersive. “Teams rotated through activities, exploring values – like teamwork – through practical exercises and reflection,” recalls Juliet.

“It was interactive and iterative,” Juliet explains. “We went back and forth, shaping the values into something people could genuinely stand behind.” Today, the MERITT values – Meritocracy, Excellence, Responsibility, Integrity, Teamwork, and Trust – are an organic part of the organisation. 

“These weren’t values imposed from above,” she says. “They were something everyone had a stake in creating.”

From values to purpose 

In the years since, Juliet has seen first-hand how the values-based approach has influenced day-to-day decisions. “In the beginning, it felt like ticking a box,” she admits, “but over time, our values have become a guidepost, shaping everything from how we treat each other to long-term strategic decisions.”

The MERITT values addressed immediate organisational challenges, but the process of getting the values on paper also laid the groundwork for a broader initiative a few years later: Temasek’s Purpose statement. 

In 2019, as sustainability became core to Temasek’s identity, senior management decided to embark on a ‘purpose journey’. “We needed to capture what Temasek stood for, not just for today, but for generations to come,” says Juliet.

The journey built upon lessons from the MERITT process. “We took our time, curated input, and involved our people at every step,” she recalls. Over nearly a year, the organisation engaged employees through workshops, discussions, and feedback sessions. The result: So Every Generation Prospers, a Purpose statement that embodies Temasek’s long-term vision.

To Juliet, purpose and values are deeply interconnected. “To me, So Every Generation Prospers means developing and growing sustainable businesses, ensuring continuity and relevance,” she says. “And the values provide the framework for how we achieve that.”  

“Our purpose defines why we do what we do; our values define how we do it. That's important.”