Cost Discipline​

We exercise cost discipline to keep our cost base efficient, to deliver good sustainable returns over the long term. Our Board sets an overall limit for our annual operating expense and approves our annual budget, which includes our operating expense. As a Fifth Schedule entity, Temasek submits our annual budget to the President of Singapore, together with a declaration of whether it is likely to draw on our past reserves. The President may, in consultation with the Council of Presidential Advisers, veto the budget if the President is of the opinion that the budget is likely to draw on past reserves. 

We engage CEM to assess our operating costs against a composite benchmark derived from information provided by global investment peers, adjusted to reflect our portfolio composition and investment strategies. Based on the latest analysis, our operating costs for the financial year ended 31 March 2025 were comparable to the peer median.