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Other options. Close drawer menu Financial Times International Edition. Search the FT Search. Founded in , Temasek took over an eclectic collection of some 35 companies from the Singapore Minister for Finance 1.
Temasek today has grown and branched across the globe, committed to its role as a generational investor, doing things today always with tomorrow in mind. Three years after an unexpected independence in , Britain announced it would accelerate the withdrawal of their armed forces from Singapore, to complete by Retraining soon followed apace to prepare the working population for the new jobs being created through massive industrialisation and investment promotion.
British naval military dockyards and electronic workshops were converted and transformed into commercial start-ups and civilian businesses.
It is curious that, in the face of overwhelming evidence to the contrary, the belief persists. Having converted the military and naval bases left behind by the British forces to commercial use, and then finding itself the owner of a variety of these new businesses, the Government felt that it was necessary to separate governance from business management. This stemmed from the principle that it was not the business of government to operate the businesses it owned. It was this principle that led to the establishment of Temasek to own and manage the assets previously held by the Singapore Government.
The objective of a commercial investment company, owning and managing these assets, was to allow the government to focus on its core role of policymaking and regulations. Further, Temasek was designated a Fifth Schedule Entity 2 with the constitutional responsibility to safeguard its past reserves, underscoring its role as a steward.
The creation of Temasek therefore served to separate the regulatory and policymaking function of the Government from its role as a shareholder of commercial entities. While the Government is the sole equity shareholder of Temasek, Temasek owns its assets outright as a commercial investment company, governed by the Singapore Companies Act, rather than being a fund manager for the Government.
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