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MS HO Ching's acceptance speech at the recent International Business Award Ceremony in Washington, which was reported last Friday, is quite an eye-opener ('Journey for Temasek has just begun: Ho Ching'').
Like quite a few other people, I tend to associate Temasek's performance more with its loss-making ventures.
I did not realise until now that, overall, it has done so well all these years.
The figures she disclosed are telling:
Since 1974, Temasek has grown its portfolio about 1,000 times from just over S$100 million at the start to more than US$100 billion (S$136 billion) today.
Its shareholder return is about 18 per cent compounded yearly since its founding in 1974.
Such laudable performance, coupled with its recent establishment of a community endowment fund for Singaporeans and Asians so as to 'remember the source when you drink the water', will help to clarify whatever misconceptions others, like me, might have had about Temasek which Ms Ho cutely re-termed a 'sovereign poverty fund'.
Ms Ho also came across as a gracious and humble person.
In her speech, there was no mention of her own role. Instead she attributed Temasek's achievements to her predecessors and the staff.
Very rarely does one hear of award recipients also crediting the humble tea ladies and secretaries for the success of their organisation.
Ms Ho more than deserves the prestigious International Business Award from the Asia Society.
Through this award, she has also done Singapore, which she referred as this 'small granite rock half way across the world from Washington', proud.
Low Thian Khye
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