Former Temasek Holdings chairman S. Dhanabalan leaves behind as his most important legacy a sound and effective system of governance at the investment agency, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Tuesday night.

He said that this framework allows for the Temasek board to be accountable to the Government for its long-term performance, and also for clear ownership of responsibility by Temasek for its investment decisions.

"Together with the board and management, Dhana moulded an ownership mindset in Temasek - which above all means thinking long-term rather than focusing on short-term bets," Mr Tharman said, at Temasek's 39th anniversary dinner.