Govt won't interfere in choice of Temasek CEO, says Indranee

Temasek Holdings chief executive Ho Ching has been in the position since 2004, and the future leadership is a subject of some public interest.
Temasek Holdings chief executive Ho Ching has been in the position since 2004, and the future leadership is a subject of some public interest.PHOTO: BLOOMBERG

The Government will not interfere when Temasek Holdings eventually decides on who its next chief executive will be, said Senior Minister of State for Finance and Law Indranee Rajah yesterday.

The issue arose in Parliament when Non-Constituency MP Leon Perera noted that Deputy Prime Minister Tharman Shanmugaratnam had mentioned in 2009 that suitable candidates were being looked at, and asked why there has not been any progress since in the search for the next CEO.

Temasek Holdings chief executive Ho Ching has been in the position since 2004, and the future leadership is a subject of some public interest.

But Ms Indranee told the House that the investment firm is on the constant lookout for her potential successor.

"For CEO succession, the Temasek board reviews and tracks a list of candidates annually. These include those from within the company as well as those from outside Temasek, both in Singapore and abroad," she said.

"This confidential list of candidates ranges from those who can step in immediately, to younger candidates who could be potential successors beyond the five-year period."

MIX OF CANDIDATES

This confidential list of candidates ranges from those who can step in immediately, to younger candidates who could be potential successors beyond the five-year period.

SENIOR MINISTER OF STATE FOR FINANCE AND LAW INDRANEE RAJAH

Temasek Holdings moved new people into leadership roles last April, appointing four senior managing directors while promoting two to become presidents.

Ms Indranee said Temasek's board will decide on who to replace Ms Ho, and when.

"The important thing to understand is that Temasek operates as a commercial entity, this is not something where the Government interferes with the management," she said.

Wong Wei Han

A version of this article appeared in the print edition of The Straits Times on March 11, 2017, with the headline 'Govt won't interfere in choice of Temasek CEO, says Indranee'. Print Edition | Subscribe