Temasek changes its charity structure for bigger impact

A major player in Singapore's philanthropy scene, which has helped tens of thousands people here and across Asia, has reorganised its groups to make a bigger impact.

Investment company Temasek yesterday announced a reorganisation of its philanthropic groups and launched a platform to better serve the community.

"The new (philanthropic) platform aims to enhance overall effectiveness by optimising resources in the delivery of programmes to beneficiaries, and to increase collaboration to achieve better outcomes," it said in a statement.

It has reduced its foundations from eight to six. The six foundations manage 17 endowments. Besides the foundations, the new platform comprises Temasek Trust, which provides financial oversight and governance over the foundations, and Temasek Foundation Management Services, a new central entity to drive collaboration and provide support.

Temasek Foundation International chairman Goh Geok Khim said the new entity would make it easier for programme partners such as voluntary welfare groups to know who to approach when in need of funds.

Temasek Foundation Cares chairman Richard Magnus said: "I think the foundations can tap one another's resources, and this would achieve greater efficiency."

For instance, findings from research funded by Temasek Foundation Innovates could be useful when developing related community programmes funded by Temasek Foundation Cares, he said.

Temasek chairman Lim Boon Heng said yesterday: "Temasek is constantly evolving and changing how we do our work. But our role as a trusted steward and our commitment to advance communities - why we work - will not change."

Since Temasek was set up in 1974, over $2 billion has been committed for community initiatives which have benefited more than 300,000 people in Singapore and across Asia.

Temasek's foundations include Temasek Foundation International, Temasek Foundation Cares and Temasek Foundation Innovates.

The other three are Temasek Foundation Connects, which promotes partnerships and dialogue in areas such as security and corporate governance; Temasek Foundation Nurtures, which focuses on education and professional development; and Temasek Foundation Ecosperity, which focuses on improving environmental sustainability.

A version of this article appeared in the print edition of The Straits Times on September 07, 2016, with the headline 'Temasek changes its charity structure for bigger impact'. Print Edition | Subscribe