Board of Directors

Our Board provides overall guidance and policy directions to management.

Our Board comprises 14 members, the majority of whom are non-executive independent private sector business leaders. Our Board operates on a commercial basis, with the added constitutional responsibility, together with our CEO, of protecting the Company’s past reserves, given Temasek’s status as a Fifth Schedule entity under the Singapore Constitution.

On 15 December 2016, Mr Lucien Wong stepped down from our Board, including its Audit Committee and Leadership Development & Compensation Committee.

Post March 2017, Mr Stephen Lee, former Chairman of Singapore Airlines Limited, joined the Board on 1 July 2017.

The annual Board schedule includes quarterly two-day meetings, plus additional meetings as needed. Three Board meetings were held in the last financial year.

The Board has reserved the following matters for its decision:

  • overall long term strategic objectives
  • annual budget
  • annual audited statutory accounts
  • major investment and divestment proposals
  • major funding proposals
  • CEO appointment and succession planning
  • Board changes

The following Board committees, each chaired by a non-executive Director who is independent of management, have been set up with specific delegated authorities:

  • Executive Committee
  • Audit Committee
  • Leadership Development & Compensation Committee

The Board has separate and independent access to information to assist it with its deliberations, including the opportunity to request supplementary or explanatory information from management. Management provides information to the Board on an ongoing basis to allow the Board to effectively discharge its responsibilities.

The majority of our Board are non-executive independent private sector business leaders.

Board members with interests that may conflict with specific Temasek interests are recused from the conflicted matter.

Our Board and CEO have the added constitutional responsibility of protecting Temasek’s past reserves.

Executive Committee (ExCo)

The ExCo has been delegated the authority to approve new investment and divestment decisions up to a defined threshold, beyond which, transactions will be considered by the Board. The minutes of ExCo meetings are circulated to the Board. The ExCo met three times during the year.

Audit Committee (AC)

Comprising only independent directors, the AC supports the Board in its oversight responsibilities by reviewing – among other things – our system of internal controls, and processes used for financial reporting, audit, and monitoring compliance with laws and regulations. The AC also reviews the scope and results of the external audit, and the independence of the external auditors.

The AC is supported by Internal Audit (IA). To ensure its independence, IA reports functionally to the AC and administratively to the office of the CEO. IA has full and unrestricted access to all records, properties and personnel to effectively perform its functions. Aside from periodic planned reviews of key control processes for all offices, IA may also undertake special reviews requested by our Board, AC or senior management. The AC met four times during the year.

Leadership Development & Compensation Committee (LDCC)

The LDCC is responsible for recommending Board and management leadership plans to the Temasek Board. These include Board and CEO succession, as well as guidelines and policies on performance measurement and compensation plans. The LDCC met four times during the year.

Board and Committee Processes and Decisions

Decisions at Board and Committee meetings are based on a simple majority of the votes, including those via telephone or video conference. Where a Board resolution is obtained via circulation, the resolution becomes effective upon approval by at least two thirds of the Board.

Board members with interests that may conflict with specific Temasek interests are recused from the relevant information flow, deliberations and decisions on the conflicted matter.

Quarterly Board meetings include Executive Sessions for non-executive Directors to meet without management presence. The discipline of our annual CEO succession review is a part of these deliberations.

Board Committee Membership as at 31 March 2017

Board ExCo AC LDCC
Lim Boon Heng Chairman Chairman Chairman
Cheng Wai Keung Deputy Chairman Member
Kua Hong Pak Member Chairman
Bobby Chin YC Member Member
Goh Yew Lin Member Member
Ho Ching ED & CEO Member Member
Lee Theng Kiat Member Member
Michael Lien JL Member Member
Robert Ng CS Member Member
Teo Ming Kian Member Member Member
Peter R Voser Member Member
Marcus Wallenberg Member
Robert B Zoellick Member

Additional Board Member after 31 March 2017

Board ExCo AC LDCC
Stephen Lee CY Member Member Member

LIM Boon Heng

Chairman (since August 2013)

  • Deputy Chairman
    Singapore Labour Foundation
  • Chairman
    NTUC Enterprise Co-operative Limited
  • Former Secretary-General
    National Trades Union Congress
  • Held several Cabinet positions in the Singapore Government from 1993 to 2011

CHENG Wai Keung

Deputy Chairman (since November 2013)

  • Chairman and Managing Director
    Wing Tai Holdings Limited
  • Vice Chairman
    Singapore-Suzhou Township Development Pte Ltd
  • Director
    Singapore Health Services Pte Ltd
  • Distinguished Service Order (DUBC) in 2007
  • Justice of the Peace since 2000

KUA Hong Pak

Director (since November 1996); Chairman, Audit Committee

  • Senior Advisor
    ComfortDelGro Corporation Limited
  • Singapore Public Service Star (Bar) in 2016
  • Re-appointed a Justice of the Peace in September 2015
  • Honorary Shenyang Citizenship in 1997


Director (since June 2014)

  • Member
    Council of Presidential Advisers
  • Chairman
    • Housing and Development Board
    • NTUC Fairprice Co-operative Ltd
  • Deputy Chairman
    NTUC Enterprise Co-operative Limited
  • Former Managing Partner
    KPMG Singapore
  • Singapore Public Service Star in 2011
  • Singapore Public Service Medal in 2003

GOH Yew Lin

Director (since August 2005)

  • Managing Director
    GK Goh Holdings Limited
  • Chairman
    • SeaTown Holdings Pte Ltd
    • Yong Siew Toh Conservatory of Music
    • Singapore Symphonia Company Limited
  • Trustee and Investment Committee Chairman
    National University of Singapore
  • Deputy Chairman
    National Arts Council
  • Singapore Public Service Star in 2013

HO Ching

Executive Director & CEO

  • Executive Director since May 2002;
    CEO since January 2004
    Temasek Holdings (Private) Limited
  • Former President and CEO
    Singapore Technologies Group
  • Fellow of the Academy of Engineering Singapore

LEE Theng Kiat

Director (since April 2016)

  • Executive Director and CEO since October 2015;
    President (April 2012 – October 2015)
    Temasek International Pte. Ltd.
  • Former President and CEO
    • Singapore Technologies Telemedia Pte Ltd
    • STT Communications Ltd

Michael LIEN JL

Director (since January 2010)

  • Executive Chairman
    Wah Hin & Co Pte Ltd
  • Trustee and Investment Committee Member
    National University of Singapore
  • Founder
    Leap Philanthropy

Robert NG CS

Director (since June 2014)

  • Chairman
    Sino Land Company Limited
  • Vice Chairman
    M+S Pte Ltd
  • Director
    DBS Bank (Hong Kong) Limited
  • Member
    11th/12th National Committee,
    Chinese People's Political Consultative Conference

TEO Ming Kian

Director (since October 2006)

  • Chairman
    • Vertex Venture Holdings Ltd
    • Temasek Foundation Ecosperity CLG Limited
    • Temasek Life Sciences Laboratory Limited
    • Tessa Therapeutics Pte. Ltd.
    • Tychan Pte Ltd
  • Former Permanent Secretary at various Singapore Government ministries and Executive Chairman in key agencies
  • Public Administration Medal (Gold), Singapore (1993)
  • Commander First Class - Royal Order of the Polar Star (Sweden) (1994)
  • Distinguished Alumni Award, Monash University, Australia (1999)
  • Meritorious Service Medal, Singapore (2008)
  • Defence Technology Medal (Distinguished Leadership) (2015)


Director (since January 2015)

  • Chairman
    • ABB Ltd
    • Catalyst
    • Board of Trustees of St. Gallen Foundation for International Studies
  • Director
    • Roche Holdings Limited
    • International Business Machines Corporation
  • Former Chief Executive Officer
    Royal Dutch Shell plc
  • Former Member
    • Supervisory Board of Aegon N.V.
    • Supervisory Board of UBS AG
    • Swiss Federal Auditor Oversight Authority
  • Title of Dato Seri Laila Jasa awarded by His Majesty the Sultan of Brunei (2011)


Director (since July 2008)

  • Chairman
    • Skandinaviska Enskilda Banken
    • SAAB AB
    • FAM AB
  • Former Chairman
    • AB Electrolux
    • International Chamber of Commerce
    • LKAB
  • Former Deputy Chairman
    L M Ericsson
  • Former President and CEO
    Investor AB


Director (since August 2013)

  • Chairman
    • AllianceBernstein LP
    • AllianceBernstein Holding, LP
  • Senior Fellow
    Belfer Center for Science and International Affairs,
    Kennedy School of Government,
    Harvard University
  • Member
    Board of Laureate Education, Inc.
  • Former President (2007-2012)
    World Bank Group
  • Former Deputy Secretary (2005-2006)
    U.S. State Department
  • Former U.S. Trade Representative (2001-2005)

Additional Board Member after 31 March 2017

Stephen LEE CY

Director (since 1 July 2017)

  • Chairman
    • NTUC Income Insurance Co‑operative Limited
    • Shanghai Commercial Bank Ltd
    • SIA Engineering Company Limited
    • Tripartite Alliance Limited
  • Managing Director
    • Great Malaysia Textile Investments Pte Ltd
    • Shanghai Commercial & Savings Bank, Ltd
  • Member
    Council of Presidential Advisers
  • Order of Nila Utama (First Class), Singapore (2015)
  • Distinguished Comrade of Labour Award, Singapore (2015)