Institution
We aspire to do well, do right, and do good, for today’s and future generations.
Guided by our Purpose, which defines why we do what we do, our Charter sets out who we are and what we do.
Incorporated as a company under the Singapore Companies Act on 25 June 1974, Temasek21 is wholly owned by the Singapore Minister for Finance22.
Under the Singapore Constitution, Temasek is a Fifth Schedule entity23 with a constitutional responsibility to safeguard our Company’s past reserves24. Temasek’s reserves form part of the nation’s reserves25.
Temasek owns its assets — we are not a fund manager. We do not manage Singapore’s Central Provident Fund savings, or the Singapore Government’s assets, or the foreign exchange reserves of Singapore. Neither does Temasek manage the assets of any other Fifth Schedule entity; these are independently managed by the respective Fifth Schedule entities themselves.
Temasek is not state-directed. Neither the President of Singapore26 nor the Singapore Government is involved in or directs our investment strategies, investment decisions, or other business decisions, except in relation to the protection of our past reserves.
Relating to the President of Singapore
The Chairman, CEO, and each Board member have the responsibility under the Singapore Constitution to protect our Company’s past reserves.
Our Board and the CEO have a duty to seek the President’s approval before any draw occurs on our past reserves. There is no draw on our past reserves if our total reserves equal or exceed our past reserves. Mark to market declines on existing investments are not a draw on past reserves. We have a duty to ensure every disposal of investment is transacted at fair market value27. A realised loss arising from such disposals at fair market value is not a draw on past reserves.
Every year, the Temasek Board and senior management brief the President and the Council of Presidential Advisers on Temasek’s performance and investment strategies.
Relating to Our Shareholder
Our shareholder holds the Board accountable for our overall performance by assessing Temasek’s long-term returns. In turn, the Board delegates the day-to-day management of Temasek to Temasek’s senior management.
While the Board Leadership Development & Compensation Committee is responsible for recommending Board and management leadership plans, our shareholder has the right under the Singapore Companies Act to appoint, reappoint, or remove our Board members, subject to the President’s concurrence28. The Board’s appointment or removal of the CEO is also subject to the President’s concurrence. These constraints are part of the “second key” concept to safeguard the integrity of our Board and CEO in protecting Temasek’s past reserves.
Temasek declares dividends annually in accordance with our dividend policy. Our Board sets our dividend policy, balancing the sustainable distribution of profits as dividends to our shareholder with the retention of profits for reinvestment to generate future returns. The policy also takes into account our constitutional responsibility to protect Temasek’s past reserves. Our Board recommends the dividend payout for our shareholder’s acceptance at the annual general meeting.
Under the Net Investment Returns (NIR) framework, the Government is permitted to spend up to 50% of the expected long-term real rates of return of GIC, the Monetary Authority of Singapore, and Temasek. The NIR framework does not affect, change, or impact Temasek’s responsibility to protect our past reserves; our dividend policy; and strategies and operations as a long-term investor.
Every year, the Temasek Board and senior management meet with the Finance Minister and officials from the Ministry of Finance to review Temasek’s performance and investment strategies.
Our Internal Governance Approach
Temasek29 is an exempt private company30 under the Singapore Companies Act which is exempted from disclosing its financial information publicly. We have nonetheless published our portfolio performance in our annual Temasek Review since 2004, and our consolidated group financials in our bond offering circulars. As a commercial investment company, our annual statutory financial statements are audited by a major international audit firm.
We comply with our obligations under Singapore laws and regulations, as well as those of the jurisdictions where we have investments or operations.
Our Board has a fiduciary duty towards Temasek as a Company, with full discretion and flexibility to guide the management of our portfolio.
Temasek Board
Our Board provides overall guidance and policy directions to management.
As at 31 March 2025, our Board consisted of 14 members from across the world, each with diverse skills, experiences, and knowledge, and the majority of whom (86%) are non-executive independent private sector business leaders. Fu Chengyu stepped down from Temasek’s Board on 15 November 2024, and post 31 March 2025, Cheng Wai Keung and Stephen Lee retired from our Board on 30 June 2025, while Bobby Chin will retire from our Board on 31 July 2025. Lim Boon Heng will step down from the Temasek Board on 9 October 2025.
Ong Pang Thye and Jim Hagemann Snabe joined our Board on 1 January 2025. Both are recognised leaders in their fields and professions. Pang Thye has more than 30 years of experience in accounting, auditing, and consulting, working with companies in various industries such as banking, asset management, infrastructure, media, and real estate. His former roles include Managing Partner of KPMG in Singapore and Board member of KPMG International Limited. Jim is Chairman of the Supervisory Board of Siemens AG and was previously Chairman of A.P. Moller Maersk and Vice Chairman of Allianz SE. His career includes over 25 years in the IT industry, primarily with SAP AG where he last served as Co-Chief Executive Officer.
Teo Chee Hean joined our Board as Deputy Chairman on 1 July 2025, and will succeed Lim Boon Heng as Chairman on 9 October 2025. He is a former political stalwart whose leadership has advanced Singapore’s interests, including in critical areas like geopolitics, cybersecurity and technology, climate action, as well as defence and security. During his distinguished 53-year career in public service, he navigated complex challenges both in Singapore and abroad.
Our Board operates on a commercial basis, with the added constitutional responsibility, together with our Chairman and CEO, of protecting the Company’s past reserves, given Temasek’s status as a Fifth Schedule entity31 under the Singapore Constitution. There are no nominees of the Singapore Government or any other government on our Board.
The annual Board schedule includes quarterly two-day meetings, and additional meetings as needed, such as for significant large investments. Five Board meetings were held in the financial year ended 31 March 2025.
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
- portfolio risk appetite and profile
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
- Risk & Sustainability 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, including minutes of key management committee meetings, to allow the Board to effectively discharge its responsibilities.
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 six 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 of Temasek Holdings.
IA has full and unrestricted access to all records, properties, and personnel to effectively perform its functions. IA performs planned reviews of key control processes for all offices.
To maintain confidentiality, the key controls over financial reporting relating to central payroll processes are reviewed by external auditors as part of the statutory audit of our group financial statements. IA may also undertake special reviews requested by our Board, AC, or senior management. The minutes of AC meetings are circulated to the Board.
The AC met four times during the year. The AC also has separate sessions, without management, with the external auditors and with IA.
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 five times during the year.
Risk & Sustainability Committee (RSC)
We operate in a complex global environment influenced by multiple geopolitical and socio-economic forces. The RSC was established to enhance focus on opportunities and risks arising from sustainability trends, including climate change, and other financial, reputational, operational, and cyber risks.
The RSC supports the Board in its oversight responsibilities by reviewing, among other things, our portfolio risk appetite and profile, material Environmental, Social, and Governance (ESG) matters, risk management and sustainability frameworks and policies, as well as key public statements relating to risk, sustainability, and ESG. The RSC coordinates with other standing Committees of the Board, such as the AC and the LDCC, in its oversight of risk and sustainability matters, where relevant. The RSC met five times during the year.
Board Governance
Decisions at Board and Committee meetings are based on a simple majority of the votes, including those made via telephone and/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 matter on which they are conflicted.
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 and Committee Memberships as at 31 March 2025
| Board | ExCo | AC | LDCC | RSC | |
|---|---|---|---|---|---|
| Lim Boon Heng | Chairman | Chairman | Chairman | ||
| Cheng Wai Keung | Deputy Chairman | Member | Member | ||
| Bobby Chin YC | Member | Chairman | |||
| Jenny Lee | Member | Member | |||
| Stephen Lee CY | Member | Member | Member | Member | |
| Lee Theng Kiat | Member | Member | Member | Member | |
| Ong Pang Thye 32 | Member | Member | |||
| Jim Hagemann Snabe 33 | Member | Member | |||
| Tan Chee Meng | Member | Member | Member | ||
| Tan Chong Meng34 | Member | Member | |||
| Peter R Voser | Member | Member | Chairman | ||
| Geoffrey Wong EK35 | Member | Member | |||
| Jaime Augusto Zobel de Ayala | Member | Member | |||
| Dilhan Pillay Sandrasegara | ED & CEO | Member |
Full profiles of our Board members are available on our corporate website.
Temasek Senior Management
Senior management sets the tone and culture of our institution, leading the delivery of Temasek’s vision and mission.
Our management implements the strategy and policy directions set by the Temasek Board to fulfil our mandate to deliver sustainable returns over the long term. Levels of authority for investment, divestment, and other operational matters are defined according to our Board’s delegation.
Our senior management oversees Temasek’s key business strategies and organisational initiatives with the support of the following committees, which are chaired by our CEO and are comprised of members of senior management:
- Strategy, Portfolio and Risk Committee (SPRC)
- Senior Divestment and Investment Committee (SDIC)
- Senior Management Committee (SMC)
The SPRC reviews macroeconomic, political, industry, technological, and social trends that provide the context in which new opportunities and risks may arise, in both existing and new markets. It also reviews our overall portfolio construction efforts and investment strategies.
The SDIC manages and shapes our portfolio on an ongoing basis and decides on investments and divestments up to the authority limits as delegated by our Board. Investment proposals beyond these authorisation limits are escalated to the ExCo and/or the Board as warranted. Meeting minutes are circulated to the Board.
The SMC reviews and sets overall management and organisational policies. These include internal controls, the implementation of our Derivatives Framework, and the Valuation Policy approved by the Board AC. The SMC has developed the Temasek Code of Ethics and Conduct (T-Code) and constituted the Ethics Committee to assist in its implementation. All employees are required to observe and comply with the T-Code.
Our list of senior management is available on our corporate website.
Relating to Our Portfolio Companies
We engage our portfolio companies to enhance shareholder value and advocate good governance, sustainability, and corporate practices.
Governance
The day-to-day management and business decisions of companies in our portfolio are the responsibility of their respective boards and management. Temasek does not direct their business decisions or operations.
Effective board governance is fundamental to a company’s success and long-term viability. Board directors have a fiduciary duty to safeguard the interests of their respective companies and those of shareholders as a whole. We rely on the boards of portfolio companies to set the company’s strategy, supervise management’s performance, exercise effective oversight, and be accountable to stakeholders for their decisions and outcomes of their actions.
We support the formation of high-calibre and effective boards. An effective board is one that displays independent judgement, a good mix of competencies and expertise, as well as diversity and accountability. We encourage our portfolio companies to conduct regular reviews of board succession plans, taking into consideration the changing needs of the company.
We support boards which are predominantly independent, comprising individuals with the requisite skills, experience, and attributes to significantly contribute to the success of the company. We advocate that the Chairman and CEO roles be held by separate persons, independent of each other, to ensure a healthy balance for independent decision-making, and a greater capacity for management supervision by the board.
As a shareholder, we vote to express our opinion on how a portfolio company should be governed and managed, and to hold its board and executives accountable for their actions, decisions, and performance. Voting also assists us to align our investments with our ethical and environmental values and promote sustainable and responsible business practices. When we exercise our vote, we seek to promote sound governance, protect our interest as an investor, and support long-term financial value creation.
We do not provide any financial guarantees for the obligations of our portfolio companies, just as the Singapore Government does not provide any financial guarantees for Temasek’s obligations.
Engagement
While we do not direct the business decisions and operations of our portfolio companies, we interact with them as an engaged shareholder to enhance shareholder value and advocate good governance, sustainability, and corporate practices. We believe in constructive engagement and are committed to working with our portfolio companies to promote a close alignment between strategy and performance, and returns and rewards.
We add value as a shareholder by exchanging ideas, sharing best practices, and organising roundtables and networking events in areas such as corporate governance, cybersecurity, finance, industry and technology trends, legal and regulatory, reputational risk management, and sustainability. We also keep track of industry developments and trends that may impact our portfolio companies, and share our expertise and knowledge in these areas with them.
We (and our Board) do not have access to any non-public technical information nor personal data held by our portfolio companies.
Expectation
As part of our constructive engagement, we share our shareholder expectations with the boards of our portfolio companies. We encourage them to be agile and innovative, and to be prepared to face disruptions while tapping on new opportunities. They are key to helping us build a resilient and forward-looking portfolio as part of our T2030 strategy, and ultimately, to deliver sustainable returns over the long term.
We expect companies to comply with applicable laws, and to abide by sound corporate governance and appropriate codes of conduct and ethics. We do not condone any form of misconduct and malfeasance and hold the boards accountable for the activities of their companies.
Boards should set the tone to actively guide management in the development and implementation of strategies, and exercise effective oversight to ensure robust governance, compliance systems, and processes are in place. These must be constantly reviewed and refreshed to ensure they are appropriate and relevant.
Our ownership ethos places the institution above the individual, emphasises long term over short term, and aligns employee and shareholder interests over economic cycles.
Our compensation framework aims to foster a high-performing and responsible culture, where our employees think and act as owners with a strong sense of intergenerational duty, sharing gains and pains alongside our shareholder. It balances rewards for short-term performance and long-term value creation. It also aligns our staff towards achieving both our financial performance and carbon emissions reduction targets.
Our base salaries are benchmarked to relevant market references. Short-term bonuses are driven by financial and non-financial targets. Medium and long-term incentives, which form a major proportion of our annual total compensation, are driven by our portfolio returns.
Returns above our overall risk-adjusted cost of capital determine our Wealth Added (WA) incentive pool, while negative portfolio returns determine our clawback pool.
Deferred incentives and clawbacks are integral to our remuneration. Longer-term incentives can be deferred for up to 12 years, and are subject to market risks and clawbacks, to ensure the sustainability of returns over market cycles.
For the year ended 31 March 2025, our WA was S$11.9 billion.
Annual Cash Bonuses ― Our Short-Term Incentives
Annual cash bonuses are driven by company-wide, team, and individual performances, and capped within budgeted limits. One of our annual performance targets requires our three-year Total Shareholder Return (TSR) to exceed our three-year cost of debt.
Apart from financial targets, our Make-A-Difference (MAD) programme rewards employees for achieving non-financial goals targeted at strengthening the institution, contributing to the community, and taking care of their families and themselves.
WA Bonus Bank ― Our Medium-Term Incentives
A portion of our WA incentive pool, whether positive or negative, is distributed into each employee’s notional WA bonus bank account, based on the individual’s performance and contributions over three years.
When WA bonus bank balances are positive, a portion of the balance is paid out to staff. The remaining portion is deferred, with the percentage being deferred increasing with seniority.
Part of the retained balances are deferred as co-investment grants which vest over the following three years. The remaining WA bonus bank balances are subject to clawbacks in the future should portfolio returns be negative.
Co-investment Grants ― Our Long-Term Incentives
Our employees may be awarded co-investment grants with performance-based or time-based vesting conditions. These units grow or decline in value with our yearly TSR, reinforcing the ownership culture of our company. Co-investment units lapse after 12 years.
The performance-based co-investment grants are subject to stringent multi-year portfolio performance conditions to trigger a five-year vesting. Our time-based co-investment grants vest up to 12 years.
These co-investment grants reinforce our long-term alignment with shareholder interest and the sustainability of our business performance over different market cycles.
To reinforce the commitment to our carbon emission goals, we apply a carbon charge against our portfolio performance. This carbon charge is taken from our WA incentive pool to be awarded as another type of co-investment grants tied to our carbon emission reduction targets. This drives us to collectively work towards our institutional commitment to halve the net carbon emissions of our portfolio over 2010 levels by 2030, and to achieve net zero carbon emissions by 2050.
Co-ownership in Practice
As part of co-ownership alignment, clawbacks are made to our employees’ retained bonus banks when WA and portfolio returns are negative.
In the last decade, we had three clawback pools. Of these, one was a clawback balance carried forward when the deferred WA incentives were not enough to clear the clawback pools from prior years. Clawback balances were then made good from future years’ positive WA.
The positive WA for the year ended 31 March 2025 means there will be new WA incentives to share.
We also have a policy to recover paid-out incentives in the event of financial misstatements and/or misconduct by staff that have material impact on the performance or reputation of the firm.
This demanding framework for sharing gains and the associated risks and pains through market cycles has been tested and reaffirms our ownership ethos.
(for year ended 31 March)
WA Incentives of Key Team
- Wealth Added (WA) in dollars
- Total Shareholder Return in dollars (Total Dollar Return or TDR)
- Paid-out portion of WA Bonus earned for prior year’s performance
- Deferred portion of WA Bonus earned for prior year’s performance, with future clawback risks
- Co-investment units which grow or shrink with total returns to shareholder, and are subject to performance and time-based conditions
- Clawback of deferred WA Bonus from prior years
- Clawback balances carried forward for future bonus offset
- Part of earned WA Bonus used to offset the clawback balances brought forward from prior year
1 WA incentives awarded in the year were for WA performance in the prior year.
2 WA incentives of key management team which includes CEOs, Presidents, Senior Managing Directors, Managing Directors, as well as management Directors.
3 WA Bonus attributable to the IPO of Alibaba was split into three tranches over 2016, 2017, and 2018, subject to sustained performance.
4 No new T-Scope pool was generated due to negative WA in the prior year.
5 WA Bonus attributable to the unallocated pool brought forward from the prior year.
We are guided by our Purpose, Temasek Charter, and MERITT values to work and grow together to build a better tomorrow.
We strive to do well, do right, and do good, to build a brighter and more inclusive tomorrow for this and future generations. At the core of this ambition is our people — their values, passions, capabilities, and their willingness to learn, contribute, lead, and take on new ideas and responsibilities.
Supporting Our People
Our Make-A-Difference (MAD) programme has been an integral part of our life in Temasek since 2008. MAD promotes a culture of personal ownership and responsibility. Individual and company-wide MAD targets extend beyond financial targets to cover self-development, institution, community, and sustainability goals.
At Temasek, we value the well-being of our employees and offer a comprehensive range of benefits that support our staff in achieving their desired work-life blend.
These benefits are designed to provide a core level of medical and insurance coverage for our staff. We strive to foster a pro-family environment, encourage community contributions, and adopt a proactive approach toward employee health and wellness.
We offer a broad range of parental and family planning benefits, such as maternity leave of at least 26 weeks, paternity and adoption leave of at least 20 weeks, as well as fertility and family planning subsidies. Our flexible leave provisions allow staff to take time off for childcare, eldercare, or for their own well-being. Additionally, rejuvenation leave is offered to help staff recharge at specific career milestones. We also encourage our staff to support and contribute to the community through volunteer leave provisions.
Our hybrid work model and flexible work arrangement options empower our staff to balance their professional and personal responsibilities effectively.
Our Temasek Heartbeat survey, which is conducted regularly, helps us understand what our employees feel is important to make Temasek a better place to work. This survey provides us with valuable insights into employee sentiments, areas where we are excelling, and areas where we can further improve on.
Growing Our Talent
As part of our institutional focus to build a future-ready team, we anchor our talent development on the 4Es of Experience, Exposure, Education, and Enrichment.
Our learning roadmaps enable our staff to take ownership of their development and continuously build, scale, and deepen their capabilities. We partner leading business schools and renowned practitioners to provide the latest insights on leadership development, management best practices, global market dynamics, and strategic planning. Our Digital Fluency programme has helped build Analytics, Automation, and Generative Artificial Intelligence (AI) capabilities within the firm, enabling our employees to enhance productivity.
360° feedback is an integral element of our talent development process which fosters a culture of continuous development and learning. Our platform enables real-time feedback and leverages AI to summarise key strengths and growth opportunities at both the individual and team level. These summaries, along with detailed individual feedback, serve as important development enablers used by managers to facilitate the growth of their team members.
Our annual CEO Challenge encourages staff to acquire new future-focused skills. Over the year, we designed and rolled out interactive sustainability workshops to raise awareness of climate change. This allowed our employees to ideate solutions that could advance our sustainability strategy.
Our OneTemasek Team
We are committed to making Temasek a great place to work by building a diverse and inclusive culture rooted in the principle of meritocracy. We foster an environment where every individual feels they belong and are empowered to unlock their potential, and drive creativity, adaptability, and excellence across the firm.
We continue to instil our Temasek Teaming principles and practices across the firm, which guide teams on how to work in a continuous, collaborative, and iterative manner. Over the year, we conducted interactive, hands-on workshops to immerse our staff in Teaming practices, enabling them to leverage collective experiences and perspectives to drive better outcomes.
We continue to strengthen inclusivity practices through our Inclusivity@Temasek initiatives which include our Temasek Women’s Network. This year, we also hired two neurodiverse individuals within our procurement function, who brought not only their unique perspectives, but also complementary strengths to the team.
Our Staff Composition (as at 31 March)
- Singaporeans
- Singapore PRs
- Other Nationalities
- Age range: ≤30
- Age range: 31-40
- Age range: 41-50
- Age range: >50
- Female Staff
- Male Staff
We have about 960 people, encompassing 32 nationalities across 13 offices in 9 countries. 64% of our staff are Singaporeans.
Doing Good Together
Temasek’s founding date, 25 June, is designated as our annual Community Day. Staff in our various offices work with beneficiaries on our anniversary, and throughout the year, and are given dedicated volunteer leave to participate in their personal or group volunteering activities.
Our offices also support local communities through donations and our staff actively participate in outreach programmes with non-profit groups and other organisations, as part of T-Touch, Temasek’s staff volunteer initiative.
By Generations, For Generations
To commemorate our 50th anniversary last year, more than 500 staff volunteers from Temasek, Temasek Trust, Temasek Foundation, Temasek Trust Asset Management, and Stewardship Asia Centre participated in an expanded Community Day. Together with 16 community partners, volunteers participated in parallel activities across Singapore based on our community objectives of Connecting People, Uplifting Communities, Protecting our Planet, and Advancing Capabilities. These activities included sprucing up a Housing and Development Board void deck with mural paintings; distributing care packs to rental block residents; refreshing the homes of disadvantaged seniors; planting trees; and conducting job learning visits for youths.
Enhancing Living Environments
Our London staff volunteered at Haven House Children’s Hospice, which provides care for children with life-limiting and life-threatening conditions. They worked on the gardens around the hospice to create a more comfortable and accessible environment for the patients.
Empowering Social Entrepreneurship
Our team in China partnered YouChange China Social Entrepreneur Foundation to support social enterprises working on rural revitalisation. Colleagues across our three offices volunteered to mentor social enterprises and help them achieve their social goals.
Reaching Out to Those in Need
Our San Francisco office teamed up with local volunteers to support the St. Anthony’s Farmers Market, where our staff distributed food to over 150 people who face food insecurity.
Supporting Well-being
Our India office lent their support to St. Jude India ChildCare Centres, Mumbai, by tutoring children undergoing cancer treatment.
Uplifting Youths
Over the past ten years, our Vietnam office has partnered the VietSeeds Foundation to provide scholarships for more than 500 students from underprivileged backgrounds. Our staff participated in VietSeeds Assessment Day last year to shortlist new scholars.
Our not-for-profit gifts aim to Connect People, Uplift Communities, Protect our Planet, and Advance Capabilities, in Singapore, Asia, and beyond.
As a global investor, our social licence to operate depends on our ability to create value for all stakeholders, including our communities. We believe in seeding social capital to foster a more inclusive and resilient world, so every generation prospers.
Our journey in building social capital started over 20 years ago, when we adopted a deliberate and structured approach, anchored on the twin pillars of governance and sustainability, to give back to communities.
Since 2003, we have been setting aside a portion of our net positive returns above our risk-adjusted cost of capital for community gifts. These are approved by the Temasek Board and then donated to partners to achieve our community objectives of Connecting People, Uplifting Communities, Protecting our Planet, and Advancing Capabilities.
Temasek Trust (TT) has been the primary beneficiary of our gifts. TT disburses grants for programmes to be developed and delivered by our non-profit ecosystem, including Temasek Foundation (TF), Temasek Life Sciences Laboratory (TLL), Stewardship Asia Centre, and Mandai Nature. Our non-profit ecosystem has evolved over the years to better handle multi-faceted and complex social challenges.
To date, Temasek’s gifts to TT have impacted about 4.4 million lives across Singapore and beyond.
Read more about how we support community programmes that uplift vulnerable communities
TT continues to build on its vision of being a responsible steward of philanthropic assets. It aims to catalyse positive impact aligned to Temasek’s community objectives.
Among TT’s new initiatives were the acquisition of MoneyOwl, a financial advisor with a social mission to empower people to improve their financial security, and the establishment of TT Foundation Advisors which provides philanthropy advisory and management services.
TF implemented about 150 community programmes over the last financial year. One of these was the Temasek Foundation – Autism Resource Centre (Singapore) Supported Living and Training Programme for individuals aged 18 and above who are on the autism spectrum with low to moderate needs. The programme aims to support them in community living through independent skills training.
TLL’s Decarbonising Rice Project was recognised as a Breakthrough Scientific Contribution and won the World Economic Forum’s Giving to Amplify Earth Action Award. The project aims to mitigate the effects of climate change and meet the growing global demand for rice by reducing methane emissions, conserving water, and enhancing yields. The project has attracted funding from global funders via Philanthropy Asia Alliance, and large acreage trials are ongoing in Laos, India, and Indonesia.
Beyond our non-profit ecosystem, Temasek works with partners from the Public, Private, and People sectors to advance our community objectives, where our philanthropic capital, network, and industry insights can make the most impact.
Advancing Capabilities
Last year, we announced T-Spring, a S$150 million gift to advance capabilities in Singapore and build a resilient and future-ready workforce. Over the year, Temasek partnered local universities to award scholarships to Singaporeans who wish to pursue tertiary degrees in Science, Technology, Engineering, and Mathematics at the undergraduate to PhD level.
T-Spring also seeded the Temasek Fellowship programme which aims to attract best-in-class industry leaders to collaborate with Temasek and its partners to drive innovation in data science and blockchain, sustainable solutions, and life sciences. In April 2025, the programme’s inaugural Temasek Fellow, Professor Henrik Christensen, was appointed. He is a leading figure in Artificial Intelligence and robotics from the University of California, San Diego, and will help deepen Singapore’s expertise in these two areas.
Under T-Spring, Temasek is supporting the President’s Challenge Springboard Fellowship, which empowers individuals who have faced setbacks in life to pursue new pathways through education and skills or entrepreneurship training. Temasek staff will also provide mentorship to these individuals.
Finally, our T-Spring gift has committed to supporting the Employment and Employability Institute's new employment platform. The platform matches age-friendly employers and senior jobseekers and provides training, career coaching, and job redesign support.
Strengthening Climate Action
We have set aside S$100 million of our community gifts as Concessional Capital for Climate Action (CCCA) to support marginally bankable climate action initiatives. CCCA represents a novel way of advancing Temasek’s deployment of philanthropic capital, going beyond conventional grantmaking, and a deepened commitment towards the climate agenda.
Doing Good in Our Communities
As a responsible corporate citizen, we support local charities with donations and staff volunteerism across all our offices. When staff decide to launch a fundraising effort for a charity or cause, Temasek will provide matching grants.
Our programme reach and partnerships continue to widen. As such, we must ensure that our gifts are truly making a difference to communities. We have developed an impact framework for community gifts to guide the measurement of their impact against our community objectives. This framework allows us to evaluate, refine, and maximise the effectiveness of initiatives we support. We see impact measurement as an essential part of good governance in our philanthropic journey. We are working with our non-profit entities and community partners to apply the framework to more programmes. We recognise that impact measurement is an iterative process, and we will continue to refine the framework as more data becomes available.
Financial Oversight and Governance
Established by Temasek Holdings in 2007, TT is a steward of philanthropic assets. As a Company Limited by Guarantee, TT provides governance and financial oversight of non-profit endowments and gifts from Temasek and other donors. It administers steady and sustainable multi-year funding to support capacity building and capability development for an ecosystem of entities, with the shared purpose of building better for every generation. In forging new pathways for philanthropy and impact investing with like-minded partners, TT aims to promote catalytic philanthropy as a force for good.
The skills required for the financial management of endowment funds are very different from those for developing and delivering community and social programmes. This governance model separates the financial management of philanthropic assets by TT from the programme design and delivery by Temasek’s non-profit ecosystem, and enables the respective entities to develop clear focus and capabilities. TT, TF, and other non-profit entities are separate, independent entities from Temasek, each with their respective boards and management teams. Temasek does not direct their day-to-day operations.
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Temasek Foundation (TF)
TF, a Company Limited by Guarantee, supports a diverse range of programmes that uplift lives and communities in Singapore and beyond. TF’s programmes are made possible through philanthropic endowments gifted by Temasek, as well as gifts and other contributions from other donors. These programmes strive towards achieving positive outcomes for individuals and communities now, and for generations to come. Collectively, TF’s programmes strengthen social resilience, foster international exchange and regional capabilities, advance science, and protect the planet.
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Temasek Life Sciences Laboratory (TLL)
TLL, an Institution of a Public Character, was established as a research institute to harness the power of life sciences to improve lives. With close to 200 researchers, TLL undertakes biomolecular science research and applications to benefit people in Asia and beyond.
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Stewardship Asia Centre (SAC)
SAC is a non-profit organisation dedicated to helping business and government leaders, investors, and individuals accelerate leadership action on environmental and social challenges through education, research, advisory, and engagement. Among its initiatives is the Steward Leadership 25 Award, which showcases projects across Asia and the Pacific that create sustainable economic value by integrating the needs of stakeholders, society, future generations, and the environment.
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Mandai Nature
Mandai Nature was jointly established by Temasek and Mandai Wildlife Group. It is dedicated to advancing efforts on biodiversity conservation in Asia, with a focus on averting species extinction especially in Southeast Asia, by delivering conservation programmes at scale with partners, as well as convening partnerships and collaborative alliances to address critical conservation outcomes. As the conservation arm of Mandai Wildlife Group, it also works closely with the Group to apply holistic and integrated conservation action.
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Centre for Impact Investing and Practices (CIIP)
CIIP fosters the growth of impact investing and practices in Asia and beyond by building and sharing knowledge, bringing together stakeholders in the community, and fostering positive action that accelerates the adoption of impact investing principles and practices. Based in Singapore, CIIP was established by TT in 2022 as a non-profit centre, with Temasek and ABC Impact as strategic partners.
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Philanthropy Asia Alliance (PAA)
PAA is a TT initiative dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. By harnessing collective strengths, PAA amplifies positive impact and accelerates action to address the pressing environmental and social challenges of our time. PAA’s flagship programme is the annual Philanthropy Asia Summit, a platform for global partners across the public, private, and philanthropic sectors to connect and catalyse collective action.
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Temasek Shophouse
Temasek Shophouse is a social impact hub located in the heart of Singapore and works closely with partners from the Public, Private, and People sectors to convene changemakers, foster collaborations, and catalyse solutions for positive impact. It is also home to impact organisations such as TT, TF, ABC Impact, and like-minded co-working partners.
Since its launch in 2019, Temasek Shophouse has enabled more than 300 outreach activities including community engagement events, educational exhibitions, and workshops on a range of social and environmental issues.
Staying Active, Staying Connected
By 2030, one in four Singaporeans will be aged 65 and above. Operated by Thye Hua Kwan Moral Charities, THK Active Ageing Centre (AAC) @ Bedok is one of the five AACs that are under Temasek Foundation’s Assisted Living Communities programme which helps seniors age with purpose. Here are the stories of two seniors whose lives have been enriched by the centre’s programmes.
Madam Rosnah Sulaiman, 77, was at a loss after her husband of 15 years passed away in 2017. Having retired from her job as a hotel chambermaid for some time and with no children to keep her company, her days became long and empty.
To pass the time, Madam Rosnah often visited her neighbourhood park in Bedok, where she would sit alone on a park bench for the whole day, only returning to her Housing and Development Board (HDB) flat in the evenings. Nights were the hardest as she would be filled with an overpowering sense of loneliness.
“During the evenings, I would feel lonely as it was very quiet. Everyone would be back home with their families while I was alone,” she said.
Things took a positive turn in 2018 when a staff member of THK AAC @ Bedok noticed Madam Rosnah at the park and invited her to participate in the centre’s activities.
Since then, Madam Rosnah has been visiting the centre almost every day where she takes part in weekly chair Zumba sessions, plays board games, and sings karaoke with her friends.
Located at the void deck of Block 12, Bedok South Avenue 2, THK AAC @ Bedok offers a spacious environment with designated areas for meals and recreational activities. Its facilities include a cafe, activity hall, gym, and a wellness room.
Madam Rosnah has also found purpose by taking part in the centre’s Micro-jobs programme, which sees seniors taking on simple tasks in the community for a small stipend. She visits the homes of several seniors living in her block five times a week and delivers food packets to them.
Siti Aishah Mohd Yunus, Lead Centre Manager at THK AAC @ Bedok, said seniors are assigned jobs aligned to their interests and skill sets so that they can find fulfilment in their tasks. Other micro-jobs include administrative tasks like attendance taking and organising activities at the centre.
Madam Rosnah said that the micro-jobs allow her to keep the kampung spirit alive. As she makes her deliveries, she chats with her neighbours, checks if they need help, and reminds them to take their medicine. She has even taken on more responsibilities at the centre, assisting with operational duties such as switching on the lights at 6am, outside of its usual opening hours.
Now that I have joined the centre, I have friends who I can turn to for advice. I hope that other seniors who are lonely can come here to make friends and keep themselves active.
– Madam Rosnah Sulaiman
For most of the last two decades, Mr Peter Ong Teck Hoe, 69, was unable to walk for more than 10 minutes due to chronic back and knee pain. To avoid aggravating his condition, the retiree, who is single, would stay at home most of the time. He also struggled to clean his HDB flat in Bedok as he could not move around well.
“In the past, I was not active at all. I used to lock myself in my room and I had a negative outlook on life,” he said.
In 2024, a staff member from THK AAC @ Bedok visited Mr Ong’s home and invited him to drop by the centre. During his first visit, the staff noticed his unsteady gait and encouraged him to join Gym Tonic.
Gym Tonic is a specialised strength training programme that is designed to help seniors build muscle strength and improve their overall fitness. It runs in 18-week cycles, during which seniors train twice a week for 45 minutes under the supervision of personal trainers at the centre’s gym.
The gym is equipped with modified exercise machines that use an air pressure system which is gentler on seniors’ muscles and joints. To track the progress of the seniors, the machines are equipped with a software that automatically records the repetitions they have completed and uploads the data to a digital cloud.
In addition to the gym equipment, seniors can monitor their health at kiosks that check their blood pressure, heart rate, and body mass index.
Mr Ong said his strength and mobility have improved significantly after attending Gym Tonic. He can now walk up to 10,000 steps daily and do household chores with ease.
Mr Ong has also grown more sociable. He visits the centre almost every day to meet his friends and looks forward to monthly talks on topics ranging from health and wellness to digital literacy. Now that he is more mobile, he also participates in group excursions such as brisk walking at East Coast Park and watching performances at the Esplanade.
This place is almost like my second home. Having friends to talk to has made me much happier. I am grateful that the centre would invest so much in exercise machines to help seniors stay fit.
– Mr Peter Ong Teck Hoe
More Community Initiatives
Planting the Seeds of Change
Le Thi Thu Trang’s university journey was made possible by a VietSeeds scholarship.
Supported by Temasek, VietSeeds helps underprivileged students in Vietnam pursue their dreams of higher education.
