In a response to NCMP Leon Perera’s question why the Prime Minister’s wife Ho Ching is still Temasek Holdings’ CEO for more than 13 years, Senior Minister of State Indranee Rajah claimed that the government do not interfere in the CEO appointment for the sovereign wealth fund company.
NCMP Leon Perera asked in Parliament yesterday (Mar 10):
“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.”
Responding to his question is Minister Indranee Rajah who said:
“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. 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. Temasek’s board will decide on who to replace Ms Ho.”
Ho Ching is the Prime Minister’s wife and has been sitting as the CEO of Temasek Holdings managing CPF funds from the government. The conflict of interest is however overlooked as critics will be charged with defamation lawsuits when they point out the obvious corruption. Lee Hsien Loong himself doubles as the Chairman of GIC, the country’s only other sovereign wealth fund company. With his control over the puppet president Tony Tan, Lee Hsien Loong has unrestricted access to the country’s national reserves and CPF funds.
Ever since Ho Ching became Temasek Holdings’ CEO and her husband Lee Hsien Loong became the Prime Minister in 2004, CPF interest rate has been stuck at 2.5% – jeopardizing retirement of Singaporeans resulting in widespread poverty especially among the elderly.