Photo of Ho Ching from Temasek Holdings

Singapore’s sovereign wealth fund company Temasek Holdings have announced a salary freeze, stopping all salary increments for its yearly April bonus award exercise. The senior management will be taking a 5% base salary cut, only on a voluntary basis.

The senior management including the wife of Prime Minister Lee Hsien Loong, Ho Ching, will however still be drawing bonuses:

“Senior management will take a partial cut in their annual bonuses this year.”

Temasek Holdings exposure to China is 26% of its S$313 billion, and the China investments have been severely hit by the US-China trade war and the Wuhan virus outbreak.

Another 26% of Temasek Holdings portfolio are in Singapore, which is the second worst performing investments this year due to local transmission of the Wuhan virus.

Ho Ching is the permanent CEO of Temasek Holdings, with no plan for retirement. Cronyism is actively practiced in the Singapore dictatorship, with military generals and cronies forming the leadership team.