Temasek should offer more information on its activities, investments in emerging tech fields
Its stakeholders are likely to be more forgiving of any headline-grabbing failures if they also constantly hear of its big successes
TEMASEK has evidently endured a tough year. This past week, it reported a total shareholder return (TSR) of minus 5.07 per cent for its financial year ended Mar 31, 2023. Its net portfolio value slipped to S$382 billion, down from a record S$403 billion at the end of its previous financial year.
The weaker performance was not unexpected. The 12-month period in question overlapped an aggressive global tightening of monetary policy in the face of surging inflation. It also coincided with Russia’s military assault on Ukraine, and elevated tension between the United States and China.
Then, there was the implosion of FTX amid reports of mismanagement and fraud. Besides taking a US$275 million hit, Temasek suffered – by its own account – reputational damage as a result of its investment in the collapsed cryptocurrency exchange.
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