Minister of National Development Lawrence Wong on Wednesday (May 8) declined the Opposition Workers’ Party’s request for the government to disclose the salaries of top management at sovereign wealth fund companies Temasek Holdings and GIC.
Dictator Prime Minister Lee Hsien Loong sits as the permanent Chairman of GIC – a position inherited from his father Lee Kuan Yew – while his wife Ho Ching is permanent CEO of Temasek Holdings.
Minister Lawrence Wong declined in Parliament to reveal their salaries and claimed that the government have no control despite them drawing direct from the national reserves and CPF funds they ‘manage’:
“The Government maintains an arms-length relationship with GIC and Temasek Holdings and does not interfere in their operational decisions. (Henceforth) we will not reveal the salaries of top management at the two firms. Instead, the Government holds their boards accountable for their performances.”
The PAP millionaire minister claimed that Lee Hsien Loong and Ho Ching are paid on ‘performance’ and ‘industry benchmarks’:
“Remuneration is based on performance and industry benchmarks, and supports a ‘prudent risk-taking culture’. A portion of the remuneration at both entities are also tied to long-term performance.”
Based on ‘industry benchmarks’ of Chairman and CEO positions in fund management companies of similar size, Lee Hsien Loong and Ho Ching are estimated to be drawing S$10 million a year each from their roles in the sovereign wealth fund companies. This money is directly from CPF funds and the national reserves, under “administration and salaries”.