(Ho Ching was reported to be a billionaire in The Indian Express)
Temasek Holdings has fooled Singaporeans about leadership renewal since more than a decade ago.
Ho Ching is the highest-paid and most powerful Singaporean CEO. Any leadership renewal would mean a demotion of sorts.
Where will Ho go after Temasek without losing her top 50 most powerful women in the world status as well as Forbes’ No. 4 most powerful women in finance (2017)?
The only way to ‘earn’ similar obscene pay is to set up her own investment fund, similar to other ex GIC employees, with seed money from Temasek/GIC. This is of course political suicide for PAP.
Although Temasek had appeared to be serious about leadership renewal when it appointed Charles Chip Goodyear CEO-designate in 2009, this was likely a wayang.
If the world had not recovered from the global financial crisis, Ho would have been off the hook for huge investment losses.
And no responsible CEO would leave the company in the midst of one of the worst financial crises under the pretext of leadership renewal.
Coincidentally or otherwise, global markets bottomed out in March 2009 and CEO-designate ‘quit’ in July the same year.
If Temasek was really serious about leadership renewal 4 years after Ho became CEO, why is Ho still CEO after 14 years?
Why would a CEO – spouse of the PM – who earns obscene amounts in tax dollars without transparency and accountability steps down?
It’s more likely that leadership renewal will be forced upon Temasek after PAP does a BN.