Text of letter from Prime Minister Lee Hsien Loong to Mr S Dhanabalan, Chairman, Temasek Holdings

22 July 2013

Mr S Dhanabalan

Chairman, Temasek Holdings

Dear Mr Dhanabalan

On behalf of the Singapore Government, I convey my deepest thanks for your 17 years of dedicated service as Chairman of Temasek Holdings.

You have been an exemplary Chairman. You provided strong leadership and steady support to the Board and management. Temasek has grown into a Singapore icon, distinguishing itself as an active investor, a forward-looking institution, and a trusted steward.

Temasek’s portfolio more than tripled during your tenure, from S$70 billion in 1997 to S$215 billion today. You played a key role in reshaping Temasek’s investment strategy, from one focused mainly on Singapore to one harnessing the twin engines of growth in Singapore and Asia. You also steered Temasek through the Asian Financial Crisis, 9/11 and the recent Global Financial Crisis. Your steady leadership enabled Temasek to weather these storms and seize new opportunities after each one. Temasek’s high international standing reflects the hard work of you and your Board members, and adds to the Singa­pore brand.

You instilled a forward-looking culture in Temasek, which has stood it in good stead in a rapidly changing world. Temasek has reviewed its Charter to stay abreast of the evolving landscape, while upholding the core principles of its success: emphasising long-term, sustainable investments over short-term bets, developing talent, and imbuing in your officers a commitment to Singapore. You personally mentored many officers, who have often risen to senior leadership roles here and abroad. All of them have benefited greatly from your experience and wisdom.

I am also happy to see Temasek’s efforts to forge closer ties with the community. Temasek has nurtured close working relationships with the boards and management of its portfolio companies, as well as with unions and workers.  Temasek’s annual group review, which you started to publish in 2004, enhances accountability and strengthens public trust. Temasek has also been an active supporter of charitable causes. The Temasek Trust, which you set up, has committed over S$1.5 billion to causes ranging from humanitarian assistance to helping the underprivileged and educating disadvantaged children. 

On a personal note, I would like to thank you for your signal contributions to Singapore. For half a century, you have served with distinction in the public service, political office and now Temasek. Throughout your career, you upheld the highest standards of integrity and probity, and demonstrated commitment, thoughtfulness and resilience. You are an exemplar to your successors, and an inspiration to all Singaporeans.

I thank you again for your leadership in Temasek and your countless contributions to Singapore. I am glad that you will continue to contribute to Temasek in an advisory capacity. I wish you good health, and every success in your future endeavours.

Yours sincerely

LEE HSIEN LOONG