During Parliament seating last week, WP MP Png Eng Huat asked Deputy PM and Finance Minister Heng Swee Keat on whether there is a remuneration cap for key management staff of GIC and Temasek, and what is the range of total annual remuneration, including salary, annual and performance bonus paid to the top three highest paid executives in GIC and Temasek respectively.
Temasek is run by Ho Ching, PM Lee's wife, while PM Lee himself is the chairman of GIC, and Tharman Shanmugaratnam is deputy chairman. Other PAP Ministers holding board of Directors position at GIC includes DPM Heng Swee Keat, National Development Minister Lawrence Wong, Senior Minister Teo Chee Hean and former Minister for Trade and Industry Lim Hng Kiang. Seeing that DPM Heng absent himself from Parliament to attend to other urgent matters, second Minister for Finance, Lawrence Wong took the question and answered on behalf of DPM Heng.
Wong said that the “Government maintains an arms-length relationship with the companies and does not interfere in their operational decisions such as remuneration.” When they themselves are the Board of Directors in said company, how is it then possible not to interfere in the operation decisions such as remuneration?