http://online.wsj.com/article/SB10001424052970203946904574301790816464968.html
he Wall Street Journal, 21 Jul 2009
Temasek and
Transparency—II
‘We hired the best,”
Singapore founder Lee Kuan Yew said last month, referring to the
incoming head of state-owned investment firm Temasek, Chip
Goodyear. Yesterday, Temasek released a statement
saying Mr. Goodyear wouldn’t be taking the job after all.
Given that Temasek manages
about $84 billion in taxpayer monies, Singaporeans deserve to know
what happened.
Mr. Goodyear’s appointment was a step toward more transparency and
professionalism. He was the first non-Singaporean to be named as
CEO and had experience running companies in Australia and U.S.
Current CEO Ho Ching, the wife of
the prime minister, spent her professional career in Singapore and
has presided over a huge
fall in the company’s portfolio value amid the recent financial
crisis.
Temasek said in a statement yesterday that the parting of ways was
mutual and cited “differences regarding certain strategic issues
that could not be resolved.” Ms. Ho was quoted as saying she hopes
“to complete the initiatives” Mr. Goodyear started. In a statement
emailed to us yesterday, Chairman Suppiah Dhanabalan said those
initiatives include “policies, work processes and systems.”
But a spokesman declined
to comment when we asked if more transparency was also on the
agenda.
Temasek took a step in the right direction in 2004 under Ms. Ho’s
tenure when it released its first annual report—30 years after its
founding. Much more could be done. Temasek, which is wholly owned by the
Ministry of Finance, releases only consolidated results, limited
historical financial data and scant details on how it evaluates and
compensates its executives.
Under Singapore law, Temasek isn’t obligated to release any
financial data at all. But if Ms. Ho wants to send a message to
taxpayers that Temasek is still on a reform path, she’ll assure
them that Mr. Goodyear’s appointment wasn't merely an aberration
from opacity as usual.
-----------------------------
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.
Hired the best? Apparently the boards have got some issues that
cannot be compromised with "the best", thus he wont be staying. Hey
I think this means that the Temasek board is better than "the
best".
"Four months into the leadership transition, the Temasek
board and Mr. Goodyear have concluded and accepted that
there are differences
regarding certain strategic issues that could not be resolved,"
Temasek said in a statement.
