Singapore’s Temasek rebuts claim CEO Ho Ching gets S$100 million salary
- Company issued statement about salary following ‘chatter based on an Asian talk show commentary’
- Temasek Holdings doesn’t disclose the salaries of its executives in its annual report
Temasek Holdings denied speculation that Chief Executive Officer Ho Ching makes S$100 million (US$70 million) a year.
“This claim is false,” the Singapore state investor said in a rare statement addressing the pay of the top executive, who’s also Prime Minister Lee Hsien Loong’s wife.
“Furthermore, Ho Ching’s annual compensation is neither the highest within Temasek, nor is she amongst the top five highest-paid executives in Temasek.”
Temasek manages a portfolio that’s valued at S$313 billion as of March 2019. It’s the biggest stakeholder in half of the country’s 10 largest companies by market value, including flag-carrier Singapore Airlines Ltd and DBS Group Holdings Ltd, Southeast Asia’s biggest lender.
The company issued a response following “chatter based on an Asian talk show commentary,” it said. It reviews compensation practices across the financial industry annually, according to the statement.
“This is an added check to support talent attraction and retention, within the context of our compensation framework,” Temasek said. “Incentives focus on long-term performance, and ensure employees share gains and pains alongside Temasek’s shareholder during the economic cycles.”
Temasek doesn’t disclose the salaries of its executives in its annual report, but describes its compensation framework as one benchmarked against relevant markets and includes incentives and clawbacks based on performance.