subpage banner

Parliamentary Replies

Capital Injections to Temasek Holdings

09 Jan 2023

Parliamentary Question by Mr Leong Mun Wai: 

To ask the Deputy Prime Minister and Minister for Finance (a) in the last 20 years, what is the total amount of capital injection by the Ministry into Temasek Holdings; and (b) what are the reasons for the capital injections.

Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:

            As shareholder of Temasek Holdings, the Ministry of Finance (MOF) makes capital injections into Temasek through investments in new Temasek shares. Over the last 20 years, MOF has invested about S$70 billion in new Temasek shares. Of this, about S$50 billion was from Temasek’s dividends to the shareholder. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information.

All investments in Temasek’s shares are done as part of the Government’s decision to allocate funds across the three investment entities in its portfolio – Temasek, GIC and MAS. These decisions take into account the Government’s liquidity needs and the long-term risk-adjusted expected returns of the entities.

Temasek’s reported Total Shareholder Returns, which gives a measure of its performance, is computed by deducting any capital injections from the Government. Hence the Government’s investments in Temasek’s shares do not affect how Temasek’s investment returns are computed.