The Government Of Singapore Investment Corporation Launches The Inaugural Report On The Management Of The Government's Portfolio For The Year 2007/08

The Ministry of Finance (MOF) has authorised the Government of Singapore Investment Corporation Pte Ltd (GIC) to release its "Report on the Management of the Government's Portfolio for the Year 2007/08" (available at www.gic.com.sg). The Report provides key information relating to GIC's governance framework, investment processes, asset mix and long-term returns.

The GIC report will be published annually henceforth. Amongst other information, it will include data on GIC's average investment returns over the preceding 20 years. The disclosure of GIC's returns over a 20-year period, updated annually, is consistent with the long-term orientation of GIC's investment strategies.

Singapore is a country without any natural resources. Our financial reserves are critical to insure future generations against unanticipated crises. Part of the returns on investment of the reserves is also used to support spending on the Government Budget as provided for in the Singapore Constitution. The governance and policies for the management of Singapore's financial reserves are therefore aimed at preserving and enhancing the value of the reserves over the long-term.

Minister for Finance Mr Tharman Shanmugaratnam said: "The report will raise the understanding of GIC as a professional investment company with the singular objective of generating sustainable financial returns over the long-term. To date, GIC has achieved creditable returns, consistent with its investment objective of achieving a reasonable rate of return above global inflation."

MINISTRY OF FINANCE