Benchmarking GIC Remuneration Disclosure Practices Against Major Sovereign Wealth Funds and Public Investment Institutions Internationally

Dr Charlene Chen asked the Prime Minister and Minister for Finance (a) whether the Government has compared GIC's remuneration disclosure practices with those of major sovereign wealth funds and public investment institutions internationally; and (b) if so, whether GIC's disclosure is in line with international practice.

Mr Jeffrey Siow: We had previously addressed the issue of investment entities' public disclosure practices, including the disclosure of remuneration, in this House.

GIC discloses information on its remuneration approach in its annual report, including how it is based on performance and industry benchmarks. GIC's disclosure practices are aligned with the Santiago Principles, which set out generally accepted principles and practices on governance, accountability and transparency for sovereign wealth funds.