MINISTERS IN MULTI-NATIONAL COMPANIES

Mr J B Jeyaretnam asked the Prime Minister whether any Ministers sit on the Boards or Councils, international or regional, of multi-national companies and, if so, if he will give the names of the Ministers, the companies and the remuneration received by the Minister or Ministers.

Mr Goh Chok Tong:

The Senior Minister, with my agreement, sits on the international advisory board/council of the following: Company/Institution Honorarium Stanford University Institute Nil for International Studies Advisory Council Board of the Institute for Nil International Economics, Washington DC J P Morgan International US$15,000 p.a. Council (US investment bank) TOTAL International Advisory US$15,000 p.a. Board (French oil major) Daimler Benz International US$25,000 p.a. Advisory Board (German car and transportation equipment manufacturer)

The honoraria he receives are donated to charity.

Membership of these boards gives him insights into the world economy as analysed and assessed by American, French and German institutions and multi-nationals. This exposure is useful in his capacity as Chairman of the Government of Singapore Investment Corporation.