GOVERNMENT-LINKED COMPANIES AND TEMASEK GROUP (Foreign Chief Executive Officers employed)

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GOVERNMENT-LINKED COMPANIES AND TEMASEK GROUP:

(Foreign Chief Executive Officers employed): 5.

Mr Steve Chia Kiah Hong asked the Deputy Prime Minister and Minister for Finance (a) what is the number of foreign chief executive officers employed by Government-linked companies and the Temasek group in the last six years; and (b) of the number employed, how many are still in Singapore and serving with these companies.

Mr Lim Hng Kiang (for the Deputy Prime Minister and Minister for Finance): Mr Speaker, Sir, the Government does not keep track of CEOs of Government-linked companies. The respective Boards of Directors are responsible for the selection and replacement of their CEOs.

Mr Steve Chia Kiah Hong (Non-Constituency Member): Mr Speaker, Sir, we have been seeing a lot of resignations from CEOs and those employed by the GLCs. After getting their good deal as foreign talents, we see many of them quitting within a few years of getting their huge compensation and sign-on bonuses. Some of them are allowed to keep the stock options for many years to come, like the SGX's former CEO. Are we becoming money-foolish in our search for foreign talents? Are we spending too much for them and giving them a good deal at the expense of our GLCs?

Mr Lim Hng Kiang: Mr Speaker, Sir, as I have said just now, the appointment, the terms of remuneration, etc, of CEOs are left to the respective Boards of Directors. It is not the intention of the Government to keep track of these conditions. The second point is SGX is not a Government-linked company.