The issue arises when questions are raised about what Temasek is ultimately meant to do. At times, the state investor appears to carry a wide range of responsibilities. Besides helping to fund public expenditure through astute investments, Temasek, via its various linked entities, has done work that the average sovereign wealth fund wouldn’t do, such as sourcing and distributing masks during the Covid-19 pandemic or deploying staff to help manage the revitalisation of the Singapore Zoo.
Given Temasek’s profile in the global investment community, scrutiny can be intense. Ask any retail investor and they will likely have an opinion on Singapore’s state investor, and not all of it is positive. Some point to misfires, such as its investment in the now-bankrupt cryptocurrency exchange FTX, while others shrug: “Oh, another ill-timed overseas investment.”
Some sceptics question Temasek’s leadership structure, describing it as a revolving door of civil servants and retired politicians. There is nothing inherently wrong with this. Temasek has a public mission, with investment returns contributing to the national budget through the Net Investment Returns Contribution (NIRC).
