In Parliament on Mar. 10, Non-Constituency Member of Parliament (NCMP) Leon Perera asked the Finance Ministry to provide an update on the CEO succession process at Temasek Holdings.
Responding to Perera, Senior Minister of State for Finance Indranee Rajah said that Temasek’s succession planning was a matter for the company’s board, and not something that the government interfered with.
“They approach it the same way any other corporation or commercial entity does – which is you determine when you think is the best time, if there is a need to have a change of CEO or a succession, and as the need arises you will do what is necessary.”
According to Indranee, Temasek has an internal committee that holds annual reviews and makes recommendations to the company’s board on succession planning for key positions, including the CEO. She said that a confidential list of internal and external candidates are kept, tracked and reviewed.
Candidates, whom the Temasek board would meet with regularly to assess their suitability, range from those who can step in immediately to younger candidates who could be potential successors beyond the five-year period.
As a Fifth Schedule company under the Singapore constitution, however, the appointment of Temasek’s CEO is subject to the President’s approval, after the timing and candidate for CEO succession has been decided by the board, said Indranee.
Temasek’s current CEO is Ho Ching, who has helmed the investment company since 2004.
Top image from Indranee Rajah’s Facebook.