Ho Ching, chief of Temasek, recently announced that it will be releasing their annual report in September instead of July.
This prompted some to make claims that the delay was related to the upcoming General Election.
Ho has come out to "clear the air" on some points.
According to her, Temasek reports its portfolio performance, and its consolidated group financials every year since 2004.
"We do this without fail, good or bad."
Ho then pointed out that share prices are publicly available for listed companies at end of March.
Financials are also known for private companies who are bond issuers.
Which, according to Ho, makes it quite straightforward to estimate Temasek's portfolio.
"Some folks used these variously available public data to work out that Temasek’s portfolio value would be north of S$300 billion as at March 31 2020.
Steady lah, folks – am impressed with the analyses, and pretty close to our own management estimates too."
However, Temasek also reports consolidated group accounts:
"Temasek also reports our consolidated group accounts, as we own large concentrated positions in various of our portfolio companies."
Which Ho Ching points out can only be done when the portfolio companies can submit their "audited results to Temasek for consolidation".
The group financials will be delayed as a number of their major companies have financials closing in March.
"Normally, these companies will have finalised their audits well before end June. As we would have started consolidating results from those whose financial year end are in December, we can then report our performance during July."
Covid-19 has also changed what can or cannot be done for many companies.
"Typically, the auditors would camp in the company with a room to themselves to comb through the papers and financials in order to close the financial accounts.
With covid, this has just not been possible.
So the regulators have extended the financial reporting for such companies, typically by about 2 months, or the duration of their covid lock down.
Hence, Temasek will only have its full set of results ready in September – portfolio performance is ready before end July, but we will have to wait for consolidated group financials by September to do the full report."
Ho Ching then shared more about Temasek's approach in her Facebook post.