22 Aug '11, 12pm

Transparency on our Sovereign Wealth Fund

Transparency on our Sovereign Wealth Fund

by: National Solidarity Party / The National Solidarity Party (NSP) regrets the continued lack of transparency surrounding our sovereign wealth funds (SWFs). The NSP believes that sufficient public information in the internal workings of GIC and Temasek Holdings is undoubtedly in the interest of all Singaporeans, as is a demonstrably robust system of check and balances in the management of our SWFs. Singapore’s reserves, as well as Singaporeans’ Central Provident Fund (CPF) contributions, are managed by GIC and Temasek Holdings. In GIC’s 2011 annual report, released last month, the fund claims a 7.2% annualized rate of return in USD terms from its investments over the past 20 years. Converted to SGD terms, the annualised rate of return is 5.1%. Temasek Holdings claims annualized returns of 15% over 20 years. In comparison, CPF only pays out 2.5%. It is also a disturbing st...

Full article: http://theonlinecitizen.com/2011/08/transparency-on-our-s...

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