Board of Directors

Our Board comprises 13 members, the majority of whom are non-executive independent private sector business leaders. Our Board operates on a commercial basis, with the added constitutional responsibility, together with our CEO, of protecting the Company’s past reserves, given Temasek’s status as a Fifth Schedule entity under the Singapore Constitution.

The annual Board schedule includes quarterly two-day meetings, plus additional meetings as needed, such as for significant large investments. Four Board meetings were held in the last financial year.

The Board has reserved the following matters for its decision:

• overall long term strategic objectives
• annual budget
• annual audited statutory accounts
• major investment and divestment proposals
• major funding proposals
• CEO appointment and succession planning
• Board changes

The following Board committees, each chaired by a non-executive Director who is independent of management, have been set up with specific delegated authorities:

• Executive Committee
• Audit Committee
• Leadership Development & Compensation Committee

The Board has separate and independent access to information to assist it with its deliberations, including the opportunity to request supplementary or explanatory information from management. Management provides information to the Board on an ongoing basis, including minutes of key management committee meetings, to allow the Board to effectively discharge its responsibilities.

On 30 June 2018, Mr Michael Lien retired from our Board, including its Audit Committee.