Debated in Parliament on 29 Nov 2022.
Ms Hazel Poa asked the Deputy Prime Minister and Minister for Finance in cases where large investment losses are made by Temasek Holdings and GIC, whether internal and external investigations are conducted to ascertain whether there is negligence or misconduct.
Ms He Ting Ru asked the Deputy Prime Minister and Minister for Finance (a) whether there is a Singapore equivalent of the Norwegian Ministry of Finance’s Council of Ethics for the observation and exclusion of companies from the Norwegian Government Pension Fund Global; and (b) if so, whether the list can be shared and maintained publicly for full accountability.
Ms Hazel Poa asked the Deputy Prime Minister and Minister for Finance (a) how does the Government monitor and assess the performance of Temasek Holdings and GIC; (b) whether monitoring and assessing their performance includes benchmarking their performance with those of other funds; and (c) if so, what are the funds against which Temasek Holdings and GIC are benchmarked against and how do they compare.
Ms He Ting Ru asked the Deputy Prime Minister and Minister for Finance (a) whether there are guidelines for the requisite sustainability and environmental due diligence and audits for state-linked investments locally and overseas; (b) whether there are guidelines for monitoring investments with potentially substantial climate change impact; and (c) how can state-linked investments continue to do their part and strengthen their contributions to make progress on global sustainability and environmental responsibility.
I thank the Members for the questions. I will address them in my reply at the 30 November 2022 Parliament Sitting. [Please refer to "Bankruptcy of Cryptocurrency Trading Platform FTX and Impact on Singapore's Financial Markets, Regulation of Such Asset Class and Strategies of Singapore's Investment Funds", Official Report, 30 November 2022, Vol 95, Issue 78, Oral Answers to Questions section.]
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