23 Jul 2014 12:01 am
Cannonpointer » 22 Jul 2014 11:55 pm » wrote: So they can run it into the ground and there is nothing the government can do to intervene?
That your final answer?
I will have to take this up later.
An Investment Mandate from the Government to GIC sets out the terms of appointment, investment objectives, investment horizon, risk parameters and investment guidelines for managing the portfolio. The Government, which is represented by the Ministry of Finance in its dealings with GIC, neither directs nor interferes in the company's investment decisions. It holds the GIC Board accountable for the overall portfolio performance.
Board committees oversee critical areas including investment policy, processes, risk, audit, human resource and organizational development. External advisers with extensive experience serve on various committees to provide their perspectives and ideas.
The Auditor-General, who is appointed by the President of Singapore, submits an annual report to the President and Parliament on his audit of the Government and other bodies managing public funds.
Please see more information on corporate governance in the ‘Report on the Management of the Government’s Portfolio for the Year 2012/2013'.
http://www.gic.com.sg/en/about/corporat ... e/overview
http://www.gic.com.sg/en/about/board-of-directors
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