23 Jul 2014 12:07 am
Sounds to me like a privately owned company accountable to its shareholders like you see elsewhere in the world. The shareholders happen to be government here.GeorgeWashington » 23 Jul 2014 12:01 am » wrote:
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
It's not what Cannon wants it to be: a pdvsa or gazprom which are wards of the state or personal piggy banks for foolish dictators. One of those foolish dictators allowed his pride to get the better of him, and instead of seeking cancer treatment in Houston at the best cancer hospital in the world he went to Cuba. He paid a heavy price for the stupidity, and his sooc isn't at their 1999 levels of oil production.