Liberal Forum

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

This precisely proves my point. The Golden Rule is the one thing humans can count on forever: He who has the gold makes the rules - and Temasek follows those rules.

Who sets the investment objectives? Temasek? No - Temasek FOLLOWS those objectives. And the implicit pretense that phone calls are not made between political power brokers and the decision makers at Temasek simply ignores the nature of nature - a conjobby thing to do. Does anyone think the PM is powerless to get his nephew a job at Temasek? Gimme a break! Or that the PM could never edge the company this way or that, for either his own or his nation's interests?

Regardless, the situation described above is government ownership of the means of production - socialism, until the Heritage Dictionary - not yet published but fully binding on conjobs - changed the meaning of the word to....

Depends on the thread, the day, the argument, the conjob...