Temasek in image shift
Singapore state investor Temasek has played down its links to government policy or strategic interests in a revised charter as it eyes more overseas assets from banks to infrastructure.
Temasek, one of the world's biggest wealth funds whose sole shareholder is the Singapore government, still has controlling stakes in half the republic's blue- chip firms, but it has increased its exposure elsewhere.
Sovereign wealth funds have come under greater scrutiny from Western governments concerned that their investments may be politically motivated.
Chief executive Ho Ching said Temasek will still consider taking stakes in Western financials, despite estimated losses of more than US$4 billion (HK$31.2 billion) after selling off its stakes in Bank of America and Barclays.
The new charter describes Temasek as an investment firm managed on commercial principles, dropping a reference to its role to improve Singapore's economic base. Set up in 1974 to hold investments in state firms, it said it now aims to create long- term value for shareholder. REUTERS