Temasek Holdings

DEFINITION of 'Temasek Holdings'

Temasek Holdings is a government-owned company that manages an investment fund on behalf of the Government of Singapore. It focuses on investments located in Singapore, Asia and emerging economies. According to the Sovereign Wealth Fund Institute, Temasek Holdings has approximately $122 billion in assets under management as of 2009.

BREAKING DOWN 'Temasek Holdings'

Although Temasek Holdings has the usual corporate structure, it has two unique features due to its status as a "Fifth Schedule" corporation in Singapore. First, the approval of the President of Singapore is required to take certain actions, such as appointment and removal of directors and key managers. Second, the financial statements of Temasek Holdings are audited by the Government of Singapore's Auditor-General. The majority of Temasek Holdings' directors and key officers are independent directors appointed from the private sector.