7/12/2019

Lim Tean - accountability and transparency in Temasek and GIC

The Canadian Pension Plan Investment Board (CPPIB), which invests the pension funds of Canadians, has published its annual report. It is a model of clarity as it fully accounts to every stakeholder who contributes to this fund on how the fund has performed over the last year.

...the CPPIB reported:
a) $239 Billion net income, after all CPPIB costs, for the last 10 years. The rate of return was 11.1% (net nominal);
b) As of March 31, 2019, the CPP Fund Value stood at $392 Billion;
c) The fund made a net income of $32 Billion, after all CPPIB costs, for fiscal 2019. The rate of return was 8.9% (net nominal)....

We cannot continue with our SWFs operating an opaque system where vital information, including the remuneration of management and our true national reserves, are kept away from the stakeholders, who are the CPF contributors and every tax payer in Singapore. Every Norwegian citizen knows at any given moment what the national reserves of Norway are. That is true transparency and accountability.

When Peoples Voice is in government, we will ensure that our SWFs operate with the transparency that is in line with 1st world standards!

The above is posted in TRE by Lim Tean. I would like to point out a few points raised by Lim Tean and why they are not relevant to compare to our CPF and the top talented fund managers in Temasek and GIC.

The lack of transparency is important in the CPF case because if they are to tell the world how much money we have in reserves, all the bankrupt companies would be queuing up to beg for money as in the case of the global financial crisis. And when the white men went down on their knees to beg for money, it is very hard to refuse and we would end up giving away our reserves to help them without knowing that white men can be con men and can cheat us and make us look so stupid.

Another good reason related to this is that our reserves could be many times more than the announced figures. And the profits could be many times more than what the Canadians are making, maybe 15%, but just being humble only. So don't think just because the announced profits are less than 5% they really mean it. The truth could be quite flattering.

As for transparency of management remuneration, they really cannot tell, if you believe what I said above. If they are transparent and tell you how many billions more they made above the Canadians, and demand to be paid proportionally, then what is being paid to them would not be enough. Singaporeans must say thank you for this.

Let's not quibble about this transparency thing if we know that our national reserves are huge, very huge and very safe. The only way to know that this is true is the amount of money the govt can spend, always in the billions on big projects, big and expensive war machine and big parties. If the govt does not have so much money in reserves, they would not dare to waste public money in unnecessary or non essential projects or events or parties.

Not to forget, they are giving away money freely to the seniors, the pioneer and merdeka generations. The money must come from somewhere, meaning our reserves are big and safe, only don't want to tell that's all.

Singaporeans must be very thankful for the non transparency in how much we have in the reserves, in how much we made every year and in not knowing how much the managers are being paid.

Accountability and transparency are unnecessary when a country is so well run by the most honest and honourable men and women money can buy.

Do I make sense?




24 comments:

Anonymous said...

It's dangerous to reveal the true size of our reserves as jealous neighboring countries may salivate at our riches and attack us to seize our nation's wealth.

Virgo 49 said...

Oooh, Lim Tean sceptics just like CSJ critics are going out soon on FULL force to attack him soon.

Nearly goes bankrupt you know.

No use lah, Opposition boh leow lah! NO CHANCE lah!

PAP nampar One as Hongkies loudly proclaimed. Lampar One means Number One. Just their pronunciation.Don't get me wrong.

Floodgates of critizism flooding in soon.

Cheers

Virgo 49 said...

Sorry out of Topic.

Just read online as overseas.

Think Tank : MOE and MOM should merge to tack employment and jobs problems.

Fifty odd years ago, this is the Policy and Think Tank of our Great Goh Keng Swee.

Why doesn't they follow his brillant idea?

By now, we were also be Nampar One.

Sigh

Ⓜatilah $ingapura⚠️ said...

@ wishful thinking

>> When Peoples Voice is in government, we will ensure that our SWFs operate with the transparency that is in line with 1st world standards! <<

Nah...my two hariy rambutan lah.

Anyway, as I said before: Reserves ~ 2 trillion. They bluff people they have "no money" when the reality is they have the most money of any SWF in history.

Anonymous said...

Lim Tean almost went bankrupt, highly jealous of Ho Ching's income, so keep on clamoring for her salary to be revealed.

People should not be so green-eyed !

Salary is individual's privacy, must respect !

Anonymous said...

Most honest and honourable men and women.
Most honest and honourable men and women.
Most honest and honourable men and women.
Most honest and honourable men and women.
Most honest and honourable men and women.

Oh! Yes, I am also honest and honourable.
Don't you believe me?

Don't worry I am not in politics. I, like you is only a collateral victim of shady politics.

Parliament is a Black Hole where honest and honourable politicians congregate.

Ⓜatilah $ingapura⚠️ said...
This comment has been removed by the author.
Ⓜatilah $ingapura⚠️ said...

@ Virgo 850:

Waste money and time lah. Point is many people will lose their jobs as those jobs disappear forever. Some of them will find new jobs. However in an age of robotics and AI, many will no longer be working. That's the REALITY.

But the hi-pay ministers have to make it look like they are doing something...i.e. working for their high pay. So be prepared for more smoke screens and mirrors.

People better build up wealth, or they will be in deep shit when their jobs disappear. Other cuntries are probably moving toward UBE or Universal Basic Income....$30k automatically credited into people's bank accounts whether they work or not. Interesting theory.

=========

@ we exist in an imperfect world lah full or quirky people governing other quirky people, 904:

>> Most honest and honourable men and women. <<

Hahhaha...you must be dreaming lah. People, in general, DON'T CARE if their politicians are murderers, rapists, thieves or corrupt. If the people are having a good life they will put up with all sorts of bullshit from the politicians.

Some of the worst leaders in history have ruled their various cuntries for long periods, provided for the people and slaughtered dissidents.

I really don't care if my cuntry's politicians are corrupt. In fact, I would expect them to be...it shows that they're MOTIVATED to get specific things done. If some people get fucked, so be it lah ☠️. As long as I don't kena, it's ALL GOOD IMO! πŸ‘πŸ»πŸ‘πŸ»

Anonymous said...

Not true that the red dot Reservoir is very huge. It's an mirage, u can see but cannot touch. The ex President Ah nah olso dunno how many times the reservoir has been dug, somebollee mus be in monies desperato else it can be telling Sinkies to pay more in services such as the Ashmrt (Cow said u all need to pay more for the better services rendered), so it's another huh la.

Anonymous said...

Hi

Talk so much for what? No use! Waste time!

You talk talk talk, 69.9% still die die voted for them!

So what is the point! Waste time!

Said many many many times before, the masses will only only only kpkb kpkb and tcss tcss, but when come to voting..........pap!

Sg is already like that long long long ago liao.

Can U-turn?

Hahaha.......

Anonymous said...

Rb, lucky I know your style of writing. If not based on what you wrote, u need to be sodomized larπŸ˜€πŸ˜€πŸ˜€πŸ˜€πŸ˜€πŸ˜€

Chua Chin Leng aka redbean said...

Anon 9:56am, thank you for reading and thinking about what you read.

I always said, think, because my writing is very provocative and cannot be taken literally at times. There is no need to agree with me because often agreeing with me is not the right thing to do.

Anonymous said...

If we dont have the figures of our reserves, we do not know where/when the money has been taken out for what purposes, and oso, where the money go to which persons or organisations. it is about billion$$$ and trillion$$$ !!!

imho said...

Many years ago, $1m can get $40k income, now only can get peanuts. So why tell people how much? when it comes to $$$, better keep quiet. Otherwise, many vultures want you to invest in this or that to con away your money. Basic income is a must because the central banks screwed up big time and they should pay not people.

Anonymous said...

Hi Redbean, your very deliberate sarcasm is most refreshing.

Anonymous said...

@All,

///It's dangerous to reveal the true size of our reserves as jealous neighboring countries may salivate at our riches and attack us to seize our nation's wealth.///

Not really --- most of our reserves are invested overseas, and even our cash exists in virtual world in the cloud. Even if Singapore gets conquered and all Sinkies slaughtered, 70% of the reserves will still exist.

///Many years ago, $1m can get $40k income, now only can get peanuts.///

Not true. You're thinking only like old man --- putting into bank deposits & FDs or buying rental property @ 4% rental yield (today's yield is 2% or 3% max). Today $1M will generate MUCH MORE than $40K annual income. Only with a bit more short-term volatility. But today's possibilities & strategies are much greater & easier to implement only if you are prepared to learn & be innovative.

Actually if you're conservative old man, you could have easily build up $1M or more in CPF. Then you will be able to receive more than $40K in interests every year for the rest of your life, without even touching the principal in CPF. This is what some of my older relatives & friends are doing TODAY.

WSG

Anonymous said...

WSG 1158am.

Wah....CPF so powerful?

So there must be many many many many millionaires in Sg.

Correct?

Anyway, very very good for you! All the best!

Virgo 49 said...

Let me just said many WSG guys in Sinkieland are what's Hokkien said Ho Kwa Boh Ho Chiak.

Ai see beh see au wa beh wa.

Liabilities more than their imaginary or mirage assets

Have seen many of these kind of creatures living false lifestyles.

Anon 1.49 would be like the 69.9 % believing in the PAP

Anonymous said...

Hi V49 203pm

Hahaha.....it is polite to wish the WSG Best Wishes.... always remember....be kind to others,,,,

Cheers!

Virgo 49 said...

Haha HSK said Sinkieland would not be facing a year long recession.

Three months already you are Dead Ducks.

Year Long Recession.???

See whether those boastful Sinkies so called millionaires will still boast that they had made millions in the stocks.

Even Peter Lim diversified his interests.

Knew when to hit and run.

Cheers

Anonymous said...

@Virgo,

I always laugh at your sour grapes portrayal of me ... I have no idea what makes you think I'm living the high life in D9 or D10 condo or bungalow, driving Lambo or Ferak, throwing $$$$$$$ at michelin restaurants every week or even everyday?!?!?!?!?

Just to let you know that I'm staying in an old but spacious & breezy HDB in the middle of S'pore island, I wear berms & T-shirts on daily basis, I take BMW (bus, mrt, walk), and I eat at nearby hawker centres or the coffeeshop downstairs.

Officially from S'pore govt records, I'm poor becoz I've no active income for IRAS to tax, and there's no active contribution to my CPF for 8 years already.

Since 2012 (1 year after I quit my last job) I'm even collecting all the various welfare ang baos like GST quarterly utility rebates, GST cash of $300 each year (2019 will have total of $600), and quarterly HDB conservancy rebates. I don't qualify for annual Medisave top-ups or Merdeka or Pioneer Packages because I haven't reach that age yet.

I didn't get to grow my liquid assets to 7-figures by living the "high life".

Now I bet Virgo will start saying I'm a beggar miser eating plain bread & water everyday, with instant noodles as treat once a month, and living in a rat & cockroach invested rental flat. LOL!!!!!

WSG

Knn said...

Virgo. I agreed with u lar. I think the WSG needs to be sodomized lor so that he does not bullshit anymore like staying in hdb eat hawker food but getting thousands every month. Human don't behave that way cause once have so much more money they will want to enjoy more like occasionally going to the china Mei Mei for shoot Canon or go to blondes to play airbag and eat grapes lor. Ask matilar he knows best

Virgo 49 said...

WSG

Why be a sour grape?

I have never envy people with extra cash than me. Cause I always believe than these people may even have more headaches than me just because they have more monies than me.
Families in turmoil, stricken with sickness etc. Children living their high lives on drugs and dieing in accidents with their fast cars.

Also, when Daddy and Mummy's riches are gone, they do not even know how to work for their survivals.

If a person is rich, then let him think that he is rich. But I hate pompous and snobs. I always believe that you can be a prince today but a papuer tomorrow.

So do not be arrogant in looking down upon the poor and destitudes. Roles may be reversed. Men proposes Heaven deposes.

Wealthy beans who got their riches thru also being well-known in the businesses or social circle does not enjoy a much greater type of privacy that another rich bean has

Privacy is an important asset which many wealthy beans yearned for when they became what's they thought famously rich after obtaining them.

A wealthy private bean incognito can travel everywhere without fears.

Wealthy famous ones cannnot. They feared for their safety. Their children and even grand children. Fears of bad happenings of any imaginary scenarios that any desperate beans might do to them.

So, I prefer to be an average wealthy bean not to boast and lived care free like a bird. Also not a lease dog.

Most sinkies are like leased dogs to their own miseries. The worst is that most are just Paupers pretending to be Princes.Kidding themselves as One Up against the Ah Bengs.

Tiresome lives indeed.

Cheers

imho said...

Maybe they are always making losses or tiny profits so they cannot disclose else people will laugh at them. Otherwise why are they paying only 2.5% interest returns to cpf holders. Even in oz, super funds are making 5-10% returns.