Abstract
This chapter advances a pragmatic approach towards the governance and regulation of sovereign wealth funds (SWFs), drawn from the practices of Singapore’s Temasek Holdings Pte Ltd (Temasek) and Government Investment Corporation of Singapore Pte Ltd (GIC).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Bagehot, Walter (1963), The English Constitution. London: The Fontana Library.
Baker, Russell (1998), ‘GIC Doubles Stake in Aussie Property Firm Ipoh to 18.8 Per Cent’, Business Times (Singapore), 26 February.
Bloomberg Online (2008), ‘Qatar Telecom to Pay S$2.4 Billion for Indosat Stake’, Bloomberg Online, 7 June, available at http://www.bloomberg.com/apps/news?sid=aQ9BG.Aj.KP0&pid=20601087.
Bowornwathana, Bidhya (2004), ‘Thaksin’s Model of Government Reform: Prime Ministerialisation Through “A Country is My Company” Approach’, Asian Journal of Political Science, 12(1), pp. 135–53.
Broude, Tomer, Marc L. Busch and Amy Porges (eds) (forthcoming 2010), The Politics of International Economic Law. Cambridge, UK: Cambridge University Press.
Brownlie, Ian (2003), Public International Law. Oxford: Oxford University Press.
Burton, John (2009), ‘Temasek Says Goodyear Will Not be Chief’, Financial Times, 21 July.
Byrne, Matthew R. (2006), ‘Protecting National Security and Promoting Foreign Investment: Maintaining the Exxon-Florio Balance’, Ohio State Law Journal, 67(4), pp. 849–910.
Calari, Jennifer Johnson and Rietveld Malan (eds) (2007), Sovereign Wealth Management. United Kingdom: Central Banking Publications.
Chan, Fiona (2009), ‘GIC Profits From Citi Stake’, The Straits Times (Singapore), 23 September.
Chan, Wee Chuan (1997), ‘GIC and Temasek Buy into SIA’s Aircraft Leasing Unit’, The Straits Times (Singapore), 11 November.
Channel News Asia (2008), ‘Indonesia’s Supreme Court Turns Down Appeal by Temasek Holdings’, 12 September, available at http://www.channelnewsasia.com/stories/singaporebusinessnews/view/375403/1/.html.
Citigroup Press Release (2009), ‘Citi to Exchange Preferred Securities for Common, Increasing Tangible Common Equity to as Much as $81 Billion’, 27 February, available at http://www.citigroup.com/citi/press/2009/090227a.htm.
Companies Act, Singapore (Cap. 50 rev. edn 2006), available at http://www.acra.gov.sg/Legislation/Companies_Act.htm.
Companies (Exempt Private Companies) (Consolidation) Notification (Cap. 50), available at http://www.acra.gov.sg/Legislation/Companies_Act.htm.
Dale, William (1993), ‘The Making and Remaking of Commonwealth Constitutions’, International and Comparative Law Quarterly, 42, pp. 67–83.
Dhanabalan, S. (2008), Chairman of Temasek, ‘Role of Sovereign Funds in Today’s Globalization’, speech at The Indus Entrepreneurs event, 21 August, available at http://www.temasekholdings.com.sg/media_centre_news_speeches_210808.htm.
Financial Times (2006), ‘Singapore May See Worst Fallout from Thai Coup’, 20 September.
Frith, Bryan (2008), ‘Australian Education Trust Distances Itself from ABC’, The Australian, 28 August, available at http://www.theaustralian.news.com.au/story/0,25197,24252285-16941,00.html.
GATT, GATS, TRIMS World Trade Organisation, http://www.wto.org/english/docs_e/legal_e/legal_e.htm#agreements.
‘GIC About Us’, http://www.gic.com.sg/aboutus_check.htm.
GIC News Release (2009), ‘GIC Converts its Convertible Preferred Notes in Citigroup to Common Shares’, 27 February, available at http://www.gic.com.sg/newsroom_newsreleases_270209.htm.
GIC Press Release (2008), ‘GIC Invests USD 6.88 Billion in Citigroup’, 15 January.
GIC Report (2008), http://www.gic.com.sg/PDF/GICreport0708_Full.pdf (accessed 4 June 2010).
GIC Report (2009), http://www.gic.com.sg/PDF/GIC_Report_2009.pdf (accessed 4 June 2010).
GIC website, http://www.gic.com.sg (accessed 4 June 2010).
Gulf Daily News (2009), ‘Qatar Fund Puts Off Investments’, 13 March.
Hall, Ben (2008), ‘Sarkozy Puts €20bn Barrier Around Industry’, Financial Times, 20 November.
Hassan, Adnan (2009), A Practical Guide to Sovereign Wealth Funds. London: Euromoney Institutional Investor Plc, pp. 24–7.
Hearing before Senate Committee on Banking, Housing and Urban Affairs (2008), Turmoil in US Credit Markets: Examining the US Regulatory Framework for Assessing Sovereign Investments, 10th Congress.
Hsu, Locknie (2009), ‘SWFs, Recent US Legislative Changes, and Treaty Obligations’, Journal of World Trade, 43 (3) pp. 458–69.
IFSWF (2009), The International Forum of Sovereign Wealth Funds (IFSWF) was set up pursuant to the ‘Kuwait Declaration’, 6 April, available at http://www.iwg-swf.org/mis/kuwaitdec.htm. See also IFSWF, http://www.ifswf.org/index.htm.
IWG Press Release (2008a), ‘International Working Group of Sovereign Wealth Funds Presents the “Santiago Principles” to the International Monetary and Financial Committee, Press Release No. 08/06, 11 October, available at http://www.iwg-swf.org/pr/swfpr0806.htm.
IWG Press Release (2008b), ‘International Working Group of Sovereign Wealth Funds is Established to Facilitate Work on Voluntary Principles’, Press Release No. 08/01, 1 May, available at http://www.iwg-swf.org/pr/swfpr0801.htm.
Joint Economic Committee Congress of the US (2008), ‘Do Sovereign Wealth Funds Make the U.S. Economy Stronger or Pose National Security Risks?’, S. Hrg., pp. 110–499.
Lee, Bryan (2006), ‘Temasek Partners Complete Shin Corp Takeover’, The Straits Times (Singapore), 15 March.
Lee, Yvonne C.L. (2007), ‘Under Lock And Key: The Evolving Role of the Elected President as a Fiscal Guardian’, Singapore Journal of Legal Studies, pp. 290–322.
Lim, Hwee Hua (2007), Singapore Parliamentary Debates, 82, March.
Lim, Hwee Hua (2009), Singapore Parliamentary Debates, 85, April.
Lopez, Leslie (2006), ‘Shin Corp Deal Fallout Spooks Foreign Investors in Thailand’, The Straits Times (Singapore), 8 November.
Merrill Lynch Press Release (2008), ‘Merrill Lynch Enhances its Capital Position by Raising up to $6.2 Billion from Investors, Temasek Holdings and Davis Selected Advisors’, 24 December.
Merrill Lynch Term Sheet (2008), 24 December, available at http://www.ml.com/media/92240.pdf.
Neo, Jaclyn Ling-Chien and Yvonne C.L. Lee (2009), ‘Constitutional Supremacy: Still a Little Dicey’, in Li-ann Thio and Kevin Y.L. Tan (eds), Evolution of a Revolution – Forty Years of the Singapore Constitution. Oxford, United Kingdom: Routledge-Cavendish.
Ng, Grace (2008), ‘GIC Pumps S$9.8b into Troubled Citigroup’, The Straits Times (Singapore), 16 January.
OECD Declaration (2008), OECD Investment Committee, October, available at http://www.oecd.org/dataoecd/0Z23/41456730.pdf (accessed 4 June 2010).
OECD Multilateral Agreement on Investments (1998), http://www.oecd.org/daf/mai/intro.htm (accessed 4 June 2010).
Olsen, Eunice Elizabeth (2007), Singapore Parliamentary Debates, 82, 7 March.
Onaran, Yalman (2008), ‘Citigroup, Merrill Receive $21 Billion from Investors’, Bloomberg Online, 15 January, available at http://www.bloomberg.com/apps/news?pid=20601103&sid=aevafxG9n_ls (accessed 15 June 2009).
Perry, Margaret (2007), ‘Temasek and GIC are Two Distinct Institutions: MM Lee’, Channel News Asia (Singapore), 25 April, available at http://www.channelnewsasia.com/stories/singaporebusinessnews/view/272292/1/.html |(accessed 4 June 2010).
Reuters (2008), ‘Temasek Raises Stake in Merrill Lynch’, Reuters, 30 September.
Reuters (2009), ‘Temasek’s Merrill Investment Reduced by More than $2 Bln’, Reuters, 8 January.
Rodan, Garry (1996), ‘Elections Without Representation: The Singapore Experience Under the PAP’, in R.H. Taylor (ed), The Politics of Elections in Southeast Asia. Cambridge, UK: Cambridge University Press.
Rodan, Garry (2008), ‘Singapore Maneuvers in Response to Chee’, Far Eastern Economic Review, 171(1), pp. 39–41.
Rodan, Garry (2009), ‘New Modes of Political Participation and Singapore’s Nominated Members of Parliament’, Government and Opposition, 44(4), pp.438–62.
Santiago Principles, (2008), available at http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf (4 June 2010).
Serra, Narcis and Joseph E. Stiglitz (2008), The Washington Consensus Reconsidered. Oxford: Oxford University Press.
Shanmugaratnam, Tharman (2008), Singapore Parliamentary Debates, 84, 21 January.
Shanmugaratnam, Tharman (2009a), Singapore Parliamentary Debates, 86, 28 May.
Shanmugaratnam, Tharman (2009b), Singapore Parliamentary Debates, CEO-Designate of Temasek Holdings (Resignation).
‘Shared Values’ (1991), Singapore: Singapore National Printers.
Sheehy, Benedict (2004), ‘Singapore “Shared Values” and Law: Non East Versus West Constitutional Hermeneutic’, Hong Kong Law Journal, 34(1), pp. 67–82.
Singapore Government (2009), Free Trade Agreements, at http://www.fta.gov.sg/sg_fta.asp.
Singapore Parliament, http://www.parliament.gov.sg/AboutUs/Org-PartyWhip.htm (accessed 4 June 2010).
Sornarajah, M. (2004), The International Law on Foreign Investment. Cambridge, United Kingdom: Cambridge University Press.
Sornarajah, M. (2009), ‘Sovereign Wealth Funds and the Existing Structure of Regulation of Investments’, paper presented at Sovereign Wealth Funds – Governance and Regulation, Asian Society of International Law, National University of Singapore, Sigapore, 9–11 September.
Staff of Joint Committee on Taxation (2008), 110th Congress, ‘Economic and U.S. Income Tax Issues Raised by Sovereign Wealth Funds Investment in the United States’, JCX-49-08, available at http://www.house.gov/jct/x-49-08.pdf (accessed 4 June 2010).
Tan, Angela (2006), ‘Temasek’s Stake in Thai bank Under Scrutiny’, Business Times (Singapore), 6 April.
Tan, Kevin Y.L. (1989), ‘The Evolution of Singapore’s Modern Constitution: Developments from 1946 to the Present Day’, Singapore Academy of Law Journal, 1, pp. 17–23.
Teh, Shi Ning (2009), ‘ABC Learning Centres Go for A$1 Each: Failed Australian Childcare Facility Operator’s Assets Being Hived Off’, Business Times (Singapore), May, available at http://www.asiaone.com/News/Education/Story/A1Story20090507-139890.html (accessed 4 June 2010).
‘Temasek About Us’, http://www.temasekholdings.com.sg/about_us_corporate_governace.htm (accessed 4 June 2010).
Temasek Annual Review (2009), Major Portfolio Companies, available at http://review.temasek.com.sg/portfolio/major-portfolio-companies?page=2 (accessed 4 June 2010).
Temasek FAQs, http://www.temasekholdings.com.sg/media_centre.htm (accessed 4 June 2010).
Temasek News Releases (2008), http://www.temasekholdings.com.sg/media_centre_news_releases_kppu_09may.htm (accessed 4 June 2010).
Temasek News Releases (2009), http://www.temasekholdings.com.sg/media_centre_news_releases_250809.htm (accessed 4 June 2010).
Temasek Press Speech (2006), ‘Temasek-SCB Led Investor Group Acquires Shinawatra and Damapong Families’ Stakes in Shin Corp’, 3 January, available at http://www.temasekholdings.com.sg/news_room/press_speeches/23_01_2006.htm (accessed 4 June 2010).
Temasek Review (2009), http://review.temasek.com.sg/performance/statement-by-independent-auditors (accessed 4 June 2010).
Temasek Review Advisory and International Panels, http://review.temasek.com.sg/engagement/temasek-advisory-panel and http://review.temasek.com.sg/engagement/temasek-international-panel (accessed 4 June 2010).
Temasek’s website, http://www.temasekholdings.com.sg (accessed 4 June 2010).
The Linaburg-Maduell Transparency Index (2008), http://www.swfinstitute.org/news/augeight.php (accessed 4 June 2010).
The Linaburg-Maduell Transparency Index (2009), Developed by Carl Linaburg and Michael Maduell, http://www.swfinstitute.org/research/transparencyindex.php, (accessed 4 June 2010) 3rd quarter.
The Straits Times (1991a), ‘Shared Values Should Help Us Develop a Singapore Identity’, The Straits Times (Singapore), 6 January.
The Straits Times (1991b), ‘BG Lee: Why We Stress Communicatarian Values’, The Straits Times (Singapore), 15 January.
The Straits Times (1996a), ‘GIC’s US Investments Give a Glimpse of its Strategy’, The Straits Times (Singapore), 11–12 May.
The Straits Times (1996b), ‘Filings on US Stock Buys Give Glimpse of GIC’s Investments’, The Straits Times (Singapore), 11 May.
The Straits Times (1999), ‘Opposition Says PAP Hinder Democracy’, The Straits Times (Singapore), 7 September.
The Straits Times (2006), ‘Temasek “May have Overstepped Ownership Laws” in Shin Deal’, The Straits Times (Singapore), 3 October, and ‘Thai Probe Turns up Heat on Temasek’s Shin Deal’, The Straits Times (Singapore), 2 October.
The Straits Times (2008a), ‘MM: Good Reasons for GIC Not to be “Too Transparent”’, The Straits Times (Singapore), 1 May, available at http://www.asiaone.com/News/The%2BStraits%2BTimes/Story/A1Story20080128-46891.html (accessed 4 June 2010).
The Straits Times (2008b), ‘Temasek Says it is Not a Sovereign Wealth Fund’, The Straits Times (Singapore), 22 March.
The Straits Times (2009), ‘Yes, Exit was Over Strategy: Goodyear’, The Straits Times (Singapore), 25 September.
Thio, Li-ann (2002), ‘The right to political participation in Singapore: Tailor- making a Westminster-modelled constitution to fit the imperatives of “Asian” Democracy’, Singapore Journal of International & Comparative Law 6(1), pp. 181–243.
Thio, Li-ann (1993), ‘The Post-colonial Constitutional Evolution of the Singapore Legislature: A Case Study’, Singapore Journal of Legal Studies, pp. 80–122.
US Model BIT (2004), Issued by the US Department of State, Annex B, paragraph 4(b), available at http://www.state.gov/documents/organization/38710.pdf (accessed 4 June 2010).
US-Singapore Free Trade Agreement (2003), ‘Exchange of Letters on Expropriation’, 6 July, in relation to US-Singapore Free Trade Agreement.
Weber, Rolf H. and Arner W. Douglas (2007), ‘Toward a New Design for International Financial Regulation’, University of Pennsylvania Journal of International Law, 29(2), pp. 391–454.
Editor information
Editors and Affiliations
Copyright information
© 2010 Yvonne C.L. Lee
About this chapter
Cite this chapter
Lee, Y.C.L. (2010). Between Principles and Politics: The Pragmatic Practice of Singapore’s Sovereign Wealth Funds. In: Yi-chong, X., Bahgat, G. (eds) The Political Economy of Sovereign Wealth Funds. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230290648_3
Download citation
DOI: https://doi.org/10.1057/9780230290648_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-31681-6
Online ISBN: 978-0-230-29064-8
eBook Packages: Palgrave Political & Intern. Studies CollectionPolitical Science and International Studies (R0)