Temasek restructures philanthropic arm into six foundations
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SINGAPORE — As it reorganises its philanthropic arm into six foundations overseen by a trust, investment company Temasek has identified two additional strategic areas of interests – innovation and sustainability.
These are being overseen by Temasek Foundation Innovates (research and innovation) and Temasek Foundation Ecosperity (sustainability), the newest of the six foundations, having been formed in June.
The other four are Temasek Foundation International (formerly known as Temasek Foundation, focusing on capability and capacity building), Temasek Foundation Cares (previously known as Temasek Cares, focusing on communities in Singapore), Temasek Foundation Connects (building bridges) and Temasek Foundation Nurtures (education and professional development). Previously, there were eight non-profit philanthropic organisations under Temasek.
Announcing this at the launch at Grand Hyatt hotel on Wednesday morning (Sept 7), Temasek chairman Mr Lim Boon Heng said Temasek Trust will provide financial oversight and governance over the foundations, such as management of disbursements.
Additionally, a new entity called Temasek Foundation Management Services will be also created to drive collaboration and support the various foundations, such as acting as a knowledge centre by enabling the sharing of content, and providing talent management and corporate services.
Altogether, the six foundations will manage a total of 17 endowments, which includes one new fund under Temasek Foundation Ecosperity.
Specifically, the Temasek Foundation Innovates will look at supporting programmes that develop practical solutions through research and innovation. Temasek Foundation Ecosperity will be geared towards bringing about sustainable solutions, such as through food, biodiversity, energy, air, water and waste management, for instance, said Temasek in its statement.
Speaking to reporters, Mr Goh Geok Khim, chairman of Temasek Foundation International said that this reorganisation of services under one shared platform would make things more “efficient.” He said: “Instead of 16 endowments with their own secretariats, now one party handles everything instead.”
Mr Richard Magnus, chairman of Temasek Foundation Cares, added that such a “common platform” would allow foundations to tap on each other for resources, so as to achieve more “depth and efficiency.”
Citing the example of its Kids Integrated Development Service (KIDS 0-3) programme, he said they could work together with Temasek Foundation International to see how they could introduce this to other countries, for instance.
Mr Liew Mun Leong, chairman of Temasek Foundation Nurtures added that the setting out into designated areas would also make it easier. “With six foundations, every foundation has its own focus and specialties…If not there will be some overlaps,” he said.
When asked about future areas the foundations could look at, the various chairmen threw up ideas on how research and development can could support the community such as developing sustainable food solutions like hybrid rice varieties, character development, being pro-active in meeting needs on the ground.
Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 10 offices globally, Temasek owns a S$242 billion portfolio as at March 31, mainly in Singapore and Asia.
To date, it has committed over S$2 billion for community initiatives, which benefitted more than 300,000 people locally and across Asia.
