IN THE RECENTLY published annual report of Temasek Holdings, its first since its foundation in 1974, the first reference to the fact that the company is state owned does not appear until halfway through the 68 pages. Add to that the opening statement on page one of the report and the message is clear. “Temasek Holdings is an Asia investment company headquartered in Singapore,” it reads. “We are committed to maximizing long-term shareholder value as an active investor and shareholder of successful enterprises.
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