We are governed by a set of stringent financial policies and disciplines.

We manage our leverage and liquidity prudently to ensure balance sheet resilience and flexibility, even in times of extreme stress. We aim to ensure that our primary sources of cashflows can cover our non-discretionary operating expenses and debt repayments.

Our Board sets our overall debt limit, taking into account our shareholder funds, cash flow and credit profile.

Capital and Liquidity Management

Our primary sources of funds include divestment proceeds, as well as dividends and distributions received from our portfolio, supplemented by our Temasek Bonds and Euro-commercial Paper.

We plan proactively for a long-dated and well distributed debt maturity profile, and avoid a large debt tower in any one year.

Liability Management

As a policy, Temasek does not issue any financial guarantees for the obligations of our portfolio companies.

Foreign Exchange Management

Our risk-adjusted return for each investment factors in foreign exchange (FX) risk. Where appropriate, we close up our FX exposure in the forward market.

(for year ended 31 March)

Public Markers

Public Markers

Our Temasek Review, Credit Profile and Temasek Bonds serve as public markers to anchor our commitment to be a robust and disciplined institution through generations.

Credit Profile

Credit Profile

Temasek's Credit Profile provides a snapshot of our credit quality and the strength of Temasek’s financial position.

The Discipline of Temasek

The Discipline of Temasek

Temasek's dividend income was sufficient to cover the interest expenses 18 times over for the year ended 31 March 2016.