The President does not direct the operations of Fifth Schedule entities. In particular, the President is not empowered to direct the investment strategies of GIC and Temasek.
The investment strategies of GIC and Temasek are the responsibility of their respective Boards and managements. The Government’s role is to ensure that each entity has a competent board to oversee the management and ensure their respective mandates are met.
The President, after consulting the Council of Presidential Advisers, has discretion to decide whether or not to approve the Board appointments proposed by the Government. The President also receives the audited annual accounts of GIC and Temasek, and has access to any of the information that is available to their Boards.
Click here to read the statement by the Minister for Law.