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SINGAPORE: Senior management of investment company Temasek Holdings have volunteered to take pay cuts of between 15 and 25 per cent. They are leading Temasek's company-wide wage cuts as it repositions itself for the long term.
In a statement, Temasek said in total, nearly 90 per cent of the wage saving will be borne by its key managers. The firm said it anticipates a global recession in 2009 and possibly beyond.
But it also believes the current crisis will throw up tremendous opportunities for it as a long-term investor.
Temasek said it is aiming to expand its headcount by 15 per cent over the next two years as part of its longer term plan to have staff strength of about 500.
The investment company manages a portfolio worth about S$185 billion. It invests in diverse industries, covering banking and financial services, real estate, transportation, infrastructure, energy and telecommunications.
- CNA/so
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