Temasek's abiding mantra: Never waste a crisis

The state investor is in a strong position to tackle future challenges after five decades of learning from good times and bad.

- Dilhan Pillay Sandrasegara

The world is experiencing seismic changes in the global order, with the international rules-based order that favoured globalisation and free trade being challenged by rising nationalism, protectionism and fragmentation. Multilateralism is at risk of being substituted by transactionalism.

These shifts are compounded by the transformative impact of artificial intelligence and the ongoing climate crisis. They have a profound impact on Temasek, a global investor with a multifaceted portfolio spanning various geographies and sectors.

1974-1990S: A STORMY BEGINNING

Since our founding in 1974, when times were turbulent, we have understood that change is constant and crises are inevitable. As the saying goes: “Never waste a crisis.” Each crisis and ensuing transformation taught us valuable lessons, shaping Temasek into the organisation we are today — one that senses, adapts and performs to thrive in an ever-changing world.

In 1974, when Temasek was founded, the world faced the Vietnam War and antiwar demonstrations in the US that took place against the backdrop of the Watergate scandal, leading to the only resignation in history of a US president. Meanwhile, the Yom Kippur War in the Middle East led to the Opec oil crisis that contributed to record inflation in Singapore of 30 per cent year on year.

Despite the difficult environment, our founding leaders moved ahead boldly and set up Temasek to take over and manage an eclectic collection of 35 companies (valued at $354 million) that the Government had formed for a self-governing, and subsequently, newly independent Singapore. From our founding leaders, we learnt the importance of always doing things with tomorrow in mind. By moving forward decisively, our leaders established Temasek as an independently managed and operated commercial entity that would later evolve into a global investment company.