How pay packages of top brass at GIC, Temasek are determined

Singapore

THE pay packages of the top brass at sovereign wealth fund GIC and state investment firm Temasek Holdings are based on performance and industry benchmarks, Second Finance Minister Lawrence Wong said in Parliament on Wednesday.

"The government maintains an arms-length relationship with the companies and does not interfere in their operational decisions such as remuneration," he added. He also said the government holds…