Singapore chooses Kiwi for key role

SINGAPORE - Singapore's state-owned investment company Temasek Holdings has promoted New Zealander Simon Israel to executive director, with a dual focus on Asian investments and reviewing the company's portfolio.

It said Israel, who was appointed a director of Temasek last year as part of the company's board rejuvenation, would also review investments in Singaporean companies.

The appointment is the latest step in an overhaul of Temasek that gained momentum with the appointment of Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, as an executive director in 2002.

The company, which is required to report only to its shareholder, now releases details of its performance, has rejigged its board, opened itself to ratings agency scrutiny, and appointed more investment managers as it diversifies its portfolio of more than US$60 billion ($95 billion).

At the end of March last year, 49 per cent of Temasek's portfolio was invested in the city-state, but it aims to reduce that to one third, with another third in developed economies and the remaining third elsewhere in Asia.

Israel's appointment as an executive director is effective from July 1. He has worked in the Asia-Pacific region since the early 1980s and joined French food company Danone in 1996, eventually serving as chairman of that company's Asia Pacific business.

At Danone, he played a large role in the company buying then listed Frucor Beverages for $294 million in 2002.

- NZPA