Temasek

In terms of senior leadership accountability, the responsibility for sustainability issues within Temasek lies with the board of directors.

Temasek has set a target of net-zero financed emissions by 2050. In addition, Temasek discloses that it will reduce financed emissions to 11 million tons of CO2 by 2030. It discloses its current absolute financed emissions including the underlying data quality and coverage. The sovereign wealth fund discloses the key sectors and companies it has identified as priorities to engage with on climate change, and the rationale for choosing these priorities. Additionally, Temasek discloses that alignment with the Paris Agreement is one of its engagement topics.

Temasek discloses the proportion of women in its total direct operations workforce for each employee category.

In terms of its approach to senior leadership accountability, Temasek has an opportunity to link the remuneration of the group’s executive team to sustainability performance criteria. The sovereign wealth fund has an opportunity to disclose a public commitment to gender equality and women’s empowerment. In addition, Temasek also has an opportunity to reach at least 40% female representation at board level and senior leadership positions. The sovereign wealth fund has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.

Temasek has an opportunity to collectively engage with its investees on the topic of alignment with the Paris Agreement. Temasek also has an opportunity to disclose its approach to fossil fuels that spans across the fossil fuel value chain and its assets under management, such as the amount or share of investment it directs towards fuels, or its stance on investing in companies with new fossil fuel projects. Additionally, the sovereign wealth fund could make a commitment to minimising the negative impacts it has on nature and biodiversity.

There is no evidence that Temasek has a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. The sovereign wealth fund has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution also has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.