Temasek, which oversees $130 billion, said senior management has volunteered to take a 15 percent to 25 percent pay cut. The key managers will provide almost 90 percent of the savings from the companywide cut, it said in an e-mailed response yesterday to a Bloomberg News query.
Administrative expenses for the group, which includes Temasek's share of the companies it invests in, rose 6.4 percent to S$8.6 billion ($5.6 billion) in the year ended March, making up 10 percent of revenue. Profit doubled for the year to S$18.2 billion as sales of energy and Chinese banking assets countered slowing returns from stock market investments, Temasek said in its annual report released on Aug. 26.
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