Has the Government transferred funds to Temasek or GIC to show better performance?

No, the Government has not and does not transfer funds to Temasek or GIC to improve their performance figures.

As shareholder in Temasek, the Government injects capital into the company taking into account the long-term returns and risks associated with such investment. These capital injections are reflected in Temaseks accounts and are made public.

An occasional misperception is that capital injections can be used to improve the reported returns performance of Temasek. Capital injections can enable Temasek to increase the size of its portfolio, but do not improve investment returns5. Temaseks reported returns figure follows the widely accepted practice of computing returns, which is to deduct any capital injections from (and withdrawals by) the Government in making such calculations. Temaseks returns figure is reviewed and regularly published in its review.

In the case of GIC, the allocation of Government funds to GIC for investment management also cannot improve GICs investment performance figures.

[5] Investment gains/losses are always tracked by comparing the current market value of investments held against the historical purchase price for these investments. Capital injections do not increase or decrease the current market value or historical purchase prices of investments