Singapore investment company that owns its assets and is wholly owned by the Minister for Finance, while its official governance framework states that government does not direct its investment decisions.
State ownership must be separated from day-to-day state direction; Temasek explicitly describes its investment decisions as commercially managed and not government-directed.
Temasek owns its portfolio assets directly rather than managing client money, giving it ordinary shareholder rights across listed and unlisted holdings; its official governance framework separates these investment decisions from day-to-day government direction.