The perceived lack of consequences for top management and the asymmetry between their compensation adjustments and those of lower-ranking staff added to the public's dissatisfaction
SINGAPORE: Temasek’s announcement that it will cut the compensation of the team that recommended investing in FTX has failed to impress some Singaporeans, who have flooded social media with calls for further action.
While Temasek said that there was no misconduct by its investment team, it has decided to initiate compensation cuts to demonstrate collective accountability for the failed investment. The exact amount of the compensation cut, however, has not been disclosed. The lack of clarity on how staff evaluated FTX as a worthwhile investment has also fueled public skepticism. Many Singaporeans have questioned the fact that the investment into FTX was made despite the absence of an independent board of directors overseeing the cryptocurrency exchange.
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