SINGAPORE:

Dilhan Pillay, the CEO of Temasek, recalls his transition from the legal field to a leadership role in the investment arena as a transformative experience—a true 'baptism of fire.' When he took the helm at Temasek, he was initially planning for a leisurely four-month break after leaving his position as Managing Partner at WongPartnership on August 31, 2010. However, a financial crisis erupted in Europe that prompted then-CEO Ho Ching to accelerate his start date.

The turmoil in Europe, marked by the struggles of countries like Portugal, Italy, Ireland, Greece, and Spain following the 2008 global financial meltdown, required immediate action. Pillay’s first day was pushed from January to October 18, and soon after, to September 1, making it clear that he was entering a high-stakes environment right from the outset.

Reflecting on that time, Pillay said, 'What a baptism of fire!' He began his career at Temasek leading portfolio management and co-heading the Singapore office, where he quickly encountered a steep learning curve. He described the transition as an incredible learning journey for anyone willing to embrace new challenges and seek knowledge from others, highlighting the importance of teamwork within a complex organization.

As Pillay approached his 14th year at Temasek, he noted that his initial expectations were far different than the reality—a reality where he found himself not temporarily stepping away from law but diving deeper into diverse roles within the investment company. Having overseen the Europe and Americas offices, he eventually ascended to the role of CEO in 2021.

His experience leading regional offices provided him with unique insights into effective investment strategies, which he described as essential in a global market. 'Your intelligence sources are different from what you have in Singapore because your feet are on the ground in the market,' he stated. Pillay underscored the vital role of relationships in investment, quoting a mentor: 'Knowledge is good, know-how is better, know-who is best.'

A New Leadership Style

Under the mentorship of Ho Ching, Pillay learned the importance of collaborative decision-making. He noticed her practice of seeking team input before making important choices, a method he has adopted in his own leadership style, ensuring that he remains open to various perspectives.

Yet, Pillay acknowledges that he leads a vastly different Temasek than the one Ho Ching built. 'Ho Ching is the entrepreneurial, founding CEO of modern Temasek,' he explained. 'I've inherited a strong organization with a strong bench, and so my style has to be different.'

Today, Temasek operates with a portfolio significantly broader than the solely Singapore-based portfolio of the past, complemented by a global presence that includes a net portfolio value of S$389 billion (US$303 billion)—a notable increase from the previous year. Celebrating its 50th anniversary, Temasek is now focusing on preparing the company for future changes, especially technological advancements that are reshaping investment landscapes.

'Temasek can never sit still because the world is moving,' Pillay remarked. His approach is not just about managing assets but also proactively adapting to risks and opportunities in a rapidly changing environment. He emphasized the organization’s responsibility to ensure that investment returns contribute significantly to Singapore’s economic goals.

As Temasek looks ahead, the vision for 2021 to 2030 revolves around sustainability—an agenda that reflects the growing importance of environmental, social, and governance factors in investment strategies. Pillay’s journey from law to leadership at Temasek serves as a reminder of the unpredictable nature of career paths and the resilience required to navigate them.

The message is clear: in the world of investment, staying ahead requires not just knowledge, but adaptability, collaboration, and an eye toward the future.