Leader Analysis

CEO & Executive Director, Temasek Holdings

Dilhan Pillay Sandrasegara has served as CEO of Temasek Holdings since October 2021. A lawyer by training, he joined Temasek in 2010 and ascended through roles in investment, portfolio management, and enterprise development. Under his leadership, Temasek is doubling down on purpose-driven investing, sustainability, and structural agility—even as global volatility, climate risk, and geopolitical pressure reshape the investment landscape. 

Core Principle: Purpose Anchors Resilience

“Purpose helps you withstand the shorter term shocks … we do think that it does work for many organizations.”

“You have to bring people along … your purpose journey … the organization’s purpose journey.”

How to Apply:

• Embed a clear organizational purpose—not just as a slogan, but as a compass for decision making.
• Use purpose as the glue to align strategy, investment, and culture.
• Bring teams into the journey; make purpose alive through narratives, behaviors, and incentives.

Long-Term Value & Sustainable Returns

“Our mandate is focused on … long-term sustainable returns … we will also be able to allocate … part of it towards our strategies for giving back …”

“We’ve set our internal cost of carbon … it’s going to rise … every investment has the right cost of capital.”

How to Apply:

• Evaluate investments not only on upside potential but on their alignment with long-term sustainability constraints (e.g. carbon cost).
• Incorporate “carbon adjusted returns” into capital allocation frameworks.
• Accept trade-offs in short-term performance if they safeguard resilience and mission fidelity.

Structural Agility & “Muscles in the Short Term”

“The playbook is changing … You have to be very long-term oriented. But you can’t be long-term unless you build muscles in the short term.”

How to Apply:

• Create structures that allow both long-horizon bets and nimble execution.
• Decentralize decision rights where possible (empowerment) but maintain coherence via shared purpose and metrics.
• Reorganize to sharpen focus—e.g. Temasek’s upcoming restructuring into three entities: Temasek Global Investments, Temasek Singapore, and Temasek Partnership Solutions. 

Climate, Nature & Stewardship

“Nature-based solutions for climate have the potential to provide one third of global mitigation … preservation of nature … US$10 trillion worth of new business opportunities …”

How to Apply:

• Invest not only in mitigation (emissions) but in nature-based solutions and restoration.
• Use carbon markets, applied carbon costs, and ecosystem finance as levers for impact and returns.
• Position climate & nature investment as both risk mitigation and opportunity creation.

Leadership Style & Humility

“To whom much is given, much is expected … I have to be principled. I may not get it right, but I’ve got to be principled… I’m first among equals … whatever success I’ve had is due to a team.”

How to Apply:

• Lead with humility, honesty, and principle rather than personal ego.
• Acknowledge personal limits; build complementary leadership teams.
• Treat leadership as a shared journey, not a top-down mandate.

Conclusion

Dilhan Pillay’s leadership at Temasek weaves together enduring purpose and disciplined investing in a world of uncertainty. By anchoring decisions to a genuine purpose, embedding sustainability into capital allocation, building structural agility, and leading with humility, he is steering Temasek toward resilient growth that transcends market cycles. His playbook is a reminder that in today’s world, leadership demands not just financial acumen—but moral clarity, adaptive design, and the capacity to bring people along.