As a performance indicator, Wealth Added (WA) factors in the capital employed to produce the returns and the risks associated with each investment. To achieve positive WA, we need to deliver more than the capital charge, which is the risk-adjusted hurdle applied to the capital employed.

The capital employed is the opening market value of our portfolio at the start of the year, adjusted for any net capital movements. In the case of Temasek, the changes in the recurring operating costs for managing our portfolio into perpetuity are also taken into account.