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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>Coffeeshop Chit Chat - TKL: President’s Office to produce reprt</TD><TD id=msgunetc noWrap align=right></TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89_ <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>8:44 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(1 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>52369.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD id=msgtxt_1 class=msgtxt>Tan Kin Lian: President’s Office to produce an annual report showing the reserves of Singapore
June 8th, 2011 |
Author: Temasek Review |
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Former NTUC Income chief Tan Kin Lian has confirmed that he will be contesting the Presidential Election
Former NTUC Income Chief Executive Tan Kin Lian has thrown his hat into the ring for the upcoming Presidential Election, confirming that he would contest the election if he is granted a Certificate of Eligibility.
Mr Tan first shot to prominence following the Lehman Brothers minibonds crisis that affected thousands of investors following the collapse of the Wall Street investment bank. He took on an activist role, organising rallies at the Speakers’ Corner at Hong Lim Park as well as delivering petitions calling for transparency and accountability from DBS and other banks. He took issue with the fact that Hong Kong banks offered to buy back the assets for up to 96.5% of their value, while Singapore investors were not offered such a generous payout.
Thus far, Mr Tan has indicated that if elected, he will seek to play a more active role in safeguarding the national reserves. In a paper which he published on his website, Mr Tan said that he would be looking at having the President’s Office produce an annual report showing the reserves of Singapore as well as details of the government’s obligations, balances held by the Central Provident Fund Board, and bonds and guarantees issued by the government. He said that this was necessary in the interests of greater transparency, and did not think it would be difficult to compile such a report, saying that he intended to obtain assistance from the accounting profession.
He has also addressed the issue of the President’s annual salary. Mr Tan said that if elected, he would donate between 70 to 90 per cent of his salary to a new charity that would be set up to address certain social needs. He indicated that some of these needs would include the school fees of primary and secondary school students whose parents cannot afford to pay the fees, as well as the hospital fees of needy patients aged 75 and above.
He noted that “there are many charities and agencies that now provide these types of assistance”, but expressed the view that “most of them appear to be burdened with bureaucracy and stringent rules that have to be met before the beneficiaries can get the financial assistance” they require.
He also said that he would not disclose the exact amount which he would be donating, but called upon Singaporeans to trust that he would act “honestly, fairly and in the best interests of the people”. He added that even after the ongoing review on the President’s salary – which currently stands at $4.2 million – is complete, he still expects that the salary level will be much more than what he requires to maintain his “modest” lifestyle, and stated that the President “should set an example of what is meant by public service”.
Though it remains to be seen whether Mr Tan will be deemed as eligible by the Presidential Elections Committee, it is understood that he meets the stringent criteria which requires candidates to have served either in high public office or in comparably senior positions in the private sector. Specifically, candidates must have served for at least three years as Chairman or CEO in a company with $100 million or more in paid-up capital. As the former CEO of NTUC Income, Mr Tan fits the bill.
Mr Tan is also likely to be candidate most closely associated with the opposition, even though all candidates must run as independents and resign their political party memberships before Nomination Day. Though he was a former member of the PAP, Mr Tan spoke at rallies held by the opposition National Solidarity Party and Singapore Democratic Party during the recent general election campaign. He also revealed that it was the NSP’s secretary general, Goh Meng Seng, who first urged him to run for President in 2008. It remains to be seen if one or more of the opposition parties will endorse Mr Tan’s candidacy.
Thus far, only former PAP MP Tan Cheng Bock has confirmed that he will be contesting the election. Former Foreign Minister George Yeo has sent his representatives to collect the eligibility forms, and has indicated that he is considering standing as a candidate. He has said that he will make a final decision within two weeks.
.
Nigel Tan
* The author is the chief editor of the Satay Club and a featured contributor to Temasek Review Emeritus.
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Former NTUC Income Chief Executive Tan Kin Lian has thrown his hat into the ring for the upcoming Presidential Election, confirming that he would contest the election if he is granted a Certificate of Eligibility.
Mr Tan first shot to prominence following the Lehman Brothers minibonds crisis that affected thousands of investors following the collapse of the Wall Street investment bank. He took on an activist role, organising rallies at the Speakers’ Corner at Hong Lim Park as well as delivering petitions calling for transparency and accountability from DBS and other banks. He took issue with the fact that Hong Kong banks offered to buy back the assets for up to 96.5% of their value, while Singapore investors were not offered such a generous payout.
Thus far, Mr Tan has indicated that if elected, he will seek to play a more active role in safeguarding the national reserves. In a paper which he published on his website, Mr Tan said that he would be looking at having the President’s Office produce an annual report showing the reserves of Singapore as well as details of the government’s obligations, balances held by the Central Provident Fund Board, and bonds and guarantees issued by the government. He said that this was necessary in the interests of greater transparency, and did not think it would be difficult to compile such a report, saying that he intended to obtain assistance from the accounting profession.
He has also addressed the issue of the President’s annual salary. Mr Tan said that if elected, he would donate between 70 to 90 per cent of his salary to a new charity that would be set up to address certain social needs. He indicated that some of these needs would include the school fees of primary and secondary school students whose parents cannot afford to pay the fees, as well as the hospital fees of needy patients aged 75 and above.
He noted that “there are many charities and agencies that now provide these types of assistance”, but expressed the view that “most of them appear to be burdened with bureaucracy and stringent rules that have to be met before the beneficiaries can get the financial assistance” they require.
He also said that he would not disclose the exact amount which he would be donating, but called upon Singaporeans to trust that he would act “honestly, fairly and in the best interests of the people”. He added that even after the ongoing review on the President’s salary – which currently stands at $4.2 million – is complete, he still expects that the salary level will be much more than what he requires to maintain his “modest” lifestyle, and stated that the President “should set an example of what is meant by public service”.
Though it remains to be seen whether Mr Tan will be deemed as eligible by the Presidential Elections Committee, it is understood that he meets the stringent criteria which requires candidates to have served either in high public office or in comparably senior positions in the private sector. Specifically, candidates must have served for at least three years as Chairman or CEO in a company with $100 million or more in paid-up capital. As the former CEO of NTUC Income, Mr Tan fits the bill.
Mr Tan is also likely to be candidate most closely associated with the opposition, even though all candidates must run as independents and resign their political party memberships before Nomination Day. Though he was a former member of the PAP, Mr Tan spoke at rallies held by the opposition National Solidarity Party and Singapore Democratic Party during the recent general election campaign. He also revealed that it was the NSP’s secretary general, Goh Meng Seng, who first urged him to run for President in 2008. It remains to be seen if one or more of the opposition parties will endorse Mr Tan’s candidacy.
Thus far, only former PAP MP Tan Cheng Bock has confirmed that he will be contesting the election. Former Foreign Minister George Yeo has sent his representatives to collect the eligibility forms, and has indicated that he is considering standing as a candidate. He has said that he will make a final decision within two weeks.
.
Nigel Tan
* The author is the chief editor of the Satay Club and a featured contributor to Temasek Review Emeritus.
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