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Only 165 CEOs of 413 firms with $500 million-equity in Singapore are citizens, reveals Finance Minister

Out of 413 firms with over $500 million shareholders’ equity in Singapore, just 165 are led by Singaporean CEOs, stirring debate over presidential candidacy criteria for private sector candidates.

President aspirant George Goh the eligibility criteria may overlook the potential capabilities of candidates who have built successful companies from the ground up, as opposed to those who were placed in already profitable entities.

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SINGAPORE – As of 31 December 2022, of the 413 companies registered with the Accounting and Corporate Regulatory Authority with shareholders’ equity exceeding $500 million, 165 are headed by CEOs or managing directors who are Singaporean citizens.

This information was disclosed by Deputy Prime Minister and Finance Minister Lawrence Wong in response to a question from Non-Constituency Member of Parliament, Leong Mun Wai from Progress Singapore Party.

The private-sector requirement for presidential hopefuls mandates that a candidate must have served as a CEO for a minimum of three years. During this time, the company must demonstrate an average shareholders’ equity of at least S$500 million and consistent profitability after tax.

However, in response to a question from Associate Professor Jamus Lim, MP for Seng Kang GRC, on why an equivalent criterion to measure successful leadership is not included for public service candidates, Education Minister Chan Chun Sing expressed that it would be inappropriate to compare or impose the same requirements on both sectors.

He suggested that while the performance of private sector candidates can be objectively assessed through financial indicators, such as profitability, measuring the performance of public sector candidates presents more challenges.

The criteria for presidential candidates was revised in 2017, following the recommendations of the Constitutional Commission’s report.

The commission suggested including performance criteria for private-sector candidates, but deemed it impractical to do so for public-sector candidates due to the lack of comparable measurable standards.

The upcoming presidential election in Singapore will have to be held before 13 September as Mdm Halimah Yacob’s six-year term ends.

President aspirant George Goh shared his views on this matter on Facebook, noting the relatively small pool of private-sector CEOs meeting the $500 million equity threshold.

He argued that the eligibility criteria may overlook the potential capabilities of candidates who have built successful companies from the ground up, as opposed to those who were placed in already profitable entities.

The tightened criteria in recent years have made it challenging for private-sector candidates to qualify for the Presidential Elections.

This was evident in the 2017 reserved presidential election for Malays, which saw Mdm Halimah elected as President following the disqualification of two aspirants for failing to meet the shareholders’ equity criteria.

Since the inception of the elected presidency, all Presidents have emerged from the public sector who are connected to the People’s Action Party.

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Minister Shanmugam rejects request for detailed information on visa-free visitor offences: Cites bilateral considerations

Minister for Home Affairs K Shanmugam rejected Workers’ Party MP He Ting Ru’s request for detailed statistics on visa-free visitors involved in crimes, citing bilateral concerns. He affirmed current screening measures are sufficient, with no plans for an electronic travel authorisation system.

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On 10 September 2024, Minister for Home Affairs and Law, Mr K Shanmugam, refused to provide detailed information requested by Workers’ Party Member of Parliament (MP) for Sengkang GRC, Ms He Ting Ru, regarding visa-free visitors involved in criminal offences in Singapore.

Ms He had asked for statistics on how many visa-free visitors had been arrested or identified as persons of interest for criminal activities from 2021 to June 2024, along with a breakdown of offences by type, number, and country of origin.

She also queried the consideration of enhanced screening measures and the possibility of introducing an electronic travel authorisation system similar to those in other jurisdictions.

In his written response, Mr Shanmugam stated that with over 150 countries on the visa-free entry list, it would not be practical or meaningful to publish crime statistics specific to visitors from these nations.

He added that doing so could carry bilateral implications and potentially send the wrong message to bona fide visitors from these countries.

Mr Shanmugam affirmed that Singapore’s Immigration & Checkpoints Authority (ICA) employs a risk-based, multi-layered approach to balance border security with traveller facilitation and assured that the current measures are sufficient. He reiterated that there were no immediate plans to implement an electronic travel authorisation regime, as it would increase inconvenience for visitors.

“We are satisfied with the current measures, and for now, do not see a need for an additional electronic travel authorisation regime. Also, such a regime will make visiting Singapore more inconvenient,” said Mr Shanmugam.

This response followed an oral reply delivered earlier that day by Minister of State (MOS) for Home Affairs, Ms Sun Xueling, who addressed a related question posed by Non-Constituency Member of Parliament (NCMP) Mr Leong Mun Wai from the Progress Singapore Party (PSP).

Mr Leong had expressed concerns about the potential rise in crime following the introduction of a 30-day visa exemption arrangement for Chinese nationals in February 2024. He specifically questioned whether the recent burglaries involving foreign syndicates had any link to this exemption and whether automated lanes at Changi Airport increased the risk of non-bona fide travellers entering the country.

Ms Sun refuted Mr Leong’s concerns, clarifying that there had been no increase in arrests among short-term visitors from China since the visa exemption came into effect.

She noted that the arrest rate of Chinese visitors had, in fact, decreased compared to the previous year. While acknowledging the involvement of some foreign nationals in criminal activity, she highlighted that the visa regime alone cannot eliminate all risks. Instead, ICA employs enhanced technology, such as biometrics and advanced data analytics, to screen travellers.

Ms Sun also emphasised the importance of the tourism sector to Singapore’s economy, generating S$27.2 billion in receipts in 2023 and employing over 71,000 workers. She argued that closing borders to prevent crimes would not be a viable solution, especially given Singapore’s competition with neighbouring countries like Malaysia and Thailand, which are also working to attract Chinese visitors.

Despite further calls from Mr Leong for additional security measures and tougher penalties for cross-border crimes, Ms Sun reassured that the government continually reviews its laws, including the Criminal Procedure Code and Penal Code, to address transnational crimes such as human trafficking, drug trafficking, and online scams.

She affirmed that Singapore remains vigilant in adapting its laws and measures to combat evolving criminal trends.

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Leong Mun Wai questions why NTUC leaders often come from the ruling party

During the Platform Workers Bill debate on 10 Sept, Mr Leong Mun Wai, NCMP from the Progress Singapore Party, backed WP MP Gerald Giam’s call for an independent NTUC. He expressed concerns about NTUC’s ties to the ruling party, questioning its independence given that its leaders are often from the PAP.

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SINGAPORE: Mr Leong Mun Wai, Non-Constituency Member of Parliament (NCMP) from the Progress Singapore Party, voiced support for the Workers’ Party and its MP Gerald Giam’s call for an independent and non-partisan NTUC, separate from the ruling People’s Action Party (PAP).

During a parliamentary debate on the Platform Workers Bill on Tuesday (10 Sept), Mr Leong acknowledged that tripartism is a fundamental aspect of governance that all parties, including opposition ones, seek to foster.

He noted that unions naturally seek political power to effect change but expressed concerns about the extent of NTUC’s relationship with the ruling party.

However he questioned the level of NTUC’s independence from the government.

He pointed out that the NTUC’s secretary-general is often a minister or former minister and that many NTUC leaders come from the ruling party.

“Can you find another trade union in the world where the trade union chief is a minister? Are there any countries? Please let me know if there are,” Mr Leong asked, further noting that few opposition politicians are given appointments in NTUC.

“I think we are entitled to think that the independence of NTUC ought to be better than this.”

Earlier, PAP MP Christopher De Souza criticized MP Gerald Giam for using the term “tether” to describe the NTUC-PAP relationship, emphasizing that the NTUC operates through partnership, alliance, and solidarity rather than subordination.

In response, Mr Giam clarified that when he used the terms “tether” or “untether,” he meant that the NTUC and the PAP should be separate and independent organizations.

He sought to ensure that NTUC does not appear to be biased towards the ruling party.

Mr Giam also raised concerns about NTUC’s structure, particularly questioning why the Platform Associations need a Council of Advisors with the power to dismiss the Executive Council and why these advisors are predominantly PAP members or MPs.

He suggested that this structure indicates a lack of independence for NTUC.

The current NTUC secretary-general is Ng Chee Meng, a former PAP minister who assumed the position in 2018 and continues to hold it despite losing to WP’s new team in GE2020.

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