Why it might be difficult for the government to withdraw fro
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Why it is difficult for government to withdraw from business?
The net is really full of info you never expect to find. I chance to pick this interesting article up which concerns our country. It's too long for me to put it here but here's the link.
Enjoy reading it and hope to hear your comments.
http://www.sfdonline.org/Link%20Pages/Link%20Folders/02Pf/glc_100202.html -
post the article here lah.
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By Tan Boon Seng, Feb 10, 02
See Singapore Government Directory (Interactive) for more detail
Government-linked companies (GLCs) appear to be playing a bigger role in the Singapore economy than ever before. With Singapore experiencing possibly its worst economic downturn since independence, the government is re-examining its economic policies.
The governmentÂ’s deepening and broadening involvement in private enterprise is among the policies being scrutinized by the governmentÂ’s Economic Review Committee. Some officials hint at a reversal of this practice but others appear to disagree.
A closer look at the issue suggests that reversing this policy is difficult. The government’s withdrawal from business could hurt the employment, income and ownership interests of people closely connected to it –
1. relatives of senior government leaders,
2. former senior government officials,
3. former senior military commanders,
4. current senior government officials, and
5. current and former ruling party politicians. The outcome may also hurt the governmentÂ’s efforts to co-opt its politicians from the private sector.
The Policy Debate
Minister of State for Trade and Industry Raymond Lim in November said that the government might in future do less of “leading from the front”. He also suggested the possibility of introducing competition law to address the dominance of GLCs. Mr Tharman Shanmugaratnam, Senior Minister of State for Trade and Industry, in December said that: “What really matters for East Asia is a shift towards open, competitive markets, and away from the state-driven industrial policies and the collusive domestic networks that have led to low returns on investment.”
However, Deputy Prime Minister Brigadier-General Lee Hsien Loong, who is heading the Economic Review Committee, has clarified the extent to which the government will withdraw from business. He said GLCs would continue to be “one of the thrusts forward” for the Singapore economy. His wife, Mdm Ho Ching, who is Director of Temasek Holdings and Deputy Chairman of Singapore Technologies, has shared her dream for Singapore Technologies to become a “global champion”, “to make the seemingly impossible, a reality”. Mr S Dhanabalan, Chairman of Temasek Holdings, has also made it clear that the government will not withdraw from businesses it deems it to have a “strategic” interest in. Mr Dhanabalan said the government also intends to be involved in businesses of a high-risk nature. These remarks were made even before the committee’s work had begun.
The Interests of People Closely Connected to the Government
1) Relatives of senior government leaders
That the government seems reluctant to withdraw from enterprise could be complicated by its potential effect on the interests of people closely connected to the government. DPM Lee and his father Senior Minister Lee Kuan Yew are at the helm of GIC, possibly SingaporeÂ’s largest GLC in terms of assets. DPM LeeÂ’s wife, brother, and a few other relatives are also holding key positions in GLCs. While the situation is presumably a coincidental outcome of free market meritocracy, it could be a source of constrain as DPM Lee considers how to revive private enterprise in Singapore. The following table illustrates the situation:
Family Members Relationship To DPM Lee Present GLC Post
Deputy Prime Minister Lee Hsien Loong Deputy Chairman of GIC
Mdm Ho Ching Wife Chairman of Chartered Semiconductor, ST Engineering, ST Capital, StarHub, Deputy Chairman of Singapore Technologies, and Director of Temasek Holdings and SembCorp Industries (Singapore Technologies unit)
Senior Minister Lee Kuan Yew Father Chairman of GIC
Brigadier-General Lee Hsien Yang Brother Chief Executive of SingTel Group and SESAMi Inc (SingTel unit), and Director of Singapore Technologies Industrial Corporation and National Computer Systems (SingTel unit)
Colonel (Dr) Kwa Soon Bee Uncle (MotherÂ’s Brother) Managing Director of Jurong Bird Park, Chairman of Wildlife Reserves Singapore and Director of Keppel Land
Mr Edmund Lee Cousin (FatherÂ’s BrotherÂ’s Son) Chief Executive of DBS Vickers (DBS and Singapore Technologies unit)
Mr Kwa Chong Seng Cousin (MotherÂ’s BrotherÂ’s Son) Deputy Chairman of Temasek Holdings (Ministry of Finance unit)
Mr Ho Sing Brother-In-Law (WifeÂ’s Brother) Vice President of Singapore Precision Industries 2000 (Singapore Technologies unit) and Director of Advanced Materials Technologies (Singapore Technologies unit)
Mrs Lee Suet Fern Sister-In-Law (BrotherÂ’s Wife) Director of SembCorp Logistics
Ms Lim Suet Boey Sister-In-LawÂ’s Sister (BrotherÂ’s WifeÂ’s Sister) Senior Vice President of SembCorp Utilities
(continue next post) -
(part 3)
2) Former senior government officials
Though not an explicit policy, it has become an institution of sorts that senior government officials in Singapore move on to hold key posts in GLCs after their service in government. Former ministers in the PAP government are at least close political allies of Deputy Prime Minister Lee and his father, while former senior civil servants are trusted appointees of the government.
The following table lists a number of such people:
Former govt Official Former Government Post Present GLC Post
Mr Lim Kim San Minister for Defence Executive Chairman of Singapore Press Holdings
Mr S Dhanabalan Minister for Foreign Affairs Executive Chairman of DBS Group. Chairman of Temasek Holdings, Director of GIC
Dr Richard Hu Minister for Finance Director of GIC, Chairman of GIC Real Estate
Dr Yeo Ning Hong Minister for Defence Executive Chairman of PSA Corporation, Director of DBS Group and Singapore Press Holdings
Mr Lim Chee Onn Minister without Portfolio, Prime MinisterÂ’s Office Executive Chairman of Keppel Corporation, Chairman of Keppel Capital, Keppel Land, MobileOne and Director of Temasek Holdings, k1 Ventures, Singapore Airlines, and NatSteel
Mr Goh Chee Wee Minister of State for Trade and Industry Group Managing Director and Chief Executive of Comfort Group, Deputy Chairman of NTUC Fairprice Cooperative, Comfort Transportation, Comfort Automotive Services, VICOM Nominee Investment, VICOM Inspection Centre, Comfort Properties, Deputy Chairman and Chief Executive of VICOM, and Chairman of NTUC Media, VICOM Assessment Centre, Eurocom Motors, ComTrucks, Barcelona Motors, Sinamex Car Rental and Leasing, Comfort Driving Centre, Comfort Courier Services, Suzhou Comfort Taxi, Xiamen Comfort Taxi, Zhengzhou Comfort Tour Bus Service, Comfort Nominees, Comfort Group Investments, Comfort Myanmar, Comfort Diesel
Mr Bernard Chen Tien Lap Minister of State for Defence Corporate Adviser to Singapore Technologies and Director of DBS Group
Dr Ker Sin Tze Minister of State for Education Managing Director of Dragon Land (Keppel Land unit)
Mr Ho Kah Leong Senior Parliamentary Secretary for Education Director of Comfort Group (Singapore Labour Foundation unit)
Mr Sam Chong Keen Political Secretary for Education Chairman of NTUC Denticare Cooperative (Singapore Labour Foundation unit)
Dr Wee Kim Wee President of Singapore Director of The Ascott Group (CapitaLand unit)
Mr Lee Ek Tieng Head of Civil Service and Permanent Secretary for Prime MinisterÂ’s Office Group Managing Director of GIC and Director of GIC Special Investments, GIC Real Estate and Singapore Press Holdings
Mr J Y Pillay Permanent Secretary for Defence Executive Chairman of Singapore Exchange
Mr Philip Yeo Permanent Secretary for Defence Chairman of CapitaLand (Singapore Technologies unit)
Mr Teo Ming Kian Permanent Secretary for Defence Chairman of Singapore Technologies, and Director of PSA Corporation, TIF Ventures and T21 Holdings
Mr Tjong Yik Min Permanent Secretary for Communications President and Director of Singapore Press Holdings
Mr Er Kwong Wah Permanent Secretary for Education Director of SembCorp Marine and Jurong Engineering (SembCorp unit)
Mr Lum Choong Wah Permanent Secretary for Home Affairs Deputy Chairman and Executive Director of SAFE Superstore Holdings (SembCorp unit)
Mr Herman Hochstadt Permanent Secretary for Law Chairman of ECICS Holdings (Temasek Holdings unit)
Mr Cheong Quee Wah Permanent Secretary for Defence President of SembCorp Waste Management and Director of Singapore Aerospace Manufacturing (Singapore Technologies unit)
Mr Alphonsus Tan Chok Kian Permanent Secretary for Finance Chairman of Keppel Communications, Director of Keppel FELS Energy and Infrastructure
Mr Ngiam Tong Dow Permanent Secretary for Finance Director of Singapore Press Holdings and SLF Leisure Enterprises
Mr Sim Kee Boon Permanent Secretary for Finance Senior Advisor to Keppel Corporation, Director of Temasek Holdings and PSA Corporation
Dr Han Cheng Fong Permanent Secretary for Labour Director of Vision Century Corporation (JTC unit)
Mr Goh Kim Leong Permanent Secretary of Ministry of Law Executive Director of SembCorp Industries (Singapore Technologies unit)
Mr Wong Hung Khim Permanent Secretary for Community Development Chairman and Chief Executive of Delgro Corporation, Chairman of SBS Transit, and Deputy Chairman of Singapore Telecom
Mr Chee Keng Soon Auditor-General Chairman of Jurong Engineering, and Director of SembCorp Marine
Mr Liew Mun Leong Chief Executive of SISIR Chief Executive of CapitaLand and Deputy Chairman of Raffles Holdings and The Ascott Group
Mr Stephen Yeo Siew Chye Chief Executive of National Computer Board President and Chief Executive of Singapore Computer Systems (Singapore Technologies unit)
Mr Lim Jit Poh Chief Executive of National Productivity Board Chairman of Comfort Group and VICOM, and Director of International Factors, Delgro Corporation, and The Ascott Group
Mr Alan Choe General Manager of Urban Redevelopment Authority Director of Keppel Land
Mr Khoo Teng Chye Chief Executive of Urban Redevelopment Authority Group President of PSA Corporation, Chairman of Changi International Airport Services (PSA unit), and Director of Keppel Corporation
Mr Barry Desker Chief Executive of Trade Development Board Chairman of ST Marine and Singapore Network Services, and Director of Singapore Airport Terminal Services and SembCorp Logistics
Mr Lim Hock San Director-General of Civil Aviation Authority of Singapore Director of Keppel Corporation and Advanced Materials Technologies (Singapore Technologies unit)
Mr Ng Kiat Chong Chief Executive of National Productivity Board Director of Keppel T&T
Mr Liu Thai Ker Chief Executive of Urban Redevelopment Authority Director of Singapore Offshore Petroleum Services (SembCorp unit)
Mr Bertie Cheng Controller and Chief Executive of Post Office and Savings Bank Director of Singapore Petroleum Company (Keppel unit) and Singapore Technologies Aerospace
Mr Michael Yap Chief Executive of National Computer Board Chief Executive of Commerce Exchange (IDA and Venture TDF unit) and Director of NTUC Link
Mr Lee Yong Siang Chief Executive of Public Utilities Board Director of Keppel Hitachi Zosen
Dr Judy Lim Chief Executive of Tan Tock Seng Hospital and National University Hospital Director of Pacific Internet (Singapore Technologies unit)
Mr Goh Yong Hong Commissioner of Police Executive Deputy Chairman of Singapore Turf Club, Chairman of Singapore Pools, Director of Dragon Land and PREMAS International (CapitaLand Unit)
Ms Low Sin Leng Deputy Secretary for Trade and Industry Chief Operating Officer and Chief Financial Officer of SembCorp Industries, President and Director of Singapore Technologies Industrial Corporation, Director of Pacific Internet, Pacfusion.com, Singapore Computer Systems, STIC Investments, Singapore Mint, SembCorp SITA, Singapore-Suzhou Township Development, Sembawang Corporation, Sembawang Industrial, Bintan Resort Ferries, Bintan Lagoon Resort, Chairman of SembCorp Parks Holdings, SembCorp Energy, Singapore-Wuxi Investment Holdings and SembCorp Parks Management, and Deputy Chairman of SembCorp Utilities
...etc..etc (list is too long, please refer to url link) -
(part 4)
As with any business, state-controlled or otherwise, there is a tendency for managers at the top to appoint people whom they have shared a common past with. Since many past and present officials lead GLCs, these people tend to appoint other past or present officials to key positions in the GLCs. For example, Mr Liew Mun Leong was Chief Executive of SISIR from 1988 to 1992 when Mdm Ho Ching served as a Member of the SISIR Board. He is now Chief Executive of CapitaLand, the property arm of Singapore Technologies. Ms Leong Wai Leng was Deputy Chief Executive of SISIR from 1990 to 1993. She is now Deputy Chief Executive of Raffles Holdings, the hotel arm of Singapore Technologies. Mr Anthony Seah was a Division Head of SISIR from 1988 to 1991. He is now Chief Executive of PREMAS International, the property management arm of Singapore Technologies. Colonel Tham Kui Seng was General Manager of a SISIR subsidiary from 1991. He is now Chief Executive of CapitaLand Residential. Given the perceived shortage of talent in Singapore, Colonel Tham’s experience as the Army’s logistics chief is presumably valuable in efforts to develop “premier, high quality” homes around the world. Colonel Kee Teck Koon was Director of SISIR from 1991 to 1993. He is now Chief Executive of The Ascott Group, the serviced residence arm of Singapore Technologies. With nine years in the Armed Forces behind him, Colonel Kee leads “Asia Pacific’s largest serviced residence company”, building a “luxury brand that projects an elegant, meticulous lifestyle that appeals to top executives” and offering “the ultimate refinement in served accommodation”. Lieutenant-Colonel Ed Ng was General Manager of a SISIR subsidiary from 1990 to 1991. He is now Executive Vice President of CapitaLand.
If the government withdraws from business, a prestigious and lucrative destination for senior government officials would be taken away. Senior managers of GLCs are compensated at globally competitive levels. Many of them are also shareholders of the GLCs they manage. Non-executive directors are paid regular directorÂ’s fees and are even given stock options, which can be substantial. The stipends are not pittance. They may lose out if the government gives up ownership of GLCs.
(continue in next post) -
(part 5)
4) Current senior government officials
Senior government officials are holding key appointments in GLCs while still in government. Some of them receive not just directorsÂ’ fees but also stock options. For example, Lieutenant-Colonel Boon Swan Foo, Managing Director of Agency for Science, Technology and Research, owned 224,433 ST Engineering shares, 2,005,000 ST Engineering share options, 28,800 Chartered Semiconductor shares, 14,250 ST Assembly share options, and 53,850 CapitaLand share options among other interests as of year-end 2000. Colonel (Prof) Lui Pao Chuen, Chief Defence Scientist of Ministry of Defence, owned 161,444 ST Engineering shares and 12,950 SembCorp Industries shares, among other interests as of year-end 2000. Mr Liow Voon Kheong, Assistant Managing Director of Economic Development Board, owned 80,000 stock options in Chartered Semiconductor as of year-end 2000.
The following table lists a number of officials who are at the same time directors of GLCs:
Government Official Present Government Post Present GLC Post
Dr Tony Tan Deputy Prime Minister and Minister for Defence Director of GIC, and Chairman of GIC Special Investments
Lieutenant-Colonel Lim Hng Kiang Minister for Health and 2nd Minister for Finance Director of GIC and GIC Real Estate
Mr Lim Boon Heng Minister without Portfolio, Prime MinisterÂ’s Office Director of Singapore Airlines
Mr Matthias Yao Senior Minister of State in Prime MinisterÂ’s Office Deputy Chairman of NTUC Income Insurance Cooperative
Mr Hawazi Daipi Parliamentary Secretary for Education Director of PSA Corporation
Mr Lim Siong Guan Head of Civil Service, and Permanent Secretary for Finance and Prime MinisterÂ’s Office Deputy Chairman of Temasek Holdings
Mr Eddie Teo Permanent Secretary for Prime MinisterÂ’s Office Director of ST Engineering and Chairman of ST Kinetics
Mr Tan Guong Ching Permanent Secretary for Home Affairs Chairman of ST Telemedia and ST Marine, and Director of ST Engineering
Mr Heng Swee Keat Permanent Secretary for Trade and Industry Director of Singapore Food Industries (SembCorp unit)
Brigadier-General Tan Chin Tiong Permanent Secretary for Foreign Affairs Director of ECICS Holdings (Temasek Holdings unit)
Mr Liew Heng San Permanent Secretary for Law Director of Raffles City, Raffles City Hotel (CapitaLand unit) and NTUC Income
Mr Lam Chuan Leong Permanent Secretary for National Development Director of SembCorp Industries
Mr Moses Lee Permanent Secretary for Health Director of DBS Group and Singapore Airlines
Mr Alan Chan Heng Loon Permanent Secretary for Transport Director of DBS Group and PSA Corporation
Mr Peter Ong 2nd Permanent Secretary for Defence Director of Singapore Technologies and ST Engineering, and former Executive Vice President of Temasek Holdings
Prof Tommy Koh Ambassador-At-Large Director of DBS Group
Mr Ko Kheng Hwa Managing Director of Economic Development Board Chairman of Pacific Internet, Deputy Chairman of JTC International, and Director of Singapore Leisure Industries and JTC Corporation
Lieutenant-Colonel Boon Swan Foo Managing Director of Agency for Science, Technology and Research (formerly National Science and Technology Board) Director of NTUC Income Insurance Cooperative, and Advisor to CEO of ST Engineering
Brigadier-General Tan Yong Soon Chief Executive of Urban Redevelopment Authority Director of SMRT Corporation and SilkAir
Mr Tan Gee Paw Chairman and Chief Executive of Public Utilities Board Director of Sembawang Construction
Prof Su Guaning Chief Executive of Defence Science and Technology Agency Director of Singapore Technologies Holdings and Singapore Cable Vision (MediaCorp, Singapore Technologies, and SPH unit)
Lieutenant-Colonel Chong Lit Cheong Chief Executive of JTC Corporation Director of Singapore Science Park, Venture TDF, Singapore Leisure Industries, Jurong Port, Ascendas, Abecha and JTC Consultancy Services
Dr Ngiam Tong Tau Chief Executive of Agri-Food and Veterinary Authority Deputy Chairman of Singapore Food Industries, and Director of NTUC Fairprice Cooperative
Mr Tan Kee Yong Chief Executive of Singapore Land Authority Director of SAFE Enterprises and SNP Corporation (Singapore Technologies unit)
Dr Cham Tao Soon President of Nanyang Technological University Chairman of NatSteel, Director of Keppel Corporation
Dr Jennifer Lee Chief Executive of KK WomenÂ’s and ChildrenÂ’s Hospital Director of PSA Corporation
Mr Tan Tee How Chief Executive of National Healthcare Group Director of SembCorp Logistics and Chairman of Power Seraya
Ms Nancy Teo Chief Executive of Singapore Labour Foundation Director of Comfort Group, Pasir Ris Resort, SLF Leisure Enterprises, SLF Management Services, SLF Properties, SLF Investments, and VICOM
Mr John de Payva President of NTUC Director of SBS Transit
Brigadier-General Lam Joon Khoi Deputy Secretary for Finance Director of ST Aerospace and SembCorp Engineering
Dr Tan Kim Siew Deputy Secretary for Finance Director of Keppel FELS Energy and Infrastructure
Rear Admiral Richard Lim Deputy Secretary for Defence Director of Singapore Technologies Holdings
Mr Lee Chiong Giam Deputy Secretary for Foreign Affairs Director of NTUC Radio Heart
Mr Jaspal Singh Deputy Secretary for Transport Director of Singapore Telecom
Mr Gong Wee Lik Deputy Managing Director of Economic Development Board Director of SembCorp Utilities
Ms Chong Siak Ching Deputy Chief Executive of JTC Corporation President and Chief Executive of Ascendas (JTC unit), Deputy Chairman of Vision Century Corporation (Ascendas unit)
Mr Liow Voon Kheong Assistant Managing Director of Economic Development Board and General Manager of EDB Investments and EDB Ventures Director of ST Assembly and Testing Services and Chartered Semiconductor
Dr Kaizad Heerjee Assistant Chief Executive of InfoComm Development Authority Director of Commerce Exchange (IDA and Venture TDF unit)
Mr Goh Oon Tong Senior Director of Trade Development Board Director of Ascendas (JTC unit)
Mr Benny Lim Director of Internal Security Department Director of SembCorp Utilities
Dr Loh Wah Sing Divisional Director of Productivity and Standards Board Director of Novo Environment Technology Services (PSB unit)
Lieutenant-Colonel Goh Kok Huat Executive Director of JTC Corporation Chief Executive of Ascendas Land Singapore and Executive Vice President of Ascendas (formerly Arcasia Land and JTC International)
Brigadier-General Jimmy Khoo Director of Ministry of Defence and Defence Science and Technology Agency Director of Singapore Technologies Aerospace Engineering
Colonel (Prof) Lui Pao Chuen Chief Defence Scientist of Ministry of Defence Chairman of Singapore Technologies Dynamics, JTC Consultancy Services and Director of ST Engineering
Lieutenant-General Lim Chuan Poh Chief of Defence Force Director of Singapore Telecom and ST Engineering
Brigadier-General Rocky Lim Kim Choon Chief of Air Force Director of Singapore Aerospace Manufacturing (Singapore Technologies unit)
Major-General Ng Yat Chung Chief of Army Director of PSA Corporation, ST Aerospace Supplies, and ST Kinetics
Mr Khoo Boon Hui Commissioner of Police Director of Ascendas
Prof Bernard Tan Dean of Students in National University of Singapore Director of Keppel Corporation, Chairman of Keppel Group Cooperative Credit Union and Keppel Hitachi Zosen
Prof Chen Charng Ning Senior Director of Nanyang Technological University Director of SembCorp Utilities
Dr Tan Tin Wee Associate Professor and Centre Director of National University of Singapore Director of Keppel T&T
Prof Wee Chow Hou Dean of Business Administration in National University of Singapore Director of Neptune Orient Lines and SembCorp Logistics
Dr Phua Kai Hong Associate Professor of National University of Singapore Director of NTUC Healthcare Cooperative
Mr Lai Yeow Hin Chief Information Officer and Deputy Director of Economic Development Board Director of ST Assembly Testing Services
Mr Tay Kim Poh Chief Estate Administration and Property Officer of Housing and Development Board Director of NTUC Fairprice Cooperative
Dr Lee Seng Teik Consultant Neurosurgeon of Singapore General Hospital Director of NTUC Healthcare Cooperative
(continue next post) -
(part 7)
5) Current and former ruling party politicians
The situation could be further complicated by present PAP MPs holding key posts in GLCs. The non-executive directors receive not just directorsÂ’ fees but may also have shares and share options in the GLCs they direct. For example, Mr K Shanmugam, MP for Sembawang GRC, owned 70,000 SembCorp Industries share options and 30,000 Chartered Semiconductor shares, among other interests in GLCs as of year-end 2000.
The following table lists non-ministerial MPs holding senior management and directorship positions in GLCs:
PAP MP Constituency Present GLC Post
Mr Cedric Foo West Coast GRC Senior Vice President of Singapore Airlines
Mr Charles Chong Pasir Ris-Punggol GRC Senior Executive of Singapore Airlines
Mr Chay Wai Chuen Tanjong Pagar GRC General Manager of NTUC Fairprice Cooperative, Director of NTUC Choice Homes Cooperative and NTUC Radio Heart
Mr Chew Heng Ching East Coast GRC Director of Dragon Land (Keppel Land unit)
Mr Davinder Singh Bishan-Toa Payoh GRC Director of Singapore Technologies and Singapore Airlines
Mr Gan Kim Yong Holland-Bukit Panjang GRC Executive Vice President of NatSteel, Chief Executive of NatSteel Properties and NatSteel Resorts
Mdm Halimah Yacob Jurong GRC Director of NTUC Thrift and Loan Cooperative and NTUC Healthcare Cooperative
Ms Ho Geok Choo West Coast GRC Vice President of SIA Engineering
Ms Irene Ng Tampines GRC Senior Manager of Singapore Press Holdings
Mr K Shanmugam Sembawang GRC Director of SembCorp Industries
Mrs Lim Hwee Hua Marine Parade GRC Managing Director of Temasek Holdings, Director of NTUC Income Insurance Cooperative and Senoko Power
Mr Loh Meng See Jalan Besar GRC Senior Vice President of Singapore Airlines
Dr Michael Lim Pasir Ris-Punggol GRC Deputy Chairman of NTUC Childcare Cooperative
Mr Ong Ah Heng Nee Soon Central Director of Comfort Group and Singapore Post (SingTel unit)
Mr Sinnakaruppan s/o C Ramasamy Kreta Ayer-Tanglin GRC Director of SLF Leisure Enterprises and Family Leisure and former
Mr Wee Siew Kim Ang Mo Kio GRC President of ST Engineering
Dr Wang Kai Yuen Bukit Timah Director of Comfort Group, Comfort Transportation, Comfort Automotive Services
Mr Yeo Guat Kwang Aljunied GRC Director of NTUC Club Investment
Mrs Yu-Foo Yee Shoon Jurong GRC Deputy Chairman of NTUC Income Insurance Cooperative
(continue next post) -
(part
The governmentÂ’s efforts to co-opt its politicians from the private sector
The PAP has often looked to GLCs for potential candidates as MPs, parliamentary secretaries and ministers. GLCs provide a uniquely effective way for the party to assess potential candidates outside of the civil service. Without being able to own businesses in the private sector, the ruling PAP government might find it more difficult to find people whom it has worked with and whom it can trust. The following table lists a number of present PAP MPs who were selected as electoral candidates after working in a GLC:
PAP MP Present Appointment Former GLC Position
Mr Goh Chok Tong Prime Minister Managing Director of Neptune Orient Lines
Mr Wong Kan Seng Minister for Home Affairs Manager of NatSteel
Mr Mah Bow Tan Minister for National Development Chief Executive of Singapore Monitor
Mr Lim Boon Heng Minister without Portfolio, Prime MinisterÂ’s Office Manager of Neptune Orient Lines
Dr Lee Boon Yang Minister for Manpower Senior Manager of Primary Industries Enterprise (Primary Production Department unit)
Mr David Lim Tik En Acting Minister for Information, Communications and the Arts and Senior Minister of State for Defence Chief Executive of China-Singapore Suzhou Industrial Park Development and Executive Vice President of Sembawang Corporation
Mr Abdullah Tarmugi Minister for Community Development and Sports and Minister in-Charge of Muslim Affairs Associate News Editor of Straits Times
Mr Raymond Lim Minister of State for Foreign Affairs and Trade and Industry Managing Director of Temasek Holdings
Mr Yatiman Yusof Senior Parliamentary Secretary for Information, Communications, and the Arts Editor of Berita Harian and Berita Minggu (SPH unit)
Mr Mohamad Maidin Packer Mohd Senior Parliamentary Secretary for Home Affairs Assistant to Editor of Berita Harian
Mr Hawazi Daipi Parliamentary Secretary for Education Special Assistant Editor of Berita Harian (SPH unit)
Mr Seng Han Thong Assistant Secretary-General of NTUC Senior Associate Editor of Lianhe Zaobao (SPH unit)
Mr Zainul Abidin Rasheed Mayor for North-East CDC Editor of Berita Harian and Berita Minggu
Mrs Cynthia Lee Chief Executive of Bishan-Toa Payoh Town Council Senior Manager in Esmaco (CapitaLand unit)
Dr Ong Seh Hong MP Vice President of GIC
Ms Penny Low MP Journalist with Singapore Broadcasting Corporation
Miss Irene Ng MP Senior Political Correspondent of Straits Times
(continue next post) -
(final part)
The governmentÂ’s Public Sector Divestment Committee in 1987 recommended that the government withdraw from commercial activities where its role was no longer needed to avoid competition with the private sector. Since then, the government has reduced its stakes in several GLCs through public offering of shares. It has also selectively divested a few companies.
Yet its participation in the economy remains entrenched and has even become more widespread. The government continues to control many of the GLCs that are listed on the Exchange. New acquisitions, ventures into new businesses, and the corporatisation of services previously administered by statutory boards have expanded its involvement in the economy. The liberalization of certain industries previously monopolised by a GLC have resulted in only more GLCs.
Given that state involvement in business could be benefiting the government and the people closely connected to it, it is appreciable that even greater resolve would be needed this time for a policy revision. -
Read until I blur...blur..... So..... many are from PAP. It's really call a ''Singapore Inc.'' No doult. Maybe should call ''Singapore's PAP Corporation Limited.''Originally posted by freeNeasy:(final part)
The governmentÂ’s Public Sector Divestment Committee in 1987 recommended that the government withdraw from commercial activities where its role was no longer needed to avoid competition with the private sector. Since then, the government has reduced its stakes in several GLCs through public offering of shares. It has also selectively divested a few companies.
Yet its participation in the economy remains entrenched and has even become more widespread. The government continues to control many of the GLCs that are listed on the Exchange. New acquisitions, ventures into new businesses, and the corporatisation of services previously administered by statutory boards have expanded its involvement in the economy. The liberalization of certain industries previously monopolised by a GLC have resulted in only more GLCs.
Given that state involvement in business could be benefiting the government and the people closely connected to it, it is appreciable that even greater resolve would be needed this time for a policy revision. -
you forgot
Dr Lim Suet Woon Sister-In-LawÂ’s Brother (BrotherÂ’s WifeÂ’s Brother) CEO of National Healthcare Group -
Good job! A good list!
Looks like many of Singapore ministers are very very good time managers who can manage their busy minister jobs and being directors of companies at the same time.
If they as ministers can be directors of other companies, why can't we normal employees moonlight as directors when we are employed? Most employment contracts state that the employee cannot be a director of another company. -
its nothing new.
most party members are directors of other companies. imagine how much they make a month. generally a director position easily brings in 10k. -
Cronyism and Nepotism. Gotta love it.
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It is really troubling to be thinking that our MPs and ministers are only interested in making more money for themselves. I dont understand how our past PMs could allow this sort of culture to permeate Singapore's politics.
All those meet- the- people- session conducted by MPs are now viewed by me as insincere. -
it seems to be about money only nowadays.
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its ALWAYS about the money ~
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especially in Singapore.Originally posted by BadzMaro:its ALWAYS about the money ~ -
Two more for your list:
Dr Kwa Chong Teck Cousin (Mother's BrotherÂ’s Son) Executive Director of National Dental Centre
Dr Lee Wei Ling Sister Director of National Neuroscience Institute
But they are the elite ma...they have the best genes in the nation.... -
Of course its all about money.
1. Not enought money, cannot attract people become minister or mp.
2. Not enough money, ministers and mps will turn to corruption.
The above 2 are the main justifications by the ruling party for the ridiculous salaries and benefits given to them.
While at the same time, we have to be "less fussy" and work for a pittance to compete with cheap outsourced labour from developing or 3rd world countries.
Its no wonder they say art imitates life. George Orwell's Animal Farm, anyone? -
Commentary on Ministers "pay cut"
Singapore Review, 2 May 2003
By Mellanie Hewlitt
The headlines blared loudly in the 2 May 2003 issues of the Straits
Times and Business Times "Pay cut? Ministers ready to lead by example:
DPM", announcing to the entire world this selfless act of leadership by
Singapore's Ruling Elite.
In what appeared to be an initial move to reduce severely inflated
salaries, to more reasonable industry standards, Singapore's Ruling
Elite have bowed to public pressure and hinted at accepting a pay cut.
Or have they?
What exactly does "Leading By Example" mean? Lets try to put some
substance behind those brave words. As of last count, average take home
pay of a Singapore minister was well in excess of SGD100,000/- a month.
The below table puts things back in proper perspective: (these are
basic figures as of July 2000 and did not include last year's pay hikes
or other benefits. Otherwise the updated numbers may well be much
larger)
1. Singapore Prime Minister's Basic Salary US$1,100,000 (SGD1,958,000)
a year Minister's Basic: US$655,530 to US$819,124 (SGD1,166,844 to
SGD1,458,040) a year
2. United States of America President: US$200,000 Vice President:
US$181,400 Cabinet Secretaries: US$157,000
3. United Kingdom Prime Minister: US$170,556 Ministers: US$146,299
Senior Civil Servants: US$262,438
4. Australia Prime Minister: US$137,060 Deputy Prime Minister:
US$111,439 Treasurer: US$102,682
5. Hong Kong Chief Executive : US$416,615 Top Civil Servant: US$278,538
Financial Sec: US$315,077
Source: Asian Wall Street Journal July 10 2000
In relative terms, less then 20% of Singaporeans here have take home
salaries exceeding SGD100,000/- A YEAR.
In stark contrast, BASIC SALARY FOR A MINISTER STARTS AT SGD1,166,844 A
YEAR,OR JUST UNDER SGD100,000 A MONTH.
What these ministers earns in just ONE MONTH exceeds the ANNUAL TAKE
HOME salary of 80% of Singapore's income earning population. Lets not even
begin to compare annual packages which will exceed SGD1 million easily.
With the above numbers and figures now in perspective, it is easier to
give substance to the words "leading by example". Several facts are
noteworthy here;
a) That the ministerial salaries are grossly out of proportion, even
when compared with their counterparts in much larger countries (US and
UK) who have far heavier responsibilities.
b) That these salary reductions were long overdue. In the past, such
handsome remuneration were "justified" on the back of resounding
performance. However, Singapore's economy has been in the doldrums of
a recession for several years now (with beginnings reaching as far
back as the 1997 Asian economic crisis). This economic barometer is a
rough measure of performance and implies that ministerial salaries
were due for review at least 3-4 years ago.
c) That adjustments should be made to bring them back within the
industry benchmarks. Taking the salary of US vice president as a rule
of thumb, the percentage for reductions should start at 50% of current
pay. Even if a Singapore minister takes a 50% pay-cut, he would still
be earning much more then the US vice president.
d) The percentage reductions should greater then 50% if the intent is
to bring the salaries within the perspective of Singapore's domestic
scene.
With such inflated figures, it is understandable why the local
government controlled media (Singapore Press Holdings) have taken pains
to exclude mention of actual numbers for the world to see. The numbers
would be too glaring and no amount of window dressing or creative
writing could have reconciled these numbers with a sane figure and
restored credibility.
It is unlikely that Singapore's Ruling Elite will accept such huge
salary cuts. Exactly How much and when the ministerial pay-cuts takes
effect is not revealed. Ask any man on the street and 9 out of 10
responses indicate many agree the current ministerial salaries are
grossly inflated, especially in these lean and difficult times.
Said a long time forumer from an internet political chat group:
"First of all the Ministers are NOT leading on pay cut. Workers'
salaries have been drastically reduced since the beginning of the
recession while thousands have been unemployed. so the Ministers are
NOT LEADING. they are only CATCHING UP. And they have several decades
to catch up on."
"Secondly, how much of a pay cut will Ministers take? 10%? 20%? unless
its a cut that will affect their lifestyles, it is merely symbolic and
they would still not know what it feels like to be a normal worker. as
such, this is not Leading by Example. Its just another bogus political
propaganda stunt"
A 29 yr old executive who requested to remain anonymous admitted
sheepishly ; "The numbers (ministerial salaries) are a national
embarrassment really, because it reflects the underlying materialistic
value systems of Singapore Ministers. No matter how you look at it, the
fact remains that our ministers are money faced, and these are supposed
to be Singapore's leaders, with value systems that Singaporeans should
follow." "It (the ministerial salaries) puts Singapore in a bad light
in the eyes of the world. The rest of Singaporeans really put in an
honest days work for every penny they earn. And the process for review
and approval of the ministerial salaries is also a joke. Imagine
sitting on the board and approving (on White Paper)your own salary
increments! Its all a wayang show".
This also raises the question as to the authenticity of the actual
process for review and approval of cabinet minister's salaries. Who
decides on these numbers? Is there independence and transparency?
Veteran opposition figure J.B. Jeyaretnam on Wednesday, Nov 20, 2002
challenged Singapore government ministers to take a pay cut to show
they understand the economic hardships faced by the public. And the
over-riding concern is that Singapore's Ruling Elite are unable to
appreciate the economic hardship that the masses face in these tough
times.
The growing public resentment comes afew months after PM Goh's careless
comments that "lay-offs were not all bad", drew a backlash from the
public with a flood of e-mails being sent to the foreign press to
register public indignation.
Source Sg_Review group
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Not every man on the street knows about the very high relative pay of our ministers compared to US President.
Talk to a few uncles drinking beer in the local coffee shop and you will see that they are ignorant of the fact. -
This is what our sg gov do and good for. They say one thing but always doing another kind. Is this a clean gov system? I'm in doubt, really...freaking~!~!~!Originally posted by Cindyfeh:Good job! A good list!
Looks like many of Singapore ministers are very very good time managers who can manage their busy minister jobs and being directors of companies at the same time.
If they as ministers can be directors of other companies, why can't we normal employees moonlight as directors when we are employed? Most employment contracts state that the employee cannot be a director of another company.
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Originally posted by freeNeasy:It is really troubling to be thinking that our MPs and ministers are only interested in making more money for themselves. I dont understand how our past PMs could allow this sort of culture to permeate Singapore's politics.
All those meet- the- people- session conducted by MPs are now viewed by me as insincere. -
The governmentÂ’s Public Sector Divestment Committee in 1987 recommended that the government withdraw from commercial activities where its role was no longer needed to avoid competition with the private sector. Since then, the government has reduced its stakes in several GLCs through public offering of shares. It has also selectively divested a few companies.
Yet its participation in the economy remains entrenched and has even become more widespread. The government continues to control many of the GLCs that are listed on the Exchange. New acquisitions, ventures into new businesses, and the corporatisation of services previously administered by statutory boards have expanded its involvement in the economy. The liberalization of certain industries previously monopolised by a GLC have resulted in only more GLCs.
Given the above-mentioned fact, Singaporeans will have to continue to endure higher costs of living and doing business because of the following reasons:-
(1) GLCs are not originally created by entrepreneurs from good ideas or application of technologies. There are not true business entrepreneurship and do not represent any particular gains or benefits for the economy as a whole. They are re-constituted from existing tax-payers' services previously provided using people's monies or taxations to save government's expenses in running these services.
(2) The more government farms out such essential services the more they become GLCs and the more people's monies end up in these GLCs sucking up the liquidity from the market and reducing the vibrancy of business.
(3) So, the More GLCs are formed to spring off as companies the more they will act as government subsidiaries not knowing how to do real business but sucking up public monies to let them build more GLCs which again cut into the smaller and smaller pies of the domestic businesses. The business entrepreneurship and vibrancy of local businesses and SMEs will be curtailed by expanding GLCs. GLCs when gathered into bigger conglomerates wil lead to greater monopolies. Greater monopolicies will lead to higher prices of goods and services.
(4) Local privately owned businesses and SMEs are the real entrepreneurial businesses which fuel growth in manufacturing and technology applications and create jobs. They will be stifled one by one from growth. GLCs will cut into their paths and take away their business opportunities. Government will award jobs to the GLCs or their associates at the expense of local privately owned businesses.
GLCs do create jobs but they create only highly paid CEOs which take away profits because such CEOs where previously were paid entrepreneurially lower salaries overnight occupy prime jobs with big titles thereby sucking up profits and liquidity from the market. GLCs can be run more effectively if they are broken into small units for private companies to re-constitute them into money making ventures. Now they are just using public monies and create surpluses through monopolicies and all monies go to keeping up the look-good boards and CEOs to create off profits.
The more monies and profits from public go to the private sector the more business will expand for Singapore. The more monies are taken by GLCs, the more these GLCs muscle in on the local businesses to deprive them of opportunities and monies go to the pockets of individual CEOs and their cohorts of highly paid officials.
GLCs should be broken up into more vibrant SMEs and let the true businessmen and entrepreneurs run them for expansion into the creating more technology start-ups and more jobs.
GLCs only look good like the old MediaCorp which will fail the moment they are exposed to competitions. They eventually will be saved from failure by breaking them up and let more private sector people run them in the true competitive spirit.
Government should reexamine the policy so that they will not let GLCs have their way which eventually will be sucking up more or using tax payers' monies to curtail true business vibrancy.
The same tax payers' monies paying that kind of monies as paid to GLCs through farming off of essential government services could have been turned around many more times if these monies are earned in the private companies.