Ng Kok Song Responded After George Goh Made Comments About CIO’s Position

Last Updated on 2023-08-29 , 11:32 am

The past few weeks have seen numerous interesting incidents in Singapore politics.

From extra-marital affairs to inappropriate outbursts in parliament, exciting things have also been going on in the presidential race.

On 4 August, presidential hopeful Harvey Normal Ossia founder Mr George Goh commented on CIOs.

Who else do we know was a CIO?

Mr Ng Kok Song, another presidential hopeful.

Mr Ng has since responded to the comments made by Mr Goh.

While Mr Goh could have been using the abbreviation “CIO” to refer to “chief investment officer”, Mr Ng felt he could have been thinking of “chief information officer” instead.

The Incident

On 4 August, when responding to a question from the media about why he is confident that he will qualify as a presidential candidate under the deliberative track, Mr Goh said that he fulfills the Presidential Elections Committee’s (PEC) considerations.

Under the deliberative track, the prospective candidate must have served at least three years in a private-sector organisation.

Furthermore, the prospective candidate must have experience comparable to one that has served as a CEO of a profitable company.

In addition, the company must have at least $500,000,000 in shareholders’ equity.

Regarding this, Mr Goh said that a candidate cannot be “number two”.

He said, “If I am the CIO in my organisation for the private sector, please don’t come forward because the CIO must likely ranks number five or six in the organisation.

“If I am in this position in the private sector company, you cannot (apply). You have to be the most senior person to apply.”

Talk about being shady.

On 5 August, Mr Ng was visiting Tiong Bahru Market and Food Centre when he responded to journalists’ queries about Mr Goh’s comments.

The 75-year-old former GIC investment officer said, “I think Mr Goh made a mistake. He thinks that CIO is chief information officer. CIO at GIC is not chief information officer. It is chief investment officer. And that’s a very big difference.”

Notably, the chief investment officer position is not on the list of public service roles that qualify for the presidency.

Mr Ng emphasised the importance of the chief investment officer of an organisation, calling the position just as important, if not more important, than the CEO of an investment management company.

Wants to Meet George Goh for Coffee

Mr Ng also mentioned that he would like to meet Mr Goh for coffee so they “can sit down together and share our knowledge”.

He said, “I want to learn from Mr Goh his knowledge about business. I can learn from him, but I can also share with Mr Goh my knowledge about the investment business. Because he has not been in the investment business, but I spent 45 years in it.”

Mr Ng also said he wants Mr Goh to hear from investment management companies like Bridgewater and Pimco to determine how crucial the CIO is.

Previously, Mr Ng told the media that he intended to register his candidature through the “public sector deliberative track”.

If you didn’t know, this track is for those who claim to have the experience and ability comparable to those who automatically qualify as a candidate.

Furthermore, prospective candidates must be able to carry out the functions and duties of the President effectively.

Importance of Singapore Reserves

Besides making remarks about Mg Ng’s eligibility for the presidency as a GIC, Mr Goh also made another remark involving Mr Ng.

On 4 August, Mr Goh uploaded a YouTube video on his channel, saying that Mr Ng and former senior minister Tharman Shanmugaratnam are “both from the same background”.

Both have held posts at the Monetary Authority of Singapore and GIC.

However, on Saturday, Mr Ng clarified that while this is true, he served as a public service officer at both organisations.

He also highlighted that his position in these organisations was not as a political leader.

He emphasised his role at the GIC: to make recommendations to the board.

The GIC approves organisational and investment policies.

To put it simply, Mr Ng said, “For investment management organisation, Mr Tharman was the policymaker; I was the moneymaker.”

Speaking to the media at Tiong Bahru Market, Mr Ng emphasised the importance of the President in protecting Singapore’s reserves.

He added, “The important thing is for the people of Singapore to know me… that I’m a human being that comes to the wet market. I am a single parent; I come here to buy food for my family. I know about the cost of living because I have experienced it.”

Mr Ng spoke with stallholders and residents at the market and was accompanied by his fiancee Sybil Lau.

Will Ng Kok Song Qualify for Presidency?

Mr Ng joined GIC in 1986 for a whopping 27 years before retiring.

He is currently the executive chairman of Avanda Investment Management, an asset management company he co-founded in 2015.

As Mr Ng’s role as chief investment officer does not automatically fall under the public sector requirements, only time will tell if he manages to qualify for the presidency.

On 2 August, Mr Ng’s team cited the public sector deliberative track when asked about his eligibility.

Citing the Constitution, Mr Ng’s spokesperson said, “The Presidential Elections Committee may consider the public service requirement to be met if the candidate has the experience and ability comparable to, inter alia, the CEO of a Fifth Schedule entity.”

According to experts like Singapore University of Social Sciences (SUSS) lecturer Mr Ben Chester Cheong, Mr Ng’s eligibility depends on how strictly the PEC interprets the Constitution.

Mr Cheong, a lecturer at the SUSS’ School of Law, told Channel News Asia that Mr Ng might not be eligible for the presidency if the PEC adopts a narrow approach to interpreting the Constitution.

National University of Singapore (NUS) law professor Thio Li-Ann highlighted the importance of financial competence and political independence when considering a candidate’s eligibility.

She noted that someone like a chief investment officer with experience managing private sector companies would have more financial literacy than some roles that automatically qualify for the presidency.

Ng Kok Song Wants to Reach Out to Young People

Besides responding to Mr Goh’s comments, Mr Ng highlighted his intentions to reach out to young people.

He told the media that he would like to help young people to learn how to manage stress.

Furthermore, he said he wants to encourage public speaking and communication among young people of all races.

He said, “Most of our Singaporeans are shy to speak in public. They know a lot of things (but they) must learn to communicate.

“You don’t have to speak perfect English, but you can speak better. Because unless you can communicate, people do not know what your ideas are.”

Mr Ng submitted his application for a certificate of eligibility on 2 August.

Furthermore, he had already gathered his proposer, seconder and eight assenters.

He previously confirmed that former foreign affairs minister George Yeo was one of his three character references.

This was also confirmed on Mr Yeo’s end.

In a Facebook post on 2 August, Mr Yeo wrote, “I told him (Mr Ng) earlier that I would not be involved in campaigning for the coming presidential election but would be honoured to be one of his character references.”