Former GIC chief investment officer Ng Kok Song announces bid to run for President

SINGAPORE: Former GIC chief investment officer Ng Kok Song has announced his intention to run for the Singapore presidency.

The 75-year-old arrived at the Elections Department on Wednesday morning (Jul 19), accompanied by his fiancée Sybil Lau, 45, and his three children.

He is the third presidential hopeful to throw his hat into the ring. 

In a statement sent to the media, Mr Ng said he has been thinking about standing for the presidency for some time.

"Concerns about the integrity of our national institutions have convinced me that I should stand for President," he said, noting that Singaporeans want to exercise their right to vote and not see another walkover.

He said he has never been a political figure, adding: "Singapore needs a President who is independent of any political party to safeguard the integrity of our institutions."

"An independent President is better able to unite our country," he continued.

"Singapore faces uncertain and difficult times ahead. We may have our differences of views and political affiliations, but differences must not become divisions in our society.

"As an independent President, I will be better able to help unite our country to face an uncertain future."

"I'M INDEPENDENT"

Speaking to the media after collecting his eligibility forms, Mr Ng said he has been considering whether to stand for the presidency “for some months”.

The recent “deluge of negative news” has raised concerns about the integrity and the personal probity of public service holders, he said.

“So, I feel that at a time like this, it is so important that good people come forward to serve the country because the future of Singapore depends critically on good people coming forward to serve the country,” he added, noting that the recent developments have “in a way made it more difficult for people to come forward”.

Mr Ng said he hopes to set an example, especially to the younger Singaporeans, with his decision.

“Unless more of such Singaporeans come forward, whether it's to serve in government or the opposition, how are we going to have the fifth-generation leadership?

“We also need good people to come forward for the opposition because a good opposition makes a good government better.”

Mr Ng retired from GIC - Singapore's sovereign wealth fund - in 2013 after 27 years with the organisation. He was appointed GIC's first group chief investment officer in 2007, a post he held until he retired. 

He started his career as an investment analyst in the Ministry of Finance in 1970, before moving to the Monetary Authority of Singapore (MAS) when it was formed in 1971 and took over the function of managing Singapore’s reserves. 

Given his experience at the MAS and GIC, Mr Ng said there might be a “perception” that he is “part of the establishment”.

But he said there is a need to make a distinction “between establishment and government or the ruling party”, and stressed that he has never been a member of any political party.

“It’s inevitable that when you serve in public service at the highest level, you interact with ministers, with permanent secretaries, so yes, I have been a member of the establishment but I have never been a member of any political party,” he said.

“I'm independent.”

On how he would respond to online chatter that he is joining the election race to split votes, Mr Ng dismissed that by saying his decision to come forward at his age “will entail some sacrifice” on his part.

“Would I endure all this suffering with my family … for the sake of just splitting the votes? No. I am prepared, and my family are prepared for us to endure this suffering because we want to serve Singapore.”

Mr Ng said he has been called “the underdog” given how he may be “relatively unknown” among Singaporeans.

“But the decision lies with the people of Singapore. That is why I want the people of Singapore to understand the reasons why I'm standing, so they will be the ultimate decision maker.”

Mr Ng is currently the executive chairman of Avanda Investment Management, an asset management company he co-founded in 2015 with two former GIC colleagues.

Government-linked firms Singapore Labour Foundation, Temasek and GIC had contributed around US$4 billion (S$5.3 billion) in assets to help launch Avanda, according to a Bloomberg report last year. The report added that Avanda's assets have since more than doubled to about US$10 billion.

But this entrepreneurial success will not be the basis of his application to run for president.

“I am applying on the basis of my work at GIC where I was the group chief investment officer for six years before I retired,” Mr Ng told reporters.

Under public sector requirements, presidential candidates must have held office - for at least three years - as a minister, chief justice, Speaker of the House, attorney-general or permanent secretary among others.

They also qualify if they were chief executives or holding on to the most senior executive posts in Fifth Schedule entities - namely key statutory boards and government-owned companies like the Central Provident Fund Board, Temasek and GIC among others.

Mr Ng’s role as GIC’s group chief investment officer is not in the list of public service roles that qualify for the presidency.

In response to a question from CNA on his eligibility, a spokesperson for Mr Ng cited the “public sector deliberative track” in the Constitution.

"Under Article 19(3)(c)(ii) of the Constitution, 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,” the spokesperson said.

"SERVE MY COUNTRY ONE MORE TIME"

In his statement, Mr Ng noted the President's critical role in safeguarding the use of Singapore's reserves, highlighting his credentials of being involved in building up the country's reserves for 45 years at GIC and MAS.

"My work has been professional and low-key. I never sought the limelight. I concentrated on my public responsibilities. Many people in the public service would know me or have heard of me. But I am aware that many Singaporeans do not know me. I will put that right in the coming weeks," he said.

"At this stage of my life. I have decided to come forward and serve my country one more time. Singapore has given me so much. I want to thank the people of Singapore by coming forward.

"I am happy that my family understands my sense of duty and supports me."

Speaking to the media, Mr Ng's fiancée Ms Lau said: "Kok Song is standing for President to serve the people of Singapore. Our family and I fully support him."

Ms Lau, a Singaporean born in Canada, started her career as a financial analyst at Goldman Sachs and has been managing her family's wealth since 2009.

Her profile on networking site LinkedIn states that she sits on the boards of American billionaire Ray Dalio’s family office in Singapore and SG Enable, the government-established agency which helps people with disabilities.

She is also an independent director of WELL Health Technologies, a Canadian operator of clinics and a partner at venture builder The Delta.

Chinese language daily Shin Min reported last Saturday that the couple have known each other for four years and that Mr Ng's children are supportive of their relationship.

Mr Ng's three children - Terence, Deborah and Georgina - as well as friends were also at the Elections Department to show their support.

Ms Deborah Ng, 47, said the family was “a little surprised” by their father’s decision to run for the presidency but is supportive.

“My dad was always looking to serve the country and he has the qualifications,” she said.

Long-time friend Chew Loy Cheow described Mr Ng as having a “heart of gold” and a qualified candidate with decades worth of experience in managing the country’s reserves.

Under his leadership, GIC became “very well known” in the world, gaining a “very positive” reputation which opened the sovereign wealth fund to investment opportunities, he said.

“One of the big tasks of the elected president (is to have) somebody watch over the reserves … and who better than him? I can think of nobody.”

President Halimah Yacob announced in May that she will not seek re-election. Her term ends on Sep 13.

Businessman George Goh announced his intention to run for the presidential election on Jun 12, days after former Senior Minister Tharman Shanmugaratnam declared his bid on Jun 8.

Applications to run in the Presidential Election opened on Jun 13 and will close on the fifth day after the Writ of Election is issued.

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