Entrepreneur George Goh ‘confident’ he will meet qualifying criteria for presidency
Elysia Tan
DESPITE not strictly meeting the S$500 million shareholder equity criterion for prospective private presidential candidates, Harvey Norman Ossia founder George Goh is “confident” that he will qualify for the race.
In 2017, when he decided that he wanted to run, he gathered a team of professionals – including an auditor, an accountant and a lawyer – to discuss his eligibility, Goh told the media after collecting his eligibility forms from the Elections Department on Tuesday (Jun 13).
“Of course, in due course, I will submit the number of companies I founded, I incorporated, I’m the shareholder of,” he added.
Prospective presidential candidates must have either held a senior public office, or been at the head of a company for at least three years, during which time it must have at least S$500 million on average in shareholders’ equity.
In a statement announcing his bid for presidency on Monday, the businessman’s representatives said that Goh had publicly listed five companies and acquired two other publicly-listed companies, with a collective market capitalisation value of S$3.2 billion. None of the presidential hopeful’s companies meet the S$500 million requirement on its own.
But Goh said that his team has assessed the criteria, and he trusts that he will qualify. “In due course... we will know the answer,” he added.
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“(If) you look at the last five presidential elections, three (were) walkovers... I think the people deserve it, to vote for their president. This was set up in the Constitution in 1991. So I’m coming forward.”
The 63-year-old businessman stressed his independence, noting that in his 41 years of running businesses, he has not been part of any government-linked company or political party.
Asked about the watch-listed status of footwear, sports and fashion retailer Ossia International, which he co-founded, Goh noted that the company’s market capitalisation is now more than the S$40 million minimum required as part of the exit criteria of Singapore Exchange’s watch list.
“This is only one of the companies, it’s not going to affect my eligibility,” he added.
Acknowledging that Senior Minister Tharman Shanmugaratnam has also expressed his intention to contest, Goh said that fame “cannot translate into the heart of the people”.
“Serving is from the heart,” he said.
He noted that in 1993, former accountant-general Chua Kim Yeow received 41 per cent of the vote when he ran against former deputy prime minister Ong Teng Cheong. In 2011, non-establishment candidates garnered a collective 65 per cent of the vote, he added.
“Today, we are in a very difficult situation in Singapore, with high costs of living... I think people are clearer,” he said.
Those who voted for independents in 2011 are “still here”, and he is confident that the remaining 35 per cent will think now is the time to vote in an independent candidate, he added.
“People want change... Come with me, we will win, stand together, put our focus on people,” Goh said. “I trust my people.”
Also present at the Elections Department on Tuesday were some of Goh’s supporters.
Matthew Fong, co-owner of The Mill International, which provides flooring solutions for the exhibitions and events industry, said: “I have no doubts about his ability. Because, as an entrepreneur myself, to achieve the kind of numbers that he’s achieved is incredible.”
The ability to manage funds and investments and make financially sound decisions are also important in a president, Fong said.
Shureen Teh and Arick Soo, co-founders of near-field communication solution startup SmartStickies, recalled how Goh provided feedback on their pitch deck and taught them business strategies, as their mentor in their university’s youth mentorship programme.
“He embodies a lot of characteristics that cannot be taught in schools – like being adaptable, being flexible in his business,” said Teh. “High-level decision-making skills that he has learnt throughout his business career will be very helpful for Singapore.”
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