THE Presidential Elections Committee (PEC) was not satisfied that George Goh’s experience and performance managing five companies that meet the shareholders’ equity and profitability criteria were equivalent to those of a CEO running a single company, the businessman said in a media statement on Friday (Aug 18).

This was after his application for a Certificate of Eligibility to contest the presidency was rejected.

Goh’s legal and financial team submitted “a very strong case” detailing his experience and performance, said the Harvey Norman Ossia founder. In disqualifying him, the committee “took a very narrow interpretation of the requirements without explaining the rationale behind its decision”, he added.

In a Friday night press statement, the PEC made public its letter to Goh. “The committee’s letter explained its rationale to Mr Goh. Mr Goh’s suggestion that the committee failed to do so is firmly rejected,” it said.

Goh had believed that being the “most senior executive” of five of the companies which he manages – which have a total shareholder equity of S$507 million when averaged over a three-year period – would allow him to qualify. This would be “the same” as managing one parent company with five subsidiaries, he told reporters at a press conference on Friday.

PEC said in its statement: “Article 19(4)(b) requires the committee to consider whether an applicant has the experience and ability that comes from managing one very large private sector organisation – the experience and ability that comes from managing multiple smaller private sector organisations is not equivalent to this.”

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After careful consideration, “taking into account the relevant facts and circumstances (including how the companies were owned, managed and operated), the committee was not satisfied that the five companies constituted a single private sector organisation”, it added.

While Goh declined to name the five companies put up for consideration in his application, the letter publicised by the PEC named them as Ossia International, Pertama Holdings, ITG International, Crown Essentials and Vernal Ventures.

The former presidential hopeful said the PEC’s decision was “a setback not just for me but for Singapore”, depriving voters of a wider choice for the next president. However, he does not feel that he has let his supporters down, he added. “Decision-makers (who rejected my application) let them down.”

He said that in addition to seeking advice from an accountant, lawyers and fellow businessmen, he approached former staff of the Attorney-General’s Chambers, former judges, and senior academics when preparing his application.

“This group of people are the top people in Singapore. Are you saying they’re all wrong? Cannot be – they’re all from the system,” Goh said.

Asked if he would now throw his weight behind any of the candidates who qualified – former GIC chief investment officer Ng Kok Song, former senior minister Tharman Shanmugaratnam, and former NTUC Income chief executive Tan Kin Lian – Goh said that he does not know the candidates well.

“So I will go to the polling station and vote my one vote. I think that’s the thing that I can do,” he said.

On the three presidential hopefuls, he said: “I’m not sure the other three candidates can stand and say they’re very independent. You must prove yourself, (that) you are really independent.”

“I’m truly independent... you know what’s the result,” he added.

“They know if I go to the Istana, I’m going to look at (things) differently.” He declined to specify who “they” refers to.

When asked about whether he believes he was rejected because of his independence, Goh said: “The Elections Department (ELD) has regulations to follow. So the criteria... you put in all the best you can in the application form, and you argue your case... At the end, of course, it’s ELD’s call... We have to leave it to them.”

The ELD said earlier on Friday that unsuccessful applicants were informed of the reasons for the PEC’s decision. However, these reasons would not be published, to avoid discouraging potential applicants in future elections “for fear of embarrassment”.

Goh called for more private sector individuals to “stand up” in the future. His campaign has shown that it is possible for them to run, he said.

He has not made a decision to run for the next presidential election in 2029, he added. Between now and six years later, “things can change”, he said.

“(The rejection) is shocking news for me... I will spend some time (overcoming) this current situation, and we’ll see how we go six years from now.”