S$507 million shareholder equity ‘shows I am a serious candidate’ for president: George Goh
PRESIDENTIAL hopeful George Goh said the five companies he manages had a total shareholder equity of S$507 million when averaged over a three-year period – a detail he believes shows that he is a serious candidate.
Under the Constitution, Article 19(4)(a) requires a candidate to have served at least three years as chief executive of a company with at least S$500 million in shareholder equity.
However, Goh, a serial entrepreneur who co-founded Harvey Norman Ossia, said he is applying under the private sector track 19(4)(b), also known as the “deliberative track”, which he believes has more challenging criteria to fulfil.
The five companies, he said, had a combined and cumulative shareholders’ equity of S$1.521 billion over three years, and all five were profitable every year during the same period. He is also the majority shareholder and most senior executive in these companies, he said.
However, he declined to name the five companies, which he said he founded, as this would “put a lot of stress” on them, and he would not be a “responsible CEO” in doing so. Some of these companies, he revealed, have been around for some 30 years to 40 years.
He said while public-listed companies are obligated to disclose their financial information, his submission to the Presidential Elections Committee (PEC) is “different”.
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“Today, I put out the figure, this is the best I can, but I think we should let the PEC go into the details,” he said.
Goh was speaking to the media on Friday (Aug 4) afternoon after submitting his papers to the Elections Department in the morning.
“I have said previously in various media interviews that I wouldn’t have run if I didn’t meet the criteria, but there have been doubts about my eligibility,” he said.
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“So today, after I submitted my papers, I am putting out some numbers to show that I am a serious candidate.”
Goh described how it is more challenging for candidates from the private sector to qualify for presidency, following the Constitution change in 2017.
This is because candidates from the public sector “do not have to worry about profit”, he said, whereas private-sector candidates do. The bar was also raised for the latter during the Constitution change, with a minimum shareholder equity requirement of S$500 million, from S$100 million.
“How about (the) public sector? Nothing, (it) remained unchanged,” he said. “Even if you make billions of losses, you still can walk into Istana... For (the) private sector, you cannot do that. So that is to tell you how difficult (it is) for (the) private sector.”
Goh, who was accompanied by his wife Lysa, also unveiled a panel of individuals who will support his presidency bid.
Among them are entrepreneurs, social volunteers and young people – individuals who symbolise the “heart of Singapore”, and whom he called “ordinary heroes from different segments of society, who have contributed to Singapore’s success and will continue to do so for our future progress”.
The individuals are:
- Matthew Fong Kum Fai, founder of flooring solutions The Mill International;
- Jack Lai, wheelchair basketball player and marathon racer;
- Hajjah Roziah Adon, hawker at Bedok Corner Food Centre;
- Joey Foo Jye Sen, volunteer with Border Mission and business owner;
- Alicia Cheong, who is Goh’s niece, and COO and co-founder of online learning platform Geniebook;
- Bahri Rajib, retired Malay linguist, and former president and adviser for Malay performing arts group Sriwana;
- Jonathan Tan Siang Huat, ex-offender and founder of The Helping Hand Landscape Cleaning Services;
- Shureen Teh, recent graduate from the Singapore Management University and startup founder; and
- Dayal Khemlani, semi-retired retailer in electronics, jewellery and textiles.
Goh said these individuals are not elites, but have contributed to Singapore. He declined to name his proposer, seconder and assenters for now.
He announced his interest to run for presidency on Jun 12, shortly after former senior minister Tharman Shanmugaratnam revealed his intention to do so.
Since then, GIC’s former investment chief Ng Kok Song has also thrown his hat into the ring, raising the possibility of a three-cornered fight if all three are qualified.
Earlier this week, former presidential candidate Tan Kin Lian, who contested in 2011, said he has submitted his forms and will make his decision after other candidates are confirmed.
Emphasising his independence, Goh reiterated his belief that it is better to have a president without any links to the government.
“Too many of our past presidents have been senior members of the ruling party who have worked closely with the government. Can they truly act independently when they become president?”
He said he is a self-made man who started from scratch working in a shoe factory when he was 16.
“I am grateful to Singapore for giving me this chance to grow my businesses and become the person I am today,” he said. “Singapore has been good to me and my family. I hope my life story will inspire others.”
If he is elected, Goh said, he hopes to rally more businesses to participate in the President’s Challenge, an annual campaign to help the less fortunate. He also hopes to issue a “president’s report card” yearly in the interest of “transparency”.
“If I can put up this report card, explain to the people yearly what (the) president has done, at least you’ll know these are the areas (the) president takes (care of). If not, the impression given to people is ‘only shake hands and cut (a) ribbon’,” he said. “This is not right.”
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