Singapore Prepares for Contested Presidential Election Over Reserves Oversight.
As Singapore approaches its ninth presidential election this Friday, the pre-election activities have illuminated the constraints and evolving discontent surrounding the presidential role.
Though primarily ceremonial and lasting six years, the Singapore presidency wields limited authority. Its crucial responsibility involves safeguarding the substantial reserves of the prosperous Southeast Asian nation, a matter veiled in secrecy.
Observations suggest that specific population segments perceive the president’s custodial influence over reserves as a potential lever in more assertively shaping fiscal and monetary policies.
The ongoing campaign has also brought forth other focal points, including deep-seated dissatisfaction concerning the exorbitant cost of living, the challenge of acquiring affordable public housing, and the discourse on intensified job competition with foreign workers.
A notable absence of accountability among legislators has gained prominence, tarnishing Singapore’s historically unblemished reputation for ethical governance due to recent political improprieties.
Eugene Tan, a former parliamentarian and current associate professor of law at Singapore Management University, remarked on the evolving contest, describing it as a clash of differing and sometimes contradictory perceptions of the presidency. He highlighted the pronounced partisan stance taken by Tan Kin Lian, positioning himself as the flagbearer for anti-establishment sentiment.
Tan Kin Lian, the former CEO of local insurer NTUC Income, is re-entering the presidential race after over a decade since finishing with the fewest votes among four candidates in the 2011 election.
Notably, two opponents from his previous bid have since become leaders of opposition parties and have voiced their support for the 75-year-old Tan, even as he faces criticism for inappropriate social media posts.
Sharing the ballot with Tan is Ng Kok Song, 75, the former chief investment officer of Singapore’s sovereign wealth fund. Ng Kok Song is renowned for introducing Singapore’s founding prime minister, Lee Kuan Yew, to meditation’s benefits.
The trio of presidential contenders also includes Tharman Shanmugaratnam, 66, a former deputy prime minister, finance minister, central bank chairman, and a brief contender for the leadership of the International Monetary Fund.
As Singapore navigates this election cycle, it becomes evident that the presidency’s significance goes beyond its formal duties.
It serves as a canvas for competing ideologies and reflections of the populace’s sentiment towards the established order. As Singapore approaches its upcoming presidential election, scheduled for this Friday, a central focus of the campaign discourse that commenced on August 22 revolves around the candidates’ genuine ability to make independent and non-partisan decisions.
This has led to questions about Tan Kin Lian’s political independence, given the endorsements he has received from two of his former rivals, despite his attempts to distinguish himself. It’s worth noting that Tan Kin Lian was once an active volunteer with a local chapter of the ruling People’s Action Party, which has raised concerns about his impartiality.
Nydia Ngiow, the managing director at BowerGroupAsia, has pointed out a growing trend among Singaporeans who desire a more outspoken president capable of challenging the government’s positions and policies from a neutral and authoritative standpoint.
While this aspiration suggests a societal wish for the president to ensure greater government accountability, it also raises concerns about exacerbating an “us against them” mentality, injecting a partisan dimension more commonly associated with general elections.
Ng Kok Song and Tharman Shanmugaratnam, the other presidential candidates, have emphasized their experience and expertise as qualifications for effectively safeguarding the nation’s reserves in consultation with an advisory council.
Shanmugaratnam, a former deputy prime minister, finance minister, central bank chairman, and briefly considered for the International Monetary Fund leadership, highlighted his familiarity with the system. He assured that while he respects the Council of Presidential Advisors, his extensive background prevents anyone from deceiving him regarding government finances.
Nonetheless, the exact scale of Singapore’s reserves remains undisclosed to the public, although some information from institutions tasked with managing these reserves offers glimpses into their substantial magnitude. For instance, the state investor Temasek reported a portfolio of 382 billion Singapore dollars ($282.44 billion) as of March’s end.
The Monetary Authority of Singapore also transferred S$191 billion to the sovereign wealth fund GIC for management during the 2022/23 financial year. Even after this transfer, the authority continued managing S$441 billion of official reserves as of the end of May.
Singapore’s presidency has only been directly elected since 1993. This change was brought about by a constitutional amendment proposed by the late Lee Kuan Yew to prevent unrestricted access to government reserves in the event of an unexpected election result that displaced the long-standing People’s Action Party from power.
Despite this, the upcoming election will only be the third time the presidency has been contested.
This limited contestation is due to stringent eligibility criteria, including the requirement for candidates to have served at least three years as a government minister, senior public servant, or chief executive of a government statutory board.
Private sector candidates must have been the company’s most senior executives with an average of S$500 million in shareholders’ equity, and the firm must have maintained profitability for the preceding three years.
Local independent news outlet Jom estimated that only 0.044% of Singaporean adults are qualified to run as a presidential candidate.
The current president, Halimah Yacob, a practicing Muslim and a former Speaker of Parliament, became Singapore’s first female president in 2017 without facing any competition. That year, the presidential office was reserved for members of the Malay community to ensure representation among the nation’s four primary races.
Amid these dynamics, experts like Kevin Tan from the National University of Singapore and Cherian George from Hong Kong Baptist University’s School of Communication have expressed skepticism about the upcoming election’s potential outcomes.
They assert that the lack of consensus regarding the race’s rules and the nature of the presidency could lead to public dissatisfaction regardless of the victor. This frustration stems from the perception that the establishment tightly controls the electoral process, diminishing the presidency’s potential as an independent check on the government.
If Tharman Shanmugaratnam emerges victorious in the upcoming election, he will become the fifth consecutive directly elected president seen as an establishment choice.
This frustration has manifested in a social media campaign urging citizens to deliberately spoil their votes, reflecting their dissatisfaction with the available options and the perceived undemocratic nature of the electoral process.
Ngiow from BowerGroupAsia notes that this “vote-spoiling” trend has two main drivers: voters feeling that none of the candidates truly represents their political interests and a broader sentiment that the electoral process lacks democratic fairness, leading voters to protest through ballot spoiling.
In the previous contested presidential election in 2011, the establishment candidate Tony Tan won by a slim margin of 0.35% in a four-person race, with invalid votes accounting for 1.76% of all ballots cast.
Ngiow highlights that the social media campaign advocating vote-spoiling indicates an increasingly nuanced form of voter expression, indicating the electorate’s growing maturity and frustration, which political parties should heed as the country approaches the next general election.
