SINGAPORE: Former NTUC Income chief executive Tan Kin Lian on Friday (Aug 11) launched his bid to run for the presidency.
He is the fourth person to declare their intention to contest the Presidential election. The other three are former Senior Minister Tharman Shanmugaratnam, businessman George Goh and former GIC chief investment officer Ng Kok Song.
Here are five things to know about Mr Tan, 75, who also ran for the presidency in 2011 but finished last.
Mr Tan was the CEO of NTUC Income for 30 years until 2007. After leaving the insurer, he started a computer software business and travelled regularly to provide insurance consultancy in Indonesia.
In a blog post on Jul 30, he claimed NTUC Income’s assets had increased by 600 times under his leadership – from S$28 million (US$20.8 million) to S$17 billion.
NTUC Income’s net assets were valued at around S$1.17 billion in its annual report for the financial year ending Dec 31, 2006, which was Mr Tan’s last full year as its CEO.
Explaining why he left NTUC Income, Mr Tan previously said that he disagreed with a few members of the board on the issue of privatising NTUC Income and had “fought so hard” for it to remain a cooperative.
When the board decided to search for a new CEO, Mr Tan said he accepted that decision “as it was best for NTUC Income to search for a new direction for the future”.
NTUC Income is now a corporate entity after its insurance business and assets were transferred to a new company called Income Insurance Ltd in 2022.
“I enjoyed working in Income because it was a cooperative society,” Mr Tan said in his post on Jul 30.
“Most of the profits that it made were plowed back to give higher bonuses to its policyholders. They did not go to pay big dividends to shareholders or to pay high salaries of the board and top management.
“I also (ran) Income frugally and kept the operating expenses low. This helped to keep the premiums low, so that the policyholders paid less."
Mr Lim was born to a poor family that eked out a living transporting fish from the Riau Islands to Singapore.
Growing up in a family with six children, they lived in rental rooms and "had to move from place to place" after the leases expired, he said in his blog post on Jul 30.
“My father lost his livelihood during the Indonesian Confrontation in 1965. I left school after Secondary 4 to work to support the family. At that time, I was among the top students in Raffles Institution," he said.
Mr Tan added that he lives a "frugal life" and encouraged others to do the same.
He is married to Madam Tay Siew Hong. They have three children and five grandchildren.
Tan Kin Lian (left) and his wife Tay Siew Hong at his press conference for the 2023 Presidential Election at Copthorne King's Hotel, Singapore on Aug 11, 2023. (Photo: CNA/Raydza Rahman)
Mr Tan was a member of the ruling People’s Action Party (PAP) from the 1970s to 2008, but did not hold public office. He served as branch secretary at Marine Parade from 1976 to 1979, then became chairman of the Marine Parade Community Centre.
Despite his past links to the ruling party, he has described himself as an independent candidate and said he was "from outside the establishment".
When asked about this, Mr Tan said at a press conference on Friday (Aug 11) that “the PAP at that time was a very different PAP from today”.
“I was very proud to be helping the PAP in those days when it was very clear that it (has) the support of the population, a large part of the population, and I did what I could to contribute to them,” he said.
“The PAP today is quite different. I think many people feel that they are more towards the elite and not towards the ordinary people. So therefore, you must remember the PAP itself has changed its orientation.”
He added that this was why he left the party 15 years ago.
Tan Kin Lian addresses a crowd of investors in Singapore on Oct 11, 2008. Angry investors who lost their savings because of the global financial turmoil urged the central bank to help them recover their money. (File photo: AFP/Bob Low)
In 2011, Mr Tan unsuccessfully ran for the presidency and came in last out of four candidates, with 4.91 per cent of the more than 2.2 million votes. He lost his deposit of S$48,000.
Speaking to CNA after conceding defeat in the 2011 Presidential Election, Mr Tan said he was "somewhat disappointed" by the outcome.
"I will still continue to be the voice of the people, using other channels," he said at the time.
Mr Tan said on Friday that he decided to throw his hat into the ring following comments and his team's advice that Mr Goh might not meet the qualifying criteria, resulting in a possible two-way contest between Mr Ng and Mr Tharman.
He said he believes he will be the "only candidate from outside the establishment".
Mr Tan is an avid fan of cycling and frequently posts about his cycling trips.
Two weeks ago, while on a trip along Cactus Road, he said he would open the Istana grounds for cycling on Saturday mornings if he was elected President.
More than 64,000 accounts follow Mr Tan on his Facebook page, where he regularly shares life updates, such as the food he eats.
He also posts his thoughts about various issues, from the cost of living to cybersecurity.
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He is the fourth person to declare their intention to contest the Presidential election. The other three are former Senior Minister Tharman Shanmugaratnam, businessman George Goh and former GIC chief investment officer Ng Kok Song.
Here are five things to know about Mr Tan, 75, who also ran for the presidency in 2011 but finished last.
FORMER NTUC INCOME CEO
Mr Tan was the CEO of NTUC Income for 30 years until 2007. After leaving the insurer, he started a computer software business and travelled regularly to provide insurance consultancy in Indonesia.
In a blog post on Jul 30, he claimed NTUC Income’s assets had increased by 600 times under his leadership – from S$28 million (US$20.8 million) to S$17 billion.
NTUC Income’s net assets were valued at around S$1.17 billion in its annual report for the financial year ending Dec 31, 2006, which was Mr Tan’s last full year as its CEO.
Explaining why he left NTUC Income, Mr Tan previously said that he disagreed with a few members of the board on the issue of privatising NTUC Income and had “fought so hard” for it to remain a cooperative.
When the board decided to search for a new CEO, Mr Tan said he accepted that decision “as it was best for NTUC Income to search for a new direction for the future”.
NTUC Income is now a corporate entity after its insurance business and assets were transferred to a new company called Income Insurance Ltd in 2022.
Related:
“I enjoyed working in Income because it was a cooperative society,” Mr Tan said in his post on Jul 30.
“Most of the profits that it made were plowed back to give higher bonuses to its policyholders. They did not go to pay big dividends to shareholders or to pay high salaries of the board and top management.
“I also (ran) Income frugally and kept the operating expenses low. This helped to keep the premiums low, so that the policyholders paid less."
HUMBLE BEGINNINGS
Mr Lim was born to a poor family that eked out a living transporting fish from the Riau Islands to Singapore.
Growing up in a family with six children, they lived in rental rooms and "had to move from place to place" after the leases expired, he said in his blog post on Jul 30.
“My father lost his livelihood during the Indonesian Confrontation in 1965. I left school after Secondary 4 to work to support the family. At that time, I was among the top students in Raffles Institution," he said.
Mr Tan added that he lives a "frugal life" and encouraged others to do the same.
He is married to Madam Tay Siew Hong. They have three children and five grandchildren.
Tan Kin Lian (left) and his wife Tay Siew Hong at his press conference for the 2023 Presidential Election at Copthorne King's Hotel, Singapore on Aug 11, 2023. (Photo: CNA/Raydza Rahman)
FORMER PAP MEMBER
Mr Tan was a member of the ruling People’s Action Party (PAP) from the 1970s to 2008, but did not hold public office. He served as branch secretary at Marine Parade from 1976 to 1979, then became chairman of the Marine Parade Community Centre.
Despite his past links to the ruling party, he has described himself as an independent candidate and said he was "from outside the establishment".
When asked about this, Mr Tan said at a press conference on Friday (Aug 11) that “the PAP at that time was a very different PAP from today”.
“I was very proud to be helping the PAP in those days when it was very clear that it (has) the support of the population, a large part of the population, and I did what I could to contribute to them,” he said.
“The PAP today is quite different. I think many people feel that they are more towards the elite and not towards the ordinary people. So therefore, you must remember the PAP itself has changed its orientation.”
He added that this was why he left the party 15 years ago.
Tan Kin Lian addresses a crowd of investors in Singapore on Oct 11, 2008. Angry investors who lost their savings because of the global financial turmoil urged the central bank to help them recover their money. (File photo: AFP/Bob Low)
Related:
CAME LAST IN 2011 PRESIDENTIAL ELECTION
In 2011, Mr Tan unsuccessfully ran for the presidency and came in last out of four candidates, with 4.91 per cent of the more than 2.2 million votes. He lost his deposit of S$48,000.
Speaking to CNA after conceding defeat in the 2011 Presidential Election, Mr Tan said he was "somewhat disappointed" by the outcome.
"I will still continue to be the voice of the people, using other channels," he said at the time.
Mr Tan said on Friday that he decided to throw his hat into the ring following comments and his team's advice that Mr Goh might not meet the qualifying criteria, resulting in a possible two-way contest between Mr Ng and Mr Tharman.
He said he believes he will be the "only candidate from outside the establishment".
AVID CYCLIST AND FREQUENT FACEBOOK USER
Mr Tan is an avid fan of cycling and frequently posts about his cycling trips.
Two weeks ago, while on a trip along Cactus Road, he said he would open the Istana grounds for cycling on Saturday mornings if he was elected President.
More than 64,000 accounts follow Mr Tan on his Facebook page, where he regularly shares life updates, such as the food he eats.
He also posts his thoughts about various issues, from the cost of living to cybersecurity.
Continue reading...