SINGAPORE: How might businessman George Goh still qualify to run for President in Singapore, if he does not meet the requirement of having been chief executive of a company with at least S$500 million in shareholders' equity? Constitutional lawyers say that it will likely come down to the discretion of the
, it appears that he does not automatically qualify to stand for election under the private sector service requirement, said Assoc Prof Tan.
The PEC may also consider any other factors it sees fit, as to whether an applicant has the experience and ability to effectively carry out the President's functions and duties. He pointed out that in the past three financial years, Ossia International made profit after tax, but its total shareholders' equity was below S$500 million.
According to Mr Goh's website, he is concurrently also the founder and director of Harvey Norman Ossia, and founder and group chairman of ITG International, which has a property development business. "One would assume holding a co-founder role or majority shareholder alone is insufficient if it's not in a senior executive capacity that is equivalent to CEO," he added.
"The updated quantitative threshold of S$500 million reflects the vastly different economic climate today, compared to 25 years ago," then Deputy Prime Minister Teo Chee Hean told Parliament at the time.
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