Singapore Presidential Elections 2023: Tharman Shanmugaratnam is the New President of Singapore

Singapore Presidential Election 2023 Results

It’s official.

The Elections Department of Singapore (ELD) has announced that with 70.40% (1,746,427) of the valid votes, former Senior Minister Tharman Shanmugaratnam is now the President of Singapore!

The other candidates, Mr Ng Kok Song and Mr Tan Kin Lian, received 15.72% (390,041) and 13.88% (344,292) of the valid votes, respectively.

Since all three candidates received more than 12.5% of the votes, they will get to keep their S$40,500 election deposit.

Unless you live under a rock.

You would have known that Singapore is electing a president in a few months’ time as Mdm Halimah Yaccob will be stepping down as president when her six-year term ends on 13 September 2023. Also, she will not be standing for re-election.

Theoretically, if you fulfil all the criteria, you could stand a chance to become Singapore’s next president and earn a cool S$1.54 million a year.

However, competition is tough.

If you qualify, you’ll be running against Senior Minister Tharman Shanmugaratnam.

But if you’re undeterred, here’s all you need to know about running for president in Singapore.

TL;DR: What Does it Take to Run for President in Singapore?

Click to Teleport:

• When Will the Next Singapore Presidential Election (2023) be Held
• Singapore Presidential Election (2023) Candidate Hopefuls
• How to Apply to Run for President in Singapore
• Criteria to Run for President in Singapore
• When Will the Next Singapore Presidential Election (2023) be Held
• Singapore President Duties
• Singapore President Salary

When Will the Next Singapore Presidential Election (2023) be Held?

It’s official.

The Prime Minister of Singapore Mr Lee Hsien Loong, has issued the Writ of Election for the Presidential Election:

Here’s a quick timeline of how the Presidential Election will unfold:

• Friday (11 August 2023): Prime Minister Lee Hsien Loong issues Writ of election
• Thursday (17 August 2023):  Submission deadline for presidential candidates to submit their certificate of eligibility and community certificate applications
• Friday (18 August 2023): Submission deadline for presidential candidates to submit their political donation certificate
• Monday (21 August 2023): Applicants will receive notifications regarding the outcomes of their submissions before Nomination Day
• Tuesday (22 August 2023) Nomination Day: Candidates will formally submit their nomination documents at the People’s Association HQ on 9 King George’s Avenue.
  A deposit of S$40,500 is required from each candidate. In the event that only one candidate is nominated, that individual will be declared the president
• 23 August – 30 August 2023: Presidential election campaigning period
• Thursday (31 August 2023): Presidential Election Cooling-Off Day
• Friday 1 September 2023: Presidential Election Polling Day (public holiday)

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Singapore Presidential Election (2023) Candidates: How Do They Differ?

Here are the candidates who announced their plans to contest the upcoming Singapore presidential election.

The current president Halimah Yacob has announced that she will run for re-election.

1. Former Senior Minister Tharman Shanmugaratnam

Speaking of tough competition, you will be going up against Mr Tharman Shanmugaratnam, aged 66, who announced his intention to run for the position of Singapore’s president on Thursday (8 June 2023).

The man needs no introduction as he has been Senior Minister since May 2019, after serving for several years as Deputy Prime Minister, Finance Minister and Education Minister. He is currently also the Coordinating Minister for Social Policies and advises the Prime Minister on economic policies. Concurrently, Tharman is Chairman of the Monetary Authority of Singapore (MAS). In addition to his responsibilities in the Government, he is Deputy Chairman of the Government of Singapore Investment Corporation (GIC) and chairs its Investment Strategies Committee.

In a letter to Prime Minister Lee Hsien Loong, Senior Minister Shanmugaratnam notified the Prime Minister of his decision to step away from politics and relinquish all his governmental roles. Additionally, he expressed his intention to step down from the People’s Action Party on 7 July 2023, which will mark the end of his 22-year career in politics.

Mr Tharman announced that he submitted his Presidential Election forms this Monday (7 August 2023).

On Friday (18 Aug 2023), the Elections Department (ELD) announced that Mr Tharman has received a Certificate of Eligibility under the public service sector track. Thus he has qualified as a candidate for the Presidential Election under the public service sector track.

2. Former GIC Chief Investment Officer Ng Kok Song

75-year-old Mr Ng Kok Song is currently the Executive Chairman of Avanda Investment Management, an asset management firm he founded in mid-2015 with his former GIC colleagues Sung Cheng Chi and Quah Wee Ghee with about US$4 billion (S$5.3 billion) in assets with support from institutional investors.

He has since helped the firm to more than double its assets to US$10 billion (S$13.32 billion) in 2022.

Prior to this role, he dedicated 30 years of his career to GIC, where he eventually served as the Group’s Chief Investment Officer (CIO).

Before joining GIC, Kok Song spent 15 years at the Monetary Authority of Singapore (MAS), where he was involved in reserve management and financial market operations.

He has made significant contributions to the Singapore finance industry, including founding and chairing the derivatives exchange SIMEX from 1983 to 1987 and serving as Founder Chairman of the Wealth Management Institute from 2003 to 2017.

Apart from his responsibilities at Avanda, Kok Song also holds esteemed positions on the Global Advisory board of PIMCO. Furthermore, he is an active member of the board of governors for both the Lee Kuan Yew School of Public Policy in Singapore and the Asia School of Business in Malaysia.

On 15 July 2023, Ng expressed that he was carefully considering the possibility of running in the 2023 presidential election. Four days later, on 19 July, he visited the Elections Department accompanied by his family to collect the eligibility forms necessary for being nominated as a presidential candidate. His intention is to seek candidacy through the public service deliberative track, highlighting his tenure as the CIO GIC for consideration.

Mr Ng Kok Song submitted his Presidential Election forms on Wednesday (2 August 2023).

On Friday (18 Aug 2023), the Elections Department (ELD) announced that Mr Ng has received a Certificate of Eligibility under the public sector deliberative track. Thus he has qualified as a candidate for the Presidential Election.

Check out our interview with Ng Kok Song to learn more about the man:

3. Former Presidential Candidate and CEO of NTUC Income Tan Kin Lian

This man needs no introduction.

75 year old Mr Tan Kin Lian is the former Chief Executive Officer (CEO) of NTUC Income, a post he held for 30 years from 1977 – 2007.

During his tenure as a leader, the company experienced substantial growth, with its assets increasing from S$28 million in 1977 to surpassing S$17 billion and the number of policyholders reaching over one million by 2007.

After retiring from NTUC Income, Mr Tan went on to start a computer software company and does insurance consultancy work in Indonesia.

He is also an active user on Facebook with posts like this:

Mr Tan was affiliated with the People’s Action Party starting from the 1970s until 2008. However, he clarified that he never held a ministerial position or became a Member of Parliament.

During his tenure, Mr Tan took on the role of branch secretary at Marine Parade between 1976 and 1979. Additionally, he actively assisted Mr Goh Chok Tong, the Member of Parliament at that time, in organizing the experimental Residents’ Committee. In 1979, he was appointed as the chairman of the Marine Parade Community Centre.

In 2011 Mr Tan ran for the 2011 Presidential Election. But he came in last place out of the four candidates, having garnered only 4.91 per cent or 104,085 out of 2.27 million votes.

As a result, he had to forfeit his deposit of S$48,000 as he failed to receive at least one-eighth of the votes.

But despite this loss, he is trying again. On Sunday (30 July 2023), Mr Tan announced that he applied for a certificate of eligibility for the 2023 Presidential Election to the media.

On July 11, he submitted his application using a proxy rather than collecting the form directly from the election department. He explained that he could download the form in advance from the election department’s website. Furthermore, Mr Tan had already submitted his community declaration before this application.

As he qualified for the 2011 Presidential Election, he will likely qualify as one of the presidential candidates for the upcoming election.

Mr Tan Kin Lian submitted his presidential election forms last month on 31 July 2023.

On Friday (18 Aug 2023), the Elections Department (ELD) announced that Mr Tan has received a Certificate of Eligibility under the private sector deliberative track. Thus he has qualified as a candidate for the Presidential Election.

Presidential Hopefuls That Did Not Qualify: George Goh, Harvey Norman Ossia Founder

On Monday (12 June 2023), George Goh Ching Wah, founder of Harvey Norman Ossia, announced to the media that he plans to run for president in Singapore.

As such, he will take on Senior Minister Tharman Shanmugaratnam and contest the 2023 Singapore presidential election if he qualifies.

To the general public in Singapore, Mr Goh would be best known for introducing the Australian electronics store Harvey Norman to the Asian market and was mooted as a potential candidate for the presidency in recent days.

At 63 years old, Mr Goh serves as the chairman of Ossia International (SGX: O08), a publicly traded investment holding company listed on the Singapore Exchange (SGX).

Aside from his professional endeavours, Mr Goh is married with four children and is involved in various charitable and civic roles. He is a co-founder of the charity Border Mission and holds a position as a council member at the Red Cross Society, among other responsibilities.

In 2017, he was appointed as Singapore’s non-resident ambassador to Morocco.

In order to participate in the Presidential Election and maintain his autonomy, Mr Goh submitted his resignation to the Ministry of Foreign Affairs on June 9, as stated in the announcement:

He has no political party affiliations – past or present. He has no political baggage. He was never in the public sector. He is an entrepreneur who started working at the age of 16 and has since built a business empire spanning 14 countries.

Mr George Goh submitted his Presidential Election forms last Friday (4 August 2023).

But unfortunately, Mr Goh did not qualify as a presidential candidate as he did not receive a Certificate of Eligibility.

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How to Apply to Run for President in Singapore

From 13 June 2023 onwards, potential candidates interested in participating in the Presidential Election (PE) can apply for a Certificate of Eligibility. This initial step is crucial for entering the presidential race. Alongside this application, prospective candidates are required to submit a community declaration.

According to a press release by the Elections Department (ELD) on Monday, the deadline for applying for the Certificate of Eligibility and submitting community declarations will be on the fifth day after the issuance of the Writ of Election. It is important to note that late applications will not be considered.

The Certificate of Eligibility serves as confirmation that the candidate possesses qualities such as integrity, good character, and reputation and meets the relevant requirements in terms of public sector or private sector service.

The evaluation of candidates and issuance of the Certificate of Eligibility will be carried out by the Presidential Elections Committee, chaired by Mr Lee Tzu Yang, who is also the chairman of the Public Service Commission.

But that’s just the tip of the iceberg, as there is a long list of criteria to fulfil before you can run for president in Singapore.

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Criteria to Run for President in Singapore

According to Article 19 of Singapore’s Constitution, a person shall be qualified to be elected as President if he/she is:

• A Singapore citizen;
• 45 years old and above
• Have their name listed in a current register of electors;
• He or she is resident in Singapore at the date of his nomination for election and has been so resident for periods amounting in the aggregate to not less than 10 years prior to that date
• Satisfies the Presidential Elections Committee that he is a person of integrity, good character and reputation.

He or she must not:

• Been found or declared to be of unsound mind
• Be an undischarged bankrupt
• Hold an office of profit
• Have been nominated for election to Parliament or the office of President or having acted as election agent to a person so nominated, has failed to lodge any return of election expenses required by law within the time and in the manner so required
• Been convicted of an offence by a court in Singapore or elsewhere and sentenced to imprisonment for a term of not less than one year or to a fine of not less than $10,000 (or its equivalent in a foreign currency when sentenced)
• Not received a free pardon, except that where the conviction is by a foreign court, the offence must also be one which, had it been committed in Singapore, would have been punishable by a court in Singapore
• Voluntarily acquired the citizenship of, or exercised rights of citizenship in, a foreign country or has made a declaration of allegiance to a foreign country
• Be disqualified under any law relating to offences in connection with elections to Parliament or the office of President by reason of having been convicted of such an offence or having in proceedings relating to such an election been proved guilty of an act constituting such an offence.

In addition, at the time of the election announcement, he or she must fulfil the presidential public or private sector requirements, with the period(s) of service falling partially or entirely within the 20 years preceding the election announcement.

Singapore President Public Sector Requirements

Here are the public sector requirements. To qualify to be elected as President, you must fulfil these public sector criteria:

• (a) Held office for a period of three or more years as Minister, Chief Justice, Speaker, Attorney‑General, Chairman of the Public Service Commission, Auditor‑General, Accountant‑General or Permanent Secretary
• (b) Served for a period of three or more years as the chief executive of an entity specified in the Fifth Schedule [key statutory boards and Government companies like the Central Provident Fund (CPF) Board, the Monetary Authority of Singapore (MAS) and Housing and Development Board (HDB)
• (c) satisfied the following criteria
  • Served for a period of three or more years in an office in the public sector
  • The Presidential Elections Committee is satisfied, having regard to the nature of the office and the person’s performance in the office, that the person has experience and ability that is comparable to the experience and ability of a person who satisfies paragraph (a) or (b); and
  • The Presidential Elections Committee is satisfied, having regard to any other factors it sees fit to consider, that the person has the experience and ability to effectively carry out the functions and duties of the office of President; or
• Held office or served, as the case may be, for a first period of one or more years in an office mentioned in paragraphs (a), (b) or (c) and a second period of one or more years in an office mentioned in paragraph (a), (b) or (c), and the 2 periods add up to three or more years.

Singapore President Private Sector Requirements

Alternatively, you can qualify via the private sector requirements. But to be elected as President, you must have:

• Served as the chief executive of a company and
  • The person’s most recent period of service as chief executive (ignoring any period of service shorter than a year) is three or more years in length
  • The company, on average, has at least the minimum amount (S$500 million) in shareholders’ equity for the person’s most recent three-year period of service as chief executive
  • The company, on average, makes profit after tax for the entire time (continuous or otherwise) that the person served as the chief executive of the company
  • If the person has ceased to be the chief executive of the company before the date of the writ of election, the company has not been subject to any insolvency event from the last day of his service as chief executive of the company until
    • The date falling three years after that day; or
    • The date of the writ of election,
    • Whichever is earlier, as assessed solely on the basis of events occurring on or before the date of the writ of election.

They must also satisfy the following criteria:

• The person has served for a period of 3 or more years in an office in a private-sector organisation
• The Presidential Elections Committee is satisfied, having regard to the nature of the office, the size and complexity of the private sector organisation and the person’s performance in the office, that the person has experience and ability that is comparable to the experience and ability of a person who has served as the chief executive of a typical company with at least the minimum amount of shareholders’ equity and who satisfies paragraph (a) in relation to such service.
• The Presidential Elections Committee is satisfied, having regard to any other factors it sees fit to consider, that the person has the experience and ability to effectively carry out the functions and duties of the office of President; or
  (c) subject to clause (5), served for a first period of one or more years in an office mentioned in paragraph (a) or (b) and a second period of one or more years in an office mentioned in paragraph (a) or (b), and the two periods add up to three or more years.

Singapore President Duties

Unlike what people might think, the President of Singapore is more than just a ceremonial role.

Since 1991, the President has been empowered to veto government budgets and key public appointments if there are reasons to do so.  The President is advised by the Council of Presidential Advisers on such matters.

Here are some of the President’s constitutional duties that I would like to highlight:

As such, you can see that the Singapore President has important responsibilities like being a custodian of the reserves and has power over the appointment of Key Office Holders, amongst other powers.

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Singapore President Salary

The Singapore President receives the same monthly salary, 13 months bonus, and Annual Variable Component (AVC) as the Prime Minister, except that he or she does not receive any Performance or National Bonuses.

As the Public Service Division aptly puts it:

The President is Head of State and has significant custodial powers. However, unlike the Prime Minister, he/she does not set national policies and does not have direct executive responsibility for governing the country, except as it relates to his/her custodial role.

This gives the President an annual salary of S$1.54 million.

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