For example, he said, there is the issue of how land sales should be computed as past reserves, what investment policies Singapore’s investment company Temasek and sovereign wealth fund GIC should pursue to better protect the reserves, and how transparent they should be so that they are accountable to the people.
The role former president Ong Teng Cheong had played in changing how the income from the reserves was used is “especially interesting”, Mr Goh said.and suggested that government spending be capped at half of the returns, with the rest set aside for the future.Mr Goh said that while Mr Ong had been deputy prime minister, he was never “immersed” in financial policymaking, be it with the Ministry of Finance, the Monetary Authority of Singapore, Temasek or GIC.
Also, as a former private-sector architect, Mr Ong brought “fresh perspective into his new role” as president, added Mr Goh.pointing out that the late president had experience in both the public and private sector. Mr Goh said: “The most important quality you need to exercise real independence is not knowledge about the matter or experience, even though they are important.
“It’s ultimately about political courage to challenge the executive , whenever necessary, in the interest of the country. President Ong had this quality.”
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