In Singapore’s first competitive presidential election in more than a decade next week, three candidates were nominated on Tuesday, according to officials.
The post, which technically manages the city’s financial reserves and has the authority to veto certain acts and approve anti-graft probes, has strict qualifications despite the fact that it is primarily ceremonial.
For her six-year term, incumbent Halimah Yacob didn’t face any challengers in 2017.
Following a formal nomination process on Tuesday, election officials unveiled the final list of candidates for the election on September 1.
Tharman Shanmugaratnam, 66, a former senior minister, deputy prime minister, and governor of the central bank, is thought to be the front-runner.
Before running for the nonpartisan position, he left the ruling People’s Action Party (PAP).
Ng Kok Song, 75, who once held the position of chief investment officer at GIC, one of the largest sovereign wealth funds in the world and the manager of Singapore’s foreign exchange reserves, is another applicant who meets the requirements.
Businessman Tan Kin Lian, 75, who was the former CEO of the large local insurance company NTUC Income and unsuccessfully ran for president in 2011, completes the field.
Candidates for president in Singapore must have held a high public service position or been the CEO of a business with shareholder ownership of at least Sg$500 million (US$370 million).
The wealthy city-state’s president acts as head of state and is required to be independent of any political party. The prime minister, who is presently Lee Hsien Loong, runs the government.
Even if it hasn’t happened much in practice, the president has the power to veto appointments to important public positions and to authorize investigations into wrongdoing.
Most importantly, they act as a custodian for Singapore’s reserves, which can only be used in extreme situations like the Covid-19 outbreak and the global financial crisis of 2009.
The government does not disclose how large the reserves are to protect national interests and prevent speculative attacks on the Singapore dollar.
“It’s enough for most circumstances. It’s enough to give us substantial support in the budget every year,” Premier Lee said in a recent interview when asked about the size of the reserves.
