The GIC released its annual report today. The Straits Times reported that, “Various layers of checks and balances are built into the governance of GIC”. Let’s take a look at how these checks and balances work and whether they are enough.
In the GIC’s annual report, it is stated that:
So, this is the GIC’s Board:
And this is the government, which apparently “neither directs nor influences the GIC’s decisions”, but which happens to be on the GIC’s Board:
So, apparently, “Once a year, the GIC Management formally meets the Minister for Finance”:
And this is the Minister of Finance, who happens to also be on the GIC’s Board:
The GIC also says that:
So, this is Singapore’s President Tony Tan:
Who actually used to be the Deputy Prime Minister of Singapore, under the banner of the People’s Action Party:
And in spite of how the President “must not be a member of any political party”, the current Singapore President Tony Tan used to be the Chairman of the People’s Action Party:
In fact, he was even once the Deputy Chairman of the GIC!, whom he is supposed to check on now:
So, the GIC might say that:
But once, when a certain President Ong Teng Cheong had the integrity to question the government about the reserves in 1996, they told him:
And so, this is what the GIC say they stand for:
So, here you go, your checks and balances in the GIC, which by the way, uses Singaporeans’ CPF to invest but is now a private limited company and does not need to fully report to Singaporeans.
Is this enough? Any conflict of interests?
As Teo Chee Hean had once infamously said, “What do you think?”
3rd Edition Of The #ReturnOurCPF Event: Why Singaporeans Cannot Retire Because Of The HDB
On 23 August, there will be a third edition of the #ReturnOurCPF event. In the first edition on June 7, we revealed to you the truths that the government has finally admitted to how they are using our CPF to invest in the GIC. In the second edition on 12 July, we exposed further truths about the exact number of Singaporeans who were not able to meet the CPF Minimum Sum.
Join us at the third edition and take a stand. The government cannot take Singaporeans’ CPF to invest and not be fully accountable with us on what they are using our CPF for.
On 23 August, we will see you at Hong Lim Park. Let’s come together, be united and speak for change, for the better for our lives, and our children’s.
You can join the Facebook event page here.
Also, my first court case will be held on 18 September 2014, at 10.00am. It will be a full-day hearing.