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SINGAPORE: Communications and Information Minister S Iswaran said on Friday (September 4) that he is “concerned” by statements by unelected MP Leong Mun Wai that DBS Bank does not have a “CEO of its own,” comments that led to exchanges in the House between Mr. Leong and three ministers.
Leong, who is from the Singapore Progress Party (PSP), had said in Parliament on Tuesday that he was “deeply disappointed” that DBS did not have its own CEO 22 years after former JP Morgan executive John Olds was appointed executive director of the local bank.
The current CEO of DBS, Piyush Gupta, was born in India and became a Singaporean.
“I was concerned when NCMP Leong Mun Wai lamented that we do not have our own CEO for DBS,” Iswaran said in his speech during the debate on the president’s speech.
“Of course, let’s passionately defend the case to do more for Singaporeans. But, as parliamentarians, let us also be careful what our words convey; in this case, the message we send to those who, paraphrasing Mr. S Rajaratnam, have chosen by conviction to become citizens of Singapore ”.
Iswaran stressed that it is important for the country to remain open, to create jobs and opportunities for Singaporeans, and to be inclusive at the same time.
“But this is easier said than done. Staying open means more competition, disruption and adaptation to change,” he said.
“Being inclusive is, therefore, a vital complement. Our efforts to embrace openness must be accompanied by an equal, if not greater, effort to achieve an equitable distribution of benefits and access to opportunities; to preserve the sense of justice. “
Iswaran added that to keep the balance between staying open and being inclusive, “the foundation must be trust.”
“Our citizens must know that the lives and livelihoods of Singaporeans are always our priority, that we stand behind them,” he said.
The government agrees “in principle” to broadcast parliamentary proceedings live and Communications and Information Minister S Iswaran said his ministry will study the technical and implementation details. He said the goal will be to achieve transparency, accountability and accessibility while preserving the integrity and dignity of the proceedings in the Chamber. In Parliament on Friday (September 4), she also spoke about how Singapore needs to balance staying open, which has benefited its economy, especially the information communications sector, with ensuring that economic transformation brings benefits for all.
Iswaran also reflected on the role of Parliament and the duty of MPs in his speech, saying that Parliament can and must play an important role in the ongoing effort to strike a balance between staying open and being inclusive.
“The goal is this: we must express the hopes, aspirations, concerns and fears of our citizens in the highest forum of our country. But we must not and must not stop there. We must also be the voice of reason,” he said. .
“Being honest about the challenges we face, honest about the options and the tradeoffs … and ultimately what we believe benefits our citizens in the long term.”
Parliament should also give the people hope, Mr Iswaran added.
“Now more than ever, as we face unprecedented challenges and seek solutions, we must work with Singaporeans to build trust in what we have built over the past five and a half decades, the challenges we have faced and overcome, and have deep conviction in our strengths and capabilities, and look to the future with faith, “he said.
“WHAT IS THE MESSAGE WE ARE SENDING TO OUR CITIZENS?”
After Iswaran’s speech, Leong stood up to ask for clarification, adding that the PSP is “committed to an open and inclusive society and economy.”
“I want to ask the minister if the debate that we are conducting in recent days, when we are questioning certain issues, rebalancing certain issues … goes against the spirit that he is trying to explain to us just now.” ,” he said.
In response, Mr. Iswaran said: “We can always make the case to do more for Singaporeans … The problem is when we lament that a Singaporean occupying a certain position is not homegrown. So I think we really have to ask ourselves: as parliamentarians, as elected representatives, what is the message we are sending to our citizens? “
He added: “What do you say to those who are the spouses, the children of Singaporean citizens who have naturalized in Singapore?”
He then asked Mr. Leong, “After this discussion and all the information that has been shared, do you still regret that DBS does not have its own CEO?”
The Minister of Communications and Information, S Iswaran, gave his response to the clarifications requested by the opposition leader Pritam Singh and the NCMP Leong Mun Wai. Minister of Transportation and MAS board member Ong Ye Kung, Second Minister of Human Resources Tan See Leng, and Minister of State Chee Hong Tat also rose to comment.
Iswaran also asked if Leong acknowledges that there are large numbers of Singaporeans at the top levels of DBS Bank, an issue that had been addressed on Tuesday after a clarification from Nee Soon’s GRC MP Derrick Goh.
Mr. Leong said he appreciates the clarification made by Mr. Goh, but kept his comments on DBS, saying, “I’m still holding on to my disappointment, I still stick with it.”
He stressed that in his speech he had said that it was “for a period of 22 years.”
“Why didn’t the government, in the process, implement certain safeguards or certain other rules to ensure that we have these skills transferred … at least to ensure that Singaporeans are prepared to take office?” Leong said. .
“In that context, I don’t think the international community takes it very negatively. Singapore is open enough, foreigners know that we are very, very open. In fact, if we don’t do certain things to safeguard the interests of Singaporeans, I’m afraid let them laugh at us. “
“GROW OUR OWN WOOD”
This prompted a response from Transport Minister Ong Ye Kung, a board member of the Monetary Authority of Singapore, who said that this was not the case and had gone to great lengths to explain in the Chamber how Singapore had increased its talent pool. premises in the financial sector in recent decades.
“That process started when we brought in foreign experience and then we went to great lengths to train local talent, grow our own wood, learn from foreign experience, and from there many of our own … rose to positions of responsibility. , and I gave a lot of data requested by various members to show that we stand firm by being open to the world, “he said.
Mr Ong added that it would be a “wrong approach” to achieve this by setting a quota or insisting that a company must have a CEO from Singapore who must be “born here.”
READ: MAS to ensure ‘fair hiring practices’ in financial services sector, create opportunities for Singaporeans: Ong Ye Kung
Mr Iswaran then reiterated his point on how MPs should behave, saying: “What we say cannot go unsaid, it is there for the record, for the future and for all, Singaporeans – new citizens or born in Singapore – others who are here will all be watching us, and I believe that in this House, as elected representatives, we must hold ourselves to a higher standard.
“If we don’t, then I think we are failing in our duties as Members of Parliament and I think ultimately we are doing Singaporeans a disservice.”
Prime Minister’s Office Minister Tan See Leng asked Leong, who is the CEO of private equity firm Timbre Capital, if he would “freely and happily invest in” companies if it is clearly stated that a certain percentage of the top management must be of a certain nationality.
Leong said: “When we want to invest in a particular market, we are more concerned with whether the company really has the local connections and therefore whether they have enough local talent, including the CEO of the company.”
READ: Government agrees ‘in principle’ to broadcast Parliament proceedings live, MCI will study details
DBS CEO Piyush Gupta, who has led the Singapore bank since 2009, was also mentioned in Prime Minister Lee Hsien Loong’s speech on Wednesday.
Mr. Lee had said that the issue of concentration of foreigners in a company can be easily played, citing the example of a Facebook page that had posted a wefie of Mr. Gupta in a room full of Indian employees.
It was titled “Eye Test: Find a Singaporean or Chinese in this DBS photo.” The photo, posted last September, recently resurfaced and went viral, but it was fake news, Lee said.
“That photo was taken in India, where DBS had opened a new office, not in Singapore. The person who posted the message surely knew it, but irresponsibly used the wefie to imply that DBS in Singapore was not being fair to Singaporeans.” and she hurt herself, “she said.
The prime minister added: “Ultimately, our goal is to grow the economy, create good jobs for Singaporeans and raise our standard of living.”
