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EP rule changes unavoidable

A number of people are unhappy about the walkover Presidential Election, and some put the blame on changes made to the Elected Presidency (Hundreds protest against reserved Presidential Election; Sept 16, online).

TODAY file photo

TODAY file photo

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Chan Wing Kin

A number of people are unhappy about the walkover Presidential Election, and some put the blame on changes made to the Elected Presidency (Hundreds protest against reserved Presidential Election; Sept 16, online).

Voting is a tool to help us solve an issue: Selecting one from a few candidates for a post. So when only one candidate qualifies, a voting process is not required to get the right person to do the job.

Qualified candidates gain nothing from a voting process. They will not be smarter because of our votes, nor less capable without our votes.

So what did we lose? Maybe the entertaining elements of the process: Guessing or betting on the winner; arguing over who is the better choice; passing gossip around; and yelling or cheering when one’s candidate has lost or won.

Did the changes to the Presidential Election cause a walkover? Yes and no. The higher criteria excluded some people from a contest.

On the other hand, at least a couple of contenders said why they did not take part (PE2017: High-flyers on why they didn’t take the plunge; Sept 13).

There may be others who are happy with their current situation and uninterested in contesting the post.

Were the changes necessary? As the Prime Minister mentioned at last year’s National Day Rally, the previous criteria were set around 25 years ago.

Our gross domestic product, Central Provident Fund balances and foreign reserves have since increased by six to seven times, to a total of over $1 trillion. To protect our money, we need a person with decision-making experience involving funds of such magnitude.

In daily life, people make similar changes. When we were young, we put our savings in a piggy bank. Later on, we put them in a bank to earn interest and for security.

Years later, when we wish to invest, we look for a bank that can help us to buy and sell equities or funds and can advise us well. We start doing business with an international bank when we invest overseas.

If we plan to list our business, we talk to bankers who are strong in the initial public offering field. Now we may be looking for a bank known for its information technology services.

So changes are made, and some parties lose opportunities as a result, as with small local banks.

Unfortunately, it is unavoidable.

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