SINGAPORE — Presidential candidate Tan Kin Lian said on Wednesday (Aug 23) that he wants the President's role to include the power to set the investment policy for the country's sovereign wealth funds. 

Mr Tan also likened the President's role of providing feedback from Singaporeans to the Government to that of a monarch.

He added that setting the investment policy for the country's sovereign wealth funds is a "fundamental duty" despite also saying that he is aware that this is not under the purview of the President. 

“I disagree... If I'm in charge, I will want to make sure the investment policies of the past reserves are carried out prudently and properly," he said during a morning walkabout at ABC Brickworks Market and Food Centre in Bukit Merah.

“They may be different from what is being done now. But it is a separate method.” He did not elaborate on what method he will take.

Dr Felix Tan, a political analyst at the Nanyang Technological University, said that Mr Tan will not be able to do so should he be elected as he does not have the constitutional powers to do so.

While he can make recommendations on policy, "at the end of the day, it is up to the Cabinet, the Government of the day, to decide", said Dr Tan, adding that the President cannot overturn the constitution.

Associate Professor Eugene Tan of the Singapore Management University added that while a President may attempt to offer his opinions, there is no legal obligation or moral duty to receive or accept these views.

"In fact, the sovereign wealth funds can ignore any request by the President seeking to offer his views on the sovereign wealth funds' investment policies," he said.

PRUDENCY, LONG-TERM OUTLOOK

Although setting Singapore’s investment strategy is not the President’s role, Mr Tan said he wants oversight to ensure investment of past reserves is carried out “prudently and properly”.

He explained that during his time as NTUC Income chief, his strategy was to invest long term.

“I grew the assets of NTUC income 600 times in 30 years — from S$28 million to S$17 billion,” reiterated Mr Tan, who worked at the insurer up till 2007.

“During this journey, I encountered many cycles of ups and downs in the global economy. And I pursue a policy which is to invest the funds prudently and for the long term.

“When the global economy is down, it is a short-term situation, it will recover. If you pursue a prudent policy and do not take excessive speculation, we will be all right."

PLAYING THE ROLE OF A MONARCH

Acknowledging that the President’s role does not include setting policy, Mr Tan said that his meetings with the Prime Minister and other ministers would, however, hopefully allow him to have some influence over the policies implemented.

He likened this to the role of a monarch in other countries.

“The monarch conveys to the Prime Minister the feelings and aspirations of the people,” he said, adding that unlike a monarch, a President is an elected position.

“I may not be the monarch (of Singapore). But if I’m elected by one million people — majority in this election — I will play that role.”

He also emphasised that he does not intend to be an adversary to the elected Government. 

Rather, he hopes to work in collaboration with them to achieve three goals — to reduce the cost of living, ensure affordable housing for all, and ensure secure jobs to provide stability and progress.

"I believe the President has tremendous soft power due to the prestige of his office and from the strong mandate he has received through the Presidential Election," he said.

He also added that as the President, he would also appoint "independent and suitably qualified people as commissioners" to inquire into events when the need arises, such as "recent events that are described as scandals".

On this note, political analyst Dr Tan said that this is the Prime Minister's role to suggest such investigations. 

"The President can make suggestions, that is not wrong, and anybody can make suggestions. But at the end of the day, having an independent institution is not the role of the President to do."

'SMEAR CAMPAIGN' ALLEGATIONS REMOVED

Mr Tan was also asked about the Facebook post he deleted, in which he had alleged that he was the target of a "smear campaign", but he declined to comment, saying he will address the topic at a later date.

The allegations had also been also removed from his website when TODAY checked on Wednesday.

In the now-deleted post, he had written that his opponents and the media were orchestrating a "smear campaign" against him by sparking a debate about his past social media posts about "pretty girls". 

He has also removed a post in which he had said he "totally reject(s) Aware's allegations and insinuations" that he objectifies women. 

The Association of Women for Action and Research (Aware) had on Monday voiced concerns over Mr Tan's participation in the election, citing his "history of objectifying women" based on his Facebook posts on "pretty girls" he had met.

ON CAMPAIGN PLANS

When asked about his plans to hold a rally, Mr Tan said he has pushed back the date from this Friday to next Thursday.

Citing logistically problems, Mr Tan said that the "time to plan is too short" and the cost of renting a stadium is prohibitive.

He added that he is in talks to speak at a local university soon to reach out to young people, and urged them to listen to the four podcasts he has recorded.

“I think (the podcasts) have done an excellent job to convey honestly without unfair censorship what I say,” he said.

“In fact, they were quite kind in editing to remove the parts that I might have spoken wrongly.”

For now, he and his team have put up their campaign posters.

“For every two (posters) of Tharman, there’s one of Tan Kin Lian,” he said, referring to one of the two other presidential candidates, Mr Tharman Shanmugaratnam.