Tan Kin Lian
Encyclopedia
Tan Kin Lian is the former CEO of NTUC Income
. Since stepping down as CEO in April 2007, his activities have included organising public rallies for people who lost their money due to investing in Lehman Brothers
' Minibond
products to seek redress, and setting up FISCA, an organisation to teach people about long-term financial security. In 2008, he indicated that if sufficient people want him to, he would be willing to stand as a candidate for the next election of the President of Singapore
.
(Secondary) and did very well academically, coming in second at the O-level School Certificate examinations. Despite this, he had to stop his formal education early and find a job to financially support his family. While working full time, he took up actuarial studies as a private student and qualified in ten years, becoming the second actuary in the country at that time.
Insurance Co-Operative in 1977, at the age of 29, subsequently re-designated as chief executive officer and remained in this position until April 2007. During his leadership the company has grown from having $28 million in assets in 1977 to more than $17 billion in assets and over one million policyholders in 2007.
Mr. Tan ran NTUC Income
with the aim of providing the best value to the policyholders. This meant lower fees for insurance agents, encouragement of direct selling practices which bypassed the agents altogether, and low operating expenses (throughout his 30-year CEO term Mr. Tan flew Economy Class, even on long haul flights). This management style clashed with some of NTUC Income
's board members, who preferred the Co-Operative to be run on a more commercial or professional basis, and even advocated it to be privatised. The board asked Tan to step down after completing his 30-year term at the helm.
member for 30 years but left the party in 2008 due to inactivity and disagreement with the party's value system. He was previously the party's branch secretary at Marine Parade
for 3 years and was chosen in 1977 by Goh Chok Tong
, a new MP at that time, to test a pilot scheme for setting up block committees, now known as residents' committees. For the first 10 years, Tan was active in Marine Parade constituency but became inactive for the next 20 years after he moved to Upper Thomson and later to Yio Chu Kang areas.
According to Tan Kin Lian himself, he was asked to stand for elections to parliament twice, in 1979 and 1985 (exact dates uncertain). He declined both times, earlier - due to his work commitments and later - because he disagreed with the direction of the party policy on issues such as national service and the graduate mothers scheme.
in 2007, Tan Kin Lian provides free financial advice and opinions on current affairs through his blog, and establishing Financial Service Consumer Association (FISCA) to teach people about long-term financial security. During 2008 financial crisis, he organised public rallies for people who lost their money due to investing in Lehman Brothers
' Minibond
products. The rallies resulted in a petition to Singapore government, signed by 983 investors.
On 7 June 2011, Tan Kin Lian announced that he would be running for the presidency
. Following this, he promised to donate a significant part of the $4 million presidential salary to a specially formed charity and circulated several statements outlining his position on the role of the president, including a controversial statement on safeguarding the reserves. The statements drew a mild rebuke from present and previous senior members of Singapore government, who attempted to publicly clarify that the Elected President has only "custodial powers" and not "executive powers". In reply, Tan Kin Lian issued another statement, where he agreed with the limitations but nevertheless stressed that “the president does not need to be armed with strong executive powers to make an impact. A well qualified and properly elected President will make his impact through the power to persuade, to influence, to counsel, to convey feedback and if necessary, to articulate informed positions on specific issues.”
On 7 July 2011, he submitted the presidential eligibility forms. Tan Kin Lian had submitted his application for the Certificate of Eligibility under a Special Clause - citing his experience as CEO of an insurance cooperative with a shared capital of $500 million and assets of $17 billion. He was granted the Certificate of Eligibility on 11 August 2011, along with the other three candidates.
In an interview with Channel NewsAsia
, Tan Kin Lian said that his main reason for running is that "Many people said they want voice, they want to be heard. I think I probably represent the person who has got ears to listen and is able to think independently." Tan Kin Lian thinks the role of the Elected President should be expanded, and has suggested for example, having the President's Office produce an annual report detailing the country's reserves. "I recognise that the President cannot be a second centre of power but that does not mean the President cannot do anything, because in order to make good decisions it's better to have several points of views," he said. Tan Kin Lian has pledged to donate a significant part of the annual $4 million presidential salary to charity
.
In response to rumours circulating that Tan would be dropping out of the presidential race early, he has refuted such claims and expressed that he would be filing his nomination papers as planned on 17 August 2011. He submitted his nomination forms on 17 August. In his nomination day speech, Tan Kin Lian was the only candidate who spoke in four official languages of Singapore (English, Chinese, Malay, and Tamil).
Tan advocates the need for the burden of National Service to be shared by all segments of the society, including females and non-citizens.
Tan's symbol is a "Hi-5". He explained "the raised hand signifies willingness to do public service, while the five fingers signify his values of honesty, fairness, positive attitude, courage and public service."
In less than three hours of the vote count, Tan Kin Lian conceded defeat. He got the lowest votes, with only 4.9% of the votes. For failing to achieve 12.5% of the votes, Tan Kin Lian lost his $48,000 deposit.
, the first directly elected President of the Republic of Singapore. When Late Ong Teng Cheong
was elected as President, Tan Kin Lian presented him a set of orchid motif ties in different colors, which were commissioned by NTUC Income
and made in United Kingdom
. Late President Ong liked the tie in red color and used it on a number of important occasions, including Nomination Day and his inauguration as the President of Singapore. He also wore it for his presidential portrait which was displayed in government offices and other organisations.
Tan Kin Lian was involved in several causes promoted by Late President Ong, such as Singapore Dance Theater (SDT), First Singapore Mount Everest Expedition, and President's charity. Tan Kin Lian promoted the SDT performances to the policyholders of NTUC Income and later joined the board of directors, where he served for 12 years. NTUC Income became one of the main sponsors of Mount Everest Expedition.
During the last two years of President Ong's term, Tan Kin Lian chaired the President's Charity event to raise funds and to promote the Singapore Dress. When Late Ong Teng Cheong
's wife had passed away, shortly after the second charity dinner, Tan Kin Lian organised 1,000 messages of condolences from Singaporeans, submitted through the internet, and presented the book to Late President Ong.
NTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
. Since stepping down as CEO in April 2007, his activities have included organising public rallies for people who lost their money due to investing in Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
' Minibond
Minibond
Minibond is a brand name for a series of structured financial notes issued in Hong Kong under the control of Lehman Brothers. It is a misnomer to describe the Minibond as credit-linked note because of the Synthetic Collateralised Debt Obligations hidden in the three-layered structure...
products to seek redress, and setting up FISCA, an organisation to teach people about long-term financial security. In 2008, he indicated that if sufficient people want him to, he would be willing to stand as a candidate for the next election of the President of Singapore
President of Singapore
The President of the Republic of Singapore is Singapore's head of state. In a Westminster parliamentary system, as which Singapore governs itself, the prime minister is the head of the government while the position of president is largely ceremonial. Before 1993, the President of Singapore was...
.
Early years
Tan Kin Lian was born to a poor family of a boat operator and was the second oldest child in the family (out of a total of five children). His father operated a small boat to transport fish from the Riau Islands to Singapore. His family stayed in a rented room and had to move residence every few years. He studied at Griffiths Primary School and at Raffles InstitutionRaffles Institution
Raffles Institution , founded in 1823, is the oldest centre for pre-tertiary learning in Singapore. It is an independent school in Singapore providing secondary and pre-university education. RI consists of a boys-only secondary section , and a coeducational pre-university section...
(Secondary) and did very well academically, coming in second at the O-level School Certificate examinations. Despite this, he had to stop his formal education early and find a job to financially support his family. While working full time, he took up actuarial studies as a private student and qualified in ten years, becoming the second actuary in the country at that time.
Director and CEO of NTUC Income
Tan Kin Lian became the general manager of NTUC IncomeNTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
Insurance Co-Operative in 1977, at the age of 29, subsequently re-designated as chief executive officer and remained in this position until April 2007. During his leadership the company has grown from having $28 million in assets in 1977 to more than $17 billion in assets and over one million policyholders in 2007.
Mr. Tan ran NTUC Income
NTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
with the aim of providing the best value to the policyholders. This meant lower fees for insurance agents, encouragement of direct selling practices which bypassed the agents altogether, and low operating expenses (throughout his 30-year CEO term Mr. Tan flew Economy Class, even on long haul flights). This management style clashed with some of NTUC Income
NTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
's board members, who preferred the Co-Operative to be run on a more commercial or professional basis, and even advocated it to be privatised. The board asked Tan to step down after completing his 30-year term at the helm.
Other positions
Tan Kin Lian’s 2007 CV mentions more than 60 directorships and other corporate appointments. Of these, the most notable is the chairmanship of International Co-operative & Mutual Insurance Federation (1992–1997), an international organisation which at that time represented 123 insurance groups in 65 countries, employing 260,000 people (www.icmif.org). The total assets of the members of this international federation totalled USD 1.5 trillion (1997 figure).Brush with politics
Tan Kin Lian was a People's Action PartyPeople's Action Party
The People's Action Party is the leading political party in Singapore. It has been the city-state's ruling political party since 1959....
member for 30 years but left the party in 2008 due to inactivity and disagreement with the party's value system. He was previously the party's branch secretary at Marine Parade
Marine Parade
Marine Parade is a town and an urban planning area in Singapore directly to the east of the Central Area, Singapore's central business district.-Location:...
for 3 years and was chosen in 1977 by Goh Chok Tong
Goh Chok Tong
Goh Chok Tong is the Senior Minister of Singapore and the chairman of the central bank of Singapore, the Monetary Authority of Singapore. He also served as the second Prime Minister of the Republic of Singapore from 28 November 1990 to 12 August 2004, succeeding Lee Kuan Yew, the former Prime...
, a new MP at that time, to test a pilot scheme for setting up block committees, now known as residents' committees. For the first 10 years, Tan was active in Marine Parade constituency but became inactive for the next 20 years after he moved to Upper Thomson and later to Yio Chu Kang areas.
According to Tan Kin Lian himself, he was asked to stand for elections to parliament twice, in 1979 and 1985 (exact dates uncertain). He declined both times, earlier - due to his work commitments and later - because he disagreed with the direction of the party policy on issues such as national service and the graduate mothers scheme.
Post-retirement interlude
Since retiring from NTUC IncomeNTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
in 2007, Tan Kin Lian provides free financial advice and opinions on current affairs through his blog, and establishing Financial Service Consumer Association (FISCA) to teach people about long-term financial security. During 2008 financial crisis, he organised public rallies for people who lost their money due to investing in Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
' Minibond
Minibond
Minibond is a brand name for a series of structured financial notes issued in Hong Kong under the control of Lehman Brothers. It is a misnomer to describe the Minibond as credit-linked note because of the Synthetic Collateralised Debt Obligations hidden in the three-layered structure...
products. The rallies resulted in a petition to Singapore government, signed by 983 investors.
2011 presidential elections
Tan sent early signals in 2008 that he wants to be Singapore's next president.On 7 June 2011, Tan Kin Lian announced that he would be running for the presidency
Singaporean presidential election, 2011
The Singapore presidential election of 2011 was the fourth Singapore Presidential Election, held on 27 August 2011. Nomination day for eligible candidates was held on 17 August 2011. Mr. S.R. Nathan, the previous President of Singapore, stepped down on 31 August 2011 when his term drew to a close...
. Following this, he promised to donate a significant part of the $4 million presidential salary to a specially formed charity and circulated several statements outlining his position on the role of the president, including a controversial statement on safeguarding the reserves. The statements drew a mild rebuke from present and previous senior members of Singapore government, who attempted to publicly clarify that the Elected President has only "custodial powers" and not "executive powers". In reply, Tan Kin Lian issued another statement, where he agreed with the limitations but nevertheless stressed that “the president does not need to be armed with strong executive powers to make an impact. A well qualified and properly elected President will make his impact through the power to persuade, to influence, to counsel, to convey feedback and if necessary, to articulate informed positions on specific issues.”
On 7 July 2011, he submitted the presidential eligibility forms. Tan Kin Lian had submitted his application for the Certificate of Eligibility under a Special Clause - citing his experience as CEO of an insurance cooperative with a shared capital of $500 million and assets of $17 billion. He was granted the Certificate of Eligibility on 11 August 2011, along with the other three candidates.
In an interview with Channel NewsAsia
Channel NewsAsia
Channel NewsAsia is an English language pan-Asian news network based in Singapore and owned by MediaCorp. Started on 1 March 1999 based in Singapore by Television Corporation of Singapore, it was launched internationally on 12 February 2001 as the international broadcasting arm of Channel...
, Tan Kin Lian said that his main reason for running is that "Many people said they want voice, they want to be heard. I think I probably represent the person who has got ears to listen and is able to think independently." Tan Kin Lian thinks the role of the Elected President should be expanded, and has suggested for example, having the President's Office produce an annual report detailing the country's reserves. "I recognise that the President cannot be a second centre of power but that does not mean the President cannot do anything, because in order to make good decisions it's better to have several points of views," he said. Tan Kin Lian has pledged to donate a significant part of the annual $4 million presidential salary to charity
Charitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
.
In response to rumours circulating that Tan would be dropping out of the presidential race early, he has refuted such claims and expressed that he would be filing his nomination papers as planned on 17 August 2011. He submitted his nomination forms on 17 August. In his nomination day speech, Tan Kin Lian was the only candidate who spoke in four official languages of Singapore (English, Chinese, Malay, and Tamil).
Tan advocates the need for the burden of National Service to be shared by all segments of the society, including females and non-citizens.
Tan's symbol is a "Hi-5". He explained "the raised hand signifies willingness to do public service, while the five fingers signify his values of honesty, fairness, positive attitude, courage and public service."
In less than three hours of the vote count, Tan Kin Lian conceded defeat. He got the lowest votes, with only 4.9% of the votes. For failing to achieve 12.5% of the votes, Tan Kin Lian lost his $48,000 deposit.
Awards received
- Friend of Labour Award in May 1978
- The Public Service MedalPublic Service MedalThe Public Service Medal may refer to one of a number of awards:* Public Service Medal , an Australian civil award* Pingat Bakti Masyarakat , a Singaporean civil award...
in August 1983 - The Rochdale Medal in July 1992
- The Financial Personality of the Year Award in August 2000
- 2001 International Management Action Award
- The Public Service Star in August 2004
- The Leading CEO Award in June 2005
Relationship with Late Ong Teng Cheong
Tan Kin Lian had a close relationship with Late Ong Teng CheongOng Teng Cheong
Ong Teng Cheong was the first directly elected President of the Republic of Singapore. He was the nation's fifth President, and served a six-year term from 1 September 1993 to 31 August 1999.-Early life:...
, the first directly elected President of the Republic of Singapore. When Late Ong Teng Cheong
Ong Teng Cheong
Ong Teng Cheong was the first directly elected President of the Republic of Singapore. He was the nation's fifth President, and served a six-year term from 1 September 1993 to 31 August 1999.-Early life:...
was elected as President, Tan Kin Lian presented him a set of orchid motif ties in different colors, which were commissioned by NTUC Income
NTUC Income
NTUC Income is a life and general insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market. Its current Chief Executive Officer is Tan Suee Chieh, who took over from Tan Kin Lian in February 2007.-External links:*...
and made in United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Late President Ong liked the tie in red color and used it on a number of important occasions, including Nomination Day and his inauguration as the President of Singapore. He also wore it for his presidential portrait which was displayed in government offices and other organisations.
Tan Kin Lian was involved in several causes promoted by Late President Ong, such as Singapore Dance Theater (SDT), First Singapore Mount Everest Expedition, and President's charity. Tan Kin Lian promoted the SDT performances to the policyholders of NTUC Income and later joined the board of directors, where he served for 12 years. NTUC Income became one of the main sponsors of Mount Everest Expedition.
During the last two years of President Ong's term, Tan Kin Lian chaired the President's Charity event to raise funds and to promote the Singapore Dress. When Late Ong Teng Cheong
Ong Teng Cheong
Ong Teng Cheong was the first directly elected President of the Republic of Singapore. He was the nation's fifth President, and served a six-year term from 1 September 1993 to 31 August 1999.-Early life:...
's wife had passed away, shortly after the second charity dinner, Tan Kin Lian organised 1,000 messages of condolences from Singaporeans, submitted through the internet, and presented the book to Late President Ong.