Dear Mr. Tan,
I am disappointed that you accepted the statement by the Law Minister that the President have no say on the investment strategy. How can you safeguard the reserves when it can be invested recklessly?
REPLY
I accept the statement that the President must work within the powers allowed under the Constitution and should not interfere with the decisions of the Government. I also agree that it is necessary for the President to have a say on the investment policy as a logical extension of his duty to safeguard the reserves. I agree with the Law Minister that this involvement does not go into the day to day execution of the investment policy - which should be left to the full time professionals. I do not wish to debate this issue now, and will be happy to let the matter be resolved by the next elected President. It can be discussed behind closed doors.
I am disappointed that you accepted the statement by the Law Minister that the President have no say on the investment strategy. How can you safeguard the reserves when it can be invested recklessly?
REPLY
I accept the statement that the President must work within the powers allowed under the Constitution and should not interfere with the decisions of the Government. I also agree that it is necessary for the President to have a say on the investment policy as a logical extension of his duty to safeguard the reserves. I agree with the Law Minister that this involvement does not go into the day to day execution of the investment policy - which should be left to the full time professionals. I do not wish to debate this issue now, and will be happy to let the matter be resolved by the next elected President. It can be discussed behind closed doors.
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