Appointing the right people
Selecting the right people to manage our economy
August 2, 2009
SINGAPORE – The appointment and selection process identifying leaders who will be in a position to influence our economy is among the most eagerly followed, especially by analysts, journalists and others interested in following the fortunes of Singapore’s economy. Such hotseats include positions helming the Monetary Authority of Singapore (MAS), Ministry of Finance, Ministry of Trade and Industry, statutory boards such as the Economic Development Board, and quasi-government organizations such as Temasek Holdings.
Ideally, the person occupying the hotseat should have years of experience under his belt in dealing with financial and economic-related matters, before he can make such important decisions at the national level. An experienced leader in his field is always desired, but the selection process electing leaders to such positions leaves more questions than answers. Readers may recall that our current Prime Minister Lee Hsien Loong first entered Parliament in 1984, and this was right after he left the Singapore Armed Forces. In fact, a check on Lee’s biodata will reveal that he was the former Chief of Staff of the General Staff and Director of the Joint Operations and Plans Directorate when he was at Ministry of Defense up till 1984. During his virgin term in Parliament, Lee was catapulted into the role as Minister of State for Ministry for Trade and Industry (MTI), effectively enjoying a meteoric rise in his new career as a lawmaker.
Perhaps, no questions may be asked if a seasoned industrialist takes up the hotseat at MTI, but Lee was propelled straight into the hotseat immediately after his SAF days. Shouldn’t experience take precedence over qualifications when deciding on leaders who will take up the hotseats?
There is another similar example from the SAF, this time involving our former of Chief of Defense, Ng Yat Chung. Ng served in SAF for 28 years, and he was the Chief of Army before becoming the Chief of Defense. Ng left SAF and subsequently became the Managing Director of Corporate Development and, Portfolio Management and Systems at Temasek Holdings. Jumping into Portfolio Management straight from commandeering an entire armed forces seems like a huge leap! And it will not be surprising if observers expressed doubts over such an appointment.
A proven leader with a track record in his field inspires confidence in his ability to deliver. This is usually the case when deciding who to appoint in leadership positions at the middle and highest level. It is common sense for any Human Resource administrator to screen the resume of a potential candidate for any relevant experience. Did relevant experience matter to those who screened potential leaders who will go on to take up the hotseat in our economy?
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