I refer to the article “Firms with $500 million capitalisation in minority” (thenewpaper, Sep 1).
It states that “The criteria has tightened for private sector contenders, who must now have run a company of a higher worth.
To automatically qualify, the candidate must be the most senior executive of a company with shareholder equity of at least $500 million for the last three years, an increase from the previous threshold of a $100 million paid up capital.
According to Accounting and Corporate Regulatory Authority data from March last year, there were 691 Singapore-incorporated companies with shareholders’ equity at or exceeding $500 million.”
As to “The upcoming Presidential Election, if contested, will see 2.5 million Singaporeans go to the polling stations on” – does it mean that about 99.97 per cent (691 divided by 2.5 million) of the voting population may not qualify to stand for election under the private sector qualification?
If so, we may arguably have the most restrictive and elitist presidential election rules in the history of the world.
By the way, how many Malays qualify?
Leong Sze Hian