Lim Boon Heng retires as NTUC Enterprise chairman at EGM; says he takes ‘ultimate responsibility’ for failed Income-Allianz deal

Legal firm Lee & Lee was engaged to assist with the review, and had found nothing to suggest that NTUC Enterprise’s actions in relation to the corporatisation of Income and Allianz’s proposed offer for Income were contrary to the provisions of the applicable laws and regulations considered, including the Co-operative Societies Act and Rules.

Mr Lim emphasised that NTUC Enterprise had always acted in good faith and had acted in accordance with applicable laws and regulations, and the conclusions in Lee & Lee’s review reinforced this.

At the same time, Mr Lim and the NTUC Enterprise Board acknowledged there were areas for improvement, said NTUC Enterprise.

“In particular, NTUC Enterprise could have been clearer and more explicit with stakeholders that there were opportunities to improve capital resilience, efficiency and optimisation with the Allianz’s proposed offer for Income. 

“NTUC Enterprise could also have done better by being more proactive in public communications. NTUC Enterprise will take on board these observations to improve its processes.”

“It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition,” shared Mr Lim.

“Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility,” he said. 

“While this particular chapter in Income’s history – of Allianz’s proposed offer for Income, which was subsequently withdrawn in 2024 – is closed, there is still much work to be done going forward for the NTUC Enterprise Board to consider all strategic options that can future-proof Income, taking into account considerations of stakeholders.”

On his retirement, Mr Lim said: “It has been a privilege to serve and lead NTUC Enterprise alongside directors and managements across the portfolio with wide experience, deep expertise, and strong alignment to the purpose and social mission of the NTUC. 

“I thank my colleagues for their support and dedication. I am confident that the NTUC Enterprise portfolio will continue to grow from strength to strength in market competitiveness and financial resilience, anchored on purpose.”