Dr Tan was group CEO and managing director of IHH Healthcare, and also founded Healthway Medical Group
[SINGAPORE] The Republic needs more people with substantial private-sector experience in Cabinet, Prime Minister Lawrence Wong said, pointing to Minister for Trade and Industry (Energy and Industry) Tan See Leng as an example of the different perspectives such leaders can contribute.
Dr Tan entered politics in 2020 after a long career in the private sector, said PM Wong in a ministerial statement on Tuesday (Sep 8) on the government’s response to a review of political salaries.
Before entering politics when he was 55, Dr Tan was group CEO and managing director of IHH Healthcare, where he led the group as its revenue doubled from RM6 billion to RM12 billion (US$1.5 billion to US$3 billion).
Earlier in his career, he founded Healthway Medical Group and served as its CEO from 1993 to 2002.
Referencing a motion by the opposition Workers’ Party in August on the future of Singapore’s economy, PM Wong said Dr Tan’s private-sector experience allowed him to speak with authority about the challenges entrepreneurs face, and what more can be done to support them.
PM Wong said Dr Tan drew on years of experience running businesses and dealing with its challenges first-hand, which gave his speech “a conviction that would have been difficult for others in the team to replicate”.
“So he brings a different perspective and has made a real contribution to the team,” said PM Wong. “I would like to bring in more people like him.”
Ideally, he said they should come while they are in their 40s, so they have the runway to learn, grow and take on larger responsibilities over time.
Citing examples of potential candidates, PM Wong pointed to CEOs of major listed Singapore companies in sectors such as banking, telecommunications, aviation and engineering, as well as people on track for such leadership roles.
“At those levels, remuneration can run into several million dollars a year – well above even the revised MR4 benchmark,” he said, referring to the salary for starting-grade ministers.
“We are not trying to match what they earn. We never will. But when we approach people of that calibre, we cannot pretend that the opportunity cost does not exist,” he added.
PM Wong said he had approached several CEOs and senior business leaders before last year’s General Election who he thought could make a real contribution.
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