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Founder of Harvey Norman Ossia, George Goh, spoke to the media at the Elections Department on Jun. 13 morning after announcing that he would be running in the 2023 Presidential Election.

During the doorstop interview, Goh was asked to respond to speculation that he might not qualify to run for the role of elected president of Singapore due to the new private sector service requirement eligibility rules.

Previously, business leaders who helm corporates with at least S$100 million in paid-up capital would be deemed eligible for the election.

The requirement has since been revised to those who lead corporations with at least S$500 million of average shareholders' equity during their most recent three-year period of service.

In response, Goh said:

"When I decided to run, I put a team of professionals [to help me]. It's very important to put your auditor, your accountant, and your lawyer together to discuss the eligibility [requirement of] S$500 million of profit for the most senior executive of an organisation. I believe I am qualified.

Of course, in due course, I will submit the numbers of the companies I founded, incorporated, or I am a shareholder of the company. I will submit the [numbers of] the companies that I am a founding member or shareholder. [I will] put them together and submit [the information] to the Presidential Elections Committee (PEC).

Similarly, when asked whether he was worried that Ossia International, the company Goh founded which brought Harvey Norman to Singapore, is on Singapore Exchange (SGX)'s watchlist would affect his chances to run for the presidency, Goh said:

"It is only one of [the] listed companies. The watchlist is talking about the main board, and you need to be crossing S$40 million [in the average daily market capitalisation over the last six months]. I think we [are] now at S$58 million. That is only one of the companies [under my name]. It is not going to affect my eligibility."

According to SGX, companies will be placed on the watchlist if they record pre-tax losses for the three most recently completed consecutive financial years (based on audited full-year consolidated accounts) and an average daily market capitalisation of less than S$40 million over the last six months.

Share equity requirement prompts Goh to run for presidency

The S$500 million in share equity requirement is also one of the reasons that Goh decided to run for the presidency in the first place, according to a press release issued by his team on Jun. 12.

The statement said:

"He was concerned that the more stringent conditions might lead to another uncontested election, as was the case in 2017 with President Madam Halimah Yacob, a former Speaker of Parliament. Although there are 1,200 such companies, not many are helmed by citizens. Most would also rather remain 'private' citizens."

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Top images via Mothership; some quotes have been edited for clarity