NTUC Enterprise announced on Thursday (Oct 30) the retirement of its board chairman, Mr Lim Boon Heng, following an Extraordinary General Meeting (EGM). Mr Lim will be succeeded by Mr Tan Hee Teck, effective from Friday, who was nominated by NTUC and elected to the NTUC Enterprise Board.
The former chairman directly addressed the failed strategic partnership between NTUC Income and Allianz, taking personal accountability for the outcome.
“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. Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility,” Mr Lim stated.
The proposed deal involved Allianz acquiring a 51 per cent stake in Income for an estimated S$2.2 billion. The arrangement was subsequently blocked by the government last year, following public concern over the co-operative’s ability to continue its social mission.
During the EGM, Mr Lim confirmed that NTUC Enterprise had conducted a review of its actions relating to the corporatisation of Income and the proposed Allianz offer. Legal firm Lee & Lee, which assisted with the review, found nothing to suggest that NTUC Enterprise’s actions were contrary to applicable laws and regulations, including the Co-operative Societies Act and Rules.
However, Mr Lim and the Board acknowledged areas for improvement. NTUC Enterprise noted that it “could have been clearer and more explicit with stakeholders” regarding the opportunities for improving capital resilience, efficiency, and optimisation with the proposed offer. The organization also recognized it “could have done better by being more proactive in public communications.”
In his retirement message, Mr Lim expressed confidence in the future of the organization.
“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.”
Significant Contributions to NTUC and the Labour Movement
Mr Lim’s retirement follows a notable period of leadership during which the labour movement’s social enterprises grew.
Under his leadership, the revenue of the NTUC Enterprise portfolio saw substantial growth, rising from S$6.5 billion (US$5 billion) in 2014 to S$8.2 billion in 2024, achieving a net asset value of S$4.6 billion across its pillars of impact businesses, charities, and financial investments.
NTUC Secretary-General Ng Chee Meng praised Mr Lim, calling him “a giant of the labour movement” and a selfless leader devoted to Singapore. Mr Ng highlighted the breadth of Mr Lim’s contribution, stating his impact is “immeasurable,” ranging from his time as NTUC secretary-general, where he laid the groundwork for many progressive labour policies, to his instrumental role in shaping NTUC Enterprise into a powerful force for social good.
He added: “The foundation he built, based on a deep sense of mission and integrity, will continue to guide our efforts forward.”
