Tharman Shanmugaratnam, the former Deputy Prime Minister, emerged victorious in Singapore's contentious presidential election last Friday, securing a decisive majority. This closely monitored election was perceived as indicative of public backing for the ruling party. In spite of a string of unprecedented scandals in Singapore leading up to the election, Shanmugaratnam garnered more than two-thirds of the votes, outperforming his two opponents.
Shanmugaratnam, in his speech before the announcement of the results, stated that he believed the votes cast were a vote of confidence in Singapore and an expression of optimism for the future of Singaporeans, where they can progress together and provide mutual support.
He obtained a total of 70.4% of the votes, thus earning the privilege of serving as president for a period of six years.
Tan Cheng Bock, who previously held the position of Chief Investment Officer at Singapore's sovereign wealth fund, Temasek Holdings, where he supervised the nation's foreign reserves, emerged as the primary rival to Shanmugaratnam. Despite securing 15.7% of the votes, Tan gracefully accepted his defeat. In a statement to the press, he candidly acknowledged, "The outcome of the election is unmistakable," while also recognizing that Shanmugaratnam had legitimately earned the trust and endorsement of the Singaporean populace.
Shanmugaratnam acknowledged the inherent characteristics of Singapore, characterized by perpetual transformation and progress, notably its multiculturalism. He expressed his conviction that the election marked yet another significant accomplishment within this continuous journey.
The role of the President in Singapore entails rigorous prerequisites and formal responsibility for supervising the financial reserves amassed by the city-state. Additionally, the President possesses the authority to exercise veto power over specific initiatives and grant approval for anti-corruption inquiries.
Despite the non-partisan nature of the presidency as stipulated by the constitution, political factions had emerged before the election to succeed the current President, Halimah Yacob, who ran unopposed and was elected for a six-year term in 2017. Shanmugaratnam was widely regarded as the favored contender for this position, having relinquished his membership in the ruling People's Action Party (PAP) and his senior ministerial role in the cabinet, as all prospective presidential candidates are required to be detached from any political affiliation.
During the campaign, Shanmugaratnam, a seasoned economist of 66 years, encountered inquiries pertaining to his impartiality, and his affiliation with the government was widely perceived.
The government of Singapore is headed by Prime Minister Lee Hsien Loong, who is currently representing the People's Action Party, a dominant political entity since 1959. The United States expressed felicitations to Shanmugaratnam, placing significance on the reciprocal respect, shared principles, and overlapping concerns shared by both nations.
Experts have noted that the forthcoming general elections in 2025 will serve as an indicator for gauging the degree of support for the People's Action Party. Furthermore, it will also reveal the extent of discontentment aroused by recent controversies, such as the ongoing misconduct probe concerning the Minister of Transport and the resignation of two People's Action Party members following their involvement in an extramarital affair.
During his election speech, Shanmugaratnam addressed the concerns of voters who perceived themselves as being marginalized due to the ruling party's unwavering focus on growth-oriented policies, resulting in financial hardships for many individuals. He presented to the electorate the importance of social welfare and elucidated the modifications his party had implemented after a half century of uninterrupted governance. Additionally, he recognized the necessity for further reforms.
Shanmugaratnam attained his education and training from esteemed educational institutions such as the London School of Economics, the University of Cambridge, and Harvard University. Furthermore, he dedicated the majority of his professional tenure to the Monetary Authority of Singapore, which serves as the nation's central bank and regulatory authority for its financial sector.