On the Ground

NTUC Income's corporatisation may raise questions over its social mission

NTUC Income on Thursday announced it is planning to corporatise to seek long-term growth and competitiveness. ST PHOTO: NG SOR LUAN
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SINGAPORE - In May 2013, NTUC Enterprise - the union entity that holds the controlling stake in 12 National Trades Union Congress social enterprises - declared: "We do not plan to corporatise or list any of these social enterprises."

Its then group chief executive-designate Tan Suee Chieh said in a letter to The Business Times that NTUC social enterprises exist to meet the needs of Singaporeans for affordable and quality products and services, and corporatisation or listing would change their fundamental character and objective of putting people before profits.

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