Mastodawn

Jul 25, 2024

If #socialinstitutions dance too closely with #forprofit MNCs🤔🇸🇬

Income-Allianz deal raises concerns among #public, experts
"former CEO of #NTUC #Income #Cooperative, also weighed in, calling it a "breach of #goodfaith" given tt the #assurance from NTUC Enterprise to remain as #majority #shareholder was used to alleviate concerns about te #corporatisation in 2022.. Insurance Income was founded in 1970 to provide #essential, #affordable #insurance to #underserved #workers"
https://www.channelnewsasia.com/singapore/ntuc-income-insurance-allianz-deal-tan-suee-chieh-tommy-koh-4500751

Income-Allianz deal raises concerns among public, experts; former CEO calls it a 'breach of good faith'

Concerns that Income Insurance will no longer prioritise the needs of Singapore workers are justified since Allianz is a large multinational corporation, one analyst says.

CNA

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Joseph Lim

Jul 27, 2024

Commentary: Allianz's bid for Income #Insurance
" #Singapore is better served by an #IncomeInsurance tt puts #people b4 #profits, not profits b4 people, says former NTUC Income CEO Tan SC on e #Allianz deal.. NTUC Enterprise cashing out wasn't discussed or didn't feature directly in the 2022 narrative. The understanding then was tt NTUC Ent wld remain a #majority shareholder in NTUC Income.. W these as a backdrop, its hard to regard any further commitments made seriously"
https://www.channelnewsasia.com/commentary/ntuc-income-allianz-insurance-social-mission-profits-people-4506411

Commentary: What's behind the concern over Allianz's bid for Income Insurance?

Singapore is better served by an Income Insurance that puts people before profits, not profits before people, says former NTUC Income CEO Tan Suee Chieh on the Allianz deal.

CNA

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Joseph Lim

Contd.
"We must ensure tt the interests of all #stakeholders, incl'g minority & early investors, r #protected & tt commitments & #assurances made during e injection of NTUC Ent’s capital into NTUC Income btw 2015-2020 & #corporatisation in 2022 r #honoured. More importantly, Income Insurance must remain dedicated to serv'g people of #Singapore & not e shareholders of Allianz, putting #peoplebeforeprofits - not the opposite. 🇸🇬need a diversity of business models to create a more resilient society"