The corporatisation of NTUC Income is disappointing to many policyholders who have steadfastly supported it over the years (NTUC Income co-op to corporatise amid stiffer competition, Jan 7).
Some of us are concerned that Income might eventually forget its social mission of meeting the needs of Singaporeans for affordable and quality insurance products.
After all, the declaration made in 2013 that NTUC Enterprise did not plan to list Income has now been abandoned.
So there is no guarantee that the current management’s promise of keeping its social mission in the new company will be retained.
To help ensure that the new company keeps Income’s social enterprise objectives, it should consider incorporating these objectives into the memorandum and articles of association of the new company.
Hopefully, this will help to ingrain the social mission into the DNA of the company and its management.
Lee Yim May