LETTER SENT TO BOARD OF DIRECTORS, NTUC INCOME INSURANCE COOPERATIVE LIMITED ON 27 MAY 2008
A number of your members have expressed a desire to attend NTUC Income's Annual General Meeting on 30 May 2008 at 6pm at the Auditorium, 7th Floor, NTUC Income Centre, 75 Bras Basah Road, Singapore 189557. I understand from them that they are being turned away due to lack of capacity.
Such a development is unfortunate for several reasons.
Members are the cornerstone of any successful cooperative society. NTUC Income is a key cooperative of not just the National Trades Union Congress but also of Singapore.
Indeed, it plays an influential role in the Singapore landscape. For example, NTUC Income has a decisive stake in the management shares of the national press.
Under your leadership and that of your predecessor, NTUC Income has been a leading light in championing transparency and accountability in the financial sector and the insurance industry.
I am sure you will appreciate that such meetings are an important opportunity for your members, especially your members in the minority, to hold the cooperative society and its management accountable.
Members also get to exercise their rights, as provided in the By-Laws of NTUC Income, at such meetings.
The gravity of this is only enhanced in light of recent decisions by your team, which have received much publicity in the media and will affect a majority of your ordinary members.
I am sending this feedback, as the members, who have been declined the opportunity to attend your AGM, would prefer to remain anonymous. I hope it can be looked into.
NTUC Income has crucially represented in its latest annual report that "it is committed to maintaining the highest standards of corporate governance".
As such, please enable all your members to attend NTUC Income's Annual General Meeting, in particular those who have expressed a desire to do so. Let your members exercise their rights.
Please consider the environment - do you really need to print this?