More transparency for town councils' investment

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    Co-ordinating Chairman of PAP Town Councils
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We need to address the following issues with regard to the recent investment of our town councils funds into toxic instruments:

1. More transparency needed from all town councils on the investible profit/loss statement all these years other than those listed in the annual financial statement. We prefer a clearer detailed reporting.

2. More say from the fee-paying residents on whether they want to limit the current investible amount of our sinking funds into risky investment from the current 35\%. We are clearly uncomfortable with the investment into risky instruments however small it is.

3. More consultation on how our huge sinking funds accumulated can be put to better use. We will prefer a more consultative approach on how our estates are managed.

Above all, we want to be better engaged as residents so that we can participate fully on how our estates can be better improved.

Thank you.

131 Signatures

  • GILBERT
  • Lee Chee Wai
    • Comments
    • Good job, hope they pay attention. I'd like to see this applied to all opposition wards as well, if they do not already possess a certain level of transparency (eg. Hougang has decent transparency)
  • Tan Kin Lian
    • Comments
    • If the town councils were misled into investing in the toxic notes, they should take legal action against the distributor to recover the losses
  • Woo Kang Wei
  • ah pek
    • Comments
    • TC able to get back the mini-bond loss?
  • Luke Tan
  • afzainizam zahari
  • Stanley kweh
  • Lin Daoyi
  • Lye Kee Fook
  • Peter Ong
    • Comments
    • Thanks for taking the lead.
  • Cristel Lin
    • Comments
    • More transparency please
  • Irene Pon
  • Sentosa
    • Comments
    • Town Council are being to secretive in hiding their loss, just like NKF before the whole saga
  • alan chan
  • Yeo Kok Leng
    • Comments
    •  
  • Goh K. L.
    • Comments
    • Yes to more transparency but how do we know the simple truth? In Singapore, information and the media is controlled by the government.
  • Chan Kim Seng
  • Andy Lee
    • Comments
    • Singapore trademark equals to high regard to Transparency. Without transparency, you can guess, we'll become like just another "nation"
  • John Chua
    • Comments
    • Let TCs be just TCs and nothing else.
  • Choo chang Teng
    • Comments
    • Yes, more transparency!
  • Charles Lim
  • Mohamad Hamim Bin Aliyas
  • Joshua Chiang
  • Sia TC
  • Patrick Wee
    • Comments
    • It is our entitlement to know how the money we paid for the conservancy fees are used.
  • Tan Boon Leng
    • Comments
    • Town Council's monies are the people's money. As our representative in government, it is incumbent upon the various MPs and Ministers helming the Town Councils to give us an answer as to shed real light on the issue, and not lead us on a semantic merry-go-round!
  • WM Sim
  • Jefffrey Ho
    • Comments
    • The worry is that this may just be the tip of the iceberg. What about the performance of their investments in total (not just the Lehman structured products) given that most markets have fallen by almost 50\%?
  • kevin ong
    • Comments
    • sit up and listen!
  • Pungay Tan
    • Comments
    • Transparency please.
  • ATG
    • Comments
    • Think it is not right to invest in a product that offers 5\% returns but one may lose the entire principal..that's not right.
  • Raymond H
    • Comments
    • we need more transparency
  • Heng Hock Choon
  • Arthur
    • Comments
    • The only transparency in town councils are their glass doors
  • KAO YIT CHEE
  • Dickson Lee
  • Adrian Lee
    • Comments
    • Tell us about the paper losses too!
  • Eric
  • Tan Zhong Chuan
    • Comments
    • They should have a guideline to ensure they do reveal what they need and not allow them to decide on what to reveal.
  • gary teoh
  • Tan Choon Yong
  • Ong Chee Kuang
  • Ho Wai Hoong
    • Comments
    • Would Support for such calls for Transparency
  • Terence
    • Comments
    • Increase in minister salary shld be used to hire 3rd party government inspectors instead
  • Loon Kok Keong
  • LKY
    • Comments
    • we need a proper explanation as to why this info was not revealed until the leak. As this is the people's money residents should have been informed of the investments and how it would have benefitted the residents!
  • Er Ming Hung
  • Cheng Shin Chuen
  • Leslie Chew
    • Comments
    • In addition I call for immediate reduction of excessive S&C. Ignoring this petition will result in we, the residents, withholding all payment of S&C as the current sinking funds are obviously more than sufficient to cover all necessary repairs and maintences for at least the next decades.