Gerard Ee appointed to SG Accountancy Commission

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Gerard Ee appointed to SG Accountancy Commission

June 25th, 2014 | Author: Editorial




The Minister for Finance has appointed Mr Gerard Ee,
President of the Institute of Singapore Chartered Accountants, as a member to
the board of the Singapore Accountancy Commission (SAC).

Established in April 2013 as a statutory body, the SAC collaborates with
local and international communities in order to drive accountancy excellence in
Singapore through talent development, professional qualification, research and
thought leadership. Its goal is to transform Singapore into a leading global
accountancy hub for the Asia-Pacific region by 2020.

Mr Ee had been a public accountant since 1978 until his retirement as a
partner at Ernst & Young in June 2005. He is also the Chairman of the
Eastern Health Alliance and Changi General Hospital, and the Chancellor and
Chairman of SIM University, among his numerous appointments.

Mr Ee’s term is effective from June 20 this year to March 31, 2015, the SAC
said yesterday (24 Jun).

Determining Ministerial Salaries

Mr Ee’s most significant appointment to date was his appointment to chair the
Ministerial Salary Review Committee in 2011 after the GE, helping to determine
the salaries of the President, PAP ministers and PM Lee.

The need for the committee arose because of popular discontent towards
ministers being paid too handsome a salary, which was particularly notable
during the 2011 General Elections as a sensitive topic that was raised on
several occasions.

In his swearing-in speech on 21 May 2011 after GE, PM Lee acknowledged that
Singaporeans indeed, had genuine concerns over the salaries of their leaders. At
the same time, Ministers should be paid properly so that Singapore will have
capable and committed leadership over the long term, PM Lee said. He then
appointed the Ministerial Salary Review Committee to review the basis and level
of salaries for the President, PM, political appointment holders and MPs. He
chose Mr Ee to lead the Committee.

The Committee completed its review and submitted recommendations to PM Lee on
30 December 2011, which the government duly accepted.

The new ministerial salaries are based on the recommendation that the formula
for pegging ministerial pay be changed to the median income of the top 1,000
Singaporean earners less 40 per cent. It resulted in pay cuts for the various
Government positions:





However, after being forced to take a pay cut, PM Lee’s salary is still one
of the highest among leaders in the world. He still earns four times the salary
of US President Obama and eight times that of British Prime Minister David
Cameron [Link]:




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