Netizens question Lim Boon Heng’s ‘ultimate responsibility’ remark after NTUC Enterprise retirement

SINGAPORE: Netizens have questioned whether Lim Boon Heng’s statement about taking “ultimate responsibility” carried real weight, noting that responsibility should be taken when issues arise—not only upon retirement.

The response came after NTUC Enterprise announced on 30 October 2025 that its chairman, Lim Boon Heng, had retired, marking the end of a decade of leadership.

The announcement, made during the cooperative’s extraordinary general meeting (EGM), followed the collapse of a proposed strategic partnership between Income Insurance and Allianz.

Tan Hee Teck was elected to the NTUC Enterprise board and will assume the chairmanship from 31 October.

The board stated that it “fully supports” NTUC’s nomination of Tan, who is expected to continue strengthening the portfolio’s financial resilience and social impact.

Lim Takes “Ultimate Responsibility” for Failed Deal

Lim, 77, expressed regret over the collapse of the Income-Allianz partnership, acknowledging that he had spent significant effort securing Income’s long-term sustainability.

“It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition. Unfortunately, Allianz’s proposed offer for Income was withdrawn, and I take ultimate responsibility,” Lim said.

Under his leadership, NTUC Enterprise’s revenue rose from S$6.5 billion (US$5 billion) in 2014 to S$8.2 billion (US$6 billion) in 2024, while its net asset value reached S$4.6 billion (US$3.3 billion) across its businesses, charities and investment arms.

Background: The Allianz-Income Proposal

The proposed deal would have seen Allianz acquire a 51 per cent stake in Income for about S$2.2 billion (US$1.6 billion). It aimed to boost Income’s capital base and support its regional expansion.

However, the plan drew widespread public criticism over whether the cooperative—originally founded to serve working Singaporeans—could retain its social mission under foreign ownership.

In October 2024, the government blocked the deal, citing concerns about the cooperative’s purpose and the protection of stakeholder interests. Allianz subsequently withdrew its offer.

Internal Review and Findings

Lim revealed that NTUC Enterprise had commissioned legal firm Lee & Lee to conduct a review of its actions regarding both the corporatisation of Income and the proposed Allianz partnership.

The review found no legal breaches and concluded that NTUC Enterprise had acted in accordance with the Co-operative Societies Act and its Rules.

Lim emphasised that the organisation had “always acted in good faith”, but admitted to shortcomings in communication.

“NTUC Enterprise could have been clearer and more explicit with stakeholders about opportunities to improve capital resilience and efficiency through the Allianz offer,” he said. “We could also have been more proactive in public communications.”

The board added that lessons from the episode would guide future governance and stakeholder engagement practices.

Legacy and Succession

Reflecting on his retirement, Lim said: “It has been a privilege to serve and lead NTUC Enterprise alongside directors and managements across the portfolio with wide experience, deep expertise, and strong alignment to the purpose and social mission of the NTUC.”

He added that he was confident the organisation would continue to grow “in market competitiveness and financial resilience, anchored on purpose.”

NTUC Secretary-General Ng Chee Meng described Lim as “a giant of the labour movement” whose career embodied dedication and integrity.

“From his time as NTUC secretary-general to his leadership of NTUC Enterprise, his impact is immeasurable,” Ng said.

“The foundation he built, based on a deep sense of mission and integrity, will continue to guide our efforts forward.”

Netizens Question Accountability

Online reactions to Lim’s retirement were mixed, with many netizens on Reddit and the Facebook pages of CNA and The Straits Times questioning whether Lim’s statement about taking “ultimate responsibility” held substance, given its timing.

“Why take responsibility after he retires? Take responsibility when you are still in office,” one user commented.

Another remarked, “So basically it’s ok if I fail in my job, just continue to take salary for years and years, then before retirement just say I ‘take ultimate responsibility’ and all will be settled.”

“What does he mean by ‘take ultimate responsibility’? He should be held accountable and should make a clear, sincere apology for the handling of the Income sale,” another said.

One commenter added that Lim should have intervened earlier and taken corrective action before the proposal was submitted to the Government.

“Someone should have fired him instead of letting him retire so nicely,” the user wrote.

Allegations of a Scapegoat

Some commenters suggested that Lim was being used as a scapegoat to shield others involved in the failed deal.

One user noted that those who had followed the entire Income-Allianz episode would recognise that multiple individuals within Income had supported the sale, as reflected in the open letters written by several former senior managers—indicating that the proposal was not the work of a single person.

“Sorry, but it seems like Lim Boon Heng is being used as a scapegoat to take one for the team and the inner circle,” the user added.

Concerns About Leadership Culture

Other netizens expressed frustration about the example set for future leaders, warning that such delayed accountability could harm organisational culture.

“Very bad example, teaching people to only take responsibility when retired. If senior management or senior civil servants all act like that, I can’t imagine the state of the organisation,” one user wrote.

The user added that the situation showed NTUC Enterprise lacked succession planning and relied on retirements and parachuted replacements, which the user believed hindered the organisation’s ability to compete internationally.

Bertha Henson Questions Lim’s Claim of Taking ‘Ultimate Responsibility’

A former Straits Times editor and veteran journalist, Bertha Henson, commented on Facebook on 31 October that Lim Boon Heng’s remark about taking “ultimate responsibility” did not seem appropriate.

She said true responsibility involves “extreme pain,” and that retiring at 77 hardly fits that description.

Henson observed that Lim appeared to blame the failed Allianz-Income deal on poor communication rather than a flawed proposal, adding that NTUC Enterprise seemed to rely on legal justifications instead of addressing public expectations tied to its cooperative roots.

She also noted that Lim should have faced the media to explain his decision instead of “throwing in the towel,” as the chain of events leading to the deal’s collapse remained unclear.

Nonetheless, Henson acknowledged Lim’s decades of service to the nation, describing him as a loyal PAP stalwart whose contributions should not be overshadowed by the controversy surrounding his retirement.