Mr Vernon Khoo appointed as new Central Co-operative Fund Committee Chairman

15 February 2024, Singapore – Mr Vernon Khoo has been appointed Chairman of the Central Co-operative Fund (“CCF”) Committee for a 3-year term from 1 March 2024. Mr Khoo will succeed Mr Tan Kian Chew, who will be retiring from the CCF Committee.

About Mr Tan Kian Chew

2. Mr Tan joined the CCF Committee as a member in March 2015 and served as the Chairman since April 2016. Under his eight-year stewardship, the CCF has helped co-operatives build their capabilities and stay resilient through various initiatives.

3. Notable initiatives include providing financial support to co-operatives during the COVID-19 period, customising induction courses for credit co-operatives, and introducing the Emerging Leaders Programme (“ELP”) to develop emerging leaders in the co-operative sector. Under Mr Tan’s guidance, the CCF Framework was reviewed and enhanced periodically to ensure that the grants effectively met the evolving needs of the co-operatives. This has led to the introduction of new grants to build capability in the co-operative sector, such as the Cybersecurity Grant, the Basic Support Grant tailored for smaller co-operatives, the Progressive Workplace Grant, and the Sustainability Grant.

4. For his dedication and contributions as the CCF Committee Chairman, Mr Tan was awarded the Public Service Medal in 2023.

About Mr Vernon Khoo

5. Mr Khoo joined the CCF Committee as a member in January 2024. He has served in Boards/Committees of non-profit entities such as the Industrial & Services Co-operative Society, the Community Chest and the National Council of Social Services. Currently, Mr Khoo holds several appointments, including Chairman & Chief Executive Officer of Flagship Corporation Far East Pte Ltd, Flagship Ecosystems Investments Pte Ltd and Flagship Dhaka CETP (BD) Ltd. He is also a Board Member of the Singapore Golf Association, Director of Yellow Ribbon Industries, Independent Chairman at Singapore Institute of Advanced Medicine Holdings Ltd and Special Advisor at Sentosa Golf Club.

Other Changes in the CCF Committee

6. Mr Yoong Ee Chuan will be retiring from the CCF Committee after six years of dedicated service. Mr Yoong’s strong background in internal audit has contributed to strong governance in the administration of the CCF.

7. Joining Mr Khoo in the new three-year term of the CCF Committee is Ms Sim Hwee Hoon. Ms Sim is a non-executive Board Member of Stashaway, a Board Member of Income Insurance Limited, and of the Singapore Labour Foundation. Ms Sim also serves as the President of the Board of YWCA of Singapore. She was the former CEO at Morgan Stanley Asia International Limited (Singapore Branch) and was the Regional Chief Operating Officer of Private Wealth Management in Asia. Before Morgan Stanley, Ms Sim spent 12 years with JP Morgan, where her appointments include Asia Regional CFO for JPMorgan Private Bank.

Re-appointed CCF Committee Members

8. Besides Mr Khoo and Ms Sim, the following CCF Committee members have been re-appointed for the new 3-year term from 1 March 2024 to 28 February 2027:

   1. Mr Tng Ah Yiam, Chairman, Singapore National Co-operative Federation;

   2. Mr Yeo Chun Fing, Chairman, AUPE Credit Co-operative Limited; and

   3. Mr Desmond Chin Kim Tham, Executive Director, Registry of Co- operative Societies, Ministry of Culture, Community and Youth.

Registration of Appreciation

9. Mr Edwin Tong, Minister for Culture, Community and Youth & Second Minister for Law said, “I extend my sincere gratitude to Mr Tan for his stewardship of the CCF Committee over the past eight years. Mr Tan’s unwavering commitment and contributions have been instrumental in shaping the direction and success of CCF Committee’s initiatives within the co-operative sector. As we welcome Mr Khoo as the incoming Chairman, I am confident that with his experience, he will bring new perspectives and expertise to further strengthen and advance the co-operative movement.”

10. The Ministry of Culture, Community and Youth would like to thank Mr Tan and Mr Yoong for their noteworthy contributions to the CCF Committee and co-operative sector, and welcome Mr Khoo and Ms Sim to the CCF Committee.

ANNEX A

ABOUT THE CENTRAL CO-OPERATIVE FUND

1. Under the Co-operative Societies Act 1979, all co-operatives are required to contribute 5% of the first $500,000 of their annual surplus to the Central Co-operative Fund (“CCF”). 20% of any surplus in excess of the first $500,000 may be contributed to either the CCF or the Singapore Labour Foundation.

2. The CCF can be applied to further co-operative education, training, research, audit and for the general development of the co-operative movement. The CCF supports the development and growth of our co-operatives through the provision of CCF grants. It is currently being used to provide or support the following:

   1. CCF Development Grant – to enhance co-operatives' capabilities, governance and operational efficiency;

   2. CCF Training Grant – to help co-operative officers gain knowledge and relevant skills;

   3. CCF Special Grants – to provide co-funding for specific schemes and projects;

   4. CCF Basic Support Grant – to assist co-operatives that are unable to meet standard grant eligibility criteria; and

   5. CCF New Co-operative Grant – to support the initial set-up costs and operating expenses of new co-operatives.

3. The CCF Committee plays an important role in safeguarding the Fund. It ensures that the CCF is utilised to strengthen and promote the co-operative movement. The CCF Chairman is appointed by the Minister for Culture, Community and Youth to provide oversight on the effective and prudent use of funds.

4. The Singapore National Co-operative Federation (“SNCF”), the co-operative apex body, serves as Secretariat to the CCF Committee. SNCF provides services including training, CCF grants and networking opportunities. It also serves as the collective voice representing the co-operative movement on local and international platforms.