Transcript of ANZ AGM question on Lee Hsien Yang
December 22, 2009
Here is the transcript of a question to Lee Kuan Yew's son at the 2009 ANZ AGM held in Melbourne on December 18.
Stephen Mayne: I would just like to clarify a quick point, is the candidate related to Lee Kuan Yew?
Chairman: yes, he happens to be his son.
Stephen Mayne: happens to be his son, okay. Alright, at one level I would like to say, if we are aiming to be a super regional bank, then having a member of Lee Kuan Yew's family on our board is strategically sound, given the great economic success of Singapore in a pretty rough neighbourhood, I think you would say, overall.
However, I would like to make a couple of other points. They go to the candidate's comments about his commitment to corporate governance. Now I would have thought that corporate governance also includes a few basic democratic principals - such as free speech, such as not denying people visas – who are are critics of your father's operation. Such as not launching defamations actions against opposition politicians, and all those authoritarian features that we see in Singapore.
I changed my Optus contract to Telstra when the Singapore Government executed Australian citizen Van Nguyen three or four years ago, which is another example of a very strong cultural difference between Australia and Singapore. And I would simply say to the candidate, that I hope that we don't see any of these unfortunate, undemocratic features in economically successful Singapore, now that you have joined the board of a big bank in a much freer democracy. I do hope that after making these comments I won't be denied a visa the next time I try to travel to Singapore.
Chairman: Mr Lee has addressed you on his own credentials. I think you'll agree, everyone should stand on their own merits. He is standing as a leading Asian businessman. You've made certain accusations against Singapore, and there are answers to all of those, and we could have a lively discussion, and many of us, apart from Mr Lee, could engage in that discussion with you. That is not the purpose of the meeting today. We have an outstanding Asian businessman; he has made his own life. Reached the top, chairman of Fraser and Neave and so on, runs Singtel, standing before you for election.
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