A non-partisan position, the candidates contesting in the election were Ong Teng Cheong and Chua Kim Yeow, who were all independents or had resigned from any political parties that they had previously been members of.

Under the revision, the president has veto powers over the spending of the national reserves, monetary policies and appointments in the civil service, government companies and the statutory boards.

[2] The president's veto powers checks the government by preventing the misuse of the national reserves and ensuring that the public service is impartial.

The president must consult the Council of Presidential Advisers (CPA) on matters relating to past reserves and the appointment and removal of key office holders.

The private sector requirement also has an automatic track where the candidate has held a chairmanship or CEO position of a company with S$100 million paid-up capital.

[6] However, some members of the Cabinet and the PAP supported Chua, including Minister for Finance Richard Hu and Chairman and CEO of OCBC Bank Tony Tan, who would later go on to become the 7th President of Singapore 18 years later in 2011.