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The announcement comes after the Accounting and Corporate Regulatory Authority said it started investigations into SingPost over possible breaches of the Companies Act.
SINGAPORE: Postal service operator Singapore Post (SingPost) announced on Thursday (Jun 16) it has introduced a new code of business conduct and ethics for its board directors.
The new code of conduct contains enhanced directives that include identifying and disclosing conflicts of interest, maintaining confidentiality and reporting illegal and unethical behaviour.
A new policy on board renewal and succession planning was also introduced. Directors are now expected to serve for no more than six years, though an additional term of up to three years may be permitted to “accommodate phasing or the retention of critical skills sets”, SingPost said.
“The new code represents our commitment as directors of SingPost to the highest standard of business conduct and personal integrity. It is about substance over form and respect for the spirit of the code. The code sets the tone and will help frame the board’s discussion of the recommendations from the corporate governance review,” chairman Simon Israel said.
SingPost’s executive committee, which assisted the board in overseeing the management of the business and affairs, has been dissolved and its function has been subsumed into the board.
The announcement comes after the Accounting and Corporate Regulatory Authority (ACRA) said in May it had commenced investigations into the postal service operator over possible breaches of the Companies Act.
At least five SingPost directors have announced their exit, including CEO Wolfgang Baier and deputy chairman Goh Yeow Tin. Chairman Lim Ho Kee and non-executive director Tan Yam Pin have announced they will not be seeking re-election when their terms end in July. Director Keith Tay stepped down after a corporate governance audit report found that his interest in a 2014 acquisition was not disclosed.
Mr Israel, who is also chairman of Singtel, was appointed as SingPost chairman last month after chairman-designate Professor Low Teck Seng turned down the post.
Only four directors currently on the board – Mr Israel, Ms Aliza Knox, Mr Soo Nam Chow and Mr Zulkifli Baharudin – will seek re-election at the next Annual General Meeting in July. Another four – Mr Bill Chang, Mr Chen Jun, Prof Low and Mr Michael Murphy – will not be seeking re-election.
In its statement on Thursday, SingPost said it is looking to fill the vacancies and will be guided on the size of its board by its corporate governance review.
“Recommendations from the Corporate Governance Review are expected by the end of June. The recruitment of the new directors and Group CEO is in progress,” Mr Israel added.
http://www.channelnewsasia.com/news/singapore/singpost-announces-new/2876952.html?cid=FBcna
SINGAPORE: Postal service operator Singapore Post (SingPost) announced on Thursday (Jun 16) it has introduced a new code of business conduct and ethics for its board directors.
The new code of conduct contains enhanced directives that include identifying and disclosing conflicts of interest, maintaining confidentiality and reporting illegal and unethical behaviour.
A new policy on board renewal and succession planning was also introduced. Directors are now expected to serve for no more than six years, though an additional term of up to three years may be permitted to “accommodate phasing or the retention of critical skills sets”, SingPost said.
“The new code represents our commitment as directors of SingPost to the highest standard of business conduct and personal integrity. It is about substance over form and respect for the spirit of the code. The code sets the tone and will help frame the board’s discussion of the recommendations from the corporate governance review,” chairman Simon Israel said.
SingPost’s executive committee, which assisted the board in overseeing the management of the business and affairs, has been dissolved and its function has been subsumed into the board.
The announcement comes after the Accounting and Corporate Regulatory Authority (ACRA) said in May it had commenced investigations into the postal service operator over possible breaches of the Companies Act.
At least five SingPost directors have announced their exit, including CEO Wolfgang Baier and deputy chairman Goh Yeow Tin. Chairman Lim Ho Kee and non-executive director Tan Yam Pin have announced they will not be seeking re-election when their terms end in July. Director Keith Tay stepped down after a corporate governance audit report found that his interest in a 2014 acquisition was not disclosed.
Mr Israel, who is also chairman of Singtel, was appointed as SingPost chairman last month after chairman-designate Professor Low Teck Seng turned down the post.
Only four directors currently on the board – Mr Israel, Ms Aliza Knox, Mr Soo Nam Chow and Mr Zulkifli Baharudin – will seek re-election at the next Annual General Meeting in July. Another four – Mr Bill Chang, Mr Chen Jun, Prof Low and Mr Michael Murphy – will not be seeking re-election.
In its statement on Thursday, SingPost said it is looking to fill the vacancies and will be guided on the size of its board by its corporate governance review.
“Recommendations from the Corporate Governance Review are expected by the end of June. The recruitment of the new directors and Group CEO is in progress,” Mr Israel added.
http://www.channelnewsasia.com/news/singapore/singpost-announces-new/2876952.html?cid=FBcna
