If entities owned by the government control the management shares, which employee (CEO, editor, journalists) truly have the independence and freedom to do investigative journalism into Singapore Inc, government, politics and write probing articles critical of the management shareholders?
When was the last time you saw an SPH article critical of OCBC Bank, Great Eastern, UOB, DBS Bank, Singtel, NTUC Income, Temasek via Fullerton Pte Ltd, the National University of Singapore and the Nanyang Technological University?
Even when there were recent sex cases at NUS and NTU, the newspaper did not criticise the board and trustees of the two universities for failure in governance and leadership.
Quote:
In his remarks in Parliament, Mr Iswaran said the success of the new company will be determined by three factors.
These are: Strong leadership to set the organisation's strategic vision and execute transformation; a robust business strategy that can be sustained under the new structure with the requisite resources; and a strong and capable team of newsroom professionals, who will maintain high standards.
He also said that the Newspaper and Printing Presses Act (NPPA) will apply to the news entities under the CLG.
The Act, introduced in 1974, imposes restrictions on the ownership and control of local newspaper companies. Among other things, such companies are obliged to issue two classes of shares - ordinary shares and management shares.
While ordinary shareholders can each hold no more than 5 per cent of a newspaper company's shares, management shareholders have 200 times the voting power on resolutions relating to the appointment of directors and staff of such companies.
The issuance of such shares is subject to government approval, with the intention being that these shares are held by "reputable and established institutions, so that the stewardship of the newspaper is entrusted to entities with an abiding interest in, and commitment to, Singapore's stability and success", Mr Iswaran said.
SPH's current management shareholders are OCBC Bank, Great Eastern, UOB, DBS Bank, Singtel, NTUC Income, Temasek via Fullerton Pte Ltd, the National University of Singapore and the Nanyang Technological University.
All of them have agreed to be the founding members of the new CLG, Mr Iswaran said.
"This will ensure that our local news media will remain in the hands of trusted institutions with a long-term stake in Singapore," he added. "In due course, the membership will be expanded to include newer and more diverse institutions as stakeholders of the CLG."
When was the last time you saw an SPH article critical of OCBC Bank, Great Eastern, UOB, DBS Bank, Singtel, NTUC Income, Temasek via Fullerton Pte Ltd, the National University of Singapore and the Nanyang Technological University?
Even when there were recent sex cases at NUS and NTU, the newspaper did not criticise the board and trustees of the two universities for failure in governance and leadership.
Quote:
In his remarks in Parliament, Mr Iswaran said the success of the new company will be determined by three factors.
These are: Strong leadership to set the organisation's strategic vision and execute transformation; a robust business strategy that can be sustained under the new structure with the requisite resources; and a strong and capable team of newsroom professionals, who will maintain high standards.
He also said that the Newspaper and Printing Presses Act (NPPA) will apply to the news entities under the CLG.
The Act, introduced in 1974, imposes restrictions on the ownership and control of local newspaper companies. Among other things, such companies are obliged to issue two classes of shares - ordinary shares and management shares.
While ordinary shareholders can each hold no more than 5 per cent of a newspaper company's shares, management shareholders have 200 times the voting power on resolutions relating to the appointment of directors and staff of such companies.
The issuance of such shares is subject to government approval, with the intention being that these shares are held by "reputable and established institutions, so that the stewardship of the newspaper is entrusted to entities with an abiding interest in, and commitment to, Singapore's stability and success", Mr Iswaran said.
SPH's current management shareholders are OCBC Bank, Great Eastern, UOB, DBS Bank, Singtel, NTUC Income, Temasek via Fullerton Pte Ltd, the National University of Singapore and the Nanyang Technological University.
All of them have agreed to be the founding members of the new CLG, Mr Iswaran said.
"This will ensure that our local news media will remain in the hands of trusted institutions with a long-term stake in Singapore," he added. "In due course, the membership will be expanded to include newer and more diverse institutions as stakeholders of the CLG."
