SINGAPORE - Singapore Post on Monday (July 4) released the findings of an independent review into its corporate governance practices, and it plans to implement the recommendations for strengthening governance over the next three months, the postal group said.
A month after Mr Simon Israel took over as SingPost chairman in May, SingPost had already unveiled a code of business conduct and ethics for its board of directors, and established new policies governing directors' conflicts of interest, and board renewal and tenure.
The changes came in the wake of a special audit that found corporate governance lapses at the firm, and the recommendations put forth this time are similar to what was recommended in the audit report.
The review, conducted by consulting firm Heidrick & Struggles and law firm Lee & Lee, surveyed and interviewed directors and members of the SingPost management between April and mid-May. It also reviewed board papers and meeting minutes relating to key decisions between March 2013 and March 2016.
The review looked at a broad range of issues from board culture to mergers and acquisitions policy, before prescribing its recommendations.