Singapore Post has implemented a raft of measures aimed at improving corporate governance, in line with recommendations from an independent review.
The postal and e-commerce group has appointed three new non-executive independent directors to its board, and has also "substantially implemented" all recommendations made in the corporate governance review, it said yesterday.
The review was released in July, and SingPost had pledged to implement the recommendations within three months.
The three directors joining the SingPost's board from Oct 10 are Mrs Fang Ai Lian, former managing partner and chairman of Ernst & Young Singapore; Ms Elizabeth Kong, a director at law firm Morgan Lewis Stamford; and Mr Bob Tan, chairman of Ascott Residence Trust Management.
With the addition of these new directors, the SingPost board will have 11 directors, seven of whom are independent.
SingPost's executive committee has also been reconstituted as a Finance and Investment Committee. This committee will give the board advisory support on mergers and acquisitions, finance and investment matters.
SingPost said an "independent party" is verifying the company's implementation of these measures to improve its corporate governance, "so as to provide assurance to investors and the SGX".
The company will make a further announcement once such confirmation is obtained, it added.