Date: June 16, 2016
The initiatives announced today by SingPost are a good development and SIAS is pleased to see it’s willingness to strengthen the corporate governance foundation of the company.
Whilst internal rules and policies are necessary to ensure high standards of integrity and accountability, good conscience must always prevail in any company. No amount of rules and policies can ensure an incident free environment in a company, but what is expected would be an honest and transparent approach by the board and senior management in dealing with the default, should it happen. That the board and the senior management will always do what is right for the company and its shareholders must be the assurance for all concerned. These rules define the OB markers and the do’s and don’ts. But more importantly, the top management and the board in a company must instill a culture of good governance in each and every senior manager and the board member.
The Audit Committee must have a firm hand in making sure that all these rules and policies now publicized by SingPost are enforced not by the law only but by the spirit of it as well. Although these rules should have been in place long ago, its better late than never. I’m confident that these rules and policies published today by SingPost will be carried out by the newly constituted board, under Mr Simon Israel and the senior management, in the interest of all stakeholders.
Founder, President & CEO
Securities Investors Association (Singapore)