Date: December 23, 2024
SIAS notes with concern SingPost’s announcement on 22 December 2024 regarding whistleblowing reports, disciplinary proceedings and termination of 3 key management. However, the disclosure surrounding their termination are insufficiently clear to the shareholders at this point.
On behalf of SingPost shareholders, SIAS would like to seek further clarity from the board on the following issues:
- Facts surrounding the whistleblowing reports
When did the board receive the whistleblowing report and what safeguards including additional oversight by the board and temporary curtailment of executive powers of key employees were put into place during the investigations? The 2024 annual report did not specifically mention if any whistleblowing report was received when it was published in the last week of June 2024.
- Ongoing investigations
Are there any ongoing investigations following the reviews by the external legal counsel and forensics service provider? Has all material information been disclosed? Will the company be carrying out a group-wide review to ascertain that all other business units are operating in accordance to the group’s established rules and protocols?
- Internal investigation report
Will the company be publishing the key findings of its internal investigation report?
- Update on customer
Can the company provide an update on the working relationship with the affected customer? How was the settlement amount determined? How are the terms of the renewed contract different from the previous contract? Did the board review if the previous contract was overly onerous?
- Sale of Australian business
Is the sale of the Australian business affected in any way? What roles did the terminated executives play in the sale process and who will be leading the efforts now?
- Executive search
How is the Board going about finding suitable replacements for the three senior roles that have been vacated?
David Gerald
Founder, President and CEO
SIAS
Click here to see reply from SingPost
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