SingPost adopts new Code of Ethics and sets out policies on directors’ conflicts of interest
Singapore Post (SingPost) has introduced a code of business conduct and ethics for its Board directors, and has also established new policies governing directors’ conflicts of interest, and Board renewal and tenure. Simon Israel, SingPost Chairman, commented: “The new code represents our commitment as directors of SingPost to the highest standard of business conduct and personal integrity. It is about substance over form and respect for the spirit of the code. The code sets the tone and will help frame the Board’s discussion of the recommendations from the Corporate Governance Review.”
SingPost’s Nominations Committee has been renamed the Nominations and Corporate Governance Committee, to reflect the fact that its role has been expanded to include ensuring compliance with the code.
According to SingPost, the code “contains enhanced directives on identifying and disclosing conflicts of interest; maintaining confidentiality; compliance with laws, rules and regulations; fair dealing; and setting a framework for reporting illegal and unethical behaviour”.
SingPost has also announced that its Executive Committee, which assisted the Board in overseeing the management of the company, has been dissolved and its function has been subsumed into the Board.
A total of five directors will have left the Board by the coming Annual General Meeting in July. Keith Tay Ah Kee, Mr Goh Yeow Tin and Dr Wolfgang Baier have resigned, while Lim Ho Kee and Tan Yam Pin have indicated their intention not to seek re-election when their respective terms end next month. Dr Baier’s cessation date is 30 June 2016.
Eight members will remain on the Board: Bill Chang York Chye, Chen Jun, Professor Low Teck Seng, Michael Murphy, Simon Israel, Aliza Knox, Soo Nam Chow, and Zulkifli Baharudin. The latter four directors will be seeking re-election at the coming Annual General Meeting.
Meanwhile, the independent directors of the Board have appointed Soo Nam Chow as Lead Independent Director, pending a Lead Independent Director to be appointed from among the new directors.