SingPost releases new code of business conduct and ethics

On back of recent corporate governance lapses.

Moving to strengthen the corporate governance culture in the firm, Singapore Post introduced a code of business conduct for its board directors establishing new policies governing directors' conflicts of interest, and Board renewal and tenure.

According to a media release by SingPost, compliance with the code will be monitored by the nominations and corporate governance committee.

“The terms of reference of this committee have been amended to include the oversight, development and review of SingPost's corporate governance practices,” the press release said.

According to SingPost chairman Simon Israel, the new code sets the tone and will help frame the Board's discussion of the recommendations from the Corporate Governance Review.

“The Code of Business Conduct and Ethics serves to guide directors on areas of ethical risk and sets a framework for an environment where integrity and accountability are paramount,” the media release said.

“It 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,” it added.