Three key actions SingPost carried out in an attempt to win back investors' confidence

Appointing new directors is one.

SingPost has substantially implemented all the recommendations of its corporate governance (CG) review, concluded in Jul 2016. Maybank KimEng believes these swift actions should further allay CG concerns and allow the incoming CEO to focus on execution.

First on the list is the appointment of new directors. According to Maybank KimEng, the three new directors are expected to enhance independence, bring broader perspective, and increase gender diversity.

"Their appointments met the earlier CG recommendations to prioritise legal expertise and financial/accounting expertise," it said.

The newly appointed directors are as follows:

§ Mrs Fang Ai Lan (66) – Chartered accountant and director in 2 listed companies (Metro Holdings & Banyan Tree Holdings).
§ Ms Elizabeth Kong (34) – Practicing lawyer and regularly writes for legal journals.
§ Mr Bob Tan (64) - Chartered accountant & director in 3 listed companies (Ascott Residence Trust Mgmt, SMRT and Sembcorp Marine).

Secondly, previous CG recommendation to reconstitute the SingPost ExCo as a Finance and Investment Committee (FIC) with a narrowed scope has been implemented. The FIC role is to provide the board with advisory support on M&A, finance and investment matters. Maybank KimEng noted that this should ensure greater separation of duties between the board and management.

Lastly, the other four board committees including Audit Committee, Board Risk and Technology Committee, Compensation Committee and Nominations and Corporate Governance Committee have been revised to include the newly appointed directors.

"Similarly, this should ensure greater independence and bring broader perspective," said Maybank KimEng.

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