SingPost should reveal identity of independent consulting firm

Letter to the Editor

First published in Business Times on 29 March 2016

I REFER to the announcement, “Update on special audit and corporate governance review” by Singapore Post (SingPost) on Jan 19.

In that announcement, SingPost stated that the Corporate Governance Review Committee will “identify and appoint an experienced and qualified independent consulting firm to undertake the Corporate Governance Review”. It also stated that the company “will make an announcement on the appointment of the independent consulting firm and will provide shareholders with periodic updates on the Corporate Governance Review exercise . . .”.

While the company has settled on the joint special auditors for the special audit, it has yet to inform the market about the identity of the independent consulting firm for the corporate governance review or provided any update, more than two months after that announcement. Presumably, it has already appointed the independent consulting firm.

I would urge SingPost to make the announcement about the identity of the independent consulting firm, its expertise in corporate governance and its experience in undertaking similar corporate governance reviews. Hopefully, it will also provide an update on the progress of the corporate governance review as it has committed to do.