Thursday, June 16, 2016

SingPost adopts new code of business conduct, ethics for directors

Singapore Post has introduced a Code of Business Conduct and Ethics for its Board directors to strengthen the corporate governance foundation of the company.

It has also established new policies for governing conflicts of interest, and Board renewal and tenure.

“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,”says SingPost Chairman Simon Israel.

Ensuring compliance with the code will be the responsibility of the Nominations and Corporate Governance Committee.

The Code of Business Conduct and Ethics spells out 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.

“Suspected violations of the code are to be reported promptly to the Chairman of the Board and the Chairman of the Nominations and Corporate Governance Committee. These will be investigated and appropriate action will be taken in the event of a violation of the code,” says SingPost in its filing.

The Policy on Directors' Conflicts of Interest sets out principles to guide directors in instances of actual or potential conflict of interest.

The Board Renewal and Tenure Policy commits the Board to a process of Board renewal and orderly succession-planning, in recognition that Board needs change over time as the company evolves.

“Directors are expected to serve for no more than six years, though an additional term of up to three years may be permitted to accommodate phasing or the retention of critical skills sets. No director is expected to serve beyond nine years,” says SingPost.

A total of five directors will have left the Board by the coming Annual General Meeting in July. Keith Tay Ah Kee, 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.

Eight members will remain on the Board. They are 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.

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