Flip-flop at SingPost shows board instability

THE Securities Investors Association (Singapore) (SIAS) is closely following recent developments over the appointment of the chairman of SingPost. To say the least, we are disappointed. The abrupt U-turn of the chairman-designate on his acceptance seems to suggest the board made a hasty decision to appoint a new chairman, perhaps by not giving Low Teck Seng sufficient time to consider the demands of this new appointment and by not taking into consideration his heavy responsibilities at the National Research Foundation (NRF).

Prof Low has said he accepted his nomination by the board as it would not be good to announce Lim Ho Kee's stepping down "without a name to take the helm" and that it would be "the best for SingPost". His reasons, one should think, were very appropriate given the current stakes at SingPost, especially it has also to fill the post of CEO falling vacant. Therefore, his decision to accept can be said to have been well considered.

Why then did Prof Low change his mind so quickly? He now says he realised over the weekend that if he was going to do justice and putting time into SingPost as board chairman, he wouldn't be able to fulfil his duties to his current employer NRF, given the stakes. He said he was caught in a bit of a dilemma. Prof Low runs an organisation that controls a S$19 billion grant from the government to fund research, innovation and enterprise activities. He is entrusted with a huge responsibility.