A breach is a breach, whatever the outcome

IF A tree falls in a forest and everyone claims he or she did not hear it, did it make a sound? That metaphysical question could probably keep philosophers in business for another century.

For regulators, though, a similar question demanding a more immediate answer has arisen in the wake of Singapore Post's recently concluded corporate governance special audit: If a disclosure lapse has allegedly zero impact on a deal decision, is it still a breach that warrants regulatory action?

If it is, then letting it slide - whether in appearance or otherwise - could inadvertently open the doors to moral hazard.

Regulators are no doubt aware of this and to their credit, they have responded quickly to say they are looking into the investigation findings. Still, the public needs stronger assurance that a disclosure breach is fundamentally unacceptab…