SingPost appoints Drew & Napier as joint special auditor with PwC

AFTER facing public pressure over its appointment of its longstanding external auditor, PricewaterhouseCoopers (PwC), as its special auditor for a corporate governance probe, Singapore Post has decided to name another firm to jointly do this special audit with PwC.

The joint special auditor will be law firm Drew & Napier (D&N), SingPost said in a bourse filing on Friday evening, adding that Drew & Napier's "scope of work and detailed terms of reference will be the same as the scope of work and terms of reference of PwC in respect of the special audit".

"The board made its decision to appoint D&N as joint independent special auditor after taking into consideration the concerns that had been expressed by some media commentators and shareholders, and feedback that the company has received from shareholders, the public and the Singapore Exchange Securities Trading Limited," the postal and e-commerce group said in its statement.

The partner leading the joint investigation into SingPost's corporate governance at Drew & Napier is Senior Counsel Hri Kumar, SingPost said, adding that its board has ascertained, and Drew & Napier has confirmed, that the law firm and Mr Kumar "have no actual or perceived conflict which would affect their ability to carry out the independent special audit".

SingPost shares rose S$0.035 to S$1.38 on Friday before its announcement.