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SingPost names Heidrick & Struggles for corporate governance review
SINGAPORE Post (SingPost) has appointed Heidrick & Struggles (H&S) as the independent consultancy to undertake the firm's corporate governance review, which is to be ready by July this year.
In addition, a special audit into SingPost's corporate governance issues is now in its final stages, and a summary of the audit is expected to be communicated to shareholders in April 2016.
SingPost made these announcements in a Singapore Exchange filing on Thursday.
It said the corporate governance review is expected to be completed before its annual general meeting, which is due in July.
H&S will work with a law firm for the parts of the review that involves legal input and analysis, said SingPost.
Some of these can include parts on the company's corporate governance relating to mergers, acquisitions and divestments, and conflicts of interest.
The appointment of H&S comes after concluding a request-for-proposal exercise in which "candidates with the requisite expertise and independence and without any actual or perceived conflict of interest were identified, asked to submit proposals, shortlisted, and interviewed by the CG Review Committee", said SingPost.
SingPost also announced on Thursday the special auditors are in the process of preparing their report, which is undertaken by joint special auditors comprising law firm Drew & Napier and auditors PricewaterhouseCoopers.
Once the report is ready, it will be shared with the audit committee, the SGX-ST and the board by the special auditors, said SingPost.
The special audit will examine issues surrounding SingPost director Keith Tay Ah Kee's interests relating to SingPost's acquisition of stakes in three companies: Famous Holdings, FS Mackenzie and Famous Pacific Shipping.