Issues SingPost should tackle to improve corporate governance

RECENT news media reports following the announcement of the special audit by Singapore Post (SingPost) have focused much attention on the so-called "administrative oversight" relating to the failure to disclose the interest of SingPost's lead independent director, Mr Keith Tay, in its announcement of the acquisition of FS MacKenzie.

The special audit was considered necessary by SingPost because of the issues raised in my letter ("More questions about corporate governance at SingPost" and the report "SingPost made 'administrative oversight' in 2014 deal disclosure", BT, Dec 23).

The fact that the "administrative oversight" has occurred is now not in doubt. There is, however, a need to establish how the disclosure breach occurred, whether this indicates systemic weaknesses in SingPost's compliance controls, and the role of the board in reviewing and approving important announcements.