When directors cite oversight, is that an acceptable defence?

THE Singapore Post issue has been well discussed and chronicled in the business media. At the core of the debate is whether fiduciary duties were properly observed and to what extent was it found wanting.

The Singapore Exchange is moving admirably towards a corporate sustainability regime and, to its credit, with flexibility. The Listing Manual and Corporate Disclosure policies are also under review, with the intent to tighten any possible loopholes as well to improve the compliance and disclosure infrastructure.

It is in light of this that we have to relook the fiduciary framework of directors of all listed entities. The Singapore Exchange, Singapore Institute of Directors, and Securities Investors Association (Singapore) would do well to study the issues and accord a compliance framework. I am sure there is already an existing construct that could be improved further.