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SingPost
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SingPost
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LoudShout
Master |
24-Dec-2024 10:43
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Whistle blowing received in February 2024. What had the BOD, Audit Committe, Risk Committe been doing? Surely, whistleblowing should be indepenedently handled and not by the 3 named senior executives? Surely, whistleblowing should be independently investigated? If we look back at the 2015 fiasco over corporate governance involving a director, then surely, lesson not learnt or governance strengtened in light of this sad disclosure. Time to renew the Board. | ||||
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Mark001
Veteran |
24-Dec-2024 10:34
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If this deal doesn' t go through,the shareholders will be even worse off. Just look at what the director board and its manaement team have done in the past, we donn' t hold out any more expectation. If so, I will get out as soon as possible. My own thinking only. Do what you believe in.
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Johnsnow
Elite |
24-Dec-2024 10:31
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Ntuc lecturer told us to hold for long term sgx very interesting hor can do wild nake shooting | ||||
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shk363
Elite |
24-Dec-2024 10:22
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we should terminate the sale and review yhe the transaction | ||||
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Mark001
Veteran |
24-Dec-2024 10:20
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It doesn' t matter anymore. The deal has come to await approval by the authorities and shareholders.
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wehuattogether88
Supreme |
24-Dec-2024 10:16
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Due to knee-jerk effect, Singpost got sold down, I think it is oversold, might rebounce anytime because it is business as usual. | ||||
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HuatAh7898
Elite |
24-Dec-2024 10:12
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She resigned from Singtel
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Mark001
Veteran |
24-Dec-2024 10:00
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I had predicted this will be the END of Singpost. But the reality of cost reduction is coming even faster!
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Stocky901
Supreme |
24-Dec-2024 09:50
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Did the three senior mgt staff involve in this business transaction?🤐 🤐
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Tob231
Elite |
24-Dec-2024 09:46
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if you think so, all the best ... major shareholders will support it
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Mark001
Veteran |
24-Dec-2024 09:32
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Expect that the sale of Aus. business goes smoothly and the special dividend is paid on time. |
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wehuattogether88
Supreme |
24-Dec-2024 09:30
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True, the savings will be significant.
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Sgvale
Supreme |
24-Dec-2024 09:29
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3 high posts fired. Save cost. No termination fee also. | ||||
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Mark001
Veteran |
24-Dec-2024 09:26
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sure | ||||
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honesty
Master |
24-Dec-2024 09:24
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will go back up to original 0.55 to 58 | ||||
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Joelton
Supreme |
24-Dec-2024 09:21
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What we know about SingPost&rsquo s Parcelgate scandal so far
Its earlier investigations find that three managers in the international business unit have committed &lsquo serious breaches&rsquo in the company&rsquo s code of conduct while handling delivery for one of its largest customers
SINGAPORE Post (SingPost) has fired three of its senior management executives as they were found to be negligent in the handling of internal investigations over a whistleblower&rsquo s report.
They are group chief executive Vincent Phang, group chief financial officer Vincent Yik, and the chief executive of the company&rsquo s international business unit (IBU) Li Yu.
Here&rsquo s what occurred leading up to and after the termination of the three senior executives.
- Earlier in 2024, SingPost received a whistleblower&rsquo s report relating to its non-regulated international e-commerce logistics parcels business.
- A whistleblower&rsquo s report on the same matter was also sent to the Infocomm Media Development Authority of Singapore.
- SingPost starts investigations.
- It finds that three managers in the IBU have committed &ldquo serious breaches&rdquo in the company&rsquo s code of conduct while handling delivery for one of the company&rsquo s largest customers. They had performed or approved manual updates of the &ldquo delivery failure&rdquo status code for parcels SingPost had agreed to deliver without supporting documents and even though no delivery attempt had been made.
- SingPost fires these three managers, and also files a police report.
- SingPost informs the customer about the whistleblowing reporting, as well as the findings. Both parties agree on a settlement, which includes paying a settlement sum.
- External professional advisers were engaged to review and assess the matter independently of management. An external law firm was also appointed.
- The group CEO, group CFO and the CEO of the IBU were found to be &ldquo grossly negligent&rdquo in the handling of the internal investigations.
- On Dec 22, SingPost announced it has fired the three executives.
- Phang was also asked to resign as a director of SingPost and all its related companies.
- Phang and Yik issued a joint statement on the same day, saying they will &ldquo vigorously contest&rdquo their terminations, rejecting the suggestion that they were negligent or inappropriate.
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Joelton
Supreme |
24-Dec-2024 09:20
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SingPost&rsquo s dismissal of three senior execs &lsquo unprecedented&rsquo shareholders seek more details
SINGAPORE &ndash Singapore Post&rsquo s dismissal of three senior executives, including its group chief executive and group chief financial officer, is unprecedented for a major Singapore-listed company, and highlights the importance of corporate governance, analysts said.
However, the company&rsquo s handling of the whistle-blower&rsquo s report that led to these dismissals has also left shareholders with unresolved questions. For example, details have not been provided on when the board received the whistle-blower&rsquo s report and what safeguards were put in place while investigations took place.
Disclosures surrounding the terminations are &ldquo insufficiently clear&rdquo to SingPost shareholders at this point, said Mr David Gerald, president and chief executive of the Securities Investors Association (Singapore), or Sias.
SingPost&rsquo s latest annual report for the 2024 financial year also did not specifically mention the whistle-blowing issue.
Replying to queries from The Straits Times on Dec 23, the Infocomm Media Development Authority (IMDA) said the e-commerce shipment data falsification case was raised to IMDA and SingPost in February by a whistle-blower, 10 months before SingPost disclosed the fact.
IMDA said it also issued an advisory to SingPost to uphold proper governance and processes.
It added: &ldquo Regulated postal services remain unaffected as this matter concerns delivery of international e-commerce parcels overseas. IMDA is monitoring the situation closely. SingPost&rsquo s board has assured that postal service operations in Singapore are not affected.&rdquo
Group CEO Vincent Phang, group CFO Vincent Yik, and the CEO of the company&rsquo s international business unit, Mr Li Yu, were fired on Dec 21 after SingPost concluded investigations into the whistle-blower&rsquo s report.
SingPost disclosed in a Dec 22 exchange filing that it received a whistle-blower&rsquo s report in 2024 relating to its international e-commerce logistics parcels business.
The report alleged that manual entries of delivery status codes were made for international parcels that SingPost had agreed to deliver for a customer. The entries were allegedly done without basis or supporting documentation, SingPost said in its statement.
It also found that the group CEO, group CFO and the CEO of international business were &ldquo grossly negligent&rdquo in the handling of the internal investigations, among others.
Mr Gerald asked if further reviews would be conducted following these investigations, and if the key findings from the internal investigations would be published.
&ldquo Will the company be carrying out a groupwide review to ascertain that all other business units are operating in accordance to the group&rsquo s established rules and protocols?&rdquo
When asked if the report would be made public while protecting the identity of the whistle-blower, SingPost said in its reply to queries from ST that it is unable to share the contents &ldquo due to confidentiality of any whistle-blower report and in accordance with our existing policy&rdquo .
Mr Gerald asked if SingPost could provide an update on its working relationship with the customer affected by its breach of conduct, given that it is one of SingPost&rsquo s largest.
Replying to ST&rsquo s queries on the customer&rsquo s identity, SingPost said it is unable to provide any further information or details due to the confidentiality of the customer contract.
SingPost has informed the customer about the whistle-blowing report and paid it a settlement sum in lieu of penalties that would have been levied in connection with the manual updates.
&ldquo The settlement is not expected to have a material impact on the company&rsquo s net tangible assets or earnings per share for the current financial year. The company&rsquo s business with the customer has not been materially affected, and the contract has since been renewed following the settlement,&rdquo SingPost said.
Mr Gerald said shareholders also want to know whether the dismissals and allegations made in the report affect the proposed sale of SingPost&rsquo s Australian business, announced on Dec 2, given that Mr Phang had been heavily involved in the plan to restructure SingPost in March.
He asked how the board will find suitable replacements for the three senior roles.
SingPost said in its statement it will announce the appointment of a new group CEO &ldquo in due course&rdquo .
Mr Isaac Mah, now the CFO of the Australian business, will be the new group CFO, subject to regulatory approval.
&ldquo Postal services in Singapore will not be affected. Each of the group&rsquo s businesses has its own CEO and leadership team, and will continue to operate normally,&rdquo SingPost said.
&ldquo An acting CEO will be appointed to lead the international business unit pending a board review of the business unit. No appointment of a new CEO of the unit is being proposed at this stage.&rdquo
Despite these unresolved questions, some corporate governance experts noted that the board had made tough leadership calls to protect shareholder interests.
Professor Lawrence Loh, director of the NUS Centre for Governance and Sustainability, said: &ldquo The current incident points to decisive corporate governance actions against the indicated management lapses.&rdquo
Associate Professor Ben Charoenwong from Insead Singapore said global financial regulations require independent directors on boards so that they can take such actions against executives when necessary.
&ldquo In this case, the removal of the CEO and CFO by the board may be viewed as the board appropriately managing (regulatory) risk so shareholders are not on the hook for paying other fines.&rdquo
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Joelton
Supreme |
24-Dec-2024 09:18
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Sacking of SingPost&rsquo s group CEO could waylay efforts to restructure business, revive growth
SINGAPORE &ndash The termination of the employment of Singapore Post&rsquo s group chief executive, Mr Vincent Phang, could delay ongoing efforts to ensure the long-term commercial viability of the postal service business, given that he had been instrumental in leading its restructuring, some analysts said.
They are uncertain of whether his departure will have any impact on SingPost&rsquo s new plans to focus on logistics for future growth and divest non-core assets to pare debt and return excess capital to shareholders.
Those plans also include the proposed sale of SingPost&rsquo s Australian freight management business to a private equity firm for A$776 million (S$656 million) in cash, which would substantially improve the company&rsquo s financial position and make way for a potential special dividend.
Given that the Australian business is a major contributor to the company&rsquo s overall profits, the sale had also raised questions about SingPost&rsquo s long-term growth potential &ndash doubts that Mr Phang would have been well placed to address.
SingPost had also been finalising an operating model with the Infocomm Media Development Authority that includes plans to transition away from post offices to alternative locations and channels where customers can interact with the postal system to send, receive or manage mail and parcels, among other things.
Mr Phang had announced SingPost&rsquo s three-year transformation plan in March. For the six months ended Sept 30, the company&rsquo s revenues rose by 20 per cent year on year to $992.4 million, while earnings increased 65.6 per cent to $22.2 million.
With no further clarity on these plans, OCBC analyst Ada Lim warned in a Dec 23 report of greater corporate governance risks and uncertainty, and expects SingPost&rsquo s stock to be worth less than initially forecast.
Mr Phang, group chief financial officer Vincent Yik and the CEO of a SingPost international business unit, Mr Li Yu, were sacked with immediate effect on Dec 21 after investigations stemming from a whistle-blower&rsquo s report received in February were concluded.
The report alleged that some employees of the international business unit manually updated the delivery status codes for certain parcels of one of its largest e-commerce customers to &ldquo delivery failure&rdquo . However, investigations revealed that no delivery attempts had been made.
The investigations also found that Mr Phang, Mr Yik and Mr Li had accorded undue weight to misrepresentations made by employees directly involved in the breach of conduct without any independent substantiation or evidence. The three were also found to be &ldquo grossly negligent&rdquo in their handling of the internal investigations.
SingPost&rsquo s board of directors subsequently noted that it had lost confidence and trust in the judgment and ability of Mr Phang, Mr Yik and Mr Li to perform their duties to promote and protect the interests of the company, resulting in their dismissal.
Mr Phang and Mr Yik are contesting that decision, saying that the reasons provided for their termination are without substantive grounds and that the process leading to the move was not conducted fairly.
In the meantime, Mr Isaac Mah, who is currently chief financial officer of SingPost&rsquo s Australian subsidiary, will be appointed the new group CFO, subject to the necessary regulatory approvals.
However, the group CEO&rsquo s position has yet to be filled. In the interim, board chairman Simon Israel will provide increased guidance to and exercise greater oversight of the SingPost senior management leadership.
SingPost said postal services in Singapore will not be affected, and that each of the group&rsquo s businesses has its own CEO and leadership team and will continue to operate normally.
An acting CEO will be appointed to replace Mr Li at the international business unit.
When contacted, SingPost said the recent disciplinary actions and leadership changes, while significant, will not materially impact its future plans.
It referred to the company&rsquo s Dec 2 announcement for the proposed divestment of its Australian business, where it was stated that it will review and reset its strategic plan once the transaction is completed.
Maybank analyst Jarick Seet expects the company&rsquo s strategic direction to remain unchanged, and the potential sale of the Australian business and other non-core assets, including the SingPost building in Paya Lebar, to be ongoing.
&ldquo We do not expect any delays, and in fact we believe now without the key management, the board will double down on its initiatives to dispose of non-core assets and return value to shareholders at a faster pace.&rdquo
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Joelton
Supreme |
24-Dec-2024 09:17
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SingPost&rsquo s Parcelgate fiasco is a corporate governance disaster
Disclosures by the postal service provider throw up more questions than answers
IN A shocking disclosure on Sunday (Dec 22), national postal service provider Singapore Post (SingPost) announced it had fired three senior management staff &ndash group chief executive Vincent Phang, group chief financial officer Vincent Yik, and chief executive of its international business unit (IBU) Li Yu.
The terminations, which took immediate effect the day before this announcement, came after the trio were found in a review by an external law firm to have been &ldquo grossly negligent&rdquo in the handling of internal investigations over a whistleblower&rsquo s report that it received earlier this year.
But what could be more shocking is what the Temasek-backed company failed to disclose in its bourse filing.
Whistleblower? What whistleblower?
First, investors would be surprised to learn that SingPost had &ldquo earlier in the year&rdquo received a whistleblower&rsquo s report relating to the group&rsquo s non-regulated international e-commerce logistics parcels business.
A report on the same matter had also been sent to the Infocomm Media Development Authority (IMDA), the company added.
Why did SingPost not disclose that it had received a whistleblower&rsquo s report, even when internal investigations and an external review and assessment were underway?
In a series of questions posed to the SingPost board on Monday, the Securities Investors Association (Singapore), or Sias, noted that the company&rsquo s 2024 annual report &ndash published in the last week of June this year &ndash did not specifically mention any whistleblower&rsquo s report.
&ldquo When did the board receive the whistleblowing report, and what safeguards &ndash including additional oversight by the board and temporary curtailment of executive powers of key employees &ndash were put into place during the investigations?&rdquo Sias asked.
In its filing on Sunday, SingPost said internal investigations as well as further review and assessment by external professional advisers &ndash which arose from the whistleblower&rsquo s report &ndash found that three managers in the IBU had &ldquo committed serious breaches&rdquo of the company&rsquo s code of conduct.
They had performed or approved manual updates of the &ldquo delivery failure&rdquo status code for parcels SingPost had agreed to deliver for &ldquo one of its largest&rdquo customers &ndash without supporting documents and even though no delivery attempt had been made.
SingPost said the employment of these three individuals was terminated earlier, and the company has also made a police report against them.
Sias also questioned whether the company will publish the key findings of its internal investigation report, and whether it will be carrying out a group-wide review to ascertain that all other business units are operating in accordance with its established rules and protocols.
&ldquo I would also ask why the individuals involved engaged in such serious misconduct or fraud,&rdquo said corporate governance advocate Professor Mak Yuen Teen of the NUS Business School.
&ldquo Was it pressure from management to meet unrealistic key performance indicators (KPIs)? Are the financial challenges faced by the business creating a toxic culture?&rdquo he asked.
Prof Mak noted that this is SingPost&rsquo s &ldquo third major scandal or controversy&rdquo since 2005.
For example, in July 2016, the company pledged to adopt the recommendations of a special audit and corporate governance review after an &ldquo administrative oversight&rdquo in 2015 led to an expose of its corporate governance shortcomings.
The revelations of the lapses occurred shortly after the sudden departure of its then group CEO Wolfgang Baier, and were soon followed by the high-profile departures of its chairman and most of the other directors and members of the senior management team.
&ldquo It may raise issues about more deep-seated issues like culture &ndash although I note that the board and management through these three episodes have changed,&rdquo Prof Mak said. &ldquo Culture can be a very difficult thing to develop and cascade through an organisation.&rdquo
Role of the chiefs
Meanwhile, the biggest question in the Parcelgate scandal could be: What exactly did the group CEO, group CFO and CEO of the IBU do &ndash or not do &ndash to be sacked with immediate effect?
SingPost&rsquo s statement gave scant details, shrouded in corporate speak and legalese.
The company said the trio had &ldquo omitted to consider material facts that compromised their decision-making and/or failed to perform their duties responsibly and reliably&rdquo .
In the handling of the whistleblower&rsquo s report, they were found to have had &ldquo accorded undue weight to the misrepresentations&rdquo by representatives from the IBU &ldquo without any independent substantiation or evidence&rdquo .
In turn, they had made &ldquo various serious misrepresentations&rdquo to the audit committee.
&ldquo (They) had breached their duty to use reasonable care and skill in the performance of their duties,&rdquo the company said. &ldquo The serious misrepresentations also effectively undermined the group internal audit.&rdquo
It added that the board has &ldquo lost confidence and trust in the judgment&rdquo of the trio, &ldquo and in their ability to perform their duties towards promoting and protecting the interests of the company&rdquo .
Unfortunately, there was no mention of what these &ldquo serious misrepresentations&rdquo were, that warranted dismissal of the key management personnel.
&ldquo SingPost should disclose the full details of its findings against the ex-senior executives, and the bases of their alleged breach of duty,&rdquo said Kennedys Legal Solutions partner Robson Lee. &ldquo The independent report containing the findings and the allegations against the senior executives should be fully disclosed to the market.&rdquo
When it comes to whistleblowers&rsquo reports, Lee said, it should be of &ldquo paramount importance&rdquo that senior management recuse themselves from the matter, especially if there are allegations made directly or indirectly against any person in senior management.
&ldquo That should be Rule 101 in any whistleblowing policy that should be part of every listed company&rsquo s corporate governance due process,&rdquo he added. &ldquo As a public-listed company, SingPost would be expected to have a comprehensive whistleblowing policy.&rdquo
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Mark001
Veteran |
24-Dec-2024 09:14
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A fast way to reduce costs --> No more FUTURE biz after selling Aus. one, no need for CEOs. Singpost will continue to sell all non-core assets to maximize shareholder' s interests as Directors said, eventually it will become a non-profit organazition. Dom' t expect too much,the Directors of SingPost are only capable of this. |
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