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SingPost to adopt recommendations of Corporate Governance Review
The proposals will be implemented over the next three months.
Singapore Post will adopt almost all recommendations of its just-completed corporate governance review, the company’s said in a statement.
SingPost's board has accepted the findings and adopted all of the recommendations, save one, of both the special audit and the review.
SingPost will not adopt a recommendation to deem all directors with more than nine years’ tenure as non-independent, as this proposal was found to be no longer relevant in view of the recently introduced board renewal and tenure policy capping the maximum tenure of a director at nine years.
SingPost stated that it will substantially implement the recommendations over the next three months.
“The Board is fully committed to the implementation of the recommendations, both in form and in spirit. A number of the major recommendations have already been implemented and the rest will be prioritised and substantially implemented as soon as possible and no later than the end of September this year,” said Simon Israel, Chairman of SingPost.
He added that a search for Directors against the needs identified in the review is in progress. These appointments will be made progressively.
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