Still many unresolved questions for shareholders

Singapore Post'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.

- Sue-Ann Tan

However, the company's handling of the whistle-blower'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's report and what safeguards were put in place while investigations took place.

Disclosures surrounding the terminations are "insufficiently clear" to SingPost shareholders at this point, said Mr David Gerald, president and chief executive of the Securities Investors Association (Singapore), or Sias.

SingPost'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: "Regulated postal services remain unaffected as this matter concerns delivery of international e-commerce parcels overseas. IMDA is monitoring the situation closely. SingPost's board has assured that postal service operations in Singapore are not affected."

Group CEO Vincent Phang, group CFO Vincent Yik, and the CEO of the company's international business unit, Mr Li Yu, were fired on Dec 21 after SingPost concluded investigations into the whistle-blower's report.