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Singapore Post audit should be broadened, says trade body

The Singapore Institute of Directors (SID) has called for a broader scope to a planned corporate-governance audit of Singapore Post, the Business Times said.06 Jan 2016

Singapore Post said last month that it is appointing auditors to investigate concerns about its governance, the day after acknowledging that it had not properly disclosed a director's interest in a deal made in 2014.

SID told the Business Times that the audit should be "independent and thorough", covering the composition of the board and the functioning of executive and chief executive succession.

SID executive director Joyce Koh said that the audit should "go beyond these to board practices which have not fully complied with the recommendations of the code of corporate governance and how they can, perhaps, be improved", Business Times said.

"In SID's view, the review should not just be addressing the disclosure of a single conflict-of-interest situation; Singapore Post should take the opportunity to address the broader aspects of corporate governance," Koh said.

"The good news is that it has been quick to admit to an administrative lapse and has commissioned a review ... The lessons will be useful to all companies because many of the issues and practices are common. Singapore Post should therefore see this as an opportunity to show that it can be at the forefront of corporate governance," she said.

Singapore Post has not described the scope of the planned audit, not who will be appointed as auditors.