Singapore Post

[weijian]

Singpost is the last place I expect corporate governance issues at the senior level but firing the Group CEO, Group CFO, CEO Interanational, managers is a major move.

Hi LionFlyer,

Singpost was featured in Volume6 of Prof Mak's CG case studies on Oct2016:
https://www.cpaaustralia.com.au/-/media/...6c08e956f9

You can also read the number of times that Prof Mak wrote an article on it:
https://governanceforstakeholders.com/pa...s=singpost

So I am not sure where your faith as it been "the last place to expect CG issues" comes from. Maybe it is because you may have thought that they should have learnt a lesson from the entire saga? But that lesson was mostly paid by shareholders and maybe shareholders should have been the ones to learn the lesson.

As an OPMI and mostly unfamiliar with how Singpost's culture/practices really is, sometimes it might be easier to assume that "no change or cosmetic changes is the default behavior". And when a cockroach is found in the closet, it is safer to assume his relatives are nearby.

Thanks. Yes, they had their fair share of challenges a few years back and it has been put to bed. Sometimes it is really hard to tell. I wonder whether the BoD holds some of that responsibility.

(not vested)

hi LionFlyer,

It really depends on which side one is on.

Let me give the SMRT example. Mdm Saw was hired by the SMRT CEO to improve its non-transportation portion of the business and she did a great job. But when the transportation portion of the business boiled over, she was largely the scapegoat (the Cleopatra DnD pic didn't help). After the SAF LG replaced Mdm Saw and the tunnel flooded on the 5th anniversary of his tenure, Kwek blamed it on "deep-seated cultural issues".

So what can we observe from the above? First, someone else is always to blame. Next, rot comes slowly under the surface before it erupts all at 1 time when the stars align. Just make sure you are not so unlucky to be there when it does!

[¯|_(ツ)_/¯]

SingPost @ 52 cents

I decided to sell all my SingPost as it's getting more complicated / complex.

On one hand, we should be able to get a special dividend which is earmarked after completed Australia transactions.

On the other hand, the unknown unknown is getting more scary.

I weighted one more time and decided to get out as the risk seems to be increasing - as day goes by.

For those vested, the questions remains: Without the top management, will the Board accelerate the value creation for it's shareholders?




Gratitude!

[weijian]

Apparently, the fraud incident has been reported in their AR24 SR and I reproduce it below (in italics):

In FY2023/24, there were zero incidents of corruption and two substantiated cases i.e. one case relating to unethical behaviour and one case relating to fraud. Appropriate actions have been taken on the matters, and operational measures were enhanced to prevent similar occurrences.

To be honest, I generally skip the Sustainability Report portion and increasing it doesn't look wise to do so. But the "return from reading" is probably really low though. But on another note, most outsiders may not have flagged it out based on the wording in the SR even if they had read it. And even if someone questioned it in the July2024 AGM, would the BOD say that "things are under investigation and all whistleblowing incidents are P&C..."?

RESPONSE TO QUESTIONS FROM SIAS

SIAS: The 2024 annual report did not specifically mention if any whistleblowing report was received when it was published in the last week of June 2024.

Mgt reply: The whistleblowing incident was reported as a substantiated case relating to fraud in SingPost’s FY2023/24 Sustainability Report on pages 76 and 78. For completeness, whistleblowing cases are generally confidential in accordance with the Company’s Whistleblowing Policy. As such, contents of whistleblowing matters are generally not disclosed unless required under applicable laws and regulations.

https://links.sgx.com/FileOpen/Response_...eID=829113

[LionFlyer]

New COO, or rather old face. She left SingPost just a few months ago for dnata. 

But her former experience at SingPost means she is probably few person in the market that understands the culture, operations so well that it is a plug and play option. 

I wish her well; by personal accounts, a capable individual with good people skills.

https://investors.sgx.com/company-disclo...8CI2DUDTKJ

[weijian]

Singpost Center is currently been managed by Capitaland's commercial property mgt arm. A buyer could be Capitaland's own REIT CICT, or Link REIT who bought various commercial retail assets from NTUC property arm a few years back, or one of those family offices owned by a billionaire. Spore real assets are deemed as safe havens and so there are probably plenty of prospective buyers but some of them may be waiting for more conducive funding conditions to meet Singpost's own high valuations I suppose.

RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS RECEIVED FROM SHAREHOLDERS PRIOR TO THE COMPANY’S ANNUAL GENERAL MEETING

It was announced more than a year ago that Singpost intends to sell Singpost Building. What is the progress of the proposed sale of Singpost Building? Please explain and elaborate clearly

The Board and Management are reviewing the strategic options ahead for the Company, including how best to optimise the property assets in line with long-term objectives. The timing and phasing of any divestment of the Company’s property estates will be evaluated to ensure long-term value for stakeholders. Meanwhile, SingPost Centre continues to perform well, with increased rental income and an occupancy rate of 98.2% as at 31 March 2025, up from 96.2% at 31 March 2024.

https://links.sgx.com/FileOpen/SPL_Respo...eID=852279