Singapore Post’s board responded late on Sunday to questions from stakeholders about its decision to sack three top executives at the same time, saying it was “carefully considered”.
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In a Singapore Exchange filing, chairman Simon Israel said: “The termination of senior management was a carefully considered decision by the board, based on established facts and supported by legal advice, including a second independent opinion from senior counsel of another law firm.
“This decision reflects the board’s unwavering commitment to governance principles, prioritising what is right – even when it is more challenging in the short term – in the best interests of the company.”
SingPost announced on December 22 the termination of the employment of its group chief executive officer Vincent Phang, its group chief financial officer Vincent Yik and the chief executive of the company’s international business unit Li Yu over their mishandling of whistle-blowing reports.
Following the news, the company’s share price dropped by nearly 11 per cent the following day.
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Experts said the sacking of three top executives at the same time was “unprecedented” for a Singapore firm.
The SingPost board on Sunday published a detailed account of the proceedings and said the announcement was to address comments and queries from stakeholders surrounding the firing of Phang, Yik and Li.