General Announcement::SGX reiterates directors must disclose interest; boards are ultimately responsible for announcements

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-May-2016 20:34:26
Status
New
Announcement Sub Title
SGX reiterates directors must disclose interest; boards are ultimately responsible for announcements
Announcement Reference
SG160503OTHRKP11
Submitted By (Co./ Ind. Name)
Carolyn Lim
Designation
VP, Marketing & Comms
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) notes the executive summary of the Special Audit Report released by Singapore Post Limited (SingPost).

SGX notes that the SingPost board has reviewed and accepts the recommendations of the Joint Special Auditors. The Board will implement the recommendations together with the outcome of the Corporate Governance review (CG review). To provide assurance to investors and SGX, SGX has asked SingPost to obtain independent confirmation on the implementation of the recommendations as set out in the executive summary. This must be released at the appropriate time taking into consideration the outcome of the CG review.

In light of the findings of the Special Audit Report, SGX also wishes to emphasise the following:-

1. Directors must disclose their interests in transactions under Section 156 of the Companies Act (Cap 50) and abstain from voting on such transactions under the company's constitution. SGX requires the constitution to include the provision that directors shall not vote in regard to proposals in which he has directly or indirectly a personal material interest as set out in Appendix 2.2 of the SGX-ST Mainboard Listing Manual.

2. The board of a company is ultimately responsible for the announcements made by the company and must not abdicate its responsibility to any professionals especially where matters under consideration are not subjective but factual in nature.

3. A company and its board must exercise due care in drafting, reviewing and approving SGXNet announcements. Any error must be promptly escalated to the board s attention for its deliberation and decision.

-End-

Attachments

20160503_Regulatory_Announcement_SGX_reiterates_directors_must_disclose_interest.pdf
Total size =275K