Change - Announcement of Cessation::Resignation of Director and Group Chief Executive Officer

Issuer & Securities

Issuer/ Manager
SINGAPORE POST LIMITED
Securities
SINGAPORE POST LIMITED - SG1N89910219 - S08
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-May-2021 23:37:23
Status
New
Announcement Sub Title
Resignation of Director and Group Chief Executive Officer
Announcement Reference
SG210531OTHRFPWR
Submitted By (Co./ Ind. Name)
Linda Hoon Siew Kin (Ms)
Designation
Group Company Secretary
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Paul William Coutts as Executive, Non-Independent Director with effect from 31 May 2021 and as Group Chief Executive Officer with effect from 31 August 2021 (or such earlier date as may be agreed). Please see also the media release dated 31 May 2021.

Additional Details

Name Of Person
Paul William Coutts
Age
64
Is effective date of cessation known?
Yes
If yes, please provide the date
31/05/2021
Detailed Reason (s) for cessation
Voluntarily tendered resignation to pursue other opportunities
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
In February 2021, it came to the attention of the Board that there were indications of lapses in internal procedures and protocols relating to the engagement of an advisor for certain Australian and New Zealand subsidiaries of the SingPost Group, which occurred in 2020 during the tenure of Mr Coutts as the Group Chief Executive Officer.

A review was subsequently conducted by Group internal audit and was recently completed. The Audit Committee and the Board have concluded from the review that there was no dishonesty, fraud or criminal activity in connection with the engagement of the relevant advisor. To the best of the Board s knowledge, no personal gain or benefit to Mr Coutts has been identified, nor has there been any resulting financial loss or material impact caused to the SingPost Group (including the affected Australian and New Zealand subsidiaries).

The Board is of the view that the Group has adequate and effective systems of internal controls and risk management systems, and the lapses identified were neither systemic nor material in the context of the Group as a whole. Appropriate measures have been taken to address the non-compliances to mitigate against recurrence of similar incidents.

The Board understands that Mr Coutts is resigning to pursue other opportunities. No adverse inference in relation to Mr Coutts resignation should be drawn from its proximity in time with the above.

Please see also the media release dated 31 May 2021.
Date of Appointment to current position
01/06/2017
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
5
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Chief Executive Officer and Executive, Non-Independent Director
Role and responsibilities
As Group Chief Executive Officer of the Company, Mr Coutts oversees the business of the Group
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
1,659,765 share awards under the Singapore Post Restricted Share Plan 2013 comprising (i) 1,277,250 performance share awards, and (ii) 382,515 restricted share awards
Past (for the last 5 years)
Please refer to attached Appendix A
Present
Please refer to attached Appendix A

Attachments

Appendix A.PDF
Total size =111K