• Special auditors of SingPost had found disclosure lapses
  • Singtel board noted importance of SingPost as public institute

Singapore Telecommunications Ltd. Chairman Simon Israel is to take on added responsibility heading the board of Singapore Post Ltd., following a special audit of the postal company which found disclosure lapses and sparked public scrutiny.

Israel, who’s been Singtel chairman since 2011, will handle both jobs as the board of Singapore’s biggest phone company “is of the view that he has the capacity to take on this role without compromising his commitments to Singtel,” the company said in a statement. Israel, 63, joined at the invitation of SingPost and is not a nominee of Singtel, it said.

“In reviewing Mr. Israel’s appointment, the board noted the importance of SingPost as a public institution, Singtel’s investment in SingPost and support for its ongoing transformation,” a Singtel spokesperson said.

Special auditors for SingPost this week urged the postal company to set up standard policies and guidelines for mergers and acquisitions as well as to show its directors’ interests in other companies, after finding disclosure lapses that sparked public scrutiny.

Singtel is the largest SingPost shareholder with a 22.86 percent stake, according to data compiled by Bloomberg. SingPost’s earlier chairman-designate Low Teck Seng said last month he decided not to take up the job as the position would demand more time and focus that he wouldn’t be able to provide.

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