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SPH CEO Ng Yat Chung's 'umbrage' reaction 'unfortunate': K Shanmugam
Sat, 8 May 2021, 5:51 pm
SPH CEO Ng Yat Chung at a press conference on 6 May 2021 announcing SPH Media's restructuring. (SCREENCAP: Weixiang Lim/Facebook via The Straits Times/YouTube)
SPH CEO Ng Yat Chung at a press conference on 6 May 2021 announcing SPH Media's restructuring. (SCREENCAP: Weixiang Lim/Facebook via The Straits Times/YouTube)
SINGAPORE ¨C The "take umbrage" reaction of Singapore Press Holdings (SPH) chief executive officer Ng Yat Chung when SPH's editorial integrity was questioned recently at a press conference it called for was "very unfortunate", said Law and Home Affairs Minister K Shanmugam.

Speaking on the sidelines of a community event on Saturday (8 May), Shanmugam said to local media that "Mr Ng¡¯s reaction and the way he answered the question... was very unfortunate," according to a report by Today.

"His outburst can be described in stronger terms. But I want to be careful and understated, because SPH is a listed company (with) shareholders, management, and I need to be careful," he added.

Ng's comments have since gone viral, with multiple businesses taking advantage of the furore to promote their products and services.

At the press conference on Thursday, SPH announced that it will be moving its media business into a not-for-profit entity, which will eventually be restructured into a company limited by guarantee. This will allow it to receive funding from private and public sources, including extra financial support from the government.

The move to restructure SPH's media business comes as its core segment's revenue and profit continued to plunge amid falling advertisement revenue.
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(ÒýÓà °²¼Ò¶«Ã˺Å:´ó¼Ò¶¼Í¶·´¶ÔƱ°É Õâ¸ö²Ù×÷Ì«±¿µ°ÁË)I would have thought that SPH should receive millions in hiving the media busineInstead SPH has to pump in $80 million of cash and transfer a certain number of its shares and that of SPH REIT. In this scenerio SPH is paying to get rid of the media business. Why not just cease the media business and shut it down!!!. Whoever is interested in the media business should take it over and pay SPH.I cannot fathom why SPH has to hive it off and pay for this exercise.

Not only should the CEO resign over the management of SPH but the whole Board of Directors who has appointed him and installed him as the CEO.

It is time that the Board be called to account and take responsibility for the management of SPH.

It is also time that the authorities take a proactive and robust approach to impove the effectiveness of corporate governance of all listed companies including SPH.The board of directors should not be a club for friends, cass and school mates, relatives or to repay past favours.It is time to include a least a representative from the minority shareholders. At present, independent directors are SUPPOSSED to protect the interest of the minority shareholders but in reality do they?

Now that this debacle has surfaced it is only honorable although not gentlemanly for the CEO to resign. Whether or not the other board members would resign would much depend on his or her conscience in evaluating how he or she has contributed to this state of affairs of SPH.
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