Singapore Press Holdings annual report 2011 Singapore Press ...

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68 Singapore Press Holdings annual report 2011 Further information on BOARD OF DIRECTORS Mr Sum Soon Lim Current Directorships Singapore Technologies Telemedia Pte Ltd (Director) STT Communications Ltd (Director) Singapore National Eye Centre Pte Ltd (Director) National Heart Centre of Singapore Pte Ltd (Director) KK Women’s and Children’s Hospital Pte Ltd (Director) National Neuroscience Institute of Singapore Pte Ltd (Director) Cathay International Holdings Ltd* (Chairman) Bright Vision Hospital (Chairman) Eastern Health Alliance Pte Ltd (Director) Directorships for the past 3 years Singapore Health Services Pte Ltd (Director) Yantai Raffles Shipyard Ltd (Director) Changi General Hospital Pte Ltd (Director) Mr Lucien Wong Yuen Kuai Current Directorships Cerebos Pacific Limited* (Director) Hap Seng Plantations Holdings Berhad* (Director) Singapore Airlines Limited* (Director) Linklaters Allen & Gledhill Pte Ltd (Director) Maritime and Port Authority of Singapore (Chairman & Board Member) Monetary Authority of Singapore (Board Member) National University of Singapore (Trustee) Eastern Development Private Limited (Director) Eastern Development Holdings Pte. Ltd. (Director) Allen & Gledhill LLP (Partner & Manager) Directorships for the past 3 years Altitude Trust Management Pte. Ltd. (Director) DLF Trust Management Pte. Ltd. (Director) Mapletree Commercial Trust Management Ltd (Director) SingHealth Foundation (Trustee) Dr Yeo Ning Hong Current Directorships Far East Organization Centre Pte Ltd (Advisor) Keppel Technology Advisory Panel (Member) Haggai Institute for Advanced Leadership Training (Director) Directorships for the past 3 years Nil Mr Yong Pung How Current Directorships k1 Ventures Limited* (Director) Directorships for the past 3 years Nil * Public-listed company
Risk MANAGEMENT 69 SPH has put in place a continuous and iterative process for improving risk awareness and creating a culture of risk ownership. The Enterprise Risk Management (“ERM”) framework provides a common platform to discuss, manage and establish interdependence of risks within the organisation. SPH systematically reviews the risk profile of the organisation on a regular basis through a structured reporting framework that serves to identify, evaluate and document risks and the corresponding mitigating measures. Risk assessments are conducted across three tiers - strategic, operational and project level - with ERM being a strategic tool for making risk-adjusted business decisions. The Executive Committee (“EC”) is updated twice a year on the risk profile and mitigation measures for identified risks, while the Board is updated annually. The EC will report and make recommendations to the Board where significant risk matters arise. On top of six-monthly updates to the EC, SPH’s risk unit systematically cascades division-level risk reviews down to various business units. SPH also conducts operational-level risk reviews on a six-monthly basis, adopting a control self-assessment approach. As part of the company’s efforts to ensure that risk management practices are firmly established within all levels of SPH, nominated risk coordinators are embedded in divisions to closely monitor and promptly flag risk events. The focus in SPH’s ERM framework is appraising risks in relation to the accomplishment of objectives. The key thrust is in integrating an organisational culture where SPH mitigates its risk exposure by calibrating risks to acceptable levels while achieving SPH’s business goals. The key outputs of ERM are: • Define a common understanding of risk classification and tolerance. • Identify key risks affecting business objectives and strategic plans. • Identify and evaluate existing controls and develop additional plans required to treat (mitigate, reduce, transfer etc) these risks. • Implement measures and processes to enable ongoing monitoring and review of risk severity and treatment effectiveness. The Board is of the opinion that the risk management framework is adequate. The following are some of the strategic risks that may impact the financial status and operational effectiveness of SPH’s businesses. Economic Risks Adverse macroeconomic conditions in the global and Singapore economy have a significant impact upon SPH’s principal business segments. SPH continues to actively manage its risk exposure on the economic front by proactively streamlining its business processes and adopting prudent fiscal controls. Regulatory Risks SPH’s newspaper business is subject to the annual renewal of its publishing licence pursuant to the provisions of the Newspaper and Printing Presses Act (Chapter 206, Singapore Statues). Failure to comply with the Act may subject SPH to significant liabilities, including fines, suspension or, in extreme circumstances, the revocation of the licence. Newsprint Cost Risks SPH’s financial performance is susceptible to newsprint price volatility. The cyclical fluctuation of newsprint prices has a substantial impact on newspaper publishing costs, and a significant spike in newsprint price or a reduction in the availability of newsprint can adversely affect the company’s core business. Failure to adopt mitigating measures, such as advance stockpiling or appropriate inventory management measures and purchasing strategies, may result in SPH incurring higher production costs and lead to lower operating margins. BUSINESS CONTINUITY PLANNING Availability and safety of our printing facilities are of paramount importance to SPH as three million residents of Singapore rely on us daily to provide them with timely and essential news via our suite of newspapers. Business Continuity Planning (“BCP”) increases the resilience of the Group to potential business disruptions and minimises the impact of a crisis on business operations, people and assets. SPH has a comprehensive BCP programme in place to minimise any disruptions to its critical business activities and ensure that the populace continues to be informed in the face of a crisis. Simulation exercises are conducted periodically involving operating and supporting units on locations to fortify operational preparedness. The Group continues to scan for possible threats and establish plans to enhance operational preparedness.
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BUILDING ON OUR STRENGTHS Singapore
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OUR MISSION To Inform, Educate & En
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STRENGTH in depth Our decades of ex
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STRENGTH in mobility Transcending l
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Group financial HIGHLIGHTS for the
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Businesses and products UNDER THE S
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15 I am pleased to report that the
Page 19 and 20: 17 SPH is proud to have been honour
Page 21 and 22: 19 Dr Tan is a Singapore Government
Page 23 and 24: 21 Ms Chong, a licensed valuer, gra
Page 25 and 26: Corporate INFORMATION 23 Executive
Page 27 and 28: 25 Tony Mallek Han Fook Kwang Goh S
Page 29 and 30: 27 Han Fook Kwang Editor, The Strai
Page 31 and 32: 29 Sng Ngoi May Executive Director,
Page 33 and 34: 31 Despite an uncertain economic cl
Page 36 and 37: 34 Singapore Press Holdings annual
Page 38: 36 Singapore Press Holdings annual
Page 41 and 42: 39 Paragon Food & Beverage Fair 201
Page 43 and 44: 41 DECEMBER 2010 Paragon’s Interi
Page 45 and 46: 43 15 MAY 2011 Shape Singapore laun
Page 47 and 48: 45 SPH & SPH Foundation Charity Giv
Page 49 and 50: 47 President’s Challenge - “Tho
Page 51 and 52: Corporate social responsibility - S
Page 53 and 54: Environmental SUSTAINABILITY 51 SPH
Page 55 and 56: 53 SPH Family Day Yoga class for st
Page 57 and 58: 55 Singapore HR Awards 2011 Preside
Page 59 and 60: 57 Asian Publishing Awards 2011 17.
Page 61 and 62: 59 Board attendance The Board meets
Page 63 and 64: 61 Access to information Principle
Page 65 and 66: 63 Remuneration of Executives The B
Page 67 and 68: 65 A webcast of the half-year and f
Page 69: 67 Mr Willie Cheng Jue Hiang Curren
Page 73 and 74: Daily average NEWSPAPERS CIRCULATIO
Page 75 and 76: 73 After-Tax Profit (S$’m) Return
Page 77 and 78: Value added STATEMENT for the finan
Page 79 and 80: 77 Investor Relations Calendar 1st
Page 81: 79 Recurring Earnings @ and Dividen
Page 86 and 87: Directors’ Report for the financi
Page 92 and 93: Consolidated Income Statement for t
Page 94 and 95: Consolidated Statement of Changes i
Page 100 and 101: Notes to the Financial StatementS A
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Notes to the Financial StatementS A
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Operating Companies OF the Group as
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Overseas BUREAUS as at August 15, 2
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Overseas BUREAUS as at August 15, 2
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182 Singapore Press Holdings annual
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Singapore Press Holdings Limited 10
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