staying annual report 2012

Transcription

1 staying annual report 2012

2 corporate profile Singapore Press Holdings (SPH) is Southeast Asia s leading media organisation, engaging minds and enriching lives across multiple languages and platforms. We publish 18 newspaper titles in four languages. Our subsidiary, SPH Magazines, publishes more than 100 periodicals in Singapore and the region. Every day, 2.92 million individuals, or 74 per cent of people above 15 years old, read one of our publications in Singapore. The online editions of our main newspapers enjoy over 270 million page views with 18 million unique visitors every month. Our success is built on the long history and rich heritage of our two flagship newspapers The Straits Times, the Englishlanguage daily and Lianhe Zaobao, the Chinese-language daily. The other two dailies, Berita Harian and Tamil Murasu, remain the staple for the Malay-speaking and Tamil-speaking communities respectively. These four major newspapers, together with The New Paper and The Business Times, also provide online news to SPH s Internet portal, AsiaOne. SPH also launched The Straits Times ipad and enhanced iphone applications, an Android smartphone application and The Business Times iphone application. SPH s Chinese flagship newspaper Lianhe Zaobao has also launched its digital editions which include a web application, as well as online and PDF versions. Apart from AsiaOne, SPH s online and new media initiatives include ST701, the leading online marketplace for jobs (STJobs), property (STProperty), cars (STCars) and general classifieds (STClassifieds); Stomp (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Web and via mobile phone messaging; omy.sg, a bilingual news and interactive portal and The Straits Times RazorTV, a free access interactive webcast service offering live chat shows and video-on-demand clips. We also operate three popular radio channels, HOT FM91.3 and Kiss92 in English and UFM in Mandarin, under an 80 per cent-owned joint venture company, SPH UnionWorks, with NTUC Media. SPH has a 20 per cent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, and Channel U, and a 40 per cent stake in MediaCorp Press Ltd, which publishes the free newspaper, Today. SPH s event arm, Sphere Exhibits, organises innovative consumer and trade events and exhibitions as well as large scale conferences in Singapore and the region. SPH s digital Outof-Home platform SPH MediaBoxOffice comprises a network of large outdoor LED billboards at strategic locations (e.g. Raffles Place, Orchard Road, etc.) and indoor screens across shopping centres and banks island-wide. It also operates large format billboards, banners and other static media platforms. The Straits Times Press, SPH s book-publishing arm, as well as Focus Publishing, produce quality books and periodicals in English and Chinese. On the property front, SPH owns and manages Paragon, the prime retail and office complex in the heart of Orchard Road, as well as The Clementi Mall. Its latest retail mall, The Seletar Mall, is expected to open in SPH s wholly owned subsidiary, Times Development Pte Ltd, also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road. As an industry leader, SPH is an active corporate citizen and supports various causes including education, arts and culture, nature and conservation, sports, charity and community. It has won many awards and accolades for its extensive corporate social responsibility efforts. More information can be found on contents Group at a Glance 10 Businesses and Products under the SPH Group 11 Organisation Structure 12 Group Financial Highlights 13 Chairman s Statement 14 Board of Directors 18 Further Information on Board of Directors 24 Senior Management 28 CEO s Overview of Group Operations 36 Significant Events 46 Awards & Accolades 52 SPH Newspapers Readership Trends 56 Daily Average Newspapers Circulation 57 Financial Review 58 Value Added Statement 61 Investor Relations 62 Investor Reference 64 Corporate Information 66 Sustainability Report 67 Corporate Governance Report 71 Risk Management 81 Financial Contents 101

3 staying ahead in Dr Lee Boon Yang was elected as Chairman of Singapore Press Holdings. He was also appointed Chairman of SPH Foundation. SPH Magazines acquired The Singapore Women s Weekly; CLEO in Singapore, Malaysia and Indonesia; The Finder in Singapore and Malaysia and Harper s BAZAAR and Cosmopolitan in Singapore and Malaysia to further stake its position as the region s Publisher of Choice. The Straits Times, Lianhe Zaobao and The Business Times boosted their digital presence through tablet, smartphone and web-based apps The Straits Times and Lianhe Zaobao unveiled new mastheads and changes in their editorial staffing and content. SPH became the first Singapore company to receive the Distinguished Patron of the Arts award for the 20 th consecutive year, in recognition of its support for the local arts scene. SPH will build its third retail mall The Seletar Mall located at north-eastern Singapore. It is expected to be ready in SPH, a dominant player in print Classifieds, launched its revamped job site called STJobs for job seekers and employers and STProperty for property buyers and realtors. STCars and STClassifieds will be launched later this year. Kiss92 became Singapore s newest radio station after 20 years and the first English radio station targeted at women in the years age group. Together with UFM and HOT FM91.3, the radio stations will engage listeners from all walks of life throughout the day.

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5 staying ahead through expertise We are built on a legacy of producing quality content in a timely and accurate manner. Through our expertise, we offer balanced insights and viewpoints backed by in-depth analysis. Our readers can count on us to keep in touch with the latest news and information, and to make informed decisions in their daily lives.

6 staying ahead through vibrancy As the leading Publisher of Choice in Asia, our award-winning magazine titles offer endless lifestyle tips and entertainment. We will continue to expand our broad spectrum of content offerings to meet the discerning needs and interests of our diverse readers.

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9 staying ahead through dynamism We empower our readers with up-to-date multimedia access through our dynamic digital platforms, providing the latest news and information any time, everywhere.

10 staying ahead through innovation With our latest innovative offerings for the ipad, iphone and Android smartphones, readers of The Straits Times, Lianhe Zaobao and The Business Times can stay on the pulse of the latest news and information while on the move, with a simple tap or slide of the finger.

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12 group at a glance NEWSPAPERS With print as its core business, SPH publishes 18 newspaper titles in four languages. Every day, 2.92 million individuals or 74 per cent of people above 15 years old, read one of SPH s news publications. With more than 1,000 journalists, including correspondents operating in about 20 cities around the world, SPH is well-equipped with the talent and network to deliver quality news and information that covers both domestic and international markets. MAGAZINES SPH Magazines publishes over 100 magazine titles in Singapore and the region, covering a broad range of interests from fashion, bridal, society, automobiles, parenting, décor and information technology. It also provides custom publishing services covering lifestyle magazines and newsletters. It strives to bring its titles to regional markets and affirm its position as the Publisher of Choice in the region. It also owns popular portals like and herworldplus. BOOK PUBLISHING The Straits Times Press, SPH s book-publishing arm, as well as Focus Publishing, produce quality books and periodicals in English and Chinese. Notable books published by The Straits Times Press include Lee Kuan Yew: Hard Truths to Keep Singapore Going and My Lifelong Challenge: Singapore s Bilingual Journey. Focus Publishing has published a wide range of periodicals and magazines, including the bestselling Health No.1, Wellness No.1 and UW. INTERNET AND NEW MEDIA SPH s online editions of its key newspapers enjoy over 270 million page views with 18 million unique visitors every month. SPH has also expanded into other new media initiatives such as ST701, the leading online marketplace for jobs (STJobs), property (STProperty), cars (STCars) and general classifieds (STClassifieds); Stomp (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Web and via mobile phone messaging; omy.sg, a bilingual news and interactive portal and The Straits Times RazorTV, a free access interactive webcast service offering live chat shows and video on demand clips. SPH also launched The Straits Times ipad and enhanced iphone applications, an Android smartphone application and The Business Times iphone application. SPH s Chinese flagship newspaper Lianhe Zaobao has also launched its digital platforms which include a web application, as well as online and PDF versions. EVENTS AND OUTDOOR MEDIA SPH s event arm, Sphere Exhibits, organises innovative consumer and trade events and exhibitions as well as large scale conferences in Singapore and the region. SPH s digital Out-of-Home platform SPH MediaBoxOffice comprises a network of large outdoor LED billboards at strategic locations (e.g. Raffles Place, Orchard Road, etc.) and indoor screens across shopping centres and banks island-wide. It also operates large format billboards, banners and other static media platforms. PROPERTIES SPH owns and manages Paragon, the prime retail and office complex in the heart of Orchard Road, Singapore s main shopping belt. It houses some of the world s leading luxury brands. Its second mall The Clementi Mall opened in May 2011 with 100 per cent occupancy. The Seletar Mall is its latest retail development and is expected to open in SPH s wholly-owned subsidiary, Times Development Pte Ltd, also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road. BROADCASTING SPH operates three popular radio channels, HOT FM91.3 and Kiss92 in English and UFM in Mandarin, under an 80 per cent-owned joint venture company, SPH UnionWorks, with NTUC Media. It has a 20 per cent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, and Channel U, and a 40 per cent stake in MediaCorp Press Ltd, which publishes the free newspaper, Today. 10

13 businesses and products under the SPH group NEWSPAPERS The Straits Times The Sunday Times The Business Times The Business Times Weekend The New Paper The New Paper on Sunday Berita Harian Berita Minggu Tamil Murasu tabla! Lianhe Zaobao Zaobao Sunday Lianhe Wanbao Shin Min Daily News My Paper (bilingual) IN Little Red Dot zbcomma Thumbs Up Thumbs Up Junior i 3 Gen G MAGAZINES Her World Female Nuyou Simply Her Young Parents The Peak ICON Torque Home & Décor HardwareMAG Men s Health Singapore Shape Singapore 24:7 Action Asia AsiaSpa Asia-Pacific Boating China Boating JET Asia-Pacific LP Luxury Properties SilverKris Sutra UW ZbBz Wellness No. 1 Winning Post NSMan Health No. 1 Victory Trail The Singapore Women s Weekly CLEO Cosmopolitan Harper s BAZAAR The Finder * SPH has more than 100 magazine titles including contract and licensed titles in the region. BOOK PUBLISHING / CONTRACT PUBLISHING Straits Times Press Focus Publishing ONLINE AsiaOne.com straitstimes.com businesstimes.com zaobao.com mypaper.sg tnp.sg cyberita.asia1.com.sg tamilmurasu.sg stomp.com.sg razor.tv omy.sg ShareInvestor.com HardwareZone.com ST701.com 701Search.com 701Panduan.com AyosDito.ph Mudah.my Berniaga.com ChoTot.vn HerworldPLUS.com Femalemag.com.sg Femalebridesonline.com Golfdigestsingapore.com Homeanddecor.com.sg Hardwaremag.com Menshealth.com.sg Nuyou.com.sg Shape.com.sg Simplyher.com.sg Torque.com.sg Youngparents.com.sg Iconsingapore.com.sg Thepeakmagazine.com Luxury-Insider.com Inluxe.cn radio913.com ufm1003.sg kiss92.sg Stjobs.sg Stproperty.sg Stclassifieds.sg Stcars.sg PROPERTIES Retail Paragon The Clementi Mall The Seletar Mall Residential Sky@eleven EVENTS / OUTDOOR Sphere Exhibits BizLink Exhibition Services Sphere Conferences Exhibits Inc SPH MediaBoxOffice Buzz Pods RADIO SPH UnionWorks UFM Kiss92 HOT FM91.3 Singapore Press Holdings annual report

14 organisation structure Board Of Directors Audit Committee Chief Executive Officer Internal Audit English & Malay Newspapers Chinese Newspapers Circulation Production Marketing Support Services Subsidiaries Administration Corporate Communications Corporate Development Finance Human Resources Information Technology Secretariat/ Legal 12

15 group financial highlights for the financial year ended August 31, Change % Operating revenue 1,272,913 1,250, Operating profit # 410, , Profit before taxation 441, ,682 (3.3) Profit after taxation 369, ,751 (3.8) Non-controlling interests (3,816) 4,824 NM Profit attributable to shareholders 365, ,575 (5.9) Shareholders interests 2,242,346 2,232, Total assets 4,057,245 3,888, Total liabilities 1,732,183 1,582, Non-controlling interests 82,716 74, Dividends declared for the financial year 386, , Profitability ratios % % % points Operating margin^ (0.5) Return on operating revenue (2.4) Return on shareholders funds (1.1) Per share data Net assets (S$) Profit attributable to shareholders (S$) (4.2) Dividends declared for the financial year (cents) ## Dividend cover for the financial year (times) % Value added S$ S$ % Per employee 217, ,802 (3.0) Per $ employment costs (2.8) Per $ investment in property, plant and equipment (before depreciation) Per $ operating revenue (1.4) # ^ ## This represents the recurring earnings of the media and property businesses. Computed based on recurring earnings. Dividends for both FY 2012 and FY 2011 are tax-exempt (one-tier). The proposed dividend of 17 cents per share, comprising a final dividend of 9 cents per share and a special dividend of 8 cents per share, is subject to approval by shareholders at the Annual General Meeting on November 30, NM Not Meaningful Singapore Press Holdings annual report

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17 chairman s statement I am happy to report that the SPH Group has turned in a creditable performance in Financial Year The past year was a year of uncertainty and volatility in the global market. The Euro zone crisis, the weak US recovery and the slowing growth in China cast a pall over global economic performance. Singapore, like many other countries, suffered poorer growth as a result of the problems facing our major export markets and trading partners. Singapore Press Holdings performance could not remain unaffected by these macro-trends. However, with the collective strengths of the SPH Board, management and staff and the support of all stakeholders, I am happy to report that the SPH Group has turned in a creditable performance under these trying circumstances in Financial Year 2011/2012. Group operating revenue grew by 1.8 per cent to $1.3 billion compared to the previous year. Group recurring earnings of $410.2 million was also slightly higher by $1.2 million compared to last year. Though there were lower profits from the newspaper and magazine segment, rental income from our property business rose, and there was increased contribution from the exhibitions sector. However, our investment income fell victim to market volatility and dropped by $17.8 million to $32.6 million. As such, net profit attributable to shareholders was $365.5 million, 5.9 per cent lower compared to the previous financial year. Enhancing our Media Offerings In our core newspaper business, circulation of our newspapers averaged 978,000 copies per day, a slight year-on-year decline of 3,400 copies or 0.3 per cent. This was achieved despite formidable competition from digital and social media platforms. The Audit Bureau of Circulations Singapore recently announced the inclusion of paid digital replica copies of the print edition as part of the total circulation of a newspaper. As a result, The Straits Times and The Sunday Times registered year-on-year growth in total circulation of 17,600 copies or 4.9 per cent to 373,900 copies. By tapping digital technologies we have been able to reach out to more readers on their smartphones and tablets to strengthen subscriber base and extended readership. We will be improving our customer service further by launching a new e-shop by the fourth quarter of this year to sell both print and digital newspaper subscription packages. This is in anticipation of the increasing trend of online and mobile purchases. Existing subscribers will also be able to make payments with their credit cards, instead of paying monthly subscriptions by cash to their newspaper vendors. The new e-shop will offer customers more convenient and simpler billing and payment services. Besides our readers and subscribers, we have strived to provide better service to our advertisers. New creative designs for advertisements, including the first-ever full-cover wrap of The Straits Times, were introduced for advertisers to launch their campaigns with maximum impact. We are gratified that the demand for print advertising has remained strong, especially for the premium pages of all our newspapers. As part of our continuous efforts to engage both readers and advertisers, several of our newspapers underwent changes in their design and content. The 167-year-old Straits Times was revamped in May with more content for readers and wider options for advertisement layouts for advertisers. It also hosted an inaugural STAR (Straits Times Appreciates Readers) concert at the newly opened Gardens by the Bay featuring pop singers from Singapore, United States and Korea to engage its readers. Singapore Press Holdings annual report

18 chairman s statement Lianhe Zaobao, which is 89 this year, was rejuvenated in March to attract a younger generation of readers with new design features and content, and to give advertisers a better editorial ambience. zbcomma also added a Chinese literature appreciation page in collaboration with the Ministry of Education. Like The Straits Times, our Chinese flagship newspaper organised events such as the Singapore Prestige Brand Awards, health seminars and business forums to connect with readers and advertisers. Other products that were relaunched with new features and a snazzier look included My Paper, UW, omy.sg and also print Classifieds. On the digital front, we are well positioned to ride the continuing digital revolution. The Straits Times launched its Android app in January, following the successful debut of its ipad and iphone apps in September last year. Lianhe Zaobao also introduced its web app for ipads and Android tablets, followed by its digital package consisting of Zaobao Online, the Zaobao Web App and the Zaobao online PDF version. The Zaobao ipad PDF version was rolled out in January this year. To mark its 35 th anniversary in October last year, The Business Times unveiled the ipad PDF version for its Business Times Weekend edition. It also introduced a new personal finance website, BT Invest ( a free one stop financial portal for the public that provides the latest market updates, corporate announcements, research reports and policy updates. BT Online ( was also revamped and launched in April SPH Magazines, which added several key titles such as The Singapore Women s Weekly, CLEO, Harper s BAZAAR, Cosmopolitan and The Finder to its stable of publications, launched 25 of its titles as tablet apps. This is in addition to HerworldPLUS.com, the group s new comprehensive women s portal. SPH, as a key player in print Classifieds, activated its revamped online job site called STJobs (previously known as ST701 Jobs) in June for job seekers and employers. It is also available on ipad, iphone and Android smartphones. Another classified segment, STProperty, was launched in August This will be followed by STClassifieds and STCars later this year. ShareInvestor, our Internet financial media and technology subsidiary, completed the revamp of the Bursa Malaysia website, which was successfully launched in June this year. It also started the ShareInvestor Academy to help investors to maximise their investment returns. Beyond Singapore, 701Search continued to make headway with the launch of chotot.vn in Vietnam and four maimai.com sites in China. The new sites aim to mirror the success of its sister sites in Malaysia, Philippines and Indonesia. Mudah is now the largest online classifieds website in Malaysia, with Ayosdito and Berniaga achieving second position in Philippines and Indonesia respectively. Our broadcasting business has also grown. SPH UnionWorks Kiss92 is Singapore s first new radio station in 20 years. Targeting the modern and savvy aged between 30 and 50 years old, it went on air on 3 September this year. The station synergises with the Group s stable of women magazines and newspaper features to reach out to female listeners. Its two existing radio stations have also been re-branded as UFM and HOT FM91.3. All three stations are supported by their respective mobile iphone and Android apps. To date, more than 300,000 have downloaded HOT FM91.3, Kiss92 and UFM apps. Straits Times Press, SPH s book publishing arm, released more new titles in collaboration with several of our newspapers. These include Mr Lee Kuan Yew s My Lifelong Challenge - Singapore s Bilingual Journey (English edition), the Chinese edition of Lee Kuan Yew - Hard Truths to keep Singapore Going and 50 Greatest Moments in Singapore Football. Strengthening our Adjacent Businesses Our adjacent businesses have made good progress. On the property front, Paragon at Orchard Road and The Clementi Mall have continued to enjoy full tenancy and high traffic. Our new retail development The Seletar Mall in Sengkang is on schedule to be completed by the end of Since its incorporation in 2008, Sphere Exhibits, SPH s events and exhibitions arm, together with its two subsidiaries, Exhibits Inc and BizLink Exhibition Services, has organised a total of 58 exhibitions and attracted over 1,000 exhibitors with more than two million visitors. It has set up Sphere Conferences to boost its presence in the local and regional MICE business. It will specialise in creating premium conferences that span high-growth sectors such as healthcare, hospitality and tourism, urban planning and infrastructure development, and transportation, both in Singapore and the region. 16

19 SPH Buzz Pte Ltd, a wholly owned subsidiary of SPH which operates an extensive retail network of 68 pods at major bus interchanges, MRT stations and commercial sites, will further widen its presence in the heartlands, town centres, and central business districts. It opened its first 24-hour pod along Clementi Road in March this year. Moving forward, we will continue to leverage on our core competencies to seek out new products and opportunities to achieve growth in the coming years. We will tread cautiously and manage our resources prudently in view of the uncertain global economic condition. Awards and Accolades As the leading media company in Singapore, SPH kept up its record of winning many accolades in various fields. SPH publications consistently garnered international recognition for our editorial, design and printing excellence. This shows that even as we innovate and introduce new media products and services, we continue to maintain high standards of quality in our core products. For this, I want to thank our team of dedicated staff who are indeed our greatest asset. We make every effort to recruit, retain and reward our talents. For our efforts, SPH was named the Corporate HR Champion at this year s Singapore HR Awards. Engaging shareholders is also a top priority. I am heartened that we won the Best Investor Relations (Silver) Award at the recent Singapore Corporate Awards. Corporate Social Responsibility As a responsible corporate citizen, SPH is widely recognised for its community efforts. In 2011, it won the President s Social Service Award and in 2012, it became the first and only company to win the Distinguished Patron of the Arts Award for 20 consecutive years. Both SPH and SPH Foundation were also honoured with the Corporate Platinum Award by the Community Chest for the third consecutive year. We have established a new Board Risk committee to have an oversight of risk management across the group. The Board decided on the need for a separate risk committee following the release of the new Code of Corporate Governance and the Risk Guidance issued by the Council of Corporate Governance. This is also the first year we have embarked on sustainability reporting, as a testimony to our commitment to creating long term shareholder value by being a good corporate citizen. It is just the beginning. We will continue to fine tune the report in the years to come. Tribute and Thanks On behalf of the SPH Board, I would like to thank Mr Ngiam Tong Dow, who is retiring from the Board at our Annual General Meeting on 30 November. Mr Ngiam s wealth of public sector experience has proved to be invaluable at the Board and the Remuneration Committee discussions. He has contributed to steering SPH through difficult challenges and guided management s efforts to seek new opportunities. Dr Yeo Ning Hong has also given notice that he would like to retire from the Board. As we are proposing to appoint KPMG as our new auditors at this year s Annual General Meeting, Dr Yeo, as Chairman, Audit Committee, has kindly offered to stay on till after the first quarter of the new Financial Year to facilitate the transition of our external auditors. Hence, Dr Yeo will retire on 14 March 2013, upon completion of 12 years of service as Board Member. He has always had SPH s best interests at heart and served the Board and the Company with distinction. Replacing him as Chairman, Audit Committee, will be Mr Bahren Shaari. On behalf of the directors, I would like to thank our management, staff, business associates, unions, investors and all other stakeholders for their confidence and support. To reward our loyal shareholders, the Board has proposed a dividend of 17 cents per share, comprising a final dividend of 9 cents per share and a special dividend of 8 cents per share in respect of the financial year ended 31 August These dividends are on tax-exempt (one-tier) basis and will be paid on 21 December Together with the interim dividend paid during the year, total dividend payout for FY 2012 will be 24 cents. The year ahead continues to be a challenging one. But I believe with the support of all SPH stakeholders, we can overcome the obstacles and continue to provide readers and customers with excellent service and deliver healthy corporate performance. Lee Boon Yang Chairman Singapore Press Holdings annual report

20 board of directors Lee Boon Yang Cham Tao Soon Alan Chan Heng Loon Ngiam Tong Dow Bahren Shaari Sum Soon Lim 18

21 Willie Cheng Jue Hiang Chong Siak Ching Ng Ser Miang Tan Yen Yen Lucien Wong Yuen Kuai Yeo Ning Hong Singapore Press Holdings annual report

22 board of directors Lee Boon Yang Boon Yang was appointed Director of SPH on 1 October He is the Non-Executive Chairman of Keppel Corporation Limited. He is also a director of Keppel Care Foundation Limited and chairman of the Singapore Press Holdings Foundation Limited. He has extensive experience in public service. He served as the Member of Parliament for Jalan Besar and Jalan Besar GRC from December 1984 to April He was the Minister for Information, Communications and the Arts before retiring from political office in March From 1991 to 2003, he served as Minister in the Prime Minister s Office, Minister for Defence, Minister for Labour and later Minister for Manpower. Prior to that, he held several public appointments including Senior Minister of State for Defence, National Development and Home Affairs, and Parliamentary Secretary to the Ministers for Environment, Finance, Home Affairs, and Communications and Information. Before entry into politics, he worked as a veterinarian and R&D Officer in the Primary Production Department. He has also worked as the Assistant Regional Director for the US Feed Grains Council, and as Senior Project Manager for the Primary Industries Enterprise Pte Ltd. Boon Yang holds a B.V.Sc Hon (2A) from the University of Queensland. Cham Tao Soon Tao Soon was appointed Deputy Chairman of SPH on 1 March 2004, and Acting Chairman from 1 July 2011 to 1 December He has spent more than 30 years in the academia sector and currently is the Chancellor and Chairman of SIM University. He is also the Chairman of NSL Ltd, MFS Technology Ltd and Soup Restaurant Group Ltd, and a director of United Overseas Bank Ltd and Far Eastern Bank Limited. In addition, he serves as Chairman of Singapore-China Foundation Ltd and Nanyang Fine Arts Foundation Ltd. He is also a director of the Singapore International Foundation. He was a director of WBL Corporation Ltd, a member of the Council of Presidential Advisors and Chairman of the Singapore Symphonia Co Ltd. Tao Soon holds a Bachelor of Engineering (Civil, Honours) from the University of Malaya, a Bachelor of Science (Mathematics, Honours) from the University of London and a Doctorate of Philosophy (Fluid Mechanics) from Cambridge University. Alan Chan Heng Loon Alan joined SPH Ltd as its Group President on 1 July 2002, and was appointed Chief Executive Officer on 1 Jan He is responsible for managing the group s portfolio of business which includes print, broadcasting, internet, outdoor advertising, telephony and properties. Alan is currently on the boards of Singapore Press Holdings Ltd and its subsidiaries, Singapore Power Ltd and its subsidiaries, MediaCorp TV Holdings Pte Ltd, MediaCorp Press Ltd and OpenNet Pte Ltd. He is a member of the Public Service Commission (PSC) and the Singapore Symphony Orchestra Council; and a director of Business China, Singapore-China Foundation and the Lee Kuan Yew Fund for Bilingualism. He also serves on the boards of the Federation Internationale of Periodics Publishers and the World Association of Newspapers - IFRA. He chaired the Council that revised the Code of Corporate Governance in Before joining SPH, Alan was an Administrative Officer in the Civil Service. He has worked in the Government for 25 years and some of his previous appointments included Permanent Secretary of the Ministry of Transport, Deputy Secretary of the Ministry of Foreign Affairs, Principal Private Secretary to then Senior Minister Lee Kuan Yew and Director of Manpower, Ministry of Defence. Alan holds a Diplome d Ingenieur from the Ecole Nationale de l Aviation Civile, France and MBA (with Distinction) from INSEAD, France. He is a President s Scholar and was conferred the Public Administration Medal (Gold and Silver) and Meritorious Service Medal for his contributions to the public service. In 2009, he was selected by INSEAD as one of 50 Alumni who changed the world. 20

23 Bahren Shaari Bahren was appointed to the Board on 1 April He is the Managing Director and Marketing Head of South East Asia, Bank of Singapore, and has more than 20 years of private banking experience in global financial institutions. Prior to that, he was the Managing Director and Regional Market Manager for South East Asia and Australia International, UBS AG Wealth Management. He also served on the Board of the Maritime Port Authority of Singapore. He has been conferred the Public Service Medal by the President of Singapore in Bahren graduated with a Bachelor of Accountancy from the National University of Singapore, as well as the Advance Management Program from Wharton Business School. Willie Cheng Jue Hiang Willie was appointed a director of SPH on 1 March He is also a director of United Overseas Bank Ltd, Singapore Health Services Pte Ltd, FEO Hospitality Trust Management Pte Ltd and FEO Hospitality Asset Management Pte Ltd. He is also a director of SPH subsidiaries and associate, SPH Interactive Pte Ltd, SPH Interactive International Pte Ltd and 701Search Pte Ltd. He serves on the boards and councils of several civic and charitable organizations. He is the Chairman of Caritas Humanitarian Aid & Relief Initiatives, Singapore and a director of the Singapore Institute of Directors, Lien Centre for Social Innovation, Council for Third Age, Asia Philanthropic Ventures and SymAsia Foundation Ltd. Willie holds a Bachelor of Accountancy (First Class Honours) from the University of Singapore. He is a fellow of the Institute of Certified Public Accountants of Singapore, the Singapore Institute of Directors and the Singapore Computer Society. Chong Siak Ching Siak Ching was appointed as a director of SPH on 22 October She is the President and Chief Executive Officer of Ascendas Pte. Ltd. and also sits on the Boards of Ascendas Pte Ltd and its subsidiaries. She was recognised as the Outstanding CEO of the Year in the Singapore Business Awards She holds several appointments which include Deputy Chairman of Singapore Standards, Productivity and Innovation Board (SPRING), a director of Jurong Health Services Pte. Ltd., council member of the Singapore Business Federation and a member of the Yale-NUS College Governing Board. Prior to this, she was Deputy Chief Executive Officer of JTC Corporation from 2000 to Siak Ching, a licensed valuer, graduated from The National University of Singapore ( NUS ) with an Honours Degree in Estate Management and was awarded a Gold Medal by the Singapore Institute of Surveyors and Valuers. She also has a Masters in Business Administration from NUS and has completed the Advance Management Program at Harvard Business School. She has been conferred with a Distinguished Alumni Award by NUS in the Faculty of Architecture and Building Management in In 2009, she was again conferred with a NUS Distinguished Alumni Service Award in recognition of her unwavering commitment and service to her alma mater. Ngiam Tong Dow Tong Dow was appointed to the Board on 15 March He is a director of Yeo Hiap Seng Ltd and International Medical Insurers Pte Ltd. He was formerly a director of United Overseas Bank Ltd, Far Eastern Bank Ltd, Temasek Holdings (Pte) Ltd, Overseas Union Bank Ltd and Singapore Airlines Ltd. Tong Dow has a distinguished public service career, having served as Chairman of the Development Bank of Singapore Ltd, Housing & Development Board, Central Provident Fund Board, Economic Development Board, Telecommunications Authority of Singapore, and Deputy Chairman of the Board of Commissioners of Currency. He was also Permanent Secretary of the Prime Minister s Office, the Ministries of Finance, Trade & Industry, National Development, and Communications. Tong Dow holds a Bachelor of Arts (First Class Honours) in Economics from the University of Malaya (Singapore) and Master of Public Administration from Harvard University. Singapore Press Holdings annual report

24 board of directors Ng Ser Miang Ser Miang joined the SPH Board on 1 August He is the Chairman of TIBS International Pte Ltd, NTUC Fairprice Co-operative Limited and a director of Yanlord Land Group Ltd. He was a director of TIBS Ltd, SMRT Ltd, Biosensors International Group Ltd, International Factors (Singapore) Ltd, Transpac Industrial Holdings Limited, WBL Corporation Ltd and NTUC Choice Homes Co-operative Limited. Ser Miang is Singapore s non-resident Ambassador to the Kingdom of Norway, a Vice-President of the International Olympic Committee (IOC) and a member of several IOC Commissions. He was a former Nominated Member of Parliament and a former non-resident Ambassador to the Republic of Hungary. He was Chairman of the Inaugural Youth Olympic Games in Singapore in He was named Outstanding Chief Executive of the Year In addition to the Public Service Star in 1999, he was conferred the Meritorious Service Medal (Pingat Jasa Gemilang) by the Singapore Government for the National Day Awards in He was also conferred the Meritorious Award Commander s Cross by the President of Hungary in Ser Miang holds a BBA (Honours) from the University of Singapore. Sum Soon Lim Soon Lim was appointed to the Board on 5 December He is the Chairman of Cathay International Holdings Ltd, and Bright Vision Hospital. He also sits on the boards of Singapore Technologies Telemedia Pte Ltd, Eastern Health Alliance Pte Ltd and National Neuroscience Institute of Singapore Pte Ltd. He was conferred the Public Service Medal for his contributions to public service. Soon Lim received a B.Sc. (Honours) in Production Engineering from the University of Nottingham, England. Tan Yen Yen Yen Yen joined the Board on 1 April She is currently Senior Vice President, Applications, Oracle Corporation Asia Pacific. She is the Chairman of the Singapore Science Centre, a member of the Defence Science & Technology Agency (DSTA) Board, and director of Cap Vista Pte Ltd and Gemalto NV. Additionally, she sits on the Board of Advisors of National University of Singapore s School of Computing and Singapore Institute of Management s International Academic Panel. Prior to joining Oracle, she was Vice President and Managing Director for Hewlett-Packard Singapore. Yen Yen has played an active role in Singapore s infocomm industry, having served as Chairman of the Singapore Infocomm Technology Federation and Deputy Chairperson on the Ministry of Information, Communications and the Arts (MICA) Internet and Media Advisory Committee. She was also a member of the Government Parliamentary Council of MICA and the Economic Strategies Committee s IT Working Group subcommittee. Yen Yen has a degree in Computer Science from the National University of Singapore and an Executive MBA degree with Helsinki School of Economics Executive Education. Lucien Wong Yuen Kuai Lucien was appointed a director on 15 October He is the Chairman and Senior Partner of the law firm, Allen & Gledhill LLP, and has extensive experience in legal practice, specialising in banking, corporate and financial services work. He is currently Chairman of the Maritime and Port Authority of Singapore and a Board Member of the Monetary Authority of Singapore. He is a member of the Board of Trustees of Singapore Business Federation, and a director of Singapore Health Services Pte Ltd. He also sits on the boards of Cerebos Pacific Limited, Hap Seng Plantations Holdings Berhad and Singapore Airlines Limited. Lucien holds a Bachelor of Law (2nd Class Upper) Honours degree from the University of Singapore and was called to the Singapore Bar in

25 Yeo Ning Hong Ning Hong was appointed to the Board on 15 March He is an Advisor to Far East Organisation. He also serves on several businesses, sports and civic organizations. He is a former Cabinet Minister and has served as Minister for Defence, National Development and Communications and Information. He was previously the Chairman of PSA Corporation Ltd, Executive Chairman of the Singapore Technologies Group of Companies, as well as a director of DBS Bank Ltd and DBS Group Holdings Ltd. Ning Hong is a Singapore State Scholar, with a B.Sc (First Class Honours) in Chemistry, an MSc from Singapore University, an MA and PhD from Cambridge University, and an Honorary Fellow of Christ s College, Cambridge University. He also has a distinguished academic record, having been conferred several awards and honorary positions in Singapore and overseas. Singapore Press Holdings annual report

26 further information on board of directors Lee Boon Yang Chairman Date of first appointment as a director: 1 October 2011 Non-Executive and Independent Director Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Executive Committee (Chairman) Nominating Committee Remuneration Committee Current Directorships/ Principal Commitments Keppel Corporation Limited* (Chairman & Director) Keppel Care Foundation Limited (Director) Singapore Press Holdings Foundation Limited (Chairman) Ngee Ann Kongsi, Committee of Management (Honorary Auditor) Directorships over the past 3 years (1/9/09-31/8/12) Nil Cham Tao Soon Deputy Chairman Date of first appointment as a director: 1 March 2004 Non-Executive and Independent Director Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Executive Committee Nominating Committee (Chairman) Current Directorships/ Principal Commitments United Overseas Bank Limited* (Director) NSL Ltd* (Chairman) Soup Restaurant Group Ltd* (Chairman) MFS Technology Ltd* (Chairman) Far Eastern Bank Limited (Director) The Tan Chin Tuan Foundation (Director) Nanyang Fine Arts Foundation Ltd (Chairman) Singapore-China Foundation Ltd (Chairman) SIM University s Board of Trustees (Chairman & Chancellor) Directorships over the past 3 years (1/9/09-31/8/12) WBL Corporation Ltd* (Director) Alan Chan Heng Loon Chief Operating Officer Date of first appointment as a director: 1 July 2002 Executive and Non-Independent Director Date of last re-election as a director: 1 December 2010 Board Committee(s) served on: Executive Committee Current Directorships/ Principal Commitments SP PowerAssets Ltd (Chairman) PowerGas Ltd (Chairman) Singapore Power Ltd (Director) Singapore Press Holdings Foundation Limited (Director) Business China (Director) Singapore-China Foundation Ltd (Director) Public Service Commission (Member) Lee Kuan Yew Fund for Bilingualism (Member) Singapore Symphony Orchestra Council (Member) Directorships over the past 3 years (1/9/09-31/8/12) Nil * Public-listed company 24

27 Bahren Shaari Non-Executive and Independent Director Date of first appointment as a director: 1 April 2012 Board Committee(s) served on: Current Directorships/ Principal Commitments Directorships over the past 3 years (1/9/09-31/8/12) Audit Committee Nil Nil Willie Cheng Jue Hiang Non-Executive and Independent Director Date of first appointment as a director: 1 March 2004 Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Audit Committee Remuneration Committee Board Risk Committee (Chairman) Current Directorships/ Principal Commitments United Overseas Bank Ltd* (Director) Singapore Health Services Pte Ltd (Director) Integrated Health Information Systems Ltd (Director) FEO Hospitality Trust Management Pte Ltd (Director) FEO Hospitality Asset Management Pte Ltd (Director) Aescapulus Holdings Pte Ltd (Director) Caritas Humanitarian Aid & Relief Initiatives, Singapore (Chairman) Lien Centre for Social Innovation (Director) Council for Third Age (Director) Ashoka: Innovators for the Public (Singapore) Ltd (Director) Asia Philanthropic Ventures (Director) Singapore Institute of Directors (Director) SymAsia Foundation Ltd (Director) The Courage Fund (Director) Directorships over the past 3 years (1/9/09-31/8/12) NTUC Fairprice Co-operative Ltd (Director) Chong Siak Ching Non-Executive and Independent Director Date of first appointment as a director: 22 October 2010 Date of last re-election as a director: 1 December 2010 Board Committee(s) served on: Audit Committee Current Directorships/ Principal Commitments Ascendas Funds Management (S) Limited (Deputy Chairman) [as Manager of Ascendas Real Estate Investment Trust*] Ascendas Property Fund Trustee Pte. Ltd. (Director) [as Trustee-Manager of Ascendas India Trust*] Ascendas Hospitality Fund Management Pte Ltd (Director) [as Manager of Ascendas Hospitality Trust*] Ascendas Hospitality Trust Management Pte Ltd (Director) [as Trustee-Manager of Ascendas Hospitality Trust*] Frasers Property (China) Limited* # (Director) Jurong Health Services Pte. Ltd. (Director) Standards, Productivity and Innovation Board (SPRING) (Deputy Chairman) Singapore Business Federation (Council Member) National University of Singapore (Trustee) Yale-NUS College Governing Board (Member) Directorships over the past 3 years (1/9/09-31/8/12) Nil * Public-listed company # Company listed on the Hong Kong Stock Exchange Ltd Singapore Press Holdings annual report

28 further information on board of directors Ngiam Tong Dow Non-Executive and Independent Director Date of first appointment as a director: 15 March 2001 Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Remuneration Committee (Chairman) Current Directorships/ Principal Commitments Yeo Hiap Seng Ltd* (Director) International Medical Insurers Pte Ltd (Director) Directorships over the past 3 years (1/9/09-31/8/12) United Overseas Bank Ltd* (Director) Far Eastern Bank Ltd (Director) Ng Ser Miang Non-Executive and Independent Director Date of first appointment as a director: 1 August 2007 Date of last re-election as a director: 1 December 2010 Board Committee(s) served on: Nominating Committee Current Directorships/ Principal Commitments TIBS International Pte Ltd (Chairman) NTUC Fairprice Co-operative Limited (Chairman) Yanlord Land Group Limited* (Director) NTUC Fairprice Foundation Ltd (Chairman) Directorships over the past 3 years (1/9/09-31/8/12) WBL Corporation Limited* (Chairman) NTUC Choice Homes Co-operative Limited (Chairman) Sum Soon Lim Non-Executive and Independent Director Date of first appointment as a director: 5 December 2003 Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Executive Committee Board Risk Committee Current Directorships/ Principal Commitments Singapore Technologies Telemedia Pte Ltd (Director) STT Communications 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 over the past 3 years (1/9/09-31/8/12) Yantai Raffles Shipyard Ltd (Director) * Public-listed company 26

29 Tan Yen Yen Non-Executive and Independent Director Date of first appointment as a director: 1 April 2012 Board Committee(s) served on: Remuneration Committee Board Risk Committee Current Directorships/ Principal Commitments Singapore Science Centre (Chairman) Defence Science & Technology Agency (Director) Cap Vista Pte Ltd (Director) Gemalto NV (Director) National University of Singapore s School of Computing (Advisor) Singapore Institute of Management International Academic Panel (Member) Singapore infocomm Technology Federation (SiTF) (Councillor) Directorships over the past 3 years (1/9/09-31/8/12) Nil Lucien Wong Yuen Kuai Non-Executive and Independent Director Date of first appointment as a director: 15 October 2009 Date of last re-election as a director: 4 December 2009 Board Committee(s) served on: Audit Committee Nominating Committee Board Risk Committee Current Directorships/ Principal Commitments Cerebos Pacific Limited* (Director) Hap Seng Plantations Holdings Berhad* (Director) Singapore Airlines Limited* (Director) Maritime and Port Authority of Singapore (Chairman & Board Member) Monetary Authority of Singapore (Board Member) Eastern Development Private Limited (Director) Eastern Development Holdings Pte. Ltd. (Director) Allen & Gledhill LLP (Partner & Chairman) Singapore Health Services Pte Ltd (Director) Singapore Business Federation (Trustee) Directorships over the past 3 years (1/9/09-31/8/12) Altitude Trust Management Pte. Ltd. (Director) DLF Trust Management Pte. Ltd. (Director) Linklaters Allen & Gledhill Pte Ltd (Director) Mapletree Commercial Trust Management Ltd (Director) Yeo Ning Hong Non-Executive and Independent Director Date of first appointment as a director: 15 March 2001 Date of last re-election as a director: 1 December 2011 Board Committee(s) served on: Executive Committee Audit Committee (Chairman) Current Directorships/ Principal Commitments Far East Organization Centre Pte Ltd (Advisor) Nanyang Technological University (Adjunct Professor) Directorships over the past 3 years (1/9/09-31/8/12) Nil * Public-listed company Singapore Press Holdings annual report

30 senior management 28

31 Leslie Fong 2. Patrick Daniel 3. Lim Jim Koon 4. Low Huan Ping 5. Seow Choke Meng 6. Deborah Lee 7. Ginney Lim 8. Mable Chan 9. Tony Mallek Singapore Press Holdings annual report

32 senior management 30

33 Goh Sin Teck 2. Han Fook Kwang 3. Warren Fernandez 4. Sng Ngoi May 5. Tay Juay How 6. Loh Yew Seng 7. Chua Wee Phong 8. Quek Khin Geok 9. Lim Swee Yeow Singapore Press Holdings annual report

34 senior management Patrick Daniel Editor-in-Chief, English and Malay Newspapers Patrick was appointed Editor-in-Chief of the English and Malay Newspapers Division of SPH in January Prior to this, he was Managing Editor of the division from September 2002, and Editor of The Business Times from May He joined the media in October 1986 from the Singapore Government s Administrative Service where his last position was Director in the Ministry of Trade and Industry. Patrick is a director of SPH Magazines, SPH UnionWorks and Tamil Murasu Ltd, and also chairs two SPH subsidiaries - Straits Times Press and Shareinvestor.com Holdings. He serves on the boards of the Casino Regulatory Authority, the Singapore University of Technology and Design and Esplanade Pte Ltd. Patrick graduated from University College, Oxford in 1976 with a Bachelor of Arts with Honours in Engineering Sciences and Economics. He also has a Masters in Public Administration from the Kennedy School of Government, Harvard University. Leslie Fong Yin Leong Senior Executive Vice-President, Marketing Leslie went to Trafalgar Primary School and then Raffles Institution. After obtaining his Higher School Certificate, family circumstances made it necessary for him to start working life. He joined The Straits Times in August 1969 and has stayed with the company ever since. Between 1983 and 1986, he was seconded to Shin Min Daily News, where he became its de-facto Chief Editor. He became Editor of the Straits Times in 1987 at the age of 37. He handed over editorship to Fook Kwang in September 2002 and became Editor-at-Large with special responsibilities for China. In April 2005, he took over as Head of Marketing Division and was promoted to Senior Executive Vice-President, Marketing in January Leslie also holds chairman positions in SPH MediaBoxOffice Pte Ltd, New Beginnings Management Consulting (Shanghai) Company Ltd, 701SOU (Hong Kong) Pte Ltd, 701Sou (Beijing) Information Technology Co. Ltd, 701Search Pte Ltd and 701Panduan Sdn Bhd. Tony Mallek Chief Financial Officer Tony joined SPH as Senior Vice-President, Finance in June Prior to this, he was General Manager, Finance for Intraco Ltd. Originally from Hong Kong, he started his career in 1978 in the UK and has been with various U.S. multinationals until 1991 when he was posted to Singapore. His Singapore experience has mainly been in the healthcare industry, including general manager positions in finance and business development for Parkway Holdings Ltd. Tony holds a Bachelor of Technology (Honours) in Operations Management from Bradford University and is a Fellow of the Chartered Institute of Management Accountants. Low Huan Ping Executive Vice-President, Technology (IT and Production) Huan Ping is the Executive Vice-President, Technology. He has been with the Group for 25 years. Huan Ping is also a director of M1 Limited, ifast Corporation Pte Ltd, MediaCorp Press Ltd and Shareinvestor.com Holdings Ltd. Huan Ping started his career at the Ministry of Defence, where he subsequently headed various IT departments. Huan Ping holds a Bachelor of Arts (Honours) and Master of Arts from Cambridge University, where he read Engineering and a Master of Science from the University of Singapore. He also graduated from Harvard Business School s Advanced Management Program. Since May 2012, he also oversees the Production Division. Ginney Lim May Ling General Counsel, Executive Vice-President, Corporate Communications & Group Company Secretary Ginney is the Group Company Secretary and General Counsel in SPH. She oversees the legal, corporate secretarial, insurances and corporate communications functions in the Group. She is also the General Manager of Singapore Press Holdings Foundation Limited, an Institution of Public Character established in Ginney started the Legal Secretariat Division when she joined SPH in December She also sits on several steering and senior management committees and is a director in 32

35 some of the subsidiaries in the SPH Group. Prior to that, Ginney was heading the Legal & Secretariat and Public Relations departments in NTUC Income. She was admitted as an advocate and solicitor of the Supreme Court of Singapore and holds a Bachelor of Law (Honours) Degree from the National University of Singapore. She is a Fellow in both the Institute of Chartered Secretaries & Administrators and the Chartered Insurance Institute. Seow Choke Meng Executive Vice-President, Times Properties and Cultural Industry Promotion, Chinese Newspapers Division Choke Meng has been with the newspaper group for the last 32 years after spending 5 years in the airline industry. He has held various positions, among which were as General Manager, Human Resource Operations and General Manager, Circulation cum General Manager of Chinese Newspapers Editorial Services Department. Choke Meng is currently Executive Vice-President of Times Properties and Cultural Industry Promotion of the Chinese Newspapers Division. He is also the Executive Director of Times Development Pte Ltd. Apart from serving in grassroots and community organisations, he also serves as the Chairman of the Promote Mandarin Council and a Board Member of the National Healthcare Group. He is also a Standing Committee member of the Singapore Chinese Chamber of Commerce & Industry since Choke Meng graduated from the University of Singapore with a Bachelor of Science (Honours) degree. Deborah Lee Siew Yin Executive Vice-President, Corporate Development Deborah joined SPH as Executive Vice-President, Corporate Development in April Prior to joining SPH, she was a consultant, specialising in corporate development work and mergers and acquisitions. Deborah started her career as an auditor with Pricewaterhouse and subsequently joined Hewlett Packard, holding various management positions over a period of 11 years. She holds a Bachelor of Accountancy (Honours) and a Master in Applied Finance from the National University of Singapore. She is a CFA charterholder. Mable Chan Kam Man Executive Vice-President, Human Resources Mable has been with SPH since Before taking over as Head of Human Resources Division in June 2006, she was Senior Vice-President, Customer Service Department, Marketing Division. Prior to joining SPH, Mable was the Executive Director of the Marketing Institute of Singapore. She holds a Bachelor of Applied Science degree from the South Australian Institute of Technology and a Masters in Business Administration from the National University of Singapore. Chua Wee Phong Executive Vice-President, Circulation Wee Phong has been with SPH for 18 years. He joined Circulation in May 1994 and was appointed head of the department in May He is currently the Executive Director of Sphere Exhibits Pte Ltd. Prior to joining SPH, Wee Phong served in the Singapore Armed Forces (SAF) for a period of 13 years. He was promoted to the rank of Colonel in 2005 and is currently the Chief of Staff, 9 Division. He was awarded the Public Administration Medal (Bronze)(Military) in August Wee Phong graduated from the National University of Singapore with a Bachelor of Arts (Honours) in Sociology on an SAF scholarship. Before her consultancy work, Deborah was Senior Vice- President, Business Development at the Wuthelam Group, overseeing the establishment of the industrial electronics business, real estate business development and private equity investment for the Group in the region. Singapore Press Holdings annual report

36 senior management Lim Jim Koon Editor-in-Chief, Chinese Newspapers Jim Koon has been a journalist for 35 years. He took over the helm of Lianhe Zaobao in December 1993 and served as its Editor since January He handed over to Sin Teck in August Jim Koon became Editor-in-Chief of the Chinese Newspapers Division in June 2012, having served as Editorial Advisor in the last ten months. Jim Koon holds a Bachelor of Arts (Honours) in Government & Public Administration from Nanyang University, Singapore. He is an advisor to the Center for World Chinese Media Studies, Peking University and an adjunct professor at both the Lee Kuan Yew School of Public Policy, NUS and SIM University or UniSIM. Han Fook Kwang Managing Editor, English and Malay Newspapers Fook Kwang was appointed Editor of The Straits Times in September He joined The Straits Times in February 1989 after a stint in the Singapore Government s Administrative Service. He was made Political Editor in January 1995, in charge of political coverage in The Straits Times. In February 2012, he was appointed Managing Editor, where he is responsible for strengthening and raising the standards of the English and Malay newspapers and digital products. He graduated from the University of Leeds in Mechanical Engineering on a Colombo Plan Scholarship. He also holds a Masters in Public Administration from Harvard University. Fook Kwang is a member of the National University of Singapore Board of Trustees and the National Environment Agency. He was awarded the Pingat Bakti Masyarakat (The Public Service Medal) in August Warren Fernandez Editor, The Straits Times Warren is Editor of The Straits Times, Singapore s largest selling English daily newspaper. He joined the paper in 1990 as a political reporter and rose to become News Editor. He later also served as Foreign Editor and Deputy Editor. He left to join Royal Dutch Shell in 2008 as a Global Manager for its Future Energy project, before returning to the paper in February 2012 as its editor. He graduated with First Class Honours from Oxford University, where he read Philosophy, Politics and Economics, and also has a Masters in Public Administration from Harvard University s John F. Kennedy School of Government. Both degrees were obtained on Singapore Press Holdings scholarships. He has written several books, including Lee Kuan Yew: the Man and his Ideas ; Thinking Allowed: Fear, Politics and Change in Singapore ; Without Fear or Favour: 50 years of the Public Service Commission ; Our Homes: 50 years of housing a nation ; Men for Others ; and most recently, Lead Your Life! He was also part of the editorial team that assisted Mr Lee Kuan Yew with his two part memoirs, The Singapore Story. He has served on various national committees, including the Cost Review Committee, the Remaking Singapore committee, Singapore 21, and Compass, as well as on the boards of directors for the National Environment Agency, the Civil Service College, and the Energy Studies Institute. Goh Sin Teck Editor, Lianhe Zaobao Sin Teck joined Singapore Press Holdings Chinese flagship paper, Lianhe Zaobao, in 1987 upon graduating from the National University of Singapore with a Bachelor of Arts in Sociology. He worked his way up as a crime reporter to become the Editor of Lianhe Zaobao and the Consulting Editor of My Paper. He also oversees zaobao.com, the online edition of Lianhe Zaobao. Sin Teck was recently appointed as board member of URA and the NTU s Board of Trustees. He is also a member of the National Integration Council, the Charity Council, the Political Films Consultative Committee and the Committee to Promote Chinese Language Learning. Sng Ngoi May Executive Director, Orchard 290 Ltd, CM Domain Pte Ltd and SPH Retail Property Management Services Pte Ltd Ngoi May is the Executive Director of Orchard 290 Ltd, CM Domain Pte Ltd and SPH Retail Property Management Services Pte Ltd, all subsidiaries of the SPH Group. As Executive Director of Orchard 290 Ltd, she was involved in the acquisition of Paragon in 1997 and its various asset enhancement works over the years. 34

37 With the acquisition of The Clementi Mall in 2010, Ngoi May is also the Executive Director of CM Domain Pte Ltd, a joint venture between SPH subsidiary Times Properties, NTUC FairPrice and NTUC Income. The Clementi Mall officially opened with 100% occupancy in May As Executive Director of SPH Retail Property Management Services Pte Ltd, she oversees the management of Paragon shopping centre and the medical/office towers. She is also involved in the design and development of The Seletar Mall, which will be completed in Ngoi May is the Chairman of the Orchard Road Business Association, an appointment that she has held since September Between 1983 and 2005, Ngoi May was with SPH and last held the position of Executive Vice-President responsible for the Group s Properties, Administration, Information Resource Centre, Legal/Secretariat and Corporate Relations functions. Prior to SPH, she was in the Government Administrative Service and worked in Ministries of Health, Finance and Home Affairs. Ngoi May holds a Master of Science from the University of Singapore. Loh Yew Seng Chief Executive Officer, SPH Magazines Pte Ltd Yew Seng was appointed Chief Executive Officer of SPH Magazines Pte Ltd in June He joined SPH in July 2001 and was Vice-President of Finance and Chief Financial Officer for the magazines business group before his current appointment. Yew Seng began his career in 1994 with Arthur Andersen and held notable corporate finance and financial analyst positions in Banque International à Luxembourg, Van der Horst Limited and Visa International. He holds a Bachelor of Accountancy, Honours (Second Class, Upper) from Nanyang Technological University and has been a CFA charterholder since Tay Juay How Senior Vice-President, Administration and Information Resource Centre Juay How began his IT career with DBS Bank in He joined SPH in 1989 as an IT Specialist to set up the Data Centre Operation as part of SPH s Computerisation Programme. He was appointed Assistant General Manager in 1995 to oversee the day to day operations of the Information Technology Division. He was Senior Vice-President of Information Technology Division from 2001 to May 2011, when he was appointed as Head of Administration. In May 2012, his responsibilities included overseeing the Information Resource Centre. He holds a Bachelor of Science (Honours) from the National University of Singapore. Lim Swee Yeow Senior Vice-President, Production Swee Yeow has been with SPH for 12 years. He joined Production in January 2000 as Production Manager. Throughout his career with SPH, he helmed various sections in Operations, Engineering, Materials and Newsprint purchases. He was appointed head of department in September He was involved in major projects with the company s printing presses and print processes such as the GOSS Colorliner upgrades (2011), manroland Uniset (2008) and KBA Commander (2002). He was also responsible for building the state-of-art printing presses and mailroom systems. Swee Yeow graduated with a Bachelor of Science in Industrial and Manufacturing Engineering from Oregon State University, USA. He also holds a Higher National Diploma in Printing and Publishing Production from London College of Printing, UK. Quek Khin Geok Vice-President, Internal Audit Khin Geok holds a Bachelor of Accountancy degree from the University of Singapore and had previously worked in Pricewaterhouse & Co, Hong Leong Finance Ltd, Overseas Union Bank Ltd and United Engineers Ltd. She headed the internal audit function at United Engineers Ltd for more than three years prior to joining the SPH Group. Apart from more than 20 years of experience in internal audit, Khin Geok has been involved in external audit, credit marketing and operations, and retail banking. A Certified Fraud Examiner, Khin Geok is a member of the Institute of Internal Auditors and a Fellow of three professional bodies: The Institute of Certified Public Accountants of Singapore (ICPAS), CPA Australia and ACCA. Singapore Press Holdings annual report

38

39 CEO s overview of group operations Against the backdrop of a challenging global economic environment and modest growth in Singapore, SPH has shown resilience to deliver a commendable performance in the financial year ended 31 August The Group operating revenue of $1,272.9 million for FY 2012 was 1.8 per cent higher than the previous year. The recurring earnings increased 0.3 per cent to $410.2 million but net profit was $365.5 million, down 5.9 per cent due to the fall in investment income as a result of the volatile financial markets. Growth in the property and exhibitions businesses cushioned the lower profits from the newspaper and magazine segment. Revenue from the newspaper and magazine businesses was $1,002.8 million, marginally lower by 1.0 per cent compared to the last financial year. Print advertisement revenue was $769.4 million, a slight decrease of 0.7 per cent. newspapers Our newspaper circulation business held its ground and averaged 978,000 copies per day, a slight year-on-year decline of 0.3 per cent. This was achieved despite facing strong competition from digital and social media. Following the launch of its all-in-one pricing package, and the decision made by the Audit Bureau of Circulations to include digital subscriptions as part of newspaper circulation, The Straits Times and The Sunday Times achieved 28,900 digital subscriptions daily. This brought its average daily circulation to a high of 373,900 copies, a strong growth of 4.9 per cent. The Straits Times underwent a revamp, shortly after a change of editorship. Warren Fernandez took over from Han Fook Kwang as the Straits Times editor in February, while Fook Kwang became the managing editor of the English and Malay Newspapers division. This was followed by changes in appointments in the newsroom, a redesigned masthead and refreshed sections across the newspaper. There were also changes in the Chinese Newspapers division. Lim Jim Koon, former editor and editorial adviser of Lianhe Zaobao, took over the helm of the division as Editor-in-Chief from 1 June this year, following Robin Hu s departure. Lianhe Zaobao was rejuvenated to attract more readers and advertisers. It launched its Web App for ipad and Android tablets in December 2011, followed by its ipad PDF app in February It also reached out to readers via social network channels like Facebook and Weibo. Along with zaobao.com, these digital initiatives have provided readers with a broader and more interactive access to its content. Singapore Press Holdings annual report

40 CEO s overview of group operations

41 newspapers The Business Times marked its 35 th anniversary with a push into the digital world. An ipad application for the BT Weekend edition was launched, with plans for the launch of weekday iphone and ipad editions, along with its own all-in-one pricing packages. The New Paper initiated several new projects, including a weekly music entertainment supplement called Loud, a cycling event called Cycle Quest and a book entitled 50 Greatest Moments in Singapore Football. Annual reader engagement events such as The New Paper Big Walk and FiRST Film Fest were also held. Berita Harian continued to engage the Malay community with a number of yearly events and projects such as the Berita Harian Achiever Award, Annual School Debate and Youth Badminton Tournament. Tamil Murasu honoured three senior teachers at the annual Most Inspiring Tamil Teachers Awards, while tabla! marked its third anniversary in October 2011 with the launch of the tabla! Community Champion Award. It also presented the Bollywood blockbuster musical, Taj Express. Besides the annual Executive contest, bilingual daily My Paper organised the Metropolitan Workshop series and Executive seminars, which offered insights on topics such as Singapore s property market and career development. Lianhe Wanbao collaborated with omy.sg to repackage two of its top news stories into the form of a mobile app. The Fong Fei Fei Commemorative ipad e-book app was launched to commemorate the famous Taiwanese singer, while the Vice Ring Probe Android app was popular with readers. Shin Min Daily News organised several signature events such as the SME Learning Cruise in July. The evening daily also launched a book called Words of Wisdom by Master Hsing Yun, a renowned Taiwanese monk, based on its popular column in the newspaper. The book was sold out within weeks of its release. The Chinese student papers zbcomma, Thumbs Up and Thumbs Up Junior introduced new editorial content and expanded their activities to deepen their engagement with students, teachers, and parents. The print Classifieds section was given a makeover to cater to the changing lifestyles and needs of our readers and advertisers. One of the new initiatives was to increase the font size of the ads. It also added new content plus QR codes so that potential buyers can view more pictures of properties and cars. In January this year, The Gold Rush subscription campaign, targeting both The Straits Times and Lianhe Zaobao subscribers, was launched. It leveraged on the Chinese New Year activities and rising gold prices, and offered subscribers a chance to win gold bars in a lucky draw. The campaign attracted a total of 17,000 print and digital subscribers. To support the all-in-one subscription of newspapers and online sites and apps, an SPH e-shop was set up. In addition, an SPH Rewards portal, a loyalty programme for direct subscribers of SPH newspapers, was introduced to engage subscribers through web and mobile apps, with treats, gifts and events. Singapore Press Holdings annual report

42 CEO s overview of group operations magazines In November 2011, SPH Magazines further cemented its market leader position by acquiring popular titles from ACP Magazines Pte Ltd The Singapore Women s Weekly, CLEO, The Finder, Harper s BAZAAR and Cosmopolitan. SPH Magazines also took steps to enlarge its digital footprint by launching 25 digital editions of its publications on ipads, Android devices and desktop browsers. Signature events such as the Her World s Woman of the Year Awards, Women s Fair, Shape Run, Men s Health Urbanathlon, The Peak Golf Tournament and Home & Décor Fair continued to create buzz in the market. In celebration of its second anniversary, Health No. 1 together with its sister publication Wellness No. 1, organised a health carnival at the Suntec Convention Centre for readers. Activities included health seminars, a bazaar, free health screening and TCM consultation. production SPH continued to upgrade its manufacturing equipment to enhance its production capabilities to meet the new challenges of the printing industry. In September 2011, the Production division successfully completed the upgrade project for the Colorliner presses. The presses were equipped with a new press control system, enhanced colour capacity, digitised computer-to-plate system and more efficient speed plus tension controls. Our print products continued to win international recognition for print quality. SPH won awards for all its three entries to the International Colour Quality Club. The awards reaffirmed the quality standards achieved by our three printing presses the Colorliner, KBA and UNISET. SPH s Chinese entertainment, lifestyle and social news magazine UW, was transformed into a stylish and chic magazine with richer content following its revamp in June. The award-winning ZbBz, the luxury magazine for bilingual elites, maintained robust advertising revenue growth. 40

43 Singapore Press Holdings annual report

44 CEO s overview of group operations

45 new media On the digital front, The Straits Times interactive ads on its ipad edition steadily gained market attention and acceptance. Within its first year, 16 top advertisers supported the platform with $4 million worth of advertising sponsorship. The strong support augured well for the future development of SPH s mobile platforms as more of our newspapers and products moved into the digital sphere. One such product is the newly revamped STJobs, which went live as a mobile app on all devices in June Its presence on both the online and mobile platforms now attracts over two million visitors every month. Following STJobs success, STProperty was launched. There are plans to roll out STClassifieds and STCars soon. Our new media has also garnered a strong following regionally. 701Search launched chotot.vn in Vietnam and four maimai.com sites in China. These followed the success of its sister sites in Malaysia, Philippines and Indonesia. Mudah is now the largest online classifieds website in Malaysia, with Ayosdito and Berniaga being second in Philippines and Indonesia respectively. The overall strategy of developing and monetising applications on smartphone and tablet devices have yielded promising results, with year-on-year growth of almost 70 per cent for smartphone advertising revenue. There are now iphone and Android apps for The Straits Times, Stomp, ST RazorTV, AsiaOne, SoShiok (food), omy.sg (entertainment), The New Paper (football), with audience numbers growing steadily. Bilingual news and entertainment website omy.sg held its Singapore Blog Awards for the fifth year. The event was branded together with a series of social media events under the umbrella of Singapore Social Media Fiesta, a campaign which ran from April to July. ShareInvestor, our internet financial media and technology subsidiary, completed the new BT Invest website in February and the revamp of the Bursa Malaysia website in June this year. It started the ShareInvestor Academy, an education arm with a focus on educating investors on maximising their investment returns. It also organised INVEST Fair Singapore and Malaysia together with The Business Times. Singapore Press Holdings annual report

46 CEO s overview of group operations book publishing Straits Times Press (STP) launched Mr Lee Kuan Yew s My Lifelong Challenge - Singapore s Bilingual Journey and the Chinese edition of Lee Kuan Yew- Hard Truths to keep Singapore Going. It also published 17 new titles, such as the Sustaining Stability, Serving Singapore Monetary Authority of Singapore - 40 th Anniversary, Where Lions Fly years of Aviation in Singapore, Close Watch: A Nation s Resolve to Secure Singapore and Keeping the Faith - Syed Isa Semait, Mufti of Singapore. Its 50 Greatest Moments in Singapore Football, a book project involving the sports correspondents of The New Paper, was launched by President Tony Tan Keng Yam as part of the President s Challenge. Focus Publishing Limited published 10 coffee table books, including commemorative titles for Minister Mentor Lee Kuan Yew and Emeritus Senior Minister Goh Chok Tong. Leveraging on its strength in the publication of bilingual books, Focus Publishing also published Chinese Development Assistance Council s 20 th anniversary commemorative book, A Little From All, Together It s More, the biography Chang Yun Chung - Steering through the Storms, National Taxi Association s Taxi Tales in Singapore and People s Association s 40 th anniversary book Tales of Chingay. properties Paragon, SPH s key property asset, maintained 100 per cent occupancy for its retail, medical and office space. The iconic mall along Orchard Road offers unrivalled shopping experience for both locals and tourists with over 200 stores including a diverse mix of renowned international luxury brands. In its continual efforts to enhance the shopping experience of shoppers, Paragon carried out extensive refurbishment to its external walkways and landscape areas in the past year. The Clementi Mall, which was officially opened in May 2011, also enjoyed 100 per cent occupancy. It is a favourite heartland mall for residents living in Clementi, West Coast and the Holland-Bukit Timah area. The Seletar Mall, located at the junction of Sengkang West Avenue and Fernvale Road, is slated for completion at the end of The mall is easily accessible via Fernvale LRT, which is linked to Sengkang North East Line MRT/LRT station and a bus interchange. radio SPH UnionWorks launched Singapore s first new radio station in 20 years. Kiss92, which targets the modern and savvy aged 30 to 50 years old, went on air on 3 September this year. The station synergises with our stable of female magazines and newspaper features, to reach out to female listeners. SPH UnionWorks existing radio stations, 91.3 FM and Radio 100.3, were rebranded HOT FM91.3 and UFM respectively. HOT FM91.3 saw its market share rise to 16 per cent in 2012 among listeners aged 15 to 39, making it the third most popular English station for those under 40. Its breakfast show, Rod Monteiro and The Married Men, grabbed the second spot of the Under-40 audience for weekday mornings in Nielsen ratings (March-May). UFM fine-tuned its programming to cater to its core target audience aged 35 to 49. The Chinese station also supported various community and charitable causes through its annual programme, Star of the Week. All three stations are supported by their respective mobile iphone and Android apps, with features to enhance the listening experience. To date, there are more than 300,000 downloads for the HOT FM91.3, Kiss92 and UFM apps. 44

47 events and exhibitions Since its incorporation in 2008, Sphere Exhibits, SPH s events and exhibitions arm, has organised a total of 58 exhibitions with over two million visitors. Sphere also owns two subsidiaries, Exhibits Inc and BizLink Exhibition Services. For the past three years, Sphere has successfully organised a series of well-received consumer events such as Beerfest Asia and Asian Masters. In June 2012, Sphere added another high end consumer gourmet event - Gourmet Japan - into its portfolio. Exhibits Inc continued to be the leading organiser in the IT and F&B sectors through its signature events COMEX, IT SHOW, Food and Beverage Fair and World Food Fair. Bizlink Exhibition Services enjoyed great success as a trade fair organiser as the Gifts & Premiums Fair entered its 13 th year in It remained the appointed event organiser for the Franchising & Licensing Asia show in Sphere also set up Sphere Conferences, a trade conference arm to organise premium conferences that span high-growth sectors such as healthcare and tourism, to name a few - both locally and across the region. outdoor advertising SPH MediaBoxOffice (SPHMBO) concentrated its efforts in providing new innovations through its extensive Digital and Static inventory to meet customers needs. Its Integrated Digital and Static Outdoor Campaigns were well received by the market. It also allowed advertisers to include key messages in their outdoor ads to attract more eyeballs. For example, timely Stock Indices updates were provided on the SPHMBO screen in Raffles Place. SPH buzz SPH Buzz Pte Ltd increased its retail network to a total of 68 pods at major bus interchanges, MRT stations and commercial sites. These Buzz pods cater to the diverse needs of commuters by providing them with choice selections of affordable merchandise and essential modern day services. In 2012, Buzz advanced its expansion strategy with the opening of its first 24-hour pod along Clementi Road. In addition, Buzz embarked on a refurbishment programme to achieve visual conformity across all its pods. They were refreshed with standardised chillers, signage, news tickers, and confectionary displays. business outlook FY 2012 had been an eventful year, and despite the challenging economic climate, SPH managed to weather the storm and turned in a creditable performance. However, the current FY looks equally, if not more challenging. Given the unfavourable global outlook, we will monitor our cost structure carefully while making adjustments for a sustained performance. The global media consumption trend continues to move towards digital publications. In Singapore, more people are using mobile devices to access information or get connected through social media. We will continue to invest in digital media, while sustaining our core newspaper business. We will also pursue other growth businesses like property and exhibitions. With the support of all our stakeholders - readers, advertisers, consumers, and our staff and unions - as well as the guidance from the Board, I am confident that SPH is well-placed to meet the demanding times ahead. Chan Heng Loon, Alan Chief Executive Officer Singapore Press Holdings annual report

48 significant events The Straits Times ipad and iphone apps September The Straits Times launched its new All-in-One pricing packages for its print, online, ipad and iphone offerings on 8 September, with a free trial debuting on 1 August. A total of 1.3 million downloads was received in the first month and it currently has more than 800,000 active users. Largest food fair in Singapore on show September Singapore hosted the World Food Fair 2011 which showcased a comprehensive and scrumptious spread of local, Asian and International favourites such as Korean coffee and fruity rice wine. The four-day event attracted over 250,000 visitors. The Business Times Weekend ipad app October The Business Times Weekend launched its ipad app on 1 October to mark the business daily s 35 th anniversary which comes with a PDF format of the BT Weekend print edition. Inaugural tabla! Community Champion Award October tabla! celebrated its third anniversary with the launch of the tabla! Community Champion Award, presented to a member of the Indian community who has done distinguished work with the less fortunate in Singapore. President of the Dyslexia Association of Singapore (DAS), Dr Jimmy S. Daruwalla, was the inaugural winner. Launch of Chinese edition of Lee Kuan Yew: Hard Truths to keep Singapore going September The Chinese edition of Lee Kuan Yew: Hard Truths to keep Singapore going was launched by Mr Lee on his 88 th birthday, on 16 September. The Chinese version of the book caters to the needs of older Singaporeans and non- Singaporean Chinese from China, Taiwan and Hong Kong. Dr Lee Boon Yang elected to SPH Board September SPH appointed Dr Lee Boon Yang as Director to its Board on 1 October. He was appointed as Chairman on 1 December. Inaugural tabla! Community Champion Award SPH and SPH Foundation honoured with Corporate Platinum Award by Community Chest October SPH and SPH Foundation were honoured with the Corporate Platinum Award by the Community Chest for the second consecutive year. Dr Lee Boon Yang (right) elected to SPH Board Five SPH financial journalists honoured at SIAS Investors Choice Awards October SPH won five awards at the 2011 Financial Journalist Awards, which is part of the annual SIAS Investors Choice Awards. The SPH journalists won in the Financial Journalist of the Year, Financial Story of the Year and Investor Education Journalist of the Year categories, and picked up two awards for Promising Journalist of the Year - one each by The Business Times and The Straits Times. 46

49 SPH Magazines acquired ACP titles November SPH Magazines now owns 11 new titles across four countries including The Singapore Women s Weekly and CLEO in Singapore, Malaysia and Indonesia; The Finder in Singapore and Malaysia and Harper s BAZAAR and Cosmopolitan in Singapore and Malaysia. ChildAid Celebrating Friendship and Hope December The seventh ChildAid concert organised by The Straits Times and The Business Times in aid of the two children s charities The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund, featured 130 budding musical talents. Held at the University Cultural Centre, a total of $1.88 million was raised to help the two charities. The New Paper Big Walk at Resorts World Sentosa 2011 November President Dr Tony Tan Keng Yam flagged off 18,000 participants of The New Paper Big Walk at Resorts World Sentosa, where the four-kilometre walk gave participants a scenic off-road experience as they walked down the Sentosa Boardwalk into Resorts World Sentosa. ChildAid Celebrating Friendship and Hope The New Paper Big Walk at Resorts World Sentosa 2011 Launch of My Lifelong Challenge: Singapore s Bilingual Journey by Lee Kuan Yew November The Straits Times and Lianhe Zaobao jointly launched a new book by Mr Lee Kuan Yew My Lifelong Challenge: Singapore s Bilingual Journey at the Singapore Conference Hall. It comes in a 400-page Chinese edition and 388-page English edition. Proceeds from the sale of 200 special-edition autographed copies of the book went to the Bilingualism Fund which supports projects to raise the capability of schools and the community in promoting bilingualism. 44 th Convention of the World Chinese Language Press Institute November Organised by Lianhe Zaobao, the 44 th Convention of the World Chinese Language Press Institute attracted more than 150 media industry leaders from China, Taiwan, Hong Kong, and Singapore. The theme of the two-day convention was New Content, New Platforms, New Opportunities. Lianhe Zaobao on ipad and Android-powered tablets December Lianhe Zaobao launched its web application for the ipad and Android-powered tablets and online users enjoyed the free trial for two weeks from 28 December. Users were treated to an enhanced reading experience with a vibrant and easy-to-navigate layout, accompanied by high-resolution news photos. Accessing The Straits Times on Android smartphones January Readers of The Straits Times started to access their news on Android smartphones from 16 January. The Android app provides full editorial content of ST s daily print edition, as well as free breaking news, push notifications of breaking news and access to a seven-day archive. Singapore Press Holdings annual report

50 significant events Lianhe Zaobao launched digital package January Readers of Lianhe Zaobao are now connected round the clock via new digital packages which include Zaobao Online, the Zaobao Web App and the Zaobao PDF version. World-class acrobatic drama Journey to the West in Singapore February The acclaimed acrobatic drama Journey to the West performed by the renowned Guangzhou Acrobatic Troupe of China, returned to Singapore by popular demand. It was jointly presented by Lianhe Zaobao, Scorpio East and Asia Arts & Culture Pte Ltd, and staged at the Kallang Theatre. SPH and United Engineers awarded Sengkang Commercial Site January A joint venture company between SPH and United Engineers Limited (UEL) was awarded the tender for a commercial site at the junction of Sengkang West Avenue and Fernvale Road by the Housing and Development Board. To be called The Seletar Mall, it is expected to be completed by Launch of the inaugural The Straits Times Digital Life Awards 2012 January The inaugural Straits Times Digital Life Awards 2012 recognised the country s leading laptops, smartphones, tablets, cameras and games, as voted by the weekly pull-out s writers and readers. Trophies were presented to the winners of the Editor s and Readers Choice awards. World-class acrobatic drama Journey to the West in Singapore Leadership change at The Straits Times February Mr Warren Fernandez is the Editor of The Straits Times. He takes over from Mr Han Fook Kwang who became Managing Editor of SPH s English and Malay Newspapers Division. Personal finance website BT Invest launched February The Business Times launched a new personal finance website, BT Invest ( which is a free one-stop financial portal for the public that provides users with the latest market updates, corporate announcements, research reports and policy updates. Lianhe Zaobao launched PDF version on ipad February Lianhe Zaobao launched its ipad PDF version, giving readers another platform to enjoy their Chinese daily. This is on top of the Web App for both ipad and Android tablets launched in December 2011 and the online PDF version in January. Search for Asia s brightest start-ups at DEMO Asia 2012 February The search for Asia s start-up and entrepreneur stars kicked off at the inaugural DEMO Asia 2012 at the Matrix@Biopolis. Over 500 startups, entrepreneurs, global venture capitalists and angel investors from Asia and the world came together in this three-day event for a preview of the latest innovation in consumer technology, social media, digital and mobile technologies and life and bio-sciences. New Lianhe Zaobao wowed readers and advertisers March The revamped Lianhe Zaobao was unveiled to over 300 advertisers and guests at a trade event. Some of the changes included insightful news and commentaries on all things Chinese, an in-depth section on trends and developments in China as well as the lifestyle trends of Singaporeans. 48

51 Female and Nuyou Catwalk at Tanjong Pagar Railway Station April SPH Magazines two leading women s fashion magazines Female and Nuyou presented their signature event - Female and Nuyou Catwalk - at the Tanjong Pagar Railway Station. This year s fashion show showcased Italian label REDValentino, the diffusion label of Italian house Valentino. Active ageing at CATS Classified s Life Matters exhibition May A total of 39 booths at the first Life Matters exhibition offered active agers and caregivers a host of useful products and services, such as will-writing, hearing aids, travel packages, insurance, massage treatments, elderly fitness etc. The exhibition also included a section where visitors could speak to funeral directors and representatives from a columbarium. SPH s revamped job site STJobs launched June Previously known as ST701Jobs, the STJobs portal offers job seekers and recruiters enhanced features and functionality, providing users with better search results and effective job matches. SPH and SPH Foundation donated $400,000 to 20 charities June SPH and SPH Foundation contributed $400,000 to 20 charities under the Community Chest. SPH donated to 10 charities that are serving the elderly, while SPH Foundation contributed to 10 charities serving needy children and youth. Each charity received $20,000 in cash. Female and Nuyou Catwalk at Tanjong Pagar Railway Station Climatic finish at national spelling championships April A record 1,200 spellers from some 130 primary schools took part in the inaugural RHB-The Straits Times National Spelling Championship. The top three winners received their prizes from Minister of State for Community Development, Youth and Sports, Madam Halimah Yacob. New look for The Straits Times May The Straits Times unveiled its new look, last updated in It featured a mix of design-oriented changes and feedback from readers. These included new section cover pages, more original content as well as greater use of infographics. SPH and SPH Foundation donated $400,000 to 20 charities Singapore Press Holdings annual report

52 significant events CEIBS Honorary President Prof Liu Ji spoke at Eminent Speakers Series 2012 June Prof Liu Ji, the Honorary President of China Europe International Business School (CEIBS) and Chairman of the CEIBS Education Development Foundation, was the speaker at this year s Eminent Speakers Series. He spoke on the topic China and the World in the Next Decade. SPH is biggest winner at Singapore HR Awards 2012 July SPH emerged the biggest winner at the Singapore HR Awards 2012 with seven awards, including the award s highest honour - the Corporate HR Champion. It won the Corporate HR Award and awards for Learning & Human Capital Development, HR Communications and Branding, E-HR Management, Fair Employment Practices (Special Mention) as well as Corporate Social Responsibility. tabla! hosted the Taj Express June tabla! was the presenter for the Bollywood musical Taj Express, which made its global premiere in Singapore at the Esplanade Theatre. This musical extravaganza showcased India s diverse culture and heritage and boasted fabulous costumes and set designs. The premiere was attended by former President S R Nathan. The Straits Times awarded World Young Reader Prize July The Straits Times won the jury commendation award in the Brand category of the WAN-IFRA World Young Reader Prize for its RHB-The Straits Times National Spelling Championship, dubbed The Big Spell. The award in the Brand category honours newspapers for outstanding marketing campaigns and community actions that engage the young. The Straits Times STAR concert July The Straits Times celebrated its 167 th birthday with a carnival and concert at the newly-opened Gardens by the Bay, as part of its efforts to deepen engagement with its readers and the community. Featuring a host of foreign and local acts such as 4Minute and Tanya Chua, it was attended by more than 30,000 people. The New Paper and Straits Times Press celebrated local football history and heritage July The New Paper and Straits Times Press collaborated to launch 50 Greatest Moments in Singapore Football. The book launch was held at the Istana and attended by over 200 guests, including members of the local football fraternity such as former national players and the book s writers and contributors. The Straits Times STAR concert The New Paper and Straits Times Press celebrated local football history and heritage 50

53 33 awarded SPH and SPH Foundation scholarships July SPH and SPH Foundation gave out 33 scholarships at the annual scholarship awards presentation ceremony. This year, there were nine recipients of the SPH Journalism Scholarships, while nine others were awarded the SPH Foundation Lim Kim San Memorial Scholarships. In addition, there were 13 scholars who were children of SPH staff and two scholars who were children of newspaper vendors. Inaugural jobs fair and fashion showcase by STJobs and STClassifieds July The STJobs Career & Development 2012 and STClassifieds Fashion & IT Showcase 2012 attracted more than 40,000 job-seeking and 20,000 shopping crowd respectively. Held at Suntec Singapore, the two-day career fair featured close to 200 exhibitors from various industries, offering over 1,000 employment opportunities. On show at the fashion and IT showcase were more than 40 established online retailers, up-and-coming local designers and popular blogshops. SPH s revamped property site STProperty August SPH online classifieds portal ST701 unveiled its new property search site for property seekers and realtors with improved functionalities. Now known as STProperty, this new SPH online property portal offers new property search features. SPH and SPH Foundation scholarships Supporting the arts for 20 consecutive years July SPH became the first and only company to be honoured with the Distinguished Patron of the Arts award for 20 consecutive years. Conferred by the National Arts Council, the Distinguished Patron of the Arts award is the highest honour accorded to an organisation in support of the arts. tabla! and Tamil Murasu s golf tournament promoted integration July golfers took part in the inaugural Integration Cup that brought together the expatriate Indian and Singaporean communities. Organised jointly by tabla! and Tamil Murasu, the Integration Night dinner was attended by 400 members of the community, and raised funds for SINDA. ST- MOE national current affairs quiz August teams of pre-university students, each representing a different institution, participated in the inaugural Straits Times-Ministry of Education National Current Affairs Quiz held at the Raffles City Convention Centre. The exciting final showdown was graced by Education Minister Mr Heng Swee Keat, who gave out the trophies to the winning teams. SPH Foundation was the presenting sponsor of the event. New radio station Kiss92 goes live September Singapore s first all new radio station in 20 years, Kiss92, went on air on 3 September. It is the first station targeted at women in the years age group. It joins sister stations UFM and HOT FM91.3, both of which were also rebranded, as SPH s three radio stations under SPH UnionWorks. New radio station Kiss92 goes live Singapore Press Holdings annual report

54 awards & accolades Corporate Governance Awards 1. Singapore Corporate Awards Best Investor Relations Award (Silver, $1 billion and above market capitalisation category) th SIAS Investors Choice Awards 2011 Runner Up - Most Transparent Company Award 2011 (Non-Electronics Manufacturing Category) Financial Journalist of the Year (The Business Times, Ms Lynette Khoo) Financial Story of the Year (The Business Times, Ms Felda Chay) Promising Journalist of the Year (The Straits Times, Ms Esther Teo) Promising Journalist of the Year (The Business Times, Ms Joyce Hooi) Investor Education Journalist of the Year (The Business Times, Ms Teh Hooi Ling) Other Corporate Awards 1. Supporter of MINDS Award 2. Singapore HR Awards 2012 Corporate HR Champion Corporate HR Award Leading HR Practices Category Learning & Human Capital Development HR Communications and Branding E-HR Management (Special Mention) Special Category Corporate Social Responsibility Fair Employment Practices 3. Community Chest Awards Corporate Platinum Award 4. Patron of Heritage Awards SPH received Partner of Heritage award 5. Total Defence Awards 2012 Total Defence Awards (Employers) 2 nd Tier: Distinguished Defence Partner Award 6. SCDF Strategic Partner Award 2012 Singapore Corporate Awards Patron of the Arts Award 52

55 7. Brand Finance Forum 2012 Top 100 Most Valuable Brand SPH (13 th position) The Straits Times (50 th position) Her World (75 th position) Lianhe Zaobao (78 th position) Nuyou (86 th position) 8. Patron of the Arts Award SPH received Distinguished Patron of the Arts award for the 20 th consecutive year. SPH Foundation and SPH UnionWorks (UFM 100.3) were each honoured with the Friend of the Arts award. omy.sg received the Arts Supporter award. 9. ACCA Approved Employer Editorial / Printing / Creative Achievements 1. Business China Young Achiever Award Han Yong Hong, Lianhe Zaobao 2. Singapore Environmental Achievement Awards City Developments Limited Environmental Journalist of the Year (Grace Chua, The Straits Times) 3. Singapore Sports Awards Most Inspiring Sports Story of the Year (Terence Voon, The Straits Times) 4. Digital Media of the Year Awards by Marketing Magazine Women Category 1 st herworldplus ( Men Category 1 st Men s Health ( Tech Category 1 st HardwareZone ( Luxury Category 1 st Luxury Insider ( Business & Finance Category 1 st The Business Times ( News Category 2 nd AsiaOne ( 3 rd The Straits Times ( Property Category 3 rd STProperty ( Car Category 3 rd Torque ( 5. Asian Digital Media Awards 2011 by WAN-IFRA Best in Online Media Award Newspaper Website Gold straitstimes.com Best in Online Media Award Magazine Website Silver HardwareZone.com Best in Cross Media Award Cross Media Advertising Gold SPH Turns You On trade event Bronze The Straits Times on ipad Best in Mobile Media Award Mobile Publishing Gold straitstimes.com Silver AsiaOne Best in Social Media Award Bronze Stomp Singapore Sports Awards Singapore Sports Awards Asian Digital Media Awards 2011 by WAN-IFRA Singapore Press Holdings annual report

56 awards & accolades 6. Marketing Magazine: Magazines of the Year 2012 Magazine of the Year 1 st Her World 2 nd CLEO Women s Magazine of the Year 1 st Her World 2 nd CLEO 3 rd The Singapore Women s Weekly Men s Magazine of the Year 1 st Men s Health Health Magazine of the Year 1 st Men s Health 2 nd Shape Women s Fashion Magazine of the Year 1 st Harper s BAZAAR Motor Vehicle Magazine of the Year 1 st Torque Parenting Magazine of the Year 1 st Young Parents Consumer Electronics Magazine of the Year 1 st HardwareMAG (HWM) Property Magazine of the Year 1 st Luxury Properties In-flight Magazine of the Year 1 st SilverKris Chinese Magazine of the Year 2 nd ICON 3 rd Nuyou Youth Magazine of the Year 2 nd Seventeen Luxury Magazine of the Year 2 nd The Peak Local Business Magazine of the Year 2 nd Business Quotient (BizQ) Interior Magazine of the Year 3 rd Home & Décor Travel Magazine of the Year 3 rd AsiaSpa (Regional Hong Kong) 8. INMA Awards 2012 Marketing Solutions for Advertising Clients (circulation over 300,000) omy.sg for omy Blog Club (3 rd position) 9. PANPA Ad Awards 2012 Best Single Print Campaign (circulation more than 90,000) Winner (SPH Creative Services, Marketing Division for Human Resources Recruitment ) Best Single Print Campaign (circulation more than 90,000) Highly Commended (SPH Creative Services, Marketing Division for The Business Times Window ) Best Single Print Campaign (circulation more than 90,000) Highly Commended (SPH Creative Services, Marketing Division Si Chuan Dou Hua Restaurant ) Best Integrated Campaign For A Client (One Or More Platforms), Open category Highly Commended (SPH Creative Services, Marketing Division SPH Ink Awards 2011 ) PANPA Newspaper of the Year Awards Best Newspaper Event (circulation of 90,000+) The RHB-Straits Times National Spelling Championship Digital News Destination Mobile or App Highly Commended (The Straits Times mobile site) Digital News Destination Mobile or App Highly Commended (AsiaOne iphone app) 7. WAN-IFRA Asia Media Awards 2012 Best in Editorial Award Newspaper Feature Article Silver (The Straits Times for What Lies Beneath ) Best in Editorial Award Newspaper Feature Article Bronze (The Straits Times for The Dragon s Mighty Roar ) Best in Photojournalism Award Sports Photography Bronze (The Straits Times, Mugilan Rajasegeran) Asia Media Awards 54

57 11. Society of Publishers in Asia (SOPA) 2012 Awards Excellence in Human Rights Reporting Award for Excellence (The Straits Times for Sex, Lies and Trafficking ) Excellence in Explanatory Reporting Award for Excellence (The Straits Times for What Lies Beneath ) Excellence in News Photography Award for Excellence (The Straits Times for End of an Era at Tanjong Pagar ) Excellence in Editorial Cartooning Honorable Mention (The Straits Times for KIM JONG-IL ( ) Excellence in Feature Photography Honorable Mention (The Straits Times for The Last Outfit ) Excellence in Information Graphics Honorable Mention (The New Paper for Arty and Lucky ) Excellence in Feature Photography Honorable Mention (ZbBz for The Fragrance of Ceylon ) Excellence in Multimedia News Presentation Honorable Mention (omy.sg for Singapore General Elections 2011 ) Excellence in Magazine Design Honorable Mention (Action Asia by Blu Inc Media (HK) Ltd) 13. MPAS (Magazine Publishers Association of Singapore) Magazine Awards 2012 Consumer Magazine of the Year 2012 The Peak Best Use of Photography / Illustration The Peak Selections: Domain Best Single Article Design Nuyou Magnum Opus Awards Best Overall Editorial Silver (SPH Magazines for Singapore Health) Best Editorial New Publication Silver (SPH Magazines for Savour) Best Cover Bronze (SPH Magazines for SilverKris) Best Overall Editorial (Print Magazine category) Honorable Mention (SPH Magazines for SilverKris) 15. APEX Awards 2012 Design and Illustration Grand Award (SPH Magazines for SilverKris) Custom-Published Magazines and Journals Award of Excellence (SPH Magazines for Savour) Illustration and Typography Award of Excellence (SPH Magazines for Singapore Nautilus) rd Society of News Design The Best of News Design Creative Competition Miscellaneous category Award of Excellence (The New Paper on Sunday for Kelong King ) 16. WAN-IFRA World Young Reader Prize Brand category Commendation Award (The Straits Times for RHB- The Straits Times National Spelling Championship) 17. WAN-IFRA International Newspaper Color Quality Club (INCQC) The Straits Times Lianhe Zaobao Berita Harian Tabbie Awards Best Single Issue Gold (Singapore Nautilus) Feature Design Gold (Singapore Nautilus) Property Accolades Society of Publishers in Asia (SOPA) 2012 Awards 1. Singapore Service Class Certification by SPRING Singapore (Paragon) Singapore Press Holdings annual report

58 SPH newspapers readership trends SPH Newspapers Net Readership Trends ( 000) * SPH Newspapers Readership Trends ( 000) * Publications English-language papers Chinese-language papers (including My Paper) Malay-language & Tamil-language papers * Streats ceased publication from January 2005 Remarks: Nielsen Fieldwork period July-June; year indicated refers to the year when fieldwork was completed Source: Nielsen Media Research, Media Index ( ) 56

59 daily average newspapers circulation August 2012 The Straits Times / The Sunday Times (Print + Digital) 389,700 The Straits Times / The Sunday Times (Print) The Straits Times / The Sunday Times (Digital) 355,700 34,000 The Business Times 36,400 Berita Harian / Berita Minggu 53,900 The New Paper / The New Paper Sunday 90,800 Lianhe Zaobao 168,700 Lianhe Wanbao 90,200 Shin Min Daily News 132,600 zbcomma 59,700 Thumbs Up 30,800 Thumbs Up Junior 15,400 Tamil Murasu / Tamil Murasu Sunday 16,900 Notes: The digital copies (a replica of Print Version) reported are in accordance with the rules set out by Audit Bureau of Circulations Singapore Pte Ltd (ABC). Singapore Press Holdings annual report

60 financial review Group Simplified Financial Position * 2009* 2008* Assets Property, plant and equipment 362, , , , ,297 Investment properties 2,089,033 1,754,259 1,730,069 1,174,465 1,140,180 Investments 884,741 1,065,543 1,269, , ,092 Cash and cash equivalents 372, , , , ,024 Trade and other receivables 186, , , , ,417 Inventories 27,079 37,317 26,974 29,370 36,281 Other assets 134,496 88,919 54,157 54,928 41,414 Total 4,057,245 3,888,774 4,234,002 3,235,358 3,150,705 Shareholders interests Capital and reserves 2,242,346 2,232,005 2,226,282 2,055,176 2,088,899 Non-controlling interests 82,716 74,584 79,744 9,486 12,378 Liabilities Borrowings Non-current 1,280,322 1,011, , , ,616 Current 3, , , Trade and other payables Non-current 32,953 27,776 21,438 22,858 21,924 Current 278, , , , ,260 Taxation Deferred 47,227 49,481 54,161 80,232 75,461 Current 81,856 89, ,213 71,584 92,173 Other liabilities 7,849 6,802 14,389 16,921 13,194 Total 4,057,245 3,888,774 4,234,002 3,235,358 3,150,705 * Certain figures have been reclassified to conform with current year s presentation. Group Quarterly Results st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year Operating revenue 332, , , ,216 1,272, , , , ,615 1,250,972 Operating profit 121,230 90, ,643 86, , ,305 78, , , ,038 Profit before taxation 121,089 96, , , , ,336 88, , , ,682 Profit attributable to shareholders 97,461 84,142 99,780 84, , ,287 75, ,817 96, ,575 Earnings per share (S$)

61 Profit after Taxation (S$ m) Return on Operating Revenue (%) ^ 2009^ 2010^ ^ 2009^ 2010^ Earnings Per Share (S$) Return on Assets (%) ^ 2009^ 2010^ ^ 2009^ 2010^ Segmental Operating Revenue and Profit Margin Operating Revenue 1,200 Profit before Tax Margin 70 1, S$ m 2008^ 2009^ 2010^ % Operating Revenue (S$ m) Newspaper & Magazine Property Others Profit before Tax Margin (%) Newspaper & Magazine Property ^ FY 2008 to FY 2010 included profits from the Group s Sky@eleven development. Singapore Press Holdings annual report

62 financial review Operating Revenue Composition 6% 15% FY % 63% 6% 13% REVIEW OF RESULTS FOR FY 2012 Group operating revenue of S$1,272.9 million for FY 2012 was S$21.9 million (1.8%) higher compared to FY Revenue for the Group s Newspaper and Magazine business of S$1,002.8 million was marginally lower by S$10.5 million (1.0%) compared to FY Print advertisement revenue was S$769.4 million, slightly down by S$5.3 million (0.7%) compared to the previous year. Circulation revenue declined by S$4.3 million (2.1%) to S$202.9 million. Rental income for the Group grew by S$23.5 million (14.0%) to S$191.4 million. The Clementi Mall recorded an increase in rental income of S$18.6 million (100.6%) on the back of a full year s operations. Paragon s rental income increased by S$4.6 million (3.1%) as a result of higher rental rates achieved. 17% FY % Operating revenue from the Group s other businesses improved by S$8.9 million (12.8%) to S$78.7 million, with increased contribution from the exhibitions business. Advertisements Circulation Rental & Services Others Materials, production and distribution costs increased by S$2.2 million (1.0%). Newsprint costs were lower by S$1.0 million (1.0%) while distribution costs rose by S$5.4 million (23.4%) partly due to costs from newspaper subscription drives. Cost Composition 7% 9% 15% 3% Staff costs rose by S$11.7 million (3.4%) due to salary increments and increased headcount from the acquisition of ACP Magazines Pte Ltd, partially offset by a reduced variable bonus provision. The increase in premises costs of S$7.0 million (12.7%) was attributable to The Clementi Mall being fully operational this year, and higher utilities cost overall. 41% 6% FY % 14% 25% Other operating expenses rose by S$14.8 million (12.1%) due to step-up in overheads in tandem with increased business activities and inflationary pressures. Finance costs fell by S$15.4 million (38.6%) due to reduced average level of borrowings coupled with lower interest rates. FY % Consequently, the Group s recurring earnings of S$410.2 million for FY 2012 was S$1.2 million (0.3%) higher compared to FY % 26% Materials, Production & Distribution Costs Staff Costs Premises Costs Depreciation Other Operating Expenses Finance Costs Investment income fell by S$17.8 million (35.3%) to S$32.6 million due to mark-to-market losses arising from volatility in foreign exchange rates, and lower dividend and interest income. Overall, net profit attributable to shareholders was S$365.5 million, lower by S$23.0 million (5.9%) compared to FY

63 value added statement for the financial year ended August 31, Sale of goods and services 1,272,913 1,250,972 Purchase of materials and services (354,845) (338,306) Value added from operations 918, ,666 Non-production income and expenses: Net foreign exchange loss from operations (1,024) (614) Net (loss)/profit on disposal of property, plant and equipment (273) 199 Allowance for impairment of trade receivables (534) (1,586) Bad debts recovery Net income from investments 32,590 50,351 Share of net loss of associates and jointly-controlled entities (1,172) (2,707) Total value added 947, ,651 Distribution: Employees wages, provident fund contributions and other benefits 371, ,597 Corporate and other taxes 91,599 90,433 Finance costs 24,452 39,811 Donation and sponsorship 4,333 1,349 Directors fees 1,227 1,213 Net dividends to shareholders 386, ,939 Total distributed 879, ,342 Retained in the business: Depreciation and amortisation 85,882 82,497 Non-controlling interests 3,816 (4,824) Retained earnings (20,825) (45,364) 947, ,651 Productivity ratios: S$ S$ Value added Per employee 217, ,802 Per $ employment costs Per $ investment in property, plant and equipment (before depreciation) Per $ operating revenue Singapore Press Holdings annual report

64 investor relations SPH s Investor Relations practices are built upon firm adherence to a high standard of corporate governance and transparency. We strive to deliver clear, consistent and timely updates to the investment community and develop long-term relationships with our shareholders. Every year, an annual programme of investor relations activities is carefully planned to ensure that all segments of the investment community are engaged. The valuable feedback and insights from these engagements are highlighted to the Board, which also receives regular updates on shareholder statistics and investors and analysts views. This year, our efforts were once again recognised by the investment community. SPH received the Best Investor Relations Award (Silver) at the Singapore Corporate Awards 2012 and was Runner-Up for the Most Transparent Company Award 2011 in the non-electronics manufacturing category at the 12th SIAS Investors Choice Awards Proactive engagement with investors Senior management interacts actively with the investment community through multiple platforms to provide business updates and address any concerns on the Group s challenges and prospects. These include one-on-one meetings, conference calls, quarterly post-results luncheons, investment conferences and overseas roadshows. During the year, senior management undertook roadshows in London and Edinburgh to strengthen shareholder relations and gain valuable feedback for the Group. SPH also participated in 2 major investor conferences Credit Suisse Asian Investment Conference in Hong Kong and Morgan Stanley Asia Pacific Summit in Singapore. We continue to engage with retail investors through and telephone calls, and public forums such as the annual Invest Fair organised by our subsidiary, Shareinvestor. As a key source of relevant and comprehensive information to the investment community, our Investor Relations website is updated timely with our quarterly financial performance and other announcements. Senior management s presentation of the Group s half and full year results through audio webcasts and slide presentations are also available for viewing online. The website also hosts an extensive archive of announcements and presentations and provides alerts on latest announcements. Enhancing Shareholders Value SPH strives to enhance the long-term value for shareholders. Based on our track record, a high percentage of our recurring earnings have been returned to shareholders. We will continue to assess opportunities of returning cash generated from operations that is surplus to the Company s requirement. Shareholders are encouraged to access our corporate website at for the latest corporate information updates on the Group. Queries can be posted via our investor relations address, sphir@sph.com.sg. 62

65 Investor Relations Calendar 1 st Quarter 2012 (September November 11) 2011 Full Year Financial Results Announcement and Media Conference & Analysts Briefing with audio webcast Full Year Results Investor Meeting # Morgan Stanley Asia Pacific Summit 2011 (Singapore) Non-Deal Roadshow (London, Edinburgh) Release of Annual Report nd Quarter 2012 (December 11 February 12) Annual General Meeting Payment of 2011 Final Dividends Announcement of 1Q FY 2012 Results Post 1Q Results Investor Meeting 3 rd Quarter 2012 (March May 12) # Credit Suisse Asian Investment Conference (Hong Kong) Announcement of 2Q/HY FY 2012 Results and Analysts Briefing with audio webcast Post 2Q Results Investor Meeting # Shareinvestor s Invest Fair th Quarter 2012 (June August 12) Announcement of 3Q FY 2012 Results Post 3Q Results Investor Meeting # Investor conferences attended Financial Calendar October Announcement of FY 2012 Results 12 December Books Closure for Dividend Entitlement 21 December Proposed Payment of 2012 Final Dividends 2013 * 14 January Announcement of 1Q FY 2013 Results 12 April Announcement of 2Q FY 2013 Results 15 July Announcement of 3Q FY 2013 Results 11 October Announcement of FY 2013 Results * The dates are indicative and subject to change. Please refer to SPH website, for the latest updates. Singapore Press Holdings annual report

66 investor reference Operating Margin * (%) * 2009* 2010* Return on Shareholders Funds* (%) * 2009* 2010* Dividend per Share (cents) ^ Computed based on recurring earnings. * FY 2008 to FY 2010 included profits from the Group s Sky@eleven development. ^ Included tax-exempt (one-tier) proposed dividend of 17 cents per share, comprising a final dividend of 9 cents per share and a special dividend of 8 cents per share. The proposed dividend is subject to approval by shareholders at the Annual General Meeting on November 30,

67 Recurring and Dividend Payout Ratio S$ m % Recurring Earnings (S$ m) Dividend Payout Ratio This represents the recurring earnings of the media and property businesses. FY 2008 to FY 2010 included profits from the Group s Sky@eleven development. Computed based on recurring earnings. Share Price and Volume Monthly Turnover 200 Share Price Million Shares Volume Share Price S$ Source: Bloomberg S$ S$ S$ S$ S$ Highest closing price Lowest closing price August 31 closing price Price/Earnings Ratio based on August 31 closing price Singapore Press Holdings annual report

68 corporate information Executive Committee Lee Boon Yang (Chairman) Cham Tao Soon Chan Heng Loon Alan Sum Soon Lim Yeo Ning Hong Auditors PricewaterhouseCoopers LLP 8 Cross Street, #17-00 PWC Building Singapore Audit Partner: Ooi Chee Kar (Appointed in 2008) Audit Committee Yeo Ning Hong (Chairman) Willie Cheng Chong Siak Ching Bahren Shaari Lucien Wong Company Secretaries Ginney Lim May Ling Khor Siew Kim Board Risk Committee* Willie Cheng (Chairman) Sum Soon Lim Tan Yen Yen Lucien Wong Registered Office 1000, Toa Payoh North News Centre Singapore Tel: (65) Fax: (65) sphcorp@sph.com.sg Co.Reg.No E Nominating Committee Cham Tao Soon (Chairman) Lee Boon Yang Ng Ser Miang Lucien Wong Share Registration Office Tricor Barbinder Share Registration Services 80 Robinson Road, #02-00 Singapore Tel: (65) Remuneration Committee Ngiam Tong Dow (Chairman) Lee Boon Yang Willie Cheng Tan Yen Yen * Established in FY

69 SUSTAINABILITY report contents Materiality Analysis 68 Stakeholder Engagement 69 Trade Membership 70 Corporate Governance Report 71 Risk Management 81 Environmental Responsibility 82 Energy and Water Conservation 83 Employee Responsibility 86 Workplace Safety and Health & Fire Safety 87 Working Hand in Hand with Our Industry Partners 88 Valuing Our Human Capital 88 Corporate Social Responsibility 94 Corporate Social Responsibility SPH 95 Corporate Social Responsibility SPH Foundation 99 Singapore Press Holdings annual report

70 SPH has been reporting its economic performance in its Annual Report. For the first time, we are incorporating a sustainability report which includes the social and environment performance of the Group. With the support of top management, a sustainability reporting committee with representatives from different divisions was formed. Together with the Corporate Communications Division, a materiality analysis was conducted, and the relevant information gathered. MATERIALITY ANALYSIS The Sustainability Report is based on economical, social and environmental issues that are material to our stakeholders and our business. This also helps us to prioritise issues that our overall sustainability strategy should address. SPH has a diverse business portfolio which includes Newspapers, Magazines and Book Publishing, Internet and Mobile, Broadcasting, Events, Out-of-Home Advertising and Properties. As the leading content provider in Singapore, providing accurate and timely news reports across multiple platforms is of utmost importance to our readers. We also offer a suite of cross-media solutions to support integrated marketing campaigns for our advertisers. Behind every satisfied customer is a dedicated SPH staff. We understand the importance of implementing effective human resource policies and practices that promote safe and healthy working conditions, fair employment practices, teamwork, learning and development, career growth and rewards to attract, retain and grow talent. In the area of energy consumption, we strive to ensure energy conservation in our printing plant and offices. Cutting down on our energy usage not only helps to mitigate climate change, but also saves costs for the Group. Reduction in water consumption, as well as proper waste management, are the other key areas that help ensure environmental sustainability. As a good corporate citizen, we have a wide spectrum of social and environmental projects to contribute to the well being and development of our community. We have won many accolades for our diverse corporate social responsibility efforts, but the biggest reward is knowing that we have supported and improved many lives. 68

71 STAKEHOLDER ENGAGEMENT Stakeholders Means and methods What do they expect from us? Our solutions Employees Trade Unions Customers We engage our staff across News Centre, Media Centre, Print Centre and our malls via s, intranet, staff broadcasts, internal staff publications, SPH Family Day, SPH Championship Games Day, lunchtime talks, movie screenings, CEO/Chairman visits and dialogues etc. We continuously engage in two-way dialogue with the unions, and conduct regular reviews of human resource practices. We use social media platforms (Facebook, Twitter, YouTube), surveys, advertisements, corporate hotline and account. In addition, our malls also engage shoppers through promotions and events. Paragon uses press ads, in-mall posters, direct mailers, website/ EDMs. To work in a conducive and pleasant environment where there is self-development and productivity, and user-friendly means to apply for leave and courses. Access to employees to promote membership in the trade unions as well as engagement with all levels of management to ensure a two-way dialogue. On-time delivery of newspapers and up-to-date, reliable online news and content, anytime and anywhere. The malls provide good customer service and amenities and offer attractive shopping rewards and interesting activities to engage shoppers. We adopt good human resource policies and practices that promote fairness, safe working conditions, reward good performance, encourage teamwork, ensure career growth and provide work-life balance, e.g. through provision of nursing rooms and encouraging staff to take part in sports and leisure events such as SPH Championship Games Day and SPH Family Day. We have open communication channels with the unions and engage them on both official and non-official occasions. We ensure reliable newspaper delivery services, prompt handling of complaints and maintaining high levels of customer service for issues management. The malls provide quick response to feedback from shoppers and tenants. We provide timely information on upcoming promotions and events. Paragon has also launched an iphone app while The Clementi Mall has a Facebook page. Depending on the scale and costs of the projects and purchases, we seek requests for quotations, proposals and tenders, and engage in meetings, correspondences and teleconferences for discussions. We conduct regular meetings, visits and s correspondences. Suppliers To comply with terms and conditions of the company s existing purchasing policies and procedures. We design fair-value and competitive-based policies and best practices that ensure a fair selection and procurement process that is ethical. Distributors/ Retailers/Tenants To receive our goods and products in an orderly and timely manner, and deliver a memorable retail experience for shoppers. We conduct regular sales planning and support, with frequent visits by account managers and offer a designated channel for prompt attention. By engaging suitable partners to pursue mutually beneficial business objectives to achieve growth and profitability. We strive to generate optimum returns on investment, good corporate governance, transparency and disclosure, as well as sustainable and long term growth of business. Business Partners We conduct regular meetings, correspondences, and teleconferencing. Partnerships to explore and grow respective businesses. Investors/ Shareholders The Investor Relations and Corporate Communications teams carry out meetings, engage in correspondences, participate in investor roadshows, and help organise the Annual General Meeting. Accurate and timely information on company progress and profitability, with updates on company s future plans. Singapore Press Holdings annual report

72 STAKEHOLDER ENGAGEMENT Stakeholders Means and methods What do they expect from us? Our solutions Local Communities To engage our diverse community base through outreach programmes, corporate sponsorships and donations. For company to be a responsible and caring corporate citizen. By organising meaningful and impactful charitable events like the SPH Red Apple Day, SPH Gift of Music concerts and sponsoring environmental projects such as the Amazon Flooded Forest at the River Safari. By providing timely and accurate information on latest company developments and news on a regular basis. Media and Industry Partners Media releases, advisories, invites, host visits for corporate and industry partners such as the Institute of Public Relations Singapore. Regular meetings with appropriate government agencies officials e.g. organising visits. Joining relevant trade associations. Access to latest company announcements, corporate developments and news. Government and Regulators Compliance with guiding policies and regulations and addressing pertinent issues. Lend support and voice out various issues faced by the industry. Responsible business practices, reducing impact on the environment and disclosing information pertaining to sustainability. By complying with existing laws and having policies and procedures to ensure adherence. By contributing via active membership and participating in industry forums and dialogues By working with advocacy groups e.g. on conservation projects that seek to reduce environmental impacts, and supporting charitable causes. Trade Associations Advocacy Groups and Charitable and Welfare Organisations Meetings, sponsorships and collaborating on events. TRADE MEMBERSHIP SPH has established strategic partnerships and linkages with a diverse range of corporate members and public bodies: AdAsia Adbase Users Group Advertising Standards Authority of Singapore ASEAN Newspaper Printers Association Of Media Owners (Singapore) Audit Bureau of Circulations AustCham Central Singapore Development Council Contact Centre Association of Singapore Digital Filipino FIPP (the worldwide magazine media association) Fire Safety Managers Association Singapore GOSS Metro User Id-ecomerce Interactive Advertising Bureau SEA (Singapore Chapter) Institute of Advertising Singapore International Classified Media Association International Newsmedia Marketing Association Internet and Mobile Marketing Association of the Philippines Institute of Public Relations Singapore Institute of Policy Studies Institute of Technical Education Magazines Publishers Association Singapore Malaysia Digital Association Marketing Institute of Singapore Master Printing System Club National Safety and Security Watch Group Orchard Road Business Association Real Estate Developers Association of Singapore RISI (Resource Information Systems Inc) Pacific Area Newspaper Publishers Association Inc Security Industry Institute Singapore Association of the Institute of Chartered Secretaries & Administrators Singapore Business China Singapore Business Federation Singapore Chinese Chamber of Commence and Industry Singapore Compact Singapore Human Resources Institute Singapore International Chamber of Commerce Singapore Institute of Management Singapore Institute of Safety Officers Singapore Law Academy Singapore National Employers Federation Singapore Retailers Association Singapore Press Club Singapore Vehicle Traders Association Southeast Community Development Council The Association of Accredited Advertising Agents Singapore The Association of Shopping Centres (Singapore) The Society of News Design The Society of Publishers in Asia Workplace Safety and Health Council World Association of Newspapers and News 70

73 corporate governance report SPH is committed to achieving high standards of corporate governance, to promote corporate transparency and to enhance shareholder value. SPH is pleased to confirm that it has adhered to the principles and guidelines of the Code of Corporate Governance 2005 ( Code ). Whilst the revised Code of Corporate Governance 2012 will not be applicable to SPH until its financial year commencing 1 September 2013, SPH already complies with many of the key revised guidelines including those relating to enhanced remuneration disclosures, board risk committee, internal controls and poll voting at shareholders meetings. This report sets out SPH s main corporate governance practices with reference to the Code. The Annual Report should be read in totality for SPH s full compliance. BOARD MATTERS Board s Conduct of its Affairs Principle 1: Effective Board to lead and control the company The Board provides leadership to the Group by setting the corporate policies and strategic aims. Matters requiring the Board s decision and approval include: 1. Major funding proposals, investments, acquisitions and divestments including the Group s commitment in terms of capital and other resources; 2. The annual budgets and financial plans of the Group; 3. Annual and quarterly financial reports; 4. Internal controls and risk management strategies and execution; and 5. Appointment of directors and key management staff, including review of performance and remuneration packages. The Group has in place financial authorization limits for matters such as operating and capital expenditure, credit lines and acquisition and disposal of assets and investments, which require the approval of the Board. To ensure that specific issues are subject to in-depth and timely review, certain functions have been delegated to various Board Committees, which would submit their recommendations or decisions to the Board. The Board Committees constituted by the Board are the Executive Committee, Audit Committee, Remuneration Committee, Nominating Committee and Board Risk Committee. Each of these Board Committees has its own terms of reference. The Executive Committee s ( EC ) principal responsibilities are :- 1. To review, with Management, and recommend to the Board the overall corporate strategy, objectives and policies of the Group, and monitor their implementation; 2. To consider and recommend to the Board, the Group s five year plan and annual operating and capital budgets; 3. To review and recommend to the Board proposed investments and acquisitions of the Group which are considered strategic for the long-term prospects of the Group; 4. To approve the Company s asset allocation strategy, appointment and termination of external fund managers and investment/ divestment of securities and review investment guidelines, treasury management and investment performance; 5. To act on behalf of the Board in urgent situations, when it is not feasible to convene a meeting of the entire Board; and 6. To carry out such other functions as may be delegated to it by the Board. Singapore Press Holdings annual report

74 corporate governance report Details of other Board Committees are set out below: 1. Audit Committee (principle 11); 2. Remuneration Committee (principle 7); 3. Nominating Committee (principle 4); and 4. Board Risk Committee (principle 12). The names of the members of the Board Committees are set out in the Corporate Information page of this Annual Report. Board attendance The Board meets on a quarterly basis and as warranted by particular circumstances. Four Board meetings were held in the financial year ended 31 August 2012 ( FY 2012 ). A Director who is unable to attend the meeting in person may participate via tele-conference. The attendance of the Directors at meetings of the Board and Board Committees, and the frequency of such meetings, is disclosed at the end of this report. A Director who fails to attend three Board meetings consecutively, without good reason, will not be nominated by the Nominating Committee for re-appointment and will be deemed to have resigned. Training for Directors A comprehensive orientation programme, including site visits of the Group s operations, is organized for new Directors to familiarize them with the Group s business, operations, organization structure, and corporate strategy and policies. They are also briefed on the Company s corporate governance practices, regulatory regime and their duties as directors. Directors are updated regularly on changes in relevant laws and regulations; industry developments; business initiatives and challenges; and analyst and media commentaries on matters related to the Company and the media industry. Directors are informed and encouraged to attend relevant courses conducted by the Singapore Institute of Directors, Singapore Exchange Limited, business and financial institutions, and consultants. For FY 2012, Directors were provided with training in areas such as the revised Code of Corporate Governance and regulatory requirements on internal controls. Audit Committee members also attended training sessions on the latest Financial Reporting Standards developments. Directors may, at any time, request further explanations, briefings or informal discussions on any aspect of the Group s operations or business issues from Management. Board Composition and Balance Principle 2: Strong and independent Board Currently, the Board comprises 12 Directors, all of whom, except for the Chief Executive Officer ( CEO ), are non-executive and independent directors. Each director has been appointed on the strength of his/her calibre and experience. As a group, the Directors possess core competencies such as accounting, finance, business or management experience, industry knowledge and strategic planning experience. For effective deliberation and decision-making, the Directors have decided that the optimum size for the Board shall not exceed 12, except in special circumstances. There is a strong independence element in the Board, with the Nominating Committee considering 11 out of 12 Directors to be independent from Management. Key information regarding the Directors, including directorship and chairmanship both present and those held over the preceding three years in other listed companies, and other principal commitments, are set out in the Board of Directors section and on page 24 to page 27 which provides further information on them. The Board and Management recognize the advantage of open and constructive debate. To facilitate this, Board members are supplied with relevant, complete and accurate information on a timely basis. Non-executive directors may challenge Management s assumptions and also extend guidance to Management, in the best interest of the Group. Non-executive Directors meet at least once annually without the presence of Management. 72

75 Chairman and Chief Executive Officer Principle 3: Clear division of responsibilities between Chairman and Chief Executive Officer to ensure a balance of power and authority The Company has a separate Chairman and CEO. The Chairman is a non-executive and independent director and also chairs the EC. He sets the agenda for Board meetings, ensures that adequate time is available for discussion of all agenda items, in particular, strategic issues, and that complete, adequate and timely information is made available to the Board. He encourages constructive relations within the Board and between the Board and Management, facilitates the effective contribution of non-executive directors, and ensures effective communications with shareholders. He takes a lead role in promoting high standards of corporate governance, with the full support of the Directors, the Company Secretary and Management. Some non-executive directors are also appointed as directors in the Company s subsidiaries or invited to attend adhoc meetings, to tap their expertise in specific areas and facilitate effective contribution by non-executive directors. The Chairman and the CEO are not related. The CEO bears executive responsibility for the Group s business and implements the Board s decisions. The roles of the Chairman and the CEO are kept separate to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision-making. Board Membership Principle 4 : Formal and transparent process for appointment of new directors The Nominating Committee ( NC ) comprises four independent directors. It regularly reviews the balance and mix of expertise, skills and attributes of the Directors in order to meet the business and governance needs of the Group, shortlists candidates with the appropriate profile for nomination or re-nomination and recommends them to the Board for approval. It looks out for suitable candidates to ensure continuity of Board talent. Some of the selection criteria used are integrity, independent mindedness, diversity of competencies, ability to commit time and effort to the Board, track record of good decision-making, experience in high-performing companies and financial literacy. The Committee may seek advice from external search consultants where necessary. The NC regards succession planning as an important part of corporate governance and has an internal process of succession planning for Directors and the CEO to ensure the progressive and orderly renewal of Board membership. The appointment of Directors is in accordance with Section 10 of the Newspaper and Printing Presses Act (Cap 206). Directors re-nomination is reviewed by the NC on an annual basis. Article 111 of the Articles requires one-third of the Directors, or the number nearest to but not less than one-third, to retire by rotation at every annual general meeting ( AGM ). These Directors may offer themselves for re-election, if eligible. Directors of or over 70 years of age are required to be re-elected every year at the AGM under Section 153(6) of the Companies Act before they can continue to act as a Director. The NC determines on an annual basis whether or not a director is independent, taking into account the Code s definition of an independent director and guidance as to relationships the existence of which would deem a director not to be independent. A Director who has no relationship with the Group or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of his independent business judgment in the best interests of the Company, is considered to be independent. The NC noted, in relation to Mr Lucien Wong, that as the total fees billed by M/s Allen & Gledhill (of which Mr Wong is chairman and partner) to the Group in FY 2012 had not exceeded $200,000, his independence would not be compromised. In relation to Ms Chong Siak Ching, the NC noted that although a subsidiary of the Group holds investments in certain companies in the Ascendas Group, of which Ms Chong is a Director, Ms Chong s independence was not affected as she would be able to exercise independent judgment and demonstrate objectivity in her deliberations in the interest of the Company. In relation to Ms Tan Yen Yen, the NC noted that notwithstanding that the fees invoiced by Oracle Corporation Singapore Pte Ltd (a related entity of Oracle Corporation of which Ms Tan is Senior Vice-President, Applications, Asia Pacific) to the Company and a subsidiary for IT services in each of FY 2011 and FY 2012 exceeded $200,000, Ms Tan would still be regarded as an independent Director on the basis that she was not involved in the decision-making processes in respect of these transactions, and that she would be able to exercise independent judgment and demonstrate objectivity in her deliberations in the interest of the Company. For the above reasons, the NC determined Mr Wong, Ms Chong and Ms Tan to be independent Directors. The NC has ascertained that for the period under review, all non-executive Directors are independent and that Directors have devoted sufficient time and attention to the Group s affairs. Singapore Press Holdings annual report

76 corporate governance report Board Performance Principle 5: Formal assessment of the effectiveness of the Board and contribution of each director The Nominating Committee reviews the Board s performance on an annual basis, and decides how this may be evaluated, based on performance criteria approved by the Board. The Board has implemented a process for assessing the effectiveness of the Board as a whole, its Board Committees and for assessing the contribution by individual Directors to the effectiveness of the Board. This process includes having Directors complete a Questionnaire seeking their views on various aspects of Board performance, such as Board composition, information, process and accountability. The Company Secretary compiles Directors responses to the Questionnaire into a consolidated report. The report is discussed at the NC meeting and also shared with the entire Board. The NC reviews annually whether the Questionnaire should be completed by Directors. For FY2012, the NC assessed the performance of the Board as a whole, taking into account the Board composition and size, the Board s access to information, Board processes, Board accountability, standard of conduct and performance of its principal functions and fiduciary duties, and guidance to and communication with Management. The NC also assessed the performance of individual Directors based on factors such as the Director s attendance; preparedness; candour; participation and contribution at Board meetings; and industry and business knowledge. Access to information Principle 6: Provision of complete, adequate and timely information prior to board meetings and on an on-going basis The Board is provided with quarterly financial accounts, other financial statements and progress reports of the Group s business operations, as well as analysts reports on the Company. The quarterly financial results and annual budget (including the forecast) are presented to the Board for approval. The monthly financial statements are made available to members of the Board. The Board also receives regular updates on the industry and technological developments. Such reports enable Directors to keep abreast of key issues and developments in the industry, as well as challenges and opportunities for the Group. As a general rule, board papers are sent to Directors at least one week in advance in order for Directors to be adequately prepared for the meeting. Senior management attends Board meetings to answer any queries from the Directors. The Directors also have unrestricted access to the Company Secretary and Management at all times. Directors are entitled to request from Management and are provided with such additional information as needed to make informed and timely decisions. The Company Secretary works closely with the Chairman in setting the agenda for board meetings. She attends all Board meetings and ensures that board procedures are followed and that applicable rules and regulations are complied with. Under the direction of the Chairman, the Company Secretary s responsibilities include ensuring good information flow within the Board and its Board Committees, and between Management and non-executive Directors. The Company Secretary also organizes orientation and training for new directors, as well as updates and advises Directors on all governance matters. The Articles provide that the appointment and removal of the Company Secretary is subject to the approval of the Board. Should Directors, whether as a group or individually, need independent professional advice relating to the Company s affairs, the Company Secretary will appoint a professional advisor to render the advice and keep the Board informed of such advice. The cost of such professional advice will be borne by the Company. REMUNERATION MATTERS Remuneration Policies Principle 7: Formal and transparent procedure for fixing remuneration packages of directors The Remuneration Committee ( RC ) comprises four non-executive and independent directors. The RC sets the remuneration guidelines of the Group for each annual period, including the structuring of long-term incentive plans, annual salary increases and variable and other bonuses for distribution to employees. It administers the SPH Performance 74

77 Share Plan and the Employee Share Option Plan. The RC also reviews the remuneration framework (covering all aspects of remuneration including but not limited to directors fees, salaries, allowances, bonuses, options, share-based incentives and awards, and benefits in kind) and specific remuneration packages of Directors including that of the CEO, and key management personnel and submits its recommendations to the Board for endorsement. The RC may seek expert advice inside and/or outside of the Company on remuneration of Directors and staff. It ensures that in the event of such advice being sought, existing relationships, if any, between the Company and its appointed remuneration consultants will not affect the independence and objectivity of the remuneration consultants. In FY2012, the Company engaged the services of Carrots Consulting, which has no relationship with the Company, on staff remuneration matters. Level and Mix of Remuneration Principle 8: Appropriate remuneration to attract, retain and motivate directors The level and mix of remuneration for Directors is set out under Principle 9. Disclosure on Remuneration Principle 9: Clear disclosure on remuneration policy, level and mix The level and structure of the Group s remuneration policy are aligned with its long-term interest and risk policies, as are appropriate to attract, retain and motivate Directors to provide good stewardship, as well as motivate key management personnel to successfully manage the Group. Directors Remuneration For the period under review, the CEO s remuneration package includes a variable bonus element and performance share grant, which are based on the Company s and individual performance and have been designed to align his interests with those of shareholders. As an executive director, the CEO does not receive Directors fees. Non-executive directors, including the Chairman, are paid Directors fees, subject to the approval of shareholders at the AGM. Directors fees comprise a basic retainer fee, fees in respect of service on Board Committees, attendance fees, as well as fees for participation in special projects, adhoc committees and subsidiary boards. The Directors fee structure for service on the Board and Board Committees is as follows: $ Non-executive Chairman 115,000 Deputy Chairman 78,000 Non-executive Director 60,000 Audit Committee Chairman 37,500 Audit Committee Member 22,500 Executive Committee Chairman 40,000 Executive Committee Member 25,000 Nominating/Remuneration/Board Risk Committee Chairman 22,500 Nominating/Remuneration/Board Risk Committee Member 12,500 The attendance fees payable to Directors for attendance at each Board and Board Committee meeting are as follows: $ Board meeting 2,000 Board Committee or adhoc committee meeting 1,000 Singapore Press Holdings annual report

78 corporate governance report A breakdown, showing the level and mix of each Director s remuneration payable for FY 2012 is as follows:- Name of Director Directors Fees 1 ($) Base/Fixed Salary (%) Variable or Bonuses (%) Benefits in Kind (%) Chan Heng Loon Alan (CEO) ,089,000 Total ($) Independent Directors Lee Boon Yang (Chairman) 3 176, ,533 Cham Tao Soon (Deputy Chairman) 4 162, ,625 Bahren Shaari 5 42, ,375 Willie Cheng Jue Hiang 113, ,000 Chong Siak Ching 94, ,700 Ng Ser Miang 80, ,500 Ngiam Tong Dow 93, ,500 Sum Soon Lim 104, ,200 Tan Yen Yen 6 35, ,209 Lucien Wong Yuen Kuai 111, ,200 Yeo Ning Hong 146, ,500 Yong Pung How 7 21, ,125 Notes: 1 Where relevant, includes fees for directorship in subsidiary/subsidiaries. 2 Excludes performance shares granted during the financial year. For details, please refer to the Directors Report. 3 Lee Boon Yang was appointed a Director on 1 October Cham Tao Soon was Acting Chairman until 1 December Bahren Shaari was appointed a Director on 1 April Tan Yen Yen was appointed a Director on 1 April Yong Pung How resigned as a Director on 1 December Remuneration of Key Management Personnel The remuneration of the top five key management personnel of the Company (excluding the CEO) in each remuneration band for this financial year is set out below. The Board has, on review, decided not to disclose the names of the executives given the competitive pressure and disadvantages that this might bring. Remuneration Bands No. of Executives $1,000,000 to $1,249,999 1 $750,000 to $999,999 2 $500,000 to $749,999 2 Total 5 The Company adopts a remuneration policy for staff comprising a base salary, a variable component, and benefits in kind. The variable component is in the form of a variable bonus that is linked to the Company s and individual performance, inclusive of financial targets such as operating profit and economic value added (EVA). The performance-based incentives aim to motivate executives to maximise operating and financial performance and align the interests of the executives with those of shareholders. The benefits in kind include club and car benefits. The RC approves the bonus for distribution to staff based on individual performance. 76

79 The above remuneration bands exclude performance shares granted to staff under the Performance Share Plan. Details of the Performance Share Plan are set out in the Directors Report, Notes to the Financial Statements and the Notice of Annual General Meeting. The total remuneration paid to the top five key management personnel of the Company (excluding the CEO) for FY 2012, excluding performance shares granted to staff under the Performance Share Plan, is $4,227,000. There is no termination, retirement and post-employment benefits granted to Directors, the CEO and the top five key management personnel. The Company does not employ any immediate family member of any Director or the CEO. ACCOUNTABILITY AND AUDIT Accountability Principle 10: Board to present balanced and understandable assessment of the company s performance, position and prospects SPH is committed to discharging its obligation to provide prompt and thorough disclosures. Management provides Directors with the monthly management accounts within seven business days of month end. Quarterly and annual results are released via SGXNET within 45 days of the end of the quarter. The CEO and the Chief Financial Officer provide assurance to the Board on the integrity of these financial statements through a written representation. Audit Committee Principle 11: Establishment of an Audit Committee with written terms of reference The Audit Committee ( AC ) currently comprises four members, all of whom are independent non-executive Directors. The NC is of the view that the members of the AC have sufficient financial management expertise and experience to discharge the AC s functions given their respective experience as directors and/or senior management in accounting and financial fields. The AC performs the functions as set out in the Code. The AC has conducted an annual review of the performance of the external auditor and the volume of non-audit services to satisfy itself that the nature and extent of such services will not prejudice the independence and objectivity of the external auditors. The AC meets with the external and with the internal auditors, in each case, without the presence of Management, at least once a year. The audit partner of the external auditors is rotated every five years, in accordance with the requirements of the listing rules of the Singapore Exchange Securities Trading Limited. Quarterly financial statements and the accompanying announcements are presented to the AC for approval, before endorsement by the Board, to ensure the integrity of information to be released. During the financial year, the AC reviewed the quarterly financial statements prior to approving or recommending their release to the Board, as applicable; the annual audit plan of the external and internal auditors and the results of audits performed by them, the list of interested person transactions and non-audit services rendered by the external auditors, and the re-appointment of the external auditors and its remuneration. It also reviewed Management s assessment of fraud risks, adequacy of the whistle-blower arrangements and the whistle-blower complaints. As stated earlier in this report, the AC takes measures to keep abreast of the changes to accounting standards and issues which have a direct impact on financial statements, with training conducted by professionals or external consultants. Singapore Press Holdings annual report

80 corporate governance report Code of Business Ethics and Employee Conduct Policy The Group has an existing Code of Business Ethics and Employee Conduct Policy ( Ethics Code ), which is posted on the Company s intranet website, to regulate the ethical conduct of its employees. The Group also has a Whistleblowing Policy & Procedure which is posted on the SPH corporate website, to allow staff and external parties such as suppliers, customers, contractors and other stakeholders, to raise concerns or observations in confidence to the Company, about possible irregularities for investigation. Such concerns include dishonesty, fraudulent acts, corruption, legal breaches and other serious improper conduct; unsafe work practices and any other conduct that may cause financial or non-financial loss to the Group or damage to the Group s reputation. The Whistleblowing Policy encourages staff and external parties to identify themselves whenever possible to facilitate investigations, but will also consider anonymous complaints, in certain circumstances. It makes available to staff and external parties the contact details of the Receiving Officer, who may also forward the concern to the respective Heads of Division, CEO, Audit Committee Chairman and/or Chairman. External Auditors Details of the aggregate amount of fees paid to the external auditors for the financial year, and a breakdown of the fees paid in total for audit and non-audit services respectively, can be found in the Notes to the Financial Statements. SPH has complied with Rules 712 and 715 of the Listing Manual in relation to its auditors. Internal Controls Principle 12: Sound system of internal controls Risk Management With the greater complexity in the business and economic environment and increasing emphasis on risk governance, SPH has set up a separate Board Risk Committee ( BRC ) to assist the Board in overseeing the governance of risks in the Group s business. Prior to this, the Exco had oversight of the Group s enterprise risks. The functions of the BRC include the following: a. Oversee and advise the Board on the Group s risk exposure, risk appetite and risk strategy; b. Review and guide management in the formulation of the Group s risk policies and in the execution of risk assessment processes and mitigation strategies; and c. Review the effectiveness of the Group s risk management systems. The BRC comprises four members, all of whom are independent non-executive directors. There are currently two common members between the BRC and the Audit Committee, including the chairman of the BRC. Concurrently, a Risk Management Department has been set up to manage and implement the Company s policies and processes, and assist in identifying, monitoring and managing risks within the Group. The Risk Management Report can be found on page 81. Internal Controls The Internal Audit Division ( IAD ) has an annual audit plan, which complements that of the external auditors. IAD s plan focuses on material internal control systems including financial, operational, IT and compliance controls, and risk management. IAD also provides advice on security and control in new systems development, recommends improvements to effectiveness and economy of operations, and contributes to risk management and corporate governance processes. Any material non-compliance or lapses in internal controls together with corrective measures are reported to the AC. In the course of their statutory audit, the Company s external auditors will highlight any material internal control weaknesses which have come to their attention in carrying out their normal audit, which is designed primarily to enable them to express their opinion on the financial statements. Such material internal control weaknesses noted during their audit, and recommendations, if any, by the external auditors are reported to the AC. Based on the internal controls established and maintained by the Group, work performed by the internal and external auditors, and reviews performed by Management and various Board Committees, the Board, with the concurrence of the 78

81 Audit Committee, is of the opinion that the Group s internal controls were adequate as at 31 August 2012 to address financial, operational and compliance risks, which the Group considers relevant and material to its operations. The Board notes that the system of internal controls provides reasonable, but not absolute, assurance that the Group will not be affected by any event that could be reasonably foreseen as it strives to achieve its business objectives. In this regard, the Board also notes that no system can provide absolute assurance against the occurrence of material errors, poor judgement in decisionmaking, human error, fraud or other irregularities. Code of Dealings The Group has in place a Code of Dealings in SPH s securities, which prohibits dealings in SPH securities by all Directors of the Company and its subsidiaries, and certain key employees, within certain trading periods. The black-out periods are two weeks prior to the announcement of the Company s financial statements for each of the first three quarters of its financial year and one month prior to the announcement of the Company s full year financial statements. Directors and employees are also reminded to observe insider trading laws at all times, and not to deal in SPH securities when in possession of any unpublished price-sensitive information regarding the Group, or on short-term considerations. Internal Audit Principle 13: Establishment of an internal audit function that is independent of the functions it audits IAD is staffed with eight audit executives, including the Head of Internal Audit. Most of the IAD staff have professional qualifications, and are members of the Institute of Internal Auditors, Inc. ( IIA ). Some are qualified IT auditors and/or Certified Fraud Examiners. All IAD staff have to adhere to a set of code of ethics adopted from The Institute of Internal Auditors, Inc. The Head of Internal Audit reports directly to the chairman of the AC on audit matters, and to the CEO on administrative matters. IAD has adopted the Standards for Professional Practice of Internal Auditing set by IIA and ensures staff competency through the recruitment of suitably qualified and experienced staff, provision of formal and on-the-job training, and appropriate resource allocation in engagement planning. The AC reviews IAD s reports on a quarterly basis. The AC also reviews and approves the annual IA plans and manpower to ensure that IAD has the necessary resources to adequately perform its functions. The AC approves the hiring, removal, evaluation and compensation of the head of the internal audit function, who has unfettered access to all the Company s documents, records, properties and personnel, including access to the AC. COMMUNICATION WITH SHAREHOLDERS Principle 14: Regular, effective and fair communication with shareholders The Company holds analysts briefings of its half-year and full-year results and a media briefing of its full year results. The quarterly financial results are published through the SGXNET, news releases and the Company s corporate website. A webcast of the halfyear and full-year results briefing is also available on the website. The date of release of the results is announced through SGXNET about two weeks in advance. The Company also conducts analysts briefings and investor roadshows to maintain regular dialogue with investors and shareholders as well as to solicit and understand the views of shareholders. The Company does not practise selective disclosure. Price-sensitive information is first publicly released through SGXNET, either before the Company meets with any investors or analysts or simultaneously with such meetings. All shareholders of the Company receive the summary financial report, and, on request, the full annual report, and notice of AGM, which is held within four months after the close of the financial year. The notice is also advertised in the newspapers. The summary financial report and the annual report are also available on the Company s corporate website, At the start of each AGM, the Chairman updates shareholders on the Group s performance in the past year, as well as its growth plans and outlook. Principle 15: Greater shareholder participation at AGMs The Articles allow a shareholder to appoint one or two proxies to attend and vote instead of the shareholder. The Articles currently do not allow a shareholder to vote in absentia. Singapore Press Holdings annual report

82 corporate governance report Resolutions are, as far as possible, structured separately and may be voted on independently. All polls are conducted in the presence of independent scrutineers. For greater transparency in the voting process, all resolutions are passed at the AGM through electronic poll voting. Votes cast for and against each resolution are displayed live on-screen to shareholders immediately at the meeting. The total numbers of votes cast for and against each resolution are also announced after the meeting via SGXNET. The Company is in full support of shareholder participation at AGMs. For those who hold their shares through CPF nominees and who are not registered as shareholders of the Company, the Company welcomes them to attend the AGM as observers. All Directors, including the chairmen of the EC, AC, NC, RC and BRC, and senior management, are in attendance at the AGMs and Extraordinary General Meetings to allow shareholders the opportunity to air their views and ask Directors or Management questions regarding the Company. The external auditors are also invited to attend the AGMs to assist the Directors in answering any queries relating to the conduct of the audit and the preparation and content of the auditors report. Directors Attendance at Board and Board Committee Meetings (for the financial year ended 31 August 2012) Name of Director Board Executive Committee Audit Committee Remuneration Committee Nominating Committee Ad Hoc Meetings Lee Boon Yang 1 (Chairman) Cham Tao Soon 2 (Deputy Chairman) Chan Heng Loon Alan (CEO) 4 out of 4 11 out of 11-3 out of 3 1 out of 1 1 out of out of 4 10 out of 11-1 out of out of 2-4 out of 4 11 out of Bahren Shaari 3 2 out of 2-4 out of Willie Cheng Jue Hiang 4 out of 4-6 out of 6 3 out of Chong Siak Ching 3 out of 4-6 out of out of 1 11 Ng Ser Miang 3 out of out of 2 - Ngiam Tong Dow 4 out of out of Sum Soon Lim 4 out of 4 11 out of out of 1 10 Tan Yen Yen 4 2 out of Lucien Wong Yuen Kuai 4 out of 4 1 out of out of 6 1 out of out of Yeo Ning Hong 4 out of 4 10 out of 11 6 out of Yong Pung How 5 1 out of out of 1 - Notes : 1 Lee Boon Yang was appointed a Director on 1 October 2011 and Chairman on 1 December Cham Tao Soon was Acting Chairman until 1 December Bahren Shaari was appointed a Director on 1 April Tan Yen Yen was appointed a Director on 1 April Yong Pung How resigned as a Director on 1 December Lucien Wong is not a member but was invited to attend this meeting. 7 Cham Tao Soon stepped down from the Remuneration Committee on 1 December Lucien Wong stepped down from the Remuneration Committee on 1 December Lucien Wong was appointed to the Nominating Committee on 1 December Lee Boon Yang and Sum Soon Lim were invited to attend this meeting. 11 Chong Siak Ching was invited to attend this meeting. 80

83 risk management The Board is overall responsible for the governance of risk within the Group. It ensures that Management maintains a sound system of risk management and internal controls to safeguard shareholders interests and the company s assets, and determines the nature and extent of the significant risks which the Board is willing to take in achieving its strategic objectives. In helping it to carry out these responsibilities, the Board has established a Board Risk Committee (BRC) which reviews the management of these risks and the effectiveness of mitigation strategies and controls. This function was previously managed by the Executive Committee in Financial Year Management identifies, manages and reports the key risks faced by the Group to the BRC, which then updates the Board. Management is also responsible for ensuring that the risk management framework is effectively implemented within all areas of the respective business units. A risk management department has been set up with effect from 1 November 2012 to coordinate these activities and compiles the relevant risk reports for the BRC. SPH has in place an enterprise-wide risk management framework (ERM) framework which incorporates a continuous and iterative process for enhancing risk awareness across the organisation. The framework provides the operating units a consistent approach for risk identification and institutes a common platform to discuss, manage and establish the interdependence of risks. The ERM focus is on building a culture where SPH mitigates its risk exposure by calibrating risks to acceptable levels whilst achieving the organisation s business plans and goals. As part of the company s efforts to ensure that risk management practices are firmly established at all levels, nominated risk coordinators are embedded in divisions to closely monitor and promptly flag risk events. Risks are systematically managed and reviewed at strategic, operational and project levels. In line with the company s ERM objectives, the following ERM principles apply: Risks can be managed, but cannot be totally eliminated. ERM is aligned with, and driven by, business values, goals and objectives. Managers at each level must assume ownership of risk management. Risk management processes are integrated with other processes including budgeting, mid/long-term planning and business development. The key outputs of ERM are: Defining a common understanding of risk classification and tolerance. Identifying key risks affecting business objectives and strategic plans. Identifying and evaluating existing controls and developing additional plans required to treat (mitigate, reduce, transfer etc) these risks. Implementing measures and processes to enable ongoing monitoring and review of risk severity and treatment effectiveness. The following section outlines some strategic risks that may impact the financial status and operational effectiveness of SPH s businesses. Operational Risks SPH s system of internal controls is designed and operated to support the identification, evaluation and management of risks affecting the group at all operational levels. This system of internal controls focuses on the financial reporting process and the preparation of consolidated accounts and extend across all areas of operations. Operational risk management is integrated into the daily operations of all business units. These business units are provided with guidance by the Risk Management Department in the identification, assessment, mitigation and monitoring of risks in their operations. 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 Statutes). Failure on our part to comply with the Act may subject SPH to significant liabilities, such as fines, suspension, or the revocation of the licence. Newsprint Cost Risks SPH s financial performance is susceptible to the volatility of newsprint prices. The cyclical fluctuation of newsprint prices has a substantial impact on newspaper publishing costs. A significant spike in newsprint price or a reduction in the availability of newsprint can adversely affect SPH s core business. Failure to adopt mitigation measures - such as advance stockpiling or securing of long-term, fixed-price contracts - may result in SPH incurring higher production cost and lead to diminishing operating margins. Business Continuity Planning Availability and safety of our printing facilities and editorial functions are of paramount importance to SPH as our readers rely on us daily to provide them with timely and essential news via our suite of newspapers and other services. Business Continuity Planning (BCP) identifies the organisation s exposure to internal and external threats and increases the resilience of the Group to potential business disruptions and minimises the impact of a crisis on business operations, people and assets. The effective prevention and recovery for the organization will ensure that we continue to maintain our competitive advantage and maximise value for our stakeholders. SPH has a comprehensive BCP programme to minimise any disruptions to its critical business activities and ensure that the populace continues to be informed in the face of 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. Singapore Press Holdings annual report

84 environmental responsibility

85 SPH News Centre roof-top garden ENERGY AND WATER CONSERVATION We strive to align our business operations to comply with all applicable environmental, health and safety, and legal requirements enforced by local government agencies. These include the Workplace Safety and Health Council, Singapore Civil Defence Force, Public Utilities Board, National Environment Agency, Building and Construction Authority, Energy Market Authority and other relevant enforcers. SPH has successfully fulfilled all legal requirements. We continually seek improvement in our environmental, health and safety performance for all local and foreign publications printed by the company. This makes good business sense as these measures help SPH lower carbon emissions and reduce global warming by minimising the negative impact on the environment. Energy Singapore has no natural energy resources and depends heavily on piped natural gas and imported oil from other countries. In view of these limitations, it has developed energy efficient processes and systems to conserve energy and minimise the emission of CO 2. The SPH Print Centre has started energy monitoring and improvement programmes since 2007 to reduce energy utilisation. We have successfully optimised our operations such as the staggered energisation of our facilities, printing presses and auxiliary equipment that support the presses. We also selectively shut down the equipment and lighting without sacrificing the safety and security of our personnel and premises by reducing the contract capacity from 15 MW to 10.8 MW in October This resulted in monthly savings of about $29,000 or $348,000 per year on a recurring basis. This maximum demand was further reduced to 9.7 MW in November 2009, generating additional savings of $7,700 per month or $92,000 per year. As a result of the close monitoring and optimisation of our operations, we yielded an annual savings of $439,000 on a yearly recurring basis since SPH also introduced energy-saving initiatives in September 2008 which optimised the usage of all facilities and printing equipment. This resulted in savings of about 2.2 million kwh per year on a recurring basis as compared to our energy consumption baseline for April This translated into annual savings of about $492,000 (based on 2012 energy rates) on a recurring basis. At the News Centre and Media Centre premises, the energy audit and energy-saving measures to retrofit chiller plants recommended by energy consultants were implemented in This has provided savings of about 2.4 million kwh per year as compared to our energy consumption baseline for May This translated into annual savings of about $524,000 (based on 2012 energy rates) on a recurring basis. Other energy-saving initiatives included the installation of motion sensors for toilet lightings, use of LED and energy efficient light tubes, setting the office air-conditioning temperature at 25 degrees, and reducing the operating hours of the air-conditioners. Our environmental programme is also extended to our retail malls. Paragon at Orchard Road has adopted various green measures to be more environmentally friendly. Singapore Press Holdings annual report

86 environmental responsibility SPH News Centre roof-top garden All the car park ceiling lights in basement levels one and two were changed from fluorescent tubes to LED lights, which are brighter and yet consume less energy. The savings from using the LED lights is about $30,000 per year. The mall installed a new self-cleaning system for its chillers. The new system cuts down labour and maintenance costs, enabling the chillers to work more efficiently to lower the temperature in the mall. The estimated savings from using the new self-cleaning system is about $150,000 per year. Currently, the mall is working with its architects to explore more energy-saving programmes which include creating a green roof. Paragon has also commissioned its M&E consultant to carry out an energy audit to the existing chiller plant to explore possible ways to improve its sustainability and efficiency. In addition, the mall participated in Earth Hour this year by switching off its facade lightings. Its street-front tenants also supported the Earth Hour exercise by switching off their duplex facade lights. SPH continues to explore opportunities for further energy conservation to minimise carbon emission. SPH s water-saving initiatives impact our Print Centre s daily operations. They were first introduced in 2000 during the design and construction of KBA printing presses. Waterefficient fittings such as sensor taps, automatic flush urinals, dual flush systems for toilets and thimbles in taps have been installed wherever possible to save water. The printing press at Print Centre is designed to harvest rainwater that flows from the rooftops. The rainwater is stored in two huge tanks which flow to the cooling towers. The rainwater makes up about 40 per cent of the total water used by the cooling towers. Based on the past 12-months records (May 2011 to April 2012), the average monthly amount of rainwater collected and used by the cooling towers amounted to about 1,530 cubic metres. This translated into monthly savings of about $1,800 per month or about $21,600 per annum. At its two other office buildings, News Centre and Media Centre, SPH carries out regular maintenance checks on the water supply installation. This ensures that there is no water wastage caused by faulty fittings, equipment or damaged water pipe. For water conservation, flow regulators have been installed at all water taps to reduce the water flow, and water used for toilet flushing has also been reduced. Water SPH carries out regular checks on our water supply network to ensure there are no water leakages, as well as regular maintenance and periodic upgrading of our facilities to maintain efficient operations and minimise water wastage. Newsprint At least 85 per cent of the newsprint used in our newspaper production is from mills using recycled fibre as raw materials. The balance of up to 15 per cent is from mills that use virgin fibre from certified forests. 84

87 Bird s eye view of Koi Pond, SPH News Centre Recycling of old newspapers at SPH News Centre Wastes The types of waste generated at Print Centre fall under two categories: A) Trade effluents All cleaning liquids used to clean the presses rollers are channelled to the waste treatment plant where it is treated before being discharged into the public sewers. The treated effluents meet all the requirements by the National Environmental Agency (NEA) and the Public Utilities Board (PUB). The remaining sludge is collected and disposed of by licensed waste disposal companies approved by NEA. The total quantity of trade effluents treated and discharged into the public sewers from Print Centre is 4,208 cubic metres for FY 2011 while the total quantity sludge disposed is 20,000 kg for the same period. B) Non-Treatable Waste All non-treatable waste are collected and disposed by licensed waste disposal companies approved by NEA. The list of non-treatable waste and quantities disposed in FY 2011 is as below: S/N Description Quantity 1 Developer waste 104,400 litres 2 Waste chemical 20 tonnes 3 Waste ink 54 tonnes C) Recyclable Wastes All recyclable wastes such as aluminium plates, carton boxes, metal drums, plastic containers and plastic core plugs are collected and sold to be recycled. Since we adopted the Computer-to-Plate (CTP) process, we have reduced the usage of raw materials and waste generated. Every month, we reduced the use of film by 11,000 square metres, film developer by 700 litres and fixer for film by 1,400 litres. This works out to a saving of over $14,000 per month. Newsprint waste is generated as part of the printing process. To minimise newsprint wastage, yearly targets are set so that all staff can work towards optimising the printing process and reducing wastage. For this year, newsprint waste is 4.5 per cent. In our sustainability drive, SPH strives to recycle all of its production wastes ranging from aluminium printing plates to newsprint waste by selling them to scrap vendors. In FY 2012, SPH sold 10,500 tons of newsprint waste and 315 tons of used aluminium printing plates. Singapore Press Holdings annual report

88 employee responsibility

89 SPH ERT staff in action during a fire drill WORKPLACE SAFETY AND HEALTH & FIRE SAFETY Our staff is SPH s most valuable asset. The safety and well being of our staff is of paramount importance. SPH has policies in place to provide a safe and healthy work environment. The Workplace Safety and Health (WSH) Act came into effect on 1 March The WSH Act launched a new system to enhance work safety through accountability. It stressed the importance of reducing risks at source by managing workplace safety and health proactively. SPH complies with the WSH Act and our staff are trained to conduct risk assessment where they will identify potential hazards in their work place and take appropriate risk control measures to eliminate them. We also require our vendors and contractors to comply with the WSH Act They have to assess the workplace for potential risks prior to carrying out work on site and to submit a copy of the Risk Assessment to our Safety Manager for approval. We also comply with the Fire Safety Act and have a team of well-trained Company Emergency Response Team (ERT) staff, comprising staff from different sections and shifts, which covers our 24-hour operations. Our ERT staff are trained to respond to any emergency at the plant. These programmes are conducted on a regular basis where staff are informed of the latest safety requirements. The chart below shows the year-on-year reduction in the number of reportable accidents in Print Centre. S/N Reportable Accidents Comparison (FY vs FY) 1 FY 11/12 (Sept April 2012) FY10/11 (Sept 2010 April 2011) FY10/11 FY09/ FY09/10 FY08/ % Reduction Regular fire drills are conducted at News Centre and Media Centre. In-house firefighting training has been incorporated into the fire drills where the staff learn basic firefighting skills. Every year, Safety Day is organised at each of the SPH premises News Centre, Media Centre and Print Centre, to inculcate the message that safety is the responsibility of all staff. In August 2011, the Workplace Safety and Health Committee for News Centre organised a WSH Exhibition in collaboration with the WSH Council at News Centre and Media Centre. The purpose was to raise staff awareness on workplace safety because the Workplace WSH Act was extended to cover all workplaces starting from September Singapore Press Holdings annual report

90 employee responsibility Our employees are our greatest asset Since September 2012, SPH s WSH committees have been consolidated into two committees spanning three SPH premises, comprising a Production WSH committee and a non-production WSH committee. This approach ensures efficient use of manpower resources and quicker decision making. All WSH matters are classified as Operational Risk, and will be under the purview of the Board Risk Committee whose task is to manage key risks to a level acceptable by the Company. Enterprise level risk assessments will be conducted to identify key risks, and matched to existing controls to assess adequacies of measures. WORKING HAND IN HAND WITH OUR INDUSTRY PARTNERS Our sustainability strategy also applies to our products and services. SPH has made a point to innovate and improve on all our media products - both newspapers, digital and outof-home advertising platforms - to ensure that they continue to serve our customers and advertisers effectively. For example, both The Straits Times and Lianhe Zaobao were revamped in 2012 to meet the changing needs of readers and advertisers. The Straits Times and Lianhe Zaobao have also developed their respective online editions, as well as mobile apps for both the Apple and Android platforms. We strive to strengthen our ties with all our partners, both local and overseas, to maintain versatility and nimbleness in our business development. We also have in place a consumer-centric system that is sensitive to the needs of all our customers and the changes that are evolving in the fastmoving media industry. VALUING OUR HUMAN CAPITAL Our People At SPH, we regard all our employees as our greatest asset and it is our philosophy to develop each and every employee to his or her maximum potential. We believe in building a talent pool to meet our current and future needs. Remuneration Our compensation policy and practices are designed to pay salaries which are competitive in the market, to attract, retain and engage our employees. Our pay practices are based on the value of the job and we reward our employees for their performance that supports business growth. To achieve our compensation goals, we adopt a flexible wage system that not only pays for performance, but also allows the Company to share a portion of its profits with the employees. At the same time, our flexible wage system allows us to make adjustments to the wage components and quantum to align with the changing economic and business conditions. We also participate in yearly salary surveys for benchmarking. The success of our flexible wage system and compensation philosophy is attributed largely to the close relationship that the management has established with its trade unions. Besides wages, we also have various incentive schemes to reward and engage our employees. Some of these include Manpower Savings Incentive, Sales Incentive, Waste Reduction Incentive and Staff Recognition Awards. 88

91 Nature Walk SPH Family Day Apart from the statutory staff benefits, we provide staff with competitive benefits such as medical coverage, regular health screenings, dental benefit, and Group Term insurance coverage and staff loans. Health Education We actively organise staff welfare programmes to support quality work life balance and promote healthy lifestyle. The SPH Sports and Leisure Club organises a wide range of activities from health, fitness, lifestyle to culinary classes for employees to maintain an active lifestyle, learn new skills and meet new friends. We also organise regular exercise classes and sports workshops for various employees. SPH Inter-Division Tournaments and SPH Championship Games Day continued with more excitement this year, with new sports tournaments such as Sepak Takraw and Volleyball being added for more variety and to encourage greater participation. Healthy Lifestyle Week was also organised to promote good lifestyle habits amongst staff and encourage those who did not exercise regularly to embark on exercise in a fun way. SPH Employee Health & Lifestyle survey was also conducted to understand our employees health and lifestyle habits. The data compiled will be used for future planning of health education/awareness programmes, sports and leisure activities, and targeted health campaigns, to improve the health and well being of our colleagues. The SPH Cafeteria Committee actively promotes healthy eating by ensuring the food stalls in our staff cafeteria sell a variety of nutritious food. They also encourage staff to make healthy food choices by selecting food that is low in fat, salt and sugar and high in dietary fibre. Brown rice and wholemeal food are available on a daily basis. On promoting mental well-being, we engage professional speakers to conduct monthly lunchtime talks on family and relationship matters, stress management, medical issues and healthy habits. We also organise social and recreational activities such as Up on the Roof, a monthly gathering mostly held at News Centre s rooftop garden to bond over food and drinks, as well as SPH Family Day, excursions and workshops. Such activities help employees find relief from stress of the daily grind, and build friendships within and across departments. This year, about 5,500 staff and family members enjoyed the SPH Family Day at Wild Wild Wet@Downtown East. There was also a talent showcase at the SPH Family Day Carnival for staff to flaunt their singing. Singapore Press Holdings annual report

92 employee responsibility SMOP - SPH Management Orientation Programme Performance Management We have in place a comprehensive performance management system to assess and reward employees performance. We have adopted an open appraisal system where both the employee and their supervisor would jointly agree on the targets to be set at the start of the appraisal cycle. Targets are reviewed during mid-term to remove outdated ones and add new targets if required. At the end of the appraisal exercise, both employee and supervisor would hold a performance review discussion. We also encourage supervisors to provide regular feedback to employees and manage potential underperformers early in the cycle. To facilitate easier access to the appraisal documents and increase productivity, we rolled out the electronic version of the performance appraisal document (e-pa system) in For training and development purposes, we have also incorporated a competency-based assessment into our appraisal documents. This helps us develop appropriate career development plans for the employee. Our Reward System recognises employees contributions and efforts through their performance and rewards are given based on merit. Training and Development We regard our employees as the most important resource. Investment in the training and development of our employees give us the competitive edge to ensure the Company s continued growth and success. Training and development is a partnership between the Company and the employees. While we endeavour to provide our employees with the necessary opportunities to develop to their full potential, we believe that employees must maximise each training opportunity and take ownership of their learning process to improve their skills and competencies. We have a comprehensive Training and Development Plan which is reviewed annually to ensure that training needs are met. The competency-based training and development plan maps out the knowledge and skills required by employees to be successful in their respective roles. The Training and Development Plan includes induction programmes, functional skills training, leadership development programmes, as well as Master, Diploma and other certification sponsorships for our employees to upgrade their skills and qualifications. In 2011, we invested 59,200 hours of training or 18 hours of training per employee. 90

93 Photography workshop for SPH staff SPH Championship Games Day Health and Sustainability Programme SPH launched the Health and Sustainability Programme in 2011 to prepare its mature employees for transition into the next phase of their lives and to understand more about retirement and re-employment. Through a series of workshops, lunch time talks, and the Health and Sustainability Handbook, the programme raises awareness among the mature employees on the importance of total well-being. It also helps foster effective multi-generational working relationships in the workplace, and provides a smooth leadership transition with mature employees taking up advisory roles where applicable. Programmes are conducted to increase staff awareness of issues related to mature workers and help them communicate better with older colleagues. Promoting Work Innovation and Creativity SPH encourages its staff to come up with creative business solutions through its Continuous Improvement and Innovation (CII) initiative. Since its implementation in 2008, the CII initiative has received over 85 project submissions and awarded more than $72,000 in cash to winning proposals. The winning proposals have resulted in substantial cost savings and revenue enhancements. Succession Planning Succession planning for key management positions is in place. The plan is reviewed and presented to the Remuneration Committee regularly. SPH also manages the career expectations of its staff through a programme which teaches employees to cope with the changes and challenges they face at work, as well as career adjustments in their workplace. Singapore Press Holdings annual report

94 employee responsibility Staff training and development Grooming Future Talent SPH has been offering university scholarships to selected staff who wish to further their studies. The company also gave out scholarships to children of employees and news vendors. In addition, SPH grows its talent pipeline by offering journalism scholarships. In its continuous effort in developing media professionals and industry leaders, SPH has also tied up with the Media Development Authority to co-offer scholarships under the Media Education Scheme. The SPH Foundation continues to award the Lim Kim San Memorial Scholarships to needy and outstanding students pursuing languages at local tertiary institutions. In FY 2012, we awarded scholarships to a total of 33 deserving recipients. Winning Accolades SPH has won seven awards at the Singapore HR Awards 2012 organised by the Singapore Human Resources Institute, including the highest honour the Corporate HR Champion Award. The awards won in the Leading HR Practices category included Learning & Human Capital Development, E-Human Resource Management (Special Mention), HR Communications & Branding and Corporate HR Award. SPH also garnered awards in the Special Category for Corporate Social Responsibility and Fair Employment Practices. Employee Turnover We recognise the impact of high turnover on the company and have a number of retention strategies in place to keep employees engaged and to minimise employee turnover. In addition to providing a competitive remuneration package and benefits, we have invested significantly in training and development, health related staff welfare programmes, staff bonding events, as well as equipped our leaders with the right leadership skills. Surveys have shown that most employees continue to grow their career with the company because of a positive work environment, engaging culture and the trust that management will always work towards rewarding staff fairly. We track our turnover rate constantly against key national benchmarks. Employee turnover in FY 11/12 was 15%, lower than the national attrition rate. 92

95 Statistics Employee Profile Total % Permanent Part Timers Temp Grand Total 4664 Gender Total % Female Male Grand Total 4664 Age Group Total % < 30 yrs yrs yrs > 50 yrs Grand Total 4664 Ethnic Type Total % Chinese Indian Malay Others Grand Total 4664 Nationalities Total % Singaporean % Malaysian % Others % Grand Total 4664 No. of Leavers (Permanent Headcount) % Turnover for Leavers in FY Singapore Press Holdings annual report

96 corporate social responsibility

97 SPH Gift of Music SPH Charity Carnival CORPORATE SOCIAL RESPONSIBILITY SPH SPH prides itself as a dynamic corporate citizen that actively engages all segments of the Singapore community. Whether it is at the organisational, divisional, departmental or individual level, the diversity of programmes and initiatives that SPH champions underline its brand essence of engaging minds and enriching lives across multiple platforms. As a socially responsible corporate citizen, SPH hopes to set a good example as well as to inspire others to give back to the community that they operate in. Arts & Culture SPH has chosen arts and culture as a major sponsorship area as it is a common language for all ages, races and religions. It has been instrumental in bringing the arts to the masses and creating a vibrant arts scene in Singapore with the annual SPH Gift of Music series which entertains Singapore audiences with its wide-ranging programmes from classical, pop, jazz, rock to opera. In 2012, a total of 25 community concerts were staged at various parts of Singapore, including parks, shopping malls, community spaces, the Esplanade, the Botanic Gardens and even the new Gardens by the Bay. The concerts also added world music, anime and video game soundtracks to its repertoire this year. SPH is the Silver Anniversary Sponsor of the Singapore Dance Theatre from 2008 to It is also the Esplanade s 10 th anniversary sponsor this year. Charity SPH believes that Voluntary Welfare Organisations (VWOs), with their professional expertise and know-how, should focus on what they do best identifying and developing necessary services to serve the disadvantaged, and to promote their causes. Thus, to alleviate their fund-raising burden, SPH chooses to be an enabler by contributing the needed financial resources directly and indirectly, through other non-profit organisations such as Community Chest, to support the VWOs good work. Its monetary donations have also helped to reduce the financial burden for many disadvantaged individuals and families who would otherwise have to worry about paying for the needed social services while trying to make ends meet. SPH donated $200,000 to 10 charities supported by the Community Chest, at its annual charity cheque presentation event held in June. About 200 beneficiaries and caregivers from the 20 selected charities were also treated to a concert called Drumming from East to West, featuring the Singapore Chinese Orchestra and internationally acclaimed percussionist, Dame Evelyn Glennie. Besides the annual charity cheque presentation event, SPH gave out donations to other charitable organisations throughout the year. Community involvement is an integral part of the company s culture because it helps to promote team bonding and staff loyalty to the company. Staff had expressed support for the company s corporate social responsibility programmes, giving positive feedback that the activities have given them a chance to do good, as well as to bond with their colleagues outside their routine work activities. Singapore Press Holdings annual report

98 corporate social responsibility SPH Staff Volunteers Club ChildAid 2011 In SPH, each division is encouraged to adopt a charity of its choice. Under SPH s Adopt a Charity initiative, the company provides a token funding of $600 per year to each department to defray the operational expenses incurred by them when organising activities for their adopted charities. Staff are also given two half days off when they participate in the company s or division s charity activities. Some of the charities adopted include Melrose Home, Street 11, Man Fut Tong Nursing Home, Kwong Wai Shiu Hospital, Apex Day Rehabilitation Centre for the Elderly and Children s Cancer Foundation. This year, the SPH Staff Volunteers Club, which comprised members from different departments in SPH, visited and brought cheer to the residents at Green Avenue Home for the Elderly through games and karaoke. The Club also organised a SPH Charity Carnival to encourage more staff to join hands in helping the less fortunate and to promote the spirit of volunteerism in the Company. Staff set up game stalls and sold food as well as handicrafts to raise funds for their adopted charities under the SPH Adopt a Charity programme. The Straits Times School Pocket Money Fund (SPMF) was started in 2000 as a community project initiated by The Straits Times to provide pocket money to children from low-income families to help them through school. SPMF received its charity status in November 2011 and has been granted the Institution of Public Character (IPC) status from 1 January Governed by a Board of Trustees, its mission is to reach out to every child in need and provide them with the resources to do well in school - and beyond. Since its inception, the SPMF has raised over $52 million and helped over 94,000 cases of needy children. Funds raised go towards school pocket money disbursement and support of the social and educational development of needy children and youth. SPH also provided a platform for children and youth to showcase their talent and be involved in charity at the annual ChildAid concerts. In December 2011, the event, co-organised by The Straits Times and The Business Times, raised $1.88 million to help two charities. The net proceeds of the annual children s charity concert - the seventh since it started in 2005 was donated to SPMF and The Business Times Budding Artists Fund. Last year s concert at the University Cultural Centre featured 130 young performers across 15 musical and dance acts on a stage designed like a giant storybook. Besides giving as a Group, SPH s products also leveraged on their reach to their readers to promote awareness of certain causes and lend a helping hand to those in need. Singapore s leading Chinese fashion and beauty magazine, Nuyou, celebrated its 35 th anniversary by teaming up with the MILK Fund (Mainly I Love Kids) to raise funds for underprivileged children. Internationally acclaimed Japanese designer, Tsumori Chisato, who was known for her signature whimsical and free spirited designs, contributed a piece of her artwork that resonated with the cause. The design was later reproduced into limited edition ez-link card stickers and notebooks which were sold with full profits going towards the MILK Fund. 96

99 SPH Red Apple Day 2012 Besides co-organising the annual ChildAid concert, The Business Times is also actively involved in other charitable activities. A record 1,400 under privileged children from 73 primary schools in Singapore were treated to a day of fun-filled activities by other school children and adult volunteers in the annual Children for Children (CFC) event, which was organised by The Business Times on 7 October 2011 to celebrate its 35 th anniversary as well as Children s Day. The outing held at Resorts World Sentosa was a rare treat for the young beneficiaries, who were receiving financial assistance. A cheque of $300,000 was also presented at the event. The Business Times also worked with the organisers of the OCBC Cycle Singapore 2012 to introduce The Business Times Corporate Charity Ride as a new element in the cycling competition held on 4 March Specifically targeted at companies which wanted to help raise money for a worthy local charity, The Business Times Corporate Charity Ride provided these companies with the opportunity to ride in teams of four and donate to Dover Park Hospice. The hospice provides palliative care, comfort, and relief of symptoms to patients with terminal illnesses regardless of age, race, religion or income level, and also supports their grieving families. The New Paper also partnered the Lions Befrienders Service Association and Ngee Ann Polytechnic to start Project Helping Hands in The project is to find effective ways to monitor the safety of the elderly who are living alone. Wireless motion sensors created by Ngee Ann Poly students are installed in homes identified by Lions Befrienders. The system tracks the resident s movements and sends a SMS (Short Message Service) to a caregiver or volunteer if it detects unusually long periods when there is no movement in the flat. Project Helping Hands is raising $1 million to install the sensors in the homes of the elderly residents identified by Lions Befrienders. Funding for the project comes from various editorial-led initiatives, including The New Paper Big Walk. SPH s Chinese Newspapers Division also played an active role in helping the less fortunate. Earlier this year, Lianhe Zaobao s staff made donations and visited the beneficiaries of Lions Befrienders with red packets and goodie bags in celebration of Chinese New Year. In support of the annual President s Challenge, Lianhe Zaobao, SPH s Chinese flagship newspaper, and EZ-Link Pte Ltd, jointly launched the Tap & Donate campaign to raise funds for this year s President s Challenge. The Tap & Donate campaign aimed to involve and encourage people from all walks of life to do their part for charity in a quick and fussfree way, simply by tapping their ez-link card at designated donation terminals. The campaign also raised over $280,000 for the President s Challenge SPH, as a Group, also contributed annually to the President s Challenge by sponsoring advertising space in its major newspapers to promote the various fundraising activities. Singapore Press Holdings annual report

100 corporate social responsibility Boys Brigade Sharity Christmas Party 2011 SPH Schools Relay Championships Apart from giving monetary and in-kind donation, SPH is also a steadfast supporter of the National Blood Programme. Jointly organised with the Singapore Red Cross Society, the biannual SPH Red Apple blood donation drives held in January and July collected a total of 299 units of blood from 477 donors comprising SPH staff and members of the public. SPH also helped to raise the awareness by reaching out and encouraging public members living or working in the vicinity to participate in the blood donation drives. Last year, SPH staff fulfilled about 300 wishes and donated $18,000 worth of gifts and non-perishable food items to the beneficiaries of the Boys Brigade Share-A-Gift project. More than 100 beneficiaries and their caregivers from Kampong Kapor Family Service Centre and the Singapore Children s Society were invited to SPH News Centre for a year-end party that was organised specially for them. As a leading media company with multiple media platforms, SPH also helps to heighten public awareness about the charity sector and the various needs through generous media coverage, and reports of its own and other exemplary charitable efforts. Through the power of media, SPH has raised and will continue to increase the awareness of pressing social issues, promote volunteerism, and inculcate the spirit of caring for fellow countrymen as an integral part of everyone s lives. Education As part of its efforts to build an effective team of human capital, SPH awarded nine outstanding young men and women with the SPH Journalism Scholarships this year. One of them was a recipient of the SPH-MDA Scholarship under the Media Education Scheme in partnership with the Media Development Authority. SPH also gave out 13 scholarships to the children of SPH staff and another two who are children of newspaper vendors, in recognition of their contributions to the company. Sports SPH aims to promote lifelong values such as character building, discipline and teamwork through its support of sports events. SPH, together with the Singapore Athletic Association, hosted the 20th edition of the SPH Schools Relay Championships at the Choa Chu Kang Stadium on 10 and 11 March. The competition attracted the participation of 316 teams from 48 schools and a total of 24 races took place over the two-day event. Jointly organised by Berita Harian and the Singapore Malay Badminton Association, the Berita Harian-Pilot Pen-Ashaway Badminton Championships 2012 saw over 430 participants competing in the various categories of the annual competition Nature and Conservation The SPH Flea Market, a collaboration between SPH and the Salvation Army, encourages staff to recycle usable items while raising funds for charity at the same time. The SPH Flea Market held on 11 January 2012 raised a record $5,700 for The Salvation Army within six hours. SPH is also sponsoring the SPH Walk of Giants, Singapore s first arboretum which is due to open in 2014 at the Singapore Botanic Gardens. 98

101 SPH Foundation s Lim Kim San Memorial Scholars ST-MOE National Current Affairs Quiz 2012 CORPORATE SOCIAL RESPONSIBILITY SPH FOUNDATION Singapore Press Holdings Foundation was incorporated in 2003 with a seed funding of $20 million from SPH. Since its inception, it has committed to build a community that embraces lifelong learning through language enrichment, creativity, diversity, healthy living and sports. Arts & Culture Since its launch in April 2011, the SPH Foundation Arts Fund has supported numerous arts productions, giving the underprivileged the opportunity to enjoy and appreciate the arts. The SPH Foundation Arts Fund purchased tickets for beneficiaries from Voluntary Welfare Organisations (VWOs) to watch productions such as Tintan and His Tembusu Tree Tour by Toy Factory, October by The Necessary Stage, Sing To The Dawn, ACE! Festival 2012 and The Arabian Nights by I-Theatre, Peter and Blue Go Around The World by Singapore Dance Theatre, and the Kuo Pao Kun Festival by The Theatre Practice. SPH Foundation supported literary talents by sponsoring the SPH-NAC Golden Point Award, Singapore s premier writing competition in the nation s four official languages. The SPH- NAC Golden Point Award, which was part of the Singapore Writers Festival 2011, attracted a bumper crop of 750 entries from 670 participants. The SPH-NAC Golden Point Award and the Singapore Writers Festival 2011 were jointly sponsored by SPH Foundation and SPH. SPH Foundation is also the Company Sponsor of the Singapore Repertory Theatre s The Little Company, which produces quality plays for children up to 12 years. Featuring professional full-time actors, the plays serve as excellent opportunities for family bonding, while teaching the children about being creative and values such as caring and sharing. Charity SPH Foundation donated $200,000 to 10 charities serving needy children and youths, as part of the annual SPH and SPH Foundation charity cheque presentation event in June Some of the selected charities included Students Care Service Learning and Social Support Programme, Pathlight School, Malay Youth Literary Association (4PM) and Canossian School. SPH Foundation also donated to other charitable organisations throughout the year. Education SPH Foundation gave out the Lim Kim San Memorial Scholarships to nine needy and outstanding students pursuing full-time language studies at the local universities this year. Since its launch in 2006, the SPH Foundation has given out 43 of these bond-free scholarships to deserving students from low-income families. SPH Foundation also contributed to the PCF Assist programme, which was started by the PAP Community Foundation, to help needy students in the post secondary educational institutions with their schooling expenses. SPH Foundation was a Presenting Sponsor of The Straits Times MOE National Current Affairs Quiz The Quiz aimed to heighten the awareness of current affairs amongst pre-university students enrolled in junior colleges, International Baccalaureate (IB) Schools and Millennia Institute, the only centralised institute in Singapore. Singapore Press Holdings annual report

102 corporate social responsibility SPH Foundation Inter-Primary School Tchoukball Championships 2012 SUN Club Into its fifth year, the Eminent Speakers Series, co-organised by Lianhe Zaobao and Business China, and supported by SPH Foundation, was held on 9 June at the News Centre Auditorium. This year s speaker, Prof Liu Ji, Honorary President of China Europe International Business School (CEIBS) and Chairman of the CEIBS Education Development Foundation, spoke on the topic China and the World in the Next Decade. SPH Foundation also sponsored the VOX! (Visual, Originality, X-factor) New Media workshop, a collaboration between omy.sg and Ngee Ann Polytechnic. The workshop aims to provide secondary school students with an introduction to news reporting and a taste of online news production. To introduce junior college students to the media landscape and Chinese journalism in Singapore, SPH Foundation sponsored a five-day workshop organised by the Wee Kim Wee School of Communication and Information at Nanyang Technological University. During the workshop, students were exposed to journalism across various news platforms, including print, broadcast, and new media. Nature and Conservation As part of its nature and conservation efforts, SPH Foundation sponsored the diesel fuel for the Animal Concerns Research & Education Society s (ACRES) animal wildlife rescue vehicle. It continued with its sponsorship of The Special Projects to Understand Nature (SUN) Club, a nature outreach programme for students with special needs. These students are brought on tailor-made field trips to different parks in Singapore which gave them the opportunity to understand and appreciate nature. SPH Foundation is an ardent supporter of wildlife conservation. Apart from its long-term adoption of Inuka, the polar bear, and its sponsorship of the SPH Foundation Conservation Centre at the Singapore Zoo, and the Birds & Buddies Show at the Jurong Bird Park, SPH Foundation will be sponsoring the Amazon Flooded Forest exhibit at the River Safari which is due to open in Sports To promote an active lifestyle amongst primary school children, SPH Foundation sponsored the inaugural SPH Foundation Inter-Primary School Tchoukball Championships The Seniors Division (for Primary 6 students) segment of the Championships took place on 21 and 22 May at St Anthony s Primary School and the Juniors Division (for Primary 4 and 5 students) segment were held on 9 and 12 Nov. SPH Foundation partnered the Singapore Disability Sports Council (SDSC) once again to host the SPH Foundation National Para-Swimming Championship. This annual event aims to promote a healthy and sporty lifestyle for individuals with disabilities. SDSC targets disabled swimmers (7 years and above) from special schools and associations, mainstream schools, national sports associations, local clubs as well as individuals to take part in this one-day event. Participants are classified based on their functional disabilities, e.g. physical, visual or intellectual disabilities, to participate in swimming events for distances ranging from 25 metres to 400 metres, for individual and team events. The numerous awards and accolades that SPH and SPH Foundation have received for their extensive corporate social responsibility efforts are testament of their steadfast commitment towards helping the community. 100