Daily Lessons from Life 03 August 2018 - Keppel's 50th Anniversary!!
"‘Your success is also Singapore’s success’: PM Lee hails Keppel’s achievements on 50th anniversary
SINGAPORE: Over a five-decade journey that mirrored Singapore’s nation building story, Keppel Corporation has come a long way since it was first founded and its success has benefited the country in many ways, said Prime Minister Lee Hsien Loong.
Speaking as the guest of honour at Keppel’s 50th anniversary dinner on Friday (Aug 3), Mr Lee described the home-grown conglomerate as one that turned adversities into opportunities and was not afraid to break new ground.
While it may have had moments when things went awry, Mr Lee said it is crucial that the company is “resolute in putting things right” – just as Keppel had done following its offshore and marine arm’s shocking involvement in an international corruption scandal.
“We may not be able to convert the rest of the world to Singapore norms, but we must uphold Singapore norms and rules in our system wherever our business may take us in the world.”
“The Keppel Board and management are fully responsible for running the company, and they are accountable to all the company’s shareholders. Of course Keppel enjoys strong support from the Government, just like all other Singapore companies big and small.
“This is a unique governance model for government-linked companies in Singapore, and one that has served Singapore, and the companies, well.”"
It is a discomforting time to be speaking anything glorious abt Keppel due to the SHOCKING M&O bribery scandal where it was slapped with a USD422m fine by the USA authority!
Of course one bad incident does not make Keppel mgt looking stupid or corrupted. Yet, that it happened n went undetected or unacknowledged meant tbe Keppel mgt n the Board cannot be absolved of ultimate responsibility.
Despite this unprecedented n shocking revelation, NO SENIOR MGT n Board members take any responsibility to RESIGN! The director's fee n/or mgt pay package is simply so lucrative that no one bears to leave their posts!! Or they dont think they hv committed anything seriously wrong since it is abt keeping n growing biz!!
Keppel Board is filled with x-minister n x-civil servants with a sprinkle of professionals or folks linked deeply with the government organisations somehow!
In the long run, this biz may not b sustainble if systemic corruption is prevailing!
Congratulations to Keppel. U took the blow n wishing u another steady n prosperous 50 yrs ahead!@