A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland

Total Page:16

File Type:pdf, Size:1020Kb

A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland - The Case of SingTel and Swisscom Master Thesis submitted to the Center of Competence for Public Management University of Bern Supervised by Prof. Dr. Reto Steiner Center of Competence for Public Management Schanzeneckstrasse 1 CH-3001 Bern by Laura Oetterli Pfaffnau (LU) Matriculation Number 08-714-198 Bern, July 7, 2014 A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland 7 Management Summary Management Summary This master thesis attempts to explain the different ownership structures of public enterprises from the perspective of corporate governance. The experiences of government-owned and government-linked companies are examined on the example of the two small but worldwide most competitive economies Switzerland and Singapore, which governments run a different strategy when it comes to state intervention. While state-owned-enterprises are established through the government (Boundless, 2013) and the entities’ assets are wholly or through majority shareholding owned by the public authority (Basu, 2009), the ownership structure of government-linked companies is much more complicated as the shares are held by a middle layer like a state-owned holding company (Ramìrez & Tan, 2003). However, scholars found no proof that the management or financial performance of these companies is different from private enterprises. In addition to the literature about public enterprises, there is a discussion going on about corporate governance, its principal-agent problems and its development in the public sector. Hence, it becomes clear that public corporate governance differs from the corporate governance in the private sector not least because of the different ownership situation this raises the question about the ownership structure’s influence on the entrepreneurial behavior of the public enterprises. Using a wide range of literature from the study fields of political and economical science, this thesis discusses the contextual difference between Switzerland and Singapore concerning their history, political situation, political economy and state-owned-enterprises situation. Both countries are owners of successful companies but run a different strategy when it comes to the ownership structure. Considering this difference, the study addresses the questions whether the ownership structure of one company would fit to the other and vice versa. After having gained an overview of the public corporate governance situation in Singapore and Switzerland, the study uses a qualitative research method based on a documentary analysis to conduct a case study. In this case study the two state-owned telecommunications companies SingTel and Swisscom are explored. The two public enterprises serve as examples of “best practice” concerning their management and financial performance in the respective country but are different concerning their ownership structure as well as the government’s influence when it comes to the business strategy. I A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland 7 Table of Contents Table of Contents Management Summary .................................................................................................................................. I Table of Contents ........................................................................................................................................... II List of Figures ................................................................................................................................................. V List of Tables ................................................................................................................................................... V List of Abbreviations ................................................................................................................................... VI 1. Introduction ............................................................................................................................................. 1 1.1 Initial Position, Problem Statement and Latest State of the Art ............................................................. 1 1.2 Aim of the Thesis, Research Questions and Delimitation ............................................................................ 3 1.3 Methodology ................................................................................................................................................................... 3 1.4 Structure of the Paper ................................................................................................................................................ 5 2. Conceptualization .................................................................................................................................. 8 2.1 State-Owned Enterprises vs. Government-Linked Companies .................................................................. 8 2.1.1 State-Owned enterprises ........................................................................................................................... 8 2.1.2 Government-Linked Companies .......................................................................................................... 11 2.2 Theoretical Framework .......................................................................................................................................... 14 2.2.1 Corporate Governance ............................................................................................................................. 14 2.2.2 Principal-Agent or Principal-Principal Perspective .................................................................... 15 2.2.3 Stewardship Theory .................................................................................................................................. 17 2.2.4 Public Corporate Governance ............................................................................................................... 18 2.3 Switzerland and Singapore at a Glance .......................................................................................................... 22 2.3.1 Republic of Singapore ............................................................................................................................... 22 2.3.1.1 Political System ..................................................................................................................................................... 23 2.3.1.2 Economical Situation .......................................................................................................................................... 24 2.3.1.3 SOEs in Singapore ................................................................................................................................................. 26 2.3.2 Swiss Confederation ................................................................................................................................. 30 2.3.2.1 Political System ..................................................................................................................................................... 31 2.3.2.2 Economical Situation .......................................................................................................................................... 33 2.3.2.3 SOEs in Switzerland ............................................................................................................................................. 35 2.4 Preliminary Summary ............................................................................................................................................. 37 II A Comparative Analysis of the Corporate Governance of Public Enterprises in Singapore and Switzerland 7 Table of Contents 3. Case Study .............................................................................................................................................. 39 3.1 Swisscom ....................................................................................................................................................................... 39 3.1.1 History ............................................................................................................................................................ 39 3.1.2 Ownership ..................................................................................................................................................... 41 3.1.3 Corporate Governance ............................................................................................................................. 42 3.1.3.1 Corporate Structure ............................................................................................................................................. 42 3.1.3.2 Board of Directors ................................................................................................................................................ 43 Composition of the Board of Directors ................................................................................................................. 43 Election of Board of Directors .................................................................................................................................. 44 Power and Duty of Board of Directors ................................................................................................................
Recommended publications
  • Singapore Supplementary Budget
    Singapore Market Focus Singapore Supplementary Budget Refer to important disclosures at the end of this report DBS Group Research . Equity 27 Mar 2020 Unprecedented anti-viral boost STI : 2,487.56 • Dishing out total handouts of S$55bn, a whopping 11% of GDP • Significant cost savings of 4% cushions STI earnings decline to 5% for 2020F Analyst • Booster shot to Aviation-related, hospitality and retail sectors Janice CHUA +65 6682 3692; [email protected] • Key beneficiaries are SATS, SIA Engineering, Genting, Starhub, MINT, Kee Yan YEO, CMT +65 6682 3706; [email protected] UOB, OCBC Andy SIM, CFA +65 6682 3718; [email protected] Dipping into reserves for an unprecedented relief package. The Singapore Research Team; [email protected] government’s relief package of S$48bn is generous and timely, blowing market expectations. Including February’s Care and Share package of Key Indices S$6bn, the total handout of S$55bn represents an unprecedented 11% of Current % Chng GDP, and more than double the relief package of S$20.5bn dished out STI Index 2,487.56 -0.7% during the Global Financial Crisis. Aimed at saving jobs and supporting FS Small Cap Index 244.02 4.5% industries, this will cushion the recessionary impact as Singaporeans brave USD/SGD Curncy 1.43 -0.1% through this dark period. The impact is broad based, benefiting both Daily Volume (m) 445 consumers and corporates. Daily Turnover (S$m) 676 Lifeline for aviation-related and hospitality industries, which are directly hit Daily Turnover (US$m) 473 by COVID-19. The absence of tourists with several countries in lockdown Source: Bloomberg Finance L.P.
    [Show full text]
  • Operating and Financial Review
    OPERATING AND FINANCIAL REVIEW > The SingTel Group is Asia’s leading communications group. We provide a wide spectrum of multimedia and ICT solutions, including voice, data and video services over fixed and wireless platforms. The Group is structured along three key businesses: Group Consumer, Group Digital L!fe and Group ICT. Our main operations are in Singapore and Australia. In Singapore, SingTel has more than 130 years of operating experience and played an integral part in the country’s development as a major communications hub. We continue to lead and shape the digital consumer market and the enterprise ICT market. Optus is an Australian leader in integrated telecommunications, driving competition and delivering innovative products and services to customers. We are a major player in Asia and Africa through our strategic investments in six regional mobile operators. The Group’s investments are in AIS (Thailand), Globe (the Philippines), PBTL (Bangladesh), Telkomsel (Indonesia) and Warid (Pakistan). We also have investments in Airtel (India), which has significant presence in Africa and South Asia. We are a long-term strategic investor and work closely with our associates to grow the business, by leveraging our scale in networks, customer reach and extensive operational experience. Together, the Group serves 445 million mobile customers as at 31 March 2012. In this section, we provide a strategic review of the SingTel Group’s operations and discuss the financial performance of the Group for the financial year ended 31 March 2012. CONTENTS
    [Show full text]
  • How Has Trump Contracting Covid-19 Affected Markets?
    SINGAPORE MARKET HOW HAS TRUMP CONTRACTING TRADING MATTERS SERIES: TRADING FLOWS COVID-19 AFFECTED MARKETS? An overview of the performance DIGITAL ENGAGEMENT TEAM of companies in the market 9 OCTOBER 2020 Straits Times Index Key Events Summary 200 Day MA 3,300 100 Day MA 2 Oct 50 Day MA 3,100 Stocks fall following Trump’s 2,900 positive virus test, but close off the 2,700 worst levels on stimulus hopes 5 Oct 2,500 Dow ends 465 09 Oct 2020: 2,300 points higher 2,532.96 after Trump cleared to leave 2,100 hospital after 3- Jan Feb Mar Apr May Jun Jul Aug Sep Oct 14 Oct night stay Singapore 3Q GDP Release Market Commentary 23 Oct • Straits Times Index current price caught between the 50 Day Moving Average (2,519.16) and 100 Day Singapore Sep Moving Average (2,573.17) CPI Release • Singapore’s GDP likely to contract at a slower pace in 3Q as stringent virus curbs were relaxed (09 Oct, Bloomberg) 30 Oct o Estimate -6.4% yoy for 3Q • CMT, CCT unit holders vote in favour of merger to SG Futures Roll form new REIT (30 Sep, The Straits Times) Date o Merger expected effective Oct 21. CCT's last day of trading expected Oct 16. • Wilmar's YKA listing to help fund 19 investment projects in China (07 Oct, The Business Times) 3 Nov o The IPO will raise 13.9b yuan (S$2.8b) US Presidential o Proposed listing slated to take place by mid- Elections Oct, subject to prevailing market conditions Data extractedfromBloomberg asof previous closing unlessotherwisestated Straits Times Index Components: Movers and Laggards TOP PERFORMING SINCE 05 OCTOBER 2020 LAST
    [Show full text]
  • Stoxx® Singapore 75 Index
    STOXX® SINGAPORE 75 INDEX Components1 Company Supersector Country Weight (%) Oversea-Chinese Banking Corp. Banks SG 10.52 DBS Group Holdings Ltd. Banks SG 8.74 Singapore Telecommunications L Telecommunications SG 8.24 United Overseas Bank Ltd. Banks SG 7.60 Jardine Matheson Holdings Ltd. Industrial Goods & Services SG 5.93 Wilmar International Ltd. Food & Beverage SG 3.38 Hongkong Land Holdings Ltd. Real Estate SG 3.04 Keppel Corp. Ltd. Oil & Gas SG 2.72 CapitaLand Ltd. Real Estate SG 2.47 Jardine Strategic Holdings Ltd Industrial Goods & Services SG 2.38 Thai Beverage PCL Food & Beverage SG 2.12 Singapore Exchange Ltd. Financial Services SG 2.00 Singapore Press Holdings Ltd. Media SG 1.99 ComfortDelGro Corp. Ltd. Travel & Leisure SG 1.97 Singapore Airlines Ltd. Travel & Leisure SG 1.92 GLOBAL LOGISTIC PROPS Real Estate SG 1.82 Jardine Cycle & Carriage Ltd. Retail SG 1.63 Ascendas Real Estate Investmen Real Estate SG 1.62 Singapore Technologies Enginee Industrial Goods & Services SG 1.52 CAPITALAND MALL TRUST MGMT Real Estate SG 1.51 Genting Singapore PLC Travel & Leisure SG 1.45 Suntec Real Estate Investment Real Estate SG 1.32 City Developments Ltd. Real Estate SG 1.13 UOL Group Ltd. Real Estate SG 0.99 CapitaLand Commercial Trust Real Estate SG 0.96 Golden Agri-Resources Ltd. Food & Beverage SG 0.91 SembCorp Industries Ltd. Oil & Gas SG 0.88 SINGAPORE POST Industrial Goods & Services SG 0.84 MAPLETREE CHINA COMMERCIAL TRU Real Estate SG 0.82 SATS Industrial Goods & Services SG 0.78 Dairy Farm International Holdi Retail SG 0.75 Noble Group Ltd.
    [Show full text]
  • Dairy Farm International Holdings Limited
    Annual ReportAnnual 2017 Dairy Farm International Holdings Limited Annual Report 2017 Our Goal : “To give our customers across Asia a store they TRUST, delivering QUALITY, SERVICE and VALUE” Dairy Farm International Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong by Dairy Farm Management Services Limited through its regional offices. Dairy Farm is a member of the Jardine Matheson Group. A member of the Jardine Matheson Group Contents 2 Corporate Information 3 Dairy Farm At-a-Glance 4 Highlights 6 Chairman’s Statement 8 Group Chief Executive’s Review 12 Feature Stories 16 Business Review 16 Food 22 Health and Beauty 26 Home Furnishings 30 Restaurants 34 Financial Review 37 Directors’ Profiles 39 Our Leadership 42 Financial Statements 100 Independent Auditors’ Report 108 Five Year Summary 109 Responsibility Statement 110 Corporate Governance 117 Principal Risks and Uncertainties 119 Shareholder Information 120 Retail Outlets Summary 121 Management and Offices Annual Report 2017 1 Corporate Information Directors Dairy Farm Management Services Limited Ben Keswick Chairman and Managing Director Ian McLeod Directors Group Chief Executive Ben Keswick Neil Galloway Chairman Mark Greenberg Ian McLeod Group Chief Executive George J. Ho Neil Galloway Adam Keswick Group Finance Director Sir Henry Keswick Choo Peng Chee Regional Director, North Asia (Food) Simon Keswick Gordon Farquhar Michael Kok Group Director, Health and Beauty Dr George C.G. Koo Martin Lindström Group Director, IKEA Anthony Nightingale Michael Wu Y.K. Pang Chairman and Managing Director, Maxim’s Jeremy Parr Mark Greenberg Lord Sassoon, Kt Y.K.
    [Show full text]
  • Balancing Growth with Responsibility
    UOB Annual Report 2019 Balancing Growth with Responsibility Wastescape Chaichana Luetrakun About This Report United Overseas Bank Limited (UOB) has been committed to creating long-term value for our customers, our colleagues and our communities since 1935. In building a sustainable business over time and across borders, we engage our stakeholders constructively and regularly. This enables us to align our strategies with what is important to them and for them to have a deeper appreciation of how we contribute to enterprise, innovation and economic growth across the region. Through the reporting of our financial and non-financial performance in the UOB Annual Report 2019, we explain our business approach, objectives and achievements in the context of the year’s operating environment. We also share how we create value for our stakeholders over the short, medium and long term to enable them to make informed decisions. This report complies with the Singapore Exchange Securities Trading Limited Mainboard Listing Rules 707 to 711 and 1207 on Annual Reports, 711A and 711B on Sustainability Reporting, as well as Practice Note 7.6 Sustainability Reporting Guide issued in June 2016. The embedded Sustainability Report is also in accordance with the Global Reporting Initiative (GRI)’s Standards: Core Option issued in October 2016 by the Global Sustainability Standards Board and selected indicators from the GRI G4 Financial Services Sector Disclosures document. This report covers the period from 1 January to 31 December 2019 and is published on 7 April 2020. It is available online at www.UOBgroup.com/AR2019. Hard copies, which are available only on request, are printed on sustainably-sourced Forest Stewardship Council-certified paper.
    [Show full text]
  • SIAEC GOES IPO SIAEC Goes IPO (4/5/2000) the Following Announcement Was Sent to the Singapore Exchange This Morning
    04 May 2000 SIAEC GOES IPO SIAEC goes IPO (4/5/2000) The following announcement was sent to the Singapore Exchange this morning: "Singapore Airlines Limited wishes to announce that it is proceeding with the initial public offerings of shares of its two subsidiary companies, SIA Engineering Company Limited and Singapore Airport Terminal Services Limited. The offerings comprise 110 million vendor shares of SIA Engineering Company Limited for subscription at $2.05 each, and 110 million vendor shares of Singapore Airport Terminal Services Limited for subscription at $2.50 each. The offerings will be launched this afternoon. Complete details will be contained in the respective prospectus." Related Stories Singapore Airlines to List Two Major Subsidiaries (27 January 2000) The Board of Directors of Singapore Airlines (SIA) has decided to proceed with the listing of the ordinary shares of two major subsidiaries, Singapore Airport Terminal Services (SATS) and the SIA Engineering Company (SIAEC), on Singapore Exchange Securities Trading Limited. The decision was based on the conclusions of a three-month study by two major investment banks, Development Bank of Singapore (DBS) and Merrill Lynch, to consider the arguments for and against such a listing. Explained SIA Deputy Chairman and CEO Cheong Choong Kong: "This is not an exercise to raise capital. The object of the listings is to allow SATS and SIAEC to be more independent and grow faster than if they remained fully-owned by SIA. There will be greater incentive for them to secure more third-party work and enter into more business ventures internationally." SIA will remain a majority shareholder of SATS and SIAEC.
    [Show full text]
  • Starhub Ltd Reg
    StarHub Ltd Reg. No.:199802208C 67Ubi Avenue1 #05-01 StarHub Green Singapore 408942 Tel(65) 6825 5000 Fax(65)6721 5000 STARHUB LTD Announcement of Audited Results for the Full Year ended 31 December 2016 StarHub is pleased to announce the audited results for the full year ended 31 December 2016. STARHUB LTD Results for the Fourth Quarter and Full Year ended 31 December 2016 1. GROUP INCOME AND COMPREHENSIVE INCOME STATEMENTS 1.1 GROUP INCOME STATEMENT Quarter ended 31 Dec Full Year ended 31 Dec 2016 2015 Incr/ (Decr) 2016 2015 Incr/ (Decr) S$m S$m S$m % S$m S$m S$m % Total revenue 634.8 633.8 1.0 0.2 2,396.7 2,444.3 (47.6) (1.9) Operating expenses (570.7) (555.7) 15.0 2.7 (2,003.8) (2,048.6) (44.8) (2.2) Other income 4.6 13.8 (9.2) (66.0) 32.2 45.6 (13.4) (29.2) Profit from operations 68.7 91.9 (23.2) (25.1) 425.1 441.3 (16.2) (3.6) Finance income 0.8 0.6 0.2 28.2 3.5 2.0 1.5 73.3 Finance expense (1) (7.4) (5.1) 2.3 43.3 (26.2) (17.8) 8.4 46.7 62.1 87.4 (25.3) (28.8) 402.4 425.5 (23.1) (5.4) Non-operating income (2) - - - - 9.5 15.0 (5.5) (37.1) Share of loss of associate (net of tax) (0.2) (0.1) 0.1 nm (1.6) (0.3) 1.3 nm Profit before taxation 61.9 87.3 (25.4) (29.1) 410.3 440.2 (29.9) (6.8) Taxation (7.9) (6.5) 1.4 21.4 (68.9) (67.9) 1.0 1.5 Profit for the period 54.0 80.8 (26.8) (33.2) 341.4 372.3 (30.9) (8.3) Attributable to: Equity holders of the Company 54.0 80.8 (26.8) (33.2) 341.4 372.3 (30.9) (8.3) 54.0 80.8 (26.8) (33.2) 341.4 372.3 (30.9) (8.3) EBITDA 135.7 157.0 (21.3) (13.6) 690.1 712.7 (22.6) (3.2) EBITDA as a % of service
    [Show full text]
  • UOL Group, Yangzijiang Shipbuilding Holdings, SATS to Join STI After Semi- Annual Review
    Press Release 3 September 2015 UOL Group, Yangzijiang Shipbuilding Holdings, SATS to join STI after semi- annual review Singapore Press Holdings (SPH), Singapore Exchange (SGX) and FTSE Russell announce today that UOL Group, Yangzijiang Shipbuilding Holdings and SATS will replace Jardine Matheson Holdings, Jardine Strategic Holdings and Olam International as constituents of the Straits Times Index (STI) following the conclusion of the semi-annual review. In response to market demand, a recent market consultation showed strong support for the introduction of an enhanced liquidity rule for the STI beginning with this review. Please refer to the FAQ on the index homepage http://www.ftse.com/products/downloads/FAQ-FTSE_STI_Methodology_Change.pdf for more information. The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be (in order of size) CapitaLand Commercial Trust, Singapore Post Ltd, Suntec REIT, Keppel REIT and M1. Companies on the reserve list will replace any constituents that become ineligible as a result of corporate actions, before the next review. A full list of STI constituents can be found in the Appendix. The STI is widely followed by investors as the benchmark for the Singapore market and is used as the basis for a range of financial products including Exchange Traded Funds (ETFs), futures, warrants and other derivatives. Several changes were made to other indexes in the FTSE ST Index Series. Full details of all deletions and additions can be found at http://www.ftse.com/products/indices/SGX-ST. All changes from this review will take effect from the start of trading on 21 September 2015.
    [Show full text]
  • Best Singapore Stocks That Will Lead to High Returns
    BEST SINGAPORE STOCKS THAT WILL LEAD TO HIGH RETURNS Do you believe in good returns with 80% accuracy? Yes, it is so difficult to believe! But according to few stocks that not only build up your trust but also it is so easy to deal with the given below stocks. Let’s take a look at Top 5 Stocks with high dividends • CapitaLand Commercial Trust • Singapore Telecommunications Limited • Singapore Technology Engineering Ltd • Singapore Exchange Limited • SATS Ltd 1)CapitaLand Commercial Trust: – Have a look towards CCT or CapitaLand Commercial Trust is Singapore’s listed premier commercial real estate investment trust (REIT), investing in high quality income-producing commercial properties in Singapore. Since 11 May 2004, CCT is the largest commercial REIT. Mainly CCT is focus on portfolio of good-quality, well located and income producing properties which fit with valid strategies, which give a return into well stable earnings and also go with successive profits and the enduring advantage of having experienced and visionary management, believe in easy earnings. CCT mission is to deliver long-term sustainable distribution and total returns to holders. 2)Singapore Telecommunications Limited: Singapore Telecommunications Limited provides integrated Infocomm technology solutions to enterprise customers primarily in Singapore, Australia, the United States of America, and Europe. The company operates through Group Consumer, Group Enterprise, and Group Digital Life segments. The Group Consumer segment is involved in carriage business, including mobile, pay TV, fixed broadband, and voice, as well as equipment sales. Telecommunications Limited is headquartered in Singapore. The Group Digital Life segment engages in digital marketing, regional video, and advanced analytics and intelligence businesses.
    [Show full text]
  • ST Engineering Posts Higher Year-On-Year Revenue and Profits for 1Q2019
    ST Engineering Posts Higher Year-on-Year Revenue and Profits for 1Q2019 FINANCIAL HIGHLIGHTS For the first quarter ended 31 March 2019 2019 2018 Change 1Q 1Q % Revenue ($m) 1,731 1,647 5 Earnings before interest and tax (EBIT) 141.9 122.1 16 ($m) Other income, net ($m) 10.2 8.6 18 Finance costs, net ($m) (0.9) (2.2) 58 Profit before tax (PBT) ($m) 159.9 144.0 11 Profit attributable to shareholders 131.1 117.7 11 (Net Profit) ($m) Earnings per share (cents) 4.20 3.78 11 Order book of $14.1b at end March 2019, of which about $4.2b is expected to be delivered in the remaining months of 2019 Commercial sales and defence sales constituted 70% or $1.2b and 30% or $0.5b respectively Cash and cash equivalents of $0.6b N.B.: All currencies are in Singapore dollars Page 1 Singapore Technologies Engineering Ltd ST Engineering Hub, 1 Ang Mo Kio Electronics Park Road #07‐01, Singapore 567710 T: (65) 6722 1818 F: (65) 6720 2293 (Regn. No.: 199706274H) Singapore, 15 May 2019 - Singapore Technologies Engineering Ltd (ST Engineering) today reported that it achieved higher year-on-year (y-o-y) revenue and profits for its first quarter ended 31 March 2019 (1Q2019). Compared to a year ago, Group revenue increased 5% to $1.73b from $1.65b, and Profit before tax (PBT) of $159.9m was 11% higher from $144.0m and Profit attributable to shareholders (Net Profit) was $131.1m, up 11% from $117.7m.
    [Show full text]
  • Engineering with Passion
    A MINDSET FOR INNOVATION, THE DRIVE TO EXCEL, AND THE HEART TO MAKE A DIFFERENCE ENGINEERING WITH PASSION ANNUAL REPORT 2016 contents 04 24 61 Financial Highlights Operating Review & Outlook Sustainability Report 06 / 43 78 Letter to Shareholders Corporate Information Corporate Governance 12 / 44 / 104 Interview with CEO Financial Review Financial Report 16 / 57 273 Board of Directors Investor Relations Shareholding Statistics 22 / 59 IBC Senior Management Awards Contact Information ENGINEERING WITH PASSION .01 In 2017, ST Engineering celebrates our 50th anniversary. Since ST Engineering began 50 years ago, we have been passionate about wanting to make a difference, to have an impact. We have been doing this by harnessing our hard-won experience, our leading edge expertise and the latest technology to develop creative solutions that assist our customers and leave a better world for our children to inherit. We believe that this passion, coupled with a drive to excel and a deep and abiding desire to make a difference, will create a better future for our customers, our stakeholders and our employees. ST ENGINEERING .02 ANNUAL REPORT 2016 HIGHLIGHTS OF THE YEAR BUILDING NEW A MINDSET FOR CAPABILITIES Littoral Mission Vessels by ST Marine are designed to be smarter, innovation faster and sharper. that SHAPES OUR PLANET COOL INVENTION THE DRIVE ST Engineering’s subsidiary, Innosparks launched Airbitat, the TO EXCEL world’s first evaporative cooler designed for high humidity tropical climates. towarDS A Better toMorrow CONTINUOUS INNOVATION ST Kinetics launched Terrex 3, the latest iteration of its 8X8 infantry fighting vehicles. ENGINEERING WITH PASSION .03 THE NEXT FRONTIER ST Electronics’ TeLEOS-1, the first made-in- Singapore commercial Earth Observation Satellite, commenced commercial imagery service.
    [Show full text]