STREET WISE
Every crisis needs a circuit breaker
Whenever a corporation gets big, it needs a system to deal with its new size. Thus it's not surprising to overhear staff of big firms complain about the bureaucratic procedures of their workplaces.
In one respect, it is great to have such a system in place. In times of crisis, it tells you what youshould do step by step. This applies to Temasek Holdings, Singapore's notoriously secretive state investment arm, as shown through a meticulous e-mail accidentally sent to journalists. The e-mail sets out how Temasek officials should reply to tough questions from the press. According to Reuters, the briefing document covers 59 potential questions ranging from the firm's government ownership and potential conflicts of interest to its motivation for buying banks and telecoms overseas. While it is standard practice around the world for company officials to be briefed by "spin doctors" on how to handle the media, the document shows which areas Temasek considers particularly sensitive. The 13-page briefing spells out what to say when the media ask if the appointment of Temasek CEO Ho Ching - wife of premier Lee Hsien Loung - was "politically motivated" and whether there are conflicts of interest because Lee also heads the Ministry of Finance, which owns Temasek. Temasek's official reply? "We are not here to discuss politics since we are not politicians or a political organisation. Our CEO is accountable to the board of directors, who is headed by an independent chairman just like any other commercial organisation." The document - which mainly covers Temasek's purchase this week of an 11.55-per-cent stake in Standard Chartered Bank - shows how sensitive it is over its image, as well as its relationship with Singapore's government. "The Singapore government, as a shareholder, is not involved in our investment decisions and business operations, much less in the businesses of our portfolio companies," is the official reply to questions about the government's involvement in business. On Shin Corp, the reply is: "Our investment in Shin Corp reflected our confidence in Thailand's long-term growth." One stock reply sounded all too familiar. In case of a news leak about the Standard Chartered deal before the signing, Temasek mouthpieces should say: "We do not comment on market speculation." However it looks, the document is a good example for others. We Thais need a system like that to deal with endless crises. achara_d@nationgroup.com
|
