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SINGAPORE: It was a controversial boardroom move that sparked a fierce debate about the independence of so-called independent directors.
The series of news reports that followed, which centred on the resignations of two Swissco directors, won TODAY Senior Correspondent Christie Loh her second straight Best Financial Story of the Year award.
Last year, Ms Loh won the same top award for her feature on Mr Lee Hsien Yang’s dual appointment as non-executive chairman and consultant at soft drinks company Fraser and Neave (F&N), which had raised a few eyebrows in the corporate world.
The award is one of two that TODAY bagged at the annual Investors’ Choice Awards organised by the Securities Investors Association of Singapore (SIAS).
The other accolade, a Special Award for Best Financial Journalist of the Year, went to TODAY’s Editor-At-Large Conrad Raj for his “tenacious efforts in championing the cause of the ordinary Singapore investor”.
The Swissco affair, which turned out to be the financial story of the year, surfaced in March when two former Members of Parliament — Dr Chiang Hai Ding and Mr Rohan Kamis — quit as independent directors of the mainboard-listed marine services provider.
Ms Loh wrote six articles for TODAY in April and May that exposed the different perceptions of corporate governance and conflict of interest within the company. She said: “It was a difficult subject matter. In raising this issue, we had to be very careful with the legal aspects, so the wording was very important.”
Ms Loh added: “I worried about it because I didn’t want us to get into any legal trouble. So, it really helped that I was able to work with the editors very closely on this. I wasn’t alone. So in a way, it was a collective effort.”
She also acknowledged the help from her sources who helped her wade through the murky waters.
“Outside of the newsroom, I had some very good contacts who were willing to talk to me and to explain things to me. They sat down with me for hours, sometimes,” said Ms Loh.
MediaCorp’s Editorial Director P N Balji said: “There were two warring parties involved, which made the story murkier.” There were also sensitive legal implications, so the reporter’s skills in being able to understand the issue was even more important, he added.
Presenting the award to Ms Loh last night, Mr Sia Cheong Yew, chairman of the SIAS’ Financial Journalist of the Year Award committee, said: “Although she encountered external pressure in writing her stories, she showed tenacity and initiative.”
The judges viewed impact as the most important criterion, said Mr Sia, but they also looked for accuracy, balance, insight and clarity in the writing style.
"Christie’s series of stories obviously made an impact. They also fulfilled many of the criteria that we set" said Mr Sia, formerly the supervising editor of the The Straits Times’ Money Desk.
Also receiving his award on Thursday night, was TODAY’s Editor-At-Large Conrad Raj.
His Special Award in the Best Financial Journalist of the Year category, recognised his tenacious efforts in championing the cause of the ordinary Singapore investor.
The veteran financial journalist, who received the award for the second time, said: “It feels good to be recognised.”
He first won the award in 2004, when he was the business editor of the now-defunct newspaper, Streats.
Mr Raj, who has over 30 years of experience as a journalist, memorably broke the story about rogue trader Nick Leeson’s multi-billion dollar losses in 1995, which brought down British bank Barings. He joined TODAY in April this year and writes probing commentaries and analytical pieces, including his Monday Blues column.
Mr David Gerald, president of SIAS, said: “Conrad is an old hand at high-standard journalism and says what he has to say. Whether it is sensitive or not, Conrad will make it known to the readers.”
In July, TODAY underwent a redesign, and the business section was given greater prominence and beefed up. Said Managing Editor Walter Fernandez: “In a way, the SIAS awards recognise the emphasis that TODAY has placed on its business coverage.”
Other winners were: Lianhe Zaobao’s Ng Hwee Min, who was named Best Financial Journalist of the Year and The Business Times’ Chew Xiang who was named Most Promising Journalist of the Year. BT’s Kalpana Rashiwala also received a special award in the Best Financial Journalist of the Year category.
This year, SIAS is introducing the Board Diversity Award, which recognises companies with a healthily-diversified board. The two winners are Singapore Telecommunications and SMRT.
For the second successive year, Keppel Corporation won the Golden Circle Award, which is the highest honour attainable in the SIAS’ Investors’ Choice Awards. SMRT also emerged the winner of the Singapore Corporate Governance Award.
The nomination and selection process for the awards took into account the views of analysts, fund managers, investors and financial editors. - TODAY/sh
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