A publisher that marches on its stomach
For those uncertain that Singapore is a country genuinely obsessed with food, attending Singapore Press Holdings’ AGM today may have banished any lingering doubts.
Near the end of a meeting with shareholders led by company chairman Lee Boon Yang, an elderly lady at the back of the room raised a question deemed more pressing than how, say, the publisher of the Straits Times, The New Paper, Business Times and others can reverse a worrying trend of ad and circulation revenue decline.
The question was over how food would be served up for shareholders after the AGM this year.
Though the packed room, until now hushed and attentive, was momentarily ruffled by an air of amusement, there was no question from the expression on the chairman’s face, who had earlier batted away tricky queries concerning strategy and risk taking to navigate an uncertain future, that this lady was to be taken very seriously.
Lee dealt with the question by drawing a parallel between SPH and the luxury stores that it rents out in the posh shopping malls that it owns. Essentially, food wasn’t ultimately his responsibility, but he believed that the new system introduced this year – food vouchers rather than a buffet – would keep his shareholders happy.
After the AGM drew to a close and everyone filed out of the room, Dr Mumbo asked a shareholder what all the fuss had been about.
In previous years, the buffet solution had caused lengthy queues, which he said had probably prompted shareholders to hurry through voting on company policy without really thinking about the consequences, because they wanted to be first out the door and in line for the food waiting for them outside.
They say an army marches on its stomach. Some publishers do too, it seems.
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