A Return to Old Fashioned Banking
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2095: The Year of Gender Equality in the Workplace (Maybe)
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Schools for the Super Rich
Find Your Paradise
Set in lush tropical gardens and bordering a secluded white sandy beach, the Sarojin, in idyllic Khao Lak, Thailand, is a supremely peaceful and refined resort.
Guy Spier Guy Spier began his financial career at a now infamous Wall St investment bank, selling dubious stocks to unsuspecting investors. But a series of life-changing events, including a lunch with Warren Buffett, led him to his current calling as a morally-driven value investor. We spoke to Guy to hear more about his extraordinary transformation. December 2014
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Editor’s Note Welcome to Corporate Vision. Each month, we are going to take you behind the scenes of the business world. We will be speaking to the top business leaders to discover what makes them tick and we will be taking a detailed look at the pertinent business issues of the moment. Kicking off our launch issue is our interview with Guy Spier, a value investor who runs the Aquamarine Fund, an investment partnership inspired by the original 1950’s Warren Buffett partnerships. It’s a far cry from his beginnings as an archetypal Wall St trader – a brash, arrogant Gordon Gekko wannabe. We spoke to Guy about his remarkable transformation (p.12). We’ve also spoken to Lara Morgan, entrepreneur and founder of Pacific Direct, the manufacturer and distributor of hotel toiletries. With Global Entrepreneur Week approaching, she shared with us a few of her tips for sales success (p.16). In our Strategy section this month, we’ve looked at how workers moving abroad can ensure they fit in when they arrive (p.22) and ask what the gender gap means for global business (p.24). In our Money section we ask whether a top-class education really does translate into business success, with a look at where the world’s top billionaires went to university (p.28). And in our Lifestyle section we visit the stunning Sarojin hotel in Thailand (p.36). We hope you enjoy this issue, and look forward to seeing you again with issue number two. Ollie John, Editor
Contents 6 News
11 Industry Insight The Education of Guy Spier Shortcuts to Success
21 Strategy Avoiding Culture Shock 2095: The Year of Gender Equality in the Workplace (Maybe)
27 Money Schools for the Super Rich
31 SME A Return to Old Fashioned Banking
35 Lifestyle Find Your Paradise: The Sarojin Hotel
News
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AirAsia founder Fernandes named Brand Builder of the Year Apple, Coca-Cola, HSBC listed among “Brands of the Year” at the World Branding Awards.
Tony Fernandes, the founder of AirAsia, has been named “Brand Builder of the Year”, for his work in building the budget airline brand, in the World Branding Awards. The airline was also the only regional winner, having scored the highest for a budget airline in Malaysia, Singapore, the Philippines, Indonesia and Thailand.
standards, best practice guidelines and tools, as well as other branding initiatives. Richard Rowles, chairman of the World Branding Forum said, “It takes years to build a strong brand, and brands that make the list at these awards deserve recognition. Their work inspires those in the branding industry. These are brands that have a strong relationship with consumers. In addition to a brand valuation, voting by consumers shows that connection that winning brands have with the general public.”
Sixty nine brands from 25 countries were recognised at the awards in a ceremony at One Whitehall Place in London. Global winners include Apple, Coca-Cola, Del Monte, Guinness, Heinz, HSBC, Louis Vuitton, McDonald’s, Mercedes-Benz, Samsung, Sony PlayStation and VISA. National tier winners from Britain include Barclays, the BBC, British Airways, Silentnight, Thomas Cook, the University of Oxford and WHSmith. Each brand was named “Brand of the Year” in their respective categories.
The awards recognised some of the best global and national brands for their work and achievements. Uniquely, winners were judged through four streams: brand valuation, consumer market research, public online voting, as well as voting by the World Branding Forum Advisory Council, which is made up of luminaries from the world of branding.
The awards were organised by the World Branding Forum, a global non-profit organisation which produces, manages and supports a wide range of programmes covering research, development, education, recognition, networking and outreach. It is also involved with research and development, the implementation of
National tier winners include Telstra from Australia, Baidu from China, Lego from Denmark, McDowell’s No. 1 from India, Garuda Indonesia, Colgate from Hong Kong, Ferrari from Italy, Shell from the Netherlands, Maybank from Malaysia, Raoul from Singapore, Nescafé from Switzerland and Chatime from Taiwan.
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News
Employing Older Workers: More Needs to Be Done Ros Altmann, the UK Government’s Business Champion for Older Workers, urges companies and governments across the world to “Retain, Retrain and Recruit” older workers.
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CBI Growth Indicator Slows a Touch, but Remains Solid The Confederation of British Industry’s growth indicator showed that private-sector growth ticked down a little in the three months to October (balance of +19%), edging further below the series-high recorded back in May. The slight easing in growth was broad-based across the manufacturing, distribution, and consumer and business & professional services sectors. Nonetheless, the growth indicator remained well above its long-run average and is expected to pick up slightly in the coming three months (+25%), but expectations have moderated on the generally stronger predictions seen earlier this year. The latest data is broadly in line with the CBI’s view that GDP growth will ease slightly over the remainder of 2014. Following the softening of quarterly growth to a still-healthy 0.7% in Q3 (from 0.9% in Q2), the CBI forecasts growth of between 0.6% and 0.7% for the rest of this year and next. This reflects a return to steadier and more sustainable rates of growth, following the release of pent-up demand since early 2013: Indeed, looking at the CBI’s growth indicator for October, private sector growth has slowed a little from that in Q3 as a whole, but nonetheless remains robust. As a result, the overall trajectory of the UK economy remains healthy. However, risks to the outlook remain. Globally, the UK remains exposed to both a prolonged period of subdued activity in the Eurozone, and ongoing geopolitical risks from tensions in Ukraine, Russia and in the Middle East. Closer to home, a continuation of the weakness in productivity poses a threat to achieving more durable economic growth.
Despite us living longer lives, average retirement ages are still below what they were in the 1950s. Ros Altmann, the UK Government’s Business Champion for Older Workers, has urged employers and policymakers across the world to embrace the 3 ‘R’s when considering employment of older workers: 1) Retain: Employers should objectively assess older workers’ skills and ensure they do not lose them too soon, including facilitating more flexible working in later life wherever possible. 2) Retrain: Employers and governments should support ongoing lifelong learning and training in new skills for workers of all ages. In particular, training for those who have had heavy physical jobs so they can keep working in a different role. 3) Recruit: HR departments, recruitment agencies and employers should take over-50s job applicants seriously and not dismiss them as ‘too old’.
Manufacturing: Growth in output volumes declined to the slowest pace in a year in the three months to October, falling short of expectations. The main driver of the slowdown was the first decline in new export orders in a year and a half, contrary to prior expectations of strong growth. For the coming three months output growth is expected to pick up a little, but the pace of expansion would still be slower than that seen earlier in the year.
Dr Altmann said: “We need a new mindset: one that accepts that chronological age does not determine ability to work. Most people are still fit and well at much older ages than before.
Retail, wholesale and motor trades: Retail sales rose strongly in the year to October, at a similar pace as in the September survey. Wholesaling reported another solid rise in sales volumes, while strong sales growth in motor trades resumed after a stabilising in the previous month. Sales volumes in wholesaling and motor trades are expected to continue expanding in the year to November, albeit at a slower pace in motor trades.
“We need to stop wasting resources and embrace longer working lives, helping those below state pension age to stay engaged in the world of work, while also ensuring those who want to work beyond state pension age can continue to do so, perhaps part-time if they want. The best way for people to retire is gradually, rather than suddenly.
Business and professional services & consumer services: The business & professional and consumer services sectors both continued to report firm growth in business volumes in the three months to August. However, the pace has pared back slightly, mostly from an easing in growth in business and professional services. Nonetheless, both sectors anticipate continued healthy business volumes growth in the coming quarter.
expected GDP growth for q3...
0.7% Data from: CBI.
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“It is quite astonishing that the improvements in health and demographic realities have not fed through to the labour market and retirement thinking.
“This means establishing new social norms and revolutionising retirement – both vital elements for economic progress in the 21st century.” Minister for Pensions Steve Webb MP said: “In the past we were too quick to write people off in this country once they turned 50. The actions of this Government are helping turn the situation around but we must keep our foot on the accelerator. “Having extended the right to request flexible working and outlawed forced retirement, we are now pushing ahead with implementing our Fuller Working Lives initiative - challenging outdated stereotypes head on and showing businesses the benefits of having an age diverse workforce.”
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PwC and Google Announce Joint Business Relationship The two firms will collaborate on existing solutions and develop new offerings in three areas. PwC and Google Inc. have announced the launch of a joint business relationship to bring new and innovative services to companies around the world. The rapid pace of innovation in technology has fundamentally changed how and where work gets done, driving organisations to transform their businesses for the future. Together, PwC and Google can help that transformation happen. From Google, companies get unprecedented innovation, technology platforms and Internet scale; while PwC brings deep industry experience, a broad range of business services and cutting-edge client insights, from strategy through execution. Together, PwC and Google will help companies collaborate more effectively, better use technology and information, and adapt to the disruptive forces shaping the world. “For our clients, acquiring the knowledge most important to their operations, securing that information and using it optimally are critical – now more than ever before,” said Mike Burwell, PwC’s Vice Chairman Transformation. “PwC is teaming with Google to offer our joint knowledge and capabilities to clients - giving them one place to go, maximising experience and assets from both organisations.” Together, PwC and Google will help clients by collaborating on existing solutions and developing new offerings in three areas: 1. Help companies succeed by leveraging PwC’s business insights along with Google Apps, Google’s suite of cloud-enabled collaboration and productivity
tools. In doing so, we will empower companies to be more productive, serve customers more efficiently and deliver a more connected employee experience. 2. Use the combined power of PwC’s analytical acumen and Google Cloud Platform to help businesses make the most of technology and information and be better equipped to compete, creating new services to reinvent and optimise operations, connect with consumers and provide an enhanced customer experience. 3. With the right tools and insight now driving decisions, PwC and Google will guide companies seeking to break new ground in their businesses — not only to compete with new entrants and adapt to disruptive market forces — but also to lead the innovation themselves. “Ultimately, our collaboration is about helping clients to embrace their journey to the cloud, and transform their organisations to thrive and maintain relevance in a rapidly changing world.” said Tom Archer, PwC’s Google Strategic Alliance Leader. “Millions of companies, large and small, look to Google to help them launch, build and transform their businesses,” said Amit Singh, President, Google for Work. “We’re delighted to enter into a relationship with PwC — a leading advisor for businesses around the world — to bring the best of Google to work and help companies innovate. It’s great to see PwC lead by example, accelerating their own journey to the cloud that will lead to enhanced collaboration, greater speed and ultimately, transform their business for the digital era.”
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News
World Growth “Recovering Slowly but Surely” Coface, the globally operating credit insurer, forecasts global growth of 2.8% for 2014, arise of +0.1 points compared to 2013. The world economy has entered into a confirmed, but slow and uneven, recovery phase. Several factors explain the laborious nature of the post-crisis upturn. These include high levels of public and private debt, a credit dynamic below pre-crisis rates, a new risk of deflation in the eurozone and weakened long-term confidence amongst the economic players. Coface forecasts global growth of 2.8% for2014, arise of +0.1 points compared to 2013. This is the first increase since 2010, although its level remains below that of pre-crisis growth levels (between 4 and 4.5% in 2006 and 2007). The advanced economies have become the main driver of this acceleration (accounting for 1.6%, which is +0.3 points higher than in 2013), whereas emerging countries have registered a slowdown of an equivalent size (4.3%, down by -0.3 points). 2015 will see the overall acceleration gradually continue, with global growth of 3.2%. The country risk map that Coface is currently updating is in line with this rebalancing of growth. The majority of the assessments reviewed upwards concern advanced countries. Emerging countries incorporate all the assessments downgraded by Coface this quarter. In eurozone, despite disappointments, the country risks continue to improve While, after an external shock in the first quarter, the United States has revived with solid growth (forecast at 2% in 2014), the European landscape is distinguished by a sharp disparity with regards to recovery. Its growth is revised slightly downwards, to 0.9%, due to less favourable outlooks for Germany(1.6%),France(0.4%) and Italy(-0.2%). In the eurozone we observe a fall in the confidence of business in the second quarter, fuelled by geopolitical tension in the Ukraine and deflation risks. InSpain, the virtuous dynamic of the recovery is confirmed, with growth forecast at 1.2% for 2014 and 1.7% for 2015. The resurgence of domestic demand, the improvement in the financial situation of companies, dynamic exports and the fall in insolvencies (down by 30% at the end of June over one year) fuel the drop in Spanish risks. These improvements have led Coface to raise its B assessment, under positive watch since last June, to A4. The A3 assessment of the Netherlands(0.7% forecast in 2014) and in Belgium(1% forecast in 2014) is now accompanied by a positive watch. In both countries, growth
has returned, buoyed by exports, and we observe an upturn in investment and a fall in company insolvencies.
UK Funds See Largest Ever Outflow £852 million flew out of the sector in September, while overall net fund sales stood at £702 million, the lowest level since January 2013. UK All Companies funds witnessed their largest ever outflow in September 2014, according to the IMA. £852 million flew out of the sector over the course of the month.
Faced with the challenges of macro-financial and political shocks, Russia, Turkey and Venezuela are downgraded
The UK Equity Income sector saw a net inflow of £606 million, making it the best-selling IMA sector for four consecutive months in a row.
In reaction to recent changes in the political and social context and taking into account their impact on corporate activity, Coface has announced three major downgrades.
Meanwhile the Woodford Equity Income fund swelled in size over the month, from £2.7bn to £3.1bn, despite the fund witnessing a 0.2% fall in value, suggesting a £400 million inflow.
The country assessment forRussia is downgraded to C. The Ukrainian crisis has certainly had a negative impact on growth (forecast at 0% in 2014), principally due to the fall in investments and deceleration in consumption. Moreover, investment difficulties were already perceptible in 2013 and illustrate the Russian economic players’ lack of confidence in the business climate. The large outflows of capital from Russia since 2008 are testament to this. We also take into account the fact that Russian companies are massively indebted in terms of currencies. With limited access to markets due to the current sanctions and some affected by the fall in the rouble, companies are facing major repayment deadlines in a year from now.
Of course Woodford’s old funds, Invesco Perpetual Income and High Income, now sit in the IMA UK All Companies sector.
Turkey has had its assessment downgraded to B. While the economic activity in Turkey is showing a certain resilience (3.3% forecast in 2014), on the corporate side, foreign debt remains high, which increases exposure to foreign exchange risk. The lira has proved to be very volatile and sensitive to changes in the Fed’s monetary policy. Indeed, Coface’s payment experience concerning Turkish companies has sharply deteriorated. On a political level, growing tensions on the country’s borders are likely to affect internal stability. Venezuela is now placed in D category. The country has sunk into recession (-2.5%) and hyperinflation (64% in 2014), fuelled by a shortage of goods and against the backdrop of political and social tensions. The risk of nationalisation and, above all, the rationing of imports and control of prices and margins, have cast a shadow over a very difficult business environment for companies.
global growth forecast for 2014...
2.8% Data from: Coface.
December 2014 Corporate Vision 9
Meanwhile overall net fund sales stood at £702 million, the lowest level since January 2013. Laith Khalaf, Senior Analyst, Hargreaves Lansdown: ‘If you join the dots you can see this huge outflow is largely a continuation of the Woodford effect, as investors switch across from his old Invesco Perpetual funds. Were it not for the fact that the Invesco Perpetual funds now sit in the UK All Companies sector, this shift of assets would be nowhere near as visible. As it is, investors continue to vote with their feet and their cash, some of them no doubt waiting for the latest dividend before switching across. Woodford’s replacement at Invesco Perpetual, Mark Barnett, is a capable manager in his own right, but Woodford’s pedigree and reputation is hard for investors to resist. Across the piece fund sales in September were at their lowest level since January 2013. This reflects a jittery months in the markets, partly as a result of the Scottish referendum. Property continues to draw investment and was the best-selling asset class in September. Ominously the last time this was the case was March 2007, shortly before commercial property suffered a 50% crash in the following 2 years. Clearly this was precipitated by the global financial crisis and there is no suggestion we are going there again, but property fund investors do need to recognise they may have to wait to get their money in the event of an exodus from the sector, given how illiquid property is.’
Industry Insight 12 Guy Spier Guy Spier began his financial career at a now infamous Wall St investment bank, selling dubious stocks to unsuspecting investors. But a series of life-changing events, including a lunch with Warren Buffett, led him to his current calling as a morally-driven value investor. We spoke to Guy to hear more about his extraordinary transformation.
16 Shortcuts to Success Entrepreneur Lara Morgan speaks to Corporate Vision about how to grow a business and how to cope with adversity – and tells us why the British nation needs to work harder
Industry Insight: The Education of Guy Spier
The Education of Guy Spier Guy Spier began his financial career at a now infamous Wall St investment bank, selling dubious stocks to unsuspecting investors. But a series of life-changing events, including a lunch with Warren Buffett, led him to his current calling as a morally-driven value investor. We spoke to Guy to hear more about his extraordinary transformation.
On graduating top of his class in economics from Oxford, Guy Spier had one thing in mind. Simply put, he says, he wanted to make a lot of money. “I didn’t give much thought to how I could serve society, how I could improve humanity,” he says. “I was motivated by a heavy dose of greed.” Even so, what he describes as his “rapacious” attitude to making money did not make him unique at the time, he says: “there were plenty of people like me.” In 1993, after finishing his MBA at Harvard Business School, Spier stumbled upon a job ad for an assistant to J. Morton Davis, the chairman of D.H. Blair Investment Banking Corp, the Manhattan brokerage firm. It was a career move that Spier, 48, now describes as “recklessly foolish.” A New York Times article at the time described D.H. Blair as an “infamous” brokerage house whose brokers have been known to let customers sell when they request that a stock be liquidated,” and that securities regulators in Delaware had tried to revoke the firm’s licence. (Later, in 2000, a number of D.H. Blair’s top leaders later pleaded guilty to fraud charges). Despite this, as well as warnings from Harvard friends, Spier took the job.
out to be; rather than being the sole assistant to the chairman, he shared the role with two other recent graduates. And, rather than working as a team, it was a fiercely competitive, “dog eat dog” environment, with competition coming from outside the firm as well as within it, with dozens of people lining up to take their place. In such an environment, there was only one way to survive: by selling. And so, rather than admit defeat and quit – and to avoid admitting to his friends that he had made a mistake in joining the firm – Spier made it his aim to get a deal done. But, faced with intense competition, and with most of the big deals being grabbed by the big names like Goldman Sachs and Morgan Stanley, it was not an easy task.
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I didn’t give much thought to how I could serve society, how I could improve humanity, I was motivated by a heavy dose of greed.
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Six months into the job, Spier says he was miserable. The position was not exactly what it had been made
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Having been attracted to the company by the prospect of being at the cutting edge, funding start-ups and new technology companies that had the power to change the world, Spier found himself “drowning in a sea of crappy deals,” and he soon found himself in a situation where his morals were compromised. “Successfully bringing those deals into D.H. Blair required me to do things with facts that I had never done,” he recalls in the first chapter of his book. His life during that time saw him going from meeting to meeting, pitching for business, “smiling and dialling” – making cold calls to prospective clients, using an upbeat phone manner to mask the truth about the stocks he was unloading onto unsuspecting clients. “I was pretty hard-working, in an aggressive way,” he says. “I was looking for fish. Even if there was just a drop of water, I’d be looking for fish in there.” He was powered, he says, by a lot of “intellectual horsepower”. The 1987 movie Wall Street remains a reference point for many working in the financial industries today, despite its central character, corporate raider Gordon Gekko’s undisguised avarice and his eventual downfall, which ends in imprisonment. Why do so many people, to this day, still try to emulate such a person? The answer is that they think they will be the ones who get away with it, Spier says. “The guy climbing the mountain believes and hopes that he’s not the one who’s going to fall. “In capitalist societies, we’ve been able to direct this kind of energy into certain industries,” he says. “In the past you’d have been a knight, or a bandit, or Genghis Khan.”
Industry Insight: The Education of Guy Spier
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Industry Insight: The Education of Guy Spier
His disillusionment with D.H. Blair, and the culture that surrounded the firm, came to a head when he realised that, rather than being there to act as a careful, well-trained analyst, his role at the firm was to dress up sketchy deals, playing down the negatives and highlighting the upsides – a world away from the morally-driven value investment path taken by people like Warren Buffett, whose books he had studied while at university.
he is looking for, then I think that it is quite likely that he would pick up the phone.”
Value investing is an investment paradigm that derives from the ideas on investment that Ben Graham and David Dodd began teaching at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis. Although value investing has taken many forms since its inception, it generally involves buying securities that appear under-priced by some form of fundamental analysis. As examples, such securities may be stock in public companies that trade at discounts to book value or tangible book value, have high dividend yields, have low price-toearning multiples or have low price-to-book ratios.
“Warren Buffett is sitting on a big fat pipe of cash that’s blasting away,” he says. “IBM could go to zero, and it would be a non-event for Berkshire Hathaway. Buffett has created an environment where he cannot not succeed.”
Spier’s transformation to a value investor saw him, in 1997, launch the Aquamarine Fund – an investment partnership inspired by the original 1950’s Warren Buffett partnerships – at US$15m in assets, with the overwhelming majority coming from immediate family members and friends. Since then, the assets have steadily grown, mostly through internally generated returns. In June 2009, Spier, who is married with three children, moved with his family to Zürich, Switzerland.
He has already had emails from people telling him that the book has had a profound effect on their career, he says. Among the numerous overwhelmingly positive reactions to the book, one review on amazon. com reads: “For me, [the book] was the missing link; that which coalesced so many ideas and concepts I had heard of, but never really saw practiced in both a professional life of investing, but also a life spent in deference to a greater cause and search for meaning. The day after I finished this book, I walked into my market manager’s office and quit my job.”
Every year, on eBay, Warren Buffett auctions off an invitation to lunch. The proceeds go to GLIDE, a charity that runs a number of anti-poverty programs in San Francisco. Since the auction began, 15 years ago, it has raised nearly US$16m for the organisation. In 2007, along with his friend Mohnish Prabai, the businessman, investor and philanthropist, Spier won the auction, with a bid of US$650,100. Was it worth it? “The money was a donation to the GLIDE Foundation,” he points out. “The lunch was free.” But, from a personal viewpoint, it was also worth it, in a long-term sense, he says, as, like value investing, the advice Buffett gave him that day will continue to reap rewards: “It’s the payoff after 5, 10, 20 years.” Asked if he still keeps in touch with Buffett, Spier says, “He’s very focused. If he had time then he would hang out with us. To say we’re friends would be untrue. But if I called him with something that is what
In October, two of Buffett’s biggest holdings, Coca-Cola and IBM, delivered disappointing financial results, and they have caused considerable damage to the portfolio value of Berkshire Hathaway. It’s not a cause for concern, says Spier.
Spier’s transformation from a greed-driven Wall St banker to a value investor and respected author has been a remarkable one, and one which is documented in detail in his book. “I wanted to share my transformation,” he says when asked about his motivation for writing it.
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The money was a donation to the GLIDE Foundation, The lunch was free. But, from a personal viewpoint, it was also worth it, in a long-term sense,
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Industry Insight: The Education of Guy Spier
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Industry Insight: Shortcuts to Success
Shortcuts to Success Entrepreneur Lara Morgan speaks to Corporate Vision about how to grow a business and how to cope with adversity – and tells us why the British nation needs to work harder.
But that same year my father was declared bankrupt. So I started my own company. A factory owner in China had given me an opportunity to sell the products he made, which he was already exporting. Born in Germany, Lara Morgan left school when her father’s business went bankrupt. She has lived and worked in Hong Kong, the Gulf and New Zealand before moving to the UK in 1991, where she started Pacific Direct as a sole trader. The first sale of the company was a miniature sewing kit to the Dorchester Hotel. Over the last twenty years, the company grew into a manufacturer and supplier of luxury branded toiletries and guest amenities to hotels, cruise lines and airlines. It has been at the forefront licensing leading toiletries and cosmetics brands for the hotel industry. Pacific Direct, which Morgan sold in 2008 for £20m, now has manufacturing plants in the Czech Republic as well as in China, has eight offices around the world and has customers in more than 110 countries worldwide. She also co-founded Company Shortcuts, a service wholly dedicated to excellence in sales and leadership, with a range of products, services and events that enable ambitious business leaders to achieve accelerated growth. Lara, who will be speaking at Global Entrepreneurship Week, in November, shared with us some thoughts on building a successful business.
What led you to becoming an entrepreneur? What made you decide to start Pacific Direct? It was pure fluke. It was 1991, the last recession. I needed a job, and I couldn’t get one. I had finished school at the age of 18, expecting to attend university.
What was the hardest part about getting started and how did you overcome the challenges? The brutal and relentless duty to make calls and sell stuff. There’s only one person getting you out of bed. The loneliness was a challenge.
What was your average day like during the early years of Pacific Direct? My average day was long, but it was also very exciting and varied. I used to start very early, driving to London and delivering goods to hotels at around 6am, and then I could be at my desk doing admin work before anyone woke up.
How did you manage to make the company so successful? It came as a result of 17 years of determination to be the best that we could be. This was in a highly competitive global marketplace, driven by the desire to first get ahead and then stay ahead in the race of a growing company. Continual improvement, a paranoia that everyone else was working harder and smarter and the real trick, surrounding myself with the best people I could afford and letting them add their magic to our enterprise.
How do you keep yourself motivated through challenging times?
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The brutal and relentless duty to make calls and sell stuff. There’s only one person getting you out of bed. The loneliness was a challenge.
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Industry Insight: Shortcuts to Success
December November 2014 Corporate Vision 17
Industry Insight: Lara Morgan
By setting goals – how many calls I am going to make, for example. And then I treat myself occasionally.
What advice would you give to other entrepreneurs looking to develop a successful company? Treat your people and your customer with respect – you pay your peoples mortgages, but the customer pays the salary of the people you employ. Your people need to understand commercialism of your model and how you make money. Without you embracing their joint brilliance (listen always to the customers’ needs) you will not grow as fast as you can.
Tell us more about www.companyshortcuts. com and how it can help business owners. Company Shortcuts is wholly dedicated to excellence in sales and leadership, with a range of products, services and events that enable ambitious business leaders to achieve accelerated growth. If you’ve struggled to create scalability in your sales function, successfully introduce profitable process or recruit and develop teams of highly skilled “SalesBlazers”, then we have a Template, Masterclass, Conference, Forum or Leadership programme that will guide you through our proven shortcuts. The British psyche means we’re not built as salespeople – it’s not in our national persona. I want to change the sales culture in Britain.
How are you involved in Global Entrepreneurship Week? My passion is about teaching people to sell. And teaching people the importance of sales training. Once you’ve got those foundations, what’s stopping you?
What advice would you give to other entrepreneurs looking to develop a successful company? The first thing is to establish your product. Some entrepreneurs have great ideas for a product, but they don’t know if they can sell it. Hunger and drive are also hugely important. You need 24-hour commitment, and you have to be prepared to make sacrifices. For example, your social life will suffer. Also, be prepared to be rejected. Many people are scared of rejection, and that holds them back.
How important is a formal education? Is being an entrepreneur something that can be leaned? Or is it a natural ability? I taught myself business from the WHSmith business section. Education is not a prerequisite to being successful in business. You need the right attitude, persistence, resilience when you get knocked back.
How can Britain avoid getting left behind the rest of the world? By changing, wholesale, our education system. At the moment what we are seeing is mediocrity. The British nation needs to learn to work harder.
In terms of recruitment, what advice would you give to a new business? Recruit better than your own skillset in things you’re not as good at. Hire slow, and fire fast.
What do you see as your biggest achievement so far in business? Building and selling Pacific Direct, and the pride of being able to work with some incredibly talented people.
What has been the biggest mistake you’ve made? I should have set higher targets and grown the business faster. I could have been even braver and bolder.
Who’s your biggest inspiration? Sir Eric Peacock [chairman of a diverse range of companies] is someone I admire beyond belief, a gem of British intelligence. And Justin King, of Sainsbury’s, has built a phenomenal culture there.
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I taught myself business from the WHSmith business section.
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Industry Insight: Lara Morgan
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Strategy 22 Avoiding Culture Shock Cartus Identifies The United States, United Kingdom And Singapore As Top Three Relocation Destinations Where Multinational Companies Are Sending Employees.
24 2095: The Year of Gender Equality in the Workplace (Maybe) A new report shows there’s a long way to go before the gender gap for economic participation and opportunity is closed. What does this mean for global business?
Strategy: Avoiding Culture Shock
Avoiding Culture Shock Cartus Identifies The United States, United Kingdom And Singapore As Top Three Relocation Destinations Where Multinational Companies Are Sending Employees.
Communication: More than words
The United States, United Kingdom, and Singapore rank as the top three most popular destination countries where multinational companies are relocating employees to this year, according to international transferee data from Jan. 1 – June 30 of this year released by Cartus Corporation, a leading provider of global relocation services. Cartus’ data finds Singapore made the biggest jump: from the 6th top destination in 2013 to 3rd this year. Rounding out the top 10 destinations are: 4) Switzerland, 5) Hong Kong, 6) India, 7) Germany, 8) China, 9) Netherlands, and 10) Canada. Data was culled from Cartus’ worldwide client base, which includes 50 percent of Fortune 50 companies. Last year, Cartus relocated more than 165,000 transferees into or out of approximately 165 countries. “No matter the country, it’s imperative for employees to understand a culture’s values, beliefs, and behaviors that differ from one’s home country,” said Jenny Castelino, director of intercultural and language solutions for Cartus. “Adapting to a new country – whether it’s in a business situation or on a personal basis – typically requires intercultural training to ensure success.”
Germany – Eye contact is respected and expected, as it demonstrates attention and interest in a conversation; avoiding eye contact may be interpreted as conveying the opposite message. United States – U.S. managers tend to preface bad news with good. For instance, “You’re doing a great job!... but I really need you to...”; expats may hear only the positive message and miss the secondary (and more meaningful) news. Netherlands – The Dutch communicate directly and mean what they say; they’re task-focused, pragmatic people who value swift action.
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No matter the country, it’s imperative for employees to understand a culture’s values, beliefs, and behaviors that differ from one’s home country.
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Castelino points out some common areas where misunderstandings can occur, including communication, management style, and business relationships, for each of the top 10 destinations:
22 Corporate Vision December 2014
Strategy: Avoiding Culture Shock
Management Styles: Respect for hierarchy may be more important than expressing individual opinion Singapore – Singaporeans you meet professionally may seem very Westernized, but they also have an Eastern mindset, and respect for hierarchy and “saving face” are key business drivers. China – An implicit rather than explicit conversational style is required in order to save face, especially in meetings. This may result in employees publicly agreeing with the most senior leader in the room even if they privately have opposing views. Hong Kong – Business cards are crucial to establishing your identity and your relative seniority in comparison to the individual you meet. They are your “face” to the professional community here; don’t leave home without an ample supply of them on hand. Business Relationships: Strongly impacted by close personal relationships India – The voice of the family is paramount in India; when recruiting staff, be prepared for your candidate’s family to be very involved in the decision-making process. Switzerland – Don’t assume business is done in Geneva the same as it is in Zurich; Switzerland has four main cultural and linguistic regions: German, French, Italian, and Romansh, and there are distinct differences among all four. United Kingdom – Asking new colleagues to answer personal questions is simply not done, especially in the workplace. A question like ‘Do you have kids?’ might seem too personal. Canada – Canadians consider themselves quite different from Americans, and they are, so assumptions to the contrary may result in a strong reaction. About Cartus Cartus provides trusted guidance to organizations of all types and sizes that require global relocation solutions. Cartus serves half of the Fortune 50. We provide service in more than 165 countries, applying our more than half century of experience to help our clients with their mobility, outsourcing, consulting, and language and intercultural training needs. Cartus is part of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. To find out how our greater experience, reach, and hands-on guidance can help your company, visit www. cartus.com; read our blog at www.cartusblog.com; or click www.realogy.com for more information.
transferees relocated into or out of approximately 165 countries....
165,000 Data from: Cartus
December 2014 Corporate Vision 23
Strategy: 2095: The Year of Gender Equality in the Workplace (Maybe)
2095: The Year of Gender Equality in the Workplace (Maybe) A new report shows there’s a long way to go before the gender gap for economic participation and opportunity is closed. What does this mean for global business?
In nine years of measuring the global gender gap, the world has seen only a small improvement in equality for women in the workplace. According to the Global Gender Gap Report 2014, the gender gap for economic participation and opportunity now stands at 60% worldwide, having closed by 4% from 56% in 2006 when the Forum first started measuring it. Based on this trajectory, with all else remaining equal, it will take 81 years for the world to close this gap completely. The ninth edition of the report finds that, among the 142 countries measured, the gender gap is narrowest in terms of health and survival. This gap stands at 96% globally, with 35 countries having closed the gap entirely. This includes three countries that have closed the gap in the past 12 months. The educational attainment gap is the next narrowest, standing at 94% globally. Here, 25 countries have closed the gap entirely. While the gender gap for economic participation and opportunity lags stubbornly behind, the gap for political empowerment, the fourth pillar measured, remains wider still, standing at just 21%, although this area has seen the most improvement since 2006. With no one country having closed its overall gender gap, Nordic nations remain the most gender-equal societies in the world. Last year’s leading four nations – Iceland (1), Finland (2), Norway (3) and Sweden (4) – are joined by Denmark, which climbs from eighth place to fifth. Elsewhere in the top 10 there
is considerable movement, with Nicaragua climbing four places to sixth, Rwanda entering the index for the first time at seventh, Ireland falling to eighth, the Philippines declining four places to ninth and Belgium climbing one place to tenth. Further up the index, the United States climbs three places to 20 in 2014, after narrowing its wage gap and improving the number of women in parliamentary and ministerial level positions. Among the BRICS grouping, the highest-placed nation is South Africa (18), supported by strong scores on political participation. Brazil is next at 71, followed by Russia (75), China (87) and India (114).
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Much of the progress on gender equality over the last 10 years has come from more women entering politics and the workforce.
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24 Corporate Vision December 2014
Regional Analysis Countries from Europe and Central Asia occupy 12 of the top 20 positions in the index, one less than last year. Of the region’s major economies, Germany climbs two places to 12th, France leaps from 45th to 16th, while the UK falls eight places to 26th. France’s gain is mostly due to increases in the number of women in politics, including 49% women ministers – one of the highest ratios in the world, and narrowing wage gaps. The UK’s lower position can be mainly attributed to changes in income estimates. In Asia and the Pacific, the Philippines remains the region’s highest-ranked country, followed by New Zealand (13) and Australia (24). These nations are regional outliers, however, as only one other nation, Mongolia (42), places in the top 50. Singapore, the People’s Democratic Republic of Laos and Thailand come next in 59th, 60th and 61st place, respectively. Japan climbs one place to 104th; China falls 18 places to 87th, largely due to its very low sex ratio at birth; and India slumps to 114th, making it the lowest-ranked BRICS nation and one of the few countries where female labour force participation is shrinking. At sixth, Nicaragua reinforces it position as Latin America and the Caribbean’s gender parity leader, due to strong performance in health, education and political gaps. It is one of 10 countries from the region that make the top 50 this year. Among the larger economies, Brazil’s nine-place decline to 71st happened in spite of having successfully closed both its educational attainment and health and survival gender gaps. Its priority must now be to secure
Strategy: 2095: The Year of Gender Equality in the Workplace (Maybe)
returns on its investment through higher female participation in the labour force. Mexico’s drop to 80th, on the other hand, comes as a result of reduced female representation in politics, but is partially offset by improvements in labour force participation and income gaps. In the Middle East and North Africa, Kuwait, at 113th, is the highest-placed country in the region, after making significant gains in overall income, including for women. The United Arab Emirates, at 115th, falls in the rankings but shows major improvement relative to its past performance on economic and political participation and remains the second highest-ranked country in the region. The region is also home to the lowest-ranked country in the index, Yemen, which, at 142nd, has remained at the bottom of the index since 2006; but it has significantly improved relative to its own past scores. Sub-Saharan Africa, meanwhile, boasts three countries in the top 20 of the index. The highest placed, Rwanda, scores highly in terms of economic and political participation and is the highest-ranked developing country in the index. Next is Burundi, which climbs five places to 17th, followed by South Africa. Nigeria, the region’s largest economy, falls 12 places to 118th. Nine Years of Data Nine years of data from the Global Gender Gap Report – first published in 2006 – reveal the pattern of change around the world relative to countries’ own past performance and in relation to each other. “Much of the progress on gender equality over the last 10 years has come from more women entering politics and the workforce. While more women and more men have joined the workforce over the last decade, more women than men entered the labour force in 49 countries. And in the case of politics, globally, there are now 26% more female parliamentarians and 50% more female ministers than nine years ago. These are far-reaching changes – for economies and national cultures, however it is clear that much work still remains to be done, and that the pace of change must in some areas be accelerated, ” said Saadia Zahidi, Head of the Gender Parity Programme at the World Economic Forum and lead author of the report. Progress has not been even across the four pillars of economy, politics, health and education. On educa-
tional attainment and health and survival, although many countries have already reached parity, the trend is actually reversing in some parts of the world. In fact, nearly 30% of the countries covered have wider education gaps than they did nine years ago, and over 40% of countries have wider health and survival gaps than they did nine years ago. The direction of change within countries from 2006 to the present day has been largely positive, but not universally so. Of the 111 countries that have been continuously covered in the report over the last nine years, 105 have narrowed their gender gaps, but another six have seen prospects for women deteriorate. These six countries are spread across regions: in Asia, it is Sri Lanka; in Africa, Mali; in Europe, Croatia and Macedonia; and in the Middle East, Jordan and Tunisia. In the Americas, no country has widening gender gaps. While the Nordic nations continue to act as role models in terms of their ability to achieve gender parity, some of the biggest absolute and relative improvements of the past nine years have come from countries that are low in the rankings. For example, the most improved country relative to its starting point nine years ago for economic participation and opportunity is Saudi Arabia; Burkina Faso for educational attainment; Angola for health and survival; and the United Arab Emirates for political empowerment. In absolute terms, the most improved countries include Guatemala for economic participation; Nepal for educational attainment; Angola for health and survival; and Nicaragua for political empowerment. Within the economic participation category, Nepal, Botswana and Nigeria have had the most absolute gain in terms of increased rates of female labour force participation. Kuwait, Luxembourg and Singapore have seen the largest absolute gains on women’s income. The largest gains on women in senior roles – legislator, senior official and manager positions – have come from France, Madagascar and Honduras, while on high-skilled roles in general – professional and technical workers – Bulgaria, Honduras and Ecuador have the lead. The countries with the most losses relative to their past performance are: Jordan on economic participation; Angola on educational attainment; India on health; and Botswana on political empowerment. The least-improved countries in absolute terms are: Mali for economic participation; Angola for educational at-
December 2014 Corporate Vision 25
tainment; India for health and survival; and Sri Lanka for political empowerment. The region with the largest absolute change is Latin America, followed by North America, sub-Saharan Africa, Asia and the Pacific, and the Middle East and North Africa. Europe has shown the smallest absolute change. When compared to their own starting points nearly a decade ago, however, the order of relative change is slightly different, with the Middle East outperforming Asia. Business and Policy Implications “Achieving gender equality is obviously necessary for economic reasons. Only those economies who have full access to all their talent will remain competitive and will prosper. But even more important, gender equality is a matter of justice. As a humanity, we also have the obligation to ensure a balanced set of values,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. Healthy and educated women are likely to have healthier and more educated children, creating a virtuous cycle for any community or country. When the number of women involved in political decision-making reaches a critical mass, their decisions – which take into account the needs of a wider segment of society – lead to more inclusive results. Companies that recruit and retain women, and ensure that they attain leadership positions, outperform those that do not. The report covers the latest research on the benefits of gender equality from a variety of sectors, the current use of policy tools and business practices, and future implications for business leaders and policy-makers.
gender gap for economic participation and opportunity...
60%
worldwide
Data from: theGlobal Gender Gap Report 2014.
Money
28 Schools for the Super Rich Twenty-five billionaires obtained their bachelor’s degrees from the University of Pennsylvania, making it the top university in the world in terms of number of billionaire undergraduate alumni, according to this year’s Wealth-X and UBS Billionaire Census.
Money: Schools for the Super Rich
Schools for the Super Rich Twenty-five billionaires obtained their bachelor’s degrees from the University of Pennsylvania, making it the top university in the world in terms of number of billionaire undergraduate alumni, according to this year’s Wealth-X and UBS Billionaire Census. The annual study, by Wealth-X, the world’s leading ultra-high-net-worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above, and UBS, also shows that higher education is not a prerequisite to achieving billionaire status as 35% of the 2,325 billionaires in the world have not obtained a tertiary-level degree. Notable university dropouts include Microsoft co-founder Bill Gates and Facebook co-founder Mark Zuckerberg. Both walked out of Harvard during their undergraduate years to start their businesses. Among those billionaires who hold a tertiary-level degree, 42% graduated with a bachelor’s degree, 26% have a master’s degree, 21% finished their MBA, and 11% attained a PhD.
28 Corporate Vision December 2014
Sixteen out of the top 20 billionaire schools are located in the United States. With 12 billionaire alumni, India’s University of Mumbai has the most billionaire graduates of any university based outside the US. The London School of Economics and Political Science in the United Kingdom, Lomonosov Moscow State University and ETH Zurich in Switzerland are other schools outside the US that made it to the top 20 billionaire schools list. The Wealth-X and UBS Billionaire Census 2014 shows that more than a quarter of the billionaires who obtained their undergraduate degrees in the 16 American universities on the list were born outside of the United States. Nearly 40% who attended these top American schools for their post-graduate studies were not US citizens.
number of billionaires who have not obtained a tertiary-level degree...
35% Data from: Wealth-X
WEALTH-X AND UBS BILLIONAIRE CENSUS 2014
Money: Schools for the Super Rich
RANK
INSTITUTION
COUNTRY
BILLIONAIRE UNDERGRADUATE ALUMNI
1
UNIVERSITY OF PENNSYLVANIA
UNITED STATES
25
2
HARVARD UNIVERSITY
UNITED STATES
22
3
YALE UNIVERSITY
UNITED STATES
20
4
UNIVERSITY OF SOUTHERN CALIFORNIA
UNITED STATES
16
5
PRINCETON UNIVERSITY
UNITED STATES
14
6
CORNELL UNIVERSITY
UNITED STATES
14
7
STANFORD UNIVERSITY
UNITED STATES
14
8
UNIVERSITY OF CALIFORNIA, BERKELEY
UNITED STATES
12
9
UNIVERSITY OF MUMBAI
INDIA
12
10
LONDON SCHOOL OF ECONOMICS
UNITED KINGDOM
11
AND POLITICAL SCIENCE
11
LOMONOSOV MOSCOW STATE UNIVERSITY
RUSSIA
11
12
UNIVERSITY OF TEXAS
UNITED STATES
10
13
DARTMOUTH COLLEGE
UNITED STATES
10
14
UNIVERSITY OF MICHIGAN
UNITED STATES
10
15
NEW YORK UNIVERSITY
UNITED STATES
9
16
DUKE UNIVERSITY
UNITED STATES
9
17
COLUMBIA UNIVERSITY
UNITED STATES
8
18
BROWN UNIVERSITY
UNITED STATES
8
19
MASSACHUSETTS INSTITUTE OF TECHNOLOGY
UNITED STATES
7
20
ETH ZURICH
SWITZERLAND
6
December 2014 Corporate Vision 29
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SME
32 A Return to Old Fashioned Banking The recovery has benefitted large corporations but has not brought the fresh capital that mid-sized and small businesses need to grow. But alternative lenders, like Brevet Capital, are filling the void left by banks and other large institutions.
SME: A Return to Old Fashioned Banking
A Return to Old Fashioned Banking The recovery has benefitted large corporations but has not brought the fresh capital that mid-sized and small businesses need to grow. But alternative lenders, like Brevet Capital, are filling the void left by banks and other large institutions. in his or her business.4 Middle market businesses contribute roughly half of the GDP and making them stronger is imperative to full economic recovery.5 Small and middle market companies that weathered the credit crisis of 2008 have done so without the help of loan financing from traditional banking centers. The recovery has benefitted large corporations but has not brought the fresh capital that mid-sized and small businesses need to grow. The growth of companies with less than $500 million in annual revenue is integral to the economy since they account for the bulk of jobs created. Alternative lenders, like Brevet Capital, are filling the void left by banks and other large institutions. Lack of credit availability for small and mid-sized companies is a market inefficiency. Providing financing to this part of the market is difficult and frequently unprofitable for banks. Crisis fallout has left banks with increased capital requirements and restrictive regulatory guidelines to follow. As a result lending is down 21% to small businesses since the recession according to banks’ balance sheets.1 The head of the Small Business Association points out that a $100,000 loan has the same processing costs as a $1 million loan making lending less profitable for banks.2 To make matters worse, the number of regional banks has shrunk by half since the 1980s.3 The economy won’t improve if the middle market’s access to the capital markets does not increase significantly. The inability of these firms to grow from only retained earnings means lack of job creation. According to an industry survey, half of the companies responded that lack of financing is preventing growth
There are a variety of alternative lenders narrowing the credit gap of Main Street: private equity, FinTech (financial technology platforms), and private lenders (non-bank fund managers). Until recently these solutions have not been attractive to business owners, but by utilizing old fashioned banking practices to manage lending, solutions like Brevet Capital are changing the game. By providing expansion capital to business owners, growth in these middle market companies is creating new jobs and increasing capital investment. From Brevet Capital’s perspective, it’s a win-win situation for both its investors and its borrowers. http://www.inc.com/jeremy-quittner/karen-millsharvard-business-school-small-business-lending.html 3 http://www.businessweek.com/articles /2014-07-25/expensive-small-business-lendersare-unregulated-dot-should-they-be 4 http://www.inc.com/jeremy-quittner/restrictedcapital-access-restrains-business-growth.html 5 http://www.creativeengineinc.com/assets/ddj_ whitepaper.pdf 1&2
percentage that lending is down to small businesses since the recession...
21% Data from: www.inc.com
32 Corporate Vision December 2014
SME: A Return to Old Fashioned Banking
December 2014 Corporate Vision 33
Lifestyle
36 Find Your Paradise Set in lush tropical gardens and bordering a secluded white sandy beach, the Sarojin, in idyllic Khao Lak, Thailand, is a supremely peaceful and refined resort.
Find Your Paradise
The Sarojin Set in lush tropical gardens and bordering a secluded white sandy beach, the Sarojin, in idyllic Khao Lak, Thailand, is a supremely peaceful and refined resort.
Lifestyle: Find Your Paradise - The Sarojin, Thailand
Khao Lak is a series of sleepy villages on the Andaman coast of southern Thailand. Nestled within this beautiful and peaceful community – which is mercifully free of any nightlife – is the Sarojin resort. The Sarojin features 56 luxurious guest residences, each privately accessed and situated in seven separate two storey buildings. Careful design allows abundant space and privacy to blend harmoniously with nature. There are several distinct room types. Beautifully ensconced amongst the gardens, each Garden Residence exemplifies peace, serenity and harmony. The twenty-eight one-bedroom residences are situated in a garden setting on the ground floor of each building, complete with an outdoor Thai sala (a small open pavilion) and garden terrace. Private and tucked into a peaceful garden setting on the ground floor corner of each building, the Pool Residences are exemplars of blissful living. The fourteen one-bedroom suites are complete with pool, sala, sun garden and terrace. Truly luxurious and extremely spacious, more than just a place to rest your head, the Sarojin Suites are a home away from home. The fourteen one-bedroom suites are privately situated on the upper floor and offer a luxurious amount of living space with separate bedroom and lounge areas and complete with outdoor relaxation pool and garden sun terrace with magnificent garden views. Finally, the two-bedroom residence combines a connecting garden and pool residence, offering plenty of living space along with access to a pool. This residence is perfectly suited for a larger family, providing privacy when required between the bedrooms and separate entrance doors. When it comes to dinner time at the Sarojin, ingredients are fresh, chefs are passionate and tables are set in extraordinary locations. At the Sarojin there are no restrictions and guests are encouraged to dine wherever they wish around the
resort. Whether it’s a romantic candlelit dinner next to a jungle waterfall or on a private sand isle, a gourmet picnic breakfast on a secluded white sand beach, or a private dinner in a pool island pavilion or in your own sala, the Sarojin’s staff will make it happen for you. Gourmands may also be interested in the Sarojin’s range of innovative cooking classes. It starts with a trip to a local market with your chef to learn about local produce and alternatives available in your home country. You taste and select ingredients before returning to the hotel kitchen to cook a delicious lunch, under the watchful eyes of your chef and perhaps while enjoying a glass of wine. For adventurous types, there are plenty of opportunities to explore the idyllic surrounding areas. A team of personal guides and the resorts “imagineer” – the ultimate personal concierge – delight in creating tailor made experiences and offer a wide variety of private and unique excursions into the surrounding areas of outstanding beauty and an opportunity to glimpse into authentic Thai life. You can cruise on a luxury boat, take a dive trip around the awe-inspiring Similan islands, canoe through secluded sea caves or enjoy a personal jungle adventure, complete with champagne. Alternatively, swim with elephants, discover mangrove fishing villages by traditional pleat boat or explore temples at sunrise. If all that sounds a bit too strenuous, head down to the Pathways spa, a secluded haven that lulls its guests with sounds of the Andaman Sea and a wide range of treatments.
The Sarojin Thailand Email: reservations@sarojin.com Web: www.sarojin.com Tel: +66 0 76 427 900 4 Address: The Sarojin, Khao Lak, 60, Moo 2, Kukkak, Takuapa, Phang Nga 82190, Thailand
38 Corporate Vision December 2014
December 2014 Corporate Vision 39