biz.hk Dec 2014

December 2014

AN ARCHITECT OF DREAMS PETER WOO

CHAIRMAN THE WHARF HOLDINGS LTD

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December 2014

Contents

Vol 46 No 12

Publisher

Richard R Vuylsteke

Editor-in-Chief Kenny Lau

Managing Editor

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COVER STORY

Peter Woo, Chairman of The Wharf Holdings Ltd, stands to make a difference as the architect of an open platform called Project WeCan by supporting students of all backgrounds in reaching their dreams in a city where less than 20 percent of local students have the opportunity to enroll in Hong Kong tertiary education

14 CHINA BUSINESS An AmCham delegation travels to Beijing for a discussion with Chinese government officials and business leaders on economic trends and Hong Kong’s role in the shift toward service- and innovation-led growth

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21 WOMEN OF INFLUENCE Business leaders congregate at an annual forum to share personal stories, exchange ideas on the issue of gender diversity and honor the achievement of women professionals in the business community of Hong Kong

AMERICAN TOPICS Friends of AmCham gather for in a luncheon filled with warm conversations, fine drinks and traditional cuisine as a gesture of appreciation for a year of collaboration, partnership and friendship

Blessing Waung

Advertising Sales Manager Regina Leung

biz.hk is a monthly magazine of news and views for management executives and members of the American Chamber of Commerce in Hong Kong.

Its contents are independent and do not necessarily reflect the views of officers, governors or members of the Chamber.

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AMCHAM NEWS AND VIEWS 04 Action Items for 2015 As Hong Kong Chief Executive CY Leung will deliver his 2015 Policy Address and Financial Secretary John Tsang will present his 2015-2016 Budget early next year, a number of business issues should be given high priority in order to strengthen the city’s status as a high-standard international center of commerce

07 New Business Contacts 56 executives joined AmCham’s business network last month

48 Mark Your Calendar

CHAMBER TOPICS 20 AmCham Mongolia Holds Annual APCAC Meeting AmCham President Richard Vuylsteke goes to Ulaanbaatar, Mongolia for three days of meetings with his counterparts across Asia Pacific for an annual gathering to share operational and strategic best practices

WOMEN OF INFLUENCE 21 Creating Value from the Evolution of Leadership Business leaders congregate at an annual forum to share personal stories, exchange ideas on the issue of gender diversity and honor the achievement of women professionals in the business community of Hong Kong

COVER STORY

24 Supporting One Another in Collaboration

08 An Architect of Dreams Peter Woo, Chairman of The Wharf Holdings Ltd, stands to make a difference as the architect of an open platform called Project WeCan by supporting students of all backgrounds in reaching their dreams in a city where less than 20 percent of local students have the opportunity to enroll in Hong Kong tertiary education

Beverly Sunn, a highly successful entrepreneur and the first American female to establish a real estate and relocation firm in the region, elaborates upon the importance of trust, integrity and independent thinking in driving change

26 When Soft Becomes Hard Lale Kesebi, Chief Communications Officer and Head of Strategic Engagement at Li & Fung Ltd, talks about her parents as role models in effecting change in society, calling for a focus on people as a way of business going forward

CHINA BUSINESS

14 Knocking on the Door in Beijing An AmCham delegation travels to Beijing for a discussion with Chinese government officials and business leaders on economic trends and Hong Kong’s role as a facilitator in the shift toward service- and innovation-led growth amid a range of reforms

biz.hk 12 • 2014

28 The Role of Government in Gender Diversity Consul General Clifford Hart emphasizes a central policy of the US Government in empowering women through concrete actions both at home and abroad allowing women to achieve economic prosperity, stability, and security globally

biz.hk 12 • 2014

30 Inspiring a Generation of Women Leaders Panelists provide insights into their personal journeys of climbing the career ladder as leaders in family businesses, as women in the world of investment and venture capital, and as women (and men) taking non-linear career paths

WOMEN OF INFLUENCE AWARDS 34 Professional of the Year: May Tan 35 Best Company for Women: American Express International, Inc 36 Master in Charity: Nancy Yang 37 Entrepreneur of the Year: Joanna Hotung 38 Champion for the Advancement of Women: Ron Lee

AMERICAN TOPICS 40 AmCham Celebrates Thanksgiving Friends of AmCham gather for Thanksgiving – one of the biggest traditional US holidays during the year – in a luncheon filled with warm conversations, fine drinks and traditional cuisine as a gesture of appreciation for a year of collaboration, partnership and friendship

AMCHAM PUBLICATIONS 44 2014 Index of Articles A guide to articles on business issues and relevant topics published in biz.hk

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biz.hk Editorial

Board of Governors Chairman

Peter Levesque

Vice Chairman

Walter Dias

Treasurer

Tom Burns

Executive Committee Evan Auyang, Sara Yang Bosco Belinda Lui, Alan Turley, Richard Weisman Governors Donald Austin, Brian Brenner, Ewan Copeland Janet De Silva, Rob Glucksman, Robert Grieves John (Jack) E Lange, Ryan Mai Catherine Simmons, Eric Szweda, Colin Tam Elizabeth L Thomson, Jennifer Van Dale Frank Wong, Eden Woon Ex-Officio Governor President

James Sun Richard R Vuylsteke

Chamber Committees AmCham Ball Apparel & Footwear China Business Communications & Marketing Corporate Social Responsibility Energy Entrepreneurs/SME Environment Financial Services

Ryan Mai Colin Browne Seth Peterson Lili Zheng Charlie Pownall Oliver Rust Diana Tsui Rick Truscott Laurie Goldberg Jim Taylor Derek Berlin

Food & Beverage Hospitality & Tourism Human Capital

Veronica Sze Damien Lee Peter Liu

Information & Communications Technology Insurance & Healthcare

Rex Engelking

Owen Belman Hanif Kanji Intellectual Property Gabriela Kennedy Law Clara Ingen-Housz Pharmaceutical Stephen Leung Real Estate Charles Kelly Senior Financial Forum Philip Cheng Senior HR Forum Bianca Wong Sports & Entertainment Ian Stirling Taxation David Weisner Trade & Investment Barrett Bingley Transportation & Logistics Jared Zerbe Women of Influence Anne-Marie Balfe Anna-Marie C Slot Young Professionals Michael Harrington

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E

arly next year, Hong Kong Chief Executive CY Leung will deliver his 2015 Policy Address, and Financial Secretary John Tsang will present his 2015-2016 Budget. The documents will map out government initiatives that will have a direct impact on Hong Kong’s future.

A number of business issues should be given high priority in order to strengthen the city’s status as a high-standard international center of commerce.

One strong step would be to conclude a Free Trade Agreement (FTA) with the Association of Southeast Asian Nations (ASEAN). Negotiations are currently under way. Success would be a critical step to further broadening the city’s foundation as a global trade and investment platform by providing substantial market access for all sectors of goods and services, protection of investments and intellectual property rights across all industries, and strong customs facilitation and enforcement with growing ASEAN nations.

The agreement would also be a clear signal of Hong Kong’s longstanding regional links with Southeast Asia in addition to its powerful business and economic relations with mainland China.

Concerning the links with China, Hong Kong should have a growing role in the Pearl River Delta (PRD), one of the most vibrant economic clusters in the world. For years there has been talk of more efficient integration and coordination with the PRD’s infrastructure and policy, while stressing the need to protect and nurture Hong Kong’s unique characteristics under “One Country, Two Systems.” Going forward, greater market access for Hong Kong-based service industries is a priority that is good for Hong Kong companies and in line with China’s 12th Five-Year Plan and, presumably, the 13th as well.

As China’s premier offshore RMB center, Hong Kong needs to make sure that foreign firms domiciled and managed in Hong Kong have early access to RMB QFII and collective funds, while

biz.hk 12 • 2014

ACTION ITEMS FOR 2015 continuing to explore more RMB products involving Hong Kong, Taiwan, and perhaps Singapore in conjunction with the Mainland. The Shanghai-Hong Kong Stock Connect initiative launched earlier is indicative of the growing importance of economic collaboration with China. Still, smooth implementation is essential, and needs to be monitored constructively by the business community.

A low and simple tax regime is a key reason for Hong Kong’s renowned status as a premier investment hub – equally important is for Hong Kong to ensure a level playing field for all businesses by addressing the evasion and avoidance of both direct taxes and excise duties. To further develop Hong Kong’s capital markets, full transparency according to international standards, such as the new standard of automatic exchange of taxpayer information, is essential.

To ensure Hong Kong’s role as a leading global knowledge economy, intellectual property rights protection measures must be rightfully in place and strictly enforced. More stringent measures need to be adopted to fight against counterfeit products, including pharmaceutical and personal care products, luxury brands, and excisable products such as petroleum, tobacco and alcohol products.

Any regulation must be done sensibly to achieve optimal results. Unnecessary marketing restrictions or over-regulating marketing activities of legitimate products, for instance, is counterproductive and harmful to Hong Kong’s reputation as a free and open market. The government’s proposal to ban all marketing and promotional activities of formula products desig-

biz.hk 12 • 2014

nated for children under the age of three not only restricts consumers’ right to legitimate information, but also deviates from international standards and practices in other developed markets.

Furthermore, Hong Kong needs to address fundamental issues of corporate governance.

For instance, a clear commitment to global standards of corporate governance including an independent audit regulator with clear authority for sanctions and a firm rejection of any effort to move away from the long-standing “one share, one vote” principle that has held Hong Kong in good stead for three decades.

The government needs to give continuous support to the complex ecosystem of people, skills, experience, and infrastructure that are required of an international maritime center.

Fundamental to success is a well-coordinated effort by government agencies to rationalize port backup land, integrate additional dedicated barge berths, and develop a well-trained labor force.

Hong Kong ports have been a pillar industry for over 150 year and a key to its economic development. Insufficient attention is being paid to these issues, creating competitive disadvantages.

Other issues also remain to be solved on the Hong Kong agenda, such as air quality, waste disposal, traffic management, energy supply, quality of education, international school places, and the local development of human resources. AmCham HK remains committed to constructive interaction between business and government toward solutions for of these concerns for the good of Hong Kong’s competitiveness.

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AMCHAM Means Business

Members Directory

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Business Contacts The following people are new AmCham members:

www.amcham.org.hk

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Over 500 pages in three major sections, including a complete guide to chamber services, corporate sponsors and AmCham Charitable Foundation. This directory lists about 1,700 members from over 700 companies and organizations.

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Amgen Asia Holding Ltd Penny Wan Vice President & Regional General Manager Asurion Asia Pacific Andrew Cons Chief Strategic Operations Officer, APAC Windy Kohl General Manager, China Meagan Dietz Senior Director, Strategy BNY Mellon Vivian Chan Vice President, Wealth Director COACH Hong Kong Limited Claudia Lo Divisional Vice President, Investor Relations Datapipe Asia Limited David Thompson Vice President, APAC Sales

ExxonMobil Hong Kong Ltd Janice Man Public & Government Affairs Manager Scott Sullivan Chairman EY Amy Benger Asia-Pacific Organisational Development Leader Layla Malavet Financial Services - Business Development FedEx Express Karen Reddington President, Asia Pacific Division Hay Group Ltd Lawrence Wong Managing Director, Greater China Heidrick & Struggles Hong Kong Ltd Rosemary Goater Partner Hill & Associates Ltd John McFarland Chief Executive Officer Lester Lim Director, Business Development Hinrich Foundation William Counts Director of Projects Jerde Partnership, The Gloria Chan Knight Frank Tommy Lam Director, Commercial Agency

DFDL Jerome Buzenet Partner and Managing Director, Vietnam

Kroll Associates (Asia) Ltd Violet Ho Senior Managing Director

Dollar General Global Sourcing Ltd Jochem Koehler Sr Director, Satellite Locations

Li & Fung Group Geneva Holden Senior Manager

Economist Group, The Nan Liu Deputy Economist

Liberty International Underwriters Jamie Sparkes Specialty Casualty Manager

Links International Mark Carriban Managing Director Marco Polo Hotels - Hong Kong Raymond Lau Director of Sales Marmon Engineered Wire & Cable Corey McDaniel Vice President, Asia Oldham Li & Nie Solicitors Scherzade Burden Director of Business Development Poseidon Group, The Velisarios Kattoulas Chief Executive Ropes & Gray LLP Paul Boltz Partner Patrick Sinclair Partner James Lidbury Head of Mergers & Acquisitions RPH William Henson III Co-Founder & VP SCAD Hong Kong Jamie Ford Director of Admission Len Cripe Chief of Staff Bob Dickensheets Vice President

University of Chicago Booth School of Business in Hong Kong, The Sherring Ng Regional Director, Marketing, Recruitment and Admissions, Executive MBA program - Asia Simon Crockett Dierctor, Career Management Asia Prescille Cernosia Senior Associate Director, Alumni Relations - Asia Vanguard Investments Hong Kong Ltd James Martielli Head of Portfolio Review, Asia Charles Lin Head of Greater China Shelly Painter Regional Managing Director, Asia Visa Hong Kong Ltd Annie Cheng Head of Corporate Relations Withers Mark Reid Lanning Director of Immigration Helen Colquhoun Registered Foreign Lawyer (New York, England & Wales) Yusen Logistics Christopher Harding Executive Officer James Lane General Manager Mark Davison Account Director

Schlueter & Associates, PC Henry Schlueter Managing Director Standard Chartered Bank (Hong Kong) Ltd Daniel Vovil Director Time Warner Inc Liana Chan Policy Analyst, Public Policy, Asia Pacific

View our other members at:

http://www.amcham.org.hk/component/amcham_users/?view=memberlist

biz.hk 12 • 2014

7

COVER STORY

AN ARCHITECT OF DREAMS Despite being in a city of tremendous economic development, less than 20 percent of local students have the opportunity to study in a Hong Kong university or enroll in tertiary education – a predicament among many of Hong Kong’s younger generation. Recognizing the need to care for the less-privileged, Peter Woo, Chairman of The Wharf Holdings Ltd, stands to make a difference as the architect of an open platform called Project WeCan, designed to support students of all backgrounds in creating and reaching their dreams

Peter Woo

By Blessing Waung

Photo: Silver Image

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n a city known for its nearly impossible academic rigor, it’s hard to imagine that a bulk of the students in Hong Kong will not even go onto study beyond the high school level. Indeed, with ubiquitous reports of insufficient international school placements and intense pressure at prestigious local schools, there is a surprising number of students who are falling behind.

It is a trajectory that Peter Woo is attempting to change for the future of Hong Kong.

Woo, who didn’t give media interviews for 15 years, has recently been popping up on newspaper and magazine covers once more to speak about something he believes is worth talking about: educating the next generation of Hong Kong. The smiling, notoriously fit chairman of The Wharf Holdings Ltd is quite happy to do interviews these days, because he’s excited to talk about his newest endeavor: Project WeCan. Though he has already made headway, he believes it’s time to speed things up.

In 2011, Woo was still at the helm of Wheelock and Wharf Group, but his mind was spinning on ways to give back to the community. During that introspective period, he found out a surprising fact. Approximately 18 percent of local Hong Kong secondary students are able to further their studies in Hong Kong. The other 82 percent, though, are the ones Woo is focusing upon. Many of them will not go on to study in a Hong Kong university or enroll in tertiary education.

Bridging a gap Hence, the idea for Project WeCan was born. Designed to help a specific subset of Hong Kong secondary school students in what are known as “Band 3” schools, the program is a multiplatform, alternate support system for the current education system, providing additional help that the schools otherwise might not receive from their government funding alone.

“What are the chances of these kids compared to a kid from a much more

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affluent family?” Woo asks. “It’s unfair competition. The government education policy is very fair: it says every school will have the same resources.

But my point is that for Band 3 schools, it’s not fair. How do we level the playing field? That’s what we’re trying to do.”

Together, the project is threefold.

The area that Wharf and its business units have been committed to are providing the financial resources for schools to develop, as well as to give exciting experiences and exposures to students that they otherwise would not receive.

“Some of them have never visited Central. Many of them have never

visited a hotel. They came to Central, and they asked whether they had to pay admission to go to a shopping center,” Woo recalls. “For people who are living in the Mid-Levels and working in Central, they may not understand there’s another world out there totally different from the world you’re used to. You’d be surprised it exists in Hong Kong.”

Many of the Band 3 schools are located in neighborhoods far away from the countless skyscrapers of Central, in places such as Sheung Shui and Tuen Mun. According to Project WeCan’s research, many of the students come from underprivileged backgrounds such as single-parent

12 • 2014

families, recent immigrants, those on Comprehensive Social Security Assistance, or all of the above.

Many of these students don’t find the relevance that of their education to their futures, Woo believes, and slog away in the classroom without a clear sense of motivation. This is exactly where the program is meant to supplement their normal education, to provide them with goals to work towards.

The core mission Garmen Chan, a long-time employee of Wharf and former executive director at the West Kowloon

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Cultural District Authority, calls Woo “the great architect” of the project.

When he was told that only 18 percent of secondary school students in Hong Kong end up matriculating in a university or other form of tertiary education, Woo wanted to know what happened to those left behind.

“We’re not educators. We don’t claim to be,” Woo says.

To find that software pool, the Project WeCan team discovered the Quality School Improvement Project at The Chinese University of Hong Kong, with a track record of supporting schools in their development by enhancing teaching and learning effectiveness over the past 15 years.

The program also collaborates with The City University of Hong Kong, as well as The Polytechnic University of Hong Kong (PolyU) through the university’s Office of Service Learning.

Woo was the Chairman of the Council of the latter for the better part of the 90s.

With these universities providing support, the goals of Project WeCan are to elevate the skills necessary for students to be competitive in the marketplace.

“We hope that through this program the school will help the student find something that they are good at and try to motivate them, inspire them, so that when they finish at 18, they have self-confidence,” Woo says. “They will think, ‘I know math, I know the Chinese I need, I know some English – the basic competence and communication skills.’”

A window to the world Project WeCan is additionally about human resources development, not just confined to the classic, textbook education, Woo says. Some of the opportunities provided are priceless, such as the popular “Summer Job Tasting” program, where students are allowed to participate in internshiplike programs across Wharf’s group companies such as Marco Polo Hotels and Wharf T&T, and business network. Students receive exposure

that even university-level students would wish to apply for.

At the school taken under Lane Crawford’s wing, a group of ecstatic Form 2 students had the chance to put on a real-life fashion show that was completely integrated with their English curriculum. There is much room for creativity, as the programs are conceived by the companies and students working together.

Students of a few other Project WeCan schools had the chance to visit with the world-famous gigantic Rubber Duck while it was docked in Victoria Harbour, which was initially invited by Harbour City to bring joy to Hong Kong residents and tourists alike.

There are opportunities, too, that are once in a lifetime for them. For example, Chief Executive of Hong Kong CY Leung hosted Project WeCan students in the Government House for an afternoon talk, where he spoke to them about their hopes for the future.

Indeed, senior government officials such as Chief Secretary Carrie Lam and Financial Secretary John Tsang have been enthusiastic about Project WeCan’s benefit to Hong Kong society, but Woo is quick to emphasize that the program is apolitical.

More than financial support Hong Kong has a long-standing, acknowledged culture of “chequebook philanthropy,” however, Woo and his colleagues came up with the idea of “Business-in-Community” meant to add to this, in order for companies that not only help financially but also with their time and human capital knowledge. “We give money to an NGO and then we have met our conscience. I think with an added element of care, it’s a business in community project, not just business donating.”

Already within his own vast company, Woo has seen a change in his employees. Though Project WeCan perhaps started as a company initiative, eventually each business unit has turned it into their own unique undertaking.

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“It’s our staff that became the surprise bonus. They were so enthusiastic and energetic, feeling like they are doing something meaningful,” Woo says. “They took ownership and accountability. The smiles on the children’s faces make their day. Some of our staff would say, ‘I don’t want to go work for another company because I don’t have the same opportunity at another company.’ This opportunity is not directly work-related, it’s extracurricular.”

“Internally, our team spirit and sense of belonging has increased,” says Agnes Hui, Senior Manager of Group Corporate Communications at Wharf.

“It’s not an ad hoc, one-off program.

There is longevity in volunteerism, and we see really long-term results.”

At a November teacher training at the HHCKLA Buddhist Ching Kok Secondary School in Tiu Keng Leng, close to 500 teachers gathered in the auditorium on an early Friday morning. The energy in the room was palpable, as they gathered to discuss ways to improve the school and best practices in teaching.

Ricky Wong, Managing Director of Wheelock Properties, stood before the crowd of teachers and enthusiastically detailed the progress he has seen in Project WeCan over the past few years.

Throughout the course of his speech, he used the word “hope” in Cantonese more than a dozen times, a resounding theme for the project in schools where students don’t seem to have many of their own.

Teacher Development Days are where teachers and volunteers can come together and share best practices about what has been successful for them in the past and how better to motivate students towards learning.

A community partnership Now that the project has already gotten off the ground successfully, Woo believes it’s now not only in the hands of the Wharf subsidiaries who have been working with schools, but also for other companies in Hong Kong

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to take the reins and help the schools sans beneficiaries.

“We’re not trying to say the school system is no good. We’re here to help, we’re here to supplement. We don’t want to be in anyone’s way, and we’re not building turf. This is a partnership situation,” Woo emphasizes.

“I don’t look at it as a Wharf proprietary project,” Woo says. “Any company that joins, it’s your program.

You can ask us for advice on the software and in terms of how we do it – come visit the schools we do, but it’s your company own flag. It’s your own company’s brand.”

There is so much opportunity to give back to Hong Kong through Project WeCan, Woo postulates, and in a large sense, education will close the loop and wind up benefiting companies as well. Oftentimes companies lack a skilled labor force and the project bridges the gap to connect students to a better future and companies to a prepared workforce.

“We’ve now gone to what we call the second stage. I was totally blown away by the enthusiasm I saw at a teachers’ training,” Woo says. “I’m already 68 years old. If we add four schools every year, nothing is going to happen. Let’s

12 • 2014

go to the next phase. Why don’t we double it? From November of last year until August of this year, our team worked very hard to come out with taking on 30 more schools.”

As of September of this year, the intake included these 30 schools with a funding budget of HK$500,000 per school per year, for five school years.

“We don’t claim any territory, because it’s not for us,” he says. “We just want to make sure things are done.

There are 150 schools in Band 3, and so far there are 44, about a third of them [Project WeCan schools].

There’s still a lot of room.”

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There has already been a “quantum jump” after just three short years from the initial 14 schools to 44 schools, altogether benefiting about 40,000 students. Eventually, one of Project WeCan’s ultimate vision goals is to eliminate Band 3 completely by raising the bottom line of schools in Hong Kong.

An honorable undertaking In local Hong Kong newspaper The Standard, the headline was “Yes He Can,” referring to the obvious association

that the chairman has. Though it is something he wants to champion, he doesn’t want it to seem that it’s just him: everyone who touches the project takes ownership for the students.

“I don’t have a school of my own,” he laughs. “That might be rather unfair, to be the chairman’s school, don’t you think?”

So far, in addition to Wharf Holdings subsidiaries, companies such as AIA, Coach, and the Standard Chartered 150th Anniversary Community Foundation have signed up to sponsor schools. Additionally, the French Consulate has signed up to take on one of the schools.

For interested parties, Project WeCan has an invitation for applicant schools, which is a matchmaking process to see if the chemistry clicks between the company and the school.

Woo believes that in addition to local Hong Kong companies, multinational companies – especially American companies – have much to offer to these students.

“Americans always cheer for the underdog. Here they are,” Woo says.

“If you want to do something for Hong Kong, for the community, this is a live option. For your staff, give them a chance to pay back. In the end, the success is yours.”

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CHINA BUSINESS

J

ust two days after the conclusion of the APEC summit and on the same morning as the launch of the Hong KongShanghai Stock Connect, AmCham Hong Kong’s annual Beijing Doorknock commenced. With a plethora of topics on the agenda, delegates attended a packed schedule of meetings of immediate relevance with key policy influencers within Mainland China.

Led by AmCham Chairman Peter Levesque, Past AmCham Chairman James Sun and AmCham President Richard Vuylsteke, the delegation included 26 key business leaders from Hong Kong, comprising the largest delegation AmCham has ever sent to Beijing.

“This year’s Beijing Doorknock was a resounding success, starting the day the Hong Kong-Shanghai Stock Connect launched,” said Seth Peterson, a partner at Heidrick & Struggles Hong Kong Ltd and Co-Chair of the AmCham China Business Committee.

“The Doorknock is always an opportunity to get insight into the latest policy development and economic situation.”

“The topics covered this year included adjustments in the economy due to land, labor, and environmental considerations and rebalancing of the economy toward services and innovation-led growth, SOE reforms, the Shanghai Pilot Free Trade Zone (FTZ) and Qianhai Modern Services Industry Cooperation Zone, outbound investment trends, opportunities, and Hong Kong’s role to facilitate this,” Peterson said.

In a meeting with Zhang Yongjun, Deputy Director General of the Department of Economic Research of the China Centre for International Economic Exchanges, the conversation focused upon the latest economic restructuring efforts on the Mainland, many of which were addressed during the APEC summit.

“President Xi made some important remarks,” Zhang said. “We are transitioning from high-speed growth to medium- to high-speed growth, which is consumption driven, and we will be transformed into innovation-driven economic growth.”

KNOCKING ON THE DOOR IN BEIJING Following the conclusion of the recent APEC summit and amid the launch of the Hong Kong-Shanghai Stock Connect, an AmCham Hong Kong delegation traveled to Beijing for a packed schedule of meetings with Chinese government officials and business leaders. Topics discussed this year included economic trends such as the shift toward service- and innovation-led growth, financial reforms, opportunities in outbound investment and Hong Kong’s role as a facilitator

By Blessing Waung

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Central and Western China development One recurring subject was the ability for foreign investors to engage in the development of the Central and Western regions of Mainland China, including the “One Belt, One Road Proposal” that will include the Silk Road Economic Belt and 21st Century Maritime Silk Road. The former, an export processing zone with specialized policies and benefits, provides good opportunities for foreign investment.

“There are many opportunities and much demand for logistics and financial services,” said Zhang.

The follow day, in a meeting with Long Guoqiang, Director General of the Development Research Center of the State Council, echoed these sentiments, commenting on the proposed Silk Road Fund within APEC of 40 billion USD. “China has abundant capital and human capital strength,” Long said.

“One Belt, One Road is very practical, and it provides the chance for US and China to cooperate.”

Zhang Yongjun, center, Deputy Director General, Department of Economic Research, China Center for International Economic Exchanges

Tao Ruizhi, fourth from left, front row, Deputy Director, Bureau of Property Right Management, State-owned Assets Supervision and Administration Commission

ShanghaiHong Kong Stock Connect

With many delegates checking their BlackBerries in between meetings to see how the Shanghai-Hong Kong Stock Connect was faring, it was apparent that the historic opening was on everyone’s minds.

“We have been preparing this for a long time, and a lot of effort went in to make it happen,” said Lu Jiahong, Deputy Director General for the International Affairs Departments of the China Securities Regulatory Commission. “We need to make sure the Hong Kong-Shanghai Stock Connect is a success.”

In another meeting, Xing Yujing, Secretary General of the Monetary Policy Committee of the People’s Bank of China, mentioned that the international capital pool is growing and hopefully it would encourage investment channels in both ways.

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Zhang Wei, right, Vice Chairman, China Council for the Promotion of International Trade, with Peter Levesque, left, AmCham Chairman

Financial reforms Reforms for the next stage, especially in the Shanghai FTZ and in Qianhai, were of particular concern as well. The logistics regarding foreign trade are developing very quickly, according to CCIEE, and with RMB full convertibility, companies and individuals working in the FTZ can open an account. This will lead

to a more relaxed, convenient environment for foreign trade and development.

It has been one year since the FTZ was piloted, with changes to the framework, but the hope is that the experience can be replicated in other places.

As to where, CCIEE cited the different views that different people held, but noted that Qianhai of Shenzhen and Binhai of Tianjin were the places most prepared to do so.

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Lu Jiahong, second from right, Deputy Director General, International Affairs Department, China Securities Regulatory Commission

Xing of the People’s Bank of China also spoke about the RMB and further steps of internalization, in particular about cross-border trade. She said they are more open to liberalization in the future.

SOE reform Another key department that has never been visited before was the State-owned Assets Supervision and

12 • 2014

Administration Commission (SASAC).

“We would like to explore the establishment of checks and balance in mixed ownership, and we welcome foreign investors,” said Tao Ruizhi, Deputy Director of the Bureau of Property Right Management, SASAC. “The doorknock provided an invaluable opportunity to discuss with key Chinese regulators, government officials and leading think tanks on

China’s financial services liberalization, cross-border trade and foreign direct investment,” said Steven Chan, Vice President and Head of Regulatory, Industry and Government Affairs for Asia Pacific at State Street Bank & Trust Company.

“Among other topics, we spoke about RMB internationalization, the opening of China’s capital accounts, interest rates liberalization and the Shanghai Free Trade Zone,” Chan said. “I was able to gain a better understanding of and insights into the Chinese government’s policies and how we can effectively support the government’s priorities and strengthen our business’ footprints in China.”

Other visits Concluding the first evening of the delegation and for the first time on a Beijing Doorknock trip, delegates had a networking mixer and dinner with key leaders of AmCham China, including Chairman Gregory Gilligan and President Mark Duval. Hosted at the Capital M Restaurant, which overlooks Tiananmen Square, the evening facilitated discussion and provided opportunity for more crossborder connections.

Continuing with the momentum set forth by previous delegation visits to iconic Mainland Chinese companies, this year’s trip included a visit to the headquarters of SOHO China, one of the largest office real estate developers in Mainland China and an architecture firm self-described as “creative force for China.”

Delegates were welcomed by Pan Shiyi, Chairman of SOHO China, along with COO Anita Ng. In the airy, spacious offices in the Chaoyang District, Pan spoke about the future of architecture and design in China, as well as future projects the company is working on. The company is known for its striking modern architecture, often collaborating with worldfamous, award-winning designers such as Iraqi-British architect Zaha Hadid.

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Trade & investment

Long Guoqiang, center, Director General, Foreign Economic Relations Department, Development Research Center of the State Council

Pan Shiyi, left, Chairman of SOHO China

Sun Tong, center, Deputy Director General of the Department of Taiwan, Hong Kong and Macau Affairs, Ministry of Commerce

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A main focal point of the Doorknock meeting with the Ministry of Commerce was on the efforts towards the full liberalization of the service industry in the Mainland. “If we can sign the Bilateral Investment Treaty, we will create a huge opportunity for both the US and China,” said Sun Tong, Deputy Director General of the Department of Taiwan, Hong Kong and Macau Affairs.

“You may notice the promotion and development of the economic belts, such as the Silk Road belt to the West and Maritime to the East,” Sun said. “Our outbound investments will outnumber inbound investments. By conservative estimate, it will be more than US$5 billion in five years. No country can act like China in encouraging investment overseas.”

For the final meeting of the Doorknock trip, delegates traveled to the United States Embassy for a rare sit-down session with Ambassador Max Baucus, who had just concluded his whirlwind duties at the APEC summit. The meeting conveyed a positive message from the US-China bilateral meetings, with headway made on the Information Technology Agreement and progress made on TPP and TPA. Ambassador Baucus said he is “bullish” on SelectUSA, and is hopeful to driving 10,000 companies towards outbound investment in the US. In many ways, the 2014 Beijing Doorknock exceeded expectations, serving as a capstone for a year marked with progress made by the AmCham China Affairs team and China Business Committee. Since the signing of last year’s landmark Memorandum of Understanding (MOU) between CCPIT and AmCham Hong Kong affirming a mutual commitment to strengthening cooperation, there have been an increase of activities for business matchmaking, training, and assisting with Chinese companies’ outbound investment efforts. Altogether, the China Affairs team has facilitated 14 meetings with CCPIT and other organizations from various regions around Mainland China.

AmCham serves as an ideal liaison between MNCs and SMEs with the Mainland, and there will be many more delegations and meetings in the year to come. “These are all themes we’ve covered throughout the year in the China Conference and speaker series, and we will continue to do so,” Peterson said.

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CHAMBER TOPICS PRESENTED BY

AmCham Mongolia Holds Annual APCAC Meeting

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n late October, AmCham Hong Kong President Richard Vuylsteke traveled to Mongolia for three days of meetings with his counterparts across Asia Pacific at a gathering held each fall to share operational and strategic best practices.

Despite warnings of temperatures ranging from freezing to -10 degrees Centigrade, well over half of the 26 Presidents/Executive Directors of the Asia Pacific Council of American Chambers (APCAC) met for three days in Ulaanbaatar, Mongolia to discuss ways to run their chambers more effectively. As always, the overarching goal was to find ways to serve AmCham members better.

Preceding the two-day regional meeting was a roundtable discussion among the presidents of the “Greater China” AmChams – Mark Duval (Beijing), Kenneth Jarrett (Shanghai), Harley Seyedin (Guangzhou), Andrea Wu (Taipei), and Vuylsteke (Hong Kong). It was a day focusing on Chinaspecific issues, as well as best practices when working in a Chinese-English environment.

“We talked about our approaches to handling briefings of US government and Chinese officials, best practices in

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government relations activities, advocacy document preparation, and Washington Doorknock planning,” Vuylsteke says, adding that each of the five chambers sends an annual Doorknock delegation to Washington.

“You can really learn a lot from these annual APCAC meetings,” he adds.

Vuylsteke, who with almost 16 years of leading AmCham in Taipei and Hong Kong is the most senior president at the regional meeting. This year, three new chamber heads attended for the first time from Cambodia, Sri Lanka, and Japan.

“We always start our opening session on best practices, with an update on the general state of American business in each economy represented,” Vuylsteke says. Other topics discussed were strategic planning, effective use of technology, committee management, working effectively with boards, and promoting events and sponsorships. A full half-day was dedicated to membership satisfaction and recruitment and retention practices.

“I never leave one of these meetings without some great, new ideas on how to benefit members more, as well as how to save costs or create revenue,” Vuylsteke says.

The Mongolia team this year arranged a full schedule of events to

complement the roundtable discussions.

“Jackson Cox, Chairman of AmCham Mongolia, and Tuvshinzaya Gantulga, Executive Director, set a very high bar of excellence,” Vuylsteke points out, noting a heavy schedule complemented by lunches and dinners at Ulanbaatar restaurants.

“It was my first trip to Mongolia, and I must admit that I didn’t expect such high-quality food and facilities,” he says.

“Any of the restaurants we visited – and the costume disco party on Halloween – could have comfortably fit right into the Hong Kong LKF scene.”

In a two-hour meeting with Mongolian government officials, a crowd of nearly 150 officials and business people attended. The focus was on building a strong trade and investment environment through the rule of law, government process and regulatory transparency, and fair business practices.

Niels Marquardt, Executive Director of AmCham Australia, gave an update on the Trans-Pacific Partnership; Amy Jackson, Executive Director of AmCham Korea, covered lessons learned from the US-Korea Free Trade Agreement; and Mark Duval, President of AmCham China, gave insights on the US-China Bilateral Investment Treaty. After the Q&A session, Vuylsteke gave summary remarks that extolled the importance of constructive AmCham-government interaction on business issues.

“Holding the roundtable was a good decision by AmCham Mongolia,” Vuylsteke says. “As a young chamber less than two years old, hosting other AmChams from around the region – and giving them access to local government – helps people understand the role of AmChams in urging and achieving better competitiveness and higher standards.”

“Presidents and executive directors invariably gain great management information from APCAC meetings, but no less important is the camaraderie that comes from three or four days of non-stop group activity,” he adds. “This was especially evident during the day-long field trip into the Mongolian steppes – nothing like freezing together to create lasting AmCham bonds.”

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WOMEN OF INFLUENCE CONFERENCE & AWARDS

11TH ANNUAL

2015 GOLD SPONSORS

SILVER SPONSORS

BRONZE SPONSORS

OFFICIAL NEWS MEDIA

WOMEN OF INFLUENCE

Creating Value from the Evolution of Leadership

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or more than a decade, AmCham’s Women of Influence Conference & Awards has been a highly reputable platform highlighting and honoring the achievement of women professionals in the business community of Hong Kong. It has also served as a forum recognizing the social and economic impact of gender diversity on business in a world that is becoming increasingly competitive.

Despite the tremendous progress society has made in the past 50

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years at the workplace, inequality between men and women in terms of pay and opportunity largely remains – and many women continue to find a glass ceiling in place as they climb up the career ladder. In other words, as we continue to celebrate the achievement of women, there is much to do about the development and promotion of women leaders in our community.

The WOI Conference is a beacon dedicated to bridging the gender gap as business leaders – women and men alike – congregate each year to share

stories and exchange ideas on the issue of gender diversity. It is highly motivational in that there are indeed many women professionals and their male counterparts committed to effecting change and making a difference in society.

This year at the conference, under the leadership of WOI Committee co-chairs Anne-Marie Balfe of EY and Anna-Marie Slot of Ashurst, a group of highly accomplished women and shared their experience of career development, offering practical advice

12 • 2014

on a range of relevant issues regarding advancement in the workplace and paving ways for generations to come.

Beverly Sunn, a highly successful entrepreneur and the first American female to establish a real estate and relocation firm in the region, elaborated upon the importance of trust, integrity and independent thinking in driving change, while Lale Kesebi, Chief Communications Officer and Head of Strategic Engagement at Li & Fung Ltd, talked about the focus on people as a way of business going forward.

12 • 2014

Additionally, US Consul General to Hong Kong and Macau Clifford Hart emphasized in his remarks a central policy of the US Government in empowering women, noting a number of concrete actions both at home and abroad that are essential to helping women to achieve and contribute to the economic prosperity, stability, and security of not only the US and Hong Kong, but globally.

In three concurrent breakout sessions, panels of speakers provided insights into their personal journeys of

climbing the career ladder as women leaders in family businesses, as women in the world of investment and venture capital, and as women (and men) taking non-linear career paths.

At the end of the conference was a ceremony in which five WOI Awards were presented to four individuals and one company for their achievement as business and community leaders, including Professional of the Year, Entrepreneur of the Year, Master in Charity, Champion for the Advancement of Women, and Best Company for Women.

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Supporting One Another in Collaboration

Beverly Sunn

By Kenny Lau

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highly successful entrepreneur and the first American female to establish a real estate and relocation firm in the region, Beverly Sunn is a pioneer of relocation services, having founded Asia-Pacific Properties in Hong Kong and expanded into China in the mid-1990s. But her story is far more than the daily operation of a business – it has been a life journey that many professional women as well as men find inspirational.

Sunn not only serves on the boards of directors and advisory committees of several global organizations, including Thomson Reuters Founders Share Company in recent years, but she is also actively involved in a number of community projects. She has served as Co-Chair of the Ladies’ Committee of

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the Hong Kong Philharmonic Society and is a former board member of the Hong Kong chapter of the International Women’s Forum.

Furthermore, Sunn is a founding member of AmCham’s Women of Influence Conference and Awards, and is a former president of The American Club Hong Kong – the first and only woman to occupy the role in the club’s 88-year history. Additionally, she serves on the board of the Community Centre Shanghai and is the chairperson of the Shanghai Symphony Orchestra’s Friends Committee.

“We as women are gifted,” Sunn says in her speech during the opening of the 2014 WOI Conference and Awards. “We create new life, we sustain humanity, we nurture, and our DNA for millions of years has required us to be

solution finders, communicators and teachers … to be caring, collaborative, and to bring about cohesiveness to our family, our community and our society.”

“Given our many different roles during a lifetime, we learn to be flexible and accountable to many parties – your parents, siblings, espouses, children, in-laws, and everyone in our community. And, we’re always thinking about tomorrow, she says. “So, we’re here today not only to recognize women who are leaders in our community but also to discuss and explore what we want for our own future.”

Coming from Hawaii It was in the 1800s when, amid a major famine in China, Sunn’s great-

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grandparents became two of 47,000 people emigrating to Hawaii. Four generations later, she found herself with her spouse, three children and parents in Hong Kong. Today, she still possesses a pair of shoes which, measuring three inches in length, belonged to her grandmother at a time when women in China were still accustomed to having their feet bound.

“These shoes are three inches long, which were considered the perfect shoe size for women in China back then, and that’s where we’ve all come from,” Sunn says. “It represents where women were then and where women are today. After all, I wear a size 8. We have had to overcome generations of barriers to be where we are, and this is only the beginning. The barriers will not disappear on their own – we ourselves must drive change.”

In her first working experience in Hawaii with one of the “Big Four” real estate companies, Sunn saw not only a glass ceiling but also compromise in ethics and representation – an experience which led to the founding of Asia Pacific Properties, where she could drive an organization with her own set of values and where she could allow bilingual females to flourish in an industry for which she had great passion.

“The reason that I initiated the WOI Conference and the concept of a summit for women is because I’d had the opportunity to meet many extraordinary women over some 20 years; yet, there was no public forum or recognition of women by women for their contribution and leadership to the community,” she explains.

“We need to have on our own forums to inspire one another and to really recognize women for influencing change in the workplace and the community, and in our own destiny and those of others,” she says.

“While some of us are brought up from a young age, particularly here in Asia, not to always promote ourselves or to be outspoken, we need to take a leap of faith, reach out and keep those doors open,” she adds. “Then, opportunities

12 • 2014

will come, and they can go beyond your expectation.”

A word of advice Globally, women make up about 40 percent of the workforce but represent only 10 percent of all board-level positions around the world, Sunn points out. Within the top 250 companies listed under the Hong Kong Stock Exchange, there are less than 15 percent of board positions that are held by women. The number is only slightly higher at 16.6 percent among Fortune 500 companies in the US. “Globalization brings opportunities but it also brings risks,” Sunn says.

“The glass ceiling for women in developed economies means that some jobs and opportunities might go to other developing or underdeveloped countries.

Women are the first ones to be let go because there is perhaps a bias to keep men in their jobs because they are the ‘breadwinners’ for their families.”

“We’re in a very competitive world today,” she says. “I’d like us all to take away from this conference with one important thing – that is, trust. Trust yourself and trust your judgment. Most women go through the acculturation process of being good listeners and developing their emotional quotient, taking initiative, having intuition and caring for the values of society.”

“Always trust your own intuition to do the right thing for yourself and for others. You are far more capable than you can ever imagine,” she suggests.

“Trust that you can succeed. There are no barriers. You need to be willing to take risks and make decisions in an ethically responsible way. Stand up for yourself, for others, for your children, and for your families.”

Another key is to being independent in thinking and action, Sunn says. “Have an opinion. Be an advocate for yourself first because if you can’t be an advocate for yourself, you can’t be an advocate for your children, for your spouse, for your family, or for society. Always act with integrity in everything you do.”

“There is no replacement for honesty, and there are no situational

ethics. Ethics are ethics,” she stresses.

“These are the values that you instill in your children, in your workplace and in your community. And, you never have to tolerate gray to succeed.”

A better tomorrow What do we need to do to promote gender diversity? “We need to commit to one another,” Sunn believes. “As the world localizes rapidly, we need to support one another, collaborate for success, and be non-judgmental.

When you get there, pull another up so that we can get there together. It’s not only a choice but also a responsibility to do so.”

There is also the potential for a greater role for government in driving equal participation of women in the global economic arena, she adds, noting legislation passed in a number of European and Asian countries allowing further participation of women on the boards of public companies. “It’s controversial, but I don’t think waiting another hundred years is going to get us there as quickly as we need to.”

The benefits of gender diversity and equal participation are clear: it’s been proven that with more women in an organization in leadership roles, companies can often vastly improve their financial performance, Sunn points out. “Women can play an important role in driving collaboration, critical thinking, innovation, and respect at the workplace.”

The most valuable qualities sought in leadership today are compassion, integrity, good listening and communication skills, she notes. “These are qualities which, interestingly, are intrinsic to the DNA of many women.”

“I encourage that we all look beyond our daily challenges and reach out to the broader landscape and think about what has brought us all to this conference here today,” she concludes.

“It’s that we do need to have the opportunity and take the responsibility to support one another. We need to be courageous and we need to work together. It will make a better world for generations to come.”

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The ‘soft’ is indeed the ‘hard’ as it is all about people, Kesebi suggests.

“There is nothing more to my parents than their focus on how people should be treated and how you would want to be treated yourself. That’s with kindness, compassion, understanding and love, and treating people equitably, fairly and justly in your community and your society.”

“It is a filter on what’s right and wrong, and it has profoundly shaped my own views of the world, my place in it as a human being and as a leader,” she explains. “It goes way beyond just a simple biography to your core beliefs.”

Lale Kesebi

When Soft Becomes Hard

The world today – and tomorrow

By Kenny Lau

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orn and raised in a very small town in Nova Scotia, Canada, Lale Kesebi has learned much from her parents – who emigrated from Istanbul, Turkey looking for a new life – about effecting change in society. “I would say that to understand me personally, you’d really have to know my parents, and I thought I might tell you a little bit about them,” she tells an audience in the luncheon keynote address.

“They arrived in Canada to a one-room boarding house and basically made a life for themselves and their

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three children. They worked hard and educated us. That was my chronological evolution before getting to the stage at this conference today,” notes Kesebi, who is Chief Communications Officer and Head of Strategic Engagement, Li & Fung Limited, and a highly successful business executive in Hong Kong.

“My parents are the best people that I know and I’ve ever met in my life, and I don’t think that’s going to change,” she says. “They are caring, they are giving, and they’re just very good people. More importantly, they are leaders in their community, not because of what they do but because of who they are. They are

charitable. They are communityoriented. They are faith-minded, and they see what I would call their leadership as a sense of responsibility.”

“They give because they can, and they give because they should,” she continues. “They don’t review or rejoice in the output of their actions.

Instead, they focus on the input – which is all about human beings. These are what most company leaders would see as the soft side of business – human resources, employee engagement, happy working hours, socializing, community engagement, investment, and perhaps even sustainability.”

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In a world of inequitable wealth distribution and a growing gap between rich and poor, there is a need for a better focus on people, for change, and for the soft to become the new hard, Kesebi believes. “As members of our communities and leaders in our companies, we have a responsibility to do good, to be people and to inspire change.”

“When you think about women in general and about the movement from where we’ve been to where we’re going, you might say that a room full of successful women is pretty good and that something amazing has happened over the last 50 or 60 years,” she says. “But, if you take the view out to the rest of the world, you will see that inequity still exists for many women. Some work is still undone, and our measure of success in this inequity is not as great as we would like it to be.”

“How do you measure success when half of the world is actually not succeeding?” she adds. “Leaders need to innovate and be creative to inspire that kind of change. As Angela Ahrendts of Apple once said, the true measure of success is how many lives will be touched by that success. The input measure is the output measure, and the output measure feeds an input measure.”

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The world is also evolving dramatically in that a younger generation of newcomers is increasingly socially minded, Kesebi points out.

“Are you or are you not a human being? Do you or do you not care? Will you or will you not do good for the world? The evolved leader will need to focus on creative solutions on the wider success and impact across our world, and the evolved leader will focus on people because that’s really where it all starts and ends.”

“Can you imagine the influence that we could all have both individually and collectively to change the world for the better? Can you imagine what we could do to inspire our companies? Can you imagine how we might lead in our communities, not just in our jobs? And, can you imagine if we can actually leave this world in a better place than we actually found it?”

“That is true influence,” she says.

“And, can you imagine if the soft were to become the new hard or if the world were to operate in the way that my parents know it to be. That is, just be good to people and expect that people were going to be good to you.”

“What would you do in that world?

How would you lead? And, what could you do differently tomorrow to really make a change?” she adds. “You get the minds of others to change and to sort of move away from the standard of how they’ve been caring more exclusively on business but not the people.”

A focus on people The reason for an emphasis on people is that “there is actually no business without the people, unless you got a room full of robots I don’t know about,” Kesebi stresses. “It is the people that are actually making things happen. It is very easy to fall into a conversation of profit and loss, headcount and cost reduction, and it could dehumanize the very core of what a business is all about.”

“While we can all numerically say

in a cell of a spreadsheet that we won $10 million of business, it didn’t come through a portal – someone had to make that happen, and someone’s soft selling skills generated that output,” she explains. “There is a place for the focus on output returns, sometimes exclusively – but there is also a place for a focus on the input of who you are and what you bring to the table in terms of the skill set as a valuable.”

“There is a need in business for effective communication skills, engagement skills, stakeholder relationships, negotiation skills and networking abilities – these are all core skill sets of business that we need to value,” she says.

In the case of Li & Fung, it is all about people and it is the only true asset of the company, Kesebi notes.

“Your people are your assets, and your people have to feel like they’re part of something much bigger than themselves, be valued for what they do, and have to be a part of not only just the success of your company but the success of your company on a much greater platform. That’s where the world is going.”

And, there are two essential elements to diversity in a corporate setting, she says. One is that a business has to recognize firstly that diversity around the table makes a difference in terms of innovation, creation, and profitability. Second is that the executive team has to champion it. “If an executive team is not championing this, it is very difficult.

They might get the odd success because they have a manager who recognizes that, but it has to be supported top-down.”

“And, do not be afraid to take the opportunities or ask for what you deserve,” she suggests. “Do your homework, find out what the benchmarks are for your pay raises, explain to your direct report on how it is that you need to be able to have the pay that’s deserving of your job responsibilities. You have to lobby for executive support within your company, and then the change will come.”

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The Role of Government in Gender Diversity

“The purpose of the council is to ensure that every US Government agency takes into account the needs of women and girls ‘in the policies they draft, the programs they create, and the legislation they support’ and that the true purpose of our government is ‘to ensure that in America, all things are still possible for all people,’” he explains.

While the empowerment of women is a common thread across US policies, there are three areas in which the US Government is taking concrete actions both at home and abroad, he further notes.

Clifford Hart

Security

By Kenny Lau

“A

s US Consul General and as a man standing in support of the ever-evolving, evergrowing impact of women in business and beyond, I am delighted to be here,” said Clifford Hart, US Consul General to Hong Kong and Macau, speaking at the 2014 AmCham WOI Conference.

“As we celebrate the achievements of the leaders today, it is easy to see the impact women are having on both the conduct and success of business in Hong Kong,” he says, adding Hong Kong companies have the greatest proportion of women in mid-to-senior level management in Asia.

Almost half of the MBA student population in Hong Kong is female, and women make up 52 percent of Hong Kong’s entry-level workforce today, he also notes. “Despite an average 30 percent pay disparity between men and women across the workforce, the pay gap is virtually non-existent for the newest generation of Hong Kong’s employees – a

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strong step in the right direction that, in many ways, is due to the hard work and efforts of all of you.”

In Hong Kong The success of many Hong Kong’s women leaders in breaking through the glass ceiling has indeed inspired future generations of women throughout the city, Hart says. “For instance, Alia Eyres and her team at Mother’s Choice are providing care and support to women facing crisis pregnancies, as well as to their children.”

“Su-Mei Thompson and The Women’s Foundation are helping women maximize their economic potential through financial literacy and employability training programs,” he adds.

“Bolstering these efforts, Community Business, under Shalini Mahtani’s leadership, crafted for Hong Kong Exchanges and Clearing Ltd the new corporate governance requirements, which compel listed companies to disclose their board diversity policies.

“Together these leaders and the organizations they represent are empowering women to achieve and contribute to the economic prosperity, stability, and security of not only Hong Kong but the entire Asia Pacific region.”

However, there is still more that can be done globally, in the United States and in Hong Kong, he adds, as women remain underrepresented in politics, corporate leadership roles, and STEM (Science, Technology, Engineering, and Math) fields, and overrepresented in low-paying service professions.

In the US Empowering women is a central policy outcome that is embedded in the US Government’s daily actions and long-term goals, Hart says, noting that US President Barack Obama signed an executive order in early 2009 to establish the White House Council on Women and Girls – of which the head of every federal agency and major White House office is a member.

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Since 2012, US agencies within the President’s Interagency Task Force to Monitor and Combat Trafficking in Persons have worked to deliver on an ambitious agenda to combat modern day slavery domestically and internationally, Hart points out. “Unfortunately, this issue is still germane today, as Hong Kong remains a destination, transit, and source territory for men, women, and children subjected to sex trafficking and forced labor.”

“The US Government continues to work to expand services and legal assistance to victims of trafficking,” he says. “We have increased training for federal prosecutors, law enforcement officials and all consulate employees to ensure trafficking victims are better identified and perpetrators are brought to justice.

“As we expand our commitment to stopping human trafficking, we redouble our efforts to engage government and civil society partners throughout Hong Kong.”

The US has also been a champion of international efforts to end gender-based violence in conflict, Hart notes. The UN Security Council Resolution 2106 – which the US drafted and negotiated, and was unanimously ratified in June 2013 – is an international commitment to preventing gender-based violence and holding perpetrators accountable for their crimes.

“Without safe and secure homes, schools, and communities, women and

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girls do not stand a chance to contribute to their own economic development and prosperity,” he stresses.

Prosperity Prosperity among women is also a key issue for which the US has worked closely with governments, civil society groups as well as the private sector to increase access to economic opportunities. “We have had particular success in Asia,” Hart says. “The region loses some US$89 billion a year from restrictions on women’s participation in the economy. Narrowing the gender gap could boost GDP in these economies by at least 10 percent.”

The US, he notes, continues to engage APEC partners on genderbased economic issues, including the commitments made during the 2011 High Level Policy Dialogue on Women and the Economy and the recent launch of the APEC Women and the Economy Dashboard designed for tracking and measuring progress of women’s economic participation.

With the support of Australia, a regional network called Women’s Entrepreneurship in APEC (WEAPEC) has also been launched to identify and connect women's entrepreneurship networks with private/public sector support services and global supply chains. The goal is to ultimately expand economic opportunities and regional trade.

“Governments obviously have a critical role to play, but so does the private sector,” Hart says, adding American businesses such as Walmart, Chevron, and Microsoft have dedicated significant resources and time to train and equip women throughout their supply chains, enabling more than 14 million women.

One of the most successful partnerships to date has been with Goldman Sachs’ 10,000 Women Initiative, which provides basic business instruction to women in developing countries, he also points out. “By the end of this year, the initiative will have trained more than 1,000 women in China alone. Program graduates in China have reported an

average 330 percent revenue growth and 78.5 percent job growth in the six months directly following training.”

Here in Hong Kong, the US Consulate General has partnered with Google and First Code Academy to teach 50 local middle school girls computer programming skills. “Through these partnerships, we aim to encourage the next generation of female STEM graduates to take up the mantle of leadership in some of the fastest growing parts of the global economy,” Hart says.

Equality In terms of gender equality, women in the US and Hong Kong are faced with similar battles with regards to equal pay for equal work. On average, women in full-time employment in the US still earn 77 cents for every dollar earned by men. The difference in Hong Kong is even larger, at 70 cents per dollar earned by men.

In an effort to increase genderbased pay equality, one of President Obama’s first initiatives in office was to sign the Lilly Ledbetter Fair Pay Act, which empowers women to recover wages lost due to discrimination. The US is also a founding member of the Equal Futures Partnership, a network of countries making national commitments to expand women’s civic participation and economic opportunities.

“The US is committed to increasing women’s access to quality education and high-paying STEM careers as well as expanding support for women entrepreneurs at all stages of life,” Hart says. “And, we have advanced new efforts to promote leadership and civic education among girls.”

“As Secretary of State John Kerry said at the September 2014 Partnership meeting in New York, our goal is to foster societies where women and girls are safe, societies where women are empowered to exercise their rights and to move their communities forward, societies which prove themselves to be more prosperous and more stable not occasionally, but always, because women are full partners.”

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F

Inspiring a Generation of Women Leaders

By Kenny Lau

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or a decade, AmCham’s Women of Influence Conference has been a platform on which business leaders congregate each year to honor the achievement of professionals in the business community of Hong Kong and to recognize the importance of gender diversity in society. It is always full of inspirational stories and innovative ideas about career development and the promotion of women leaders.

In three concurrent breakout sessions at the 2014 WOI Conference, three panels of highly accomplished women shared their personal journeys of climbing the career ladder and making an impact in an environment where a gender-based glass ceiling remains. Their stories are motivational in that there is much to learn for the mission of bridging the gender gap.

In the panel More than Daughters – Women Leaders in Family Businesses moderated by Alia Eyres, CEO of Mother’s Choice, all four speakers as highly accomplished women of business entities they either inherited or founded paid tremendous respect to the role their fathers played as a guiding beacon for their success.

As often said, it is not easy to start a business, but it is even harder to sustain one, especially as a second- or thirdgeneration successor.

“Humility comes into play when you have to prove yourself as a woman, especially in a family business,” says Ronna Chao, Managing Director of Novel Investments Ltd, Vice Chairman of Novetex Textiles Ltd, and a director of Novelpark Investments Ltd, who previously worked as a financial analyst for Goldman Sachs and an associate for Tommy Hilfiger Corp.

“It is a family business only because it was started by our family working together,” she explains. “There is no entitlement. They will let me buy shares of the company only if I can prove myself worthy.”

“In the process of educating myself about the family business, I kept listening and learning, and when I finally spoke, people were shocked because

they thought I had no interest,” Chao says. “People around us tend to have a preconceived idea of who and what we are, and we need to be more patient, humble and wise in many ways.”

It is particularly difficult as a newcomer to bond with other long-time employees who have been working for many years in a family business, Angela Cheung, CEO of Hong Kong City Toys, points out. “We really have to talk and listen to them, and try to think from their positions as well.”

“As young kids, my siblings and I were taught to have a ‘can-do’ spirit and be determined to pursue our goals, regardless of gender,” she says. “I had to put in extra time and effort into my expanding portfolio at the family business – all to work more closely with my team to solve our problems, listening to their ideas and achieving goals together.”

“Over time, you can build a relationship of trust and respect,” Cheung adds.

“Being a leader, especially as a female, it is important to build credibility.”

“In a family business, we can sometimes be hard on each other, and we need to be more forgiving and to allow each other more room for mistakes,” Shonee Mirchandani, Managing Director of Bookazine Ltd, suggests. “It is easy to take for granted the harmonious family life that is so hard to achieve.”

“Humility and patience are very important, and make sure you also stay alert and smart, and put up in a firm way,” she says.

Having started her own business in jewellery more than 30 years ago, Sunita Makhija, Director of Platinum Heart, understands that there are sacrifices when running a business. “Looking back, I wish I could spend more time with my family,” she says. “But, you also have to be realistic, and there is no way you can wear all the hats and wear them well.”

“I believe there are inherited values you can get from your family, and you take those to the next generation through empowerment,” she adds.

In Women and Investing – Wealth Creation, a panel moderated

by Diana David, Corporate Development Director, Asia Pacific, Financial

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Times (HK) Ltd, four reputable strategists highly experienced in the market of startups and venture capital revealed the inner workings of the relationship between company founders and investors – an area where participation of women remain underrepresented.

“A common misconception is that it is easy,” notes Melissa Guzy, Managing Partner of Arbor Ventures, who has more than 25 years of experience as an entrepreneur and as a venture investor.

“The average holding periods as an investor of these startups are longer than the average marriage in the US. These are long-term relationships.”

“Most companies don’t hit their milestones, but that’s okay,” she says.

“At the end of the day, people are trying to pursue their passion, and they need perseverance, help and understanding.

That’s all part of it.”

The most successful angel investors are people who tend to be passionate and have some experience, instead of relying on a spray-and-pray approach, Guzy points out. “When you are just starting, it is best to do so from where you have some knowledge gained from your own experience.”

One way to increase participation of women in the sector is “to promote entrepreneurship among young women in universities and for more women entrepreneurs to become venture capitalists themselves and to support in return the development of entrepreneurship,” she suggests.

The lack of women investors is also a reason for the lack of investment in companies headed by women, notes Allison Baum, Managing Director of Fresco Capital Advisors, who previously as Regional Director of General Assembly established education programs for technology, business and design in Hong Kong.

“Startups are hard, and most of them fail,” she says. “For our company, we look for teams that are on a mission.

When you are trying to get momentum behind something new, you need to call to action, and people need to feel they are part of something great.”

As an angel investor, Baum emphasizes on three key core values which she

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From left: Shonee Mirchandani, Sunita Makhija, Alia Eyres, Angela Cheung and Ronna Chao

From left: Mae Wang, Melissa Guzy, Vernée Ho, Jennifer Carver, Allison Baum and Diana David

also calls filters – people, diversity, and impact. “The founding team is very important as we invest at the very early stage where there are little revenue and high risks,” she says. “We look at whether they have the right fit for the market or how they make difficult decisions because their business model will most likely evolve.”

It can be hard to put a stop to an investment when a company runs out of funds or when something else starts to go wrong, says Jennifer Carver, Chief Investment Officer of NEST Investments. “Generally, we’ll sit down with the founder and think about how we can pivot or shift the business and make it more successful.”

“The ones who can think openly will stand a better chance of shifting gears and moving toward success. And, that’s how we try to keep things alive and moving forward,” she adds. “We’ll put a stop to it when there is a lack of creative thoughts.”

Crowdfunding serves as a great platform for some, particularly those who are tech savvy, but it can also be a source of frustration for others because of delays in the launch of a given product, says Vernée Ho, Co-founder & CEO of Playto, a developer of video games and quantitatively-based “edutainment” solutions mapped to brainwaves.

“It has to be a win-win situation,” Ho says. “For one, they have to be creative problem solvers because you will run into lots of walls and lots of corners. You also want to have investors with the appetite to go through the whole roller coaster ride with you, and you want them to add value and provide a different perspective for a diversity of viewpoints.”

And, most people won’t get there without some failures, notes Mae Wang, currently a senior advisor for Silicon Valley-based Focus Ventures, who has served in numerous management and advisory roles for a large number of investment companies and MNCs

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More than Daughters – Women Leaders in Family Ronna Chao Managing Director Novel Investments Limited Angela Cheung CEO Hong Kong City Toys Sunita Makhija Director Platinum Heart

From left: Maura Thompson, Anne O’Riordan, Eddie McDougall, Jennifer Cheung and Siobhan Barnes

Shonee Mirchandani Managing Director Bookazine Ltd

spanning well over two decades.

“The top quality is courage and resilience. You may not win, but you could get yourself up when you fail,” she suggests. “And, always surround yourself with talented people.”

In the third panel entitled Non Linear Career Paths, moderated by Siobhan Barnes, Founder of The Neon Life Society, it was a closer look at how three women and one man who have followed their passion to create their own career for themselves. In most cases, it is more than being an entrepreneur or a corporate professional, but also about a passion and a mission, as well as what one strives to achieve in life.

“At the end of the day, it is about identifying what you really love doing and what it is that drives the trajectory,” says Jennifer Cheung who founded Sift Desserts after one year as an investment banker at Deutsche Bank in Hong Kong.

To pursue her lifelong passion for everything sweet, Cheung spent six months studying at New York City’s Institute of Culinary Education and then doing an internship at the 3-Michelin Stars restaurant Per Se. “It is really about finding what you want to do and being true to yourself, and where you want to take your next step,” she says. “It is not so much a case that you may have discovered something and that would be the end of it. It is a constant evolution because there is always a new direction to take.”

For Eddie McDougall, an energetic winemaker and TV personality who founded Flying Winemaker, mentors have played a critical role in carving out a

Moderator:

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creative mind. “The process is about learning, and I am still learning,” he says. “You have to keep learning even you are already an expert, and it gives you a reason to get up in the morning every day.”

“A big part of your learning comes from your mistakes,” he adds. “As you grow, you become better at collecting the right information and listening to the right advice. You have to position yourself with the right people, and you have to be realistic and take on the honest opinions.

It is an element of support.”

That’s because “people close to you could spot things that you may not naturally see,” says Anne O’Riordan, Global Industry Senior Managing Director – Life Sciences, Accenture Co Ltd, who has dedicated her career to working with Health and Life Sciences companies around the world for 25 years. “Ask the right question and create a board of your own advisors who can help guide you in your career path.”

“You could have the greatest intent, passion, and a view point of what you want to do, but there are different angles that you need to take into consideration,” O’Riordan believes. “Having a support network is hugely valuable.”

“When you are running your own business, you sometimes feel you should know everything, and you may be reluctant or even scared to ask a question,” says Maura Thompson, Co-founder & Managing Director of Sassy Media Group. “It is okay to ask questions or if you don’t know something, because people will be here to support you if you find them.”

Alia Eyres CEO Mother’s Choice

Women and Investing – Wealth Creation Allison Baum Managing Director Fresco Capital Advisors Jennifer Carver Chief Investment Officer NEST Investments Melissa Guzy Managing Partner Arbor Ventures Vernée Ho Co-founder & CEO Playto Mae Wang Senior Advisor Focus Ventures

Moderator:

Diana David Corporate Development Director, Asia Pacific Financial Times (HK) Ltd

Non Linear Career Paths Jennifer Cheung Founder Sift Desserts Eddie McDougall Founder Flying Winemaker Anne O’Riordan Global Industry Senior Managing Director – Life Sciences Accenture Co Ltd Maura Thompson Co-founder & Managing Director Sassy Media Group

Moderator:

2014 AmCham WOI Award Winners:

Siobhan Barnes Founder The Neon Life Society

(Front row, from left) Susanna Lee of American Express, Best Company for Women; May Tan, Professional of the Year; (Back row, from left) Ron Lee, Champion for the Advancement of Women; Nancy Yang, Master in Charity; Johanna Hotung, Entrepreneur of the Year

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Professional of the Year

May Tan, CEO, Standard Chartered Hong Kong

By Blessing Waung

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amed CEO of Standard Chartered Hong Kong earlier this year in July, May Tan proudly carries the bank’s banner of “Here for good,” and has herself unknowingly epitomized in throughout her career in Hong Kong. In her countless public roles, she aims to make a difference both professionally and personally, helping to change the lives of the people who have worked with her.

“To be perfectly honest, I have never really thought of myself as a woman professional. I’ve always thought of myself as a professional, and then my gender is incidental,” she says.

Tan’s CV reads like a dizzying who’s who of finance: Chairman of the Hong Kong Interbank Clearing Limited, Vice Chairman of the Hong Kong Association of Banks, member of the Banking Advisory Committee of the Hong Kong Monetary Authority, Listing Committee of the Hong Kong Exchanges and Clearing Limited, and more.

When she first started her career in the financial industry at Cazenove in London, things were very different from where she is now. “Cazenove was founded in 1823, and if you went into the offices, you’d still see the cobwebs,” Tan jokes. “Great organization, but very steeped in tradition. Consequently, it was a very male-dominated organization.”

There, where women weren’t even allowed to wear trousers to work, exemplifying what was a definite traditional culture of feminine roles.

Even so, she says, it wasn’t necessarily blatant discrimination, rather that the industry perhaps couldn’t have foreseen how women would climb the ranks.

“Consequently, coming to Hong Kong was like a breath of fresh air,” Tan says. “Hong Kong women feature very prominently in government, in the workplace, and I think one of the differences when I arrived was because of the available help here. The ability to have help at home has allowed women here to take up professional careers.”

Tan herself is a testament to that, having worked in the Hong Kong financial industry for the past three decades. “Hong Kong recognizes its own deficiencies, and I think that’s one of its strengths, the fact that we’re constantly saying, ‘This is not right, and we have to do something about it,’” Tan says. What she sees now is that

companies need to equip women to keep their careers going.

“They leave the workplace and you’ve been nurturing this career for the last ten years. They’re really at their peak in terms of their contribution to the organization. To lose that middle layer of very talented people, I think that is going to be very bruising for any organization.

“If we paid a little bit of attention to accommodate, mentor and tell these ladies that it doesn’t matter if you take a longer trajectory to get to where you want because of the life balancing you have to do, that’s actually fine,” she says.

“I must confess that I probably have taken longer than some of my male counterparts, but it doesn’t matter. At the end of the day, you have to enjoy the journey itself and think you’re running a 100-meter track, no you’re running a marathon. The end game is you will get there if you really enjoy what you do.

Take your own pace.”

And, it is her company that annually hosts Hong Kong’s marathon, so popular that registrations often are filled within hours of opening. Tan loves these kinds of activities whereby entire families can rally together and support the city, and she finds other community activities to be some of her most rewarding experiences.

As Vice Chairman for Oxfam Hong Kong, she has traveled extensively throughout Asia, going everywhere from Myanmar to Bangladesh to India to ensure that projects are executed properly and are assisting those on the ground who are in need.

In her role as CEO of one of Hong Kong’s major banks, Tan is often required to be in boardrooms meeting with other decision makers, but she enjoys tremendously being on the ground amongst the people. In january, 73,000 people will participate in the Standard Chartered Marathon and raise money for groups such as ORBIS, HK Paralympic Committee & Sports Association for The Physically Disabled, and the HK Anti-Cancer Society.

“That’s the difference I want to make – to be able to touch the people,” Tan says.

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merican Express is a global organization with operations in more than 130 countries, and it strives to create an environment in which employees – who come from a diverse background of cultures and experiences – are respected and valued, and feel fulfilled professionally and personally. It’s been a focus for more than 30 years, and today more than 60 percent of its global employees are women.

“Diversity is a business imperative for us, and we have been placing tremendous efforts to help female employees unleash their potential and succeed in their careers,” says Y C Koh, President for Asia at American Express. “We actively seek to foster a culture in which they have the support they need to take risks, learn, and collaborate to find the best solutions and make the best decisions.”

In Hong Kong, 68 percent of American Express employees are women, and some 60 percent of women are in managerial roles with at least one or more direct reports.

Moreover, three out of four business heads with P&L responsibilities in Hong Kong are women leaders, and women leaders make up 40 percent of the executive management team.

Furthermore, nearly 60 percent of promotions within the company in 2013-14 were awarded to women candidates.

Overall, 40 percent of women in leadership and senior executive positions have experienced cross business movement. “American Express Hong Kong has a very healthy proportion of women in the workforce, which is the first step to building an organization that is diverse,” says Kabir Julka, Director of Human Resources.

In addition to gender diversity, there is a cultural mix of women leaders who come from Hong Kong as well as overseas markets, amid a belief in building a diverse workforce for sustained business success through providing women employees at all levels with opportunities for job expansion and rotation.

The company has also been a key partner for research with the Harvard Business Review, including “Sponsor Effect - Breaking Through The Last Glass Ceiling” (2012) and “The Sponsor Effect 2.0” (2013). The research is key to under-

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standing the ambitions of women employees in terms of career advancement.

In Hong Kong, a number of programs are in place to help employees achieve work-life balance and allow the company to attract and retain top talent. The Women’s Interest Network (WIN), established in 2006 and designed particularly to support working mothers, has proven to be extremely popular.

Helene Ang, Marketing Manager, Global Corporate Payments, who opted for flexible work arrangement since returning from maternity leave, was a more motivated employee because she was able to contribute to work while still maintaining her responsibility as a mother to her newborn. “It made the transition to being a working mum much easier as I was still exclusively breastfeeding back then,” she says.

Upon return from maternity leave, female employees can choose their preferred work arrangements, which are undertaken in consultation with their leaders and subject to respective business operations. It provides an option of either working on a part-time/half day basis or working flexible office hours for the next 3-6 months.

Working parents during certain months of the year can choose to take a half day off during the week if they work an extra four hours for the rest of the week. “This is particularly beneficial to us as working mums, as we can enjoy precious time with our little ones during summer, simply by extending our daily work schedule for an hour a day in the week,” notes Peggy Chan, Assistant Manager, Acquisition Marketing, Acquisition and Partnerships, Card Services.

A mother of two kids, Vocalis Lo, who is Marketing Manager, Card Services, finds “flexi hours” particularly helpful during certain periods of year. “It allows me to help my kids to prepare for their exams in school and to spend more quality time with my kids during summer holiday,” she says. “I enjoy having those days off while being able to keep up with my work hours and quality.”

“WIN has been an important forum for our employees seeking career development, education, support as well as mentoring,” says Susanna Lee, VP and General Manager, Card Services, Hong Kong, and Executive Sponsor of WIN. “We are pleased to see that many of the initiatives throughout these years have been very well received by our colleagues in Hong Kong and that they are highly engaged and motivated as a result.”

Best Company for Women

American Express International, Inc

By Kenny Lau

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Master in Charity

Nancy Yang, Executive Director, Asian Charity Services

By Blessing Waung

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ancy Yang started her career in finance and consulting, which she described as “living on an airplane for seven years.”

When her brother sought to start up a mobile gaming company in Beijing, she offered her consulting experience by joining him in China. Walt Disney acquired the company in 2007, and it was then that Yang finally had some breathing room to sort out what she wanted to do next.

After numerous coffees and conversations with others, Yang and co-founder David Sutherland started Asian Charity Services in 2007. Now Asia’s largest pro bono volunteer corps, ACS is dedicated to giving business advisory to help NGOs in Hong Kong, and it has since trained more than 1,000 business leaders and 300 NGOs. Companies such as Goldman Sachs, PwC and Swire have partnered with the charitable organization to serve the local community.

Although there are ubiquitous one-off projects such as beach cleanups or fundraisers in Hong Kong, which Yang says are still beneficial, she believes that often times the best long-term resource a company can offer comes from the people within. “You have this incredible talent and business expertise in your staff that we can help to transfer some of that over to the NGO sector.

That’s really what’s most needed,” Yang explains.

Yang and her team act as consultants to these NGOs in helping them to identify organizational needs and giving leadership training seminars, which in turn makes their good work decidedly more impactful. Of a group of NGOs surveyed over a two-year period, the average revenue of an NGO grew 61 percent a year after ACS training.

“The last seven years have been about impacting charities by mentoring them and training them. One template at a time, one charity at a time, and one leadership team at a time,” Yang says.

Each NGO that participates in ACS Signature Workshops receives 130 hours of pro bono business consulting services, which means altogether the organization offers more than HK$ 310,000 in market value to each. There is also follow up, as ACS sends out a team of two people for each beneficiary 12 months after they receive training to see the progress they’ve made.

“It’s an incredible privilege to work with NGO leaders who everyday are doing this incredible job of serving their community,” Yang says. “Our tagline is ‘serving those who

serve.’ It’s inspirational to serve these people, because every day they are emptying themselves by living sacrificially, pouring out their time and resources to serve the blind, the elderly and the environment. They don’t get to receive a lot.”

ACS has had an incredible multiplier effect on many NGOs, serving everything from youth, education, environment, poverty, rehabilitation and more. One organization that works for family literacy had an incredible result of earning HK$2 million before ACS and HK$6 million the next year.

Going forward, Yang hopes that the relationships forged in the past seven years will allow for “collective action” amongst organizations in Hong Kong that will be even more impactful.

“With regards to our understanding of the sector, opportunities we’re looking at are pulling together charities within a particular sector and looking for opportunities for collaboration,” Yang says.

“Where individual charities have incredible passion and impact in their own right, we’re seeing how ACS can play a role to pool together multiple charities that are looking to serve a similar community.”

“When we started ACS, our passion is these small to medium sized NGOs,” she adds. “What we didn’t totally understand at the time was the impact on the volunteer pool.”

Yang recalls one such anecdote, after toasting to charities “One gentleman said, ‘I’ve been in the banking sector for more than 10 years, and I just feel like the last six weeks has been the most meaningful use of my time.’”

“It’s this incredible arbitrage,” Yang says. “Hong Kong has these amazing business professionals who would like to give up their time but perhaps don’t always have the opportunity to do so efficiently or effectively at the leadership level.”

“They’re asked to write checks, attend dinners, bid on auction prizes, but don’t always have opportunity to use their business skills,” she points out. “When they do, it’s an ‘aha’ moment for each of our volunteers. They’re able to contribute with the skills that they’ve been given, and that’s really exciting.”

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F

ounder of one of Hong Kong’s largest providers of creative and early childhood education, Joanna Hotung is not only a successful entrepreneur but her unique vision – which was brought to life when she embarked on a journey to instill in young children a genuine love for learning and an enquiring mind – has become a foundation of enrichment for over 65,000 students to date.

Born and raised in Hong Kong and educated in the UK and Switzerland as well as Beijing, Hotung initially started a career in retail and management consultancy at the head office of Marks & Spencer in London before moving to Coopers & Lybrand Consulting. She later went on to obtain an MBA and, upon founding Kids’ Gallery, a teaching qualification in performing arts training.

“The transition to a startup was very different. I was responsible for everything, from finance and marketing to customer service and checking the washrooms,” she says. “When I started Kids’ Gallery, my children were aged 2 and 4, but we were all fortunate in that I had a business where they could come to work with me everyday, and have fun and learn at the same time.”

Despite a formal education with an MBA, Hotung has always had a passion for the arts. Once her children were born, she also developed an interest in education. “My husband and I felt strongly that our children should learn Cantonese and we sent them to a local kindergarten,” she says. “While I appreciated the academics, discipline, and respect they learnt, the lack of creative development was a problem.”

“My four-year-old daughter failed art because she persisted in painting an elephant orange instead of the gray the teacher was insisting she use,” she recalls. “I also had to stop the school from trying to ‘make’ my left-handed younger daughter into a right-hander.” From a mother’s wish for her children to have a more balanced education and an appreciation of a gap in the education market, Hotung founded Kids’ Gallery in 1996.

“Being Eurasian, I was brought up within two different but complementary cultures: to understand the importance of academics and hard work to achieve success at school and life, as well as the equal impor-

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tance of extracurricular activities, sports, communication skills, and generally being a good all-rounder,” she says.

The principles on which Kids’ Gallery was originally based remain unchanged – as a creative arts organization it continues to provide co-curricular opportunities for children to enhance regular learning at school with courses such as art, drama, musical theater, and public speaking.

“These courses can help children develop self-confidence, reinforce presentation skills, learn fine and gross motor ability, and, most importantly, enjoy a sense of freedom and joy in life and education,” Hotung points out.

Today, Kids’ Gallery is part of the KG Group, which includes Star English – learning centers which reinforce English language ability through creative means, Face Productions – a performing arts training program for older children and teens with regular performances in professional theaters, and Mills International Preschool – a bilingual (English-Mandarin) kindergarten.

Besides her entrepreneurial endeavors, Hotung also set up Youth Diabetes Action – for which she had served as chairperson for 13 years and remains actively involved with strategy and fundraising. When her older daughter was in a hospital with the diagnosis of diabetes, she came across a “Play in Hospital” program for young kids and how it provided children with fun and distraction during a very difficult time. She is now an Executive Council member of Playright Children’s Play Association.

Hotung finds the experience of running a business and working mostly with children refreshing – the feeling of purposefulness and the genuine pleasure of going to work each day. While some obstacles seemed insurmountable at times, it has been an entrepreneurial journey that has made a career more stimulating and rewarding, she believes.

“Starting your own business is hard work, and there will be times when you wish you hadn’t started,” she says. “It requires determination and the willingness at times to sacrifice other aspects of your life. There are boring, anxious, and infuriating times, but there are also the huge benefits of personal achievement, self-fulfillment, and financial reward when things go well.”

“Plan as well as you can, and try not to let mistakes and failures get you down – they will happen. It’s how you deal with them that will determine whether or not you can be an entrepreneur.”

Entrepreneur of the Year

Joanna Hotung, Founder and Managing Director, KG Group

By Kenny Lau

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Champion for the Advancement of Women Ron Lee, Managing Director, Goldman Sachs

By Blessing Waung

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on Lee often imagines having a conversation 40 years from now with his daughter Sophia, in which she watches a television show akin to today’s popular Mad Men, focusing on the workplace in 2014. He believes that his now 11-year-old daughter will view the male-dominated boardrooms incredulously, and ask him, “Was it really like that?”

Unfortunately, it is, he ruminates, but he’s doing everything he can in his role to change that. At Goldman Sachs as the head of private wealth management for Asia Pacific, Lee tries to incorporate that diversity in his everyday role, an effort that’s reflected by the more than 40 percent female employees making up his department.

“I would start with the notion, is this company one that I would want my daughter to work at,” Lee says. “If not, what needs to change so that I would want her to, if she were so inclined? That’s the litmus test.”

Lee, who grew up in rural Ohio and attended a public school, says that his personal struggles shaped his notion of just how crucial diversity is.

“I grew up a distinct minority,” he recalls.

“There were probably 5,000 kids in the school system, 4,998 of whom were white, 2 of whom weren’t: my sister and me.”

As Lee became a co-chairman of the Asia Pacific Diversity Committee in 2012, the committee has made one of its primary objectives to bring more women into leadership positions. Female partner percentage has doubled since 2012, and female managing director percentage has increased by 30 percent. And he believes the work’s not done.

“We’ve been working hard on gender diversity for 20 years,” Lee says. “It’s been an ongoing project and, in fact, we probably haven’t been at it long enough. It takes a generation or more to effect the kind of balance and change that we want to.”

Within the industry, the entry-level employee gender balance is 50/50 globally.

However, the problem being observed is that as the level becomes more senior, the percentage of women declines. Globally, this has been brought to light by books such as Sheryl Sandberg’s “Lean In,” which Lee himself read carefully for takeaways on how to improve the culture within his own industry.

“I think we have some work to do, of

course. How long will it be before the meeting rooms look more like society?” Lee asks.

To address that, Goldman Sachs has a “Returnship” program, predicated on the notion that there are capable women who have left the workforce to have children but are then able to return in their late 30s and early 40s.

He also hosts regular career development roundtables each year for high-performing women within the company to provide them with individual, tailored mentorship that helps them on the managing director and partner promotion process.

In addition to supporting women’s initiatives within his company, Lee also has hosted the 30% Club’s Hong Kong Boardroom Lunch, intended to give aspiring female directors a platform to show their credentials for future board positions.

Lee is on the board for the nonprofit community organization Mother’s Choice, dedicated to helping single teenagers facing crisis pregnancies, by advising CEO Alia Eyres and other members of her team on unique strategic challenges that they face managing a nonprofit.

By spending time to help with the infrastructure of the organization with his business acumen, as well as to inspire others within the finance community to come on board and help Mother’s Choice, he has elevated the organization by engaging talent and helping fundraise.

Altogether in his role at work, as a volunteer for such organizations, and as husband and father, he seeks to every day encourage the inclusion of women, and to fight against any subtle biases ingrained culturally that hinder their progress.

“The only way to address that is through diversity,” Lee says. “You only start to appreciate those subconscious biases if you have people in the room, on the floor, in the company who will point out those things. That to me, beyond all the commercial benefits for having diversity, is the only way that I can think of to identify and address these biases.”

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AMERICAN TOPICS

AMCHAM CELEBRATES THANKSGIVING

PRESENTED BY

PREMIUM SPONSOR

T

hanksgiving is one of the biggest traditional US holidays during the year, but more importantly it is also a time of celebration together with friends and family in appreciation of each other and in gratitude for a great year of support and blessings.

For years, friends of AmCham here in Hong Kong have also gathered annually for the occasion in a luncheon filled with warm conversations, fine drinks and traditional Thanksgiving cuisine as a gesture of appreciation for a year of collaboration, partnership, and friendship.

This year, as in the past four years, AmCham has invited over 50 officials of various departments of the Hong Kong Government to the luncheon – and nearly all of them attended. These officials have over the previous year or two taken the time to speak at an AmCham event, participate in a roundtable discussion, or worked closely with AmCham committees on many of the issues deemed important to members of the Chamber.

“We truly appreciate our guests from the government for joining us at our event, and we thank them for being such constructive interlocutors,” says AmCham President Richard Vuylsteke. “We’d also like to thank all of our guests and sponsors. The event would not have been possible without their support.”

The number of guests in attendance was close to 300 for this year’s Thanksgiving Luncheon where members and guests had a chance to chat informally and enjoy fine food and drinks in a relaxed atmosphere.

Additionally, AmCham Charitable Foundation Chairman James Sun presented the 2014 Ira Dan Kaye Community Service Award to Sunny Mak, Founder of Sunshine Action, for his contribution in serving the community of Hong Kong and helping those in need.

WINE SPONSOR

CORPORATE TABLE SPONSORS

PLYMOUTH SPONSORS

PILGRIM SPONSORS

LUCKY DRAW PRIZE SPONSORS

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HONG KONG biz.hk 2014 INDEX OF ARTICLES

CATEGORY ADVOCACY

AMCHAM EDITORIAL

ISSUE

PAGE

Real Estate

An "Uncharted Territory" of Hong Kong

June

22

24

Premium Services &

An Iconic Landmark in West Kowloon

December

3

April

29

Products (Supp)

Keeping Hong Kong on the Map

Jul/Aug

14

AmCham Delegation Visits Shenzhen

October

14

Social Responsibility

The HUB - a Haven for Underprivileged Children

March

36

China Business

AmCham Business Leaders Visit Guangzhou

November

18

Cover Story

An Architect of Dreams

December

8

China Business

Knocking on the Door in Beijing

December

14

Advanced Education (Supp)

Training Leaders in Asia for Global Businiesses

November

1

Advanced Education (Supp)

An EMBA Program for Inspiration and Innovation

November

4

ISSUE

PAGE

China Business

SECTION

AmCham Visits Vanke

ARTICLE

March

28

China Business

Shanghai Survey

April

China Business

China Agenda

Government Relations China Business

CATEGORY COMMERCIAL PROPERTY

CSR

EMBA/MBA PROGRAMS

SECTION

ARTICLE

Editorial

No Time to Waste

Jan/Feb

4

Advanced Education (Supp)

Innovation & Leadership in Turbulent Times

November

8

Editorial

A Breath of Fresh Air

March

4

Advanced Education (Supp)

How Not to Choose an EMBA Program

November

10

Editorial

Workforce Complications

April

4

Editorial

Hong Kong Needs Immediate Copyright Reform

May

4

Cover Story

Planning Ahead for a Better Fuel Mix

May

8

Editorial

Tackle Hong Kong's Municipal Solid Waste Problem Now

June

4

Cover Story

A Driver of Growth: Powering Hong Kong and Beyond

September

8

Energy

An Economically Viable Biodegradable Fuel

October

30

Entrepreneurs

The Growth Momentum - from Las Vegas to Hong Kong

April

36

Entrepreneurs/SMEs

An Exclusive Ride Unlike Others

September

32

Entrepreneurs/SMEs

Where Is Your Business Heading?

November

22

Entrepreneurs/SMEs

10 Questions Entrepreneurs Should Ask Themselves

November

26

ENERGY

Editorial

Opening the Door to Countless Opportunities in Southeast Asia

Jul/Aug

4

Editorial

For the Well-being of Mothers and Their Childrens

September

4

Editorial

HK' s Competition Law Needs Clear Guidelines

October

4

Editorial

The Dilemma of Americans under FATCA

November

4

Editorial

Action Items for 2015

December

4

AMERICAN / CHAMBER

Cover Story

Time for Action

Jan/Feb

8

Cover Story

Hong Kong as a World Leader of Clean Marine Fuel?

March

8

TOPICS

Cover Story

Five Key Issues

Jan/Feb

13

Roadside Pollution

The Impact of Road Traffic on Air Quality

March

14

Supplement

AmCham Ball 2014 - Rhapsody of Stars

May

22

Cover Story

"Use Less, Waste Less"

June

8

Charitable Foundation

In Support of Local Charities

June

36

Environment

The Malaise of China's Air Pollution

June

14

Charitable Foundation

Fueling Hopes for a Future Generation

Jul/Aug

42

Environment

A China-California Effort to Tackle Global Climate Change

June

18

Charitable Foundation

A Shining Light of Hope

October

38

Environment

The Science behind Air Quality Standards

June

20

Charitable Foundation

A Night of Amazing Grace

November

40

Chamber Topics

AmCham Mongolia Holds Annual APCAC Meeting

December

20

Real Estate

A Guarantee in Support of US Homeownership

September

14

American Topics

An AmCham-Style Thanksgiving Celebration

December

40

Trade & Investment

Boosting Sales with US Sourcing

September

18

China Business

The Impact of Shadow Banking on China's Real Estate Market

September

28

Economics & Finance

Is Fed intervention effective? Ask the 'shadow' rate

October

34

Trade & Investment

The New Frontier of Capital Sourcing

November

36

CHINA MARKETS

44

ENTREPRENEURS/SMEs

ENVIRONMENT

FINANCE

China Business

Observations of the Third Plenum

Jan/Feb

34

China Business

A Close-up of Shanghai Free Trade Zone

Jan/Feb

38

China Business

Managing in a Maturing China

April

18

Business Outlook

Annual Survey Shows Cautious Optimism on Economy

Jan/Feb

14

China Conference

Managing in a Maturing China

May

14

Trade & Investment

Open for Business

Jan/Feb

18

China Conference

A Historical Moment in China

May

20

Government Relations

APEC: 25 Years of Economic Advancement

November

32

China Conference

The Two-Speed Economy of China

May

22

China Business

Doing Business in Southwest China

June

28

Supplement

What You Ought to Know about Diabetes

June

42

China Markets

Markets over Mao: The Rise of Private Business in China

November

14

Supplement

Maintaining a Healthy Digestive System

June

46

biz.hk 12 • 2014

GLOBAL ECONOMY

HEALTHY LIVING

biz.hk 12 • 2014

45

HONG KONG biz.hk 2014 INDEX OF ARTICLES

CATEGORY HUMAN RESOURCES

SECTION Human Capital

ARTICLE Top Trends in Employee Relocation

ISSUE June

PAGE 32

INFORMATION TECHNOLOGY

Who's Who in Communications (Supp) Asset Management ICT Telecommunications

Social Media in China: A Platform of Business Opportunity

Jan/Feb

2

The Financial Impact of Cyber Threats Fighting against a Virtual Enemy Long Distance Calls, Local Charges

May Jul/Aug Jul/Aug

38 34 38

INFRASTRUCTURE

Research & Development Cover Story

A Catalyst of Innovation & Technology A Catalyst in Driving "Smart" Urbanization

March Jul/Aug

22 8

IPR

Intellectual Property Intellectual Property Intellectual Property Intellectual Property Intellectual Property Intellectual Property Intellectual Property

Fighting Fakes in New China An Overview of IPR Protection in China Perspective of a Hong Kong Lawyer Bring Our Copyright Law Up-to-date Around the World Latest Updates Why HK's Bill on Copyright Amendments is Right on the Issue of UGC

Jan/Feb Jan/Feb Jan/Feb April April April September

22 28 32 30 33 34 36

ISSUE

PAGE

RELOCATION & MOVING

CATEGORY

Moving to Hong Kong (Supp)

Taking Care of Business

September

2

RESIDENTIAL RENTAL

Residential Rentals (Supp)

A Refreshing Oasis for a Refined Lifestyle

Jul/Aug

2

Residential Rentals (Supp)

In the Heart of the City

Jul/Aug

6

Residential Rentals (Supp)

A Lifestyle Exclusively Yours

Jul/Aug

10

Premium Services &

On Guard to Keep Clients Safe

December

9

Taxation

Filing US Tax Returns: What's New

March

32

Cover Story

HK-US TIEA Signed

April

8

Taxation

The Impact of FATCA

April

14

Taxation

Streamlined Filing Compliance Procedures on US Tax Returens

October

22

Cover Story

FATCA: The Effects on Americans Overseas

November

8

Hospitality & Tourism

A Gateway of Unlimited Potential

Jul/Aug

28

Hospitality & Tourism

A Uniquely Texan Experience

Jul/Aug

32

Hospitality & Tourism

With a Touch of Magic

September

22

Roadside Pollution

Traffic Congestion: A Vicious Cycle of Immobility

March

20

China Business

United Airlines Launches Chengdu-San Francisco Service

June

31

Transportation & Logistics

American Airlines Inaugurates HK-DFW Nonstop Service

Jul/Aug

22

Transportation & Logistics

Flying to New Heights

November

28

Hotels, Wine & Dine (Supp)

A Timeless Tradition of Luxurious Hospitality

March

2

Hotels, Wine & Dine (Supp)

Wine Domination

March

6

Hotels, Wine & Dine (Supp)

A Lovely Gem in Tsuen Wan - Ru Restaurant

March

12

Hotels, Wine & Dine (Supp)

Your Perfect Getaway (Without even Leaving Town)

March

16

Hotels, Wine & Dine (Supp)

Bustin' Out the Burgers

March

20

Women of Influence

Creating Value from the Evolution of Leadership

December

22

Women of Influence

Supporting One Another in Collaboration

December

24

Women of Influence

When Soft Becomes Hard

December

26

Women of Influence

The Role of Government in Gender Diversity

December

28

Women of Influence

Inspiring a Generation of Women Leaders

December

30

WOI Awards

Professional of the Year

December

34

WOI Awards

Best Company for Women

December

35

SECURITY

Trade & Investment Trade & Investment Trade & Investment Trade & Investment Trade & Investment Trade & Investment Trade & Investment

US Delegation Promotes FDI in PRD Pacific Bridge Initiative: Collaboration between US and Hong Kong Nevada: A state of business opportunities Carson, California: A business-friendly city Canton, Ohio: Reinventing for global investment A Taste of California An American Homegrown Product in Asia

May May May May May October October

24 28 31 32 33 18 21

International Schools (Supp) International Schools (Supp) International Schools (Supp) Education Moving to Hong Kong (Supp) Early Education (Supp) Early Education (Supp) Premium Services & Products (Supp)

"Go-ahead" for a New HKIS Primary School Building Nord Anglia to Open New Campus in Fall Leadership for a Better World A Pioneer in International Education Enlightenment and Knowledge through Individualized Learning Educational Nirvana The Montessori Way of Learning The Multilingual Advantage

April April April May September October October December

2 6 10 34 7 44 48 15

TOURISM

TRANSPORTATION

WINE & DINE INTERNATIONAL SCHOOLS

MANAGEMENT

MARKETING

46

ARTICLE

Products (Supp) TAX & LEGAL

INTERNATIONAL COMMERCE

SECTION

WOMEN OF INFLUENCE

Business Management Cover Story

Save Your Business Before It Becomes "Too Old" to Change Driven without Compromise

Jan/Feb October

42 8

Who's Who in Communications (Supp) Communications & Marketing

Trust-The Marketing Mix and Communicating for Business Success

Jan/Feb

4

WOI Awards

Champion for the Advancement of Women

December

36

WOI Awards

Entrepreneur of the Year

December

37

Acoustic Ambitions

October

26

WOI Awards

Master in Charity

December

38

biz.hk 12 • 2014

biz.hk 12 • 2014

47

MARK YOUR CALENDAR Dec Understanding Your Customers in the New Digital World:

12

The Brand Perspective

Chris Clark, Chief Marking Officer, HSBC Global Digital is changing the way businesses are conducted around the world, forcing organizations to re-think how they engage with their customers. As companies invest online and capitalize on how digital can be leveraged to reduce costs, streamline operations, provide a channel straight to your consumers and gain insights from the data acquired, how do you best ensure that your brand is being positioned and delivered in a consistent manner across all mediums?

In this session, Chris Clark, HSBC Global CMO, will share how HSBC is managing the brand and its values with its customers with the onset of digital and how digital is connected with the brick and mortar world and the challenges it has on managing the brand.

Chris Clark played various roles and later rising to Group Account Director at Saatchi & Saatchi (1987-1996). He was Managing Director, Bates Dorland London (1996-97) and Executive Vice President, Bates Dorland New York (1997-2000). He served as Head of e-marketing from 2001 before becoming Group Marketing Director of HSBC

Dec Asia-Pacific Trade Updates: TPP, RCEP and

17

other trade related negotiations and issues in Asia Deborah Elms, Executive Director, Asian Trade Centre Neena Moorjani, Director of Operations, Asian Trade Centre Debbi Elms of Asian Trade Centre – which was launched in Singapore in 2014, and serves as the resource for trade-related activities and an independent advocate for growing trade in the Asia Pacific region – will share her insights on the latest development of the Transpacific Partnership (TPP), Regional Comprehensive Economic Partnership (RCEP) and other trade related negotiations and issues in Asia.

Deborah Elms is also a senior fellow in the Singapore Ministry of Trade and Industry’s Trade Academy. Previously, she was head of the Temasek Foundation Centre for Trade & Negotiations (TFCTN) and a senior fellow at the S. Rajaratnam School of International Studies at Nanyang Technological University, Singapore. Her current research involves the Trans-Pacific Partnership (TPP), Regional Comprehensive Economic Partnership (RCEP) negotiations and global value chains.

Neena Moorjani is responsible for running the day-to-day operations and engaging with stakeholders including the business community, government officials, NGOs and the media. Prior to her current role, she ran her own public affairs consultancy, worked at Pfizer, and served as a spokesperson at the Office of the US Trade Representative and for Congressman Jim Kolbe (R-AZ).

Dec The Role of Hong Kong in the Global Nuclear Energy Development

18

Jian LU, Chair Professor of Mechanical Engineering, Vice President (R&T) and Dean of Graduate Studies, City University of Hong Kong Professor Jian LU will analyze the global nuclear energy development and policy trends in different countries as a key source of low carbon energy solutions, which can be applied to the Pearl River Delta region. With the fastest nuclear energy development in the world for the region, what are the potential business and education opportunities? What role can Hong Kong play?

Professor Jian LU is Chair Professor of Mechanical Engineering, Vice President (R&T) and Dean of Graduate Studies at City University of Hong Kong (CityU). From 2010 to 2013, he was appointed as Chair Professor and Dean of College of Science and Engineering at CityU. His research interests are: advanced materials and their integration in mechanical and energy systems. During the last 25 years, he has conducted research with different leading energy companies such as AREVA, Alstom, EDF, GE, Siemens, ABB. He was elected as a Fellow of the National Academy of Technology of France in 2011.

For information, see website: www.amcham.org.hk

Tel: (852) 2530 6900

Fax: (852) 2810 1289

Venue: The American Club 48-49/F Two Exchange Square 8 Connaught Place Central, Hong Kong Time: 08:00 - 09:30am Fee(s): Member: HK$290 Non-member: HK$400 Corporate table: HK$4,700

Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong Time: 08:00 - 09:30am (Light breakfast included) Fee(s): Member: HK$180 Non-member: HK$300

Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong Time: 12:00 - 01:45pm (Sandwiches & beverages included) Fee(s): Member: HK$280 Non-member: HK$400

Email: byau@amcham.org.hk

2014 Dec 01

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