AmCham biz.hk January/February 2015 by The American Chamber of Commerce in Hong Kong

Jan/Feb 2015

A STATESMAN OF VISION PETER LEVESQUE 2015 AMCHAM CHAIRMAN

SPECIAL SUPPLEMENT:

WHO’S WHO IN COMMUNICATIONS

-X´W FIIR E QEKRM½ GIRX journey through XLI ½ VWX ]IEVW in business.

But we wouldn’t have lasted 5 minutes without your support. 2SV [SYPH [I LEZI XLI GSR½ HIRGI XS look forward to the next 50.

To the 5,000 who work with us, to those who’ve placed their business with us, and everyone who has supported us in delivering a service we’re proud of... Thank you all for making it possible, for making it memorable, and making it fun.

www.crownworldwide.com Tel: +852 2636 8388

-X´W FIIR E QEKRM½ GIRX journey through XLI ½ VWX ]IEVW in business.

But we wouldn’t have lasted 5 minutes without your support. 2SV [SYPH [I LEZI XLI GSR½ HIRGI XS look forward to the next 50.

www.crownworldwide.com Tel: +852 2636 8388

Saturday, April 25, 2015 6:45 pm – 1:00 am Grand Ballroom, Level 2 The Four Seasons Hong Kong You are warmly invited to join us as VIP guest and sponsors for La Carousel Americano – AmCham Ball 2015. Put on your dancing shoes as we take a fantastical trip in time to 1950s New Orleans; a place where the beats were made on Bourbon Street and unforgettable times were had at the dazzling ‘La Carousel Americano’. Join us for a magical night where you will be treated to the finest cuisine, vibrant live entertainment guaranteed to keep you dancing to the very end and the chance to win one of several exciting Grand Draw Prizes. Book your * Exclusive VIP/ VIP/ Corporate Table NOW To avoid disappointment! *Please note added entitlements offered to Exclusive VIP Table sponsors*

For more information, please contact Mary Simpson, msimpson@amcham.org.hk / 2530 6922 www.amcham.org.hk/Ball #AmChamHKBall

January/February 2015

Contents

Vol 47 No 1-2

Publisher

Richard R Vuylsteke

Editor-in-Chief Kenny Lau

COVER STORY

Peter Levesque – Chief Commercial Officer of Modern Terminals and re-elected as AmCham chairman for a second term – tells of the chamber’s role in fostering business and government relationships around the world and telling Hong Kong’s unique story

14 BUSINESS OUTLOOK Despite economic, social and political uncertainties, 2014 was a fairly good year of business prospects for most in Hong Kong, according to a recent AmCham survey

20 HUMAN CAPITAL

COMMUNICATIONS

Business executives share their ideas at AmCham’s 23rd Human Capital Conference for a discussion on building a collaborative culture and driving business results

How should a company prevent a burgeoning crisis from spinning out of control? Robert T Grieves of Hamilton Advisors details the necessary approach to handling a crisis

Managing Editor 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. Advertising office 1904 Bank of America Tower 12 Harcourt Rd, Central, Hong Kong Tel: (852) 2530 6900 Fax: (852) 3753 1206 Email: amcham@amcham.org.hk Website: www.amcham.org.hk Printed by Ease Max Ltd 2A Sum Lung Industrial Building 11 Sun Yip St, Chai Wan, Hong Kong (Green Production Overseas Group) Designed by Overa Creative Tel: (852) 3596 8466 Email: ray.chau@overa.com.hk Website: www.overacreative.com ©The American Chamber of Commerce in Hong Kong, 2015 Library of Congress: LC 98-645652 For comments, please send to biz.hk@amcham.org.hk Single copy price HK$50 Annual subscription HK$600/US$90

AMCHAM NEWS AND VIEWS 04 AmCham Leadership 2015 Board of Governors, and Chairs of Chamber Committees

07 New Business Contacts 51 executives joined AmCham’s business network last month

61 Mark Your Calendar

22 Are Teams Driving Superior Business Performance? Sara Yang Bosco, President of Emerson Electric Asia-Pacific, speaks of the common principles of a collaborate culture where discipline, commitment, loyalty, diversity and hard work are critical to the business success of a company

COVER STORY

26 The Power of Many

Panels of senior business executives share their ideas and best practices on team performance based on years of management experience in building a collaborative culture and driving business results

EDUCATION

BUSINESS OUTLOOK

14 AmCham 2014 Annual Survey: Another Year of Cautious Optimism Despite a number of risk factors in economic, social and political terms, 2014 was a fairly good year of business prospects for most companies in Hong Kong. But it was also a year of increasing concerns due to growing volatility

In the fourth of his “Landed” series on homeownership, author Chris Dillon looks into the structure and process of buying a home across different markets in the Americas, Europe and within the Asia Pacific region

24 Team Works! Arthur Bacci, Head of Principal International’s Hong Kong Group, discusses the value of teamwork and how it has been pertinent to the growth of a 135 year-old financial institution headquartered in Des Moines, Iowa

08 A Statesman of Vision

REAL ESTATE 40 Buying a Property Overseas

30 US Student Ambassadors to China: 100,000 Strong The 100,000 Strong Foundation is nurturing the next generation of American and Chinese youth on the grassroots level as a way to strengthen the US-China relationship

WOMEN OF INFLUENCE 44 Breaking the Glass Ceiling Anthony A Rose, a 23-year veteran in corporate affairs and marketing expert, shares an unprecedented collection of personal stories of 43 highly successful women leaders in business and NGOs

COMMUNICATIONS & MARKETING 50 Damage Control: The Art of Managing a Crisis How should a company respond to a burgeoning crisis to prevent the situation from spinning out of control? Robert T Grieves of Hamilton Advisors details the necessary approach to handling a crisis

INSURANCE & HEALTHCARE

HUMAN CAPITAL 20 23rd AmCham Human Capital Conference On a highly engaging and informative platform, CEOs, thought leaders and senior HR practitioners gather for an in-depth discussion on the critical issue of team performance and how employees should be engaged

biz.hk 1-2 • 2015

34 A Savior in Times of Uncertainty Present in Hong Kong since 1995, MetLife is celebrating the company’s 20th anniversary in the city this year. CEO Lennard Yong speaks candidly about doing something that fundamentally changes people’s lives

biz.hk 1-2 • 2015

January/February 2015

Contents

Vol 47 No 1-2

Publisher

Richard R Vuylsteke

Editor-in-Chief Kenny Lau

COVER STORY

14 BUSINESS OUTLOOK Despite economic, social and political uncertainties, 2014 was a fairly good year of business prospects for most in Hong Kong, according to a recent AmCham survey

20 HUMAN CAPITAL

COMMUNICATIONS

Business executives share their ideas at AmCham’s 23rd Human Capital Conference for a discussion on building a collaborative culture and driving business results

How should a company prevent a burgeoning crisis from spinning out of control? Robert T Grieves of Hamilton Advisors details the necessary approach to handling a crisis

Managing Editor Blessing Waung

Advertising Sales Manager Regina Leung

AMCHAM NEWS AND VIEWS 04 AmCham Leadership 2015 Board of Governors, and Chairs of Chamber Committees

07 New Business Contacts 51 executives joined AmCham’s business network last month

61 Mark Your Calendar

COVER STORY

26 The Power of Many

Panels of senior business executives share their ideas and best practices on team performance based on years of management experience in building a collaborative culture and driving business results

EDUCATION

BUSINESS OUTLOOK

08 A Statesman of Vision

REAL ESTATE 40 Buying a Property Overseas

INSURANCE & HEALTHCARE

biz.hk 1-2 • 2015

THE AMERICAN CHAMBER OF COMMERCE IN HONG KONG

Chamber Officers BOARD OF GOVERNORS Chairman

Governors

Vice Chairman

Donald Austin Austin Pacific Ltd

Treasurer

Anne-Marie Balfe EY

Colin Tam Crystal Vision Energy Ltd

Executive Committee

Owen Belman Aon Hong Kong Limited

Jennifer Van Dale Gall

Diana David Financial Times (HK) Ltd

Frank Wong Scholastic Inc

Sean Ferguson Hong Kong University of Science & Technology

Patrick Wu American Appraisal China Limited

Robert Grieves Hamilton Advisors Limited

Ex-Officio Governor

Peter Levesque Modern Terminals Limited Walter Dias United Airlines

Tom Burns Intel Semiconductor (US) Ltd Evan Auyang The Kowloon Motor Bus Co (1933) Ltd Sara Yang Bosco Emerson Electric Asia-Pacific Steve Lackey BNY Mellon Ryan Mai United Technologies – Building & Industrial Systems

David Adelman Goldman Sachs (Asia) LLC

Alan Turley FedEx Express

John (Jack) E Lange Paul, Weiss, Rifkind, Wharton & Garrison

Richard Weisman Baker & McKenzie

Seth Peterson Heidrick & Struggles Hong Kong Limited

Catherine Simmons Citi Eric Szweda Troutman Sanders Solicitors

James Sun Charles Schwab Hong Kong Ltd

President

Richard R Vuylsteke The American Chamber of Commerce in HK

FAST FACTS COMMUNITY AmCham celebrates over 45 years of promoting business and fostering greater trade ties and community service in Hong Kong

ACTIVITIES Members can access more than 400 programs, seminars, and conferences each year featuring top business and government leaders, industry experts and professional facilitators who address timely and relevant business issues.

CHAMBER COMMITTEES AmCham Ball Ryan Mai United Technologies – Building & Industrial Systems

Apparel & Footwear Mark Green PVH Far East Ltd

China Business

Financial Services

Real Estate

Derek Berlin JP Morgan

Robert Johnston Cushman & Wakefield (HK) Ltd Edward Farrelly CBRE

Food & Beverage Veronica Sze Wyeth (Hong Kong) Holding Co Ltd

Senior Financial Forum Philip Cheng FedEx Express

Lili Zheng Deloitte Touche Tohmatsu

Hospitality & Tourism

Communications & Marketing

Human Capital

Bianca Wong Jebsen & Co Ltd

To be confirmed

Sports & Entertainment

Information & Communication Technology

Ian Stirling UBS AG

Rex Engelking PCCW

Taxation

Charlie Pownall CPC & Associates Oliver Rust Nielsen Hong Kong

Corporate Social Responsibility To be confirmed

Education Virginia Wilson The Child Development Centre

Energy

To be confirmed

Insurance &Healthcare Hanif Kanji Sinophi Healthcare Limited

Intellectual Property

Senior HR Forum

David Weisner Citibank NA Barrett Bingley The Economist Group

Jenny Wong Time Warner Inc

Transportation & Logistics

Entrepreneurs/SME

Law

Women of Influence

Environment Jim Taylor CLP Power Hong Kong Ltd

COMMITTEES Our members can join and access up to 28 different committees covering industry sectors, professional service sectors, and special segments of the membership.

Trade & Investment

Rick Truscott CLP Power Hong Kong Ltd Laurie Goldberg AmeriCraft Imports Limited

MEMBERS Over 1,700 members (40 different nationalities) from over 800 organizations, including multinational firms, small and medium enterprises, entrepreneurs, and non-profit organizations.

To be confirmed

The American Chamber of Commerce in Hong Kong 1904 Bank of America Tower 12 Harcourt Road, Central, Hong Kong

Clara Ingen-Housz Linklaters

Anna-Marie C Slot Ashurst

Pharmaceutical

Young Professionals

T: (852) 2530 6900

Michael Harrington Mintz Group

E: amcham@amcham.org.hk

Joyce Wong Eli Lilly Asia, Inc

www.amcham.org.hk 4

biz.hk 1-2 • 2015

BUSINESS NETWORKING

INFORMATION

VISIBILITY AND CORPORATE EXPOSURE

ADVOCACY

ACCESS

THE AMERICAN CHAMBER OF COMMERCE IN HONG KONG

Chamber Officers BOARD OF GOVERNORS Chairman

Governors

Vice Chairman

Donald Austin Austin Pacific Ltd

Treasurer

Anne-Marie Balfe EY

Colin Tam Crystal Vision Energy Ltd

Executive Committee

Owen Belman Aon Hong Kong Limited

Jennifer Van Dale Gall

Diana David Financial Times (HK) Ltd

Frank Wong Scholastic Inc

Sean Ferguson Hong Kong University of Science & Technology

Patrick Wu American Appraisal China Limited

Robert Grieves Hamilton Advisors Limited

Ex-Officio Governor

Peter Levesque Modern Terminals Limited Walter Dias United Airlines

David Adelman Goldman Sachs (Asia) LLC

Alan Turley FedEx Express

John (Jack) E Lange Paul, Weiss, Rifkind, Wharton & Garrison

Richard Weisman Baker & McKenzie

Seth Peterson Heidrick & Struggles Hong Kong Limited

Catherine Simmons Citi Eric Szweda Troutman Sanders Solicitors

James Sun Charles Schwab Hong Kong Ltd

President

Richard R Vuylsteke The American Chamber of Commerce in HK

FAST FACTS COMMUNITY AmCham celebrates over 45 years of promoting business and fostering greater trade ties and community service in Hong Kong

CHAMBER COMMITTEES AmCham Ball Ryan Mai United Technologies – Building & Industrial Systems

Apparel & Footwear Mark Green PVH Far East Ltd

China Business

Financial Services

Real Estate

Derek Berlin JP Morgan

Robert Johnston Cushman & Wakefield (HK) Ltd Edward Farrelly CBRE

Food & Beverage Veronica Sze Wyeth (Hong Kong) Holding Co Ltd

Senior Financial Forum Philip Cheng FedEx Express

Lili Zheng Deloitte Touche Tohmatsu

Hospitality & Tourism

Communications & Marketing

Human Capital

Bianca Wong Jebsen & Co Ltd

To be confirmed

Sports & Entertainment

Information & Communication Technology

Ian Stirling UBS AG

Rex Engelking PCCW

Taxation

Charlie Pownall CPC & Associates Oliver Rust Nielsen Hong Kong

Corporate Social Responsibility To be confirmed

Education Virginia Wilson The Child Development Centre

Energy

To be confirmed

Insurance &Healthcare Hanif Kanji Sinophi Healthcare Limited

Intellectual Property

Senior HR Forum

David Weisner Citibank NA Barrett Bingley The Economist Group

Jenny Wong Time Warner Inc

Transportation & Logistics

Entrepreneurs/SME

Law

Women of Influence

Environment Jim Taylor CLP Power Hong Kong Ltd

COMMITTEES Our members can join and access up to 28 different committees covering industry sectors, professional service sectors, and special segments of the membership.

Trade & Investment

Rick Truscott CLP Power Hong Kong Ltd Laurie Goldberg AmeriCraft Imports Limited

MEMBERS Over 1,700 members (40 different nationalities) from over 800 organizations, including multinational firms, small and medium enterprises, entrepreneurs, and non-profit organizations.

To be confirmed

The American Chamber of Commerce in Hong Kong 1904 Bank of America Tower 12 Harcourt Road, Central, Hong Kong

Clara Ingen-Housz Linklaters

Anna-Marie C Slot Ashurst

Pharmaceutical

Young Professionals

T: (852) 2530 6900

Michael Harrington Mintz Group

E: amcham@amcham.org.hk

Joyce Wong Eli Lilly Asia, Inc

www.amcham.org.hk 4

biz.hk 1-2 • 2015

BUSINESS NETWORKING

INFORMATION

VISIBILITY AND CORPORATE EXPOSURE

ADVOCACY

ACCESS

AMCHAM Means Business

Members Directory

New

Business Contacts

www.amcham.org.hk

The following people are new AmCham members:

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. ISBN 978-962-7422-31-0

LC 98-645651 NON-MEMBER PRICE HK$1500 US$195 Shipping costs: Local HK$45 (per copy) US/International US$50 (per copy)

MEMBER PRICE HK$800 US$104

AmCham Member Name: Title: Company: Address: Tel: Fax: Email: Website: copy(ies) of Members Directory Total: HK$/US$ (postage inclusive) payable to The American Chamber of Commerce in Hong Kong check# Bank: Charge to AMEX (US$) Diners (HK$) Visa (HK$) Master Card (HK$) Cardholder's Name: Card# Expiry Date: Issuing Bank: Signature: (Not valid unless signed) The American Chamber of Commerce in Hong Kong 1904 Bank of America Tower, 12 Harcourt Road, Hong Kong. Tel: (852) 2530 6900 Fax: (852) 3753 1208 Email: hchung@amcham.org.hk

American Express Adrian Riley Senior Manager Large Market Acquisition Pretty Chu Senior Manager Large Market Acquisition Alexander Tsao Senior Manager Agnes Pun Head of Business-to-Business Partnerships, Hong Kong & Taiwan, Global Corporate Payments JAPA

Citi Rajagopal Neelakantan Managing Director Christopher Laskowski MD & Head of Coporate and Investment Banking, Citi Hong Kong / Head of Alternative Assets Group, Corporate and Investment Banking, Citi Asia Pacific

Avery Dennison Hong Kong B V Rishi Pardal VP & GM, Asia

Dow Chemical Pacific Ltd Lawrence Cheung Commercial Director, Greater China, Packaging and Specialty Plastics

Banco Santander, SA - HK Branch Simon Chung Managing Director/Head of Corporate & Investment Banking, Asia-Pacific BlackRock Ryan Stork Chairman, Asia Pacific BNY Mellon Tina Tsui Managing Director & Managing Counsel Bureau Veritas Consumer Products Services Robert Ferguson Director - Technical Consulting & Supply Chain Solutions Olun Chan Senior Manager Calvin Klein Asia Pacific Annie Wong EVP & Managing Director, Commercial Asia Pacific CBRE Edward Farrelly Senior Director Children's Place (HK) Ltd, The Wallace Wong Vice President, Global Sourcing (Accessories & Footwear)

Community Business Limited Sophie Guerin Head of Diversity & Inclusion

East West Bank Janie Fong Managing Director, International Business Epicurean Management Limited Florence Chan Senior Manager - Administration & Business Development Esquel Enterprises Ltd Gordon Chan Associate Director EY Karen Uffindell Director Fern Limited CP Fung Solutions Director William O'Dwyer FMC Chemical International AG Bethwyn Todd Asia President Forum Corporation, The Andrew Dorai Client Director Global Cloud Xchange Fabrizio Civitarese President, Asia Pacific

Global Sources Roie Bar Executive Assistant to the Executive Chairman Hong Kong International School Alan Runge Head of School Jones Lang LaSalle Joanne Ormandy Managing Director, Marketing Department Anne-Marie Sage Head of Residential Leasing & Relocation Services, Hong Kong Kiabi Group Olivier Mlynarczyk Global Procurement Director, International Trading Fashion & Apparel Supply Carlos Pedreira Chief Financial Officer, International Trading Fashion & Apparel Supply Juan Penagos Supply Chain Director Nord Anglia International School, Hong Kong Brian Cooklin Principal NTK Academic Group Alex Cheng Principal Rediscovered Limited Logan Alleshouse Senior Manager, Marketing Karrie Cheung Vice President, Legal Counsel Regus HK Management Ltd Andy Yip Commercial Director

SCAD Hong Kong Kimberly Shreve Director of External Relations Karman Yip Assistant to Vice President Michael Shreve Associate Vice President SGS Hong Kong Ltd Marco Chang Manager - Corporate Accounts Silk Road Associates Ben Simpfendorfer Founder Silverhorn Investment Advisors Ltd Michael Imam Managing Partner & CEO Sparkle Wick Global Ltd Raymond Chow Marketing Director State of Illinois Far East Office Kitty Leung Director of Trade Promotion TCG Consulting Asia Pacific Ltd James Garzon Partner TMF Hong Kong Limited Sylvia Siu Associate Director Tom Corkhill Global Director of Client Relations David Kerr Director, Global Business Development VF Asia Pacific Sourcing SARL Wendy Zhang VP, Human Resources, Asia Brands

Ruder Finn Asia Ltd Charles Lankester Senior Vice President, Reputation Management, Asia Pacific

View our other members at:

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

biz.hk 1-2 • 2015

AMCHAM Means Business

Members Directory

New

Business Contacts

www.amcham.org.hk

The following people are new AmCham members:

LC 98-645651 NON-MEMBER PRICE HK$1500 US$195 Shipping costs: Local HK$45 (per copy) US/International US$50 (per copy)

MEMBER PRICE HK$800 US$104

Avery Dennison Hong Kong B V Rishi Pardal VP & GM, Asia

Dow Chemical Pacific Ltd Lawrence Cheung Commercial Director, Greater China, Packaging and Specialty Plastics

Community Business Limited Sophie Guerin Head of Diversity & Inclusion

Ruder Finn Asia Ltd Charles Lankester Senior Vice President, Reputation Management, Asia Pacific

View our other members at:

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

biz.hk 1-2 • 2015

COVER STORY

Peter Levesque

A Statesman of Vision Building on a year of achievement and success in calling for action on the long-standing issues that have a direct impact on Hong Kong’s status as a center of international business and commerce, Peter Levesque – Chief Commercial Officer of Modern Terminals and re-elected as AmCham chairman for a second term – tells of the Chamber’s role in fostering business and government relationships around the world and helping to tell Hong Kong’s unique story and position in the region

By Kenny Lau Photos: Silver Image

biz.hk 1-2 • 2015

COVER STORY

Peter Levesque

By Kenny Lau Photos: Silver Image

biz.hk 1-2 • 2015

n 2014 – amid a 45th anniversary celebration – AmCham Hong Kong under the leadership of Chairman Peter Levesque engaged in a campaign “beyond advocacy” to address the urgent need for action on the longstanding critical issues that have a direct impact on Hong Kong’s overall competitiveness – a key area which largely determines the city’s status as an international business center. “As we move on to the business of 2015, I am pleased to report that some progress has been made, but there is still a long way to go,” says Levesque, who is

logistics, or is Hong Kong’s vision to be a world-class international logistics hub and global maritime center? • And, is Hong Kong committed to maintaining the characteristics that have made it so successful over the years – rule of law, freedom of speech and the press, and an independent judiciary. Or, is Hong Kong destined to become just another city in China with no distinguishing characteristics whatsoever? “These are serious questions that require careful consideration,” Levesque stresses. “When the world reads about Hong Kong’s story 20 years from now, will they see a defining moment and a time of focus and clarity in which we as a city took the visionary steps necessary to ensure a relevant and meaningful role in the region and in the world?” “Or, years from now, will the world look back and say that while Hong Kong slept, the success of regional competitions – including the rise of China – passed us by, and that this was instead a time of colossal missed opportunity?” “While AmCham supports the government initiatives currently underway to address the day-to-day issues about Hong Kong’s regional competitiveness, we also strongly encourage a more comprehensive and visionary approach to developing and articulating Hong Kong’s longer-term goals,” he adds. re-elected as Chairman for a second term. “The American Chamber of Commerce remains bullish on the success of Hong Kong, and we are prepared to do our part together with government and business leaders to help solidify a relevant, vibrant and meaningful role for Hong Kong’s future.” “We strongly believe that the role of a ‘statesman’ to bridge the gap between a country’s experience and its vision is a responsibility that we all share in Hong Kong, and moving forward, AmCham will continue to foster business and government relationships around the world and

help to tell Hong Kong’s unique story and position in the region.”

Key Questions To remain a highly competitive city in which private enterprises – large and small – can continue to thrive, Levesque believes Hong Kong needs to answer some important and fundamental questions about its long-term vision. • Is Hong Kong content to accept incremental improvements in its educational system, or is Hong Kong’s vision to be the model for primary school education and the

biz.hk 1-2 • 2015

center for academia and thought leadership in the region? • Is Hong Kong satisfied to be an RMB center, or is Hong Kong’s vision to be the international finance center and the standard bearer around the world for IPOs and corporate governance? • Is it sufficient for Hong Kong to enact IPR law, or is Hong Kong’s vision to set the standard for the protection of ideas, and to be the region’s incubator for new technology, entertainment and entrepreneurship? • Does Hong Kong accept its declining position in transportation and

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Education The issue of education remains at the core of Hong Kong’s future success in the region, and AmCham is committed to the call for the Education Department to improve special education and teacher training and to place greater emphasis on teaching math, science, English and Mandarin in local schools to better prepare students for the realities of the local and regional job market. AmCham also renews its call for more international school places to enable the best and brightest of human

capital to live and work in Hong Kong and to attract more of the world’s leading corporations to establish a presence in the city. AmCham’s Educational Affairs Group (EAG), led by Board member Eden Woon, had a very productive year in 2014, Levesque points out, including a successful letter of support to save the International Montessori School in Tin Hau, and the creation of a new outreach program that brings AmCham leaders into local schools to share their experiences with local students. “We support efforts of Hong Kong’s business community in making a real difference in the area of education, by volunteering time and financial resources to ensure, for example, that local students who don’t go to college have the skills they need to be successful in the job market,” he says, highlighting Project WeCan, a Wharf Group initiative that addresses the 82 percent of Hong Kong secondary school students who do not go onto college.

Financial Services AmCham places a great deal of emphasis on the financial sector, specifically on the development of Hong Kong as an international financial center. To be a true international financial center, however, certain core behaviors must be recognized and achieved, Levesque notes. First, Hong Kong must make it clear to the global financial community that it commits to the highest level of best practice in the area of corporate governance, he says. “In fact, AmCham looks to Hong Kong to be the standard bearer for corporate governance not just in the region but around the world.” Second, Hong Kong must assign an independent audit regulator to the financial sector, separate from the profession, with clear authority to implement sanctions, he adds. And, the financial community must definitively reject any effort to move away from the long-standing “one share, one vote” principle in Hong Kong.

help to tell Hong Kong’s unique story and position in the region.”

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employees, and if it disappears, thousands of hard working people will struggle to find meaningful employment to support their families.” “For Hong Kong to remain competitive in this area, we urge the government to approve long-term leases for back-up land in the Kwai Tsing Port Zone, approve the building of additional dedicated barge berths adjacent to the port zone, allow the conversion of underutilized space for port operations, and allow a more streamlined process to license internal truckers at the terminal,” Levesque stresses. “As Hong Kong’s container port slips another notch from number three in the world to number four, we urge the government to initiate a coordinated effort across the Transport and Housing Bureau, Development Bureau, Lands Department, Marine Department and other stakeholders to end the inter-departmental gridlock,” he adds.

The Environment “Through efforts of board member Ewan Copeland, AmCham’s Financial Strategies Group (FSG) has become a major success, enabling high-level interaction with US Federal Reserve Governors, Hong Kong finance officials, and world-class think tanks,” Levesque says. “Our membership from major global financial institutions has increased significantly as a result.”

Intellectual Property Rights A key attribute of Hong Kong’s competitiveness is its ability to attract and retain innovative companies and creative talent. These types of industries are a viable economic opportunity for Hong Kong, but knowledge economies depend on the rule of law and the highest standards around intellectual property rights (IPR) protection. Online piracy and unauthorized

digital distribution are serious issues that must be addressed in order for Hong Kong to attract and retain 21st century business and investment. In support of a reform on relevant rules and regulations, AmCham in 2014 held a copyright forum, which brought together 80 leading experts, industry stakeholders, and government representatives who stressed the urgency of copyright reform in Hong Kong. “We were encouraged by the government’s re-introduction of the Copyright Amendment Bill (2014), and we continue to call for the swift passage of this bill as a positive step in ensuring Hong Kong’s business success,” Levesque says. “With the expertise and guidance of Board member Belinda Lui, AmCham has formed an Intellectual Property Strategic Group (IPSG), which will provide thought leadership across a range of intellectual property issues.”

Transportation and Logistics The transportation and logistics sector remains a key area of AmCham’s focus in 2015, and unfortunately this is an area that has seen little progress by the government over the last 24 months. “The good news is that the Hong Kong Government in December 2014 released its Port 2030 paper outlining the steps that must be taken to maintain Hong Kong’s competitive position in the maritime sector,” Levesque notes. “The bad news is that the areas listed as requiring attention are the same areas that were listed in the last report, which was completed over 10 years ago.” “This pillar of the economy cannot afford another decade of consultation and debate before taking the necessary action required to save it,” he cautions. “The port sector supports over 93,000

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For the last several years, AmCham’s Environmental Steering Group (ESG), under the leadership of Evan Auyang, has actively engaged with the Hong Kong Government on the key issues around sustainability. AmCham committee chairs from Environment, Real Estate, Energy, and Transportation & Logistics comprise this cross-functional group, as well as leading experts from various other industries and concerns. AmCham continues to call for government action to improve local air quality, Levesque says. “The fact is that Hong Kong’s green mobility policies continue to lag behind those of many international cities, and as the government continues to build more roads and railways, it must clearly define road space usage and work to make road-based mass transport more efficient.” “For marine emissions, we again call upon the government to take a leadership role in working with Guangdong authorities to develop and implement an

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emissions control area, as a more holistic approach to tackling the problem of marine pollution across Hong Kong and South China,” he adds. “Air quality is a complex issue, but with the health and well-being of 7 million people at stake as well as the potential impact on Hong Kong’s regional competitiveness, it’s an issue that requires the highest degree of focus and attention,” he believes. “We are encouraged by the level of attention given to this issue by the Chief Executive of Hong Kong and Environment Bureau’s KS Wong and Christine Loh.”

“Over the next several years, we will strengthen our core operation and support of current and future goals, and provide additional value to members through network management and member communications by developing targeted programs and services to meet the changing needs of our members,” he reveals. “Additionally, we will reinforce the strength and reputation of the AmCham brand, enhance advocacy initiatives, grow our revenue base, and expand our reach through social media, webcasts and other technologies,” he adds.

China Affairs

Looking Ahead

In 2014 AmCham’s China Affairs Group (CAG), in collaboration with the Chamber’s China Business Committee (CBC), held 85 China-related meetings and events, including nine trips to Mainland China, including a high-level delegation to Beijing, where delegates met with officials of seven central government ministries. “The China Affairs Group provides AmCham members with exceptional access to government officials and valuable business intelligence on China,” Levesque says. “AmCham will continue to build upon the strengths and influence of this important group throughout 2015.”

In short, AmCham remains steadfast in its commitment to working with the government, with the international business community and with the dynamic entrepreneurs and community leaders who reside here, to help move Hong Kong forward. The chamber will continue to advocate on the issues that have an impact on Hong Kong’s regional competitiveness. While there are many challenges and opportunities ahead, there can be no doubt that this is a defining moment in Hong Kong’s history, Levesque believes. “It’s a time for clarity and for honest reflection. It’s a time for healing and reconciliation. And, it’s a time to raise the level of constructive dialogue to address the social and economic concerns that many Hong Kong citizens have about their future.” “It’s a story that continues to evolve, and AmCham is confident that with vision, and determination, future generations of Hong Kong, working and thriving in an integrated global megacity, will someday look back on this period of time and say that we saw the future and that we did what was necessary to secure a relevant and meaningful role for Hong Kong in the region and around the world,” he says. “In the months and years ahead, we will continue to do its part to ensure that Hong Kong’s story is one that we can all be proud of.”

AmCham 2020 AmCham in 2014 dedicated much of the year to developing its own longterm vision and strategy for the future and released a new five-year plan called AmCham 2020. “Throughout this process we asked ourselves many important questions about who we are and what we stand for,” Levesque notes. “We thought about our value proposition, our geographic scope, and we made some core assumptions on what we thought Hong Kong and the region might look like over the next five years, in order to anticipate the future needs of our dynamic and multinational membership.”

biz.hk 1-2 • 2015

China Affairs

Looking Ahead

BUSINESS OUTLOOK

BUSINESS SENTIMENT

2014/2015 AMCHAM ANNUAL SURVEY: ANOTHER YEAR OF CAUTIOUS OPTIMISM By Kenny Lau

he mission of AmCham is to foster commerce among the United States, Hong Kong and Mainland China, and to enhance Hong Kong’s status as an international business center. Members of the chamber are asked at the end of each year in an annual survey to share their views on Hong Kong’s business environment of the past year and their outlook for the next 12 months. For the 2014 survey – conducted in November and December over a period of several weeks – a total of 1,479 questionnaires were sent out, and 160 sets of completed responses were received. The results of the survey are very telling of how Hong Kong’s business environment in which businesses (member companies of the chamber) performed in 2014 and what business executives are thinking in terms of their outlook for 2015. Broadly speaking, despite a number of risk factors in economic, social and political terms around the globe, 2014 was a fairly good year of business prospects for most in Hong Kong. But it was also a year of increasing concerns due to growing volatility from multiple directions which made business planning much more difficult and hard to comprehend. The recent political development, “Occupy Central” which lasted for more than two months, is indeed a major concern, according to the survey. The impact varies from business to business: some say it has had a negative effect; others say they haven’t been affected in any way close to their anticipation. Many are, however, worried about the uncertainty of a future direction for Hong Kong and how it can remain a competitive city against others in the region. Hong Kong will remain relevant to the international marketplace because of a strong finance industry and a robust real estate sector, but Singapore and Shanghai have already gained significant traction in becoming a regional center for many multinational companies, a survey respondent reveals. This will undoubtedly have an impact on Hong Kong in future years, particularly when there is complacency on many of the key issues. The least attractive aspects of doing business in Hong Kong from an international perspective are: exponential increases in housing and office rental costs far exceeding the rate of inflation, a continuous shortage of international school places for expats, and environmental problems including air pollution. For some, it has simply gotten “too expensive for what it delivers.” The good news is: Hong Kong is well known for a simple and efficient tax system, a sound legal and regulatory system as well as seamless transportation links in a location well situated as a gateway to China, hence a highly regarded reputation in global commerce. These are also the foundation upon which the world’s freest economy is supported. Can Hong Kong stay ahead of its competition in the coming decade? The answer will be determined by the decisions that are made today.

Hong Kong’s business environment in 2014 was good; challenges amid high cost of doing business lie ahead in the coming year The year 2014 is described to have been a fairly good year for doing business overall. A majority of respondents find Hong Kong’s business environment of the past 12 months to be quite satisfactory: nearly half of them (49 percent) say it was “good” and others (5 percent) give a rating of a “very good” business climate; about one-third (34 percent) say very little change during the year; and a minority (12 percent) believe it was unstable or became worse.

In terms of the outlook for 2015, respondents feel more or less the same, although their views indicate a trend of going slightly downwards in a cautiously optimistic way. Those who believe the coming year will be either “very good” (5 percent) or “good” (43 percent) are less than half; about a third foresee an environment that will remain largely unchanged; and a small number of respondents (16 percent) expect it to be unstable or even getting worse.

Please indicate your/your company's overall assessment of Hong Kong's business environment in the past 12 months:

How do you/your company consider the outlook of the business environment in Hong Kong in the coming 12 months?

Unstable/ Getting worse 12%

Unchanged 34%

biz.hk 1-2 • 2015

Good 49%

Unstable/ Getting worse 16%

Unchanged 36%

Very good 5%

Good 43%

Hong Kong is an important hub for international business in Asia Despite volatility in a challenging business environment locally and globally, confidence in Hong Kong’s role as a strategic center of international commerce and a gateway for trade with China remains intact. In fact, many respondents say they plan to “expand” (46 percent) their business in Hong Kong over the next five years, while a similar number (47 percent) expect “business as usual” in the city. Conversely, only a few are thinking about “gradually reducing” (6 percent) their local operation or “exiting” (1 percent).

In terms of Hong Kong as a major business hub, 75 percent of respondents indicate that Hong Kong is where they have their regional headquarters. Of those, 85 percent reveal an intention of keeping their office in Hong Kong as a regional headquarters over the next three years, while others are “not sure” (13 percent) or “will not” (2 percent) maintain a regional center here. Meanwhile, 92 percent of respondents without a regional headquarters in Hong Kong say their companies are not thinking about establishing one.

What are your company's plans in Hong Kong over the next five years and beyond?

If your office is the regional headquarters, is your company planning to maintain the Hong Kong office as a regional center over the next three (3) years?

Gradually reducing 6%

Business as usual 47%

Very good 5%

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Exit 1%

Expand business 46%

No 2%

Not Sure 13%

Yes 85%

BUSINESS OUTLOOK

BUSINESS SENTIMENT

2014/2015 AMCHAM ANNUAL SURVEY: ANOTHER YEAR OF CAUTIOUS OPTIMISM By Kenny Lau

Please indicate your/your company's overall assessment of Hong Kong's business environment in the past 12 months:

How do you/your company consider the outlook of the business environment in Hong Kong in the coming 12 months?

Unstable/ Getting worse 12%

Unchanged 34%

biz.hk 1-2 • 2015

Good 49%

Unstable/ Getting worse 16%

Unchanged 36%

Very good 5%

Good 43%

What are your company's plans in Hong Kong over the next five years and beyond?

If your office is the regional headquarters, is your company planning to maintain the Hong Kong office as a regional center over the next three (3) years?

Gradually reducing 6%

Business as usual 47%

Very good 5%

biz.hk 1-2 • 2015

Exit 1%

Expand business 46%

No 2%

Not Sure 13%

Yes 85%

BUSINESS INFRASTRUCTURE

BUSINESS VIABILITY

Hong Kong remains competitive structurally; but there are also challenging issues

Tops concerns regarding Hong Kong’s business environment in 2015

Hong Kong’s competitiveness is unquestionably critical to its status as an international business center and a strategic hub in Asia, especially when there are a number of other cities – including Singapore and Shanghai – striving aggressively to become the leading financial and economic powerhouse of the region. It has been a subject of endless discussion in recent years amid a rapid development of neighboring cities into becoming more business-friendly. Does Hong Kong have what it takes to be competitive against other international cities? Yes, survey respondents say, but not unanimously. In other words, there is still much to do in order to remain a highly sought-after marketplace. Those who believe Hong Kong to be “most competitive” (8 percent) or “very competitive” (34 percent) are less than half; about half (49 percent) see a city on par with others; and others say it is “least competitive” (6 percent) or “not competitive” at all (3 percent).

When asked to list their concerns about doing business in Hong Kong in the coming 12 months, survey respondents overwhelmingly cite a number of areas that are considered to have a direct impact on Hong Kong’s competitiveness. They include:

What is your assessment of Hong Kong's competitiveness vs. other international cities in the region & globally?

Least Competitive 6%

Not Competitive 3%

On par with others 49%

Most Competitive 6%

Very Competitive 34%

Taxation Competitiveness of executive remuneration Infrastructure Transportation links Legal & regulatory systems Intellectual property rights protection Gateway from China to the rest of the world Gateway from the rest of the world to China Anti-corruption Fair competition/market access

In recent times, because of a somewhat volatile environment in economic, social and political terms, survey respondents find a number of aspects unsatisfactory – including an exponential increase in housing and office rental costs far exceeding the rate of inflation, a continuous shortage of international school places, and uncertainty in the political development of Hong Kong.

CHINA BUSINESS As a gateway city to China and a springboard for Chinese companies going global, Hong Kong for decades has served the critical role of a business facilitator beyond international borders. Unsurprisingly, many multinational corporations and smaller enterprises established in Hong Kong have strong commercial ties across China. In fact, companies operating in the city, including a large number of survey respondents, have significant presence in major Chinese cities. The most common places in which member companies of

(Percentage of respondents)

Satisﬁed (%) 50.00 66.03 56.96 37.74 51.59 63.64 59.48 57.42 49.68 54.49

Fair (%) 10.26 23.08 46.46 7.55 21.02 22.73 18.95 16.13 27.74 23.72

Not satisﬁed (%) 1.28 1.92 2.53 3.14 3.18 3.25 4.58 7.10 8.39 8.97

Very satisﬁed (%) 6.96 12.66 6.37 3.77 5.77 1.91 2.55 2.01 0.00 0.00

Satisﬁed (%) 44.30 48.73 52.23 37.74 35.26 19.75 17.83 16.11 12.82 6.96

Fair (%) 39.87 29.11 30.57 44.65 33.33 42.68 40.13 42.28 39.10 26.58

Not satisﬁed (%) 8.86 9.49 10.83 13.84 25.64 35.67 39.49 39.60 48.08 66.46

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AmCham have branch offices of their own are Shanghai, Beijing, Shenzhen, Guangzhou and Chengdu. Other cities include Dalian, Qingdao, Hangzhou and Chongqing. In terms of a destination for an AmCham delegation, Beijing, Chengdu, Chongqing, Shenzhen and even Xi’an are the most often cited – indicating huge business potential opportunities in these cities amid China’s “Go West” development plans. Interestingly, there is much less interest for Shanghai, possibly due to its maturing – and perhaps saturated – market.

In which city (or cities) of Mainland China does your company have branch offices? (Choose one or more)

Very satisﬁed (%) 38.46 8.97 24.05 51.57 24.20 10.39 16.99 19.35 14.19 12.82

Versus Availability of high quality personnel Civil service efficiency Cost of doing business (i.e. wages, levies) English language proficiency Consultative process for gov't policies Political system (Legco & District Councils) Political system (Chief Executive & Secretaries) Availability of int'l school places Office rent Housing cost

• Shortage of international school places • Pollution/environmental degradation • Long-term business planning/opportunities • Gateway to China/market access

Hong Kong as a gateway to the growing market of China

Software slackened due to economic, social and political volatility Thanks to a simple and efficient tax system, a sound legal and regulatory system as well as seamless transportation links in a location well situated as a gate to/from China, Hong Kong has been a renowned city – and the world’s freest economy – in which to do business. These are a set of highly integrated infrastructures – physically and intellectually – that have taken years, if not decades, to develop.

• Stability of the political system • Cost of commercial/office rentals • Affordability of residential housing • Availability of high quality talent/personnel

40 30 20 10

Survey respondents also cite six key areas for a continuous dialogue during AmCham’s annual Beijing Doorknock and other meetings with Chinese government officials throughout the year. Market access is by far the most important issue for which they seek to advocate on behalf of their businesses.

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Chinese companies going global, fair competition, environmental protection, protection of IP rights and CSR are other topics for further engagement as part of an advocacy agenda from the perspective of the business community of Hong Kong.

BUSINESS INFRASTRUCTURE

BUSINESS VIABILITY

Hong Kong remains competitive structurally; but there are also challenging issues

Tops concerns regarding Hong Kong’s business environment in 2015

What is your assessment of Hong Kong's competitiveness vs. other international cities in the region & globally?

Least Competitive 6%

Not Competitive 3%

On par with others 49%

Most Competitive 6%

Very Competitive 34%

(Percentage of respondents)

Satisﬁed (%) 50.00 66.03 56.96 37.74 51.59 63.64 59.48 57.42 49.68 54.49

Fair (%) 10.26 23.08 46.46 7.55 21.02 22.73 18.95 16.13 27.74 23.72

Not satisﬁed (%) 1.28 1.92 2.53 3.14 3.18 3.25 4.58 7.10 8.39 8.97

Very satisﬁed (%) 6.96 12.66 6.37 3.77 5.77 1.91 2.55 2.01 0.00 0.00

Satisﬁed (%) 44.30 48.73 52.23 37.74 35.26 19.75 17.83 16.11 12.82 6.96

Fair (%) 39.87 29.11 30.57 44.65 33.33 42.68 40.13 42.28 39.10 26.58

Not satisﬁed (%) 8.86 9.49 10.83 13.84 25.64 35.67 39.49 39.60 48.08 66.46

biz.hk 1-2 • 2015

In which city (or cities) of Mainland China does your company have branch offices? (Choose one or more)

Very satisﬁed (%) 38.46 8.97 24.05 51.57 24.20 10.39 16.99 19.35 14.19 12.82

• Shortage of international school places • Pollution/environmental degradation • Long-term business planning/opportunities • Gateway to China/market access

Hong Kong as a gateway to the growing market of China

• Stability of the political system • Cost of commercial/office rentals • Affordability of residential housing • Availability of high quality talent/personnel

40 30 20 10

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Fifty Years! And growing from strength to strength Crown’s heritage business of household goods moving developed into providing full services to expatriate families in the early 1980s, from helping them find a home and schools for their children, to supporting immigration and getting settled into their new home. Over the last decade Crown has developed again in the area of mobility. Its Crown World Mobility brand consults with multinational organizations in the area of talent mobility. Also in the 1980s, Crown diversified into managing archive storage and retrieval of corporation and government records, through Crown Records Management. This business helps organizations with their information management requirements for the life-cycle of any critical or important documents and digital information. Today Crown records management is the world’s third-largest provider of this service.

rom his high-rise office overlooking Hong Kong harbor, James E. (Jim) Thompson, founder and chairman of the Crown Worldwide Group, is conscious of the great responsibility that a global business brings: “When you start out in business you can afford to be a bit reckless [as there’s] nothing to lose, but when you’ve built up a company your focus needs to change to protect what you have created.” With an empire stretching across six continents in nearly 60 countries, and some 5,000 employees, that’s quite a thing to protect! American-born Jim Thompson left the USA in the mid-60’s with a real desire to see the world and after traveling for a while he settled in Japan to work for a moving company. After a short period of time, he had the opportunity to set up on his own, so on February 4, 1965, he set up a moving company with US$ 1,000. The company was located in a rented room, in Yokohama, Japan. Business grew steadily in the early years and within five years it had a turnover of US$ 1 million.

its head office permanently to Hong Kong where it remains today. Through acquisition and new startups, Crown Relocations developed operations throughout Europe, The Middle East, Africa, Australasia, North and South America. Growth in Asia moving into China in the early eighties then into other developing countries like Vietnam, Cambodia, Myanmar and India. Controlled growth has always been Jim’s philosophy and investing in the markets that Crown operates has been a strategy for the past 50 years. Crown now owns many of the warehouse facilities used to store customers precious possessions and many other valuable items. These are purpose-built and in many cases, the finest and safest found in a particular market.

Now known as Crown, the business set up a second operation in Hong Kong which was starting to boom with investment after the end of the Cultural Revolution. The company then opened operations across Asia: Singapore, Indonesia, Malaysia, the Philippines and Taiwan. By the late-70s Crown moved

Another Crown brand that has been operating for the past 15 years is Crown Fine Art, a specialist service for packing, crating and transportation of fine art on behalf of museums, galleries and private collectors. Crown Fine Art has moved famous pieces including the “Mona Lisa”, Magna Carta, Rembrandt’s “Nightwatch” and the “Girl with the Pearl Earring”, by Dutch artist Vermeer.

Crown Logistics famous for warehousing and moving high-value designer items has operations throughout China and Hong Kong. In 2003, Crown Wine Cellars opened for business, storing fine wines in a former military bunker based in Hong Kong, a UNESCO World Heritage site. Apart from offering the finest conditions for wine storage, this business has become a prestigious Hong Kong social venue for events and wine tastings. Jim Thompson was Chairman of AmCham in Hong Kong (2002 and 2003) and served as a member of the Hong Kong Forum and Vision 2047. He is currently a member of a range of committees such as the HK ICAC Advisory Committee on Corruption. He also chairs various educational institutions such as San Jose State University Business School and the Asian Youth Orchestra. He has been awarded the Gold Bauhinia Star, Hong Kong’s second highest award by the Hong Kong Government and recently was awarded The Lifetime Achievement Award by DHL/SCMP Hong Kong Business Awards 2014. He is dedicated to making the world a better place through CSR activities within the communities in which Crown operates. February 4, 2015 sees Crown Worldwide celebrate its 50th Anniversary. So what does Jim Thompson consider to be the likely future for his company? “The future is very bright,” says Mr. Thompson, “because we’re stable, so financially secure and have a solid management team to continue to take the company forward. It’s a brand people trust, which has for 50 years upheld important values.

For more information on the Crown Worldwide Group, look online at: www.crownworldwide.com

biz.hk 1-2 • 2015

For more information on the Crown Worldwide Group, look online at: www.crownworldwide.com

biz.hk 1-2 • 2015

HUMAN CAPITAL

Photos: Silver Image

23rd Annual AmCham Human Capital Conference

Platinum Sponsors:

A Discussion on Building a Collaborative Culture and Driving Business Results through Teamwork 20

biz.hk 1-2 â&#x20AC;˘ 2015

Gold Sponsor:

Bronze Sponsors:

biz.hk 1-2 â&#x20AC;˘ 2015

Silver Sponsor:

Media Partner:

HUMAN CAPITAL

Photos: Silver Image

23rd Annual AmCham Human Capital Conference

Platinum Sponsors:

A Discussion on Building a Collaborative Culture and Driving Business Results through Teamwork 20

biz.hk 1-2 â&#x20AC;˘ 2015

Gold Sponsor:

Bronze Sponsors:

biz.hk 1-2 â&#x20AC;˘ 2015

Silver Sponsor:

Media Partner:

Karen Koh

Sara Yang Bosco

Are Teams Driving Superior Business Performance? By Kenny Lau

he discussion of “teams” and “teamwork” is often associated with competitive sports teams in the sense that they are wellorganized and are very strategic in what they do. The typical scenario: everybody has a role to play amid a unique kind of chemistry and camaraderie, said Karen Koh, Founder of Intermedia, in her conversation as moderator of a dialogue with Sara Yang Bosco, President of Emerson Electric Asia-Pacific. How does it relate to driving teams for superior business performance? There are certainly many common principles between sports teams and corporate teams, says Bosco. They include discipline, commitment, loyalty and hard work, to name a few. “The makeup in sports teams can be

quite diverse. In some sports, you have people coming from all over the world and playing together.” As a result, “there are differences in language and culture, and they may not even be friends when they are not playing,” she says. “But once they get on the field, magic happens and they are able to come together because of a common goal.” Similarly, one of the main objectives of corporate teams is to achieve a common goal, Bosco points out. “Everybody is clear about what they’re doing and what their part in that objective is. You have the same dynamics of a sports team: lots of different people, and they aren’t necessarily friends of one another. That’s why we see a lot of emphasis on sports when we talk about driving teams for results in corporations.”

Why & How? As president in the Asia Pacific region for a global B2B business which has largely driven a way of life far more efficient and productive through endless R&D and adoption of technology, Bosco is well aware of the critical component of team collaboration. “I think everybody wants to be part of the team, especially a winning team, and you want to feel that your participation is valued and is advancing the goals of the team.” “If I can get people to think alike – and people don’t have to think identically – and to understand the goal, then I feel I’ve done my job, and I feel everybody is able to have a sense of team participation,” she says.

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Most corporations have a variety of ways to develop their teams to achieve a goal, and one way is by simply imposing a set of mandates, Bosco points out, noting for example a company-wide Emerson initiative called “perfect execution,” an end-to-end look at “understanding the customer’s needs, our design and execution of solutions and products to meet those needs, and how we measure ourselves.” “The initiative may not seem very team-oriented, but in fact if you’re looking holistically at a company like Emerson where we do R&D, supply chain, manufacturing, sales and postsale service, you’ve got to bring everybody together,” she explains. Organic growth – for which employees see a need and feel motivated to add value to a company – is another way of how teams are formed. “A good example is our large facility in Xi’an, China where it was originally set up as more of a back-office support service center,” Bosco notes. “Our people there believe they can do a lot more, and they initiated to play a larger part in our own internal food chain and implemented a number of activities and initiatives to drive collaboration in the organization.” “What we do is to provide an environment where people can bring up ideas and suggestions, and we really want to create a place where people can and do make a difference,” she says. “In many cases, they are not told to do it, but just feel they need the access to other expertise in other parts of the company. So, they create their own teams.”

Employee Engagement A critical component in driving a team towards success is people, and how they can be engaged to feel being part of a team. A strategic line of communication is key, Bosco says. “In our company, it really starts with our CEO David Farr. He has what we call the Office of the Chief Executive (OCE) – it is made up of the top five or six leaders of the company, and they act as a team.”

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“It then feeds down into the organization through our planning process, which is extremely rigorous,” she says. “We set goals and objectives with our staff and communicate what it is that we’re trying to accomplish, and our people incorporate that in their day-today activities within the company.” The challenge, tough, is that sometimes employees do not necessarily engender behavior conducive to teamwork all the time, Bosco acknowledges. “Everybody wants to be an individual contributor. At the end of the day, people want to be compensated for what they do, not what somebody else has done. That’s always a challenge, and it takes a mindset change through a fair amount of communication.” And, it can be a very “thorny” process to integrate a new team of people from an acquisition of an external business into an existing system, she says. “This is not unique because there are differences. In our process, certain things must be done in the first 90 days: compliance, ethics, and other training. Then, the financial aspects of the business get incorporated very quickly.” “For us, an acquisition has to be relevant to one of our five company platforms,” she adds. “It gives the new team a sense of belonging, and the receiving team a sense of accountability. The key is the training that we do at the very front end.” A job interview will tell very little about someone’s ability and willingness to collaborate within a team, Bosco cautions. “You are only going to spend at most an hour in an interview. Even if the person is doing rounds of interviews with four or five different people, do you really know how that person can interact in a team?” she says. “Unless you just throw them into a situation and see how they do, you really don’t know.” How do you know someone will do well? There has to be certain core expertise, or expertise in something, as well as adaptability, Bosco suggests. “How are you able to adapt to circumstances and challenges? If you’re successful in your previous job,

chances of you being successful in your next job are pretty good.”

“I” vs “We” While teamwork is the collaboration of a group of individuals, it is not a simple formula by which a sum equals all the parts put together, largely because of the individuality of people. “Everybody has an ‘I’ in them; otherwise, you wouldn’t be part of the team,” Bosco believes. “How much of that comes to the front or how much of it you have to put behind is something everybody has to balance.” “Sometimes you need the ‘I’ to come out – it takes someone to move a team to move into a different direction if it gets stuck so that everybody can follow along. That’s how leaders are identified,” she says. “If the ‘I’ comes out too much, it starts to have an impact on the dynamics of the team, and you start having fragmentation.” “In that case, you need to recognize that the person will probably have to leave the team or the roles have to be redefined in order to try to mitigate against the tendency of that person,” she adds. “He or she may still have tremendous strength that they bring to a company. You just have to figure out how to get it work in a particular kind of environment.” The size of a team is also factor whether individuals can unleash their potential, Bosco points out. “In a big team, those who tend to be quiet will stay quiet, and those who tend to be out there in the front will definitely be out there in the front. In a small team, people can’t really hide, and they feel they’re part of a bigger objective as each person is a much greater piece of the whole.” “It’s really our job to figure out how we can best engage our people, how we get them involved in other things that not only expand their role but allow them to continue to contribute,” she says. “Sometimes it does mean taking them off the team or moving them from one platform or region to another. It is really a balancing act of trying to bring them together.”

Karen Koh

Sara Yang Bosco

Are Teams Driving Superior Business Performance? By Kenny Lau

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chances of you being successful in your next job are pretty good.”

Arthur Bacci

Team Works! By Kenny Lau

aving played in and coached numerous sports teams over the years, Arthur Bacci strongly believes in teamwork. As Head of Principal International’s Hong Kong Group, he just can’t underestimate or understate the value of teamwork and a strong culture to the success of any organization. Teamwork – or strategic collaboration – has been pertinent to the business success of The Principal Financial Group, a 135 year-old institution headquartered in the US Midwestern town of Des Moines, Iowa and established internationally across some 18 countries, with a diverse portfolio of asset management worth more than US$320 billion. In fact, it is a Fortune 500 company, despite a humble beginning in America’s farmland in the late 1870s.

“One of the great things about Principal is our culture,” Bacci said in his remarks at the Human Capital Conference. “We truly believe in collaboration – and it’s been especially helpful as we’ve grown our international business over the last 10 years. It’s now about a quarter of our business.” “As you go across international boundaries, you have to establish a global mindset. Communication and collaboration with people around the world becomes more important than ever,” he says. “It is the approach we’re taking in how we manage and lead, and what to expect of our leaders.” “It is a coaching culture where as a leader it is not only about getting the job done and managing people but also about helping others become successful,” he adds. “Success – including what they want to achieve – should be

defined by the employee, not the leader.”

Talent Management While business objectives are essential, employees have to be able to feel comfortable that they’re progressing in their career, Bacci believes. “We see the trend of an aging population from our savings business, and as an employer we see the challenge of recruiting and retaining staff in a world that is becoming much more competitive.” “I don’t care what business you’re in or what sports you play, it takes a team to be successful,” he says. “In the traditional Chinese sport of dragon boat racing, you have a drummer who sets the tone and a lot of paddlers who actually have a different responsibility in the front, middle and rear sections,

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but they have to work together. There is no such thing as an individual effort.” “Even a professional athlete competing on an individual basis, there is always a coach, a trainer and a equipment person as well as a group of fans and supporters behind the scenes. They are not visible but they are part of the team,” he further says. “There are a lot of people in an organization who don’t get visibility, who aren’t seen by management or the customer, but we would not be successful without them.” The biggest responsibility of a leader is to mobilize and guide the energy and talent of individuals to act as a group for the pursuit of a common goal, Bacci notes. “Acknowledging everyone’s role in any organization as a part of the team is critical,” he says. “If we can’t do that, then all the individual efforts won’t overcome the lack of teamwork.” Naturally, employees are all different. “Some will buy into your strategy and culture, and they are with you a hundred percent of the way. Then you have a small group – and hopefully just small – that you will never be able to win over,” he says. “The rest are what I call the potential mutineers. They usually make up the largest portion of your employee base, and they are the ones you would need to convince.”

Team Structure Partly because of the regulatory requirements in the financial services industry, there are several companies within the Hong Kong group of Principal International, all responsible for distribution of various products. What’s interesting is that employees often identify themselves with their individual company, despite all being part of The Principal Financial Group, Bacci points out. The process of merging these entities, however, is no easy task. “I thought it was going to be pretty easy, but it really was a little shocking to some employees,” he says. “So, we put together a task force, filled it with

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people from different parts of the organization and made them work together, and we wanted to re-energize our sales and marketing efforts.” The initiative was to allow employees to come up with their own ideas and be the owner and customer of the business – what initiatives they would undertake to drive the business forward and what they see as critical to their customer base. It was up to them to decide. “It can be scary for employees, and it can be scary for management,” Bacci says. “But they really came up with some wonderful ideas, and we were behind the scenes supporting them through mentoring and coaching. We wanted our employees to drive the initiatives and wanted them to understand what was important to the business, what would grow the business, and how they would advocate on behalf of their initiatives.” The exercise became a window of opportunities for employees to experience other functional responsibilities – be it finance, human resources, operations or communications. “It really opens up their minds quite a bit, and you start to develop future leaders because they now have multifaceted experience and a broader view,” he says. “They need to have the exposure to other parts of an organization as too often we see people in the same track for 15 or 20 years doing the same job.” “We certainly had business objectives we wanted to achieve, and we definitely gained a lot,” he adds. “What resonated with me the most was that our people got to know their colleagues better. All of a sudden, it became a personal relationship. People would go to lunch together and talk about business or other personal items, and they became much closer as a team.”

Cross-functional Empowerment

A financial institution is ultimately a business of people and about people. It is about delivering outstanding customer service, Bacci stresses. “You

can focus on sales and marketing, but it doesn’t do a lot of good if you’re selling and at the back end customers are leaving because it isn’t what they expect. We look at what we sell and what we say as a promise, and if we can’t deliver, then we really aren’t any good.” Hence, an emphasis on the customer experience continues with a company-wide initiative to bring people together from different entities and departments across international boundaries to think together about the ultimate customer, he points out. “If you are in accounting, you may never have to deal with the end customer, but someone in your organization does.” “Yes, we have sales, marketing and relationship managers, but they are supported by a team of people behind them, and they have to work together to fulfill the customer’s expectation and our promise to the customer,” he says. “There needs to be a mindset that you have a customer regardless of what role you play or what responsibility you have.” It is largely strong and effective communication for a collaborative culture, Bacci emphasizes. “I do believe we can have a better outcome because we listen to each other, and we’re relying on our employees to drive our initiatives. I call it ‘ways of the employee,’ as they want to come to work knowing they’re making a difference in someone’s life. You have to be passionate about what you do.” “Within our group in Hong Kong we have multiple companies for different roles and functions, but what I really want to achieve is the sense of one Principal, one entity working together as we empower employees to make decisions, take initiatives and move forward,” he says. “I fully anticipate there will be errors and mistakes, but they will not be held responsible because that’s my responsibility.” “Some of the best lessons I’ve ever had in life come from mistakes,” he adds. “We want them to experiment and we want them to be innovative. The only way we can do that is to create an environment of trust and support.”

Arthur Bacci

Team Works! By Kenny Lau

defined by the employee, not the leader.”

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Cross-functional Empowerment

A financial institution is ultimately a business of people and about people. It is about delivering outstanding customer service, Bacci stresses. “You

The Power of Many: How to Use Teams to Drive Superior Performance

CEO Panel: (From left) Mitya New, Evan Auyang, Maaike Steinebach, Cecilia Zhang, Joy Xu and Michael MacLeod Clare Allum

On a highly engaging and informative platform, senior business executives – including CEOs, thought leaders and senior HR practitioners – share their ideas and best practices on team performance based on years of management experience in building a collaborative culture and driving business results for an in-depth discussion at AmCham’s 23rd Human Capital Conference

Panel 1: (From left) Masanori Takeuchi, Mitya New, Stephen Kao, Trey Davis and Alla Semiletova

By Kenny Lau

eams are the driving force behind any organization – from small partnerships to NGOs, from SMEs to MNCs. Human resources are most effective when employees are able to work closely as a team, regardless of the function for which the team is designed. Conversely, when team members don’t work well together, performance and productivity will simply suffer, a case in which no one wins. “It only takes one individual not to be engaged, not to be interested, or not to be high-performing to destroy or harm a team,” says Clare Allum, Tax Talent Leader for Asia Pacific at EY and AmCham’s 2014 Human Capital Conference Chair. “It really shows how important it is that we get teams

right and that we drive our teams to be functional and effective, particularly when we’re talking about leadership teams in an organization.” “Teams really matter in today’s world,” she stresses, highlighting the results of a recent survey indicating the issues of teamwork so complex and critical that a team is needed to resolve them. “You couldn’t do it with individuals by themselves. Interestingly, we have also identified that companies with greater reliance on complex, diverse cross-border teams are more successful.” “One thing is clear: almost all teams do reflect real diversity – diversity in terms of gender, culture, and with multiple generations working together in the workplace,” Allum says. “They also reflect different behavioral styles and different ways of working

together regardless of what culture or background you come from.” “Even so, we often don’t take advantage of this diversity, of this richness to really drive high performance,” she also notes. “The focus is, therefore, how we can take our teams and individuals in our teams to the next level.”

Leadership in Teams The most important person in a financial institution – or any servicebased organization – is the client, for whom there is not one individual but a team of individuals in relationship management, says Maaike Steinebach, Chief Executive, Hong Kong Branch of the Commonwealth Bank of Australia. “It’s actually a team, and

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these teams are often cross-border, cross-product and cross-discipline. It’s very much about operating teams within the matrix.” “We spend a lot of time on collaboration and communication, and we make sure that people know each other and understand what they are supposed to be doing collaboratively,” she says. “We actually look for people with the right mindset and attitude who are very eager and keen to get the job done and to bring a team to the next level.” Furthermore, “if you have diversity in your team and can get your team to function well, it will lead to high performance in its own right,” Steinebach believes. “What you need is an environment where people know each other, trust each other, and can bring in ideas.”

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Team performance, however, is also dependent strong leadership, says Michael MacLeod, Chief Executive, Hong Kong Philharmonic Orchestra. “Who’s conducting is arguably the most important thing in a large symphony orchestra. For our musicians – who literally come from all over the world – what counts is whether they can play.” “A truly great orchestra is full of star players, and they need a strong conductor to make a musical statement that sort of suppresses the individual ego and creates a true team performance,” he points out. “It is a very interesting balance, and if we didn’t have a team spirit, then the concerts would be no good.” In other words, it is about having the right people with the right skills in the right position at the right time doing

the right things, says Joy Xu, SVP & Chief Human Resources Officer (Asia Pacific) at PepsiCo. “Top performance is not necessarily just about outstanding business results but is also about strong leadership in an organization. Only then can you deliver sustainable results.” “Because we operate across so many different markets, an inclusive environment where people’s voices are heard becomes very critical,” Xu adds. “And we lead by following our values – the guiding principles that allow people to align to our common goals and to succeed together. It is very important for us because no objective can be achieved without seamless teamwork.” For Evan Auyang, Deputy Managing Director at the Kowloon Motor Bus Company, teams on multiple levels are even more critical as to how it functions as one of Hong Kong’s key public transport systems on which hundreds of thousands of daily commuters rely to get to their destinations promptly. “We focus a lot on our performance, and we respect diversity in our workforce,” Auyang says. “When you’re operating or trying to reorganize a particular set of bus routes, you’ve got to have the right people because it is pretty technical. At the board level, you want a lot more diversity; if people all think alike, your company will only go in one direction because you don’t question your presumptions.” Diversity is not only for gender or nationality but also different kinds of education and cultural backgrounds, Cecilia Zhang, Managing Partner of Greater China Advisory at EY, emphasizes. “You need diversity to make your company even more powerful than before and to make your DNA a little bit different from yesterday in a changing world.” “The question then becomes: how are we going to incorporate new ideas into a legacy? That’s a challenge,” she notes. “It is a delicate balance. Top performance and experience are very important to the success of a business, but if you find something wrong in the organization, you need to take a much closer look. The key is to know what’s right for your company and to make it happen.”

The Power of Many: How to Use Teams to Drive Superior Performance

CEO Panel: (From left) Mitya New, Evan Auyang, Maaike Steinebach, Cecilia Zhang, Joy Xu and Michael MacLeod Clare Allum

Panel 1: (From left) Masanori Takeuchi, Mitya New, Stephen Kao, Trey Davis and Alla Semiletova

By Kenny Lau

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Ltd. “In terms of compensation and rewards, you can think about having some element or a percentage of reward based on individual contribution and another percentage based on team contribution. You can also recognize more frequently little successes of your team in moments of joy.”

Measuring Teams When it comes to measuring team performance, it becomes harder because a team might have achieved great results but there might also be a couple of people who did not pull their weight, says Mitya New, Managing Director of consulting firm Leading Organisations. “Part of the problem is when you are solely measuring the results but not in terms of the quality of collaboration,” he points out. “There should be a focus on team enablers because if a team is working effectively, it will produce results.” Team performance is a simple issue for some and a difficult one for others, notes Alla Semiletova, Managing Director of Mercedes-Benz Financial Services Hong Kong Ltd. “What you need is different matrix to measure different aspects of performance. The measurement of performance is one of the key things that a leader needs to focus on because it drives all the other pieces together.” “We also need to think about the objective and how we can drive a change,” suggests Masanori Takeuchi, Managing Director of COACH A (Hong Kong) Co Ltd. “The goal is to define your objectives and results. You have to keep them in mind when you’re designing the measurement.” “When you are looking at measurement of team performance, you need to have an understanding of the purpose of the team,” says Trey Davis, Director, Executive Compensation, Towers Watson. “It is a very simple question but can yield a very complex answer. You want to look at factors including competencies and behaviors as part of the whole team culture.”

Diversity in Teams In recruiting for diversity, people naturally focus on someone different to increase the value of a team. But a more important question is whether the team is ready for diversity, notes Margaret Choi, Director & Head of

Technology in the workplace

Panel 2: (From left) Margaret Choi, Clare Allum, Anne-Marie Balfe, MaryAnn Vale, Elizabeth George, Linda Garrett and Matthew Long

The future ways of working: Sundi Balu, left, and MaryAnn Vale

Panel 3: (From left) Amy Benger, William Kooser, Lelia Konyn, Sang-Chul Lee and Ikhlas Bidau

Organizational Effectiveness (Asia Pacific) at Swiss Reinsurance. The fact that job descriptions are increasingly becoming irrelevant is indicative of the notion that it is not necessarily about the skills but a cultural fit, Choi points out. “Diversity is surely going to another level but it isn’t so easy to grasp. That’s when a leader comes in – does he or she believe in diversity?” Many hiring decisions are actually a result of an unconscious bias, but “if people are not aware of their biases, they will hire to their likeness and end up with a homogenous team, and it won’t provide you with the same level of creativity with having a diverse team,” Anne-Marie Balfe, Talent Leader for Financial Services (AP) and Asia Pacific Diversity and Inclusiveness Leader at EY, cautions.

“What awareness programs often do is to help people move the bias from the back of their head as an unconscious piece to the front of their head and make it a conscious piece,” she explains. “Sometimes we need people in the room asking a lot of questions to ensure decisions are made in an objective way.” Once people are onboard, “everyone needs to understand his/her own behavioral style and the style of other teammates to be able to function effectively,” Clare Allum of EY suggests. “We think we know ourselves, but we don’t necessarily see ourselves other team members do. Once people know your behavioral style, they will become more comfortable working with you as a team.” And it will not happen “unless you have a conversation trying to know the individuals of a team and to under

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stand their individual and collective goals,” says Elizabeth George, Professor of Management at HKUST. “It is a constant understanding of who you are and how you are different because people change in their thinking over time.” On the debate of the global vs local issue of talent acquisition, companies need to understand what is required at the local level, Matthew Long, Head of Structured Origination, Global Markets for Asia Pacific, Europe & America at Australia and New Zealand Banking Group. “Can a firm become too local? What is the end point of the global vs local extension?”

Effective Teams One of the challenges in team engagement is how to convince

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business leaders at various levels in an organization to take ownership and get people to believe in the concept. Solutions? Some of it is around releasing information about results and scores quite openly and creating a dialogue, suggests Amy Benger, AsiaPacific Organizational Development Leader at EY. The other is to identify the gap, particularly in a dysfunctional team, says Ikhlas Bidau, an executive coach and facilitator with Progress-U Ltd. “Is it because of certain conditions relating to skills, systems or tools? Are people willing to contribute to the team? We really have to try to understand what’s driving the collective behavior of a team before we can turn things around.” Another is the level of trust, SangChul Lee, Head of Asia for EF Education First, points out. “With people of different cultural backgrounds, it can be difficult to sell your ideas, but if people are able to share their stories, it does create a higher level of trust.” The dynamics of a team is also a key performance indicator, notes Lelia Konyn, Director of Alpha Ocean Assets

Technology has enabled the collaboration across the globe even as teams are spread out across the world, and it is driving a cultural change in the future ways of how people work. “It’s about improving productivity, fostering collaboration, and driving innovation across our global workforce,” says MaryAnn Vale, Head of Talent & Organization Development, International, Telstra. It is a cultural progression in three key areas: people – a behavioral change in how work is done; workspace – a physical environment more conducive to collaboration on a local context; and technology – an unprecedented way enabling teams to work across functions and across geographies. “The first thing is that there are no offices and a breakdown of hierarchy in the workplace,” Vale notes. “Everything is designed to allow people to self-determine how they work and teams to collaborate in a flexible way.” “Our research tells us that people want mobility, and they want easy access to data,” says Sundi Balu, Chief Information Officer, International, Telstra. “What we’re delivering right now globally is the capability for any individual in any office in any country to be able to collaborate across time zones, look at the same document, visually see the other person, and do it in a manner that is seamless.” “From an employer’s perspective, there is a reduction in expenses, and gains in productivity,” he highlights. “From an employee’s perspective, there is flexibility. The tools are becoming available for a user experience where employees are no longer constrained to a physical environment.”

Technology in the workplace

Panel 2: (From left) Margaret Choi, Clare Allum, Anne-Marie Balfe, MaryAnn Vale, Elizabeth George, Linda Garrett and Matthew Long

The future ways of working: Sundi Balu, left, and MaryAnn Vale

Panel 3: (From left) Amy Benger, William Kooser, Lelia Konyn, Sang-Chul Lee and Ikhlas Bidau

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Effective Teams One of the challenges in team engagement is how to convince

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EDUCATION

US STUDENT AMBASSADORS TO CHINA:

100,000 STRONG

The 100,000 Strong Foundation – aiming to get more US students to study in China for a deeper understanding of Chinese culture and history – is nurturing the next generation of American and Chinese youth on the grassroots level as a way to strengthen the US-China relationship. Through a first-hand experience on the ground, American students not only are the “best messengers” of the US mission in a bilateral relationship but are also prepared to become future leaders

By Blessing Waung

hen President Barack Obama visited Shanghai on his first trip to China in the early days of his presidency in 2009, he faced myriad issues pertaining to the US-China relationship. However, he wanted to come to China with something positive, despite areas of disagreement. There, he vowed in front of thenPresident Hu Jintao that by the year 2014 America would aim to send 100,000 of its students to live and study in China, calling it the 100,000 Strong Initiative. According to former Secretary of State Hillary Rodham Clinton, who was involved in the 100K Strong Initiative, the goal was to launch a “permanent, independent, nonprofit organization focused not only on our goal of 100,000 American students in China, but on continuing the strength of student exchanges for years to come.” The year has come and gone, and the US has officially surpassed its numeric goal. Does that mean the work stops there? Carola McGiffert, President of The 100,000 Strong Foundation, says no. Though the eponymous number was the Obama administration’s original aim, the foundation reached numeric goal in July, according to student visa statistics of the Chinese government. However, she believes the organization still has more work to be done.

History in the making According to a 2014 report by the Institute of International Education, more than 274,000 students from China are currently studying in the United States, comprising 31 percent of the total international student population. India trails behind with 102,000 students. “There’s a natural tendency for Chinese students to go to America,” says Robert Roche, past chairman of AmCham Shanghai and a member of AmCham Japan’s board of governors, is one of the 100,000 Strong

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Foundation’s advisory council members, which also includes such names as Rahm Emanuel, Jon Huntsman, Henry Tang and will.i.am. “The same natural tendency doesn’t exist for American students going to China.” In comparison, China is the fifth most popular destination for American undergraduates to study abroad, trailing exclusively European destinations: the United Kingdom, Italy, Spain and France. McGiffert, who visited China for the first time when she was a high school student at the famed Sidwell Friends School in Washington DC, believes in the foundation’s mission because of how transformative her experience in China was. To anyone she meets, she states that no relationship is as consequently as that of these two countries.

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She later went on to receive her master’s degree in Chinese studies from the Johns Hopkins School of Advanced International Studies. Her cousin, Frances Fremont Smith, was one of the first-ever American teachers (post-WWII) to live and teach in China, in Changchun, a city in northeastern China. Originally having signed up for a two-year contract, her stay in China has now extended beyond 30 years. “I hope students catch the bug,” Roche says. “A lot of people come to study for half a year, and it’s a nice memory they tuck away, but it’s the ones that get it that turn it into a career. One out of ten probably do that; if you convert 10 percent of those people, that’s 10,000 people committed to the [US-China] relationship.”

Carola McGiffert

EDUCATION

US STUDENT AMBASSADORS TO CHINA:

100,000 STRONG

By Blessing Waung

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Carola McGiffert

have an experience abroad while still in high school. In fact, very few high school students in the US have the opportunity to travel outside of their state, let alone the country, so traveling to China is beyond the sphere of their imagination. The Chinese government offered 30,000 scholarships for American students to come study on their campuses, anywhere from high school to short-term summer camps, all the way to postgraduate studies. McGiffert says that these efforts signify that China acknowledges it is also in their country’s best interests as well. In 2012, when it was known that Secretary Clinton would be concluding her first term and leaving office, some of the initial corporate sponsors of the 100,000 Strong Initiative such as the Ford Foundation, Coca-Cola and Citigroup said they had invested much into it because they thought it was critical for their future hiring base. Thus the 100,000 strong foundation was born.

“Students are on the front lines of charting the future of our relationship” is one of the foundational quotes from Secretary Clinton, showing that the mission of the 100,000 Strong Foundation is focused on education, but is also a bilateral relationship of its own kind. First Lady Michelle Obama also gave her support to the endeavor, stating that the organization “isn’t just about relationships between our governments and our presidents, it’s also about relationships between our people.”

Expanding a pool of talent The foundation hopes that in addition to learning Chinese Mandarin American students will immerse themselves in the culture by creating friends with local people, instead of just staying within their comfort zones. McGiffert vehemently disagrees with the idea of foreign-student dormitories, and was very excited to hear last year when she visited in September that Peking University is

planning new dormitories to mix international students and local Chinese for the first time. “Hopefully they’ll make some friends! I hope that’s a trend that will continue,” she says. “There’s a possible positive trend in that China is really working to develop its own technical college sector based on the United States’ unique community college system,” McGiffert points out. “There’s a lot of exchange now on the academic and administrative level that I’m hoping will evolve in some exchanges, because the Chinese want to learn from us,” she says. “There are Chinese going to community colleges in large numbers. We’re hoping that will start to have an effect.” According to McGiffert, the demographic of students able to study abroad currently is typically Caucasian, from an upper-tier socioeconomic class, and enrolled in a four-year university or college. Though she will continue to encourage those students to study abroad in China, another segment of

students she is focusing upon is those students who wouldn’t otherwise have the chance to study in China. “One of the stats that always stuns me is that almost half of American undergraduates are enrolled in community colleges. That’s half of our future workforce,” McGiffert says. “And yet, community colleges don’t typically have a lot of language offerings or study abroad. If they do, they’re not tailored toward the typical community college student. They often have families, jobs, and are not able for a variety of reasons to just take off for a semester to come study in China.” “We’re really looking at ways in which we can expand the pool to make sure we’re getting the brightest students of all backgrounds,” McGiffert says.

An exchange of mutual benefits Additionally, though many American students think of study abroad as a privilege that occurs in their college years, many of their international peers

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“There are tons of bilingual people, but there is a dearth of American bilingual people,” Roche says. “I think that America needs to be present overseas. We cannot rely on other countries to be the voice of America.” “The American experience is something that is a key ingredient to the world economy,” she says. “If we do not have bilingual people who can function at high levels in China, it will be a disadvantage to our country. It’s a competitive issue.” As for how it affects companies in Hong Kong, Roche says it’s even more important because of the regional role that the city plays in China’s future. “It’s going to directly affect them because they’re going to have to hire the people,” she believes. “They are going to need not only people facing China but people in China.” “China doesn’t let some of our students stay and work, because we don’t let their students stay and work,”

she points out. “This reciprocity is tit for tat. But there are ways to deal with it.” “[Our original] goal has been reached, but it’s not time to stop, it’s time to double down,” McGiffert says. “The Chinese government has set out a goal to see 500,000 foreign students on its campuses by 2020. They hope that a large proportion of those will be Americans and from Western Europe.” “They see this as part of their strategy to make their universities world-class and to be listed on the top 10 universities in the world, and bringing American faculty and students to their campuses is a way to do that,” she notes. “There’s genuine commitment and interest on the Chinese side, we just need to do a better job on the US side.” “It’s not just a feel-good, ‘Have a nice trip,’” McGiffert stresses. “It’s about building skill sets that will benefit the individual students in their professional and academic careers, but also America as a nation.”

An exchange of mutual benefits Additionally, though many American students think of study abroad as a privilege that occurs in their college years, many of their international peers

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INSURANCE & HEALTHCARE

Lennard Yong

A Savior in Times of Uncertainty Present in Hong Kong since 1995, MetLife – one of the foremost life insurance providers in the United States – is celebrating the company’s 20th anniversary this year. Newly appointed as CEO of its operations in Hong Kong, Lennard Yong speaks candidly about “doing something that fundamentally changes people’s lives”

By Blessing Waung

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INSURANCE & HEALTHCARE

Lennard Yong

By Blessing Waung

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ith the many uncertainties of life, there are very few things that can be guaranteed. Insurance, then, is one way to ensure that life’s curveballs don’t throw things off track. One American company wants to help Hong Kong residents keep everything as stable as possible. One of the foremost life insurance providers in the United States, MetLife has been present in Hong Kong since 1995, and is celebrating the company’s 20th anniversary this year. MetLife is a household name in the US and in Asia; it is the top foreign life insurer in Korea (based on gross

written premiums) and the second largest in Japan (calculated by annualized new premiums in statutory filings). The company is seeking to be number one in Hong Kong, one of its target markets, with both aggressive hiring and marketing campaigns. Last year, starting at the top with the appointment of Lennard Yong as CEO of its operations, the company saw a rebranding and reinvigoration of the company’s presence.

“It’s been an exhilarating 12 months, with a lot of fun,” Yong says. “Our objective in 2014 was to make MetLife relevant in Hong Kong. So far, MetLife has been very low profile, and one of the key things we wanted to do was to position [the company] not where it is, but where it should be. In the US, it is the preeminent brand, and we want to restore or bring a

much stronger presence here in Hong Kong.”

A business and beyond Yong, who started his career banking in Australia, said he switched industries because he wanted to be associated with an industry closer to the customer, by “doing something that fundamentally changes people’s lives.”

“In life, we’ve all had different challenging moments,” Yong says. “I was myself personally a beneficiary of an insurance policy that was paid out, so I understand what it means to be a recipient of the insurance benefits.” “When the opportunity came up to join ING in Australia, I thought I could really contribute to moms and dads,” he adds. “It was good for my career, but there was something inherently good as well for society.” Arriving in Hong Kong in 2005, Yong has learned the landscape quite well. Services such as private banking and asset management are key to the foundation of Hong Kong, to be sure,

Yong says, but life insurance is up there alongside them. And while other service providers have struggled, especially during the Asian financial crisis, insurance has remained a safe bet. “How many sectors in an economy of any country could have double digit growth for ten years, especially right around the financial crisis?” he asks. “Hong Kong is one of the most sophisticated markets in Asia, and the consumption of life insurance here is pretty substantial.” “Each year, we have US$32 billion of life insurance premiums going through the economy. The economy of Hong Kong is about US$260 billion, so if you do the numbers, about 12 percent. I would regard this as one of the most highly penetrated markets.”

Market sophistication Though MetLife has built a solid foundation in Hong Kong, there is much more to be done. According to Yong, the insurance industry has been growing year-on-year at about 14 percent, with double-digit growth that has been going on for the last 10 years. “Hong Kong is a great place for life insurance,” Yong says. “What’s driving us to drive harder is because we have a significant opportunity to provide for the needs of people here as well as the people who come from elsewhere, including the Mainland. “It’s less about reacting to competition, but more about figuring out what MetLife should be,” he believes. “We thought we can bring about better products and services and present a fresh brand to Hong Kong.” For example, the most obvious of such products is a RMB savingsoriented product, and RMB endowments as well, products that are not available in the US. According to Yong, the RMB Universal Life program was the company’s product of the year. “Based on previous statistics I’ve seen, the most penetrated market in terms of insurance percentage of GDP in Asia is Japan, then Taiwan,” Yong says. “Hong Kong is somewhere up there.

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much stronger presence here in Hong Kong.”

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Some of the newer markets include Vietnam and Indonesia. China is also growing very rapidly. The Chinese consumer in general has a strong appreciation for preservation of wealth and passing legacy onto the next generation.” “The understanding and the perception of life insurance have been quite easy because of the cultural nuance. It’s complementary to what we provide for Hong Kong people,” he says. “Let’s not forget the Hong Kong consumer. But a lot of the things we’ve developed for this market seem to be well-liked by the Mainland consumer.” There are in fact many Mainland Chinese customers who come to Hong Kong to invest in such products. “At the end of last year, about 16 percent of the sales across the whole market of Hong Kong emanated from Mainland visitors,” Yong points out. “Mainland Chinese are increasingly astute in their buying behavior.” “They obviously have needs that are met in the Mainland, but those who appreciate more sophistication and want a little more of a difference are opting to come here and explore financial service opportunities,” he says. “Certainly for MetLife, we want to

participate in this market and support that consumer segment.”

A proven record Competition is stiff, with many local competitors, but Yong believes that MetLife’s ironclad track record gives the company an edge. “In western economies, often, life insurance is generally a function of tax planning,” Yong postulates. “So the drivers in other societies are slightly different, and it can be driven for the need for annuities such as 401k in the US and super-annuation in Australia.” “Ultimately, people need savings, but how it’s expressed through different cultures is very different,” he adds. “Some are more tax-driven cultures; some are more family and community wealth preservation-driven. “We have a unique opportunity to position ourselves as one that is addressing the needs of the customers, but also injecting safety and security given we’re a 150-year-old US institution. We’ve survived just about every crisis, including war.” And as for the black-and-white dog that goes everywhere MetLife goes? Yong

and his marketing team believe in the power of Snoopy, their brand ambassador, as something fun and non-intimidating. “It brings about that fun,” he says. “Snoopy being a dog conveys a sense of loyalty and friendship.” “Especially in Hong Kong, iconic cartoon characters or figurines often have a special place in the public’s hearts,” he explains. “Everywhere we go, whenever we share our brand ambassador Snoopy, you just get smiles on people’s faces.” Snoopy’s face will be seen everywhere this year, as MetLife continues its aggressive marketing campaign in Hong Kong. Already, he can be found in MTR stations and on taxicabs, on targeted Facebook and LinkedIn advertisements, and even on food app OpenRice. Nearly every local paper has featured print ads, featuring Snoopy flying into Hong Kong with the tagline, “Something new is coming to Hong Kong.” Something new indeed, with more uniquely tailored life insurance products and networks and supporters to help accelerate the company, Yong says, so big things can be expected from MetLife.

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participate in this market and support that consumer segment.”

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REAL ESTATE

Buying a Property Overseas There are many good reasons for home purchases beyond an international border, but it can also be a daunting task in choosing a location and understanding the fundamentals of property rights in a given jurisdiction. In the fourth of his “Landed” series on homeownership, author Chris Dillon looks into the structure and process of buying a home across different markets in the Americas, Europe and the Asia Pacific region

By Blessing Waung

hen speaking to members of AmCham about his book Landed Global, author Chris Dillon opened with a controversial statement. “You don’t actually have to buy property abroad,” he said. “In fact, there are many good reasons not to buy. If you’re like many of the professionals here in Hong Kong, you or your spouse may need to move to keep your current position or get a new one.” “The real estate market might be overpriced, making it cheaper to rent than to buy. The homes for sale might not meet your tastes, budget or overall needs. Better investment opportunities could exist elsewhere. Or you simply may not be able to afford it.” “Ultimately, there’s nothing in the financial planning rulebook that says that you have to own property to accumulate wealth, or be successful or more important, to be happy,” he added. In that case, why write a book about investing in real estate abroad? Because Dillon realized that in spite of the many reasons hindering people from investing outside of Hong Kong, with an uber-competitive domestic

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market and currency fluctuations elsewhere, many would find the pros outweigh the cons.

Investment made easy Through his book, the fourth in his Landed series, Dillon addresses a myriad of “international real estate 101” topics, including basics such as finding agents, lawyers, ownership and property rights and risk factors. Then, he delves much deeper, going so far as to detail into nitty-gritty details such as testing for radon in the soil of properties, repatriating funds, and home automation. “It’s never been easier to buy,” Dillon says. “There’s more information available now on the Internet than ever before, there’re easier ways to get back and forth to your second home with low-cost airlines, and more cities and countries are welcoming foreign immigrants, retirees and investors.” Those realities are reflected in statistics, according to Dillon’s research. 232 million people across the world lived abroad last year, up from 175 million in the year 2000. Additionally, more than 3 million American baby boomers plan to retire abroad.

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Thankfully, there are myriad similarities in international housing markets. “If you live in Hong Kong and you buy a home in another common law jurisdiction like England, Canada, Australia, New Zealand, or the United States, many of the legal concepts, ownership structures, and buying processes are going to be familiar.” Likewise, civil law countries such as France, Germany, most of Africa and South America share similarities. Even hybrid systems such as the ones used in Mainland China and Japan have familiar elements, particularly in the way they treat condominiums.

Risk factors However, every real estate market has its own idiosyncrasies to watch out for. Some of them are pleasant, such as the 30-year fixed mortgage rates in the United States, as well as tax-deductible mortgage interests in the US. Others, though, present a “rude shock” to buyers caught unaware. For example, for non-residents who buy a home in Canada and then sell, lawyers must withhold 25 to 50 percent of the sale proceeds until the government is convinced that the seller’s tax bill has been fully settled.

Christopher Dillon

One extreme example that Dillon includes in his book is in South Africa’s Western Cape, where it is “customary for the vendor to provide the purchaser with a certificate that the home is free from borer beetles.” Another idiosyncrasy he cites is in the UK, where homeowners can be liable to maintain the upkeep of their local churches, “under an ancient right known as chancel repair.”

REAL ESTATE

By Blessing Waung

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market and currency fluctuations elsewhere, many would find the pros outweigh the cons.

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Christopher Dillon

Dillon also includes his research about the perils of buying abroad, citing the lesser-known fact that asbestos (a naturally occurring mineral that causes lung cancer) is still being used in the construction of new buildings in the US. Lead paint, which causes brain damage, is still available for sale in 40 countries, including countries in Asia, Africa and Latin America. Many of the other risk factors that Dillon goes on to cite in his book pertain to the people on the ground where buyers are looking, those of different backgrounds and income levels who could potentially affect the outcome of purchasing overseas. For example, he cautions to be extremely attuned to the geopolitical situation and any potential conflicts that could arise, for their potential to affect the housing market. Additionally, corruption is rampant during the construction and renovation phases in certain countries, so Dillon advises to beware of any deals that “seem too good to be true,” because they probably are. “As the French philosopher Auguste Comte noted, ‘Demography is destiny.’ Without people there’s not real estate market, so it pays to understand demographic and population trends,” Dillon emphasizes. Additionally, as a resource to potential buyers, Dillon includes case studies of different buyers’ experiences, detailing their backgrounds, the reasoning behind their decision to purchase abroad, and the complete roadmap prior to the actual buying of the property. Properties and their comprehensive floorplans are listed, as well as pricing, and any pertinent information regarding the ups and downs (increased taxation, agents used, etc).

In-depth research At the end of his book, Dillon includes a handy, comprehensive checklist for buyers before they dive into a foreign market, with questions such as “Has Chinese-made drywall

been installed?” and “Does the developer’s name match the name of the bank account holder?” Readers who laud his advice in Landed Global come from esteemed real estate companies such as CBRE and Colliers International, who say that the book provides a condensed, wellresearched guide that would otherwise take buyers hundreds of hours to compile themselves. Embedded throughout his book, Dillon also offers leads to books and research projects that take an even deeper look at pertinent topics, from gastronomy in various geographic regions to connectivity within different career fields. “When an international border is involved, everything takes twice as long, is twice as expensive, and is twice as frustrating,” Dillon says. “However, if you’re psychologically prepared for that, and your expectations are realistic, you can take all of that in stride,” he adds. “If you do the research before you set sail, international home ownership can be a rich and ultimately rewarding experience.”

In addition to publishing Landed Global, Dillon has published Landed China, Landed Japan and Landed Hong Kong, all of which were self-published. For more information or to purchase the books, visit www.landedbook.com.

Investing in the U.S. Real Estate Market: Macroeconomic Considerations America’s population is 319 million, versus 7 million in Hong Kong. That’s 45 times larger.

In 2013, America’s gross domestic product was $16.7 trillion. That’s more than 43 times larger than Hong Kong’s US$381 billion.

At 9.8 million square kilometers, the United States is nearly 9,000 times larger than Hong Kong.

And, for the year ended March 31, 2014, sales of existing homes in the United States totaled $1.2 trillion. By comparison, total domestic home sales in Hong Kong during calendar 2013 were US$38.3 billion. That makes the U.S. residential market more than 31 times larger than that of Hong Kong.

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In-depth research At the end of his book, Dillon includes a handy, comprehensive checklist for buyers before they dive into a foreign market, with questions such as “Has Chinese-made drywall

Investing in the U.S. Real Estate Market: Macroeconomic Considerations America’s population is 319 million, versus 7 million in Hong Kong. That’s 45 times larger.

In 2013, America’s gross domestic product was $16.7 trillion. That’s more than 43 times larger than Hong Kong’s US$381 billion.

At 9.8 million square kilometers, the United States is nearly 9,000 times larger than Hong Kong.

biz.hk 1-2 • 2015

WOMEN OF INFLUENCE

Breaking the Glass Ceiling In his new book entitled Break the Ceiling, Touch the Sky: Success secrets of the world’s most inspirational women, Anthony A. Rose, a 23-year veteran in corporate affairs and marketing expert, shares an unprecedented collection of personal stories of 43 highly successful women leaders in business and NGOs based on first-hand interviews for an easy-tounderstand account of practical tips on career success

By Kenny Lau Anthony A. Rose

biz.hk: Would you first tell us about moving from Walmart to forming your own business? Rose: It was a huge leap of faith. I have been working on the corporate side with large companies like Walmart, P&G and GSK for nearly 24 years, and I was increasingly leading larger teams and delivering great results. But, I missed the speed and urgency of doing something of my own.

While at Walmart I started writing in my spare time in the evenings and on weekends. Very soon the writing became obsessively engaging. Then, in July 2014, I was at a crossroads for my career – either move to the US with Walmart or return home to Singapore and start up my own business. It was a tough call but circumstances helped, and one thing led to another. As of September last year, I was no

longer Vice President of Corporate Affairs at Walmart Asia. My business card now reads Chairman and CEO, House of Rose Professional. I am now the CEO of my business and the CEO of my life, focusing on three key areas in terms of our professional services. They are “Public Relations, Publishing and People.” biz.hk: How did your personal upbringing lead to your book?

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Rose: The book has been inspired by my parents – my father Charles Albert Rose for the total gentleman he was and the respect he showed all women, and by my mother Leonie Rose who was a woman of substance, intellect and integrity. My parents were the two best mentors I have ever had. From them I learned integrity, resilience, work ethic, and how to lead and make the most of what life offers you. Then in 2001, concurrent to the passing of my father, I got the idea of writing a book in his honor – “Daddy’s Logic: Live a Life of No Limits, No Excuses, No Regrets.” It was a best seller and was even translated into Chinese, and my royalties went to Habitant For Humanity. At one of the launch events in 2012, a professor in the audience put up his hand and asked if my mom was also an inspiration to me,

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and, if so, why I wasn’t writing a book in her honor. That set me thinking, and exactly two years later – in July 2014 – we launched “Break the Ceiling, Touch the Sky: Success secrets of the world’s most inspirational women.” As we speak, I have just donated SGD20,000 from my royalties from this book to the organization “Save The Children” in my mother’s honor. Giving back inspires and motivates me to keep writing despite the severe challenges of a new startup business. biz.hk: What was your mother like? Rose: My mother was an amazing lady. She passed away in December 2012. Along with my father, she brought up three boys in the most gentle but assertive way. No half measures, no short cuts. I learned more on leadership from her than from any other woman. She taught me quality, resilience, commitment, integrity, and the power of communication. She taught me how to

survive in harsh conditions and with very few resources. Though financially constrained, she was the most generous woman in the neighborhood. Every child, poor person or needy friend had a seat at our table, a place at our home. Such was her amazing personality and joy for life. She taught me to give back to the community, hence the charity work I am doing with my books. biz.hk: What are your reasons for writing a book on women leaders? Rose: The primary reason for me writing this book is my mother. She ran a kindergarten for over 35 years to help support our family. From her I learned as much about work ethic and leadership as I did from any leader. This book is my tribute to her memory. The second reason is because women have always inspired me. All but two of my bosses over the last 24 years have been female. The third reason is to help the many young women leaders amidst all the challenges they currently face.

WOMEN OF INFLUENCE

By Kenny Lau Anthony A. Rose

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I was also inspired by stories of several global women leaders through their books on leadership. These books, however, shared thought leadership in a singular way and did not cut across cultures or nationalities. I wanted to give women a one-stop account of success habits of the most inspirational women across the world in one book, hence the idea of 43 different heroines, each of whom has a unique perspective and story. biz.hk: How would you describe the disadvantage women experience today? Rose: The challenges women face globally are indeed tremendous. Research shows that women perform in 60 percent of the world’s working hours but receive only 10 percent of the world’s income. Only 4 percent of the world’s largest companies are led by women. The social challenges facing women are even more daunting. In India, pre-natal sex selection and infanticide accounted for the termination and death of about half a million girls per year over the last 20 years, according to a UN study on violence against women. In a study in Egypt a few years ago, it was ascertained that 47 percent of female victims of rape were killed because of the associated dishonor brought to the family. We live in a world that isn’t fair or equal. So, we can focus on the ills and what we can’t fix. Or, we can focus on what we can do to help and to bring positive change by leveraging our influence and power. That is my mission – to make a difference. For each of my books, I pick a different cause to support in a new country. The royalties I earn from this book are going to Save the Children and to fund 25,000 medical tests for maternal anemia for the poorest of the poor in Bihar, India. biz.hk: What are your personal beliefs in terms of gender diversity/equality? Rose: I believe in being gender neutral. Men and women are equally capable, and both genders must be leveraged to get the best out of a given situation.

I am strongly opposed to any form of gender discrimination. Women have powerful contributions to make to the world, just like they have been doing for centuries. The World Economic Forum Gender gap report estimates that companies with more women board directors outperform those with the least women on their boards by 66 percent in terms of ROI, 54 percent in ROEs, and 42 percent in return on sales. The McKinsey “Women Matter” 2013 report shows an approaching shortage of highly skilled worker by 2013 of 40 million. An equal employment rate for women would close almost the entire gap. Both men and women are equally critical to delivering success over the long term. biz.hk: What is the ceiling? And, what is the sky? Rose: The ceiling is a conceptual one – all the prejudices or artificial barriers put in front of women to hamper their progress, all the injustices against them in society and all the preconceived notions of what they can or cannot do. These are all glass ceilings that need to be broken, and women all over the world are doing exactly that. The sky is every woman’s aspiration or dream – whatever it may be. It could be a goal to succeed in their professional life or to be a great homemaker. It is all subjective and dependent on the specific person concerned. biz.hk: What is the essence of your book? Rose: I write about the 14 Success Habits of 43 of the world’s most inspirational women picked from the most influential institutions on the planet. Based on personal interviews with these inspirational women and hundreds of conversations I had over two years, it is a critical aid for every woman professional seeking to accelerate her career success. It is packed with easy-tounderstand and easy-to-use practical tips to negotiate the challenges every woman faces in the professional world. This book will help every woman

professional to do exactly what the title promises – Break the ceiling, Touch the sky and achieve success like never before. And for men, it provides unique insight into the success habits of women that will enable far better collaboration between genders at work. biz.hk: How would you reflect on the experience of writing about so many successful women? Rose: It was an amazing, challenging and humbling experience. All of the women have made it big in the corporate world or the social sector, and more importantly, they are all touching and changing lives. Because I do all the research, interviews and writing without any research assistants for my books, I did manage to get to know some of them really well. It was tremendously exciting to meet many of the women, speak to all of them, and learn about their unique stories that you don’t get from the local media outlets. All of these women are extremely busy managing huge and complex organizations or operating in severely challenging conditions as heads of global NGOs; so, it was a huge task just to get their time and engagement. But, once onboard, they have been amazing ambassadors for the book. It was an honor to build deep and lasting relationships with these women and learn from them. Even today – months after the book is out – many of them are in touch and even helping me as I start up my own business. Most importantly, many of them are now more closely involved in social causes. It is a virtuous cycle. biz.hk: Who is your target audience? Where is the book available? Rose: Any woman who wants to be more successful and any man who wants to understand how successful women think and lead. The book is available in Hong Kong directly from a distribution base – all you need is email us at houseofrose2015@yahoo.com. The book is also available currently in Kinokuniya stores in Singapore and in Kitab Khana stores in Mumbai, India.

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Who Communications 2015

very company is at risk of encountering incidents that could potentially jeopardize the brand, its integrity, and even the longevity of the organization. A lack of proper crisis management can result in major losses of business and revenue as well as the possibility of litigation in a court of law. Responding effectively to a crisis can be integral to the survival of an organization. Today, information in the age of digitization travels anytime, anywhere at an enormous speed – a phenomenon in which communications specialists and brand ambassadors are required to be on the lookout 24/7. Robert T. Grieves, Chairman and CEO of strategic communications firm Hamilton Advisors, is no different: he is on call 24/7 to provide – among the firm’s other public relations services – damage control for companies hit with a crisis. A former journalist of 12 years who wrote for Time magazine and The Economist and was an editor at Forbes magazine, Grieves transitioned to public relations and crisis management in the late 1980s, joining global public relations firm BursonMarsteller in New York. He has since held leading communications roles in international companies, including Asia Pacific Regional Head of Marketing Communications for Merrill Lynch and, more recently, President of Edelman in Hong Kong. A strategic communications specialist since 1989, he founded Hamilton Advisors five years ago, focusing on brand building, media relations, crisis management, investor relations, corporate social responsibility, media and executive training.

Robert T. Grieves

Damage Control: The Art of Managing a Crisis

Crisis Management 101

How should a company respond to a burgeoning crisis to prevent the situation from spinning out of control, with attendant media pandemonium, public furor and brand damage? Public relations and crisis management expert Robert T. Grieves of Hamilton Advisors details the necessary approach to handling a crisis

The fundamental rules of crisis management are “common sense,” says Grieves. Yet some companies – even the most prominent – find it a struggle to agree upon necessary actions.

By Nan-Hie In

“First, define the problem and tell people what happened,” he says, adding that a company amid a crisis situation should start by communicating the scope of what happened in those areas of greatest importance to key stakeholders – for example public safety or financial loss – to portray a clearer picture of the incident’s impact. It’s paramount for the company to get the facts out right away, especially in the digital age where a cacophony of voices from social media platforms can stir speculation and criticism and intensify the situation, Grieves stresses. “You need to get the information out almost as soon as you gather the facts. This can be difficult if a company doesn’t have a crisis preparedness program or if its executives haven’t gone through crisis simulation training. It’s then much harder for the company to get its act together quickly.” It is particularly challenging for organizations in a crisis when they simply don’t have all the facts on hand or when an incident is far away. An airliner gone missing or a ship wrecked in a collision on the open sea, for example, are scenarios extremely difficult to get right in terms of early information dissemination. Yet it’s still critical to get information out early.

Transparency Grieves says companies sometimes will have to retract and correct information previously disseminated. “The key here is transparency (‘this is what we now know’) as this builds trust, something crucially important today whether you’re a bank, a restaurant or an airline.” Another essential rule of damage control: demonstrate commitment and how you’re going to fix the problem no matter who is responsible. He adds, “Then you do have to actually fix the problem and tell people you’ve fixed it. That is the basic principle of crisis management and communication.” All these actions must be done quickly, in real-time. Multinational

Photos: Silver Image

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Robert T. Grieves

Damage Control: The Art of Managing a Crisis

Crisis Management 101

The fundamental rules of crisis management are “common sense,” says Grieves. Yet some companies – even the most prominent – find it a struggle to agree upon necessary actions.

By Nan-Hie In

Photos: Silver Image

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companies in Hong Kong and elsewhere often struggle with this aspect, Grieves observes. “You have a number of banks and corporations here whose corporate headquarters elsewhere in many instances prohibit them from initiating or participating in a direct engagement during a crisis. It is usually much better if the people on the ground speak to the issues on the ground.” Deferring the important task of directly engaging stakeholders to headquarters not only diminishes the credibility of the local or regional office, but also creates a time lag as well as a breeding ground for conspiracy theories, allowing misinformation and speculation to take hold and grow rampant, Grieves cautions. Grieves says communicating regularly to all stakeholders of a company – employees, vendors, customers, regulators and others important to the firm – is good practice. “It not only keeps people informed about the organization’s actions, but also helps the company keep an eye on potential problems in other areas,” he points out. “When a company gets it right in communicating with its stakeholders on an ongoing basis, it can often spot issues which are brewing but are not yet big crises,” he adds.

PR blunders The year 2014 was marred by several high-profile scandals in the food industry associated with contaminated products as a result of highly questionable industrial practices and processes at factories in Mainland China and Taiwan. The incidents showcased the need for urgent response and what not to do in a crisis. When a company is hit with a real issue that largely concerns the public, responding with a denial of the issue will only backfire. Denial or downplaying concern may create a perception among the general public that the company is not being candid. This can significantly erode trust, and damage the integrity of a brand in the blink of

an eye, undoing years or decades of brand reputation building. “Trust is key for employees, customers and everybody else,” Grieves notes. Last October, Grieves explored these and other issues as the moderator of a panel sponsored by the Council of Public Relations Firms of Hong Kong, of which he is Deputy Chairman. It was an in-depth discussion at the event entitled “Are Hong Kong Companies Prepared for a Crisis?” Their conclusion: Hong Kong companies, in general, do not sufficiently or regularly communicate with their key stakeholders and are not adequately prepared for a crisis. What does crisis preparedness entail? “A crisis preparedness program will include simulations of real-life crises in which a company’s management team participates to benchmark their strengths and weaknesses,” Grieves says. “Out of those simulations a plan is developed, and protocols assigned, so that management is better prepared for the day the unthinkable occurs.”

In that case, the company held a press conference to align the conflicting narratives. “We had to tell people what happened,” he says. “Then, we worked to prove to the relevant health authorities that our product was safe before we could fully return it to the market. It was a hard-fought battle in which the narrative was corrected as we detailed to the public, through the

media, how we were fixing the problem.” The product was successfully reintroduced and today is on dining tables and in restaurants in all corners of the world. There are, however, some experiences that are simply hard to forget. Grieves was head of global communications at The Bank of New York on Wall Street during the 9/11 terrorist

attacks and had to maintain a line of communication at the epicenter in New York City. It was an “emotionally draining” experience because he knew people who died in the catastrophe. “From my office window every day, whenever I looked out, there was this hole in the ground. It was just unbelievable, but we had to live with it,” he vividly recalls. “We had to be sensitive

in how we were going to move forward with both internal and external communications given the devastation. It was certainly a testing moment as my team and I worked to overcome a series of obstacles to maintain constructive communications with employees, clients, regulators, the market and the general public. That was the biggest crisis I have ever faced.”

Working with the Media In terms of working with the media, “a company in crisis should take questions from them at the earliest opportunity,” Grieves says. “This will allow the company to get its message out through the press and start the process of rebuilding trust. In fact, companies should be hosting media roundtables and events on a regular basis to keep journalists updated on what’s going on. It doesn’t have to be dozens of reporters, just a few at a time.” Earlier in his career, Grieves had to manage a scenario in which a food product was recalled due to contamination with a toxic gas. The incident became highly controversial because of conflicting reports from various subsidiaries within the company – a case in which inconsistency of information spun into an ongoing crisis as the product was being pulled from store shelves across America.

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The BlueCurrent Group

DataSource International Ltd.

Gartner Hong Kong Ltd Suite 1501, Cityplaza 4, No. 12 Taikoo Wan Road Taikoo Shing, Hong Kong Website: www.bluecurrentgroup.com Tel: (852) 2967 6770 Fax: (852) 2116 9281 Email: chris.plowman@bluecurrentgroup.com / james.hacking@bluecurrentgroup.com Key Contacts: Chris Plowman, Senior Vice President James Hacking, Senior Vice President

Year Established: 2011 Staff Size: 12 Practice Strengths: B2C and B2B Social Media Campaigns, Search Engine Marketing, SEO, Community Management, Social Advertising, Online & Digital Marketing, Monitoring Solutions, Digital Training, Branding/Marketing/Advertising, Website Development, Employer Branding/Recruitment Marketing, Employee Engagement Communications Awards:

• Employee Communications Campaign of the Year, 2014 / Gold Award PRWeek • Best Employee Engagement /Internal Communications, 2014 / Gold Award Marketing Magazine PR Awards HK • Stakeholder Communications. 2014 / Silver Award HK PR Awards

Company Overview: The BlueCurrent Group is a network of agencies, wholly owned by Omnicom Group and a sister of global communications company, FleishmanHillard. BlueCurrent Hong Kong operates in the sweet spot where social media, search and public relations converge. Since its establishment, BlueCurrent Hong Kong has worked with many business in Hong Kong and across Asia Pacific by providing fully integrated brand building and public relations services. The business leverages the experience and expertise of FleishmanHillard’s global network to take a modem and innovative perspective on approaches to publicity and relationships in the digital era.

Edelman Hong Kong

Greatmany Centre – 4th Floor, 111 Queen’s Road East Wan Chai, Hong Kong Tel: (852) 2866 2010 Fax: (852) 2866 2113 Email: sales@datasourcegroup.com Website: http://www.datasourcegroup.com Key Contacts: Olivier Darnay, Managing Director Aline Sombat, Sales Manager Year Established: 2002 Staff Size: 30 Areas of expertise: Finance, Legal, Digital & Edutainment, Consumer Goods, Life Sciences, Engineering and more. Major Awards / Major Projects: TOP 30 Language Service Provider in Asia, in 2014 Company activities: DataSource is a Language Service Provider offering a full range of services in 50 languages to 1,200 clients in 35 countries. We support our clients in the localization of their brands – from copywriting and translating a marketing leaflet or a financial document to recording and dubbing a corporate video. Our design team can also lay out documents to perfection, faithfully reflecting our clients’ brand identity. With a pool of 900 professional translators and 400 international voice talents, DataSource’s daily mission is to make sure that your message gets out in the best possible way – in any language!

Suite 2204-06, 22/F, Berkshire House, 25 Westlands Road, Quarry Bay, Hong Kong Website: www.gartner.com Fax: (852) 2824 6138 Tel: (852) 3402 0402 Key Contacts: Lester Owencroft, Area Vice President Year Established: 27 Sep 1994 Staff Size: 20 Company Activities: Gartner, Inc. (NYSE: IT) is the world’s leading information technology research and advisory company. We deliver the technology-related insight necessary for our clients to make the right decisions, every day. From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, we are the valuable partner to 60,000 clients in 12,000 distinct organizations. Through the resources of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events, we work with every client to research, analyze and interpret the business of IT within the context of their individual role. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, U.S.A., and has 5,200 associates, including 1,280 research analysts and consultants, and clients in 85 countries. Gartner Research Process Our research process embodies a way of thinking that turns complex information into insight you can use for business advantage. Research Methodologies Gartner methodologies consist of research practices, procedures and rules that distill large volumes of data into clear, precise, actionable insight so our clients can formulate plans or make difficult business decisions. Gartner for IT Leaders Gartner for IT Leaders is an indispensable strategic resource, delivering timely, reliable insight to guide your key decisions and get the most from your highest-priority initiatives. A service that more than pays for itself, it includes contract reviews that identify real savings, connections to peers who have walked in your shoes, and tools that save you time and money.

Gartner for Supply Chain Leaders The supply chain can make or break an organization's competitiveness, but with unstable raw materials costs, volatile demand patterns and rampant supply risks, using it to drive profitable growth and product innovation is no small feat. What's more, corporations must create demand-driven supply chains that embrace sustainability, or risk falling behind more innovative competitors. Gartner for Supply Chain Leaders delivers objective, actionable insight and best practices to help supply chain professionals build, manage and transform their global supply chains—maximizing productivity, minimizing risks and driving revenue and competitive advantage. Gartner for Technical Professionals Gartner for Technical Professionals delivers resources tailored to the needs of your technical architects and engineers. Written by technologists for technologists, this research provides detailed technical guidance on technical planning and architecture design. GTP benefits IT organizations to accelerate project timelines, mitigate risk and develop your staff.

FleishmanHillard Hong Kong

Golin Room 701 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Suite 1501, Cityplaza 4, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong

Tel: (852) 2804 1338 Fax: (852) 2804 1303 Email: hongkong@edelman.com Website: www.edelman.hk

Tel: (852) 2530 0228 Fax: (852) 2845 0363 Email: fhhk@fleishman.com Website: www.fleishman.com.hk Year Established: 1996 Key Contacts: Rachel Catanach, MD Staff Size: 70 Geoff Bilbrough, Deputy GM Practice Strengths: Public Relations, Reputation Management, Public Affairs, Brand Marketing, Media Relations, Investor Relations, Crisis Management, Internal Communications, Social Media Management, Content Development, Influencer Relations Awards:

Key Contacts: Andrew Kirk, Managing Director Hong Kong & Taiwan Andres Vejarano, Senior Director, Consumer Marketing & Technology Adrian Warr, Senior Director, Corporate Practice Year Established: 1986 Staff Size: 65 Major Awards / Projects: Edelman Hong Kong has won the most awards ever in 2014 with a total 15 awards including Silver award for Agency of the Year 2014 organized by Marketing Magazine and Bronze, Greater China Agency of the Year 2013 by Campaign Asia.

Hong Kong’s first, and the biggest sleepover party – IKEA Sleeptober campaign has massive wins of 5 Gold 4 Bronze awards. Samsung Solve For Tomorrow won 3 Gold 1 Silver. ZTE Corporation won Gold, Best Tech PR campaign.

• Global Agency of the Year, 2014 / PRWeek • Asia Pacific Network of the Year, 2014 / PRWeek • Large Agency of the Year, 2014 / PRWeek • Employee Communications Campaign of the Year, 2014 / PRWeek • Global Top 50 Campaigns, 2014/ SABRE • Creation of Persuasive Content – Gold, 2014 / SABRE • Best Insights-driven PR Campaign – Gold, 2014 / PR Awards HK • Best Employee Engagement/Internal Communications – Gold, 2014 / PR Awards HK

Company activities: Edelman is the world’s largest public relations firm with offices in 65 cities and more than 5,000 employees worldwide, as well as affiliates in more than 35 cities. Edelman owns specialty firms Edelman Berland (research), Blue (advertising), A&R Edelman (technology), BioScience Communications (medical communications), and agencies Edelman Significa (Brazil), and Pegasus (China). Visit http://www.edelman.hk for more information.

Professional Associations: member of the CPRFHK Company Overview: FleishmanHillard is the world’s most complete global communications firm, specializing in public relations, public affairs, marketing, paid media, and transmedia and social content. FleishmanHillard is part of Omnicom Group Inc., and has more than 85 offices in 30 countries, plus affiliates in 42 countries. Visit www.fleishman.com.hk for more information.

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8/F Oxford Hse, Taikoo Place, 979 King’s Road, Quarry Bay, HK Tel: (852) 2522 6475 Fax: (852) 2810 4780

Email: hk@golin.com Website: golin.asia

Key Contacts: Mr. Jeremy Walker, Managing Director Year Established: 1993 Practice Specialties: Golin is a full service communications agency with specialty practice areas and capabilities including: Corporate, Financial, Public Affairs, Consumer, Hospitality, Technology and Digital. Notable clients include: Airport Authority Hong Kong, Canon, China Everbright, China Light and Power, Galaxy Macau, Hongkong Land, Jardine Matheson, Jardine OneSolution, Li & Fung, L'Oreal, Power Assets, Soul Electronics, Visa Worldwide and VTech. Major Awards / Projects: 2013 Agency of the Year, Holmes Report 2013 Large Firm of the Year, PR News 2012 International Consultancy of the Year, PRWeek 2011 and 2009 PR Consultancy of the Year, Asia Pacific PR Awards Professional Associations: Council of Public Relations Firms of Hong Kong Company Activities: Golin is one of the world’s leading public relations firms. We are a full-service communications firm integrating the deepest insight, boldest ideas and broadest engagement into real-time conversations that connect in a complex world.

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The BlueCurrent Group

DataSource International Ltd.

Edelman Hong Kong

FleishmanHillard Hong Kong

Golin Room 701 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Suite 1501, Cityplaza 4, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong

Tel: (852) 2804 1338 Fax: (852) 2804 1303 Email: hongkong@edelman.com Website: www.edelman.hk

biz.hk 1-2 • 2015

8/F Oxford Hse, Taikoo Place, 979 King’s Road, Quarry Bay, HK Tel: (852) 2522 6475 Fax: (852) 2810 4780

Email: hk@golin.com Website: golin.asia

biz.hk 1-2 • 2015

Hamilton Advisors

Information Express (Asia-pacific) Ltd

Ketchum Hong Kong 901A, 9/F, Kinwick Centre, 32 Hollywood Road, Central, Hong Kong

7/F, 705-07 China Merchants Bldg, 303-307 Des Voeux Rd, Central, HK, China

Tel: (852) 2488 8866 Email: info@hamiltonadvisorsltd.com Website: www.hamiltonadvisorsltd.com

Tel: (852) 2818 9475 / (852) 8108 0805 Fax: (852) 2817 1556 Email: news@clipping.com.hk Website: www.clipping.com.hk

Key Contact: Robert Grieves, Chairman & CEO Year Established: 2009 Major Business: Public Relations, Media Relations, Investor Relations, Brand Building, Crisis Management, Digital and Social Media, Corporate Social Responsibility (CSR), Executive Training, Media Training Professional Associations: American Chamber of Commerce in Hong Kong, Council of Public Relations Firms of Hong Kong (CPRFHK), The Foreign Correspondents’ Club HK (FCC) Company Activities: Hamilton Advisors is a Hong Kong-based consultancy providing premium strategic communications services to financial institutions, listed and privately-held companies, and professional associations. We help clients build brand and reputation, strengthen stakeholder relationships and achieve business objectives. Our team includes multicultural public relations experts with extensive experience in media relations, investor relations, brand building, crisis preparedness and management, digital and social media, and CSR program development.

33/F, Two Chinachem Exchange Square, 338 Kings Road, North Point Tel: (852) 2566 1311 Fax: (852) 2510 8199

Email: Simeon.mellalieu@ketchum.com Website: www.ketchum.com/greaterchina

Key Contacts: Simeon Mellalieu, Partner, General Manager Hong Kong Anissa Wong, Deputy General Manager Hong Kong

Key Contacts: Joanna Leung, Customer Service Mgr Eliza Leung, Mktg Mgr

Year Established: 1980

Year Established: 1988

Industry recognition for our work in Hong Kong includes: Gold: Best Consumer PR Campaign – Hong Kong PR Awards 2014 Gold: Best Lifestyle PR Campaign – Hong Kong PR Awards 2014 Gold: Best Product Relaunch – Hong Kong PR Awards 2014 Silver: Integrated Marketing Communications – HKPRPA Awards 2014 Silver Award: Publicity Stunt – APAC SABRES 2013 Best Idea: Public/Media Relations – MARKies 2013 Best Idea: Event – MARKies 2013 Certificate of Excellence: Financial Communications – PR Week Asia Pacific Awards 2013 Honorable Mention: Corporate Branding Campaign – PR Week Asia Pacific Awards 2013

Staff Size: 60

Major Business: Public Relations

Professional Associations: Accredited by the Council of PR Firms of Hong Kong

Staff Size: 30 Major Business: We provide professional News Monitoring and Clipping Services Company Activities: InformExpress (Est 1988) is a professional News Monitor & Press Clipping Agency, which provides tailor-made research services for Ad & PR firms, research houses and corporate bodies. We specialize in Ad News Monitor, PR Press Clipping and Brand Data Search. Customer Service Hotline (852 8108 0805) set up for special inquiry.

Company Activities: Ketchum is a leading global communications consultancy with 35 years of experience in Hong Kong and a network extending over 70 countries and six continents. Ketchum builds brands and reputations by partnering with its clients to deliver breakthrough creative, strategic programming and measurable results. Its award winning campaigns – integrating media relations, social, digital and experiential – have made Ketchum one of the most decorated agencies in Hong Kong. Areas of expertise include consumer engagement, corporate communications, reputation management, issues and crisis management, media relations, social media management, integrated digital programming, communications training. International Offices: Asia Pacific, North America, Latin America, Europe, Middle East

International New York Times

Madison Communications Limited Ruder Finn Asia Ltd Rm 03-04, 13/F, Valley Centre, 80-82 Morrison Hill Road, Happy Valley, HK

1201 K Wah Ctr 191 Java Rd, North Point, HK Tel: (852) 2922 1188 Fax: (852) 2922 1190

Email: inytsubs@nytimes.com Website: www.INYT.com

Key Contacts: Helena Phua, Executive Vice President, Asia / Pacific & Philip P. Pan, Asia Editor, The New York Times Year Established: 1980

Staff Size: 90

Major Business: Newspaper Publishers Major Awards / Projects: 4 Awards for Editorial Excellence 2014 from SOPA: Lifestyle Coverage, News Photography, Business Reporting and Reporting on the Environment Professional Associations: SOPA, PATA, WAN-IFRA Company Activities: International New York Times is a leading international news source for opinion leaders and decision-makers around the globe. International New York Times includes the journalism of The New York Times, tailored for a global audience, and launched in print and online on October 15, 2013, with dedicated newsrooms in Paris, London, Hong Kong and New York. International New York Times succeeds the International Herald Tribune, a publication based in Paris since 1887. For more information, visit www.NYTCo.com.

Tel: (852) 2881 8612 Fax: (852) 2881 8716 Email: info@madison.asia Website: www.madison.asia Facebook: www.facebook.com/madison.asia

24/F Neich Tower, 128 Gloucester Road, Hong Kong Tel: (852) 2521 0800 Fax: (852) 2521 7088

Key Contacts: Anne Geronimi, General Manager, Hong Kong and Vice President Charles Lankester, Senior Vice President, Reputation Management, Asia Pacific Year Established: 1989

Key Contacts: Mr Samuel Mak, CEO

Email: hkoffice@ruderfinnasia.com Website: www.ruderfinnasia.com

Staff Size: 300

Professional Associations: CPRF, American Chamber, British Chamber

Year Established: 2004

Major Business: Reputation management, digital and social media marketing strategy, corporate, brand and crisis communications, employee engagement, design and executive skills training

Staff Size: 8 Major Business: advertising, public relations, public affairs, event marketing and digital marketing Company Activities: Madison Communications is a creative agency offering integrated communications services: advertising, public relations, public affairs, event marketing and digital marketing. We offer innovative and powerful solutions that help client’s objectives: enhance brand values, product launches, gain stakeholders’ support, restore consumer confidence or rectify rumors.

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Company Activities: Founded in 1989, Ruder Finn Asia is the Asia-Pacific subsidiary of New York-based Ruder Finn (www.ruderfinn.com), the leading independent global public relations consulting firm. Growing at an average of 25 percent every year since 2000, Ruder Finn Asia today employs close to 300 consultants in Asia-Pacific and has offices in Beijing, Shanghai, Guangzhou, Hong Kong, Singapore, Mumbai, New Delhi and Bangalore. The firm is represented across all other regional markets through a network of high quality affiliates. Ruder Finn Asia’s business centres on four strategic pillars: Corporate & Public Trust, Global Connectivity, Health & Wellness and Life+Style. The firm offers expertise in reputation management, digital and social marketing strategy, crisis communication, employee engagement, design and executive skills training. Ruder Finn has dedicated teams for digital strategy, CSR, arts, culture and activation, providing insights and counsel into market trends, including annual research reports including the China Luxury Forecast, Physicians Digital Outlook Survey and other publications. Delivering awardwinning innovative, strategic public relations campaigns, Ruder Finn Asia’s key clients include Emirates, Jumeirah, Cartier, Volkswagen Group, Sanofi, Daiichi Sankyo, L’Oréal, Omron, Hermès, GSK, Cotton Inc, Bang & Olufsen, Michelin and leading brands from the Kering, LVMH and Richemont Groups.