austcham news Issue 180

WORKFORCE DIVERSITY EDITION The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會

ISSUE 180, 2016

AustCham’s Women in Business Network Makes Gender Diversity Debate the Hottest Ticket in Town P.10

Australia Focus: The Evidence is in: Greater Gender Diversity in Science Benefits Us All

P.12

Hong Kong Focus Key Points to Note for 2016-2017 Hong Kong Budget

Industry Insights Knowledge Management in Hong Kong P.20

www.austcham.com.hk

Contents

austcham news issue 180 03 Chamber Chatter 06 Cover Story AustCham’s Women in Business Network Makes Gender Diversity Debate the Hottest Ticket in Town

10 Australia Focus The Evidence is in: Greater Gender Diversity in Science Benefits Us All

Published By: The Australian Chamber of Commerce in Hong Kong and Macau Room 301-302, 3/F, Lucky Building 39 Wellington Street, Central, Hong Kong Tel: +852 2522 5054 Email: austcham@austcham.com.hk

19 Apr - COP21 and Beyond: What’s in it for Business?

Editorial Committee: Drew Waters Karen Wu Claire Reaburn

12 Hong Kong Focus Key Points to Note for 2016-2017 Hong Kong Budget

Advertising: Karen Wu Email: karen.wu@austcham.com.hk

11 Events Update 7 Apr - AustCham Commonwealth Bank Rugby Sevens Lunch

14 Industry Insights

CONNEC T • ENGAGE • REPRESENT

16 Membership eCard Benefit

16 Committee Comment

The Australian Chamber of Commerce in Hong Kong and Macau has more than 1,500 members from some 500 companies doing business here.

It’s the largest Australian business grouping outside the country and the second largest of 28 International Chambers of Commerce in Hong Kong. The AustCham mission is: To promote & represent Australian business & values while enabling members to connect, engage & grow bilateral relationships.

- New Rights for Third Parties to Hong Kong Contracts - The Case for Tax Reform in Australia

19 AustCham ANZ Mentor Program

20 Corporate News

21 Corporate Profile Emporio Antico

Disclaimer:

22 On The Scene

Follow us on: Facebook Twitter LinkedIn

austcham news Online version

The views expressed in this publication are not necessarily those of the Australian Chamber of Commerce in Hong Kong and Macau, its members or officers. The Australian Chamber of Commerce in Hong Kong and Macau takes no responsibility for the contents of any article or advertisement, makes no representation as to its accuracy or completeness, and expressly disclaims and liability for any loss however arising from or in reliance upon the whole or any part of this publication.

Copyright © 2016 The Australian Chamber of Commerce in Hong Kong and Macau

2 • austcham news | issue 180

Chamber Chatter

Chairman's Column Workforce diversity is the main focus of this month’s AustCham News.

There is much evidence that supports the claim that workforce diversity leads to greater business success.

Diversity introduces different perspectives, ideas, and understandings. Through this it results in better decisions and improved outcomes for stakeholders and for society overall.

It is widely accepted that the prosperity of any economy depends on the effectiveness and productivity of its workforce. In a world in which more and more countries have the basic levels of infrastructure to compete in world markets, technology is available on international markets, knowledge and information flow more freely than ever before, and multinational companies can divide up their activities into finer and finer pieces and place each piece in its optimal location, a nation’s workforce is perhaps more critical to its competitiveness than ever before.

Increasingly we live and work in a global village, and an understanding of its inhabitants is vital to winning.

There are many dimensions to workforce diversity, but two important ones, having more mature age workers and more female workers, have been studied many times. The studies show that having more experienced workers and more women in the workforce are both strongly positive in terms of productivity increases and financial outcomes. For instance, the Grattan Institute estimates that an increase in the mature age labour force participation rate by 7 percent would increase GDP by approximately AUD 25 billion a year by 2022.

It recommends that this could be achieved by increasing the pension age to 70 and by restricting access to superannuation until workers reach pension age. It estimates that another AUD 25 billion a year in GDP could be realised by 2022 by increasing female workforce participation.i It argues that women can be encouraged to enter or remain in the workforce by making childcare more affordable, and through tax incentives. Having women remain in the workforce becomes even more significant when one considers that more women than men have studied at Australian universities since 1987 and that this trend looks like it will continue.ii Perhaps the upcoming Australian federal budget will include measures that encourage greater workplace diversity.

There is no doubt that more could be done in Australia, and in Hong Kong, to take advantage of the diverse talents that reside in each city but presently are more dormant than they should be.

I hope that you will connect with the Chamber this month in some way, and that you will continue to share your views on how best the Chamber can serve you.

Richard Petty chairman@austcham.com.hk

issue 180 | austcham news

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Chamber Chatter

I

nternational Women’s Day was much celebrated in Hong Kong as it has been around the world, as we concentrate on how to better raise awareness of the inequality of women in the workplace. In the broadest sense we are all familiar with the figures, as we are for other diverse groups in the workplace, but what change has resulted from the conversations needs to be reinforced and the agenda strengthened, to maintain the momentum which has been achieved to date.

Beginning last IWD, the AustCham Women in Business Network has been actively promoting the successes of such conversations and pushing the agenda for diversity and inclusion across the workspace. On the anniversary of the Network’s inaugural event, the WiBN hosted a lively debate on the motion “Women need men to get ahead in their career”. Lively indeed, and a poignant and often humorous argument was made by both sides of the debate.

Thanks to the Women in Business Network steering committee for their hard work in bringing this together, and to our moderator Angelina Kwan, debaters Irene Lee, Geoff Wilson, Angela Mackay, and James Shipton for their enthusiastic participation in this sellout event.

We had the pleasure of hosting a lunch with Federal Treasurer Scott Morrison recently, which gave the Chamber an opportunity to discuss tax reform in Australia and the continuing issue of an Australian/Hong Kong double taxation agreement. Our Finance Legal and Tax committee has long advocated for the latter, and have communicated with several Treasurers on this topic.

The Australia-China Business Awards will be presented at a glittering gala event in Shanghai on 13th April, in conjunction with Australia Week. Finalists in all categories have been decided, and

Across My Desk the judging will be completed shortly. I encourage you to attend the event if you are doing business in China, and rub shoulders with other organisations who share the same goals. This year, and in keeping with this month’s AustCham News, an award will be made for The Advancement of Diversity in the Workplace, with finalists Michelle Garnaut, John O’Shea, and Ben Way. I wish all three highly worthy contenders the very best of luck.

Our AustCham ANZ Mentoring Programme is nearing the end of it’s third widely acclaimed cycle with a Graduation Event this month. Enrolments in the fourth cycle will be opening soon, so please contact me if you would like to participate as a Mentor or as a Protégée. I would like to offer my heartiest thanks to ANZ for their valuable support of the programme again this year.

Rugby Sevens fever will be upon us soon, and the stage is set for another terrific luncheon at the Grand Hyatt, with Matt Burke and the generous support of Commonwealth Bank of Australia.

I hope to see you all there to celebrate with the Australian team. I extended the same offer to the German Chamber recently, whose team have qualified for the tournament for the very first time, in order to meet the opposition. It was not received in quite the same spirit it was extended…

I would like to take this opportunity to farewell Arun Nangia, General Manager North Asia NAB, who is returning to Melbourne, and extend a hearty welcome to CQ Lu who will replace Arun as General Manager, Greater China. Arun’s enthusiastic involvement in the Chamber will be widely missed, and I wish him and his family all the very best in the resettlement.

See you at Rugby Sevens Lunch!

Drew Waters, Chief Executive

Community Business: Women on Boards Hong Kong 2016

A

ccording to the latest findings of Community Business’ annual Women on Boards Hong Kong Report, the representation of women on the boards of Hong Kong’s leading companies on the Hang Seng Index (HSI) has remained stagnant at 11.1%, with two-thirds of companies showing no improvement at all. The number of all-male boards has increased from 14 to 16 and seven companies have resolutely ignored the call to action with zero female directors since 2009. With this flat trajectory, Hong Kong lags further behind international counterparts, notably the U.K. (26.1%), Australia (21.5%) and the US (20.0%) which have been making significant progress over the past seven years, and is at risk of falling behind other countries in the region that are targeting their efforts and gaining traction.

To drive faster and meaningful progress, rather than implementing across-the-board quotas, Community Business urges companies to voluntarily set targets that are relevant to their own business environment, just like setting KPIs and maintaining scorecards as they would as a natural part of business.

Community Business is a not-for-profit organisation whose mission is to lead, inspire and support businesses to improve their positive impact on people and communities.

20% 26.1%

Community Corner

21.5% 11.1%

AustCham is a non-profit organisation and provides this space free of charge to other, selected non-profits or charities.

4 • austcham news | issue 180

I

t’s not often you look out a window of Parliament House in Canberra and see a traditional colourful lion dancing across the forecourts.

But that’s exactly the view our nation’s parliamentarians were treated to last month, as Australia’s capital kicked off its Lunar New Year celebrations with gusto.

For many parts of the world, Lunar New Year celebrations mean huge festivals full of colour, music, dancing and eating.

This year, as always, Canberra was no exception.

Some of Canberra’s best Chinese restaurants held special banquets.

The National Library treated families to lantern making, kite flying, puppetry and cultural displays to celebrate the Celestial Empire exhibition showcasing China’s last imperial dynasty. Our new Beijing Garden was lit up with lanterns from across the community, while the Multicultural Festival saw performances ranging from poetry and dance to traditional music.

The Lunar New Year celebrations brought about 255,000 tourists from China to Australia this year. The number of tourists who visit for the occasion grows every year – and so too does the scale of the celebrations.

But of course, there’s also a quiet side to the occasion. The beginning of the new lunar year is an opportunity for reflection on the year passed. Among the wishing for luck, prosperity and good fortunes in the year ahead, it’s a moment to pause and recognise all that one is thankful for in life.

A Letter from Canberra To many, the celebrations are a time to share a meal with family and remember those no longer able to join them. Some Canberrans use the period to show gratitude and respect for their ancestors with offerings of fruit, flowers, candles and incense.

It’s a reminder that renewal comes in many forms.

Renewal is neither a positive nor a negative process – it is simply a natural one. And as the political new year picks up a head of steam here in Canberra, with a federal election looming on the horizon, it’s natural that renewal be on people’s minds.

But part of the joy of the Lunar New Year celebrations is putting politics to one side, and letting Members and Senators of all stripes come together and smile as a traditional Chinese lion dances across the Parliamentary forecourts.

Gai Brodtmann MP, Federal Member for Canberra and Co-Convenor of Parliamentary Hong Kong Friendship Group

Season of Giving

Thank you to those who kindly donated Christmas presents for the needy children at The Hub HK at AustCham Christmas Mix last December!

Community Corner

issue 180 | austcham news

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Cover Story

AustCham’s Women in Business Network Makes Gender Diversity Debate the Hottest Ticket in Town - Ingrid Piper

The Great Debate: Women Need Men to Get Ahead in Their Career Celebrating International Women’s Day Hong Kong Club, March 2, 2016

T

he hottest ticket in Hong Kong in March, wasn’t an international celebrity act, it was the sell-out AustCham Hong Kong and Macau’s Great Debate,

“Women Need Men to Get Ahead in Their Career”.

More than 100 people crowded the Hong Kong Club’s Harcourt Suite on March 2, 2016 to participate in the debate that featured some of Hong Kong’s leading business executives.

6 • austcham news | issue 180

The event was the latest in a series of activities organised by AustCham’s dynamic Women in Business Network. This event celebrated International Women’s Day 2016 using the call to action this year, #PledgeforParity, which focuses on accelerating gender parity – an appropriate message for the lively, engaging and thought provoking debate generated by the network’s guest speakers and the question and answer session which followed, driven by an equally enthusiastic audience of men and women.

The four guest speakers participating in The Great Debate included Irene Lee, Chairman of Hysan Development Company, Geoff Wilson, Chief Operating Officer Asia Pacific, KPMG, Angela Mackay, Global Publisher of FT Live and Managing Director of FT Asia Pacific and James Shipton, member of the Securities and Futures Commission.

Debating the topic “Women Need Men to Get Ahead in Their Career”, moderator Angelina Kwan, Managing Director, Head of Regulatory Compliance Hong Kong Exchanges and Clearing, and Deputy Chair of The Women’s Foundation impressed on the audience that views debated by the panel may not necessarily be the personal views of those individuals.

“We would be very pleased if you didn’t hold any grudges,” Kwan told attendees, a quip that caused much hilarity from the audience.

Those attending the event were invited to vote online before the debate to see if their opinion could be swayed by the eloquence of the speakers. Voters in the audience used new smart phone technology especially developed for the network’s event by CBA. Pre-debate votes indicated 72 per cent of those polled agreed with the motion “Women Need Man to Get Ahead in their Career” while 28 per cent did not. But so persuasive were the arguments on the night that the winning team of Mackay and Shipton, who focused on the definition of the word “need” created a massive swing against the motion winning the debate with 64 per cent of the votes, leaving only with 36 per cent of participants on the affirmative.

“We wanted to discuss the role that men play in furthering gender diversity in business to all members of the chamber - to hear from business leaders and give members an opportunity to engage with the issue in a relaxed and fun format…”

Fiona Nott, Chair, AustCham Women in Business Network

Nott, who won the inaugural Advancement of Women in Business Award at the Australia-China Business Awards in 2015, says the next hot ticket to be organised by the Network’s committee will involve a joint event with AustCham’s Finance, Legal and Tax Committee.

“We are also reaching out to other committees (within AustCham Hong Kong and Macau) to partner with them on topics of interest around diversity, such as the Construction, Property and Infrastructure Committee with which we organised a join event in 2015,” Nott said.

Although figures released in February 2016 by Australia’s Workplace Gender Equality Agency revealed a dramatic economic divide between the genders in salaries (1), the agency’s latest statistics look increasingly positive with more women moving into senior executive roles.

Latest figures show just over 14 per cent of women are now chairing boards. Around 23.6 per cent hold directorships, with women now placed in 15.4 per cent of roles at Chief Executive Officer level.

According to Fiona Nott, Chair of Women in Business Network, AustCham board member and Non-Executive Director Aesop Hong Kong, Women in Business Network events like the debate are designed to reach out to both sexes.

As of January 2016, nearly 22 per cent of directors in ASX 200 companies are female with women accounting for 43 per cent of new appointments to ASX 200 boards. However, 12 per cent of ASX 200 companies still do not have women on their boards.

“AustCham’s Women in Business Network aims to connect, support and advance women in business as well as promote gender diversity within the Australian Chamber community in HK and Macau,” Nott said.

Business is also doing its part to increase the number of women on Mahogany Row. Initiatives like the 30% Club aim to encourage directors to elevate the number women on local boards to 30 per cent by 2018 (2).

“We actively reach out to men and women to discuss the importance of gender diversity in the business context and this event was one way of doing that. We wanted to discuss the role that men play in furthering gender diversity in business - to hear from business leaders and give members an opportunity to engage with the issue in a relaxed and fun format.”

Having more women on boards also benefits a company’s bottom line. A recently released study by researchers from La Trobe University Business School involving 300 of Australia’s top companies found a positive association between having women non-executives on boards and a company’s firm financial performance.(3)

“We’ve had huge interest, it’s been really encouraging and demonstrates that diversity issues, particularly gender diversity are very much on the business agenda. Since 2015 when the network was formed, we’ve held 10 events which have mostly all sold out”.

Speaking after the debate, guest speaker Geoff Wilson said he believes gender diversity contributes a variety of ideas and experience and a different way of thinking that comes from groups of people with diverse backgrounds. issue 180 | austcham news

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Cover Story

James Shipton Securities and Futures Commission

Angela Mackay Geoff Wilson Global Publisher, FT Live and Chief Operating Officer, Managing Director, Asia Pacific of KPMG FT Asia Pacific

“If you have groups that are too homogenous and have similar backgrounds, they really aren’t able to stretch the boundaries and ultimately will struggle to be creative and innovative.”

And in Hong Kong, the number of women entering boardrooms is also rising.

According to Hong Kong’s Community Business’ 2015 Women on Boards Report, the number of women on boards of Hong Kong companies listed on the Hang Seng Index reached 11.1 per cent, moving upwards from 9.6 per cent in 2014 and the largest increase since 2009 (4).

Wilson predicts Australian businesses will continue to become more gender diverse in the future, including at leadership levels, with the pace of change starting to increase.

“It’s clearly been challenging up until now. The trends are telling us we need to do more, I remain optimistic that there are more men who are getting into the conversation and standing beside women, to assist them to achieve the next phase of progress”.

His optimism also extends to Hong Kong.

8 • austcham news | issue 180

Irene Lee Chairman, Hysan Development Company Ltd

Angelina Kwan Managing Director, Head of Regulatory Compliance, Hong Kong Exchanges and Clearing Ltd and Deputy Chair of The Women’s Foundation

“I’m particularly encouraged here in Hong Kong with the level and extent of debate, discussion and focus on gender diversity. It’s at a much higher level of intensity than I anticipated and it’s fantastic,” Wilson said.

Internationally, gender diversity in boardrooms is still variable. One nation that has been particularly successful in increasing gender diversity in its boardrooms is Norway. The country introduced a gender quota system into national law in 2005 seeking to raise the level of women on boards to 40 per cent. In 2015, studies revealed women in US boardrooms stand at around 20 per cent.

While quotas and legislation may have worked in the case of Norway, Wilson isn’t persuaded it’s the way to go for Australian business.

“I personally don’t support quotas, I do support targets. You can hit numbers with quotas and I understand that, but I think that you can actually hit the numbers within a truly merit based system combined with stretch targets and genuine leadership commitment. Monitoring, accountability and management focus are key to achieving real results,” Wilson said.

The fact that the Women in Business Network’s entertaining and informative debate was a sell-out demonstrates this issue will remain high on the agenda for some time to come in Australia and in Hong Kong.

In closing the 2016 Great Debate, AustCham Chief Executive Drew Waters thanked the Women in Business Network’s steering committee, crediting them for an enormous amount of hard work in creating the successful event. He also extended the Chamber’s thanks to AustCham’s staff and to CBA innovators for their assistance in creating a high-tech voting app especially for this event, which successfully delivered voting results instantaneously.

The Great Debate 2016 was supported by the Women in Business Network’s sponsors, the global recruitment firm Ambition and Australian legal firm MinterEllison, together with gift sponsor Aesop, and food and beverage sponsor for the evening, KPMG. This year, AustCham Shanghai will host the 2016 Australia-China Business Awards on April 13, during Australia Week in China, where for the first time, the prestigious awards include a category for the Advancement of Diversity in the Workplace.

Please see P.23 for full event coverage on the evening.

AustCham AD (204 x148mm) Layout JAN_2016 OP.pdf 1

Melbourne

8/1/16

“I’m particularly encouraged here in Hong Kong with the extent of debate and focus on gender diversity …”

Geoff Wilson, Chief Operating Officer, Asia Pacific, KPMG

Statistic sources: 1. www.wgea.gov.au/sites/default/files/Stats_at_a_Glance.pdf Workplace gender equality agency (Australia) February 2016 2. www2.deloitte.com/content/dam/Deloitte/global/Documents/Risk/ gx-ccg-women-in-the-boardroom.pdf 3. La Trobe University Business Study released March 8, 2016 4. Community Business’ 2015 Women on Boards Report,- media release

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issue 180 | austcham news

•9

Cover Story Australia Focus

The Evidence is in: Greater Gender Diversity in Science Benefits Us All

T

he World Economic Forum estimated last year that at the current slow rate of progress, it will take until 2133 to close the global gender gap across health, education, economic opportunity and politics.

We clearly need to take greater measures to close the gap. And, fittingly, the theme of this year’s International Women’s Day, celebrated this year, is: Pledge for Parity.

It’s a call to action that the scientific community should heed.

Championing change That female scientists are underrepresented at a senior level is now well recognised; despite the fact that women comprise more than half of PhD science graduates, in Australia female academics hold only 17% of senior positions.

The story is similar in the corporate sphere: the 2015 Male Champions of Change progress report found that only three in 29 affiliated major organisations – Ten Network, the Department for Foreign Affairs and Trade, and Qantas – achieved minimum gender parity goals in key management positions.

10 • austcham news | issue 180

Beyond the ordinary challenges for women in the workforce, female scientists face specific difficulties, especially in a cut-throat funding environment.

The years of intensive research required to establish an independent research career as a laboratory leader coincides inconveniently with the period during which people tend to start families.

In addition, grant success hinges on a productive publication record, which adds difficulty for women who have taken career breaks to have children.

Inclusiveness benefits research A 2014 report from the Office of the Chief Scientist found that women “continue to leave STEM in unacceptably high numbers at secondary, tertiary and early-career level".

Unquestionably, the lack of women in senior roles is an unfortunate waste of expertise and investment. But gender imbalance should be an issue that concerns the majority, because it’s the majority who benefit from diversity in the workplace and laboratory.

Research suggests that institutional performance is positively associated with gender balance. For example, a 2012 Credit Suisse study of 2,360 companies globally found that those with at least one woman on the board outperformed companies without any female board members by 26% over six years.

Another study that looked at the gender composition of management teams in S&P 1,500 companies found that women in top management positions were associated with “an increase of US$42 million in firm value.”

The same study found that companies that prioritised innovation saw greater financial gains with female managerial representation.

Racial diversity has similar benefits for innovation: a study of 177 US banks found that in banks with an innovation-focussed business strategy, a racially diverse workforce was related to enhanced financial performance.

Diversity in science also has benefits for researchers. A study of the authors of 2.5 million scientific papers found that publications authored by ethnically diverse groups of researchers receive more citations than do papers written by researchers of a single ethnic group.

When authors with similar publication histories were compared, homophily – sticking with one’s own – was associated with lowerimpact papers.

Steps towards equity In terms of female underrepresentation at senior levels, a lack of role models is often cited as a reason for the attrition of female scientists.

Successful women in senior positions provide crucial guidance as mentors and role models, and are also key to challenging the stereotype that science is masculine.

The more schemes that promote female researchers, such as the Australian Research Council’s special female Laureate Fellowships, or the inaugural United Nations International Day of Women and Girls in Science, just passed, the greater the benefit.

Change also needs to come from research institutions, and the Science in Australia Gender Equity (SAGE) pilot, in which UQ is a participating organisation, is a good start.

More, as always, can be done. The SAGE pilot launched in September, 2015, with involvement from 32 institutions, including half of the university sector. Surely this proportion can plausibly be lifted to full nationwide university participation.

Research programs that fast-track the training of talented female scientists would also help. If women can achieve research independence before they have children, as lab leaders they have the flexibility and staff support to ensure that research continues during periods of parental leave.

The Queensland Brain Institute is doing its part to support women by launching an annual Diversity in Science Lecture, in order to

EVENTS UPDATE APRIL AT A GLANCE… Thu, 7 Apr, 12:00nn - 2:30pm AustCham Commonwealth Bank Rugby Sevens Lunch with Matthew Burke Grand Ballroom, Grand Hyatt Hong Kong, 1 Harbour Road Wanchai, Hong Kong Tue & Thu, 12 & 14 Apr, 6:30pm - 8:30pm Professional Development Series: S2: Dealing with Conflict Compass Office, 20/F, Infinitus Plaza 199 Des Voeux Road Central, Sheung Wan Thu, 14 Apr, 12:30pm - 2:30pm Return to Oz: Crucial investment tax planning for wealthy Australians who’ll one day return home AustCham Business Centre, 3/F, Lucky Building 39 Wellington Street, Central Tue, 19 Apr, 12:30pm - 2:00pm COP21 and Beyond: What’s in it for Business?

Boardroom 6, M/F, Renaissance Harbour View Hotel Hong Kong 1 Harbour Road, Wanchai

provide a platform for distinguished champions of diversity and equity.

Career–life decisions are never made in isolation, and closing the gender gap in universities also involves support at home from partners and spouses.

Boys at school and early university should be educated and encouraged to understand that equal opportunity in the workplace benefits from men taking equal responsibility in the family environment.

A concerted, continuing effort at all levels is needed for us to achieve gender parity, and hopefully by far sooner than 2133.

Source: This article was originally published on The Conversation. Read the original article at http://goo.gl/xf7hDo About the author: Pankaj Sah , Director - Queensland Brain Institute, The University of Queensland

issue 180 | austcham news

• 11

Hong Kong Focus

Key Points to Note for 2016-2017 Hong Kong Budget - Darren Bowdern, Partner, KPMG

I

n a typical Financial Secretary John Tsang fashion, another “handout” budget was unveiled on Wednesday 24 January 2016. In line with prior years, Tsang promised HK$38.8 billion

package of one-off handouts which includes the usual tax cuts and reliefs for individuals and businesses. Professional services firm KPMG said in its budget summary that the budget “in many ways, was a case of ‘business as usual’, with few substantial new or longer term initiatives introduced or flagged”. However, given the current state of the international economy and the looming turmoil across the border, retaining a “handout” budget may not be such a poor decision – at least for the short term.

12 • austcham news | issue 180

In this regard, we have seen the introduction of the automatic exchange of information and the consideration of adopting the measures within the OECD Base Erosion and Profit Shifting (“BEPS”) project. Whilst a reform of the now outdated tax system would be welcomed, it is hoped that the implementation process be undertaken through public consultation. That said, any undertaking of a tax reform is an arduous journey, fraught with dangers and long lasting socioeconomic implications, so let’s just watch this space.

Broadly speaking, the budget introduces some good initiatives which could greatly benefit the prosperity of Hong Kong by driving the economy forward. That said, the key to all plans rests within its execution.

The Financial Secretary, Mr John C Tsang (second left), holds a press conference at Central Government Offices in Tamar after delivering the 2016-17 Budget in the Legislative Council. Also attending are the Secretary for Financial Services and the Treasury, Professor K C Chan (second right); the Permanent Secretary for Financial Services and the Treasury (Treasury), Ms Elizabeth Tse (first left); and the Government Economist, Mrs Helen Chan (first right).

In terms of recurring benefits, there were increases to the basic allowances, single parents allowance, married persons allowance and dependent parent / grandparent allowances. All other allowances remain unchanged from the previous year. Although this may fall short from some expectations, it nevertheless provides some tax reprieve to individual taxpayers.

From a social wellbeing perspective, the fostering of talent and caring for people’s livelihood was once again in the spotlight with further investments in education, social welfare and healthcare services being mentioned. Given the aging population in Hong Kong, emphasis was also placed on aged care and retirement protection within the budget.

A significant portion of the budget address specifically introduced the New Economic Order (“NEO”) regime. Under NEO, there will be initiatives to drive the nurturing of innovation, the ‘belt and road’ initiative, trade and logistics, and financial services within Hong Kong. However, in application there were few new additions to these initiatives, and, in certain aspects was a reiteration of the past. Nevertheless, the NEO represents some great first steps in improving Hong Kong.

Through the nurturing innovation initiative, the budgets focus and additional support on research and development (albeit stopping short of offering tax incentives for research and development activities – measures which already have been adopted by neighbouring jurisdictions), Fintech, startups and creative industries should attract a wider pool of investment within Hong Kong.

There was some discussion towards the end of the Financial Secretary’s budget address with harmonising the legislation with international standards and enhance its global competiveness.

Proposed changes to tax allowances and one off relief measures • Increase in the basic allowance and the single parent allowance to HKD132,000 • Increase in the married person’s allowance to HKD264,000 • Increase in the (additional) dependent parent/ grandparent allowance to HKD46,000 (aged 60 or above) and to HKD23,000 (aged between 55 and 59) • Allowable deduction for amount paid for elderly residential care expenses increased to HKD92,000 • Reduction of salaries tax, profits tax and tax under personal assessment for 2015/16 by 75% subject to a ceiling of HKD20,000 • Waive rates for the first two quarters of 2015/16, subject to a ceiling of HKD2,500 (per rateable property) • Payment of one month’s rent for low income tenants within public housing • Provide two additional months of the Old Age Allowance, Old Age Living Allowance, Disability Allowance and Comprehensive Social Security Assistant payments.

Tax rate Profits tax

16.5%

Salaries tax - Standard tax rate

15%

Progressive tax rate

Net chargeable income (HKD)

Rate

Tax (HKD)

On the first

40,000

2%

800

On the next

40,000

7%

2,800

On the next

40,000

12%

4,800

17%

-

Remainder

-

For details of the budget, please check Budget.gov.hk and KPMG Hong Kong Budget Summary on http://goo.gl/xnhwDY

issue 180 | austcham news

• 13

Industry Insights

Knowledge Management in Hong Kong - Sophia Khimji Director – Asia, Practicus Ltd.

K

nowledge management is a commonly misunderstood discipline in Hong Kong and, indeed, the wider world. I’ve found it quite interesting hearing the many myths that surround the topic.

Knowledge Management is culture, not technology

hundreds of people writing reports with no particular person or decision-maker in mind. How did they know what to share?

Moreover, there were perhaps just as many people who were receiving reports without having expressed any interest in them.

I would argue that knowledge is not being managed in this scenario and anything learned by anyone was a fortunate accident. It’s a classic example of processes taking precedent over consideration for the people using them.

Perhaps the best place to start is with the most common misunderstanding: that knowledge management is a software solution. In a purely functional sense, knowledge management is a well-run process supported by systems to capture, develop and share knowledge within an organisation. It’s easy to see the connection with technology.

The intentional willingness of staff to participate and a culture that delights in requesting and sharing knowledge is key in my mind. It would be more accurate to describe knowledge management as a culture. It may require the right supporting processes and systems to be effective but without the right purposefulness and attitude, it’s all for nothing.

However, this common definition misses a key point. Ultimately, it is people who need to obtain and share knowledge. The systems and processes are just a vehicle for knowledge management. Let me give you an example to explain. I remember one international business I engaged with that had an employee in its post room whose primary job was to receive reports and then work out who should probably receive them. To be respectful, it might have been a well-run process and had all the systems needed to support it in place. However, what struck me was that there were

For employees in many businesses, there simply isn’t the motivation to share knowledge. Indeed, it might run counter to their own personal agenda. Some hoard knowledge because they worry about their job security, others see it as the route to their own personal advancement. More simply still, they do not see the value in giving away hard-won knowledge without the certainty that it will be reciprocated in their own hour of need. In fact, many simply don’t act to ask when they are in need. Data on this topic for Hong Kong is scarce but a survey of North American

We’ve worked on many client initiatives to improve knowledge management and frankly, these myths are a big concern. They undermine the investment the organisation is making and I hope that by laying out some best practices I can help to improve the effectiveness of your organisation’s projects and programmes.

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companies had 44% of the participants cite ‘lack of usage’ as the main challenge they faced when it came to implementing knowledge management.

As such, management has an important role to play in making knowledge management effective. It needs to be sponsored from the top to ensure it is seen as acceptable, i.e. that the only genuinely stupid question is the one that is not asked. It also needs to be managed from the top to ensure buy in at all levels of the organisation. Incentivising managers by linking knowledge management to performance objectives can be an effective way to ensure it is embedded within teams, as can recognition from senior management for people who have delivered on knowledge management targets. Employees in Hong Kong love a good contest, so this can be another way to incentivise knowledge sharing. I have witnessed knowledge sharing improve drastically at one company when a particularly attractive washbag was put up for grabs!

Knowledge management – it isn’t just what you know, it’s who you know We’ve all been there – you need to find some information but have no idea where to look. You plough through company systems and information guides but despite the friendly search features, you get nothing. Perhaps you haven’t asked the right question, or perhaps the answer simply isn’t there to find. You’ve no way to be sure through the system itself.

There’s only one way to track down the information you need: you ask the person sitting beside you. What happens next is entirely reliant on the company culture. If they don’t know the answer, they might point you towards a person or team who does or have a better idea where it is stored. In other words, knowledge management is as much about who you know as it is about having access to the right systems.

How quickly you find the answer will depend on how readily people will help, attitudes to knowledge, how flat the culture is and the formality of its hierarchy. If people are willing to openly share their knowledge throughout your organisation, then you could get your answer in minutes. However, if knowledge is jealously guarded, teams are heavily siloed or the person with the answer can’t be easily engaged, then it could take anywhere from days to forever.

Social networking services used within a business can be a fantastic way of finding the right person with the answer, whether they work at the next desk or on the next continent. Knowledge management systems are becoming increasingly integrated with social networking services, making it easier to share knowledge and capture answers to unanticipated questions. However, they need a culture that permits, encourages and incentivises knowledge sharing to be truly effective.

Stored information doesn’t tell the whole story – living knowledge is the key Even when you can lay your hands on the right information, documents and systems will never be as informative as someone who knows the answer first-hand, can explain it, remove any misapprehensions and provide some quick pointers. Living knowledge that resides in people’s heads cannot be removed from the equation.

Then there is knowledge that most companies won’t ever capture in their systems. These are the small but nonetheless important details, such as how people and business units like to be communicated with, that can make a massive difference to how effective a new employee will be.

I make these points not because I want to trivialise the role that systems play. Indeed, I think they’re extremely important and a key enabler in an increasingly global marketplace with growing levels of flexible working. However, we need to address the whole picture around knowledge management if we want our investments to succeed.

I mentioned in my last article on change management (Sept/ Oct 2015 issue) that here in Hong Kong we have a fantastic reputation for solving the hard problems but not necessarily the soft ones. Cultural change is a soft problem but it is one that can be measured and incentivised. Technology and systems make this easier, particularly as the workforce becomes more remote and measurement more difficult.

Because staff attrition in Hong Kong is relatively high compared with the rest of the world, being able to effectively capture knowledge is vital for our businesses, and we’ve more to gain from getting knowledge management right. In order to make the most of the practice, companies need to recognise that no amount of effectively implemented technology or processes will help unless the cultural challenge that comes with knowledge management is tackled at the same time.

Company profile Practicus helps organisations to better deliver change. Our services target the support they need with business and technology transformation – from helping to formulate what that change looks like through to delivering the change and making it sustainable.

We work across a large number of industries across the globe.

However we are asked to work, we understand the pressures our clients are under, and we take pride in working together in a straightforward and honest way to help them effect outcomes that surpass expectations.

issue 180 | austcham news

• 15

Committee Comment

New Rights for Third Parties to Hong Kong Contracts - Katherine U (Partner), Elizabeth Mifsud (Registered Foreign Consultant), Ada Luk (Trainee Solicitor), Minter Ellison Hong Kong

T

he Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the Ordinance) came into effect on 1 January 2016 and is likely to have implications for businesses across a wide range of sectors. It is imperative that businesses have a good understanding of the Ordinance and ensure adequate safeguards are in place to mitigate the risk of any unforeseen liability to third parties.

Prior to the Ordinance, only parties to a contract are able to enforce contract terms. However, this has been criticised for sometimes not reflecting the contracting parties' intention to benefit third parties outside of the contract. For example, under an employment contract, an employee's family members may want to enforce certain

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k Than ! you 16 • austcham news | issue 180

company benefits (such as housing allowance or insurance), but are unable to do so because they are not a party to the contract.

Enforcing third party rights With the enactment of the Ordinance, a third party is now able to enforce a contract term if: a. the contract expressly provides that the third party has the right to do so; or b. if there is no such express right, the contract term purports to confer a benefit on the third party, and it is evident from the contract that the contracting parties intended the third party to be able to enforce the contract term.

The third party must also be expressly identified in the contract by name, by a member of a class or as answering a particular description. For example, "a director of Company X" would be sufficient identification of the relevant third party such that any director of Company X may benefit.

What if you want to vary or cancel the contract?

Where the contracting parties are aware or are reasonably expected to have foreseen that a third party has agreed to or relied on a particular contract term, the contracting parties cannot then vary or cancel the contract if doing so would alter or extinguish that third party's right, unless: a. the third party consents to such variation or cancellation; or b. the contracting parties ensure that the contract expressly provides that the third party's consent is not required (or only required in specified circumstances) and ensure that the third party is aware of this express term before the third party relies on the relevant contract term.

What contracts does the Ordinance apply to?

The Ordinance applies to all contracts entered into on or after 1 January 2016. Although the Ordinance does not apply to existing

contracts, new amendments to an existing contract may mean that these contracts are still subject to the new law. The Ordinance also lists out certain contracts where the Ordinance does not apply, such as a company's articles of association.

In relation to employment contracts, the Ordinance expressly states that a third party cannot seek to enforce a term against an employee.

However, there is nothing under the Ordinance which prevents a third party from enforcing his/her/its rights against an employer, or which prevents an employer or employee from enforcing his/her/its rights against a third party.

What should you be doing?

If you are using a contract template or entering into a new contract, the contract should be reviewed to ensure appropriate safeguards are in place, such as specifying any restrictions or limitations to a third party's right to enforce a particular term, excluding certain third party's rights, or contracting out of the Ordinance altogether, if appropriate. In each situation, consider if the contracting parties want a third party to benefit from the arrangements and address this accordingly.

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issue 180 | austcham news

• 17

Committee Comment

The Case for Tax Reform in Australia - Darren Bowdern, Chair of AustCham Finance, Legal and Tax Committee.

Darren is also an AustCham Board Director.

F

rom a regional perspective, Australia stands out as a high taxing country. With Corporate tax rates at 30% and individual tax rates pushing at 45% – before the Medicare levy impost of 2% and other surcharges – these rates stand out as some of the highest in the region and indeed the world.

Many argue that Australia needs significant tax reform in order to increase incentives to work, to attract much needed foreign investment and more importantly, drive economic growth.

Australia is not Hong Kong and it will never move to a low and simple system of taxation that we enjoy here. However, OECD corporate tax rates are trending closer towards 20%, as they are in Asia, and even the UK has announced that its company tax rate will reduce to 18% from 2018. The impost of corporate taxes and a complex tax system are factors that foreign investors consider when deciding on where to invest.

In Australia, the debate around tax reform continues to rage. The concern is that without comprehensive reform of the tax system, growth may stall and ultimately, living standards will decrease.

In particular, there has been much debate about the need for increasing the GST from 10% to 15% but this now appears dead in the water. Prime Minister Malcolm Turnbull has made it clear that he is not convinced that an increase in the GST to 15% coupled with the necessary compensation measures needed for lower income earners would deliver the changes to economic growth needed to the economy. Treasury models estimate that increasing the GST to 15% would likely only lead to a nominal increase in growth to the economy of only 0.3% given the likely compensation measures needed to get the changes through the Senate.

However without the reforms to the GST, the concern remains that we may not have the revenues to introduce some of the other reforms needed to fund cuts to company and individual tax.

If the Government is convinced that an increase in the

18 • austcham news | issue 180

GST won’t deliver the revenues needed to fund tax cuts, they are left with fewer other options. These are potentially changes to superannuation for high income earners, caps on negative gearing and tightening up on the deductions claimed by workers. But such changes may only justify smaller reductions to income taxes, and potentially, over a much longer time frame.

The Government must not lose sight of the bigger picture and give up on much needed reforms in the face of political pressure.

There is a broad consensus for a need to reduce the corporate tax rate, but the funding for such cuts remains uncertain. A reduction in the corporate tax rate should have positive impact on growth in employment, and because of this many have argued that the corporate tax rate needs to be closer to 25%.

Australia’s tax system is perceived as complex and unfair to the middle class. Bracket creep alone will see a greater proportion of taxpayers paying tax in the top two tax bands from wage increases linked to inflation. Reform is needed to adjust the current bandings or introduce a simpler and fairer tax rate for middle income earners.

Overall, Australia needs a modern tax system that fosters employment and economic growth.

What is therefore required is a sensible debate around tax reform and an approach that prevents it from falling victim to partisan politics. All Australians will ultimately lose out unless we move forward with fiscal reforms that significantly reduce the personal and company tax rates to provide the much needed boost to employment and economic activity that many are hoping for.

At the time of penning this opinion piece, it appears that all the much talked about need for tax reform by Prime Minister Turnbull may not amount to much at all. Only time will tell as we await the May 2016 budget. However, the concern remains that real tax reform may be another victim of Australia’s dysfunctional political debate.

AustCham ANZ Mentor Program

Congratulations to the AustCham ANZ Mentor Program Class of 2015!

Let’s hear what the protégés say about the 2015 program year…

Don’t miss the next edition for the Graduation event coverage! o, I am The program has been a y mentor. And als lifeline to me have Angela as m to d gla y all ents re ev e am I th k in th I , thi m s year. My mentor was a per ra og pr e th of rt pa fect fit and . very grateful to be resting and useful through her coachi ng and development I nised are very inte ga or s ha m ha that AustC have managed to navigate is really awesome. through some AustCham family People within the rm to meet fo at pl ver od y challenging business situ go ry ve a e m es id ations. ov pr gained AustCham also dustries. I think I in nt re ffe di m fro e people who com program. expect from this I an th e a lot mor e program e part of th b to le I b a an To be lifetime n today th a better positio rience of a e in p x am I e y . n sa a m to ra n ealth of entor Prog I am happy ha s b e e me with w e AustCham M d th e t ou id v ith w ro p en to ve David would have be and it has ce on how portunity to ha and guidan ateful for the op n gr r io ve ls re at d fo an o rm be g es I will info career a s experienc rsonal and e insight into hi e Th p r. y to m en M e an a v ve been Lang as achie nd that I d personal life ha g a new frie an in ng k ki a or g m w s tin s hi a en . plem as well attitude to touch with nefited from im ue to be in I have already be will contin inspiration and hings. d that some of his teac sappointed to fin I were slightly di d an rs ho he w ot le w a. A fe reers peop seemed to be ca rs to en M . e th st a lot of in one indu ry o paths or only tw Program sponsor: or e on on de uld inclu had been the program co if us eo ag nt va ad art. b. It would be nights at the st sed Protégé only ni ga or e or m e e som rvey early into th estionnaire or su c. Perhaps a qu into what types provide insight ill w s es oc pr n applicatio can tailor your ing for and this ok lo e ar le op of Mentors pe ble Mentors. search for suita

I did not set any pa rticular goals at th e start of the mentor program, although we were en couraged to, so we could reflect on what we have do ne during the progress and if we have achieved or pr ogressed toward these goals. a. [My mentor]… helping me to build up more conf idence and re cognise the skills an d experience that I have gained in my past jobs an d how I can transfer those skills to my future jobs. b. …out of all the mentor program ev ents I attended, I think I mostly en joyed was the mini round table discussion. I think personally I liked th e smaller group discussion. ing I had standing myself, someth Amazing journey of under el gram, at least to that lev not expected in the pro l as era gen in career and life a. My perspective on my ntoring me the shift thanks to undertaken an paradigm away s and I truly can take thi Neel has provided me – the s going forward, beyond and continually apply thi stCham mentoring program at Au r in my AustCham mento nd frie d b. I have a new truste ich wh p have such a friendshi – and I am honoured to é m the mentor and protég was a great bi-product fro relationship / program

me as I bounce Tamara has been so helpful to regarding my off ideas and options with her e me think career progression. She has mad red myself and about questions I never conside also found the I ice. provided very valuable adv ticularly liked program events interesting. I par that was much the break out group session as more interactive and intimate.

What I hope for in the fut ure is a bit more structure and format on the 1-1 mentoring relationships as I feel it’s a bit too open ended, which is great in some circ umstances but at times I feel like it’s more constructive if we have a solid agenda to discus s.

…I didn't think this program would have such a drastic impact on my life but as dramatic as it may sound, it did. From regaining my self-confidence after a traumatic experience from my previ ous job, to pushing myself to get over my fears by gettin g up and speaking at the Turn the Tables event. And of course, passing on what I've learnt to my peers and being able to lead with grace and empathy.

So finally, thanks to whole team at the Austr alian Chamber of Commerce for putting such an awesome program together and for ANZ for supportin g this initiative. I'm sure I'm one of many people whos e lives you've somehow changed for the better.

Thank you for letting me join the Mentor Program. Through the program, I get to meet all kind s of people through the differen t networking events. Those are great times as they share their experie nce not just at work but also their traveling experience.

The majority of mentors and protégés come from quite corporate backgrounds and so I found a lot of the events weren’t hugely releva nt to my interests. While I appreciate that big corporates in finance, accounting and law make up the bulk of AustCham members, I do think it would be beneficial to get involved with more tech firms and startups. a. I would have included more events for peop le interested in starting their own companies b. I would have tried to bring mentors to the program from tech firms c. I would make a suggested minimum once a month mentor and protege meetup schedule

issue 180 | austcham news

• 19

Corporate News Trust in business remained flat this year (38 to 39 per cent), still ranking it as the least trusted institution in Hong Kong. Nevertheless, business remains indispensable to the community, with 62 per cent of the general population agreeing that a company can take specific actions that both increase profits and improve the economic and social conditions in the community where it operates. Integrity ranked as the highest trust-building attribute this year with a score of 37 per cent, though only 18 per cent of respondents believe that businesses are keeping up with their expectations.

A

ustCham Corporate Member Edelman recently launched this year’s Hong Kong Trust Barometer findings at a packedout China Club. The annual study, which polls and analyses trust in four institutions (government, business, NGOs and media), ranked Hong Kong as the 16th most trusting nation globally out of 28 countries surveyed.

The Barometer found that trust in NGOs remained at 57 percent among the general population, making it the most trusted institution. NGOs were also ranked as the joint most trusted institution to keep pace with changing times, along with media. Media ranked as the second most trusted institution among the general population in Hong Kong, at 47 percent, although trust in media has declined by 8 percent over the last two years. Meanwhile, trust in government stayed level at 45 per cent, ranking it as the third most trusted institution in Hong Kong.

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To enquire about advertising, submit an article, comment or respond to austcham news, please contact Karen Wu at karen.wu@austcham.com.hk or call +852 2522 5054.

20 • austcham news | issue 180

“Asia boasts some of the most trusting nations globally but Hong Kong is no longer one of them. One of the biggest concerns from this year’s findings is that only 36 per cent of Hong Kong’s mass population believes they’ll be better off in five years’ time” said Bob Grove, CEO for Edelman North Asia.

Adrian Warr, Senior Director of Edelman Hong Kong, added: “We shouldn’t underestimate how much trust matters. Our survey looks at consumer behaviors towards trusted vs. distrusted companies and the results prove that it has a direct impact externally and internally.

For example, people are 60 per cent more likely to buy a product from a company they trust, while 51 per cent would refuse to buy from a distrusted company.”

For further information about the Study, contact virginie.serre@edelman.com.

Corporate Profile

Emporio Antico 18/F, 239 Hennessy Road, Wanchai, Hong Kong www.emporioantico.com

Since 1938, the ANTICO’s have been an iconic Australian ‘fresh food family’, pioneers in the industry and recognised with the prestigious honour of the “Australian Export Award for Outstanding Export Achievement” by the Australian Trade Commission, Australian Government.

What are the main skills of your job?

Patience, patience, patience… it takes time to develop a bullet-proof reputation where customers feel confident to spend a lot of money on exotic fine food. Being a good listener, as well as a fast runner helps to sustain that trusted reputation.

What’s the most unusual thing you have had to do as part of your job?

Carry live crayfish, called marron, in my backpack for a last-minute private event in Macau where the host simply ‘must have it’ on the menu for her guests.

What does your company do really well?

Freshness, quality and service, service, service… topped off with more service (sounds like a recipe!). Once we even delivered on a public holiday within 2 hours of receiving the order. In addition, our range is kept small so we can focus on truly offering only the highest quality within in each category. For example, our pepper is a rare, native mountain pepper berry from Tasmania in Australia that only grows in the wild and has the most unique fruity beginning and lingering spice that chefs in Hong Kong have fallen in love with (hint… you’ll find it at Amber Restaurant in the Landmark Mandarin Oriental).

Matthew Antico, Managing Director of Emporio Antico has been based in Asia for over a decade and has a wealth of experience and passion for the food industry. Matthew has carefully curated a selection of fine food lines.

How would you describe your workplace and colleagues?

Very few words here as our business to date has really only consisted of “me, myself and I”, but that is changing fast now… our new retail boutique and tasting lounge will open in Wan Chai in April 2016.

What’s something most people don’t know about your company?

The early beginnings that my grandfather created for this family bloodline in fresh and gourmet food around 1938.

What’s your company’s connection to Australia?

Our first retail boutique was in Mascot, Sydney in 1938.

What’s your favourite place to go on the weekend?

You can't beat the magnificent views of Victoria Harbour from the new Ritz-Carlton’s Tosca Restaurant and OZONE Bar in West Kowloon.

What’s your favourite place to eat lunch?

Still very hard to beat the Mandarin Oriental’s Kitchen Grill & Bar in Central. Our fine caviar is the house caviar for the entire hotel there – very proud of this!

AustCham Platinum Patrons

issue 180 | austcham news

• 21

On The Scene

Nick Wilshire of Zhonghe Recruitment and Kevin Ding of Australian Consulate-General.

John Tivey of White & Case and Elizabeth Cox of Macquarie Group.

Will Probert with Paul Kam of HSBC and Jenni Kang of Austrade.

Geoff Goh of Queensland Government Office, John Kondos and Christopher Xing of KPMG.

The first Australian Reflections luncheon this year was held at Conrad Hong Kong last month, with guest speaker The Hon. Scott Morrison MP, Treasurer of Australia.

AustCham Treasurer Andrew Macintosh introducing guest speaker Scott Morrison MP.

More coverage can be found on our online photo album: www.flickr.com/photos/austchamhongkong

22 • austcham news | issue 180

Yvonne Chan of Austrade and Arun Nangia of National Australia Bank.

Taliessin Reaburn of Austrade and Andy Yang of Asian Bond.

AustCham Chief Executive Drew Waters, Scott Morrison MP and AustCham Treasurer Andrew Macintosh.

The Treasurer talks about Australia-China business connections.

April Yu of Thomson Reuters and Veronique Lafon-Vinais of HKUST.

Jennifer Robinson of JP Morgan, Diane Riachi of Verizon Hong Kong and Cassandra Lister of Euforia Consulting.

Rosemarie Kriesel of BNY Mellon and Kym Fortescue of AIA Company Ltd.

Wendy Simpson with Tayma Allies of Tayma Fine Jewellery.

AustCham’s Women in Business Network hosted a lively discussion on gender equality earlier in March at the Hong Kong Club, celebrating International Women’s Day. Two teams of Hong Kong’s leading business executives debated the motion ‘Women Need Men to Get Ahead in Their Career’, filling the evening with insightful ideas and inspirations.

Special thanks to our network sponsors Ambition and Minter Ellison, gift sponsor Aésop and F&B sponsor KPMG. The Power of Three at AustCham – former General Manager Michelle Penfold (nee Gray), current Chief Executive Drew Waters and former Chief Executive Deborah Biber.

Lesley Hobbs of AdventBalance and Bridget Gildea of Zentor HK Ltd.

Chair of AustCham Women in Business Network Fiona Nott welcomes all.

A

anellis ou to our p big thank y

Jade Poon, Elisha Vincent and Eleanor Lennie of Macquarie Group.

Chelsea Porter of Australian Consulate-General and Michelle Chan of Minter Ellison.

Alex Mihos and Tiffany Rogers.

Kerry McMullan of Swiss Re and Andrew McGrath of Green Light Consulting Asia.

ts and mod

Eliza Mathews and Emma Davine of ANZ.

Bina Gupta of BG Business Communications Ltd and Professor Stephanie Fahey of Australia China Council, Department of Foreign Affairs.

erator!

Great turnout! Near 120 guests joined us on the evening.

issue 180 | austcham news

• 23

Connect with AustCham on social!

AustCham - Hong Kong, Macau and South China

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REPRESENT The Australian Chamber of Commerce in Hong Kong & Macau (AustCham)

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Š 2016 The Australian Chamber of Commerce in Hong Kong and Macau

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