Access Asia Magazine Dec/Jan 2018 2019: Singapore's Year as ASEAN Chair 2018 by AustCham Singapore

SINGAPOREâ&#x20AC;&#x2122;S YEAR AS ASEAN CHAIR 2018 2018/19 DEC/ JAN

CONNECTING BUSINESSES ACROSS ASIA AND BEYOND anz.com/institutional

A MESSAGE FROM THE

PRESIDENT

Greetings Members! On behalf of your Board and our AustCham all-stars, I hope you are enjoying a fabulous festive season. It’s a good time to reflect on the Chamber’s achievements over the last 12 months but before I get to that, here’s what we’ve been up to since my update in the last issue of Access Asia. At the invitation of HE Bruce Gosper, I had the pleasure (along with fellow Board members Teena Pisarev and Fraser Thompson) of meeting Prime Minister Scott Morrison. Australia’s strong relationship with Singapore and commitment to positive engagement with ASEAN remains high on the Government’s agenda. HE Bruce Gosper, ANZ’s David Green (AustCham Corporate Patron Member) and Deborah Elms (Founder of the Asian Trade Centre) joined Katrina Saly (Bloomberg) for a panel discussion marking the achievements of ASEAN under Singapore’s chairmanship. Over 60 people attended the event and heard our panel discuss their views on opportunities, challenges and barriers for business in ASEAN. NAB’s regional GM, Neil Parekh introduced a strongly attended panel discussion on diversity and inclusion. An interesting tip emerged – rich cultural insights can be gleaned from pulse surveys conducted on individual employee anniversary dates. This can elicit more open feedback compared to pulse surveys conducted as a company-wide “campaign”. The AustCham Xmas celebration, attended by around 160 members and guests proved to be a fitting and very festive close to a positive “turnaround” year for your Chamber. The occasion doubled as a fitting farewell tribute to President’s Medal recipient Dr Dale Anderson, who retired from JCU as Deputy Vice Chancellor and returned to Australia at the end of December. Which brings me back to the highs of 2018. Your Chamber has achieved a new membership record. Now standing at 729 compared to 575 the same time a year before. Now that’s a turnaround that any business would be delighted to replicate. How has this been achieved? •

The changes adopted in our membership structure and benefits,

•

The Board’s own initiative to refresh itself and to introduce new term limits,

•

The renewed support from our sponsors,

•

The content of our networking and discussion panel events,

•

The continued hard work and commitment of our staff

All this has contributed to a very successful turnaround. Ian Cummin President

BOARD MEMBERS Ian Cummin

Andrew Brown

Adam Lyle

John Dick

PRESIDENT BlueScope

HONORARY TREASURER ANZ Banking Group Limited

VICE PRESIDENT Padang & Co.

HONORARY SECRETARY Dentons Rodyk

Teena Pisarev

Prerana Mehta

VICE PRESIDENT Icon SOC Singapore

Australian Trade and Investment Commission Singapore

Scott Speedie

Fraser Thompson

Sean Straton

Ben Vella

Commonwealth Bank of Australia

UBS

Benjamin Tan

Qantas Airways

AlphaBeta

Telstra

Amber Williams NS BlueScope

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A MESSAGE FROM THE

EXECUTIVE DIRECTOR CONTENTS 6

YEAR IN REVIEW: SINGAPORE'S ASEAN YEAR

SINGAPORE'S PLACE IN THE WORLD

MANAGING ASEAN'S ECONOMIC POLICIES

PM LEE HSIEN LOONG AT THE CLOSING CEREMONY OF THE 33RD ASEAN SUMMIT AND RELATED SUMMITS

EXCERPT FROM THE PM LEE HSIEN LOONG AT THE ASEAN BUSINESS & INVESTMENT SUMMIT

AUSTRALIAN PRIME MINISTER SCOTT MORRISON IN SINGAPORE FOR THE ASEAN-AUSTRALIA SUMMIT

BUILDING SMART & SUSTAINABLE CITIES

A LANDMARK YEAR IN ASEAN FOR AUSTRALIA'S NATIONAL SCIENCE AGENCY

AUSTCHAM MEMBERSHIP UPDATES

As we look forward to 2019, we are planning some further country specific editions of Access Asia to give you insights into other markets around the region. Our next edition will focus on doing business in Vietnam and later in the year we will take a look at doing business in the Philippines. If you are interested in contributing an article for us you can send an email to me at info@austcham.org.sg. Access Asia is just one of the ways we promote our member’s expertise so don’t be shy about offering a contribution.

A SEAT AT THE TABLE FOR AUSTRALIAN BUSINESS IN ASEAN

CHANGES TO SINGAPORE'S EMPLOYMENT ACT: WHAT YOU NEED KNOW

I’d also like to take this opportunity at the end of the year to recognise the hard work of the staff in the executive office, the team behind all the fantastic activities of the Chamber. Erica Marcellan, leading our membership team and also designing the strong business briefings program we are continuing to grow; Cecilia Hou our cool calm and collected events manager and Ashlley Ang our events executive – the team who keep everything under control and running efficiently even at our most busy and stressful events; Rica Ang our marketing executive responsible for the amazingly professional marketing collaterals for the chamber as well as this magazine; and Serena Liu our accounts manager to whom I am eternally grateful for keeping the books in order and making sure we pay our bills on time! Thank you to each of you for your hard work this year.

SINGAPORE CARBON TAX SUMMARY

EVENT RECAP: WHAT DIVERSITY & INCLUSION MEANS AT NAB

UPCOMING EVENTS & OUT & ABOUT

NEW MEMBERS

MEMBERSHIP CARD OFFERS

NEWSFLASH

What a year 2018 has been. From the Chamber’s perspective we have held 57 events – including our new Australia Fare which was a fantastic celebration of Australian retail businesses, tourism, wine and food in Singapore at the gorgeous Clifford Pier. We have reached a record high in terms of membership, coming of the back of a few tough years as we saw the global economy change and shift. Plus the significant changes to the Chamber’s constitution that were passed at the AGM in June, the biggest reforms in the history of the Chamber. And we will bid farewell to James Cook University’s Dr Dale Anderson. For the past 12 years Dale has led the growth of the Singapore Campus of James Cook University, which is now recognised as a market leader in the provision of tertiary studies in Singapore, business excellence, and educational quality. The Singapore campus of the University has grown to now enrol around 4,000 students and through its Inter-campus Mobility Program they contribute to a cultural exchange that strengthens relations between Australia and Singapore. Dale has been an integral part of the success of JCU and a strong supporter of AustCham. On behalf of the Australian business community I wish him all the very best with his next adventures. Dale, you will be missed. For much of this year, Singapore has held the position as Chair of ASEAN. In this edition of Access Asia magazine, we take a look at the achievements, the opportunities for business and how the activities of this year have positioned Singapore within the region and the world. With articles and analysis from our members across a range of disciplines, you will find a variety of interesting thoughts and views on Singapore’s time as Chair.

Kate Baldock Executive Director

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Front Cover: Singapore Prime Minister Lee Hsien Loong and ASEAN leaders at the Opening Ceremony of the 33rd ASEAN Summit and Related Summits Photo Courtesy of The Ministry of Communications and Information (MCI)

FOREIGN POLICY UPDATES

YEAR IN REVIEW: SINGAPORE'S ASEAN YEAR H.E. BRUCE GOSPER Australia’s High Commissioner to Singapore

It was an important year for the Australia-ASEAN partnership, and for Australia’s relationship with Singapore. It was a year of high-level visits that demonstrated Australia’s commitment to Singapore, Southeast Asia and ASEAN. Prime Minister Morrison visited in November, to attend the East Asia Summit, Regional Comprehensive Economic Partnership Summit and ASEAN-Australia Summit breakfast. Trade, Tourism and Investment Minister Birmingham visited twice – in August and November – to attend ASEAN-related meetings, including the East Asia Summit Economic Ministers’ Meeting. Defence Minister Pyne was here in October for the ASEAN Defence Ministers’ Meeting Plus. And then-Foreign Minister Bishop attended the ASEAN Regional Forum, East Asia Summit Foreign Ministers’ Meeting, and ASEAN-Australia Foreign Minister’s Meeting in August. Of course, this all followed the success of the ASEAN-Australia Special Summit in Sydney in March. Prime Minister Lee joined other ASEAN leaders at the landmark summit – the first of its kind in Australia – to mark a new era in the ASEAN-Australia relationship. Alongside the Summit, valuable forums such as the Business Summit, which included a CEO Forum and an SME Conference, and the Counter-Terrorism Conference took place. Those exchanges are shaping the forward agenda for the ASEANAustralia relationship across economic, political, strategic and people-to-people ties. With such frequency of high-level contact, it was a year of strategic discussions about the changing regional environment. Throughout the year, Australia discussed with ASEAN partners its vision for an open, inclusive and prosperous Indo-Pacific, where the rights of all states are respected, and where trade, capital and ideas flow freely. Australians – from the Prime Minister on down – underscored our commitment to the ASEAN-led regional architecture, and to the East Asia Summit in particular. We held fruitful conversations with ASEAN countries on issues such as terrorism, cyber, the South China Sea, and the Korean Peninsula. We also reviewed progress towards the Regional Comprehensive Economic Partnership, which we see as an important agreement that will help promote closer regional economic integration and create trade and investment opportunities for Australian businesses. At the same time, Australia intensified our engagement across ASEAN to remain a leading partner for Southeast Asian countries. Prime Minister announced during his November visit a number of new initiatives to deepen our cooperation with Southeast Asia, including a $121 million enhanced Southeast Asia Economic Governance and Infrastructure Initiative. This initiative is designed

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to help unlock the region’s next phase of economic growth, providing countries with technical advice on issues such as taxation and competition policy and debt management. It will also support infrastructure project selection and preparation and help governments to mobilise finance. The Prime Minister also announced Australia’s intention to step up engagement on maritime issues in Southeast Asia, building on our long history of maritime support across the Indo-Pacific. This will deepen Australia’s investment in maritime cooperation, focusing on regional civil maritime organisations, maritime domain awareness, illegal, unregulated and unreported fishing, and support for a rules-based maritime order. What was particularly gratifying for me was that 2018 also proved a year of practical collaboration between Singapore and Australia on ASEAN issues that are high priorities for both of us. Australia was pleased to support Singapore’s flagship initiative for its year as Chair, the ASEAN Smart Cities Network. Australian businesses and experts were active participants in the first meeting of the Network in July, and we will continue to work with Singapore as it develops. Our AUD$30 million ASEAN-Australia Smart Cities Initiative, announced in March, saw its first milestone passed in November with the release of the ASEAN Sustainable Urbanisation Strategy – a document which provides practical advice on sustainable urbanisation in Southeast Asian cities. In November, Australia also announced a regional innovation accelerator pilot to help identify, develop and support future city initiatives across ASEAN. Singapore and Australia also collaborated closely on securing East Asia Summit leaders’ agreement to a statement on cyber issues – the EAS Leaders’ Statement on Deepening Cooperation in the Security of Information and Communications Technologies and of the Digital Economy. The statement commits all 18 East Asia Summit members to building a peaceful, secure and stable online environment and to promoting secure and resilient ICT and critical infrastructure. It reinforces both Australia’s and Singapore’s commitment to upholding rules and norms in the online world, just as we do in the physical world. I’d like to thank all of those who contributed to making the year such a success – for Australia, for Singapore and for ASEAN. I look forward to working together with you in 2019, as Australia and ASEAN mark 45 years of diplomatic relations.

INSIGHT

SINGAPORE'S PLACE IN THE WORLD PAUL DOWNIE Chairman Asia Pacific Strategic Communications FTI Consulting

It’s been a big year for Singapore and its relationship with the rest of the world. From having the brightest of global spotlights during the USA / North Korea dialogue, hosting the ASEAN summit with the corresponding panels of global leaders, the continuation of F1, and through to the many conferences of global importance, Singapore has enhanced its reputation as a neutral, secure and well governed sovereign nation. As a global corporate advisory firm, FTI Consulting has hosted many visitors who have participated in these events and gained insights into the learnings international visitors have taken home with them. The stand-out point of difference for many visitors is Singapore’s political stability and rule of law. While the reputations of other democracies and regions have met with significant political and economic challenges over the past 12 months, Singapore’s low political risk and certainty of Government provides major corporate, infrastructure and civic investors with confidence. Multi-national and mid-cap regional companies know that what gets decided by Singapore gets done, and what gets provided, stays. The government focus on building its future economy on technology and startups has added fiscal incentives to draw in investors along with the attractive option of low-cost production in Malaysia. The high cost of living and setting up of business has so far not deterred multinationals significantly as the lure of a stable, safe, and clean environment and the only Asian city without a traffic problem continues to outrank the cheaper office and living costs elsewhere. So what opportunities can be gleaned from all this? Being the Switzerland of Asia certainly carries financial and global advantages for being a safe haven, but how to capitalise on those opportunities while other countries and regions flounder will be the true test of Singapore’s capabilities. From the outset, the ASEAN summit appears to have been a missed opportunity for Singapore to deliver a clear dialogue of what the future holds for the country and its place on the international stage. Standing alongside global leaders certainly delivers increased exposure. Now is the time to take full advantage of that growing awareness. Along with the clout of the funds management and banking

industries, much has been said of the island state’s technological capabilities, the increasing number of community working hub environments with ability to liberate shared ideas, and the country’s embrace of higher environmental standards, though there is still a long way to go for business to catch up with Europe. Yet to the rest of the world, Singapore is not realising its potential in other areas and has been ranked lower than it probably should. In the most recent 2018 Country Reputation Review conducted by the Reputation Institute (see https://www.reputationinstitute. com/blog/2018-country-reputation-review-what-it-takes-bebest) Singapore was ranked 20th out of 55 countries. This list, the result of the annual Country RepTrak® study, compiles the reputation of the 55 largest countries in the world. Fieldwork is carried out among informed consumers in the former G-8 countries (USA, Germany, France, Italy, UK, Canada, Japan, and Russia). The report states the general public is losing faith as nations around the world shift focus to inward challenges rather than on a collective global good. As a global guide, the overall country reputation declined in 2018 (just as it is for corporations), with only a few retaining an excellent reputation. Sweden came out on top as the most altruistic country. Interestingly neither size nor economy guaranteed an excellent country reputation ranking. The Reputation Institute said key actions a country can take to improve and maintain reputation included: fostering and developing an appealing environment; creating a country “feel good” factor; being internationally known and understood, and; developing a consistent country narrative and cultural back story. So what can Singapore do to build a better reputation in the context of the parameters above? The stand-out argument is Singapore needing to have a more persuasive regional presence. An example is the country’s silence over the diplomatic issues in the South China Sea. In its report, the Reputation Institute stated that its research revealed that countries leading in reputation tend to have smaller populations and are admired internationally due to factors beyond economic power. These factors include: the strength of their institutions; the welfare of their inhabitants, and; their overall quality of life. The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

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MANAGING ASEAN'S ECONOMIC POLICIES DEBORAH ELMS Executive Director Asian Trade Centre, Singapore

As Singapore wraps up its year of helming the Association of Southeast Asian Nations (ASEAN), it is a good time to reflect on the state of the region. ASEAN is a complicated beast. It operates across 10 member states with widely different backgrounds and experiences. After more than 50 years, the agenda has continuously expanded to include everything from security to culture to politics. For companies, the key pillar of ASEAN is economic. The primary area of focus is the promise of the 2015 ASEAN Economic Community (AEC) that pledged to create an area with the free movement of goods, services, investment, skilled labor and freer movement of capital. Clearly, ASEAN has not yet reached the objectives of the AEC. In part this is because this is a hugely ambitious goal with a timeline that shifted forward. In part it is because member states are not certain that they really want to achieve this objective. One perennial excuse for the lack of output on economic goals has always been the difficulty in managing the complexity of ASEAN. The Chair needs to orchestrate more than 1000 different meetings across the year. The Chair needs to handle both its own national interests as well as the institution as a whole. The ASEAN Secretariat is not particularly effective in support of the Chair. The Secretariat is extremely smallâ&#x20AC;&#x201D;with less than 300 staff members and a budget set to the level of the poorest member of the grouping. ASEAN counts on various Dialogue Partners like Australia to assist with more budget, capacity building and projects to help drive integration forward. Managing this complicated structure makes it critically important that the ASEAN Chair be as competent as possible. Otherwise, it is literally impossible for the institution to make forward progress. Hence, it was with great anticipation that Singapore took up the post in 2018 with an agenda centered around resilience and innovation. At the end of the year, even Singapore has struggled to make a concrete set of deliverables in the economic sphere. Very little has taken place in locking down more of the existing commitments under the AEC that remain undone. Few new promises have been made across the year. One new topic that was added to the agenda was e-commerce. Even here, however, progress appears to be mixed. The actual commitments made by ASEAN members are not available to the public yet as not all ASEAN member states have signed off on the agreement. In this core area, therefore, it was not possible to get all 10 countries on board.

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This is not to say that ASEAN member states are unable or unwilling to ever make significant economic commitments. In fact, member states have regularly done so. During 2018, members have been actively negotiating in other economic forums. Most of the year was spent intensively working on economic commitments in the Regional Comprehensive Economic Partnership (RCEP) trade talks. RCEP will connect ASEAN to Australia, China, India, Japan, New Zealand and South Korea to create a pan-Asian trade agreement. While Singapore had tried to drive RCEP to conclusion in 2018, this was not quite possible. Instead, officials declared substantial progress. Negotiations will spill over into 2019. Much of the agenda of RCEP bolsters the objectives of the AEC. Thus while the AEC itself was not moving forward in concrete ways during the year, many of the same trade and economic officials were actively working on an even broader trade agenda with a wider grouping. What does this mean? As an example, while the AEC has promised free flow of services, ASEAN members have only made limited promises to open up certain service sectors. In RCEP, however, many ASEAN member states have gone beyond AEC promises by discussing additional sectors or subsectors. Investment commitments in RCEP are significantly improved. Because ASEAN members want in-bound investment from the larger dialogue partners, the extent of promises to open economies around foreign investment from across Asia far exceeds what ASEAN members have granted to one another to date. As a final example, RCEP also has extensive pledges on intellectual property rights, including new rules that cover digital trade. These are conversations that have barely begun at the ASEAN level. ASEAN members are also working with other partners to upgrading existing trade agreements. In September 2018, ministers from ASEAN, Australia and New Zealand all agreed to upgrade and update the existing ASEAN/Australia/New Zealand free trade agreement (AANZFTA). Given that AANZFTA is the most advanced and comprehensive agreement signed to date by ASEAN, the promise to upgrade it is also helpful for companies. As is often the case with ASEAN, what appears at first glance to be a slow pace of progress is actually not quite true. While Singapore did not push ASEAN economic integration inside the region directly, what it accomplished may be more lasting. It instead anchored ASEAN commitments into a wide range of broader arrangements with major partners. These promises may be much more meaningful for firms than anything at the ASEAN level in the short term.

PM LEE HSIEN LOONG AT THE CLOSING CEREMONY OF THE 33RD ASEAN SUMMIT & RELATED SUMMITS

Your Majesty, Excellencies, Distinguished guests, ladies and gentlemen, welcome to the Closing Ceremony of the 33rd ASEAN Summit.

have achieved together for this Chairmanship. You have a copy of it on your chairs. It is an easy-to-read infographic that compiled the key initiatives we have launched this year.

We have had a busy, but productive week of meetings. We have been focused on ASEAN Community-building and strengthening our linkages with key partners. When Singapore took on the ASEAN Chairmanship, we chose the themes of “Resilience” and “Innovation”. They reflect our understanding of the challenges and opportunities ahead and more importantly, the ASEAN spirit of staying united and looking forward.

As I hand over the Chairmanship, I would like to thank everyone for your support and hard work. Because of your collective commitment and efforts, we have taken considerable strides towards a more united, resilient and innovative ASEAN.

I am happy that we have launched a number of concrete deliverables that will better prepare ASEAN for the future. I thank fellow ASEAN members and our external partners for your strong support in making our shared vision of a “resilient and innovative ASEAN” possible. To address security threats and forge a peaceful and rules-based regional order, we established the “Resilience, Response, Recovery” framework to enhance counter-terrorism cooperation. We adopted the world’s first multilateral air guidelines to manage unintentional encounters between military aircraft. ASEAN has also redoubled our economic integration efforts, and demonstrated clearly our commitment to uphold a free, open and rules-based multilateral order. Within ASEAN, we signed the ASEAN Agreement on E-Commerce and introduced the ASEAN-wide Self Certification scheme to facilitate cross-border online transactions. I am pleased that the RCEP negotiations had made substantial progress. We are now in the final stages of negotiations. It is important to take full advantage of the positive momentum generated this year to conclude the RCEP negotiations in 2019.

This is just the beginning of a new and exciting chapter for ASEAN. We are not, and never will be done building and strengthening the ASEAN Community. We must continue to uphold the ASEAN-centric frameworks, and engage our partners to keep our region open and inclusive. We must stay on the course of economic integration and pool our talents and resources to improve our peoples’ lives. And despite our individual national interests, we must continue to think regionally and invest political capital in the ASEAN project. Singapore has full confidence that Thailand, as the incoming ASEAN Chair, will continue to take ASEAN forward. We look forward to continue working with the rest of the ASEAN family to fulfil our common goal of “One Vision, One Identity, One Community”. We wish our Thai friends the very best! Sawadee krab!

We are also bringing our cities and peoples closer together. This year, we launched the ASEAN Smart Cities Network. We have developed action plans for the 26 pilot cities to create innovative urban solutions that will bring tangible improvements to our peoples’ lives. I am happy that our external partners are equally committed to this cause and have worked with our cities on several mutually beneficial projects.

CONTENT THANKS TO PRIME MINISTER OFFICE SINGAPORE

We also launched the ASEAN Youth Fellowship and renewed the Singapore-ASEAN Youth Fund. Events such as eSports and music festivals help promote camaraderie among our youths. These are worthy investments because our youths hold the key to ASEAN’s future. I have listed many deliverables, and these are just a small part of a much more substantial report card which ASEAN member states

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EXCERPT FROM THE PM LEE HSIEN LOONG AT THE ASEAN BUSINESS & INVESTMENT SUMMIT 12 November 2018 at the Marina Bay Sands Convention Centre

The ASEAN Economic Community is a vibrant, inter-connected region of 630 million people. It is already the sixth largest economy in the world, and is projected to become the fourth largest by 2030 after the US, Europe and China. It is an attractive destination for investments. Last year, ASEAN attracted almost US$140 billion of foreign direct investments. Technological change is also creating new business opportunities, and the ASEAN digital economy projected to grow to US$200 billion by 2025. This will bring about many more opportunities for our micro, small and medium enterprises, and more jobs for our young and educated workforce ASEAN Member States have grown and prospered because our governments have pursued economic cooperation. As our individual economies developed, we became more confident about deepening ties amongst ourselves, and also with others. We took progressive steps towards deeper economic integration and open-ness, believing this was the best way forward. The results are visible today, and yet there is so much more that ASEAN can do. For example, the ASEAN Single Window went “live” on 1 January this year for five ASEAN Member States, and we hope that all of ASEAN will be on board with the ASEAN Single Window by next year. This year, Member States signed the First Protocol to amend the ASEAN Trade in Goods Agreement, and the 10th and final package of commitments under the ASEAN Framework Agreement on Services. We also concluded the ASEAN Trade in Services Agreement and the Fourth Protocol to amend the ASEAN Comprehensive Investment Agreement. Later today we will sign the ASEAN Agreement on e-Commerce, and endorse the ASEAN Digital Integration Framework, making ASEAN more business-friendly for e-commerce. These initiatives will promote trade and investment flows within ASEAN, reduce barriers and save costs for our businesses. Businesses have to do their part too. Our companies hope to invest more in each other’s countries, and do business across all ASEAN markets. The more integrated and open our markets are, the more conducive our rules and business environments to foreign investment, the larger the pie will grow, and the more we will all benefit. But businesses are not always supportive when it comes to opening up our own domestic markets to foreign competition. They may lobby governments to impose regulations or keep industries closed to protect themselves. But having benefitted from ASEAN integration and open and connected economies, our businesses should be prepared to adapt and accept more competition in their home markets, in exchange for more access to markets in other ASEAN countries. The ASEAN Business Advisory Council (ASEAN-BAC) has played a key leadership role to influence this. It is working to improve physical and digital interconnectivity in ASEAN. For example, recently it launched Smart Growth Connect, which uses technology to improve supply chains and logistics in ASEAN cities. Later today, my fellow ASEAN leaders and I will discuss with ASEAN-BAC how regional economic integration efforts can be effective and relevant to business needs. Actually later tomorrow. Perspectives and initiatives from businesses are important catalysts in ASEAN’s efforts to embrace innovation. I am happy that ASEAN-BAC’s recommendations to the ASEAN Economic Ministers this year also include proposals for digital transformation and I encourage businesses to take full advantage of these frameworks to expand their regional footprints. ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures. The AEC 2025 Blueprint will help guide ASEAN to deepen economic integration, open up new growth frontiers and create fresh business opportunities. We must play our respective parts as government and business leaders to pursue this vision. Only then can ASEAN continue to be a dynamic region of growth, and only then can we secure a prosperous future for all.

CONTENT THANKS TO PRIME MINISTER OFFICE SINGAPORE

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AUSTRALIAN PRIME MINISTER SCOTT MORRISON IN SINGAPORE FOR THE ASEAN - AUSTRALIA SUMMIT I was delighted to join my ASEAN counterparts at an ASEAN-Australia Summit. Australia is proud to be ASEAN’s longest-standing dialogue partner. Our vision of the Indo-Pacific has ASEAN at its centre, and we share a vital interest in the stability and prosperity of this shared region. Our relationship reached a new high this year with the convening of the ASEANAustralia Special Summit in Sydney in March. I was pleased to engage with my ASEAN counterparts on a number of new cooperative initiatives. Australia has committed to a Southeast Asia Economic Governance and Infrastructure Initiative that will help unlock our region’s next phase of economic growth. Through this initiative, Australia will provide countries with technical advice to support economic growth, such as taxation and competition policy and debt management. It will also support infrastructure project selection and preparation and help governments to mobilise finance. This investment will provide ASEAN countries with access to public and private-sector specialists and support regional dialogue on economic and infrastructure issues. A new five-year phase of the Greater Mekong Water Resources Program will support more equitable, transparent and effective water resource management. This investment will help make available Australia’s internationally recognised expertise on an issue at the heart of the region’s economic development and stability. Australia will also step up its engagement on maritime issues in Southeast Asia, building on our long history of maritime support across the Indo-Pacific. This will deepen Australia’s investment in maritime cooperation, focusing on regional civil maritime organisations, maritime domain awareness, illegal, unregulated and unreported fishing, and support for a rules-based maritime order. Australia and ASEAN mark 45 years of diplomatic relations in 2019. The Government’s public diplomacy program Australia now will build understanding of Australia across the region. With a focus on youth, it will showcase our country as an education and tourism destination and an innovative and creative partner for economic collaboration. Activities will take place across all ten ASEAN countries.

CONTENT FROM PM.GOV.AU

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Mobile: +65 9085 8704 Email: david.gardner@sjpp.asia Web: www.sjpp.asia/davidgardner The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, is regulated by the Monetary Authority of Singapore and is a member of the Association of Financial Advisors (Singapore). Company Registration No. 200406398R. Financial Adviser’s Licence No. FA100026. St. James’s Place Wealth Management Group plc Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 4113955.

BUILDING SMART & SUSTAINABLE CITIES NG HSUEH LING Managing Director, Singapore and Chief Investment Officer, Asia Lendlease

The ASEAN Smart Cities network has an objective to build smart and sustainable urban developments across member states. How can vibrant communities be created while solving the complex urban challenges of future cities? By 2030, it is estimated that 90 million more people in ASEAN will move into cities . This is equivalent to the population of 10 Londons . With such a large influx of people into urban centres, the oft-cited problems of urbanisation are practically expected, with overcrowding putting pressure on public services and infrastructure. However, as cities grow, there is also an opportunity for renewal and enhancement. Whether it is unused or underutilised spaces, urban renewal creates opportunities to repurpose such spaces for the changing demographic and their needs, as well as improve the infrastructure, economy and social needs of the area. Such urban renewal, driven by a desire to understand and meet the needs of the people, puts people at the heart of the solution. Whether it is private sector developers or the government, understanding the needs of residents, home owners, tenants and investors who will live, work and play in and around the area is key to creating vibrant communities. At its core, urban renewal puts communities at the centre of decision making. While building for the future, it is critical to have an eye on the future of the residents. A place has to be built to last and future-proofed for generations to come. Beyond being environmentally friendly, future smart cities need to consider the wellbeing of residents and how they can enable wellbeing. How can infrastructure play a role in promoting wellbeing? Can car-lite options, enabled by today’s sharing economy, alleviate rising health concerns in urban populations? Paya Lebar Quarter by Lendlease is one urban renewal project being completed in phases. Located in Singapore’s East, the development on a previously empty plot of land regenerates the precinct, injecting new life with its office, retail and residential components. On top of connections to the MRT interchange and superb bus connectivity that support use of public transport, the development also features wide pathways that facilitate cyclists and other users of personal mobility devices. The office towers also promote health, aligned with the WELL building standards to enhance workers’ wellbeing and productivity. Any discussion on smart cities will inevitably include technology as an enabler. Sensors, data analytics and artificial intelligence can enable better planning and operations, anticipating and orchestrating service needs. In a region that embraces technology, therein lies opportunities for start-ups to address the challenges that smart cities face and formulate solutions that can be applied regionally. Smart cities are technology-driven, but are more than just smart buildings. They are about the intangible qualities of the place that draws people to it, while meeting the needs of the people. At Lendlease, we are committed to continue delivering infrastructure and designing places and spaces for generations to enjoy.

https://www.unescap.org/op-ed/asean-smart-cities-do-not-forget-disabled

https://www.trustforlondon.org.uk/data/londons-population-over-time/

Lendlease is undertaking 18 major urbanisation projects around the world with a total development pipeline of A$71.1 billion. These include Paya Lebar Quarter in Singapore, which contributes to the Singapore Government’s plans to make the Paya Lebar area a key commercial hub well served by public transport. The project with office, retail and residential components is being completed in phases from 2018.

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A LANDMARK YEAR IN ASEAN FOR AUSTRALIA'S NATIONAL SCIENCE AGENCY LIZA NOONAN Executive Director CSIRO

Following years of active science and innovation collaborations across ASEAN 2018 was the year the Commonwealth Scientific and Industrial Research Organisation (CSIRO) formally launched a permanent presence in the region; opening its ASEAN Hub in Singapore. The announcement of CSIRO’s ASEAN Hub coincided with Singapore-headquartered investment company, Temasek, becoming the third largest investor in the $232 million CSIRO Innovation Fund, managed by Main Sequence Ventures. Main Sequence Ventures invests in high growth, deep tech companies inventing the future across exponential machines, learning and imagining, humanity scale healthcare, space & transport, smart infrastructure and feeding 10 billion people. These innovative businesses are engaged in the translation of research generated in the Australian publicly funded research sector, including the CSIRO and universities. Temasek’s investment in Main Sequence Ventures is testament not just to international confidence in Australia’s growing innovation economy and the returns it will deliver, but to the power of science to deliver real solutions to the world’s problems. These announcements were part of a significant year for CSIRO’s engagement across the ASEAN region.

STRENGTHENING REGIONAL RESEARCH COLLABORATIONS CSIRO believes in the importance of global collaboration to deliver moonshots like transforming human health with precision medicine or sustainable management of our environment despite unprecedented industrial growth. In an interconnected world facing rapid disruption, the regional opportunity is for each country to play to their respective strengths, creating additional value through collaboration. Singapore is an innovation beacon in the ASEAN region, and CSIRO is looking forward to expanding its valued partnerships with leading institutes including Nanyang Technology University, National University of Singapore and A*Star across initiatives such as additive manufacturing, precision health and high-performance computing. And beyond Singapore, CSIRO is working with both Vietnamese and Indonesian governments and science & technology institutes to support innovative capacity building in small holder farms to produce more food sustainably. CSIRO’s Chief Executive Officer, Dr Larry INEXPLORING FOOD FOR HEALTH OPPORTUNITIES IN SOUTH-EAST ASIA Marshall (left), and NTU Institute for Throughout 2018 CSIRO explored trends in South -East Asia’s food and health sector identifying growth Health Technologies’ Executive Director, for Australian food producers and innovators. This analysis led to the publication of a joint report with Professor Russell Gruen (right). KPMG: “Food for Health in South East Asia” report.

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>> A LANDMARK YEAR IN ASEAN FOR AUSTRALIA'S NATIONAL SCIENCE AGENCY Health by stealth

Opportunities to address the public health costs of escalating lifestyle diseases across ASEAN with the introduction of functional food and the reformulation of staple food, reducing sugar, salt and saturated fat without compromising taste or texture.

Alternative proteins

635 million people, a growing middle class and 13 of the world’s 22 megacities call ASEAN home. Significant investment is flowing to innovators in alternative protein offering nutritional value and alleviating the environmental impact of increasing protein production.

Precision nutrition

Food For Health report by CSIRO and KPMG

ASEAN consumers are increasingly looking for personalised advice to alter both their diet and lifestyle to prevent or manage chronic disease such as Type 2 diabetes. There is a market for real time personalised nutritional advice, enabled through advanced predictive analytics, affordable diagnostics kits and a rapid uptake of wearable technology across the region.

CONNECTING ASEAN AND AUSTRALIAN FUTURE CITIES EXPERTISE Across ASEAN an additional 90 million people are forecast to move into cities by 2030. This projection highlights the need for new approaches to ensure urban growth does not come at the expense of liveability. CSIRO had the opportunity to profile its Future City expertise at the ASEAN Summit’s Smart City Showcase alongside Australian collaborators sharing capabilities including Energy, Water and Waste solutions; Smart City Analytics and Operations, Liveability, Health and Well-being. Increasingly, CSIRO is delivering its Future City research through Urban Living Labs environments, real urban developments that provide a place to develop and road-test urban innovations. CSIRO will soon have 3 Urban living Labs in Australia: the Sydney Science Park Lab in Western Sydney, the Ginninderra Lab in Canberra, and the Darwin Lab– part of the $200m Darwin City Deal. The ambition is to create a portfolio of Urban Living Labs with partners across the world spanning different climates and urban development contexts, to maximise the opportunities for innovation and learning.

CSIRO’s lead for Urban Living Labs, Guy Barnett (right), briefing Australia’s Prime Minister Scott Morrison (left) at the ASEAN Summit’s Smart City Showcase.

GOOD SCIENCE = GREAT BUSINESS Another highlight of 2018 was the Australian High Commission’s inaugural “Good Science = Great Business” festival promoting Australian scientific excellence, profiling case studies of how science is translating to high growth enterprises and building new connections between Australia and Singapore innovation ecosystems. As festival partner CSIRO supported a number of Australian startups and research teams commercialising in South East Asia to visit Singapore. Startups included Main Sequence Venture portfolio companies Coviu, Maxwell Plus and Practera. Research teams included biofuel developers Folear, solar-forecasting technology Cloud180CAM and gut-health diagnostic NoisyGuts. Looking forward to 2019 CSIRO will continue to work with AustCham in Singapore as its Innovation Partner seeking connections to Australian businesses growing across the ASEAN region.

CSIRO's ASEAN Director, Ms Liza Noonan, speaking at the Australian High Commission's "Good Science = Great Business' Festival

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>> A LANDMARK YEAR IN ASEAN FOR AUSTRALIA'S NATIONAL SCIENCE AGENCY

As festival partner CSIRO supported a number of Australian startups and research teams commercialising in South East Asia to visit Singapore. Startups included Main Sequence Venture portfolio companies Coviu, Maxwell Plus and Practera. Research teams included biofuel developers Folear, solar-forecasting technology Cloud180CAM and gut-health diagnostic NoisyGuts. Looking forward to 2019 CSIRO will continue to work with Austcham in Singapore as its Innovation Partner seeking connections to Australian businesses growing across the ASEAN region.

CSIRO's ASEAN Director, Ms Liza Noonan, speaking at the Australian High Commission's "Good Science = Great Business' Festival

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AustCham Membership Updates

729 MEMBERS OUR MEMBERSHIP NUMBERS HAVE REACHED A RECORD HIGH FINANCIAL YEAR 2018 - 2019

GENDER

AGE GROUP

MEMBER TYPE

40% 27% 12% 10% 8% 3%

Above 65 55 to 64 45 to 54

30%

70%

Corporate Enterprise Gold Corporate Plus Individual Patron Associate

25 to 44

NATIONALITY OTHERS

TOP 4

Austria, Belgium, Canada, China, Czech Republic, Finland, France, Germany, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mongolia, Netherlands, Norway, Philippines, Russian Federation, South Africa, Sweden, Turkey, Ukraine, U.S. and Vietnam

MANAGEMENT LEVEL

35% 46%

CEO / Managing Director / Vice President / Partner / Founder / Chairman Senior Management / Director

12% 6%

Management Associate/Analyst/Executive

INDUSTRY

Property/Construction/ Infrastructure 13%

Financial Services 22%

Professional Services 16%

Travel/Hospitality/ Entertainment 6%

ICT 4%

Education/Training 10%

Transportation / Logistics 4%

Consumer 5%

Industrial/ Manufacturing 4%

Government 4%

Energy/ Resources 2%

Healthcare 3%

Marketing/ Media/ Communication 2%

Other Services 2%

Environmental Services 2%

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AUSTCHAM MEMBER REFERRAL PROGRAM Do you have friends or colleagues who you think should be an AustCham member? Invite them to join AustCham and enjoy extra perks and benefits with AustCham’s new referral program. For every referral that joins the Chamber, you will receive AustCham points that can be redeemed as event tickets.

AUSTCHAM MEMBERSHIP REWARDS For every new member referred, you will receive points that can be redeemed as event tickets

+5 POINTS

Corporate Plus

POINT

Corporate Enterprise

Individual

How to redeem your points? Business Connects or Business Briefing Xmas Drinks or Australia Fare President Lunch & Business Awards Australia Day Ball

2 points 4 points 5 points 10 points

Referrals Award For every 10 points, members will be awarded and recognized every year at the Annual General Meeting or Xmas Drinks

Contact us We encourage applicants to get to know our Chamber and how you may get the most out of your membership. Contact us directly to schedule a meeting. If you have any questions about the membership application process, contact our membership team at +65 6738 7917 or drop us an email at members@austcham.org.sg

DON’T MISS THE OPPORTUNITY TO JOIN AUSTCHAM SINGAPORE! VISIT WWW.AUSTCHAM.ORG.SG

@AustChamSingapore

@AustChamSG

A SEAT AT THE TABLE FOR AUSTRALIAN BUSINESS IN ASEAN FRASER THOMPSON President AustCham ASEAN

The ASEAN Economic Community began in 2015 and aims to facilitate the movement of goods, services, investment, capital, and skilled labour across the 10 nations of Southeast Asia. This harmonisation and integration of this economic bloc has the potential to ensure that Australian business is able to compete fairly in each ASEAN Member State under a common set of regulations. Australia has a long history with ASEAN and was the bloc’s first dialogue partner in 1974. Australia and New Zealand signed the ASEANAustralia-New Zealand Free Trade Agreement (AANZFTA) in 2010, giving Australia significant access to ASEAN markets. In 2014 the relationship was upgraded to a strategic partnership. Since being launched by then Australian Prime Minister, the Hon Malcolm Turnbull in July 2017, the Australia-ASEAN Chamber of Commerce (AustCham ASEAN) has wasted no time in providing the Australian business community with a valuable voice at the ASEAN level. A ‘chamber of chambers’ AustCham ASEAN’s foundation members are the Australian chambers and business councils from each ASEAN country.

2018 Highlights RECOGNITION The Australian business community in ASEAN now has a voice directly at the heart of ASEAN policy making. AustCham ASEAN was recognised by the ASEAN Business Advisory Council and the ASEAN Secretariat as a Joint Business Council and the voice for Australian business operating within the region at the ASEAN level. This provides Australian business with direct access to working groups and committees on issues of importance to Australian business such as Non-Tariff Measures and Barriers, healthcare integration, trade facilitation, and standards and conformance. AUSTRALIA-ASEAN SPECIAL SUMMIT In March, the Australian Prime Minister welcomed the 10 ASEAN leaders to Sydney for the inaugural ASEAN-Australia Special Summit. AustCham ASEAN played a crucial role in preparing the business element of the summit, with the CEO forum bringing together 130 CEOs from across Australia and ASEAN to discuss concrete ways that the business relationships could be strengthened. In preparation for the Summit, a survey of the Australian business community was undertaken, with focus groups conducted in the areas of: •

Digital transformation and industry 4.0;

•

Tourism destination development and aviation;

•

Future energy and supply chains;

•

Agri-food and supply chain logistics; and

•

Infrastructure.

These then formed the basis for discussion at the CEO forum and were instrumental in the business recommendations that followed the summit. ASEAN SMART CITIES NETWORK As the chair of ASEAN for 2018, Singapore chose a theme of ‘Resilient and Innovative’, with the ASEAN Smart Cities Network as a key initiative to implement this theme. The Network is a collaborative platform where cities across ASEAN work towards a common goal of smart and sustainable urban development. Through the ASEANAustralia Smart Cities Initiative AustCham ASEAN was involved in assisting the Australian government to select which cities would be initially supported under this program. In addition, this work

was showcased to ASEAN leaders and dialogue partners, including Australian Prime Minister Scott Morrison, at the November Leader’s Summit in Singapore. ASEAN ECONOMIC MINISTERS - CLOSER ECONOMIC RELATIONSHIP As the recognised voice for Australian business within ASEAN, AustCham ASEAN presented the key findings and outcomes from the work undertaken across the year, and the CEO forum as part of the Special Summit to ASEAN Economic Ministers, who expressed particular interest in the factors driving investment choices across different ASEAN Member States.

Key Projects THEMATIC WORKING GROUPS These Working Groups offer members an ASEAN wide advocacy and networking platform for the exchange of information on key issues and opportunities, and as a collective form an effective vehicle from which to drive change in the region. The working groups are initially concentrating on the following thematic areas: 1. Agri-food and supply chain logistics 2. Digital transformation and industry 4.0 3. Healthcare 4. Labour mobility

It is envisaged that the thematic areas will be expanded to cover education, infrastructure/energy, and tourism & aviation in response to the needs of Corporate Partners. In addition, AustCham ASEAN will focus on areas which align with the advocacy and commercial priorities of the working group’s members. AUSTRALIAN BUSINESS IN ASEAN 2019 AustCham ASEAN produces an annual survey report, providing unparalleled insights into the confidence and plans of the Australian business community in ASEAN. The insights from this report are utilised to inform key policy makers as to the opportunities and challenges in each individual member state and across the region. The latest edition of the survey is underway, with results expected for release in early 2019.

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ADDRESSING NON-TARIFF BARRIERS IN THE AGRI-FOOD SECTOR IN ASEAN Following a key recommendation from the CEO forum at the special summit, AustCham ASEAN has partnered with the Australian Department of Agriculture and Water Resources to form a Working Group focussed on understanding the impact non-tariff measures have on market access and cost for the Agri-food industry. Bringing together key industry bodies across food & beverage, meats, grains, dairy, and horticulture, this working group will identify a constructive way forward to reduce the burden of such measures in ASEAN.

CAPTURING THE ASEAN FOOD OPPORTUNITY FOR NORTHERN AUSTRALIA Following the release by the Australian government of the White Paper on Developing Northern Australia in June 2015, it emerged that closer economic integration with our northern neighbours (the ASEAN region) is an ideal way to catalyse development in northern Australia, however, there are significant barriers before the region can capitalise on this opportunity. Partnering with the CRC for Developing Northern Australia (CRCNA), AustCham ASEAN is examining the barriers of entry for a number of high potential commodities in key ASEAN markets, and developing an action plan as to how they may be overcome.

Corporate Champions AustCham ASEAN is fortunate to be joined in these endeavours by some of Australia’s leading businesses in the region, each of which is keen to champion Australia’s engagement across the different working groups. ICON GROUP Australia’s largest dedicated cancer care provider has a growing reach in Asia. The Group aims to provide the best care possible, to as many people as possible, as close to home as possible and signed a milestone agreement at the ASEAN-Australia Special Summit to deliver cancer care infrastructure and technology in Vietnam. Icon Group is AustCham ASEAN’s corporate champion for the healthcare working group. MEAT AND LIVESTOCK AUSTRALIA (MLA) Representing 50,000 producers, MLA is a recognised leader in delivering world-class research, development and marketing outcomes that benefit Australian cattle, sheep and goat producers. MLA works in collaboration with the Australian Government and the wider red meat industry, to deliver value by investing in initiatives that contribute to producer profitability, sustainability and global competitiveness. MLA is AustCham ASEAN’s corporate champion for the agri-food and supply chain logistics working group. FRAGOMEN Fragomen is a leading firm dedicated exclusively to immigration services worldwide. Fragomen is structured to support all aspects of global immigration, including strategic planning, efficiency, quality management, compliance, government relations, reporting, and case management and processing. These capabilities allow Fragomen to represent a broad range of companies, organizations and individuals, working in partnership with clients to facilitate the transfer of employees worldwide. Consistent thought leaders in the immigration field, Fragomen is AustCham ASEAN’s corporate champion for the labour mobility working group. CSIRO With a legacy in innovation that includes the invention of fast WiFi, Aerogard, and polymer banknotes, CSIRO generates an estimated $3.2 billion worth of value each year. Working with 1750 private industry customers, it is an agency focussed on ensuring that quality research is applied to having a positive impact on people’s lives throughout the world. To help facilitate this vision, CSIRO recently established an office specifically focussed on the ASEAN region, headquartered in Singapore. With a strong focus on applying digital solutions across different domains, CSIRO is AustCham ASEAN’s corporate champion for the digital transformation working group.

ASEAN in 2019 As ASEAN hands over the chairmanship from Singapore, the presidency of AustCham ASEAN will also rotate to Thailand, with Brenton Mauriello, current president of AustCham Thailand, taking over as president. With an overall theme for ASEAN of ‘Advancing Partnership for Sustainability’, the focus of the ASEAN Business Advisory Council will be ‘Empowering ASEAN 4.0’, ensuring that ASEAN is well-placed to adapt and take advantage of new technologies. 18 months after being launched by the Australian Prime Minister, AustCham ASEAN is well placed to deliver real change on behalf of Australian industry. Please join some of Australia’s leading companies and thought leaders in building a business environment in ASEAN that brings Australian innovation to the region, and enables industry to thrive. If you are interested in making a meaningful contribution to this vision then please contact Executive Director Annette Tilbrook on annette.tilbrook@austchamasean.com.

AustCham ASEAN would like to extend special thanks to support received from the Australia-ASEAN Council of the Department of Foreign Affairs and Trade. 20 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

KAREN MITRA Senior Associate Ashurst

From 1 April 2019 Singapore's primary employment legislation, the Employment Act (Cap. 91) (Employment Act) will be expanded to cover all private sector employees in Singapore. This includes foreign employees (such those holding an S-Pass or an Employment Pass), and highly paid executives, whether local or expatriate. Further amendments have been made to key provisions of the legislation, providing employees with additional protections. KEY CHANGE - UNFAIR DISMISSAL AND REINSTATEMENT

ADRIEL CHIA Senior Associate Ashurst ADT

Who deals with unfair dismissal claims? The Employment Act currently contains an unfair dismissal regime, whereby an employee can appeal against his or her dismissal to the Commissioner of Labour. This is essentially an appeal to the Ministry of Manpower. However, from 1 April 2019, unfair dismissal matters will instead be heard by the Employment Claims Tribunal (ECT), which already hears disputes regarding salary and other matters. While called a "Tribunal" the ECT is actually part of the Singapore court system, and will have the power to make binding decisions regarding not only unfair dismissal, but also payment of statutory and contractual benefits. This is in contrast with the Fair Work Commission in Australia, whose power to order the making of payments is more limited. The ECT is stricter regarding legal representation than the Fair Work Commission â&#x20AC;&#x201C; external legal representation is not permitted under any circumstances. Who can make an unfair dismissal claim? The most significant part of the upcoming changes for employers is that from 1 April 2019 all employees will have unfair dismissal protection. Unlike the Fair Work Act in Australia, the Employment Act will not have an unfair dismissal carve-out for high income earners. This means that all employees (including highly-paid senior executives) will have the right to seek reinstatement or compensation in the event of a dismissal. When is a dismissal unfair? The Employment Act already includes a definition of "dismissal". From 1 April 2019 this definition will be amended to provide that dismissal means termination at the initiative of the employer, consistent with the definition under the Fair Work Act in Australia. The amended definition also clarifies that "dismissal" includes a constructive dismissal, again consistent with the position in Australia. Unlike the Fair Work Act in Australia, the Employment Act does not set out criteria that must be considered when determining whether a dismissal was unfair. However, it is expected that a new Tripartite Guideline will be issued on this topic, providing further guidance to employers. KEY CHANGE â&#x20AC;&#x201C; INVESTIGATION AND TERMINATION The Employment Act currently contemplates the summary dismissal of employees on the grounds of misconduct. It also deals with the rights of an employer to suspend an employee during an investigation into misconduct. Under the changes announced, an employer who is investigating misconduct, where summary dismissal is the outcome, may suspend for one week on half pay. Any further suspension must be approved by the Commissioner of Labour. Also of significance is the requirement to pay all salary and other sums due to an employee who is being dismissed, on the day of dismissal or within three days of the dismissal (not counting rest days and public holidays).

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BUSINESS UPDATES

CHANGES TO SINGAPORE'S EMPLOYMENT ACT: WHAT YOU NEED TO KNOW

>> CHANGES TO SINGAPORE'S EMPLOYMENT ACT: WHAT YOU NEED TO KNOW Failure to do so may constitute an offence, so forward planning by employers will be required. KEY CHANGE â&#x20AC;&#x201C; LEAVE ENTITLEMENTS (INCLUDING MATERNITY LEAVE) The expanded scope of coverage of the Employment Act will also have an impact on leave entitlements, with all employees enjoying statutory rights to paid leave, including both annual leave and sick leave, for the first time. Statutory annual leave was previously available only to lower paid employees, covered by Part IV of the Employment Act, but has now been extended to all employees. Most employers already provide annual leave in excess of the minimum statutory entitlement, however the entitlement to 60 days' paid hospitalisation leave will be new for many. Significantly, female employees (including expatriates) will also be entitled to 12 weeks' statutory maternity leave under the Employment Act, with the first eight weeks being paid leave. An employee need only have worked for three months before becoming entitled to this leave, much shorter than the 12 month qualifying period that most Australian employers will be used to. The parents of Singapore citizen children will continue to be entitled to more generous leave under the separate Child Development Co-Savings Act (Cap. 38A). No changes have been made to that legislation, meaning statutory paternity leave remains available only for the fathers of Singapore citizen children. The key action item with respect to leave will be for employers to specify in employment contracts and/or policies that statutory and contractual leave entitlements are overlapping, with statutory entitlements to be consumed before consumption of any additional entitlements. KEY CHANGE â&#x20AC;&#x201C; DEDUCTIONS The expanded coverage of the Employment Act also means that for people not previously covered, there are now statutory restrictions on deductions to be aware of, particularly a prohibition on deductions that are more than 50% of an employee's salary (other than the final salary). Relevantly, unlike under the Fair Work Act in Australia, an employer will be permitted to deduct from an employee's salary (including the final salary) overpayments of salary and, upon termination, amounts for leave taken in advance. This can be done without the employee's consent or separate written agreement. OTHER COMMENTS This article deals only with some of the key changes that will affect Australian businesses operating in Singapore. Given the nature of the changes (and the penalties for non-compliance with the Employment Act) employers should take the time to familiarise themselves with the changes. We recommend that a contractual and policy review be

22 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

undertaken in advance of 1 April 2019 to ensure compliance with the new legislative regime, given that non-compliance may lead to civil and/or criminal penalties. Ashurst is an international law firm providing corporate legal services to clients globally. The firm has a strong presence and experience in the Asia region (including offices Singapore, Hong Kong, Indonesia, China, Japan, PNG). Ashurst's regional employment team regularly assists with employment related matters across the entire Asia-Pacific region. Ashurst ADT is a formal law alliance in Singapore between Ashurst and ADT LLC. This publication is co-written by ADTLaw LLC and Ashurst LLP who together form Ashurst ADTLaw in Singapore. Ashurst LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with ADTLaw, a licensed Singapore law practice. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying it to specific issues or transactions.

BUSINESS UPDATES

SINGAPORE CARBON TAX SUMMARY MARC ALLEN Technical Director Engeco

On 1 January 2019, the first carbon price in the ASEAN region comes into law. This has the potential to have an impact on all Singaporean businesses and provides a signal that the Singapore Government takes climate change seriously and is committed to climate change action. The implementation of the carbon price in Singapore also signals Singapore’s intention to lead the region in terms of carbon reduction policy. At a high level, the carbon price legislation imposes a requirement to report and pay for carbon emissions on a facility basis, once those emissions breach the threshold set by the Government. For the carbon price legislation, a facility is defined as a single site, where a business’ activities are carried out – and those activities generate greenhouse gas (GHG) emissions. Only direct emissions are included (that is, those that occur within the site boundary) and there are some exclusions, like emissions generated from transport activities and other relatively minor emissions sources but, by and large – facilities that emit over the threshold will need to pay. Indirect emissions, such as those associated with purchase of electricity from an electricity provider are excluded from paying for the carbon price directly though pass through may result in that price being paid anyway. There are actually two emissions thresholds in place under the Carbon Pricing Act. The threshold to report, verify and pay for emissions is 25,000 tonnes of greenhouse gases per year. A separate threshold, set at 2,000 tonnes of greenhouse gases per year, triggers a requirement to report emissions to the Government. These two thresholds determine whether a facility is a Reportable Facility or a Taxable Facility. A reportable facility is merely required to register as a reportable facility with the National Environment Agency (NEA) and then provide an annual report of emissions numbers – covering the calendar year reporting period. This starts from 1 January 2019. For those facilities that are taxable facilities, there is more of a process to go through to be compliant with the legislation. The facility must be registered with the NEA as a taxable facility. They must also prepare a monitoring plan for submission to the NEA. This monitoring plan details what emissions are reportable for that facility and how the facility is planning to estimate those emissions. This plan gets approved by the NEA and forms the basis of the emissions calculations/report and the emissions verification. The facility then collects the required information during the year as per the monitoring plan. The emissions report, which contains information on the total emissions for the

reporting year, must go through a verification process using an external third party to ensure the numbers are materially correct prior to final submission. Once the verification is complete, the report is submitted to the NEA, who apply the carbon price and request payment for those emissions. To pay for the emissions, a flat $5 (SGD) per tonne of GHG emissions is applied by the NEA, who summarises this information into an assessment notice that is issued to the company with control of the facility. Rather than the NEA just sending an assessment that must be remitted as a direct payment – the legislative framework is set up using carbon credits. The company must purchase the required amount of credits (each credit is worth one tonne of GHG emissions) and surrender them to the NEA. Currently, there is only one seller of credits (the Government) for a flat price ($5 each) but this structure means that it could potentially be more flexible in future – and allow for other sources of credits such as international credits purchased on a secondary market or credits generated by a company through abatement activities. The price point for the carbon tax at first glance seems low – it does send an important signal though, that the Government is taking climate action seriously, and it also gives businesses an opportunity to adapt to the new framework in the short term. When compared to other carbon prices globally, the $5 SGD per tonne price appears to be on the bottom end of headline prices in jurisdictions that have pricing. This doesn’t quite tell the whole story however. What’s important is the effective carbon price that is applicable in a jurisdiction. For example, Singapore’s carbon price is a flat price that applies to all covered emissions from a facility. Other jurisdictions may have issuance of free permits or similar schemes that reduce a company’s exposure to the carbon price and results in a lower effective carbon price compared to the headline carbon price. The Singaporean Government has also made it quite clear that there is a timetable for increasing the carbon price over time and there’s an expectation that it will be increased to approximately $15 per tonne in the short to medium term – and it may even go higher in line with global decarbonisation efforts. There are approximately 40-50 facilities that will be covered by the carbon price in Singapore. In general, these are the high emitting industries of power generation, oil refining, petrochemicals and other chemical manufacturing. In addition, the semi-conductor industry is likely to be liable under the scheme due to their use and generation of synthetic greenhouse gases, which are much

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>> SINGAPORE CARBON TAX SUMMARY

24 ACCESSASIA | WWW.AUSTCHAM.ORG.SG

Engeco is a Singapore based consultancy specialising in greenhouse gas and energy management and climate change risk advisory helping clients across Australasia develop robust climate change strategies, navigate the transition to a low carbon economy and capitalise on the opportunities this transition brings. See www. engeco.com.au for more details.

EVENT RECAP

WHAT DIVERSITY & INCLUSION MEANS AT NAB NEIL PAREKH General Manager Asia National Australia Bank

Enhancing a diverse and inclusive workforce is an essential element in accelerating our strategy. It allows us to drive innovation, engage our people, build productivity and will ultimately result in a great customer experience. Diversity and Inclusion – they’re not just buzz words at National Australia Bank (NAB). It is part of our DNA, and important to the culture the leadership team enables and promotes on a daily basis. SO WHAT DOES DIVERSITY AND INCLUSION MEAN AT NAB? It means respecting and providing opportunities for each person regardless of their age, gender, physical abilities, cultural background and ethnicity, marital, family or relationship status, religious beliefs, sexual orientation and gender identity. We are committed to building a workplace that is as diverse and inclusive as it is dynamic. With a diverse workforce of 35,000 employees in Australia and across our offshore branches in Asia, the US and the UK, we are also focused on building a culture of inclusion. Being inclusive allows for the individual to fulfill their potential as the diverse environment allows them to interact, be bold and innovate. For the bank it means a sustainable, satisfied and productive talent pool which will deliver greater customer outcomes.

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In Australia, our CEO, Andrew Thorburn, is a Male Champion of Change, and WGEA Pay Equity Ambassador

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In Asia, it is my honour to be the Diversity and Inclusion Champion for our organization and I promote this cause actively in the industry by being a male sponsor for Financial Women Association (FWA) in Singapore

Flexibility the freedom to work in a way that suits the needs of our employees, the business and our customers •

84% of our employees work flexibly (87% males, 81% females)

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17.5% of our workforce works part-timeour leaders role model flexible working arrangements

Our Employee Resource groups we have numerous employeeled groups formed to engage passionate people, create change advocates and enable our priorities across a diverse workforce •

Groups such as Connecting Women, Pride@NAB, NABility, Cultural Inclusion

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In Asia, there is a Connecting Women chapter in each country: China, Hong Kong, Japan and Singapore

In 2016, NAB’s Board approved the Diversity & Inclusion (D&I) Strategy for 2017-2020 with our key priorities being 1) Gender equality 2) Life stage support (millennials, parents, mature age) 3) LGBTI inclusion 4) Cultural inclusion and 5) Accessibility. This is enabled through: Our Leaders we encourage our leaders to be role models

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>> WHAT DIVERSITY & INCLUSION MEANS AT NAB

We have committed that by 2020 we will have 40-60% of either gender represented at every level throughout our business. Addressing the barriers to equality and creating a level playing field for both men and women, particularly in senior and executive management, where women are underrepresented. We do this through a range of programs & practices that give women a platform to reach their full potential: •

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offering programs that support women to progress and grow at key stages throughout their career, such as Board Ready, Breakthrough 1&2, Breakthrough 3 and Breakthrough Making primary carers’ leave more accessible to fathers, by providing up to 12 weeks paid primary carers’ leave for new parents regardless of gender, within the first 12 months of their child's life.

We at NAB are proud of our progress. We understand that a culture that fully embraces individual difference makes sense, and we will continue be inclusive.

We monitor our progress on D&I targets through our annual Employee Engagement Surveys to mark the inclusive leadership score of each leader, thus helping us to understand where we are doing well and what we need to improve on. "Diversity" and "inclusion" are so often lumped together and assumed to be the same thing. As noted diversity advocate Verna Myers puts it, "Diversity is being invited to the party. Inclusion is being asked to dance." Without inclusion, however, the crucial connections that attract diverse talent, encourage their participation, foster innovation, and lead to business growth won't happen.

Diverity & Inclusion Panel Discussion The panel discussion focused on Diversity & Inclusion in the workplace and implementing diversity policies in organisations.

EVENT SPONSOR

Hayden Majajas, Leslie Raymond, Jessica Thomas and Magdelena Poulin

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This panel discussion was held on Wednesday 28 November 2018

UPCOMING EVENTS

UPCOMING EVENTS To find out more about our events, visit our website at WWW.AUSTCHAM.ORG.SG

JANUARY 2019 The best way to celebrate Australia Day in Singapore

Friday 25 January 2019 ANZ Australia Day Ball 2019

In 2019 we will be all aboard the East Orient Express to Australia Day, with a glamorous night evoking the experience of first class rail journeys through the East Orient in a bygone era. Tickets for the event are on sale now. More details coming soon. Don’t miss the best countdown to Australia Day in Singapore. EVENT SPONSOR

SPECIAL THANKS

Airline Sponsor: Qantas, Gold Sponsor: AIS, JCU, Icon SOC and Telstra Auction Sponsor: Eastern Carpets and Helping Hand Group, Photography & Logistics: Allied Pickford, Wine Sponsor: Wolf Blass, Gourmet Sponsor: MLA, Beer Sponsor: 6DM and Digital Media Partner: Expat Choice, Supporting Organization: Expat Living

FEBRUARY 2019 New Members

Thursday 13 February 2019 Meet the Board

Meet the Board is an opportunity to welcome you to the Chamber where you will: Learn more about what AustCham can do for your business, network with other new members to promote yourself and your company and directly engage with board members. AustCham's board consists of 12 members that are leaders in their fields from various industries who have lived and worked in Asia for a number of years. EVENT SPONSOR

Networking Event

Panel Discussion

Thursday 21 February 2019 Business Connects February

Join us for an evening of networking. Business Connects provides the perfect opportunity for you to network within the Australian business community and connect with other Austcham members.

Thursday 22 February 2019 Economic Outlook ANZ

Interviewed by Bloomberg’s Southeast Asia Economic Reporter Michelle Jamrisko, Khoon Goh, Head of Asia Research at ANZ, will discuss the outlook for the Singapore economy, as well as the risks and opportunities in the current environment.

EVENT SPONSOR

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OUT & ABOUT

OCTOBER 2018

Business Connects October

AustCham members and guests enjoyed an evening of networking, free flow beer, wine and canapes. With thanks to event sponsor Australian International School and venue partner ERWIN'S Gastrobar.

Thursday 18 October 2018

EVENT SPONSOR

VENUE PARTNER

Andre Casson, Adam Gilmour and Ben Vella

Daniel Willett, Annette Tilbrook, Erica Marcellan and Marc Allen

Dale Anderson, Clare Coleman, Genevieve Chase and Robyn Anderson

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OUT & ABOUT OUT & ABOUT

NOVEMBER 2018

PANEL DISCUSSION Diversity & Inclusion Wednesday 28 November 2018

In this discussion, Hayden Majajas, Senior Manager of Diversity & Inclusion of Paypal and Jessicca Thomas, Senior Manager Partnership and Analysis of Rio Tinto and Leslie Raymond, Head of People of National Australia Bank and Magdalena Poulin, Head of Diversity & Inclusion, APAC of AIG talked about their insights about the issues of diversity and inclusion in the workspace. They shared their experiences and thoughts on the challenges and opportunities facing business in this important area. Special thanks to our event sponsor National Australia Bank.

EVENT SPONSOR

Neil Perakh

Lisa Mulligan, Erica Marcellan, James Voskamp and Kate Baldock

Ian Cummin, Mery Sukardi, Hayden Majajas, Leslie Raymond, Neil Perakh, Jessica Thomas, Magdelena Poulin and Rosaline Hong

Neil Perakh, Jessicca Thomas, Magdelena Poulin and Dianne Png

Hayden Majajas, Leslie Raymond, Jessica Thomas and Magdelena Poulin

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THANK YOU

THANK YOU TO OUR CORPORATE PATRONS AND GOLD CORPORATE MEMBERS

Corporate Patron Members

Gold Corporate Members

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NEW MEMBERS

NEW MEMBERS Welcome Gold Patron Members

James Cook University, Singapore Campus www.jcu.edu.au

Cecilia Calder Senior Manager, Graduate Brand

Corporate Plus Members

Sourced Group

www.sourcedgroup.com.sg

Arrian van Zal

Brent Cetinich

Benjamin Herron

John Painter

Senior Consultant

Consultant

Senior Consultant

Scott Maclure

Senior Consultant

Managing Director

Corporate Enterprise International Lubricant Distributors Mark Berkovic Sales Director

Level33

Martin Bem CEO

Alternative Selection Pte Ltd

Sebastian Chia Managing Director

TO LEARN MORE ABOUT OUR AUSTCHAM MEMBERSHIP

ACCESSASIA | WWW.AUSTCHAM.ORG.SG Visit austcham.org.sg or contact us members@austcham.org.sg

TRAVEL

MEMBERSHIP CARD OFFERS Present your AustCham membership card and enjoy these benefits.

QANTAS Complimentary business class check-in for you at the Qantas lounge in Singapore

BUSINESS SERVICES 2STALLIONS DIGITAL MARKETING AGENCY 20% discount on SEO service AIMS IMMIGRATION SPECIALIST 15% discount on professional fee at AIMS Immigration Specialist CITY SERVICED OFFICES 10% discount on facilities and services at City Serviced Offices ENGN 15-20% photography discounts off headshots HOLIDAY INN® SINGAPORE ORCHARD CITY CENTRE 10% off for Meetings, Incentives, Conventions, Conferences, Exhibitions LEVEL3 Complimentary month of ‘Community Membership’ SERVCORP Enjoy ‘The Virtual Office’ package complimentary for one month WORLDFIRST Enjoy %50 off first international transfer WOTSO Enjoy 50% off first month of co-working membership

EDUCATION & TRAINING COALFACE DIALOGUE Enjoy up to 30% off selected public programs anywhere in SEA SINGAPORE MANAGEMENT UNIVERSITY Receive 5% discount on selected SMU Executive Development Programmes

FINANCIAL SERVICES PAY2HOME Enjoy money transfers to Australia for a flat fee of $15 (save 25%) QBE SINGAPORE 20% discount on personal lines including Home, Motor and Travel coverage

HEALTH SERVICES ALL IN THE FAMILY COUNSELLING Enjoy special rates for counselling sessions GLOBALIS INTERNATIONAL HEALTH INSURANCE AustCham members, both individuals and groups, now receive discounted rates on their international health insurance

LIFESTYLE & ENTERTAINMENT BOUNCE SINGAPORE 10% off General Access Tickets CHI, THE SPA Enjoy 10% off discount DAMAI SPA Enjoy 20-30% off A La Carte treatments

SPA BY JW MARRIOTT HOTEL Enjoy 20% off A La Carte treatments THE VIRTUAL ROOM Enjoy 15% off discount

TRANSPORT & RELOCATION SERVICES ALLIED PICKFORDS Offering AustCham members a special insurance premium of 3%

HERTZ Enjoy 15% off on Affordable Rates for car rentals

HOTELS COMO THE TREASURY PERTH Enjoy Friday and Saturday night stay at 10% off the public rate. FAR EAST HOSPITALITY Enjoy discounts on best available rates at Far East Hospitality Hotels in Singapore and TFE Hotels in Australia HOLIDAY INNÂ® SINGAPORE ORCHARD CITY CENTRE Enjoy 10% off from Best Available Room Rates PARK REGIS, SINGAPORE Complimentary breakfast when you book Bed & Breakfast Package

THE CANOPI AustCham members enjoy 10% off Best Available Room Rates at The Canopi and 10% off all activities at Chill Cove @ Treasure Bay Bintan. THE FULLERTON HOTELS SINGAPORE Enjoy an exclusive 10% off the Fullerton Family Package. THE FULLERTON BAY HOTEL 10% off the Indulgence Room Package VILLA FINDER With an average stay that costs $3000 in luxurious villas, Villa Finder is now offering AustCham members 5% off their villa booking!

RIA BINTAN AustCham members enjoy $20 off Newbie Golf Experience & $200 off Membership.

RESTAURANTS ARTISAN BOULANGERIE CO. 17.5% off total bill

NAMI Enjoy 15% off total bill for a la carte items

BEACH ROAD KITCHEN 1 person dines free for every 3 paying adults for Sunday Brunch

ORIGIN BAR & GRILL 15% off total total bill

CAFE MOSAIC 20% discount off total bill COOL CATS, THE NCO CLUB 30% off total bill COURT MARTIAL BAR 30% off total bill FISH POOL, THE NCO CLUB 25% off total bill GATTOPARDO 15% discount off total bill JAXS BISTRO 10% off total bill JOJI BAR 10% off total bill at Joji Bar, Carlton Hotel Singapore LOBBY LOUNGE & BAR 20% off total bill and all day happy hour MEATSMITH Special discounts available

SHANG PALACE 15% off total bill SHOPHOUSE BY SHANGRI-LA 15% off total bill TANDOOR 20% off total total bill THE LINE 15% off total bill THE LOBBY LOUNGE 15% off total bill THE ROSE VERANDA 15% off total bill WAH LOK CANTONESE RESTAURANT 10% off total total bill WATERFALL RISTORANTE ITALIANO 15% off total bill WHITEGRASS 20% off total bill WINDOW ON THE PARK Enjoy 1-for-1 Lunch Buffet/Semi-Buffet (Weekday night)

MEDIA BAR Enjoy 25% off total bill

RETAIL EASTERN CARPETS Receive 10% discount on all carpet cleaning services EUROPEAN BEDDING Receive 5% discount on top of existing promotions INDIGO WINE CO $30 off first purchase of discounted Australian wine packs

SHIVA DESIGNS 15% discount on purchases over $99 UOMO GROUP Exclusive discounts at UOMO Group, Brioni and Stefano Ricci WINE EXCHANGE ASIA $69 per bottle for cases of six BillecartSalmon NV Champagne

NATURAL SPRINGS AUSTRALIA Receive one free 5-gallon bottle with every five bottles purchased

VISIT WWW.AUSTCHAM.ORG.SG FOR FULL DETAILS & CONDITIONS

NEWS FLASH

JCU ANNOUNCES NEW DEPUTY VICE CHANCELLOR James Cook University has announced the appointment of the new Deputy Vice Chancellor (DVC) for its Singapore campus. Professor Chris Rudd OBE will replace the current DVC Singapore and Head of Campus, Dr Dale Anderson, who will retire from the role on the 31st of December 2018. Professor Rudd has worked as a senior manager in the higher education sector for the past 17 years. Since 2015, he has been Provost of the University of Nottingham’s Ningbo campus in China. Before taking up his position as Provost, he served as Pro Vice Chancellor (PVC) for Knowledge Exchange, Advancement, Faculty PVC for Social Sciences and, prior to that, as Dean of Engineering at the University of Nottingham in the United Kingdom. JCU Vice Chancellor Professor Sandra Harding said she’s delighted to welcome Professor Rudd to JCU Singapore. “Chris is an engineer by discipline, and has deep experience in universities and university management. “Professor Rudd is committed to the region, having lived and worked in Asia for around three years, and we are most fortunate that he will lead our Singapore campus. “We look forward to Chris bringing the benefit of his experience leading the University of Nottingham’s Ningbo campus, an operation featuring 900 staff and more than 8,500 registered students, to JCU in Singapore. Professor Rudd said “Having spent much of the last decade doing business in Asia I am really thrilled to have the opportunity to lead JCU'S over its next period of evolution. JCU’s Singapore is dynamic and offers a high quality, research-informed educational experience to its students. JCU has brought its innovative programs and approach to one of the most exciting cities in the world and I look forward immensely to continuing the great work of my predecessor.” Professor Harding has thanked Dr Anderson for his exemplary services to JCU in Singapore over the past 12 years. “JCU’s presence in Singapore has been transformed under Dale’s leadership. He has led the campus during a time of significant growth and there have been many important achievements for JCU in Singapore. “These include growing student numbers from 400 to almost 4000, JCU Singapore achieving ‘University’ status (the only Australian institution to do so), and recently, unveiling the first research institute established by an Australian university in Singapore – JCU’s Tropical Futures Institute. “Through his efforts, Dr Anderson has positioned JCU Singapore well for an exciting future,” Professor Harding said. Professor Rudd joins JCU Singapore in February 2019.

DEC / JAN 2018 AccessAsia Magazine is published bi-monthly by AustCham Singapore

EDITORIAL AND NEWSFLASH ANNOUNCEMENTS To submit articles or announcements for consideration for Access Asia, email info@austcham.org.sg

Editorial Team Kate Baldock, Executive Director Rica Ang, Marketing Executive

ADVERTISING To learn more about advertising in Access Asia Magazine, contact Rica Ang at rica.ang@austcham.org.sg

Design Rica Ang, Marketing Executive

AustCham Singapore 25 Napier Road (Level 3) Singapore 258507

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READ THE DIGITAL COPY AT AUSTCHAM.ORG.SG

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