Britain in Hong Kong 2011 by The British Chamber of Commerce

N o v e m b e r 20 1 1 • V o l 26 • N o 10

In This Issue

PAGE

Examining the Ceiling

Gender inequality

By Sam Powney

PAGE

Health Insurance

until the mid-20th century, women

the non-profit think tank Civic Exchange,

directorships of companies listed on the

in Jianyong county, in the south of China’s

moderating the discussion. Panellists

Hang Seng Index were held by women.

central Hunan Province, could communicate

included Sophia Kao, the Chairperson of the

Broken down, this figure represents women

i n a s e c r e t l a n g u a g e . N ü s h u（女書）,

Women’s Commission as well as Vice-Chair

in 7% of executive directorships and 10% of

meaning simply ‘women’s writing’ was a

of the Hong Kong Federation of Women;

non-executive positions. Though influential

written simplification of the Chinese script

Shalini Mahtani, founder and Advisor to

women remain divided about the usefulness

based on the local dialect, and was passed

the Board of Community Business; and

of affirmative action, nearly everyone agrees

down through generations of women at a

Kay McArdle, Board Chairperson of The

that the present situation is unacceptable.

time when only men were officially taught

Women’s Foundation (NGO). The discussion

Several of September’s Women in Business

to read and write. The women of Jianyong

ranged from the bald statistics of women’s

panellists noted that not all women wish to

possessed this elegant script, which they

employment in Hong Kong, through the

rise as far as they can go, and that pregnancy

frequently wrote down or wove into their

mechanisms women in the business world

can in some cases be a valid consideration

fabrics, until their secret communication was

can use to succeed, to more subtle areas

for employers, yet the statistics demonstrate

at last stamped out during the Japanese

such as common gender differences in

a clear narrowing of the pyramid as women

occupation and the Cultural Revolution. The

gestures and facial expressions.

climb the professional ladder. The overall

last woman proficient in nü shu died at the

PAGE

Greening Up

number of women in employment in Hong

age of 98 in 2004, but scholars have gone to

The figures are certainly shocking.

Kong is impressively high by international

work and most of the remaining examples of

Community Business carried out a survey

standards, but that percentage is inverted for

nü shu script can now be translated. Many

in 2009 which found that only 9% of all

women in senior management.

of the surviving glimpses into that world are messages commiserating on arranged marriages and various other hardships

Facts and Figures

largely unknown to people today, yet the nü

Women as a percentage of Hong Kong’s workforce

shu script has become an enduring, and

(Statistics provided by the Women’s Foundation)

increasingly well-known symbol of solidarity among women. The British Chamber’s regular Women in Business networking events are a long way

PAGE 10 Wine

from the ‘sworn sisterhoods’ of Jianyong county, but something of that solidarity is evident, especially in their events and

Overall workforce: 53% Senior management: 35% Legco: 19% Academia: 14% Barristers: 10% Global average percentage of female CEOs: 8%

discussions. In September the British

Recruitment experts Korn/Ferry International estimated this

Chamber’s Women in Business held a

year, based on a sample number of Hong Kong companies,

Plus

panel discussion, ‘Smashing Through the

that roughly 2% of Hong Kong’s CEOs are women.

• News / New Appointments • Events • Shaken Not Stirred

Glass Ceiling’, with Christine Loh, CEO of (Continued on page 2)

www.britcham.com

COVER STORY (Continued from cover)

Few doubt that the issue of gender inequality runs into deeper questions than employersâ&#x20AC;&#x2122; discrimination. The South China Morning Post recently investigated the position of women in employment in Hong Kong, and concluded that many people privy to the statistics see complete gender equality (of pay and position) as a positive aim, but one which can never be fully achieved. That attitude may smack of defeatism, but it is understandable coming from those business people who canâ&#x20AC;&#x2122;t afford to sit and contemplate gender issues all day. After all, scholarship on gender and gender inequality provides a good deal more questions than answers. When Simone de Beauvoir commented that motherhood left woman "riveted to her body", she was explaining how a patriarchal society could exploit one aspect of a womanâ&#x20AC;&#x2122;s life in order to relegate her to second class citizenship. Many other feminist thinkers have since elaborated on the shape of patriarchal societies and social structures, not least our modern business corporation. Diversity and flexible working arrangements may be more acceptable nowadays, but are such fundamental patterns as hierarchy, competition among colleagues, and recognition for assertiveness fundamentally patriarchal, or at least favourable towards men? Time will tell whether or not our seismic upheavals in the global financial system will eventually lead to more equal employment in the office space. What is certain is that a quiet revolution is going on in the ether of webspace. The internet has already allowed millions of women with the right skills to work from home, sometimes while looking after small children or elderly relatives. Of course, one might not view as an entirely positive development the fact that large numbers of qualified women are choosing to work independently. But a quick look at online message boards for web-service professionals reveals a great number of selfChristine Loh is cautiously optimistic about the future however. Companies are male-

employed women freely and frequently helping each other out with business tips and in

dominated for many reasons,â&#x20AC;&#x2122; she says, â&#x20AC;&#x2DC;part of it is to do with history and demographics.

many cases simple encouragement. The flavour of this advice is, in some ways, strikingly

In many places, more men went into the workforce than women. This is changing rapidly â&#x20AC;&#x201C;

similar to the practical and encouraging tone of Jianyong countyâ&#x20AC;&#x2122;s nĂź shu writings. It is a

more women are now attending university for example. The fact that companies are having

striking reminder that although shifts in politics and technology will likely play the greatest

to deal with many more qualified women joining them requires current management to

role in changing business conditions, women will naturally find a grass-roots way to share

consider gender and diversity issue now.â&#x20AC;&#x2122;

information and experience.

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Lambert Brothers Insurance Brokers www.lambertbrothers.com.hk Winnie Hung â&#x20AC;ŤÚ&#x2014;â&#x20AC;Ź2585 8260 whung@lambertbrothers.com.hk

The Magazine of the British Chamber of Commerce in Hong Kong

CHAIRMAN’S MESSAGE

Editors

Congratulations to New Zealand for winning the Rugby World Cup. The whole event was excellent and the interest in our

Ian Cruz Sam Powney

community was tremendous, with Wales just missing out on the final thanks to an interesting decision from a certain referee… Having been in Wellington for the quarter-finals, I can testify that the atmosphere was fantastic and it was great to see so many of

Design Bill Mo Alan Wong Ken Ng

Advertising Contact Charles Zimmerman

Project Management

the Hong Kong community in the bars and restaurants before and after the games! The New Zealand win was well deserved and congratulations to the French for making this a truly competitive final. With the damage from last February's deadly earthquakes still visible - and acutely felt - it goes without saying that the All Blacks and their fans dedicated their win to the community of Christchurch.

Vincent Foe

Earlier last month the British Chamber was awarded the privilege of meeting and presenting our views on how Hong Kong has

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong

progressed since 1997 to China’s Vice Premier Li Keqiang, Hong Kong’s Chief Executive Donald Tsang and our Financial Secretary

1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedflex.com.hk Editorial: Ian@speedflex.com.hk sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

We were the only international chamber offered the opportunity to provide our views and I am delighted to say we were very positive

John Tsang as well as a small number of other senior leaders in Hong Kong.

about how Hong Kong is performing and how the Hong Kong government has continued the development in the fourteen years since the handover. While we may sometimes find fault with certain policies, the underlying truth is that Hong Kong has developed wonderfully under the Hong Kong SAR’s ‘one country, two systems’ framework and we congratulate both the Chinese and Hong Kong governments for taking Hong Kong to a new level.

It is terrific to see China’s complete support for the development of Hong Kong as the major Chinese and Asian financial centre, and

British Chamber of Commerce Secretariat

with the city becoming an RMB offshore trade hub we now know it is firmly placed on the financial trading highway with London and

Executive Director

area. This bodes well for future development into China.

New York. The Chinese government also views professional services as a key differentiator and sees Hong Kong as world class in this

CJA Hammerbeck CB, CBE

General Manager Cynthia Wang

Marketing and Communications Manager

We had the privilege of hearing from the Chief Executive of the HKSAR at the Joint Business Community Luncheon on November 2nd. At the end of this month we have another chance to hear Mr. Tsang speak at the 12th Hong Kong Forum taking place in the Hong Kong Convention and Exhibition Centre.

Emily Ferrary

Special Events Manager

There are two very interesting sessions that will be worth attending this month, Douglas Gerber, CEO, FocusOne Ltd. will address

Becky Roberts

attendees about the challenges and solutions of leading diverse executive teams in Asia; Duncan MacInnes, CEO, Xenfin Capital

Events Executive

Ltd. will discuss fluctuations in the currency market that can have a significant impact on the bottom line of an organisations

Mandy Cheng

business revenues.

Business Development Manager Dovenia Chow

Membership Executive

A key event to mark on your calendar is a breakfast session on the UK Bribery act in December. Andrew Seaton, Consul-General,

Lucy Jenkins

British Consulate-General and Richard Alderman, Director, Serious Fraud Officer, UK will explain the major provisions of the new Act

Accountant

and the likely impact on UK companies and business people operating abroad.

Michelle Cheung

Executive Assistant

Finally, it is very important that we get things right at the Chamber and as we move ahead with our duties, I ask you to please share

Jessie Yip

your thoughts on how we can make the Chamber an even better enabler for business in Hong Kong. I hope that you enjoy this issue

Secretary

of the magazine.

Yammie Yuen

Office Assistant Sam Chan Kevin Taylor

Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: www.britcham.com © All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

GENDER INEQUALITY . . . . . . . . . . . . . . . . . . . . . . . . . 4 KEEPING COVERED. . . . . . . . . . . . . . . . . . . . . . . . . . . 6 GREENING UP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 UNCORKED: INTERVIEW . . . . . . . . . . . . . . . . . . . . . . 10 PERSPECTIVE: INTERVIEW . . . . . . . . . . . . . . . . . . . . 12 CEILIDH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 BOXING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

BUSINESS ANGELS . . . . . . . . . . . . . . . . . . . . . . . . . . OCTOBER EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . NEW APPOINTMENTS / UPCOMING EVENTS . . . . . NEWS / MEMBER DISCOUNTS . . . . . . . . . . . . . . . . . NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . .

18 19 20 21 22 23

BUSINESS

Gender inequality in the workplace

Myth or Fact?

By Sheila Dickinson, Senior Vice President, ipac financial planning Hong Kong limited In light of the recent figures on gender inequality, Sheila Dickinson reflects on her experience of the situation for women in business in Hong Kong.

Hong Kong, many women juggle their career and family life in an organised way, and

Is there any exception?

it is not uncommon to see women taking up senior positions in corporations. However, it

Some women opt to stay at home, and others do not. There is no right or wrong answer to

is surprising to reveal that women are paid less than men in Hong Kong and that women

this. Taking myself and my company as examples, I see a completely different picture.

here are overwhelmingly concentrated in low-paid work. As the Chairwoman of the Women in Business Committee of the British Chamber, I see many different examples of women

Being the Head of our European Advice Team within the Independent Financial Advisory

interacting within their career and their workplace. Therefore I have a slightly different

sector, my career progression has not been hindered at all by being a woman. I can even

vantage point on gender inequality.

say that the qualities that a woman possesses can be a great benefit in this client-focused industry. The strong communication skills, sophisticated interpersonal skills and genuine

Are women earning less? I received some surprising figures recently. The Government data* shows that women with degrees earned an average of HK$20,000 a month in 2010, compared with HK$28,000 for men. That’s a 40% difference. Moreover, there are 250,700 women in Hong Kong earning

commitment that women possess can provide distinct edges for them to shine in this industry. I found these skills making a difference personally, especially when I competed with other industry male elites in the renowned financial planning awards in 2008 and was eventually named the Best Financial Planner of the Year!

HK$3,000 to HK$3,999 a month, compared with just 19,800 men. The figures may spell out the fact that women are earning less than men in Hong Kong, yet I wonder if it presents the full picture on the cause of this phenomenon.

The career progression for women in my company is also amazing. We have a women CEO and 7 out of 8 executives in the leadership team are women. We also have a family friendly policy in place to make sure our women staff can look after both their families and manage

A survey# commissioned by the Women’s Committee in Hong Kong reveals that 82.2%

their work without the normal problematic hassles that can go with juggling career and family.

of people interviewed agreed that “to have a job is the best way for a woman to be independent” and about 57.1% of people agreed that “women have to sacrifice more than

Is there really gender inequality?

men in order to achieve career success”.

Something you can’t miss… Combining these findings, it seems that women are somehow destined to put greater

At the end of the day, you have to be true to yourself. If you are in a progressive

efforts into their careers while achieving less in terms of both earnings and seniority.

company which recognises the need for gender balance and acts on it, that’s certainly a good place to be. If your employer is a boys’ club, you might be better off looking for

However, is this the whole truth, or is there a lifestyle choice involved?

other opportunities!

Why are women earning less?

One last word: women can choose between focusing on career or family, or indeed a

Having worked in Hong Kong for over 5 years now and being in the finance field which involves frequent client interaction, I have had opportunity to observe some empirical causes for women earning less than men, other than putting it in the controversial context

combination of both, and it often comes down to a lifestyle choice. However, no matter what, you should not forego the benefits in having a sound financial plan in place for your own future financial security. Remember - a man is not a financial plan!

of discrimination. The most common reason for women to quit the labour market is that they become

* Women and Men in Hong Kong, Key Statistics 2011 Edition, Census and Statistics

mothers. Many women I know choose to stay at home full time after the birth of their

Department, HKSAR

children and may continue to do so until the time their children turn 6 or 7. However, it can then be difficult for them to re-enter the workforce due the fact that their skills and

# “What do Women and Men in Hong Kong Think about the Status of Women at Home, Work

knowledge may then be outdated.

and in Social Environments?”, Women’s Commission, September 2011

Some may choose to work part-time, so that they can take more time to take care of their

In preparing this information, the author did not take into account the investment objectives,

children. However, from what I can generally observe, companies’ flexibility in offering part-

financial situation or particular needs of any person. Before making an investment decision,

time jobs is limited in Hong Kong. Moreover, working part-time means earning less, which

you should speak to a financial planner to consider whether this information is appropriate

also contributes to the fact that women are earning less than men in Hong Kong.

to your needs, objectives and circumstances. For further information, please contact: financial.planning@ipac.com.hk.

These child-minding responsibilities do impact women’s earnings capacity and career

development. It is generally true that an aggressive career progression implies more time

Sheila is the Senior Vice President and a SFC Licensed Representative (SFC CE no.:

commitment and a trade-off in time spent with children.

ANS128) with ipac financial planning Hong Kong limited.

www.brit cha m.c o m

BUSINESS

Keeping Covered What to Look for from an International Health Insurance Provider By Ralph Tam, Managing Director Asia Pacific, Now Health International Ralph Tam of Now Health International, a specialist international health insurance provider, sets out the key points that employers should look for when considering health cover for their employees.

Use international private medical insurance to attract and retain your employees If you work in a sector where competition for good quality staff is high, it’s worth considering an international private medical insurance plan to gain a competitive edge. A plan like this, which offers access to treatment anywhere in the world, could be attractive not only to your expat employees, but also to your local staff. International health cover is typically only offered to expats, but since some providers can offer cover to locals too, this could give your company that extra benefit that more and more local staff are looking for.

Expat or local nationals? The classic target audience for international health insurance is the expat population. Of course if you have an Australian employee located in Cambodia, it’s a sensible idea to provide a plan that means they can be evacuated or repatriated if they need medical treatment. But what about local residents? Can they access healthcare internationally too? Some insurance providers can offer international plans to local nationals so finding out if all your employees can benefit is a good idea. It’s common for providers to be able to offer this in established territories like Hong Kong. And in locations like this where competition for good quality staff is severe, when you’re offering a role to a candidate, their choice of

To recruit and retain good quality staff always poses challenges to employers. According to the

employer could be the difference between your and your competitor’s benefit packages.

2011 Hays Salary Guide, 78% of employers expect to provide employee benefits in addition to salaries and bonuses in Singapore, China, Hong Kong and Japan. Health insurance is the

Levels of cover

number one benefit, provided by 65% of employers surveyed. This could mean that providing a

Generally speaking, there are five core types of benefit: in-patient, out-patient, routine dental,

local health insurance plan is an expectation, so using it as a differentiator may not work.

routine maternity and wellness. Providers of international health insurance will most likely provide varying levels of all of these benefits, so HR Managers need to make some decisions about

What to look for in a good insurance provider

what’s important to them as a business and what they would like their employees covered for.

So if you decide that international health insurance could be your package differentiator, how do you go about looking for the provider that suits you? There are a number of factors that HR Managers need to consider before choosing their supplier:

For example, if the Board are mainly concerned about protecting their employees against serious medical conditions like cancer, then there’s no point in buying a plan with outpatient benefits and routine maternity cover. If however, if your sector is seriously competitive,

•

Where do they cover?

•

Who can they cover?

•

What levels of in-patient and out-patient benefits do they provide?

•

What underwriting approach do they take?

•

What kind of medical provider network do they have?

Checklist

•

How fast will they respond to my, and my employees’ requests?

There’s no doubt that offering an international health insurance plan to employees adds a

then an all-round plan that includes high levels out-patient and routine dental benefits where no money needs to change hands, is a good idea.

heavyweight element to any employee benefits package. Finding the one that best suits

Global footprint

your business need not be difficult or long-winded.

The purpose of international health insurance is to provide access to healthcare wherever in the world your employees need it. One of the most important things to look out for is where in the world a provider will and won’t cover. It’s likely that every provider will pay claims incurred anywhere in the world, but many have restrictions on where employees can be resident. This could be for a number of reasons: the complexity of the local regulator or where OFAC sanctions have been imposed, are a few common reasons why. If you have employees located in places like North Korea, Burma or Iran, this is one of the first things HR Managers need to ask.

Here’s a quick checklist of what to ask your short-list of providers: •

Find out if all the territories where your employees live are covered

•

Can they cover expats and local nationals?

•

Can they help you find the level of cover right for your business?

•

What underwriting approach do they take?

•

Ask for an up to date copy of their medical provider list. Does it cover your preferred territories? Will they set up any arrangements for you?

•

What service guarantees do they have? Is there a fast-track claims process?

•

How do employees access their plan? What online tools are there?

The Human Resources Manager is one of the lynch pins of any business. Since this role is responsible for so many elements including recruitment, staffing, policy and payroll amongst many others, finding a differentiating benefit that’s easy to manage sounds like a dream. An international health insurance plan might tip the balance in employer desirability however, and following these steps could make it easy to implement.

To find our more about Now Health International or the author, please contact him at AsiaPacService@now-health.com

www.brit cha m.c o m

ENVIRONMENT

Greening Up By Steve Chan, Head of Engineering and Operations Solutions, Property and Asset Management, Greater China As more and more companies look for ways to achieve sustainability and energy efficiency, Steve Chan explains what can be done and examines successful examples of where green measures have been taken in Hong Kong.

Maximising property management to achieve real estate sustainability Hong Kong lags behind other advanced economies in practising green property

A good example of effective implementation of green property management is a local

management, now a growing trend in the real estate industry. More buildings in the city,

industrial building, the YKK Building in Tuen Mun, which was built in phases between 1978

both new and old, need to be equipped with environmentally-friendly features in order to

and 1991. Having managed the property for over 25 years, Jones Lang LaSalle together

attain energy efficiency and sustainability.

with the support of the landlord and tenants, has carried out a series of green management practices over the years. The efforts have yielded impressive results and have helped the

Green property management is an enhanced approach to traditional property management

building reduce both energy consumption and total carbon emission by 54% between

as it enables efficient use of energy by taking a holistic view of the environmental impact of

2008 and 2010. It also reduced waste disposal fees by 22% and generated income of

the occupiers’ activities and balancing their needs with ecological concerns.

HKD444,000 from waste recycling during the same period.

Among all types of properties, commercial buildings, which were one of the biggest energy

Redevelopment of existing buildings is not always feasible as it consumes time and

consumers in Hong Kong in 2010 - taking up 60% of the total electricity consumption,

money, but the classic example of the YKK Building demonstrated that incorporating

could play a larger role in improving energy-efficiency and reducing greenhouse gas

environmentally-friendly measures and retrofitting with the latest green technologies

emissions through the implementation of green property management. However, few

can be an sensible alternative option for older, conventional industrial buildings to

buildings in Hong Kong adopt this.

go green.

According to the BEAM Society, the number of projects that have applied for green building

Everyone has a role to play in going green. In addition to what property managers can

label BEAM increased from 144 in July 2008 to 221 in September 2011. Considering that

do with buildings, landlords and tenants can also work hand in hand to drive sustainable

Hong Kong has about 40,000 private buildings, the number of applications is low, which

practices inside the office. This notion is best illustrated with Jones Lang LaSalle’s new

means that there are huge untapped opportunities for the city to promote green property

office at Three Pacific Place, which has recently been awarded with the world’s highest

management and enhance real estate sustainability.

LEED Platinum rating under the Commercial Interiors category. The selection of a green building featuring high levels of natural

The commercial sector needs to recognise and appreciate the benefits of green buildings.

daylight and the implementation of a

Sustainable office space not only helps save operation and maintenance costs from the efficient

sustainable design and planning approach

use of energy and water, but also enhances productivity and better health among occupiers.

in the inception stage proved effective in achieving sustainability, with energy

Traditionally, property management is about the management of communal areas such as

consumption per square foot and staff

security, safety, cleaning and maintenance of essential building services but over time it has

absenteeism rate significantly reduced

evolved to cover a much broader scope including, but not limited to, waste separation,

(by 13% and 32% respectively) in the

adopting energy saving measures, establishing house-rules to control pollution problems

new office.

and providing good indoor air quality – the ultimate aim is to provide occupiers with a better and greener environment to work and live in.

Demand for green building management is set to rise as more environmentally-

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conscious corporate occupiers look for

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Understanding the advantages of green

despite having already been up and running for many years.

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and tenants of both new and existing Green property management practices are indeed feasible for both new green and

buildings to reduce their operating costs

existing buildings and are needed to maximise energy efficiency and extend building life.

and prolong the life of buildings, as well

Research shows that over its lifetime more than 70% of a building’s cost and 80% of its

a s t o p re p a re f o r f u t u re c o m p e t i t i o n

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by upgrading buildings’ green hardware

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the building’s features.

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Hong Kong’s Youth Gives the World

a Helping Hand Living in a developed economy, the citizens of Hong Kong enjoy the convenience and luxuries of any first world counterparts, and this can’t be more true than for the privileged Generation Y of Asia’s World City. Rarely do we find ourselves looking at current issues outside our borders or at trends that may affect Hong Kong in the long-term. But while this may be accurate for the majority of the population, there are in fact, a handful of brave youths who are challenging their comfortable environment and looking beyond Hong Kong to a make a difference in the global community. For those who haven't already heard of AIESEC, it is the world's largest youth-run organisation, founded after World War II to develop friendly relations among nations. Today it has presence in 110 countries and territories and more than 2500 universities across the world. AIESEC is focused on providing a platform for leadership development, by offering young people the opportunity to participate in overseas professional internships, take on leadership roles and attend global conferences. In the past year alone, more than 150 youth participants of Hong Kong’s AIESEC Exchange Program travelled to volunteer in developing countries to learn about a new culture, assist the local community with pressing issues, and develop themselves through adapting to culture shock and returning to Hong Kong to inspire others. “I think the internship really is a life-changing experience where I gained a lot and which has since changed my way of thinking about cultural understanding forever,” explains Ivy Cheng, an AIESEC member from the Hong Kong University of Science & Technology, who worked in Malaysia for a project with other AIESEC members from Belgium, Brazil, Greece, Australia, and Japan. “I had to be involved in a green project about sustainability and helped organise an international conference called “MIRACLE”. I chose this green-related internship because I am seeking to impact lives by delivering the message that everyone plays a role in safeguarding the environment… my tasks included conducting workshops, meeting with NGOs about green issues like Ecolight, and attending local AIESEC events and meetings. Through these events, I gained a lot of personal and professional development in areas like communication, analytical thinking, multicultural awareness and much more besides.” Siny Chan, an AIESEC member of Polytechnic University who did an internship in Romania, shared her experiences in building her emotional intelligence and personal development, “During the 6-week GROW Program in Lugoj, I was growing with the students by being a trainer. There was one session about early career orientation. We were like friends sitting around and discussing our own mission and vision. We spent a precious morning on a critical question, “What is truly important for me in life?” Frankly, my answer was somewhat vague. It can be a very hard question and requires a deep understanding of ourselves, so the true answer might take a long time to find. Just questioning myself would definitely not be a good way to find the answer, but going somewhere new, experiencing something new and talking to new people has unwound my thoughts and allowed me to know more about myself and my surroundings. The internship is a precious opportunity for such exploration.” The various realities in different countries contribute to the diverse issues and projects that the AIESEC members work on, such as in Cameroon, where the tourism industry has been suffering due to poor infrastructure and the corruption of officials impedes any growth. Freda Wang, another AIESEC member from Polytechnic University, shares her experience “My [internship] has involved joining several trips, and after experiencing local travel resources I was involved in establishing a website to help other interns…Our project’s name is Afrikatour and we were divided into several groups whose aim was to establish a website. A German intern and I were in the same group, preparing a report to submit to the local government. We really devoted a lot to the report and I also used my professional knowledge (tourism management). I had good practice in applying my professional training to real work. It was a tiring but valuable process for me. And our report does reveal some obvious problems about the local tourism industry as well as offering some constructive solutions. I realised that AIESECers can really do something valuable for the world through our efforts, which is amazing!!!” Over and over in policy addresses, the Chief Executive has eluded to the fact that Hong Kong is fast becoming a knowledge-based economy. While some may choose to ignore Hong Kong’s strength in this regard, many of us feel it’s our responsibility to use these skills to help human beings across the world in growing together.

To learn more about AIESEC, please visit www.aiesec.hk or the global website at www.aiesec.org.

LIFESTYLE

Uncorked Interview with Johnny Goedhuis, founder of Goedhuis & Co. Surrounded by the eye-catching artworks of The Space gallery on Hollywood Road, we sit down with Johnny Goedhuis, Chairman of Goedhuis & Co., who founded the company 30 years ago. Looking comfortable despite a whirlwind tour of several Asian destinations in a few days, he opens up about the company’s successful involvement in Hong Kong and in Asia, and about the wine trade in general.

How do you view the importance of emerging markets within the wine trade? Without question, Hong Kong, China, Indonesia, and Singapore are absolutely vital to the wine trade at the moment. To a huge extent the wine trade is being driven by this new demand from this part of the world, and I’m sure that India too will become important.

There’s a popular stereotype of mainland millionaires swilling down Chateau Lafite Rothschild along with diet coke. Is wine still just a foreign novelty in China? I’m sure it happened in the past, but I think it’s extremely unlikely nowadays. Chinese wine drinkers have become immensely knowledgeable and talented tasters in a remarkably short space of time, and I’m sure they will continue to refine that knowledge.

Can wine catch up with whiskey in the sub-continent?

What’s the biggest recent news in the wine trade?

Yes, that is likely to change. It did here after all.

That would have to be the fall in price of Château Lafite in the recent sales.

The market for imported alcohol both here and in Singapore used to be dominated by whiskey and

but the true wine-lovers are coming from the

In a time when confidence in major currencies is weak, there’s a great rush towards alternative investments. How do you view treating wine purely as an investment?

younger generation. They’re the ones showing

We’ve always encouraged people to buy more wine than

massive enthusiasm for wine and becoming

they could drink because it’s a good investment. But

extremely knowledgeable very quickly.

when Goedhuis started this was primarily to ensure that

cognac. It’s the same with the market in India – you can see the enthusiasm for whiskey is there,

our customers had something to sell to pay for their next

When did you first get started in Hong Kong? We established ourselves in Hong Kong in 2008, just one week before the tax on wine was lifted! We knew that Hong Kong would be a great base for expanding into the China market and had been preparing to open up here for about a year beforehand. We had a feeling that the tax might be lifted, but coming when it did was an added stroke of fortune for us. I think nearly everyone’s glad the government made that decision – it has made Hong Kong the centre of the Asian wine market.

vintages. It’s only in the last few years that we have clients who buy wine simply as an investment. To be honest, we were probably late on the scene in terms of selling wine purely an investment and still our selection of wine is done on the basis that we want people to drink it. If people want to buy wine to make money out of it, we work extremely hard to make sure they do; but our love is still wine as a product to drink. It would be fantastic if people could drink and enjoy these very expensive first growths, but I completely understand that people will invest in expensive wines as a

Hong Kong is a long way from any vineyards, the food and climate are arguably not well suited to many wines, especially reds. Is there a gap in logic here?

financial investment.

There’s been a distinct move towards Burgundy in

Also, it must be difficult to invest in wine without some personal experience of it?

recent years, and I think that that’s partly because

Yes, I think that deep down amongst most people who look at wine as an investment, there

Burgundy sometimes goes better with Chinese cuisine.

is this idea that, ‘Even if it doesn’t work as an investment, at least I can drink great wine!’

On the other hand, Chinese cuisine is a very broad

And wine should be fun, both as an investment and as a drink.

spectrum and of course red wine doesn’t go well with certain Chinese foods, but then neither does it go well with certain British food! Yesterday I had a most amazing lunch in Singapore, with great wine and Japanese cuisine – and it worked perfectly. I think too much is made of the idea that red wine doesn’t go with Chinese food.

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What’s your recommendation for a wine to suit the Hong Kong weather today (grey, misty, wet and mild)? The problem is that my recommendation would always be red burgundy – that’s my love. On a day like today, it could possibly be a little chilled. But rain, wind or shine, it would have to be red burgundy.

MEMBERSHIP The British Chamber’s Sterling Members

Perspective Interview with Nicholas Loup, Chief Executive of Grosvenor Asia Pacific Grosvenor is a wholly owned private company with a single shareholder, the Duke of Westminster, whose family history in the property market goes back more than three hundred years in London and a thousand years in the UK.

How’s business? Business is very good. We’re in an expansion phase for our business in Asia. On the proprietary side, where 90% of our capital resides, we have two key drivers. The first is our residential development programme, where we’re focused on luxury uppermid to high-end residential developments – projects we can brand with the Grosvenor name, like The Westminster Terrace or Grosvenor Place. And on that part of the business we have a joint venture with a sovereign fund. At the moment we’re actively involved in acquiring new sites in Tokyo, we’ve just signed an MOU for a residential development in Ningbo, and we’re looking at a number of opportunities over the next 12 months, particularly in China where the market is adjusting as a result of the tightening measures that the government has introduced. We also expect to see some

How does the British Chamber of Commerce add value to your business? On a number of different levels. It keeps us plugged in with the relevant issues of the day in Hong Kong, and some of the medium/long-term issues which face the dynamic city that we’re in. It allows us to have a cross-section of our people in different Chamber committees and activities that we’re involved with or help to organise. The events and seminars add a lot of value, as do the joint Chamber events; the British Chamber brings in a lot of interesting speakers; it’s very good at getting hold of interesting and important people who are in Hong Kong or passing through to meet the members. The youth network is a good thing too, which gives young members of the business community an opportunity to meet across business sectors.

opportunities in Hong Kong, and we’re seeing the early signs of the market adjusting here too. The second part of our strategy is to build up our portfolio of core investment properties, many of which will

How long have you been living here?

be with co-investors. With this in mind, we are working to acquire

Since January 1993.

around US$800m of assets over the next 12 – 18 months.

What’s your favourite spot in Hong Kong? What are your plans for Grosvenor in Asia for the coming year? From a group strategy point of view we have two priorities at

I would say Dai Long Wan (Big Wave Bay) in Sai Kung, early on a Sunday morning in the summer.

second is to expand our fund management business. There

What’s the biggest change you’ve noticed since you’ve been here?

are essentially two parts to Grosvenor’s business. One is the

The biggest change is constant change itself. Hong Kong

proprietary balance sheet side of the business, and the other is

continues to, in a wonderfully refreshing way, reinvent itself. This

our property fund management business. We have both in Asia

is true in every business sector and in the evolution of the city

and the expansion plans are relevant on both sides.

itself. It’s becoming a more dynamic, more international city year

the moment; the first is to expand our business in Asia, and the

by year. You’ve only got to look at how the restaurant industry

What does your work involve?

is continuing to flourish and expand up beyond Lan Kwai Fong

I visit our four Asian offices regularly: Tokyo, Shanghai, Beijing and

and in the Western District as well.

here in Hong Kong. Then there are also other places where we have partners or potential partners. For example, over the last few years I’ve been visiting Seoul on quite a regular basis. We’re looking at that market and we’re also talking to some potential co-investment partners in Seoul for business inside and outside Korea. I travel to the Middle East for similar reasons. People don’t necessarily know about us unless they’ve visited London, but we certainly have an interesting background. Grosvenor is a wholly owned private company with a single shareholder, the Duke of Westminster, whose family history in the property market goes back more than three hundred years in London and a thousand years in the UK.

What’s the greatest challenge? Finding the right investment opportunities at the right time.

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If there was one thing you could change in Hong Kong, what would it be? I think the environment and pollution. Set against the progress that mainland China is making with a much bigger challenge, you can see that Hong Kong is being far too timid in the targets that it sets itself in this area. Sustainability is a very important issue in real estate. Any property company that you talk to today is very concerned about those issues for the long term. One of the things I’ve learned is how engaged people are generally in this subject; most think that it’s important and really want to contribute. I don’t think there would be any difficulty in getting the community at large and the business community here to support more challenging targets.

Thank you for your continued support

EVENTS

The Jardine Matheson Group & British Chamber YNetwork

Scottish Ceilidh The

Aberdeen Marina Club played host once again to our highly anticipated

Scottish Ceilidh! As ever there was the exceptional pipe band and highland dancers, as well as the captivating Haggis Address led by John Bruce. The night then proceeded with the delicious fare and of course the whisky! After the food came what all the guests had been waiting for, the dancing! A huge thank you must go to Iain Carmichael and his band who even said that this year’s event was the best Ceilidh they had ever played at! Jardine Matheson Group were our title sponsors this year, so a huge thank you to them for all of their support and cooperation; the night was such a success and we couldn’t have done it without them. Special thanks must also go to Maxxium who sponsored a bottle of whisky per table, which was very well received by all the guests! Thanks also must go to KPMG and DTZ for sponsoring the entertainment. Other special thanks must go to all those who donated prizes for the lucky draw; A big thank you to Hong Kong Yachting for donating two tickets to the Saturday afternoon Adventure Sail, an amazing top prize. Other special mention must go to: Dance Trinity for donating 2 free entries to Salsa for Beginners; the W Hotel for donating a Sizzling set dinner for 2; the Conrad for donating a dinner for 2 at Brassiere on the Eighth; Platinum Wines for donating a magnum of Cabernet Sauvignon; and lastly, to Red Packet for donating a Simply Pampered and Simply Tasty packet. Finally, and most importantly, thank you to all the guests for donating so generously, we managed to raise HK$19,159.50 for MINDSET, which is greatly appreciated. Thanks to everyone again for making this year’s Ceilidh another fantastic success and we look forward to seeing you all next year! For more information about the event or any upcoming YNetwork events please contact lucy@britcham.com.

www.brit cha m.c o m

Nov ember 2011 • Vol 26 • No 10

EVENTS

Britcham and Tanner De Witt present:

Breakthrough Boxing! On

Saturday 8th October 2011 at the Hong Kong Football Club, 12 talented young

boxers put on their gloves and stepped into the ring to show off their talent to the Hong Kong community, competing to be crowned champion of the night! An evening of great sporting action, the event was an excellent opportunity for Hong Kong Police’s Operation Breakthrough to showcase their work. A successful youth boxing programme, the Operation Breakthrough scheme combines mentoring with the discipline and culture of boxing, to give a positive option for troubled youths to turn their lives around – many of whom are socially disadvantaged, involved in crime, or are from dysfunctional families. Operation Breakthrough has helped young people learn to box, and is committed to seeing all youngsters grow basic values of honesty, humility, hard work and integrity. Boxing as a sport cultivates these values in young people and helps to re-engage the most difficult-to-reach youths to make a positive contribution to society. This year, two young boxers from the Philippine National Amateur Boxing squad were invited to compete at the event, and they proved to be a tough challenge for Breakthrough Boxers. However, the skill of Wong Kin-Ching earned him the title of Best Boxer on the night. Through the fundraising activities, the Chamber’s annual charity boxing event raised HK$260,000 for Operation Breakthrough, thanks in part to some fantastic prize donations by Hong Kong Yachting and Garuda Indonesia who donated a prize package for the Live Auction.

The Chamber would like to thank Tanner De Witt for their title sponsorship of the event, Sportsperformance for bout sponsorship, AGS Four Winds for their logistics support and Cathay Pacific for sponsoring flights for the boxers from Philippines. Our thanks also to Hill & Associates for sponsoring the HK$5000 cash prize for the best boxer, Playmore for sponsoring T-shirts for the Boxing teams and Venture photography for contributing a free photo shoot for the Breakthrough Boxing team, as well as table prizes and a silent auction prize experience.

www.brit cha m.c o m

Nov ember 2011 • Vol 26 • No 10

EVENTS

Baker Tilly Hong Kong Business Angels September 2011

Organised

by The British Chamber of

Ivan Ting, Startec

Commerce and Baker Tilly Hong Kong, September saw

As the world looks to become greener, it has lead to stricter

the return of the highly successful Baker Tilly Hong Kong

emission standards for vehicles and a stronger demand for more

Business Angels programme. After a strong response from

fuel efficient and cleaner technologies. With a view to shift from the

some of Hong Kong’s brightest budding entrepreneurs, the

traditional carburetor technology that is still prevalent in motorcycles

vetting process saw the pool narrowed down to four groups

and scooters, Startec’s proprietary electronic fuel injection

of entrepreneurs, who were chosen to present a ten minute

technology for the motorcycle/scooter industry significantly reduces

pitch detailing their business concepts to the panel of business investors at the Hong

pollution, while also lowering fuel and maintenance costs.

Kong Club. “My Financial Advisor was introduced to the Baker Tilly Business Angel programme by a The Baker Tilly Hong Kong Business Angel programme continues to be one the city’s

previous presenter and suggested I apply for this programme. The programme is positive

best channels to interact with potential investors and help cultivate Hong Kong’s fledgling

and encouraging. I was happy to hear that the British Chamber and Baker Tilly are lending

businesses. If you would like to participate in this programme and be considered for the next

their prestigious names to promote and support entrepreneurship in Hong Kong.”

round, which is taking place in March 2012, please visit our website angel.britcham.com or email Emily Ferrary at emily@britcham.com, for more details.

“The experience was very enlightening. The feedback helped to focus on key issues and see business challenges as investors would see them. The programme is very invaluable.

Florian Bennhold, AllegroIQ For the rapidly growing number of piano students worldwide,

It made us more aware of how to deliver our message (style) and be more focused on the content (substance).”

especially in China, AllegroIQ has developed their unique music education product The Music Mate - an electronic piano tutor and all in one solution that looks to transform the way people study piano. With a digital interface that makes use of polyphonic pitch

“Several angels have expressed interest in our idea and we are following up with them. I strongly encourage other entrepreneurs to participate in this programme, but be sure your business is ready for investors.”

detection, The Music Mate provides educational tools such as recording, annotation and practice tools to make piano study fun for

Alison Yeung, Mary Ching

students, while assessing and reporting the continued progress of

Created in Shanghai, Mary Ching is a global Chinese luxury footwear

their education to parents and teachers.

and accessories brand. Drawing inspiration from Asian aesthetics, European high fashion, and local materials and artisans, it looks

“The vetting was professional and helpful. Even just being in the screening round generated

to create a vibrant fusion of "East meets West" that ensures a

many good suggestions and helped us prepare better for the next pitch. The actual pitching

distinctive style defined by elegance, opulence and vivacity.

session was well organized and allowed for the investors to make their own decision about which company they wanted to learn more about. I was pleased to see that the companies

“The challenge in raising capital as a start up in transition to a small

came from very different sectors and that the focus was to allow direct interaction between

business is the amount. At this stage, it is too small for VC, PE or

investors and companies and not on prizes that will help little with actual funding needs.”

the like. I suppose that is how the scheme had adopted the name ‘angel investing’. The additional challenge is meeting the right people that understand your passion, vision and

“We got several leads out of the pitching session. All investors seemed willing and able

are willing to share those views and values. It is an exercise I encourage all entrepreneurs to

to invest in early stage companies. A programme like this can never be more than a first

partake in.”

contact and everything else will depend on the further discussions with the investors. Our expectations were fully met and being able to get exposure to the group of investors at

“I think the programme is great. In Shanghai, Beijing and other Asia Pacific capitals I

Baker Tilly was very valuable to us.”

think angel investment schemes are limited or I would call them in infancy. Therefore it is refreshing to have discovered the Baker Tilly program. I hope the future will see more. I think

“Providing strong vetting for both companies and investors to make sure that there is a high

it is important to nurture creativity and entrepreneurs.”

chance of a deal in the end is a great service to both sides. There will be strong companies

among the participants so prepare well for each step. In order to make it in front of the

“The selection process and feedback from the panel judges was invaluable and very

investors, make sure you have more than just a concept. Try to prepare by presenting the

welcomed. One of the judges really spent considerable time in going through my

pitch to as many people as possible. Do not expect a cheque at the end of the programme

presentation, which I valued. The programme helps you question the fundamentals of your

– it is just the first step to get funded and investors will want to see much more than just a

business; what do you do, why do you do it, how you will do it, and what has been done. It

ten minute presentation.”

forces entrepreneurs to see the forest not the tree.”

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EVENTS Sponsor

Growing Together In a ceremony at South Island School, Aberdeen on October 6th, the British Chamber of Commerce’s Environment Committee in partnership with HSBC launched the ‘Growing Together’ project. 20 schools (10 international and 10 local schools) have been selected to take part in this one year pilot programme, during which students will work with Microgardens and Bokashi composting systems to foster their awareness of environmental and sustainability issues. The event was officiated by partners of the project, and was attended by 80 guests, including representatives of the 20 participating schools. At the event the school pairings were announced, a mechanism which is designed to promote cultural exchange and knowledge sharing, as well as English language enrichment for the local students. HSBC Climate Champions (employees who have gone through intensive classroom and field climate change training) were involved as facilitators of sharing activities among the participating schools. There were also a series of demonstrations and an explanation about the project concepts including an introduction to Microgardens and Bokashi, as well as a show-and-tell for schools. The Growing Together programme, which can easily be built into the teaching curriculum, will demonstrate the proven benefits that a creative, hands-on, horticultural activity can have on schools and students, as well as serving as a useful catalyst to diversify the range of academic studies that are currently available in Hong Kong. It will also give students the opportunity to appreciate the value of organic materials in growing local, sustainable and non – toxic fresh produce. “Raising awareness of the growth cycles of plants, composting and reducing food waste, through the educational curriculum, is the very essence of ‘Growing Together’,” added Anne Kerr, the Chairlady of the Chamber’s Environment Committee.

Captains of Industry

Sponsor

The MTR Story

On October 14th, the Chamber was privileged to hear from Sir C K Chow, Chief Executive Officer of MTR Corporation, who prepares to retire as CEO at the end of this year. He shared the story of the MTR, laying out the key strategies which have made Hong Kong’s MTR one of the most successful modern railway systems. The MTR Corporation has a sworn duty of care to the people of Hong Kong, as well as a responsibility to its investors since it became a listed company in 2000, and is now currently deeply involved in the government’s major infrastructure projects. In terms of safety, reliability, efficiency and profitability, the MTR is in a very enviable position compared with most others around the world. Under Sir C K Chow’s watch, the MTR Corporation has expanded into mainland China, Stockholm, Australia and the UK, with a notable improvement in the performance of the London Underground network during the span of just a few years.

Nov ember 2011 • Vol 26 • No 10

NEW APPOINTMENTS/EVENTS Novotel Century Hong Kong has recently announced the appointment of Jérôme

HSBC has recently announced the appointment of Henry Hou as HSBC’s Head of

Stubert to the post of General Manager.

Energy Solutions Sales, Greater China, Global Markets.

Jérôme brings with him an outstanding record in the hospitality industry and over

Based in Hong Kong, Henry is responsible for leading sales of energy risk management

28 years of extensive experience in Accor France, Africa and Accor Asia. Prior to his

products to corporate clients in mainland China, Hong Kong, Macau and Taiwan, as

joining Novotel Century Hong Kong, Jérôme has held several senior positions including

well as Vietnam. He will work closely with HSBC’s global products and relationship

Vice President Accor Ambassador Korea, Regional GM operations East Java, General Manager of Novotel Ambassador Gangnam, General Manager of Novotel Bangna Bangkok Thailand, to name just a few.

Prior to joining HSBC, Henry was Head of Energy Marketing for Greater China at Morgan Stanley, where he worked for over eight years. Before that, he served in a number of roles at China's State Administration of Foreign Exchange for 11 years.

Jérôme will oversee the management of the Novotel Century

Henry reports jointly to Ivan Wong, Managing Director, Head of Corporate Sales,

Hong Kong, continue enhancement of Novotel as a strong

Greater China, Global Markets and Hossein Zaimi, Managing Director, Head of FX and

brand regionally and locally, and lead the team towards

Commodities, Asia-Pacific, Global Markets.

the 20th Anniversary of the hotel. Commenting on his

Jérôme Stubert

teams to deliver holistic energy risk solutions for clients across the region.

appointment, he said “I am thrilled to join Novotel Century

Hong Kong at such an exciting time in celebration of the 20th anniversary and look forward to

HSBC’s Energy Solutions Group was established as a major global initiative in the third quarter of 2010.

working with the excellent team we have at the hotel.”

End of summer drinks at The Westminster Terrace