Orient Issue 54 by BritCham Singapore

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SINGAPORE

SPECIAL FEATURES

ISSUE 54

ISSN 0219-1245

9 770219 124002

REMEMBERING LEE KUAN YEW

IN FOCUS: MILDRED TAN

Building Networks Connecting Business Creating Opportunities WWW.BRITCHAM.ORG.SG

ISSUE 54 / JUN 15

BUILDING NETWORKS CONNECTING BUSINESSES CREATING OPPORTUNITIES

THIS IS WHAT WE DO BEST. The Chamber plays a strong role within the business community in Singapore, providing valuable links for businesses, whilst maintaining a focus on delivering quality support to our growing membership base. We currently represent nearly 400 companies across all industry sectors. The network of executives representing their companies grew substantially over the past years to now over 2,600 - a dynamic development that is continuing in 2015. Our Membership is open to all nationalities. Join us today! Visit www.britcham.org.sg

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Building Networks Connecting Business Creating Opportunities

Contents

PRESIDENT’S MESSAGE

EXECUTIVE DIRECTOR’S MESSAGE SPECIAL FEATURE

Remembering Lee Kuan Yew

In Focus: Mildred Tan

16th Annual Business Awards

FEATURES 25

The Female Millennial: Celebrating a New Era of Female Talent

The Seven Trends Shaping Retail in 2015

The Economics of Sustainability

Mythbusting: There are No Good Legal Reasons to Avoid Cloud Services

Asia Pacific Economic Outlook Q2 2015

Are You Ready for the Open Workforce?

BRITISH HIGH COMMISSION / UKTI 50

GREAT British Week: The Best of UK Innovation, Creativity and Education in Singapore

AT THE CHAMBER 54

Britain in South East Asia News

Business Group News

Business Services News

BritCham New Members

Sterling News

Corporate News

Members’ Offers

Events

W W W. B R I T C H A M . O R G . S G

British Chamber of Commerce, Singapore Sponsors GOLD AND DIVERSITY SPONSOR

GOLD SPONSOR

SILVER AND BREAKFAST CLUB SPONSOR

SILVER SPONSORS

BRONZE SPONSORS

BRITCHAM BOARD: PRESIDENT: Hugo Walkinshaw: Ernst & Young Advisory Pte Ltd VICE-PRESIDENTS: Damian Adams: Simmons & Simmons Mark Buchan: Grant Thornton Advisory SECRETARY: Chris Kilburn: Watson, Farley & Williams Asia Practice LLP TREASURER: TBC BOARD MEMBERS: Andrew Vine: The Insight Bureau Ian Williams: HSBC Bank Robert Williams: British Airways Terence Yuen: BP Singapore Sian Brown: Barclays Bank PLC David Pugh: The Fry Group Richard Warburton: EC Harris Annabel Moore: Diageo Singapore Pte Ltd Bicky Bhangu: Rolls-Royce Singapore Pte Ltd Ronald Totton: BT Singapore Rudi Geerdink: The Royal Bank of Scotland Judith Slater: British High Commission Roland Davies: British Council Pradeep Rana: Standard Chartered Bank COMMITTEES: Business Group: Richard Warburton Events: Mark Buchan Editor: Vipanchi vipanchi@britcham.org.sg

Orient is a quarterly magazine published by the British Chamber of Commerce, Singapore.

Content Coordinator: Clara Tan

39 Robinson Road #11-03 Robinson Point Singapore 068911 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg

The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies and articles are sent at owner’s risk

External Affairs: Bicky Bhangu Membership: Damian Adams BUSINESS GROUP CHAIRPERSONS: Creative Industries: TBC Diversity: Stephen Trevis Energy & Utilities: Damian Adams Entrepreneur & Small Business: Jonathan O‘Byrne (co-chair), Miles Gooseman (co-chair) Financial Services: Gary Haran Doyle IT & Communications Technology: Andrew Pickup Leadership: Zsuzsanna Tungli (co-chair), Mike Hughes (co-chair) Manufacturing & Operations: Ramil Fakhretdinov Professional Services: Mark Chowdhry Property & Construction: Marcus Eckersley Scottish Business Group: Neil Mclnnes Shipping Transport & Logistics: Neil Johnson Sustainability & Responsibility: Rosie Danyluk Women in Business: Sian Brown Young British Chamber: Zoë Marmot MANAGEMENT TEAM Executive Director: Brigitte Holtschneider Finance Manager: Pauline Yeo Business Services Manager: Jennifer Hainsworth Senior Events Manager: Alexandra Packman Membership Manager: Katie Hudson Marketing & Communications Manager: Vipanchi Membership & Events Support Manager: Emi Hosono Marketing & Communications Executive: Clara Tan Business Services Advisor: Umagliya Kankanangai Tina Business Services Advisor: Jared Sim Office Administration Executive: Anna C Garciso and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustrative purposes only, and no copyright infringement is intended. Sub-edited, designed and printed by: NOVUS CONTENT. DI G I TAL. PUBLI SH ING.

www.novusasia.com

Contact: Simon Cholmeley simonc@novusasia.com Design: Kevin Ong kevinong@novusasia.com Khairunnisa khai@novusasia.com Sub Editors: Chua Kim Beng kimbeng@novusasia.com Chin Wei Lien weilien@novusasia.com Creative Services: Kwan Gek Lian gek@novusasia.com

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President’s Message

W W W. B R I T C H A M . O R G . S G

Dear Members, As Singapore’s 50th National Day celebrations draw closer, the festivities will be tinged with sadness following the passing of Singapore’s founder Lee Kuan Yew. The chamber is dedicating this issue of Orient to the ‘Architect of Modern Singapore’, which I hope will provide a fitting tribute to Mr Lee’s achievements and to his legacy.

Hugo Walkinshaw

President, British Chamber of Commerce, Singapore

Our AGM was held on Thursday 7 May at Eden Hall, and I would like to thank Acting High Commissioner Judith Slater for welcoming us. Members gathered to hear an update on the Chamber’s activities during 2014, the highlights of which included the celebration of our 60th Anniversary, the progress that has been made with our globally accredited Business Services, the launch of our new online Knowledge Bank, the relocation to our new office and, most recently, the updates to our social media strategy. In the past year, the Chamber has achieved continuous and sustainable membership growth, with strong member engagement evidenced through over 4,500 attendees at more than 90 chamber-led events during 2014. The Business Groups have continued to gain momentum with proactive participation across 15 different sector and functional groups—these communities have become a vital component of day-to-day life in the chamber, creating content, supporting events and bringing people together for business and social networking, and it is testament to the energy and passion of the Business Group chairs and leadership teams that so much progress has been made by what is essentially a network of volunteers who commit their time for free to this cause. On behalf of the Board, the Exco and the Chamber team, I would like to thank each and every one of you for your tremendous support. We also hosted a number of key people from the world of politics and business in 2014, including The Rt Hon George Osborne, Baroness Warsi, Boris Johnson, Paul Polman, Dr Vivian Balakrishnan and Sir Martin Sorrell. This list of VIP visitors is a reflection of the continuing level of strategic interest in Singapore. Thanks to our strong relationships with the High Commission, UKTI and the British Council, as well as a number of our corporate members, the Chamber and its members are well-positioned to benefit from access to events held during these high-profile visits. In terms of the Board, I am delighted to announce that the majority of the board members will continue to serve us in the coming year, the first time for the last three years that we have been able to achieve a level of continuity for which I am very grateful. I am pleased to confirm that Chris Kilburn will continue as the Chamber Secretary, and we will be announcing the appointment of a new Treasurer shortly following the mandatory rotation of Dominic Nixon from the role after serving his two-year term. I would like extend my sincere thanks to the Board for their support over the last year as well as for their commitment to serve in the coming year. In addition to the above, specific thanks must go to those Board members who are stepping down, notably Andrew Thomas and Peter Hatt, for their strong and invaluable support during their years of service on the board. On the horizon is our 16th Annual Business Awards—nominations are now open. Please visit www.bccbusinessawards.com for more information. I encourage you to save the date for the Annual Business Awards Gala Dinner on 1 Oct. I would like to take this opportunity to wish all Singaporeans a Happy 50th National Day. And to all of you heading off for the summer holidays, I wish you an enjoyable and relaxing time, and look forward to meeting you at our forthcoming events later in the year. Best regards,

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Executive Director’s Message

W W W. B R I T C H A M . O R G . S G

Dear Members, 2015 is well under way and I am writing this message just ahead of our AGM, which took place on 7 May, hosted by Acting High Commissioner Judith Slater. One of the key topics of discussion were the results of the detailed membership survey. Many thanks to all members who took the time to participate and share their feedback. This is immensely important and helpful for the Board and the Executive team to act upon and ensure that we continue to provide relevant and useful benefits. I’d like to share some key outcomes: Overall, satisfaction with BritCham remains high, with 40% of respondents recognising improvement of services over the past 24 months. Website usage is the highest it has been in the past five years—a direct result of our digital revamp launched in April last year.

Brigitte Holtschneider

Executive Director, British Chamber of Commerce, Singapore

Networking is a major need and requirement, and the main reason for joining the Chamber. This is also an area where members wish to see further improvements. A more proactive way of member-to-member introductions would be a good value-add, since it allows for more effective and targeted networking. There is much interest to participate in Business Groups and gain a better understanding of how to engage more effectively. Addressing this, we have re-arranged committee responsibilities, splitting the Events Committee from the Business Group activities, establishing a Business Group Committee, chaired by Board member Richard Warburton. This Committee’s main focus is to foster and encourage Business Group to collaborate and interact in order to develop greater traction and attendance at events. It will also introduce new event formats, such as workshops and interactive networking sessions. We have also asked for a quick snapshot about challenges in doing business in Singapore. The tight labour market and access to talent remain the most pressing issues, clearly outdistancing other factors such as cost of living for expatriates, labour cost and commercial rent. Offering help to address this, we conducted a panel session with MOM to offer members updates and practical tips to manoeuvre within the Fair Consideration Framework. The full membership survey can be downloaded from www.britcham.org.sg It’s not quite time yet for a half-year review, but I’d like to share a couple of highlights of the first four months of the year: • We hosted 27 events—an average of seven per month or two per week—offering a variety of frequent opportunities for members to connect, thus keeping the traction we established in 2014 • Among the most popular were sessions in the Diversity / Women in Business space, the UK tax update conducted by tax expert Martin Rimmer from The Fry Group, an LNG follow-up, as well as the ICT Future Trends 2015 presentation As you know, we established the online Knowledge Bank to allow members to share and consume insights, reports and case studies beyond physical meetings. Please do make use of this modern, relevant and easy-to-access alternative to attending events and reading the print magazine. If you have yet to follow us on LinkedIn and Twitter, please do so via the links indicated on the left side of this page. On a personal note, I would like to welcome Carole McCarthy, who joined us at the end of March and took over as Business Services Manager from Jennifer Hainsworth. Carole came to Singapore from Dubai, where she worked as Marketing Manager for CPI Media Group. Carole has over 14 years’ experience in marketing and sales. I look forward to seeing you before we break for the summer holidays!

LinkedIn https://www.linkedin.com/company/britishchamber-of-commerce-singapore Twitter @britchamsg

Best wishes,

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Sterling Members

W W W. B R I T C H A M . O R G . S G

SINGAPORE

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Special Feature

Remembering Lee Kuan Yew Autocrat or incomparable statesman; hard-nosed or visionary. Whatever your take on Lee Kuan Yew, the father of modern Singapore, there is no denying the rapid progress Singapore has made under his leadership. As Prime Minister Lee Hsien Loong delivered the news of Lee Kuan Yew’s passing, he said, “We won’t see another man like him.” We concur.

n 28 Mar 2015, when the nation was paying its final respects to Lee Kuan Yew at Parliament House, we joined the congregation of more than 1,500 business men and women from various Chambers of Commerce and Trade Associations in the country to pay a special tribute to the Architect of Singapore, which was graced by Trade and Industry Minister Lim Hng Kiang and Lee’s younger son, Lee Hsien Yang, and his wife.

Speaking on behalf of the British Chamber of Commerce was former Chamber President Jonathan Asherson, Regional Director ASEAN & Pacific, Rolls-Royce. In his condolence speech, Asherson reflected on the Chamber’s 50th Anniversary celebrations, in which Lee was the Guest of Honour. Asherson shared that Lee, in his speech on Singapore-UK relations, noted that British traders from the East India Company laid the foundations of modern Singapore. It was then that he spoke of Singapore’s keenness to establish an EUSingapore free trade agreement. His vision came to fruition in Oct 2014.

Remembering Lee Kuan Yew

As a newly minted lawyer who had just returned home from Britain, the young Lee Kuan Yew devoted time to helping the unions and other vulnerable groups in their run-ins with the British. His first major case was the postal workers’ union, for whose members he secured wage increases. These cases rarely raked in the big money, much to the chagrin of his firm, Laycock & Ong. He once asked for a token $10 for a case when another lawyer wanted to charge $15,000. Soon, Lee built a reputation as a champion of society’s underdogs. He became legal adviser to more than 100 unions and associations within two years. That reputation reaped political capital. Many workers whom he helped became fervent campaigners when he first ran for election in 1955. Later, he became uncomfortable with the strident unionism of the leftists within the People’s Action Party. Their strikes often ended in violent

W W W. B R I T C H A M . O R G . S G

Special Feature: Remembering Lee Kuan Yew

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Mr Lee Kuan Yew at the Chamber’s 50th anniversary with Former Chamber president Mr Shanker Iyer and Sir Alan Collins

action and detentions, such as during the Hock Lee bus strike. Lee became the first prime minister of Singapore after his People’s Action Party won a landslide victory in the 1959 election— Singapore’s first election under full internal self-government. As then PAP chairman Toh Chin Chye and Organising Secretary Ong Pang Boon later recalled, Lee got the post only after beating comrade Ong Eng Guan by one vote at a post-election central executive committee meeting. Lee disputed this, pointing to a letter Dr Toh later wrote that said the decision had been unanimous. By 1963, Lee had led Singapore to independence through a merger with Malaysia. During the Malaysia years, he retained his title as Prime Minister rather than changing it to Chief Minister, a point of unhappiness with then Malaysian Prime Minister Tunku Abdul Rahman. The Tunku’s

personality clash with Lee, as well as their divergent views on race relations, caused Singapore and Malaysia to part ways in 1965, making Lee the first prime minister of a fully independent Singapore. Over the next two-and-a-half decades, he governed decisively. He opened up the economy to free trade and multinational corporations, which brought about dramatic growth. He also placed special emphasis on meritocracy, multiracialism and a corruption-free society and government. But his hardline approach to political opponents drew some criticism at home and abroad. By the time Lee stepped down as prime minister in 1990, gross domestic product per capita had grown seven times in real terms to nearly US$14,711, and eight in 10 Singaporeans were living in public housing.

Global Links

Even as he cared little for the label, other world leaders regarded Lee Kuan Yew as a statesman whose views were sought after. He was also someone who had seen it all, from being a child of the British empire to a leader who fought against colonialism and steered a small developing country to chart a path for itself amid the big powers. He approached relations with a firm view to advance Singapore’s interests, and saw the world for what it was rather than what it ought to be, observers have said. In helping to raise Singapore’s profile on the world stage for nearly five decades, he met leaders of revolution, from Mao Zedong to Nelson Mandela to Gamal Abdel Nasser, and forged close ties with regional leaders, such as Suharto. Some relationships blossomed into deep friendships. There is the fabled bond between

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interests. The strong reservoir of goodwill between our peoples, which forms the bedrock of our strong and enduring relationship, expresses itself in excellent cooperation across a broad range of fields, such as defence, cultural, education, and scientific research and development. Our close linkages have been reinforced by regular high-level exchanges between our two countries.

“Our economic ties, in particular, have remained robust and resilient. The UK is Singapore’s fourth-largest European trading partner and our fourth-largest investor internationally. More than 3,000 British companies continue to make significant contributions to Singapore’s economic and social development. The British Chamber of Commerce plays a pivotal role in raising the profile of British companies in Singapore, and in facilitating networking and business opportunities for companies from both countries. As the UK looks towards expanding its exports to emerging markets of the world, we hope that more British companies will continue to use Singapore as a strategic launch pad to the dynamic and growing Southeast Asian region and beyond.” HM The Queen seated next to then Prime Minister Lee Kuan Yew at the Istana on 10 Oct 1989

Lee and his three friends: former US secretaries of state George Shultz and Henry Kissinger, and former West German chancellor Helmut Schmidt. “A small state must seek a maximum number of friends, while maintaining the freedom to be itself as a sovereign and independent nation,” Lee said in 2009. Lee retired in 1990 after 31 years as prime minister, and was succeeded by Goh Chok Tong. He became Senior Minister, then Minister Mentor, before stepping down from the Cabinet in 2011. Source: The Straits Times Special Edition 23 Mar 2015

Britain & Singapore

The story of the UK’s relationship with Singapore has many chapters. Our countries enjoy a rich range of cooperation in many areas, founded on a partnership

that has evolved and grown over nearly 200 years. A key element of that partnership concerns our economic and business links. Our countries share many beliefs, among them a commitment to trade and commerce. Singapore has long been a vital platform for the UK’s trade with Southeast Asia and beyond, just as the UK has been a home for Singaporean investment and companies looking to trade with Europe. In 2012, Singapore President Tony Tan, in his letter commemorating HM The Queen’s Diamond Jubilee, wrote: “Singapore and the United Kingdom are linked by shared history, a common language and legal system, which can be traced back close to 200 years. We have a long-standing and deep friendship that is underpinned by substantial mutual

In 2012, Foreign Secretary William Hague stated that “today the UK is looking East as never before.” As we do so, the importance of Singapore as our partner increases still further, making this the perfect moment to celebrate the development of our business relationship over the last 50 years.

Singapore’s Golden Jubilee

As we prepare to join Singapore in celebrating its 50th National Day, it is only apt to reflect on Prime Minister Lee Hsien Loong’s comment: “We come together not only to mourn. We come together also to rejoice in Mr Lee Kuan Yew’s long and full life, and what he has achieved with us, his people in Singapore. We come together to pledge ourselves to continue building this exceptional country. Let us shape this island nation into one of the great cities in the world, reflecting the ideals he stood for, realising the dreams he inspired, and worthy of the people who have made Singapore our home and nation. Thank you Mr Lee Kuan Yew. May you rest in peace.”

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In Focus

In Focus: Mildred Tan The Managing Director of Ernst & Young Advisory Pte Ltd shares with Vipanchi her views on Diversity and its impact on business.

W W W. B R I T C H A M . O R G . S G

I see diversity and inclusiveness (D&I) on three scales: global, regional and SME. What challenges and opportunities do each present? What recommendations do you have for companies on each scale?

Globalisation has changed the way in which business is conducted. As businesses operate cross-border, the different perspectives that individuals can contribute as a result of their profiles, experiences, qualifications, expertise and other attributes are even more highly valued than before. Research has shown that diversity and inclusiveness enhance corporate performance; failing to address this could mean missed economic opportunities. For diversity to take root at any level—from global through local—organisations need to understand the business case for diversity and embed it within the DNA of the company. The board and senior management should set the tone right at the top by creating an environment where different perspectives are encouraged and valued.

I have been championing the women’s agenda for the past 20 years, primarily because I had noticed this gap in many organisations. In 2003, only half, or 50.9%, of local women were represented in the workforce. But I am pleased to say this has increased by 10% to nearly 60%.

Where does Singapore stand with diversity?

There is growing awareness of the importance of diversity and inclusiveness in Singapore. If you look at developments from the gender diversity perspective, the Diversity Task Force (DTF) in Singapore, which I chaired back then, found that, as at Apr 2013, women held only 8.3% of directorships in Singapore Exchange (SGX)-listed companies. This level of gender representation trails countries such as Malaysia (8.7%), China (9%), Hong Kong (9.4%), Australia (17.3%) and the United Kingdom (19%). On the other hand, 56% of SGX-listed companies have all-male boards.

Notwithstanding that, Singapore has made progress on this front, but there is clearly more that we can do, given that the business case for diversity and inclusiveness is clear. The DTF research, Gender diversity on boards: A business imperative, highlighted that companies with at least one woman on their board of directors registered some four percentage points more in return on equity than those without gender diversity. As well, EY’s report, Women. Fast Forward: The time for gender parity is now, which surveyed 400 leaders from a cross-section of companies globally, reaffirms the benefits of gender diversity: • 65% believed that companies with women in senior executive leadership roles achieve better financial performance • 66% believed that companies with women on their boards achieve better financial performance • 67% believed that companies with

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women in senior executive leadership achieve better non-financial performance • 68% believed that companies with women on their boards achieve better non-financial performance Despite the patriarchal nature of most societies, the above EY report revealed that a proportion of men (27%) indicated that a supportive corporate culture is the top enabler to women’s acceleration in the workplace. This may mean that men are even more aware of how an inhospitable corporate culture affects the women working around them. Having said the above, diversity is not just about gender. It is all-encompassing, including an individual’s profile, experiences, qualifications, expertise and other attributes that define him.

Tell us more about the DTF and its agenda in Singapore.

The DTF was formed to examine the state of gender diversity on boards and senior management in Singapore, and its impact

In Focus: Mildred Tan, Ernst & Young Advisory

on corporate performance and governance. The DTF comprises industry leaders from private and people sectors. The DTF was initiated by Mdm Halimah Yacob, Speaker of Parliament, during her term of office as Minister of State with the Ministry of Social and Family Development. The move was prompted by the growing concern that women in Singapore continue to be underrepresented on boards and top-level senior management positions despite being highly educated. In Apr 2014, the DTF produced a study report, Gender diversity on boards: A business imperative, which revealed that women are under-represented on the boards of SGX-listed companies. A Diversity Action Committee was formed to implement recommendations from the study.

You are the Chairperson of the DTF. How did this come about?

It happened over lunch some two years ago, when I was asked to consider taking up this role. After understanding the background and purpose of the DTF, and given my interest in the women’s agenda, naturally, I agreed.

What compelled you to speak out for women and diversity?

As a working woman, diversity is a topic close to my heart, as I can see how it can unlock the potential of our female workforce, benefit businesses and ultimately contribute to economic growth. I’m convinced that diversity, in challenging groupthink and bringing fresh perspectives and new solutions to organisations, is not an option, but is fundamental to being successful in today’s globalised and complex business environment. I’m fortunate to have been able to develop a fulfilling career, and it is important that we have enough women role models to speak up for the cause, so it is only natural that I do my part to drive positive change.

What diversity initiatives have you been able to implement within EY? What road blocks did you experience? As a global organisation, we believe that diversity and inclusiveness is the right thing to do. We’ve long valued everyone’s differences and have worked hard to build a culture that embraces diversity and inclusiveness. Further, as our clients become

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more global and expand into new markets, they expect us to be equally diverse. Our diversity and inclusiveness strategy focuses on developing inclusiveness at the organisational level. This requires raising awareness of diversity and inclusiveness. We also look at key organisational processes (recruiting, staffing, account planning, succession planning, and promotions) and consider how to do these with an inclusive perspective. We make sure that we take different styles into account in our performance management processes and the way we talk about leadership and leadership behaviours. We have seen that when women are given the opportunity, they can be influential, strengthen business relationships, and make real change happen. As part of our Diversity & Inclusiveness (D&I) strategy, the gender agenda is embedded in all of our processes, and helps us differentiate the organisation across the employee life cycle, including attraction, recruitment and onboarding, career management, development and transition.

We provide tailored learning and development, strategic mentoring programmes and coaching at each stage of oneâ&#x20AC;&#x2122;s career to ensure everyone has an equal opportunity to succeed. This includes building the skills of all of our people, at every level of our organisation, to team and lead inclusively. We strive to achieve this by embedding it in our learning curriculum, because these skills make us most effective. At the same time, we promote flexible working on a non-gender basis, and our leaders are creative in making our flexibility culture come to life while balancing business peak seasons, targets and client deliverables. While the vast majority of our people work flexibly on a day-to-day basis, a number of our professionals benefit from establishing a formal, flexible work arrangement regarding hours, schedules and availability. Our flexibility culture for some might mean working from home, getting to a doctorâ&#x20AC;&#x2122;s appointment, starting work a little earlier so one could volunteer at a community event, or leaving at a specific time to attend a school play or a

family function. We want our people to achieve better working by meeting both their personal and professional goals. Making that a reality means encouraging our people to think differently about their working lives, their attitudes and their actions, especially during our various busy seasons, when the need for flexibility may be the highest. With these initiatives to encourage diversity and inclusiveness, we are proud that 57% of our people in EY Singapore are women and 23% of our Singapore Partners are women.

What is the next step after inclusion? How can an organisation sustain and continue development? Diversity is a journey, not a destination. Further, culture change does not happen in a straight line everywhere, or at a predictable pace. Modest progress, setbacks and unexpected spurts forward are all part of the change dynamicâ&#x20AC;&#x201D;thus requiring regions, business units, teams and individuals to consistently selfassess, refine, hone and even readjust.

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How should a company measure diversity?

From a board gender diversity standpoint, some countries have adopted quotas for gender diversity on corporate boards, and compliance with these rules thus becomes a way of measuring diversity for companies. However, quotas in themselves may not tackle the root cause of the lack of gender diversity, which is often driven by complex, interlinked factors. Further, diversity is not just about gender. Therefore, quotas may not work in all contexts. Diversity should not be viewed as a ‘tick-the-box’ exercise, and there’s little value in setting a quota for female representation when the spirit of engaging differing viewpoints does not happen. Arguably, there is no one-size-fits-all model or structure for board or senior leadership diversity—it depends on the nature of the business. For example, a company in the oil and gas sector may

In Focus: Mildred Tan, Ernst & Young Advisory

Some countries have adopted quotas for gender diversity on corporate boards, and compliance with these rules thus becomes a way of measuring diversity for companies. However, quotas in themselves may not tackle the root cause of the lack of gender diversity, which is often driven by complex, interlinked factors. Further, diversity is not just about gender.

benefit from having a director with a background in workplace safety and health governance, while a consumer product company may seek to increase the number of female directors in view of the rising commercial spending potential of women in its product line. It would be preferable to set voluntary and pragmatic targets for achieving gender diversity.

Share some lessons learnt during your journey so far.

One of the things that’s holding women back is family responsibilities. Many women sacrifice their career or cut down work-related activities, especially when there is extensive travelling or inflexible work arrangements. At the same time, some women are uncertain about their skillsets, particularly how they can fit the needs of boards and are shy to put themselves forward for board positions. Men tend to be more assertive in this aspect.

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The Female Millennial:

Celebrating a New Era of Female Talent By Karen Loon

A look at the current state of women in business and the role that all of us can play to improve gender equality and opportunities in the workplace.

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n March this year, both men and women in Singapore were busier than ever celebrating International Women’s Day, giving much deserved recognition to all the incredible achievements of women in Singapore. It was also an important opportunity to reflect on the current state of women in business, and the role all of us can play to improve gender equality and opportunities for women in the workplace. While global and local research and media attention appear focused on the lack of women in leadership and on corporate boards, I couldn’t help reflecting that, if we want to achieve sustainable change,

But this isn’t the only thing that’s changed. These women also enter the workforce with a different career mindset. They’re more career-confident and ambitious than previous generations. They rank opportunities for career progression as the most attractive employer trait, and are most likely to have left a former employer due to a lack of such opportunities. Today, all organisations are facing numerous uncertainties in global markets. Being an

Feature: The Female Millennial: Celebrating a New Era of Female Talent we must shift the discussion and commit to two parallel efforts: tackling enhanced leadership diversity along with driving change in the workforce. With female millennials making up an ever larger part of the global talent pool, diversity and inclusion (D&I) strategies must take this talent population into account. Our research confirms that female millennials (women born between 1980 and 1995) are entering the workforce in much higher numbers than any previous generations. They’re a highly educated and much more financially empowered generation.

open economy, the future of Singapore will be dependent on its ability to continue to enhance its international competitiveness, support its enterprises for innovation, and internationalise. A key attribute for Singapore’s future success will be adaptability. This includes having a good mix of talent and the ability to alter the mix depending on business needs. It also means having people who can think and work in different ways and who

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can lead cross-functional, cross-sector and cross-cultural initiatives. Diversity is not only a ‘soft issue’, but becoming a crucial quality in the talent pool across all dimensions, whether it is gender, ethnicity, knowledge, skills or experiences. As leaders, we should also not forget that one of the most important sources of talent will be the one billion women who are set to join the workforce over the next decade. This group’s impact on the global economy will be at least as significant as that of the billion-plus populations in both China and India. But it gets much less attention. Fortunately, the talent agendas of organisations worldwide are focusing more on D&I, with over half of Southeast Asian CEOs stating they now have a formal D&I

About the Author Karen Loon is a Partner and Diversity Leader of PwC Singapore. She is also a committee member of Boardagender and the Singapore Committee for UN Women.

strategy in place. Promoting D&I has helped their organisations reap the benefits, including attracting talent and enhanced business performance. However, despite all these efforts, almost three quarters of female millennials surveyed believe that, while organisations talk about diversity, they don’t feel opportunities are really equal for all. It seems that saying the right things on the topic of gender diversity will no longer suffice—female millennials want to see visible action from their employers. What can leaders do? It appears that the lesson for leaders is to move beyond soft D&I programmes and commit to inclusive talent and advancement strategies that demonstrate visible results—and that

includes tapping into the confidence and ambition of the female millennial. These strategies could include initiatives such as making D&I a regular feature on the agendas of leadership teams, looking at measures (both qualitative and quantitative) that ensure leadership accountability to a D&I culture and ensure tangible progress, driving awareness for D&I with leaders responsible for setting the tone from the top, and engaging men on the topic of gender diversity, for example supporting the HeForShe initiative. When talent rises to the top, everyone wins. Find out more at www.pwc.com/ femalemillennial

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The Seven Trends Shaping Retail in 2015 By Terry O’Connor The retail industry—like every other industry—is facing some huge challenges as it adapts to changing demographics, new consumer behaviours, and increasing competition from fastmoving online players.

am an optimist and always believe that with challenges come opportunities. I have thought about which of these represent the biggest potential for retailers and, to be honest, all of them are critical.

Growth of mobile

The numbers are truly staggering in markets like China, but mobile shopping is no fad. Mobile retail is only growing: 87% of smartphone and tablet owners are using a mobile device for shopping activities in the US. China’s mobile transactions reached RMB222.89 billion (US$36.4 billion) in 2014, contributing 25.6% to China’s Internet economy. Mobile shopping will continue to grow in 2015, and it is likely we’ll see more jaw-dropping numbers as consumers become more comfortable with mobile commerce.

Rise of data-driven services

Through devices, we are able to learn more and more about shoppers: when they visit a store, how long they spend and where

they spend their money in the store. The rise of data-driven services can help track changing habits of customers to better understand their needs and to better tailor the shopping experience for them. We are seeing more digital touchpoints for shoppers and, in my view, the retail industry has much to gain from more adoption of analytics. That will be a feature of 2015. Real-time data, accrued through mobile phones, is a key asset in creating a personalised shopping experience, although the issue of personal data and its security will become a critical issue going forward.

Blurring of retail channels

Just as real-time data allows retailers to better address shopping needs of consumers, we do need to create more multi-channel retail solutions—consumers are increasingly comfortable with moving between virtual and physical shopping environs. In 2013, around 70 million deliveries were made through click-and-collect, a figure that’s expected to

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grow to around 82 million by 2018. This has to be an incentive for retailers to develop better—and more seamless—channels for their customers.

Changing consumer demographics

Retailers are at the mercy of significant demographic shifts. In 2015, we are seeing fairly dramatic movements. A rise in the number of elderly in Asia means retailers will have to begin to develop strategies that don’t alienate this growing segment of society. The Baby Boomer generation, which will approach the age of 70 in 2015, is a generation retiring with increased financial resources. Generation Y is settling down, too: they are a much more diverse group of consumers. These present an enormous challenge to retailers in 2015, bridging between these vastly different consumer segments.

About the Author Terry O’Connor is the Group CEO of Courts Asia and former President of the British Chamber of Commerce, Singapore. This article was first published by Terry on LinkedIn.

Feature: The Seven Trends Shaping Retail in 2015

Social media-driven decisions

Shopping decisions are becoming much more personalised—with social media driving more awareness about products and ethical behaviour in retail. Younger consumers will continue to increase their focus on buying from socially responsible outfits and ‘green’ manufacturers and retailers. This is a trend that has grown in recent years, and shows no signs of abating, which means retailers have to ensure that best practice flows throughout their supply chains.

More strategic growth

In unstable economic times, retailers are looking far and wide for cost efficiencies to bring products to market in a timely fashion. There is continued interest in Asia’s emerging markets as a key plank in that

goal. However, with barriers to entry in some Asian markets, retailers are looking at smaller markets with large populations and growing middle classes, such as Indonesia and Vietnam. These present huge opportunities, although there are local challenges and realities.

In-store value adding

So valuable to retailers is the in-store presence of customers that we will likely see more lifestyle additions to keep them from leaving—food, drinks, creches—whatever it takes to create a better shopping experience. More retailers are realising that, next to online and mobile growth, the visit of a customer has to be enhanced and memorable. Expect to see more in the way of such offerings.

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London Property — How will Recent Developments Affect the Market?

he English are becoming a nation of buy-to-let owners—around 1.5 million UK voters own an investment property. According to HMRC, £6.5 billion was raised from tax on residential property transactions in the UK in 2013/14, so the buyto-let market and property generally is vital to the British economy. Also, recent changes to pension regulations in the UK allow those over 55 years old to access their entire pension pot if they wish, rather than buying an annuity. This could further boost the property market. In fact, many estate agents are predicting a boom in the purchase of buy-to-let properties, as pensioners buy rental properties to generate income in retirement.

Property in London, with its historically high capital returns (15–85% over the last five years, depending on location) and good rental yields (average rents in London increased by 5.7% in 2014, according to the Royal Institute of Chartered Surveyors) continues to look like a very attractive option. But several tax changes on the horizon could affect investment strategy. So the theme of our next Property Seminar in Singapore in July is ‘Should you buy, hold or sell your London investment property?’ We’ll be investigating changes to UK tax laws, from the introduction of Capital Gains Tax for overseas investors to the Annual Tax on Enveloped Dwellings and changes to Stamp Duty.

If you’re considering entering the buyto-let market, finding the right property and getting the maximum rental for it will be your priority. We can help you get started, why not contact us and we will be happy to guide you.

Contact Lynne Geeves at Benham and Reeves Residential Lettings, Singapore to book a place. Office Phone +65 6463 6026 singapore@brlets.com www.brlets.com

It’s a complex situation. But these changes won’t be as damaging as many fear. For example, changes to Stamp Duty mean that if you buy a property worth less than £937,500 (which most buy-to-let investors will), Stamp Duty will actually fall. Many of these measures will not kill demand, they will simply re-direct it. What you need is expertise to guide you through this shifting landscape. This is what we’ll address in our British Chamber Breakfast Briefing on 23 Jul. To book a place, please call Lynne Geeves on 6463 6026 or e-mail singapore@brlets.com

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The Economics of Sustainability By Marcus Eckersley A look at the business of sustainability and how the encompassing technologies underpin the economy as we know it.

ur daily business news reports many successes to us, but there are also many stories revolving around debt, deflation, recession, boom and bust. One subject matter that seems to take a backseat in business news is environmental sustainability. Yet, in the future, it could be the economics of sustainability and the encompassing technologies that actually underpin our economies. The sustainable technologies could be either those currently established or emerging. So it would be foolish to turn a blind eye to the subject of sustainability and business, especially if it replaces any negative news. Sustainability is an enormous and complex subject. However, it can be simplified. As an analogy, we could consider that, if we put livestock into a field where the grass is lush, this grass will support and nourish the livestock; in turn, this also supports human existence. Get greedy and put too

many animals in the field, and the lush grass soon turns to mud, the system collapses. Our planet works on the same principle, although there are many complex layers that sustain one another. We wouldn’t want to bite the hand that feeds us, right? So where are we going with all this? Property & Construction is one sector that has a lot to answer for in terms of sustainability. For instance, concrete is a major contributor to the planet’s greenhouse gas emissions, which leads us to global warming and further impacts to the complex layers of environmental sustainability. Science and engineering have assisted to reduce emissions arising from concrete production, an improvement that makes it more environmentally friendly, but not necessarily sustainable. With the sheer increase in the volume of future construction, the total emissions once again will match the reduced emission benchmark, so we remain in a

status quo, having only managed to offset one issue. There are many examples of sustainability, but the fact is that there is a colossal challenge ahead of us. Currently, the rate of positive change in the world of sustainability isn’t enough to stop our field from turning to mud, or even rectifying the accumulated damage. The technology required to stop damaging the planet permanently doesn’t actually exist. We do not know what it is that needs to be invented or who is going to invent it, if it will be within our lifetime, or whether it will be too little, too late. What we do know is that it will be a complete shift in technology. And so the race is on. The economics for sustainability and what drives motive are complex. We can say that engineers like to design efficient buildings—they always have. But when cost increases to support the efficiencies, they are

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removed. This then passes the problem over to operating cost. Ultimately, the owners or tenants then foot the bill for what has now become an inefficient and unenvironmentally friendly building. It takes governments to step up to the challenge of sustainability and turn efficiency into legislation, where compliance is statutory. From these benchmarks, efficiencies stay in at design, along with the potential technologies that we require to support sustainability. Efficient and sustainable technologies now become stimulated under statute. As such,

About the Author Marcus, a director at Cundall, leads the Singapore office. A Chartered Building Services Engineer, Marcus has worked with Cundall for 10 years, first based in their Manchester

they are becoming an ever greater part of our economics, fuelling science, new design and competition to develop new technologies and be first in their ‘field’. Singapore is in the race—it has to be—and it is good to see this at an ever increasing pace. In March this year, the Building and Construction Authority released details of a $20 million Building Energy Efficiency Demonstrations Scheme. The purpose of the scheme is to allow large-scale opportunity for business and researchers to test new energy efficient technologies in the existing built environment. The scheme will help

office before opening their Singapore office in 2012. Marcus is tasked with expanding Cundall’s business across Asia, working with their Shanghai and Hong Kong offices. He has extensive experience

across a number of sectors, including workplace, data centres and hotels, priding himself on repeat business and referrals.

owners and developers reduce risk in having engineers test new innovative technology in their buildings. The hope here is that new technology demonstrates its place in the built environment and will spur wider replication and commercialisation of sustainable design rather than just statute alone. Hopefully, we will be seeing positive and interesting business news on the development of this technology with Singapore at the forefront.

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Mythbusting: There are No Good Legal Reasons to Avoid Cloud Services By Rob Bratby and Matthew Hunter Cloud computing services are here. Find out how your organisation can take the necessary steps to benefit from these services, comply with legal requirements and, most importantly, stay ahead of the curve.

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loud computing services are already widely used today, but their usage is forecast to rapidly increase over the medium term. Cloud computing services offer big benefits to users, but some organisations have been slow to take advantage. Sometimes, this is because organisations believe that there are legal restrictions in place on their use of cloud. By and large, this belief is a myth. This article describes the steps organisations could take in order to benefit from cloud computing services and yet stay in compliance with legal requirements. Cloud computing services are a new delivery model for IT services. In short, instead of buying and maintaining (expensive) computer servers, cloud computing services allow organisations to store and access their data on servers owned and operated by third party cloud service providers (CSPs) over the Internet. At its simplest, itâ&#x20AC;&#x2122;s the difference between buying and renting computing power. There are material cost benefits, because the customer pays for the service as an operating expense without significant capital expenditure. The services are also more flexible and very quickly scalable. They can offer other technology and security advantages.

Individuals, start-ups, SMEs, large organisations and multinationals across industry sectors are using cloud computing services today. The public sector, too, is benefiting. However, only a fraction of the worldâ&#x20AC;&#x2122;s data is currently held in the cloud, and the world is going to produce and use a lot more data in the future; the Internet of Things will produce infinite amounts of more data, and every organisation will eventually be able to use big data tools. There can be organisational and technical challenges when migrating to cloud computing services; rarely would legal and regulatory requirements pose problems, although these are often cited as reasons against the adoption of cloud services. We think that there are the three basic steps that organisations should follow in order to benefit from cloud computing services while complying with legal requirements.

Step 1: Understand what kinds of data you want to share with the CSP. Data tends to fit into some or all of the following categories: (i) confidential data: eg business secrets,

strategy information, competitive advantage data and marketing data (ii) personal data: eg data about identifiable individuals like your staff, customers, clients and users (iii) regulated data: eg data about patients, data about customers of financial services institutions and state secret information

Step 2: Understand what legal requirements apply to you and to the kinds of data you want to share with the CSP. If your data is confidential, the legal challenges are straightforward. You need to make sure that the CSP keeps your data confidential.

If your data is personal, then you need to make sure that your use of cloud computing services complies with the privacy laws in your jurisdiction. Typically, this means that you should ensure that the CSP keeps your data secure, will not use it for other purposes except as directed by you, and will return the personal data to you and delete any copies at the end of the arrangement.

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The final category is the trickiest. Itâ&#x20AC;&#x2122;s impossible to capture in this article all of the regulatory requirements that may apply to regulated data or to a regulated industry, as they vary by industry and geography. However, the requirements tend to cover the following kinds of questions. Have you carried out due diligence on your proposed CSP? Are you able to review, monitor and control the proposed arrangements?Are there appropriate audit rights? Will the CSP keep your data secure and is the CSP certified according to international standards? Are the CSPâ&#x20AC;&#x2122;s services reliable? Is the CSP transparent about the location of your data? Does the CSP promise not to use your data for other purposes? Can the CSP segregate your data? Does the CSP take responsibility for its subcontractors? Will the CSP return and delete your data at the end of the arrangement?

About the Authors This article was written by Rob Bratby, Managing Partner, and Matthew Hunter, Principal Associate, Olswang Asia LLP

Feature: Mythbusting: There are No Good Legal Reasons to Avoid Cloud Services

However, it is a myth to say that these types of data cannot be kept in the cloud. Provided that you find the right cloud services provider and follow the right procurement process, you should be able to use cloud services.

Step 3: Find a CSP that will help you meet these legal requirements.

You need to ensure that you find the right CSP, one that can demonstrate to you (and sometimes your regulators) that it will meet these requirements. ISO/IEC 27018 is a new international standard applicable to public CSPs that process personal data for their customers. You should check whether your CSP commits to it; if it does, it will help you to meet privacy law requirements when using the cloud computing services.

CSPs should be able to show a successful track record and demonstrate to you that they understand your legal requirements. They should be able to explain to you how their legal obligations in their contracts meet these requirements, and they should be willing to work with your regulators. Finally, they should be able to show you that they are audited and certified against these requirements.

Conclusion

Cloud computing services offer financial and operational benefits to organisations. Provided an organisation follows the right process and chooses the right cloud service provider, there is no good legal or regulatory reason why they should not use cloud services.

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Asia Pacific Economic Outlook Q2 2015 This article gives a near-term economic outlook for three countries: Australia faces slowing growth, the Philippines entered 2015 on a high, while Thailandâ&#x20AC;&#x2122;s recovery depends on its internal stability.

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Australia: Growth to limp through 2015

Australia’s economic growth slowed further in Q4 2014 to 2.3% year-over-year, in contrast to the 2.7% in the previous quarter. Annually, the country’s GDP grew at a below-trend pace of 2.5% in 2014. The momentum of national income growth slowed in the second half due to lower export prices for iron ore and coal. However, the strong investment in new capacity made in recent years is now coming onstream, meaning that export volumes remain the main contributor to economic growth. On the other hand, domestic demand remained weak throughout the year due to poor consumer and business spending. While a weak labour market, record-low wage gains, and high household debt weighed on consumption expenditure, sliding commodity prices and poor domestic demand resulted in weakening business investment. On the positive side, weaker domestic demand, poor wage growth, the abolition of a carbon tax, and low international oil prices resulted in low inflation: 1.7% in 2014 through Q4 compared with 2.3% in Q3 2014. At the same time, the average value of the Australian dollar depreciated 6.5%

Feature: Asia Pacific Economic Outlook Q2 2015

in 2014. On a trade-weighted basis, the Australian dollar was around 4% below its early 2014 levels, a relatively modest decline given the significant fall in commodity prices during the latter half of the year. The combination of weak growth, modestly rising unemployment, and a lack of inflation threats led the Reserve Bank of Australia (RBA) to cut official cash rates for the first time in 18 months, reducing the official cost of borrowing to a record low of 2.25%. This unexpected move by the RBA in its first monetary policy meeting of the year (held in February) was intended to support domestic demand, which has remained below the average long-term growth trend. Lower interest rates are likely to boost domestic demand and offset some of the decline in the investment cycle.

Future outlook

Growth is expected to remain modest this year before gradually picking up to an abovetrend pace in 2016. A weak labour market will likely weigh on consumption expenditure, although low lending rates, rising housing wealth due to increasing house prices and a lift in equity markets, and falling fuel prices

are expected to partially offset the impact. If global commodity prices remain low, that may, in turn, impact wages, profits and government revenues. In addition, investment will likely remain patchy this year due to an expected fall in commodity prices, falling mining-related investment, and a slowdown in investment in Australia’s largest trading partner, China. While lower interest rates, a depreciating currency, and stronger growth in the United States might cushion the impact on investment and trade, growth will likely remain in the range of 2.2–2.9% in 2015. Net export volumes will continue to be the key driver of growth, and a depreciated currency will further boost export growth in services in 2015. The below-trend GDP growth and patchy investment outlook suggest that the unemployment rate may continue to remain high. In addition, the pace of wage increases and growth in unit labour costs will likely remain low. A weak labour market, poor domestic demand, and low international oil prices may result in a further fall in fullyear inflation rates this year. Of course, a strengthening housing market and continued depreciation of the Australian dollar may

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offset this fall. Headline consumer price inflation is expected to be in the range of 1.4–2% this year, lower than the 2–3% target range of the RBA. The RBA communicated in its February monetary policy meeting that it may reduce interest rates further to support growth because it expects inflation to remain within the target range. The timing of the rate cut is yet to be decided, and will be communicated in future monetary policy meetings. However, given large increases in house prices and the strong ongoing housing asset lending to investors, reducing interest rates might increase risks to the housing market. Thus the RBA has to weigh its options closely before considering whether to make monetary policy more accommodative.

The Philippines: Entering 2015 on a high

The Philippines’ positive momentum is likely to continue in the medium term as policymakers try to set the foundation for sustainable manufacturing and services activity. For a long time, the Philippines was in the shadow of some of its more illustrious

neighbours in Southeast Asia. Poverty, poor infrastructure, and workers migrating to greener pastures had left the economy stranded. But things started changing in the past decade, especially between 2010 and 2014: real GDP expanded on average 6.3% every year. The positive momentum is likely to continue in the medium term as policymakers try to set the foundation for sustainable manufacturing and services activity. Aiding the economy will be continued large remittances from overseas Filipino workers (OFWs). At last count, there were about 10 million of them.

Economy picked up pace in Q4 2014

Real GDP grew 6.9% year-over-year in Q4 2014, up from 5.3% in Q3. This took annual GDP growth in 2014 to 6.1%, yet another year of strong economic growth in a challenging global environment. Growth in Q4 2014 was primarily driven by exports, government expenditure, and private consumption. Total exports grew 15.5% in Q4, up from 9.9% in Q3. External demand will remain healthy in 2015 as well, with a strong US economy likely to offset the impact of a slowing China and a weak Eurozone.

Support from personal consumption continues

Private consumption growth also edged up in Q4 2014 to 5.1% from 5% in Q3; the overall rise in private consumption in 2014 was 5.4%. Consumers benefited from strong economic growth, increased access to credit, rising remittances, and low inflation. A tighter labour market also helped. For example, the unemployment rate fell to 6% in Q4 2014 from 6.7% in Q3. This has kept income growth high, with the pace not likely to slow down in the near term. According to Oxford Economics, nominal personal disposable income will rise 9% in 2015. Consumers also benefited from real income gains late last year due to declining inflation. With energy prices staying low, this trend is likely to continue in 2015. The other key contributor to personal consumption growth in 2014 was remittances, which went up 5.8% to $24.3 billion last year. With remittances set to stay high amid improving economic prospects, it is no surprise that consumer confidence in the Philippines is high. In Nielsen’s Q4 2014 survey, the Philippines’ consumers rank second, along with Indonesia, on the confidence list; India leads the tally.

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Feature: Asia Pacific Economic Outlook Q2 2015

Hoping for better fiscal management and policy continuity

Public finances continue to be affected by a weak tax regime and failure to achieve spending targets. Corruption has also been an issue, with legal challenges in recent times threatening to derail the government’s focus on much-needed infrastructure spending. Fortunately, national accounts data for Q4 2014 reveal that government spending is back on track. The announcement of a number of publicprivate partnership projects in Feb 2015 also suggests that the government has likely left behind some of its troubles. On the tax side, however, there are concerns about the increasing demand for a reduction in tax rates and extension of tax breaks to more sectors. Such moves, without improvements in revenue collection, are fraught with medium-term risks to fiscal sustainability. The Philippines needs revenue to augment infrastructure and human capital, and to fight poverty. The other big medium-term challenge is policy continuity, as President Benigno Aquino leaves office in 2016. With presidents limited to one term, economy watchers will be anxious that the new administration does not lose the strong gains made in the last decade.

Thailand: Internal Stability Crucial for Long-Term Growth

2014 was a difficult year for Thailand’s economy. Tourist numbers fell due to political tension, manufacturing declined, and private consumption remained subdued. Economic growth for the year on the whole was down to 0.7% from 2.9% in 2013. However, a recent rebound in tourism, along with the low price of oil, is expected to initiate an economic recovery. The strength and sustainability of recovery will depend on how Thailand addresses its problems: high household debt, imminent drought in certain provinces, weakness in Thailand’s key export markets (China, Japan, and the European Union), and military rule, which could hurt the prospect of political stability.

Strong Q4 ends year of weak growth Real GDP grew 2.3% year-over-year in

Q4 2014. Government consumption expenditure grew 5.5%, picking up from 0.4% in Q3. This is in line with the military administration’s plan to increase fiscal spending. Q4 2014 was the strongest quarter of the fiscal year, but one must keep in perspective the low base of comparison: Q4 2013, when the political unrest began. Additionally, the low growth rate of 0.7% in 2014 made Thailand the slowest-growing Southeast Asian economy. Furthermore, the problems that plague Thailand’s economy are not likely to vanish in the coming quarter.

Slump in consumption

Household debt in Thailand has risen from 60% of GDP in 2009 to 85% of GDP in 2014. Low interest rates, easy access to credit, and populist schemes such as tax rebates for first-time car buyers have encouraged this trend. The debt-service ratio among farmers is critically high at 52%. This means that more than half the disposable income of an indebted Thai farmer is spent on servicing debt payments.

Furthermore, the prices of two widely grown crops, rice and rubber, continue to remain low, keeping down incomes in the agriculture sector. Complicating matters further is the looming drought, which is expected to be the worst in a decade. These factors are likely to keep consumption expenditure subdued, particularly among Thailand’s rural majority.

Exports unlikely to come to the rescue The outlook for Thai exports in 2015 is not too bright: The Bank of Thailand forecasts that exports will grow just 0.8%. Several factors contribute to this forecast.

Thailand’s main export destinations are not doing particularly well. China’s growth rate has slowed as the economy is going through restructuring. Japan remains fragile, and growth in the Eurozone is still weak. The only bright spot is the strengthening US economy, but this is unlikely to outweigh weaknesses in other major export destinations. The strength of the Thai baht relative to competitor nations’ currency is another

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cause for concern. The baht has appreciated 14% against Indonesia’s rupiah and 12% against the Malaysian ringgit from a year ago (mid-March).

Some bright spots

Low crude oil prices, however, have come as a welcome relief, helping slash Thailand’s import bill and keeping net exports positive. Lower energy prices should work to the advantage of the domestic economy by encouraging private consumption. Consumer prices in Thailand declined from a year ago by 0.41% in January and by 0.52% in February. These figures are well below the lower limit of the Bank of Thailand’s (BOT) target range of 1–4% for headline inflation in 2015. Declining prices and weak economic growth resulted in the BOT cutting its

policy interest rate in March by 25 basis points to 1.75%. This was the first reduction in the policy rate in a year. The accommodative monetary policy should provide respite to highly leveraged households as well as encourage private consumption to pick up.

near-term performance of the economy will depend to a large extent upon internal stability and the strength of the global economic recovery. In the short run, Thailand is expected to reap the benefits of low oil prices, easy money, and a rise in the number of foreign tourists.

The recent improvement in the tourism industry is another positive. Tourist arrivals were up 15.9% from a year ago in January and 18% from a year ago in the first half of February. A surge in the number of tourists from China, Thailand’s largest group of foreign tourists, has helped to boost the sector.

However, long-term growth will depend upon how Thailand addresses its internal problems. A resurgence of political instability will put the brakes on economic growth and cause investors to turn their attention to other destinations in Southeast Asia.

Factors that drive progress

While Thailand has posted a mild recovery from its poor showing in 2014, the

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Are You Ready for the Open Workforce? By Gillian Lees Trends affecting the global working environment are rapidly changing. Employees must adapt to harness opportunities and stay ahead.

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recent research launched at the World Congress of Accountants (WCOA) in Rome last November indicates that organisations are increasingly finding themselves managing an open workforce. This is one in which talent and resources are spread across a complex mix of in-house teams, freelancers, contractors and external business partners. The workplace of the future will be open, agile, innovative, collaborative, automated and digitised.

Keep up with trends

Management accountants and finance professionals need to understand the external environment of a business to assess the impact of major developments on their organisations. But it’s also important to understand how such trends could impact career and working patterns. These changes include automation, disruptive technology and digitisation, and they look set to play a leading role in your working life. There are a number of ways that you can keep up with this swiftly transforming environment. This is all the more critical when considering the fact that, according to a recent McKinsey survey, only 42% of employers felt that their employees had been adequately prepared for work by education. So to stand out from the crowd, it is imperative that you evolve your mindset to keep ahead.

Build the right skills

Focus on building strong people and leadership skills. These can’t be easily automated so they are going to be crucial in enhancing your employability. Match this with strong IT skills. Don’t be complacent, even if you’re a so-called ‘digital native’. IT competence is now as fundamental as numeracy and literacy skills. Sign up for regular technology updates and keep an eye on new products to understand what is now possible. Consider developing your imagination and creative skills, for example, through fiction or art. The pace and scale of technological change is so breathtaking that a strong imagination could be a great asset alongside your technical, people and business skills.

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An open workforce will put a premium on the ability to work across organisational boundaries with a variety of freelancers, contractors and outsourced service providers. Look to get as much experience as possible out of working with such third parties, and build your external relationship management competencies. Organisations are becoming more generationally and culturally diverse. A new generation of digitally savvy millennials are entering the workplace and baby boomers keep working longer, meaning talent is drawn from a wider pool. People and relationship management skills will, of course, be crucial, but consider whether additional language skills could also be helpful.

1 2

Feature: Are You Ready for the Open Workforce?

Organisations are becoming more generationally and culturally diverse. A new generation of digitally savvy millennials are entering the workplace and baby boomers keep working longer, meaning talent is drawn from a wider pool.

Weâ&#x20AC;&#x2122;re all entrepreneurs now

People embarking on careers now are likely to have more jobs in a variety of formats (both employed and self-employed) than previous generations. So itâ&#x20AC;&#x2122;s as well to adopt a more entrepreneurial approach to your career. Learn from how the self-employed market themselves and their businesses. Finally, think about your own skills and values, and how these would translate into your business proposition. Taking this approach can help you identify gaps in your experience, which you can look to fill by taking on projects and assignments in your current workplace.

The research referred to was conducted by Charted Global Management Accountant (CGMA) Farrell, D, Moorshed, M, Education to Employment: Designing a System that Works. McKinsey Center for Government, 2013

About the Author Gillian Lees is Head of Research and Development, CIMA

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Special Feature

16 Annual Business Awards th

2015 will be the 16th time the British Chamber will be running the Annual Business Awards. The winners from 2014 share why you should participate.

rom the very start, the British Chamber has strived to make this event a meaningful and successful competition. Today, we can proudly say that we are the only international chamber in Singapore to organise an initiative that recognises outstanding achievements across all platforms and industry sectors in as many as eight different categories. The energy and enthusiasm of successful businesses, prominent academics, business leaders and thought leaders coming together over the years is reward in itself for us, and we hope that you will take part to celebrate your business and your achievements. Take the chance to stand shoulder-to-shoulder with the Best of Businesses in Singapore! Hear from the winners of last yearâ&#x20AC;&#x2122;s event.

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Special Feature: 16th Annual Business Awards

Community Star:

Leadership in Diversity:

Andrew Colyer, Barclays

Rosie Danyluk, BP

“BritCham has a growing voice in the Singaporean Business Community; it is particularly strong at encouraging both international and local companies to think differently about diversity and inclusion. As Diversity Sponsor, Barclays is well placed to be at the centre of these conversations. The Awards are a great platform for highlighting excellence in community investment, sustainability and diversity.”

“As a strong supporter of the British Chamber of Commerce for many years, we recognise its important role of connecting and collaborating across business in Singapore and beyond. By gaining external recognition for our efforts via the BritCham Business Awards, we will empower and motivate our leaders and staff to do more, and continue to be energised and passionate about creating a diverse and inclusive workplace where everyone can give their best.”

Leadership in Customer Focus:

Leadership in Innovation & Productivity:

Sean Boyle, The British Club

Steve Price, IECO

“The BritCham Annual Business Awards have no doubt grown into the huge success it is today, offering a highly credible and professional platform for businesses to showcase their success stories. We at the British Club are proud to stand among the best of the industry in this year’s Leadership in Customer Focus category. It serves as a motivation to continue to grow and create more magic moments every year.”

“The Annual Business Awards have grown in significance and prestige over the past 14 years. IECO participates in the awards to showcase our achievements and to benchmark ourselves against other leading businesses in Singapore. We also take the opportunity to celebrate the successes of our employees, giving them an opportunity to reflect on their achievements and to encourage them to reach even higher.”

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Leadership in Sustainability:

Success in Business:

Jay Mariyappan, Sindicatum

Margaret Manning, Reading Room

“Over the years, the BritCham Annual Business Awards have acknowledged some of the best and most prominent businesses in Singapore. As a company passionate about being the best-in-class and a leader in our field, we are keen to promote our achievements and associate ourselves with this long-running and prestigious awards network. We also feel that the linkage between Sindicatum and BritCham would enhance the visibility of the issue of sustainability and renewable energy in the region, where greater awareness and action would be welcome.”

“The BritCham Annual Business Awards provide companies with a huge amount of exposure and accolade. Our win last year in the category of Inspirational Creativity has helped us raise awareness of both our company and our creative strength as a business. We have seen first-hand a rapid increase in exposure among our peers, new business, and in-house staff motivation. The reason for nomination is simple: for any company in Singapore, there is no better exposure available.”

Small Business Rising Star:

Young Professional of the Year:

Jonathan O’Byrne, Collective Works

Miles Gooseman, The Fry Group

“The BritCham Annual Business Awards have become a respected, industry-validated awards programme. The British Chamber is known for the high calibre of its member companies, which, in turn, reflects on the award ceremony. That is what motivated us to apply.”

“The BritCham Annual Business Awards are widely recognised and have a great reputation for showcasing outstanding achievements, and this is what motivated me to enter. Being a finalist offers a great way to raise my profile in the Singapore business community, and to further develop The Fry Group’s business in the region.”

Succeed, Inspire, Celebrate! Send in your entries by 14 Aug 2015. Visit www.bccbusinessawards.com for more information.

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Advertorial

The Amazing Music-Math Connection The music of Mozart is not merely for enjoyment. Studies have shown that it has brain-boosting effects on young children. We take a look at how Stamford American is harnessing this discovery to enhance the learning experience of little ones.

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to make music and understand rhythm. Stamford American International School’s Early Years Music Programme has been designed to support this development. Stamford believes music plays an important part in every child’s life and holistic development; as such, specialist music lessons start from age two in Nursery. Nursery students participate in activities to develop rhythm and pitch and reap the benefits from a class that focuses on improving concentration and group work. This lays the foundation for Pre-Kindergarten, when students are introduced to the world-renowned Suzuki Violin Programme. Playing the violin has been proven to improve children’s concentration. A study at Canada’s Institute for Music and the Mind at McMaster University cited several factors for this: focus on playing the instrument and reading music, memorising physical movements to play the instrument and selfdiscipline through practise and repetition. Stamford’s Pre-Kindergarten students enjoy one period of Suzuki Violin per week and an additional period of specialist music lessons.

ver heard of The Mozart Effect? This research, first conducted by Rauscher, Shaw, and Ky (1993), determined that listening to Mozart’s compositions can lead to short-term improvement of one’s spatialtemporal reasoning. This is all because Mozart’s compositions are highly sequential. And what does it matter? Well, spatial-temporal reasoning just happens to be crucial in mathematical areas such as geometry and calculus. Music training conditions the brain to do tasks similar to those it has to do when working on math problems; it’s been proven that music lessons have brain-boosting effects on

Stamford American International School 1 Woodleigh Lane off Upper Serangoon Road Singapore 357684 Tel: (+65) 6653 7907 www.sais.edu.sg

young children. After just one year of music lessons, students in Canada performed better on a memory test correlated with general intelligence skills, such as literacy, verbal memory mathematics and IQ than students who didn’t have those same lessons. Their brains actually developed differently and they showed improved memory skills in comparison to their peers! So the next question is, “How can I promote these amazing brain-changing benefits in my child?” Music education needs to be a major part of your child’s life. Of course, listening to Mozart on the school run will help, but the real benefit occurs when children learn

Specialist music instruction is a core part of the Early Years programme at Stamford, starting from just two years old and delivering structured programmes to ensure students are achieving developmental milestones. In addition to music, Early Years students at Stamford participate in daily foreign language, SMART Steps and Perceptual Motor physical education programmes, literacy, drama, art and math enrichment programmes, all under the instruction and guidance of specialist teachers. To find out more about how Stamford’s Early Years Programme can give your child a head start to academic success, be sure to check out the next Open Day, Friday 21st August 2015.

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British High Commission

GREAT British Week: The Best of UK Innovation, Creativity and Education in Singapore By Sylvia Huang The inaugural GREAT British Week not only served as a creative platform to share ideas, it was also a bridge that boosted heritage links and collaborative opportunities between Singapore and the UK.

highly ambitious project, the first GREAT British Week in Singapore was organised by the British High Commission, along with the British Council. It took about seven months to conceptualise, plan and execute. The result is an extensive programme that focused on innovation, creativity and education, the key pillars of the knowledge economy for both the UK and Singapore. The Week comprised 28 events, spread over seven days, including exhibitions, a trade mission, networking receptions, public lectures, workshops and panel discussions. The GREAT British Week enhanced BHC Singapore’s ongoing narrative about building on heritage links, and served to increase future collaboration between the UK and Singapore in priority areas. The highlights of the Week included the Asia premiere of a Heatherwick Studio exhibition curated by the Royal Academy, an Experience Economy

trade mission, a full-scale model of the Bloodhound Supersonic Car, and the British Council’s Education UK exhibition involving more than 60 universities.

Creativity

A range of creativity workshops and panel discussions were organised with some of Britain’s leading creative industry figures, including Martyn Ware, formerly from British Bands Human League and Heaven 17; Laurence Llewelyn Bowen, a leading British homestyle consultant and television personality best known for BBC’s Changing Rooms; and Dr Gareth Jones, holder of the Dyson Chair for Design Engineering at the University of Bath. The sessions drew on many successful UK case studies and demonstrated the market-leading position of the UK, and its focus on innovation to turn ideas into commercial opportunity. Further proof of the diversity of British

innovation and creativity was the focus of a behind-the-scenes view of the visual effects in films such as Interstellar, Inception and the Harry Potter movies by British VFX company Double Negative.

New British Inventors

The Heatherwick Studio exhibition was launched at the National Design Centre as one of the main attractions for the Week. Organised by the British Council with support from the GREAT campaign team and Singapore’s National Design Centre, BHC worked to bring the first ever exhibition showcasing the work of London-based Heatherwick Studio to Asia, with Singapore as its first stop. The exhibition featured drawings, films and test pieces generated by speculative and built projects from the past 20 years, providing insight into the design process for the studio, which has become renowned for projects such as the

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Thomas Heatherwick was on the panel discussion entitled ‘Better Together or Alone: Creative Power of Collaboration’

UK Pavilion at the Shanghai World Expo in 2010, the new Routemaster London bus, the London 2012 Olympic Cauldron, and the Learning Hub at the Nanyang Technological University in Singapore. The exhibition also served as a key highlight of the Singapore Design Week, which ran from 10 to 22 March, where it was showcased alongside the Fifty Years of Singapore Design exhibition at the National Design Centre. The juxtaposition of Singapore’s design journey against the backdrop of new British design celebrated close UK-Singapore collaboration in this area, and how this collaboration was important in shaping the future of design and architecture. Over the past 50 years, Singapore companies have collaborated successfully with various British firms to create

Over the past 50 years, Singapore companies have collaborated successfully with various British firms to create and design many iconic buildings.

and design many iconic buildings. The Learning Hub at NTU is just one of the many examples of GREAT collaboration. Heatherwick Studio worked with Singaporean firm CPG Consultants on the eight-storey teaching facility made up of 12 rounded towers. The building was designed to encourage maximum staff and student interactions by combining learning facilities with social spaces, including balconies, gardens and open-air corridors. Another example of successful collaboration was Gardens by the Bay. Bath-based landscape architects Grant Associates led a core design team including environmental design consultants Atelier Ten, architects Wilkinson Eyre and National Parks Singapore, among others, to design the masterplan for the world’s largest garden project.

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British High Commission: GREAT British Week: The Best of UK Innovation, Creativity and Education in Singapore

UK-SG Partnerships

Behind the Scenes with Double Negative

• Madame Tussauds Singapore opened in Sentosa on 25 Oct 2014 making it Merlin Entertainments’ 12th attraction in Asia, with three more currently in development, highlighting growing interest in the UK’s experience economy sector • The British Museum’s Treasures of the World exhibition will transfer to Singapore in Dec 2015 as part of Singapore’s 50th anniversary celebrations. The British Museum and Singapore’s National Heritage Board have also signed a new five-year partnership to enhance collaboration and exchanges of information, museum collections and practice • Infocomm Investments, the investment arm of the Infocomm Development Authority of Singapore, is expanding into the UK with a new office in London to encourage greater technological partnerships between the two countries by giving UK tech startups access to Singapore’s market and vice versa • The Intellectual Property Offices in the UK and Singapore are launching an exchange programme for their officials, as Singapore positions itself as the IP centre of excellence in Southeast Asia • The Department for Business, Innovation and Skills (BIS) and the Singapore National Research Foundation (NRF) signed a new UK-Singapore Innovation and Research Foundation, signalling commitment to leverage both nations’ investment in research and innovation to drive economic growth and societal impact

Beyond design and architecture, UKSingapore partnerships span business, culture, entertainment and technology. Recent deals include:

Amanda Brooks, Director of BIS, opening the Innovation Forum

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His Excellency Antony Phillipson giving the opening address at the Bloodhound Reception

Innovation

Further collaboration and successful partnerships in the area of innovation were highlighted at the Innovation Forum: The UK and Singapore – Innovation and Research Partnership, held on 10 Mar, during the GREAT British week. On the back of the successful partnership agreement announced during the Singapore State Visit in October last year, the forum provided insight into ‘UK’s Plan for Growth in supporting development in 11 sectors and ‘Eight GREAT Technologies’, and how the UK is using its leadership in science to drive innovation and growth. The session highlighted successful partnerships between UK organisations that worked with Singapore to develop leading-edge science and commercial applications. Amanda Brooks, Director for BIS, highlighted that 48% of all UK articles in 2012 resulted

About the Author Sylvia Huang Campaign Manager British High Commission Singapore

from international collaboration, further reinforcing the importance of partnerships in the pursuit of science and innovation for the UK.

GREAT Finale

UK Trade & Investment assisted more than 70 British companies throughout the week, and led an experienced economy trade mission comprising a delegation of eight creative companies. UKTI supported two of the eight companies in organising a creative showcase for the public, and organised a series of panel discussions with leading Singaporean and British Creative spokespeople to facilitate exchange of ideas. Through these activities, British companies had the opportunity to expand their local business network and share experiences with Singaporean counterparts. The mini public installation also provided

a platform to showcase their capabilities, leading to potential business opportunities. The weeks’ activities allowed BHC to promote British Creativity, Innovation and Education in a wide range of activities, contributing to the delivery of strong inward investments and exports growth for the UK. Held in Singapore’s Jubilee year, the week’s activities also allowed us to celebrate UK and Singapore’s 50 years of diplomatic relations and close partnership. The Week further reinforced the UK-Singapore relationship through a shared commitment to enterprise, commerce and business. This shared focus— creating a knowledge economy, investing in education and skills, putting in place the necessary frameworks for driving innovation and making sure that intellectual property can be protected—will pave the way for more successful partnerships in the near future.

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Britain in South East Asia News

BiSEA News

The British Chamber of Commerce in Cambodia is excited to announce the election of a new Executive Board for 2015â&#x20AC;&#x201C;2016. David Tibbott from Hongkong Land is now Chairman and is supported by Matthew Rendall from ZicoLaw Group as Vice-Chairman. Other members of the Executive Board include representatives from Prudential, PwC, Grant Thornton, HRINC, Yejj Consulting and DFDL. BritCham Cambodia looks forward to meeting with members of BritCham Singapore in early September, when we will be in town to provide you with a market outlook of Cambodia and information on doing business here.

From the aspect of the governmentâ&#x20AC;&#x2122;s interest, as contribution for absorption of more workers, creation of added values and still on the basis of natural resources, the following is a list of the prioritised sectors: 1. Electricity 2. Labour-Intensive Project 3. Export-based Investment and Import Substitution 4. Downstream Industry 5. Maritime 6. Tourism For further information, please contact us at communications@britcham.or.id Source: Recent Interview with Mr Nurul Ichwan, Head of Indonesia Investment Coordinating Board of UK and Europe

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The British Chamber of Commerce in Myanmar is approaching its one-year anniversary. In that time, we have secured 10 sponsors and 130 member companies, run over 30 events, and led a delegation of senior Myanmar government ministers and businesses to the UK for an Investment Summit. The Chamber has launched a website, developed a resources bank, launched a newsletter and taken its first steps in the British Chambers Accreditation process. A range of British companies has seen success in the oil, gas and power sectors, as well as education and professional services. 2015 is an election year for Myanmar, widely seen as a pivotal moment in Myanmarâ&#x20AC;&#x2122;s economic and political reform process. The Chamber is up and running, and ready to support market entrants to navigate this challenging but dynamic and exciting emerging market, which presents a unique opportunity for British business.

British Chamber of Commerce Philippines welcomed 2015 with a number of exciting activities with our networking and industry-focused events, including the Economic Outlook Forum, Real Estate Summit and Golf Tournament. Participation rate was overwhelming and feedback has been enormously positive. We are now very excited to boost our upcoming activities under the leadership of our new Chairman, Christopher Nelson. Besides the regular Chamber events, our Overseas Business Network team will organise third quarter activities to increase UK SME export: webinar on doing business in the Philippines, joint SME Community Networking, and Trade and Investment Dialogue in collaboration with leading public and private partners.

Thailandâ&#x20AC;&#x2122;s political situation has now eased, which is helping domestic consumption return to normal. The interim government is also accelerating its reform of state enterprises. The Thai economy is expected to grow by 3.5% in 2015 as domestic demand, particularly private and public investments, continues to recover. The private sector is gaining from government investment and spending is on the rise, thus boosting the economy in 2015. Overall, a significant improvement on the 1.5% growth expected in 2014. The British Chamber is an active Chamber and has now partnered the UKTI to support British investment and overseas members that want to enter the Thai market as the economy grows. BritCham Singapore members are welcome to join us as overseas members at half the normal in-country fee. For details, please contact Jina at jintana@bccthai.com.

The BBGV has enjoyed a remarkable year with the establishment of the Business Centre, revamping of our brand and gaining accreditation status from the British Chambers of Commerce. We began this year with some excellent business and social events, such as the well-attended Property Luncheon in Ho Chi Minh City. The current economic outlook remains positive, with GDP forecast to grow by more than 6% in 2015. For UK companies, Vietnam is a very attractive market to pursue new business opportunities. We have seen a continued growth of goods exported from the UK to Vietnam (approximately 12% in 2014). If you want to know more, please contact our Executive Director at wai.ho@bbgv.org.

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At the Chamber: Business Group News

Property & Construction Group Chairperson: Marcus Eckersley — Cundall Singapore

ecently, there have been a few changes within the Property and Construction Group: we saw Richard Warburton move to chair the Business Group, and the appointment of Marcus Eckersley as chair of the Property and Construction Group. We thank Richard for his commitment in contributing and leading the group over the previous years. Adding to the regular agenda for the group will be environment and sustainability, as well as how, by improving what we offer and how we deliver it, we can better our businesses as a group. What can be done to improve

our built environment is a question that every business should ask itself in its respective business cycles. Later in the year, David Collins from Cundall will address the group on the topic of sustainability and the built environment.

Chambers of differing nationalities and government organisations. One of our aims over the coming months will be to reach out to the other organisations and explore exchanges in our sector offerings.

For those who are new to the Property and Construction Group, the Chamber or even Singapore, you will quickly find that the real estate and construction sector in Singapore is very much a closeknit community—it’s a small world out there. There are plenty of untapped opportunities along with experience and knowledge that can be shared between group members, as well as other

The Property and Construction group has already planned one event where Dr Megan Walters will be presenting on the topic of the real estate and construction markets in Asia. The group is planning more events later in the year, with the aim of having at least three or four opportunities for the group and other members of the chamber to assemble, learn and network.

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Women in Business Group Chairperson: Sian Brown — Barclays

n celebration of International Women’s Day, and in the context of SG50, the Women in Business Group held an event on 6 Mar to consider the progress of women in Singapore over the last 50 years in terms of opportunities and contributions, and what it will take over the next 50 years to continue the important achievements of women and increase gender equality. The panel discussion featured Mildred Tan, Asean Government and Public Sector Leader at EY; Euleen Goh, Non-executive Chairman of the Singapore International Foundation; Tanvi Gautam, Programme Director, Women and Leadership Programme, SMU ExD; and Stevan Hoyle, President of Asia Pacific & Sub-Saharan Africa at Vodafone. The discussion was moderated by Ali Moore, Journalist and Broadcaster. The audience heard a range of views from the panellists in relation to what it will take from women, men, industry and public policy, to continue and accelerate opportunities for growth and equality. Interestingly, while the ‘glass ceiling’ and related themes such as flexible work and symptoms of unconscious bias featured as critical to the continued progress of women, a newer concept of the ‘sticky floor’ was raised as a way to explain the ways in which women position themselves such that progress is more difficult for them than it is for men. There was a consensus among the panellists, which resonated with the audience, that while the more traditional barriers certainly remain problematic, women also have a part to play in obtaining equality by putting themselves forward and actively pursuing opportunities in the same way as their male counterparts. Of course, the ability of women to ‘unstick’ themselves relies on the development

of confidence and skills in areas such as profile-building and networking as means to progress in the direction, and at the rate they desire. As a follow-up to the International Women’s Day event and the themes raised, the Women in Business Group is pleased to collaborate with Wentworth People in offering a development programme intended to help women equip themselves with the skills and confidence that are key to positioning themselves for and driving progression through opportunities in their professional lives. The programme will be delivered in modules, and topics will include:

• Identifying and understanding values, and beliefs that limit progress • Creating and living a perception and reputation that supports progress • Skills and motivations for effective networking • How to be savvy in a world that is frequently political Other events will include identifying and reviewing Flexible Work arrangements that have been successful in supporting the equality and success of women, and women entrepreneurs who have successfully started and managed their own businesses.

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Business Services News

Business Services Update New Business Services Manager

The new financial year is bringing some changes in Business Services at BritCham. Jennifer Hainsworth, who was a key player in setting up Business Services under the UKTI Overseas Business Network Initiative (OBNi) in Jun 2013, has left the Chamber to follow her husband on a new expat relocation. Carole McCarthy is the new Business Services Manager, and she will continue to lead the business services team to offer advice and assistance to UK SMEs doing or seeking to do business in Singapore. Carole

joined BritCham at the end of March and has hit the ground running. She has met a lot of delivery partners and has been offering advice and delivering market research for UK SMEs. “I am excited to be part of Business Services at BritCham. I look forward to continue working with the UKTI, the British Chambers and partners, and of course with Tina, Jared and my BritCham colleagues, to offer business opportunities support to the UK SMEs considering Singapore as an export market,” says Carole.

Business Services Update

Our Business Services Advisor, Jared Sim, attended the MTA2015 Precision Engineering industry event held from 14–17 Apr 2015. The exhibition brought together 12,000 trade attendees, comprising exhibitors, visitors, conference speakers and delegates, and press members. Opening the event was Mr Lee Yi Shyan, Senior Minister of State, Ministry of Trade & Industry, and Ministry of National Development. The event was an international showcase of high-value manufacturing solutions,

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Business Services Team L–R: Jared Sim, Carole McCarthy, U.K.Tina

with 350 exhibitors from 27 countries / regions in attendance. The exhibition also featured a UK group pavilion, which saw nine UK companies exhibiting with the support of the Engineering Industries Association (EIA). Some of these companies have already established a presence in Singapore, or worked with appointed agents and distributors to bring their products to Singapore and the region. A conference titled ‘Future Factories & Manufacturing Asia’, which focused on digital manufacturing, Industrie 4.0 and industrial automation, was held

Carole McCarthy Business Services Manager carole@britcham.org.sg Tel: +65 6222 3552 DID: +65 6718 0540

alongside MTA2015. Speaking at the conference was Dr Bicky Bhangu, Senior Country Manager of Rolls-Royce Singapore and a British Chamber of Commerce Board Member.

Business Opportunities (BizOpps)

The Business Services Team has been actively developing networks throughout the UK. These networks create opportunities for both Singapore-based firms as well as UK companies looking to enter the Singapore market. Business opportunities are posted on the UKTI BizOpps platform and promoted

U.K. Tina Business Services Advisor tina@britcham.org.sg Tel: +65 6222 3552 DID: +65 6718 0538

through the British Chambers network. We have recently received requests from Singapore companies for assistance in sourcing travel accessories, leather goods, as well as frozen meats and seafood from the UK. These postings alone have generated approximately 30 responses from UK exporters. Our team shared the exporter’s profile with the buyers and, once a positive response was received, an e-introduction was made for both parties. To date, the team has matched 120 UK Companies to various opportunities available in Singapore.

Jared Sim Business Services Advisor jared@britcham.org.sg Tel: +65 6222 3552 DID: +65 6718 0539

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At the Chamber

BritCham New Members Sterling Northumbria University Jane Turner

Intage Singapore Pte Ltd Junichiro Hasegawa Armstrong Craven Pte Ltd Heather Travis

Corporate Plus

Ingen Talent Management Pte Ltd Graeme Stewart Young

Etihad Airways PJSC Jeffrey Lim Han Hoe

Mega Adventure Jack Tucker

Thomson Reuters Patrick Donaldson

Anglo American Salima Shariff

JPMorgan David Martin

Basis Bay Karlien Van Straaten

Corporate Representative (Voting) InterContinental Singapore Freddy See

Imagination Singapore Pte Ltd Andrew Au Johnson Matthey Singapore Pte Ltd Ian David Godwin

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IO Singapore DCaaS Pte Ltd George Denzil Slessman

Highlander @ Chijmes Pte Ltd Fransisca Yolanda Wijanarko

Amoria Bond Pte Ltd Benjamin James Robinson

Ashington Asia Pte Ltd Anand Jude Anthony

Edrington Singapore Martin Charles Reimann

Overseas Corporate

Corporate SME

PayWizard Group plc Moira Brown

Compliance Risk Logic Maija Burtmanis

lean6-sigma Christopher Robert Kinvig

George Hwang LL.C George Hwang Cult Wines Ltd Philip Gearing The Artling Tolla Sloane

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At the Chamber: Sterling News British Airways was recently awarded Airline Partner of the Year at the Changi Airline Awards 2015 in Singapore. The airline has been serving Singapore for over 80 years, and this award recognises its contributions towards Singapore’s global air hub status. British Airways also announced at the awards that it will be increasing the Airbus A380 service between Singapore and London from a thrice-weekly to daily service, starting Dec 2015. British Airways is celebrating by offering promotional fares for its customers in Singapore. Flights to Sydney start from just $618 in World Traveller economy, while flights to London start from just $1,328. For those looking to explore the Big Apple,

flights to New York start from just $1,792 in World Traveller economy. The fares are valid Robert Williams, British Airways Regional General Manager, with Mrs Josephine Teo, Senior Minister of State for Transport and Finance

for travel before 30 Nov 2015. Special fares are also available in the airline’s popular World Traveller Plus premium economy cabin, return flights from Sydney start from $1,183 and London from $2,428.

PwC’s Game of Threats™ was unveiled in Asia for the first time at this year’s Interpol World exhibition, held at Sands Expo & Convention Centre in Singapore. Game of Threats™ simulates the experience that executives must go through in the midst of a cyber-breach, from both the Company and Threat Actor perspectives, in a head-to-head digital game. The interactive game challenges players to make quick, high impact decisions to access their readiness to respond to a breach. The experience teaches users about what they can do to better prepare, respond and remediate an attack and familiarise themselves with different types of threat actors and their preferred methodologies. PwC Singapore has been actively providing services in cyber security and related areas since 2012, and recently launched a Cyber Security Centre of Excellence, which aims to serve the business community both locally and in the region through research training and skills development.

As part of its strategic plan for 2015, LSBF Singapore’s Managing Director Rathakrishnan Govind has signed agreements with Shenzhen Zhongjia Vocational School, Guangzhou International Economics College, and Dafeng Vocational School during his recent visit to China, which was organised by the Chinese Business Department. The signing was accompanied with a plaque unveiling ceremony for each school. There were also several meetings with local communities and opinion-makers, focusing on the trend of students studying abroad, foreign practices, employment needs and identifying ways to make the most of this market during the visit. Mr Govind noted that these collaborations will provide a better pathway for talented students at LSBF in Singapore. Enquiries have already begun to pour in, with many student applications being received from these schools.

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British Council in Singapore has been awarded an EduTrust certification renewal for another four years. British Council was among the first few Private Education Institutes (PEIs) in Singapore to be awarded this prestigious EduTrust certification for four years in 2011, when this quality assurance scheme was introduced. A private education institution is awarded EduTrust certification if it has achieved the stipulated standards in the areas of: •

Management commitment and responsibilities

•

Corporate governance and administration

•

External recruitment agents

•

Student protection and support services

•

Academic processes and assessment of students

•

Quality assurance, monitoring and results

The EduTrust Certification Scheme is a voluntary scheme administered by the Council for Private Education (CPE) for PEIs in Singapore. The scheme provides a means for better PEIs to differentiate themselves as having achieved higher standards in key areas of management and provision of educational services.

City Developments Limited (CDL) has become the first property developer in Singapore to adopt an Integrated Reporting (IR) approach for its latest sustainability report titled Creating Value for the Future. Based on the International Integrated Reporting Council’s (IIRC) Framework, this approach provides for a more meaningful and all-rounded corporate reporting. Centred around six capitals—Financial, Manufactured, Organisational, Social and Relationship, Human, and Natural—this IR approach aims to present a holistic picture to CDL’s investors and stakeholders on how the interrelation between CDL’s business and sustainability performance leads to value creation over the short, medium and long term. Mr Kwek Leng Joo, CDL Deputy Chairman, said, “In line with global trends in sustainability reporting, we have adopted the IR approach this year, connecting social and environmental performance with business and financial impact. The report also addresses stakeholders’ concerns about materiality issues for long-term value creation.”

Standard Life has joined the Top 100 companies for Customer Experience in the UK for the first time, according to the fifth annual analysis of customer experience by Nunwood. This is a major achievement for Standard Life, and reflects the insight-driven, customerfocused approach taken by Standard Life to shape its business for the future. Not only is this the first time that Standard Life is featured in the Top 100, it has entered the league table at the 64th place, up from 176th place in 2013. As we strive to position ourselves as customers’ first choice for their life saving, we are aligning our brand with the best experience providers in the UK and, most importantly, ensuring that customers always have their voices heard at Standard Life.

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At the Chamber: Sterling News Dimension Data was recently awarded three Global Partner of the Year Awards for the Americas, Europe, Middle East, Africa and Russia (EMEAR), and Asia Pacific and Japan (APJ) awards at Ciscoâ&#x20AC;&#x2122;s Global Awards reception during its annual partner conference, which took place this week in Montreal, Canada. In addition, the Group was honoured with four geographic region awards, a Marketing Velocity award for digital and social marketer of the year, and a further 15 theatre awards. Awarded to exemplary channel partners, the Cisco Partner Summit Global awards are designed to recognise best-in-class business practices and serve as a model to the industry. Areas of consideration include innovative practices, architecture-led approach successes, strategic business outcome-focused programmes, seizing new opportunities, and sales approaches.

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At the Chamber: Corporate News

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Renowned fashion label m)phosis is the latest company to sign up for a supply chain finance facility from ApexPeak to help grow its business regionally. The deal, worth $200,000, is the first of its kind for the retailer, and represents an entrée into alternative finance. Supply Chain Finance helps companies bridge the time they pay suppliers with to the time they receive cash from their customers. As commercial rents and shop fit-out costs rise in Singapore, efficiently managing working capital can offer a competitive advantage. The facility was made available within just one month.

Par-ex Pte is delighted to announce the extension of its’ online products to include pearls of wisdom®, a series of short, dynamic animated videos that cover the essentials of management and leadership models. In just three to four minutes, they deliver timely and relevant nuggets of knowledge to time-deprived learners. Access via Internet, Intranet or LMS and view content on desktops, tablets, laptops or smartphones. That way, your people can use them when and where they need them most. pearls of wisdom® helps improve productivity and performance by giving insight into management and leadership models, tools and techniques More at http://employeeengagement.com.sg

Robert Walters recently published its Asia Job Index for Q1 2015. Toby Fowlston, Managing Director, commented, “Recruitment in Singapore is largely driven by competition in the candidate-short market. Hence, the key challenges generally lie in attracting the best talent for the right positions. To address this, the employment market has evolved to focus heavily on talent development and retention. Companies prioritise Singaporean professionals when hiring, and that emphasis will continue throughout the year. Only when all channels of recruiting domestic talent have been exhausted do hiring managers expand their search to foreign candidates. Despite offshoring within the foreign investment banking industry in the last six months, financial services still remains a major part of the Singapore economy, and we look forward to a more buoyant sector in the year ahead.”

With the new UK pension regulations in force since 6 Apr, giving those of pensionable age greater flexibility with their savings, the debate continues as to the merits of investing all or part of your pension cash in property. Recent research by IPSOS MORI suggests 16% of the estimated 200,000 expected to cash in their pension will choose such an investment. Grant Property Investment, one of the UK’s top management and investment companies, saw a 28% increase in property sales in Q4 of 2014, and is confident those who choose to invest in buy-to-let will continue to be rewarded with strong returns. For more information, please visit www.grantpropertyinvestment.com

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At the Chamber: Corporate News Dylan Moran’s Off The Hook—Live in Singapore 2015 “Stand-up comedy of the first order” — The Times LA Comedy Live and Adrian Bohm Presents is proud to announce Irish stand-up comedian, Dylan Moran, who will be performing in Singapore for the first time for his brand new show, Off The Hook! The performance will be held on Saturday 5 Sep 8pm at the University Cultural Centre (UCC) Hall, NUS. Tickets priced at $88, $98, $118, $138 and $158 are on sale at all SISTIC outlets. For any lover of comedy, this is a must see show of 2015! www.dylanmoran.com www.la-comedylive.com www.abpresents.com.au

Etihad Airways, the national airline of the United Arab Emirates, announced a significant enhancement to its Abu Dhabi-Singapore route with the deployment of a Boeing 787-9 Dreamliner from 1 Aug 2015. The state-of-the-art aircraft comes with groundbreaking First Suites, Business Studios and Economy Smart Seats. The new B787 operation will follow a major upgrade for the route on 1 Jun, which includes the introduction of First Class and a change in schedule timings, which provides better connections to the airline’s network via its Abu Dhabi hub and more capacity on the Abu Dhabi-Singapore route.

British engineering ingenuity and artistic creativity have proven to be the inspiration behind the naming and creation of the latest Bespoke Phantom Collection to emerge from the Home of Rolls-Royce in Goodwood, England. The Rolls-Royce Phantom Limelight Collection has been conceived for that select group of people who spend their lives in the public eye and on the world stage. Its name was inspired by the origin of a British invention that became synonymous with fame. The limelight effect was originally discovered in the 1820s by Sir Goldsworthy Gurney, a prototypical British gentleman scientist and inventor from the Victorian era. It was harnessed to revolutionise illumination in the theatres of London’s Covent Garden, highlighting leading actors on the stage, thus leading to the phrase, ‘in the limelight’.

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Page Personnel Singapore launched the ‘2015 Executive Assistant of the Year’ competition on 20 May 2015. Now in its third year, the campaign coincides with a recent survey finding that most secretaries and executive assistants feel unappreciated at work. Page Personnel Singapore is looking to give the country’s best executive or personal assistants and secretaries the recognition they deserve. The winner will receive our biggest prize package yet, worth $10,000, which includes return flights for two to Europe on KLM. For details on how to enter or to nominate an outstanding EA, visit www.pagepersonnel.com.sg/EAoftheyear. Entry closes 1 Jul 2015.

Knight Frank Singapore is pleased to announce the promotion of Ms Low Kin Hon to the position of Deputy Group Managing Director with effect from Apr 2015. Kin Hon has 30 years of valuation experience in both private and statutory matters. She joined Knight Frank in 1992 as an Assistant Manager and, under the mentorship of Mrs Lydia Sng, she rose up the corporate ladder to her current position as Head of Valuation Department in 2010. The department has a professional staff strength of 17 qualified and experienced valuers, and is one of the largest professional valuation teams in Singapore.

Expat Insurance is pleased to announce the appointment of Susan Rogers as General Manager. Susan is from the UK and has been working in the insurance industry since 1999. Before moving to Singapore, Susan was General Manager of Technical Services and Head of Business Improvement for Allianz Global Assistance. Founded in 2008, Expat Insurance is recognised as a leading independent insurance broker providing comprehensive and cost-effective Medical, Business Liabilities, Employee Benefits, Travel, Home and Contents, and Motor Insurance solutions for expat families, individuals and companies located in Singapore. www.expatinsurance.com.sg

We are thrilled to confirm that Pos Malaysia Berhad was named Brand of the Year 2015 at the World Branding Awards ceremony held in Paris in March this year. Last year, Bonsey Design was appointed to take Pos Malaysia into the future. Our team had a really exciting time working on the corporate rebranding exercise, which began with a complete strategy and business review. We created the new identity around the company’s vision of a modern, customer-focused and innovative Pos Malaysia: Connecting Malaysia, and Beyond—for Today and Tomorrow. The launch of the new identity of Pos Malaysia was well received locally and internationally.

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At the Chamber: Members’ Offers

Members’ Offers

To find out more about our members’ offers, visit our website under Membership -> Members Offers.

Savings on regular & promotional fares from Singapore

Enjoy 15% off total bill

Enjoy up to 10% off your next car rental with Avis worldwide! 10% off airfare for British Airways 10% discount on ISO certification, training services and purchase of standards

15% off British Club lifetime memberships

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10% off all Professional Development Centre public courses 10% off Medical Insurance Plan 10% discount on facilities and services 5% off electrical & 10% off furniture

15% Off at Highlander CHIJMES Free live graphic recording at facilitated meetings and conferences in Asia 2015

Insurance Plans Discounts at MSIG

25% off regular rates for corporate services

15% off total Food & Beverage Bill at The Square Discounts off Food & Beverage, Restaurant Bookings & Event Meetings

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At the Chamber: Special Event

50 years of independent Singapore and 100 years of International Womenâ&#x20AC;&#x2122;s Day 6 Mar 2015 By Sian Brown, Chairperson, Women in Business Group

Ryan Bacher, Barclays Chief Operating Officer, Asia Pacific, opened the event by highlighting the importance of the Diversity agenda to Barclays and the global launch of the

HeForShe campaign in partnership with the UN. Ali Moore, a journalist and broadcaster for BBC World News, then did a fantastic job at moderating the panel. She navigated the audience through the issues and perceptions out there today, then probed the panellists for their thoughts and experiences. The esteemed speakers included Euleen Goh, Non-executive Chairman of Singapore International Federation; Mildred Tan, ASEAN Government and Public Sector Leader, Ernst & Young; Stevan Hoyle, President, Asia and Africa, Vodafone Global Enterprise; and Tanvi Gautam, Programme Director, Women and Leadership Programme, SMU ExD.

Sticky Floors, Board Shake-Ups, Dynamic Working and HeForShe were a few of the areas explored in the recent International Womenâ&#x20AC;&#x2122;s Day event sponsored by Barclays, in collaboration with the Singapore British Chamber of Commerce. More than 120 professionals from 35 different organisations came together to celebrate the growth in opportunities for women in Singapore over the last 50 years, as well as to discuss what actions can be taken to accelerate the changes moving forward.

Ali Moore, Journalist and Broadcaster, BBC World News

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Tanvi Gautam, Programme Director, Women and Leadership Programme, SMU ExD

Some key highlights of the discussion include: • Glass Ceiling v Sticky Floor—which is holding women back? • HeForShe—what can men do to help women, and also what can women do to help women • Bridging the confidence gap so more women ask for opportunities rather than wait for them • Treat work as an activity, not a place— the office is not a pre-requisite; with today’s technology, flexible working has never been easier • Board representation—more fresh faces needed, both male and female • Change HR process and policy—many outdated for today’s environment The panel closed with some wise words of advice of what each person could do to make a difference. Finally, panellists joined guests for lunch and networking. Attendee feedback highlighted the success of the event: “I thought this event was excellent. The panel was fantastic. Hearing their views on the topic from diverse perspectives was really good, and Ali did an amazing job moderating. The feedback I heard from around the room during lunch was only positive. Congrats to the BritCham team on a job well done!”

Euleen Goh, Non-executive Chairman of Singapore International Federation, and Stevan Hoyle, President, Asia and Africa, Vodafone Global Enterprise

“This was a brilliantly organised event and well targeted. The panel debate was lively and relevant. I was left feeling inspired and proud of the Women in Business committee for organising this event!” Mildred Tan, ASEAN Government and Public Sector Leader, Ernst & Young