Orient Issue 95

Issue 95 November 2023 orient-magazine.com

ORIENT MAGAZINE THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE

REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST MICHAEL’S PROJECT FROM ELECTRIC LIGHTING TO FUTURE AVIATION: MOTT MACDONALD’S JOURNEY IN SINGAPORE

WINNERS OF THIS YEAR’S ANNUAL BUSINESS AWARDS

LOOK INSIDE FOR MORE THOUGHT LEADERSHIP & ADVICE FROM OUR MEMBERS WITH SECTOR INSIGHTS, TALENT STRATEGIES, INVESTMENTS, BUSINESS SUPPORT & MORE

CONTENTS

Features 16 18

Issue 95 / November 2023

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ANNOUNCING THE WINNERS OF THE 24TH ANNUAL BUSINESS AWARDS

INTERVIEW / REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST. MICHAEL’S PROJECT

MEMBER PROFILES / FROM ELECTRIC LIGHTING TO FUTURE AVIATION: MOTT MACDONALD’S JOURNEY IN SINGAPORE

TRADE / WHERE INNOVATION MEETS LIFESTYLE - CONTRIBUTED BY INVESTMENT NSW

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ROAD TO NET ZERO / NAVIGATING A MORE SUSTAINABLE PATH FOR THE GLOBAL SHIPPING INDUSTRY - CONTRIBUTED BY X-PRESS FEEDERS

DIVERSITY & INCLUSION / HOW DO YOU KNOW IF YOUR ORGANISATION IS REALLY INCLUSIVE? - CONTRIBUTED BY LSE

FUTURE OF WORK / BUILDING FOR GROWTH: THE CASE FOR A PEOPLE STRATEGY - CONTRIBUTED BY APSCO

FUTURE OF WORK / BUILDING THE SKILLS TO LEAD CONFIDENTLY & COMPETENTLY IN AN EVER-CHANGING BUSINESS WORLD - CONTRIBUTED BY THE UNIVERSITY OF MANCHESTER

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ASEAN / SINGAPORE EMERGES AS THE LEADING WEALTH CAPITAL IN ASIA-PACIFIC -CONTRIBUTED BY KNIGHT FRANK

SECTOR INSIGHTS / WHISKY CASKS: AN ASSET ANALYSIS OF THE ‘LIQUID GOLD’ INVESTMENT BOOM - CONTRIBUTED BY WHISKY CASK CLUB

SECTOR INSIGHTS / UNDERSTANDING TODAY’S POST-PANDEMIC E-COMMERCE LANDSCAPE TO GAIN THE EDGE - CONTRIBUTED BY EUROMONITOR INTERNATIONAL

BUSINESS SUPPORT / HOW MANAGING THE RISKS OF AI IS KEY TO HARNESSING ITS POTENTIAL - CONTRIBUTED BY EY

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BUSINESS SUPPORT / RESOLVING DISTRESSED SITUATIONS IN SINGAPORE AND SOUTH EAST ASIA - CONTRIBUTED BY ASHURST

BUSINESS SUPPORT / VALUE BEFORE PROFIT - CONTRIBUTED BY ACCA

BUSINESS SUPPORT / THE LEADING EDGE: THE NEW ROLES OF THE SUBSIDIARY TO HELP GLOBAL ENTERPRISES DRIVE TRANSFORMATION AMIDST THE POLYCRISIS - CONTRIBUTED BY DELOITTE

HEALTH & WELLBEING / BIO-HACK YOUR HEALTH: LIFESTYLE MEDICINE IS THE FUTURE OF MEDICINE - CONTRIBUTED BY OSLER HEALTH

CONTENTS

In Every Issue 5

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PRESIDENT’S MESSAGE Hear from our President, Damian Adams, on our key priorities and support for members

NEWS & HIGHLIGHTS What’s been happening at the Chamber, at our member companies, in Singapore, in the UK and around the region

WELCOME TO OUR NEW MEMBERS Find out who has joined our network

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Issue 95 / November 2023

ORIENT MAGAZINE NOVEMBER 2023 EDITOR / Lucy Haydon orient-magazine.com

HOW TO CONTACT US

THE BRITISH CHAMBER OF COMMERCE EXECUTIVE TEAM

Address: British Chamber of Commerce Singapore 137 Telok Ayer Street #06-03 Singapore 068602

EXECUTIVE DIRECTOR / David Kelly DEPUTY EXECUTIVE DIRECTOR / Lucy Haydon HEAD OF EVENTS / Ashni Degamia HEAD OF MEMBERSHIP / Clare Hakes EVENTS EXECUTIVE / Caitrin Moh MARKETING & COMMUNICATIONS EXECUTIVE / K Praveena FINANCE MANAGER / Radhika Chauhan OFFICE MANAGER / Anna C Garciso

Web: britcham.org.sg Phone: +65 62223552 Email: General:

info@britcham.org.sg Editorial & Advertising:

marcoms@britcham.org.sg Social: LinkedIn Instagram Twitter Facebook YouTube Flickr Update your subscriptions: britcham.org.sg/newsletter

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THE BRITISH CHAMBER OF COMMERCE BOARD

PRESIDENT / Damian Adams, Watson Farley & Williams LLP VICE PRESIDENT / Simon Middlebrough, SAESL VICE PRESIDENT / Haslam Preeston, DFI Retail Group SECRETARY / Nick Magnus, Dulwich College (Singapore) TREASURER / Christina Mason, PwC Andrew Clark, AsiaWorks Andy Marr, 8build Angel Cheung-Horenfeldt, Standard Chartered Bank David Haigh, EY Dr. Lissy Vadakel, British Council Lorena Paglia, Microsoft Michael Buchanan, Temasek International Michael Yap, Coventry University Penny Murphy, ERM Prakash Pinto, Standard Chartered Bank Simon Bennett, Swire Shipping Suzy Goulding, MSL Group Steve Firstbrook, Department for Business & Trade Issue 95 / November 2023

PRESIDENT’S MESSAGE

President’s Message A

s we draw closer to the end of this year and shift into higher gear for planning the Chamber’s 70th anniversary celebrations in 2024, I would like to thank all of our members for your continued support of the Chamber and Executive Team throughout 2023. This has been a year of building our community and strengthening connections with our members and visitors from around the world and, with both the Green Economy Framework Agreement and Strategic Partnership having been concluded, we have witnessed the continued development of the relationship between the UK and Singapore.

During October we held the 24th edition of our Annual Business Awards in the presence of Minister Gan Kim Yong, Singapore’s Minister for Trade and Industry. It was an exceptional evening of celebrating successes and recognising the talent and passion of the businesses and individuals within our community, and we look forward to an incredibly special evening next year, as we celebrate a quarter-century of the Awards together.

have also been at the forefront of digital trade with the announcement of pilot projects helping to digitalise supply chains between the UK and Southeast Asia, following on from our support of the world’s first digital movement of goods in late September.

By the time you read this, November will have seen Singapore host The Earthshot Prize awards, presented by HRH The Prince of Wales at a star-studded event televised and broadcast globally. Sustainability and climate change are important themes for the Singapore and UK Government, and equally so for the business community in Singapore, who have embraced the challenges and opportunities of aiming for a net zero future.

Given that this is the final edition of Orient for 2023, I take this opportunity to wish each of you a very happy Christmas and New Year, however, wherever and whether you celebrate each of them, and I look forward to welcoming and seeing you at Chamber events throughout 2024.

My best,

With Q4 typically representing conference season, Singapore has seen an influx of overseas visitors a.

Since September, the Chamber has organised fringe events with experts for Singapore International Cyber Week, Singapore International Energy Week, and the upcoming Singapore Fintech Festival. We

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Damian Adams President British Chamber of Commerce Singapore

Issue 95 / November 2023

From our stage to the world stage.

At Dulwich College (Singapore) we believe in nurturing global citizens and well-rounded future leaders who are equipped to create solutions to the world’s challenges. Our goal is to encourage our students to Live Worldwise – to make informed choices, take inspired action and create positive impact. Our innovative and world-changing education is wellbeing-focused and balances academic excellence with a wealth of co-curricular opportunities that enable our students to discover their individual talents and passions.

To learn more visit Singapore.dulwich.org or call admissions at 6890 1003

Dulwich College (Singapore) CPE Registration Number: 201027137D. Period of Registration: 09 January 2020 to 08 January 2024. School Location: 71 Bukit Batok West Avenue 8, Singapore, 658966

A legacy of learning.

Reinvented for today.

Come visit us today.

In an uncertain world, those who embrace change will be those that flourish. When young people are empowered to question their world, they are inspired to improve.

Discover how 175 years of British heritage has made us a school of future shapers.

Brighton College (Singapore).

A Brighton Future.

brightoncollege.edu.sg/admissions/book-a-tour

brightoncollege.edu.sg admissions@brightoncollege.edu.sg +65 6505 9790

NEWS

NEWS /

AT THE CHAMBER BRITCHAM PLANS YEAR OF ANNIVERSARY CELEBRATIONS AS THE CHAMBER TURNS 70 YEARS OLD As we approach our 70th Anniversary in 2024, we are embarking on a journey to commemorate seven decades of service, growth, and collaboration of business and commerce in Singapore.

The British Chamber of Commerce Singapore has been an integral part of the business landscape in Singapore, fostering strong ties between the UK and Singaporean business communities, facilitating trade, and promoting economic growth. Our 70th Anniversary marks a momentous occasion to celebrate our achievements, but it also presents an opportunity for all of us not only to reflect on our shared history, but to look ahead to a prosperous future.

We are reaching out to businesses to consider allocating a portion of their annual budget to support our 70th Anniversary celebrations. If you would like to find out more, contact lucy@britcham.org.sg.

BRITISH CHAMBER LEADING ON A PROJECT WITH THE UK GOVERNMENT TO DEVELOP A SERIES OF FOLLOW-UP PILOT PROGRAMMES, HELPING TO DIGITALISE SUPPLY CHAINS BETWEEN THE UK AND SOUTH EAST ASIA The British Chamber of Commerce Singapore, together with LogChain, is now leading on a project with the UK Government to develop a series of follow-up pilot programmes, helping to digitalise supply chains between the UK and South East Asia.

With over 28.5 billion documents generated in logistics each year, the programme seeks to engage companies to champion the adoption of electronic transferable records, between the UK, Singapore and Thailand.

With a vision to drive significant advancements in digitalising global trade, these initiatives seek to demonstrate further digital adoption via actual shipments, garner industry support and opinion via roundtables and discussions, developing case-studies to help further adoption across sectors.

The project was announced by the British High Commissioner to Singapore, Her Excellency Kara Owen CMG CVO during an event run by the British Chamber’s Transport, Logistics and Supply Chain business committee on supply chain digitalisation. Held on the 28th September at The Executive Centre, 23 Church Street, Singapore, a panel of experts discussed the importance of embracing digitalisation and managing change effectively which also saw Chris Southworth, Secretary General at ICC United Kingdom deliver a key note address.

For those wishing to get involved in the pilot project, please email trade@britcham.org.sg.

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Issue 95 / November 2023

NEWS

NEWS /

BEYOND THE CHAMBER ― Business news and opportunities from around Singapore, the UK, the ASEAN region and beyond.

CALL FOR BIDS 2023-24: UK-SINGAPORE GREEN ECONOMY FRAMEWORK REGIONAL FUND

In March 2023, the UK signed the Green Economy Framework (the Framework) with Singapore, a hybrid climate-trade agreement that is a first-ofits-kind for the UK. More information and full text of the Framework’s overarching Memorandum of Understanding can be found here.

THE PRINCE OF WALES VISITS SINGAPORE The Prince of Wales travelled to Singapore for the third annual Earthshot Prize Awards Ceremony.

During his trip, His Royal Highness spent time meeting Singaporeans and learning about how local organisations are working to protect and restore our planet – from tackling the illegal wildlife trade and protecting the rainforest to incubating and scaling cutting edge innovations. He also attended the United for Wildlife Global Summit 2023, joined the British Dragons team and met with the President of Singapore, Tharman Shanmugaratnam and Prime Minister Lee Hsien Loong.

The three key pillars of the Framework include: 1) Green Transport (maritime, aviation, and zero emissions vehicles); 2) Low Carbon Energy Technologies (hydrogen, carbon capture, utilisation and storage (CCUS), and grid technologies including interconnection, cross-border electricity trade and solutions to improve system resiliency and flexibility); and 3) Carbon Markets and Sustainable Finance.

While the Framework is a bilateral agreement between Singapore and the UK, many of these priority pillars will also have a beneficial regional impact. This call for bids seeks pilot project proposals that support the following two technical criteria (Strategic Fit and Regional Impact): •

•

Deliver within at least one pillar of work identified in the UK-Singapore Green Economy Framework Memorandum of Understanding (Strategic Fit); and Has the potential to unlock barrier/s (such technological, regulatory, policy or research development) to decarbonisation and sustainability outcomes within the ASEAN region; or has the potential to support green economic or sectoral growth in both Singapore and another ASEAN country (Regional Impact).

Photos: royal.uk

For the selection criteria, process and further documentation visit the gov.uk website here.

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Issue 95 / November 2023

RECAP

RECAP /

HIGHLIGHTS

― Catch up with the latest digital content and highlights. Photo galleries from our major events can be found on our Flickr channel, with upcoming events here.

FROM THE KNOWLEDGE BANK Southeast Asia, with a growing, young, and digitally connected population, is emerging as an important growth engine for the global economy. The 10 countries that make up the Association of South East Asian Nations (ASEAN) are home to a combined population of 660 million people and an economy on track to expand by 4.6% in 2023, according to the OECD. The region is also benefiting from a shift in global supply chains, as multinational companies look to diversify their networks. HSBC’s Global Connections survey of international businesses explores how firms in nine major markets are approaching this dynamic and diverse region.

ON THE BRITCHAM SINGAPORE PODCAST CHANNEL

This year’s survey covers more than 3,500 companies with a commercial interest in at least one ASEAN market, with an equal number of respondents based in: mainland China, India, the United Kingdom, France, Germany, the United States, Australia, Hong Kong, and Gulf Cooperation Council (GCC) countries. The results of the research reflect the depth of trading connections between UK businesses and ASEAN. Almost half of the businesses in our survey (49%) have developed supply chains in the region, and 45% have achieved organic growth to date.

UK firms are most likely to have operations in Singapore (36%) and Thailand (32%).

Access all episodes on our website or from your favourite podcast player, including Apple Podcasts, Spotify, YouTube, Amazon Music, Audible, and many more.

Ep 166: Talent Acquisition and Retention: Challenges and Opportunities for SMEs - Featuring Steve McArthur, Managing Director/ Resident CHRO at Insights & Solutions Asia Ep 167: In Conversation with Baroness Neville Rolfe DBE CMG Ep 168: Redefining Education: Fostering Global Citizens, Embracing Change, and Prioritising Wellbeing - Featuring Ceri Jones, Headmaster, Caterham School Ep 169: Bridging the Sustainability Gap: Driving Sustainable Transformation – Featuring Brendan May, Chairman and Founder, Robertsbridge Ep 170: The Era of Educational Travel - Featuring Sophie Hughes, Head of Business Development, Lightfoot Travel

Read the survey in full here.

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Issue 95 / November 2023

Supply chain digitalization event, October 2023

Minister Gan Kim Yong, Guest of Honour at our 24th Annual Business Awards, October 2023

British High Commissioner H.E. Kara Owen and David Gray CBE former Chair of OfGem, discuss the role of grids and fusion, October 2023

XCL World Academy, Dulwich College (Singapore) and the British Council on navigating the international school wait list, October 2023

Global PMI Partners deliver a masterclass on M&A integration, October 2023

Our Diversity & Inclusion Committee host an important discussion on difficult conversations at the workplace, November 2023

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Issue 95 / November 2023

MEMBER PROFILES

MEMBER PROFILES /

WELCOME TO OUR NEW MEMBERS ― The Chamber continues to welcome exciting new member companies to our

network. To contact them visit the Membership Directory on our website or reach out to our team.

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Achilles helps organizations to build a more sustainable, cleaner, safer, and fairer world. Using our global technology platform and protocols based on more than 30 years of experience, our highly qualified validators and auditors perform due diligence and develop insight to ensure that supply chains meet their ESG, sustainability, human rights, and health and safety obligations. Operating from 17 locations worldwide, Achilles is at the forefront of the battle against climate change, a champion for social justice and human rights, and an expert in health and safety and risk management. We have customers and colleagues on every continent, and we work with some of the biggest brands in energy, mining, oil and gas, construction, chemicals, pharma, transport and logistics, manufacturing, financial services, and retail.

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CASEY WISHART & PARTNERS

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ROYAL HOLLOWAY UNIVERSITY OF LONDON, SCHOOL OF BUSINESS AND MANAGEMENT Our AACSB-accredited School of Business and Management at Royal Holloway, University of London, is dedicated to making a positive difference to management policy and practice, through our research, teaching and partnerships with industry.

We provide management education that equips our graduates§ with the skills and knowledge required to thrive in a rapidly-changing world, an education that is interdisciplinary in nature and encourages critical thinking. Our academics have a broad range of expertise addressing current and future business challenges and can help you drive cutting-edge research or explore areas of business.

CONNEXUS GLOBAL PTE LTD We’re Connexus. We’re stripping back recruitment to what it’s really all about: finding great talent when the pressure is on.

At Connexus, we know that incorporating technology, data, and artificial intelligence (AI) into our working practices will enable us to deliver smarter recruitment solutions, understand our clients’ problems, and add genuine value. However, we also recognise that recruitment will always revolve around human connections, and our focus is squarely on building these connections across the product value chain.

At Connexus, we’re as real as it gets. We take a no-nonsense approach and get the job done.

Visit www.connexus-global.com for more information.

Visit www.royalholloway. ac.uk/management for more information.

Issue 95 / November 2023

NEW MEMBERS

GO NET ZERO PTE LTD GoNetZero™ is a global decarbonisation solutions platform, backed by Singapore Stock Exchange-listed Sembcorp Industries, headquartered in Singapore.

We believe in a holistic approach to unlock critical opportunities for our customers to transition to a low-carbon economy. Our solutions are designed to solve for the demand and supply sides of decarbonisation, as well as energy asset management. We help our customers acquire Renewable Energy Certificates (RECs) and carbon credits. We partner across organisations through various stages of their net zero journeys. Innovation is the core of what we do to develop decarbonisation strategies to serve our customers better.

Visit www.gonetzero.ai for more information.

BUREAU VERITAS MARINE & OFFSHORE

FIDINAM (SINGAPORE) PTE LTD

One of the world’s leading ship classification societies and offshore safety and verification bodies, we work closely with our clients to achieve safety and performance at sea.

Fidinam Group is a private consulting firm established in 1960. Our global presence includes Italy, Switzerland, China, Australia, Dubai, Hong Kong, Ho Chi Minh, and Singapore. In 60 years of activity, we have acquired a wealth of contacts and skills that enables us to meet the needs of clients of all types and to be ready to face the most difficult challenges posed by the markets.

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INTUITION PUBLISHING Intuition are a knowledge based services company proving end to end training primarily for financial services companies.

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GLOBAL PMI PARTNERS (GPMIP) Global post-merger integration specialists. Our industry-leading services allow us to both accelerate and de-risk the execution of your transaction so you can get to the deal value quickly.

Visit https://gpmip.com for more information.

Fidinam Singapore portfolio of services includes domestic and international tax planning, corporate, tax and accounting services, wealth planning, HR and payroll services, CFO outsourcing service, strategy and business consulting, and tax advisory on blockchain services.

With our strong regional presence, we help individual and corporate clients to set up and manage cross border investments.

Visit www.fidinam.com for more information.

WATCHTOWR Founded in 2021, watchTowr is a venture-backed cybersecurity technology company headquartered in Singapore, operating globally. Backed by years of red teaming and adversarial simulation experience, watchTowr’s technology gives enterprises a real-time understanding of how they could be compromised and beat in-the-wild exploitation of emerging vulnerabilities.

Visit https://watchtowr. com for more information.

THE PAN PACIFIC SINGAPORE Afive-star business hotel with a total room inventory of 790 newly-refurbished rooms and suites, including its signature Pacific Club Floors that caters to the personalised needs of today’s global business and leisure traveler. A contemporary yet warm ambience, full amenities including high speed wired and wireless Internet access, with 24 meeting venues and immediate proximity (via sheltered-linked bridge) to the Suntec Singapore International Convention and Exhibition Centre.

Visit www.panpacific.com/ en/hotels-and-resorts/pp-marina.html for more information.

The winning and highly commended entries for this year’s Annual Business Awards, our 24th edition, were crowned in this year’s Gala Awards Ceremony. Held on 12th October at the Shangri-La Hotel in the presence of our Guest of Honour, Minister Gan Kim Yong, Minister for Trade and Industry, the Gala Ceremony is the highlight in our business events calendar.

In a social media post following the event, Minister Gan said:

“Had a wonderful time at the British Chamber of Commerce Singapore (BritCham)’s 24th Annual Business Awards, where we celebrated the outstanding achievements of British and Singapore businesses.

Today, Singapore is home to more than 6,000 British businesses. Our two nations share a longstanding and historical relationship that extends across many domains, including trade and investment, finance, defence and security, digitalisation and cybersecurity and sustainable development. We share a strong and deep friendship that is our bedrock for cooperation.

As we further strengthen our economic linkages, we will continue to support businesses in digital transformation, and in their efforts to unlock new growth opportunities in the green economy. I look forward to the deepening of UK-Singapore business ties, to strengthen the dynamism and resilience of our economies.

My heartiest congratulations to the winners and finalists of the 24th Annual Business Awards!”

Both Minister Gan’s and British High Commissioner H.E Kara Owen’s opening speeches remarked on the newly-signed Strategic Partnership between the UK and Singapore, along with progress in the digital and green economies followed recent trade agreements. The evening began with a VIP Cocktail Reception where Minister Gan and the British High Commissioner met representatives from the finalist companies, before the Gala Ceremony commenced.

Minister Gan & H.E. Kara Owen meet finalist representatives

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BritCham President Damian Adams, Minister Gan, BritCham Executive Director David Kelly, & BritCham VP Simon Middlebrough Issue 95 / November 2023

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Issue 95 / November 2023

REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST. MICHAEL’S PROJECT

REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST. MICHAEL’S PROJECT ― In a significant milestone for Manchester’s property development, Gary Neville’s Relentless Developments has launched its ambitious St Michael’s project. The former Manchester United and England footballer was in town earlier this month with his business partners in the project, with BritCham present to support the media launch.

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Issue 95 / November 2023

REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST. MICHAEL’S PROJECT

The ambitious £400m (S$665million) St Michael’s development in the very heart of Manchester will be home to W Residences in a deal recently announced with Marriott International. W Residences Manchester are the brand’s first outside London, and one of only 20 worldwide.

Former Manchester United and England footballer Gary Neville was in town earlier this month with his business partners in the project, property developer Salboy, and real estate agents Savills, to launch the city’s very first branded residences alongside a 5-star W Hotel. During his trip to Singapore our Executive Director David Kelly, and Deputy Executive Director Lucy Haydon, had the opportunity to meet with Gary and his colleagues to learn more.

Singapore was chosen as a first stop on the international promotional tour for the project given Gary’s ongoing connections to the city-state and Salboy’s existing customer base here, and will be followed by stops in Beijing, Shanghai, Hong Kong and the Middle East.

the media engagement he stated, “St Michael’s has been a labour of love for the past 15 years… one of Manchester’s most ambitious projects.” Neville, who spent his football career experiencing worldclass hospitality in various cities, felt Manchester was missing out on opportunities in this aspect. His ambition was to introduce Manchester’s first worldclass development, a vision now coming to fruition with St Michaels. He believes this project is not just a landmark for Manchester but a world-class icon, asserting, “I do believe we have a building that could live in Singapore, it could live in Dubai, it could live in London.”

Collaborating with construction company Salboy, who have plans to open an office in Singapore, and real estate firm Savills, Relentless Developments is ensuring that St Michaels stands out not only in design but also in execution and market positioning.

Simon Ismail of Salboy highlighted the uniqueness of this development, saying, “This is the first branded residences outside of London in the UK. That tells you something about where the city (of Manchester) is going.”

Gary has long envisioned the development as a transformative opportunity for Manchester. During

“I do believe we have a building that could live in Singapore, it could live in Dubai, it could live in London.”

Former professional footballer-turned investor, Gary Neville, answering questions with Simon Ismail, Co-Founder & MD, Salboy at the 10th November Singapore media launch for the W Residences Manchester.

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Issue 95 / November 2023

The development’s first phase includes over 180,000 sq ft of workspace, unrivalled international hotel and residences. The commercial portion, slated for completion in Q3 2024, already has around 70% of the space let. The second phase will feature a 162-bed 5-star hotel, and 217 branded W residences. Remarkably, within a week of launching the W Residences, around 60 units were sold, reinforcing the developers’ confidence in their project’s direction and appeal. The luxury residences will offer owners all the amenities and services of a W Hotel, including 24-hour concierge, round-the-clock in-residence dining, laundry and dry cleaning. Located within the development’s iconic 41-storey tower, the residences will feature alongside the W Hotel, set to open in 2027.

Savills provides further insight into Manchester’s potential, noting the city’s over 120,000 students, including 21,000 international students, and its status as a hub for innovation, arts, and culture.

Significantly, 51% of the total students choose to stay in Manchester post-graduation, driving demand in various sectors, including rental and buy-to-let markets. The average property price in Manchester, currently at £273,000, has seen a substantial increase over the past

5-6 years. The North-West region, particularly Manchester, has been outperforming other UK locations, including London, in rental performance and is expected to outperform the UK as a whole in the mainstream residential market over the next five years.

The city’s growth is further supported by infrastructure developments like Manchester airport’s £800 billion upgrade. With 40,000 development plots in the city, there’s approximately a decade’s worth of market supply. However, to meet the burgeoning demand and accelerate development, Savills notes the city would require about double this number. This balanced growth across residential, retail, commercial, and F&B sectors is attracting a significant number of people across the UK and internationally, contributing to the rise in property prices.

St Michaels, therefore, is not just a property development; it’s a statement about Manchester’s place on the global stage – a city ready to offer world-class amenities and lifestyle options, echoing Gary Neville’s vision of bringing a piece of international luxury to his home city.

Artist’s impression of St Michael’s Square upon completion

REVOLUTIONIZING MANCHESTER: INSIDE GARY NEVILLE’S AMBITIOUS ST. MICHAEL’S PROJECT

Click on the video below for a fly-through of the St Michael’s development

Click on the video for a fly-through of St Michae’s Manchester

FIND OUT MORE Visit W Residences Manchester online at http://wresidencesmanchester.com.

Find out more about the St Michael’s project at www.relentlessdevelopments.co.uk/developments/stmichaels-tj6am. Follow @stmichaelsmcron on Instagram.

Find out more about Salboy at https://salboy. co.uk/.

BritCham Executive Director, David Kelly, & Deputy Executive Director, Lucy Haydon, pictured with former professional footballer and property developer Gary Neville at the media launch

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Issue 95 / November 2023

MEMBER PROFILE

FROM ELECTRIC LIGHTING TO FUTURE AVIATION: MOTT MACDONALD’S JOURNEY IN SINGAPORE ― This year, Mott MacDonald, a global management, engineering and development consultancy, is proudly celebrating its 50th anniversary of operating in Singapore and commemorating 100 years of heritage in the city-state.

St James Power Station – Powering Singapore since 1923

FROM ELECTRIC LIGHTING TO FUTURE AVIATION: MOTT MACDONALD’S JOURNEY IN SINGAPORE

The Mott MacDonald journey began in 1902, when Sir William Henry Preece, an electrical engineering visionary, conducted a feasibility study for electric lighting in the region. His legacy was carried on by his son, Arthur Henry Preece, who helped design the first major electric power station in Singapore, the St James Power Station, in 1923. Fast forward to 1973 and Mott MacDonald was invited by the government to explore alternative solutions for a bridge over the Kallang River, as part of Singapore’s first metro project - the East-West and North-South Line. This marked the beginning of a long and fruitful collaboration with Singapore and regional clients, which continues to this day.

Making an indelible mark on Singapore’s cityscape through global collaboration Today, Mott MacDonald has a team of over 270 talented professionals based in Singapore, who work on iconic and complex projects in Singapore and across the Asia Pacific region. The engineering complexity of Mott MacDonald’s projects, and sheer volume of data, size and location of the multiple design teams across the globe has meant that the old ways of delivering projects had to be abandoned and a new model for delivery developed with major emphasis on a collaborative, innovative and digital first approach.

out where the cool air came from when you are at the roof garden. Currently, the team is working on the development of Changi Terminal 5 through the provision of engineering and consultancy services for the terminal building, ground transportation centre, airfield, and landside and airside facilities. The dedication and design innovation required to support the architect’s design and re-imagined vision of an ‘Airport city’ is both incredibly challenging and something Mott MacDonald is extremely proud to undertake.

Sustainability is a key focus for Mott MacDonald Mott MacDonald’s strength lies in its ability to combine global expertise and local knowledge to deliver innovative solutions that prioritise people, safety, and sustainability. At this years’ BritCham Annual Business Awards, Mott MacDonald was awarded Sustainability Champion of the Year for its tremendous efforts both within the organisation and the work it does with clients and partners.

Over the past year, Mott MacDonald has taken impressive strides in innovation on the North-South Corridor tunnelling project. To overcome space constraints along Thomson Road, an inventive approach was used to stack the tunnels instead of a traditional side-by-side construction. This unique arrangement involved developing the world’s first underground bridge and has been designed by Mott MacDonald’s transport experts in Singapore, UK and Australia.

Incorporating an innovative concept knows as the Vierendeel Truss, the design allows the bridge to span across live MRT tunnels and covers an impressive 30 metre distance – that’s about half the length of an entire 3-carriage MRT train.

Globally, Mott MacDonald strives to go beyond legislative requirements. It has committed to achieving net zero by 2040 and is amongst the first group of companies to have its targets validated by the Science-Based Targets initiative (SBTi). As part of a global carbon reduction plan, the local Singapore office is tracking operational emissions using a carbon footprint dashboard. The dashboard allows for a detailed breakdown of Scope 2 and 3 emissions focusing on emissions associated with purchased electricity, employee commuting, business travel and making sure its value chains have carbon reduction plans. These operational emissions are monitored monthly to identify opportunities for potential carbon savings. Annual events and initiatives such as an internal Sustainability Week, Active Travel Challenge, clean up days, and devising incentives and support packages are also used to bring awareness about sustainability in the community and to encourage employees to rethink ways to reduce their own carbon footprint.

Mott MacDonald brings global aviation expertise to the shores of Singapore using experience garnered from working on transformative projects at the world’s major airports, including London Heathrow and New York’s JFK. As Jewel’s building services engineer, their commitment to sustainable practices has been instrumental from initial competition to detailed design engineering with CapitaLand and Changi Airport Group. Air conditioning systems were strategically placed and designed such that they blend in with the environment. Try figuring

Beyond carbon, Mott MacDonald is actively pursuing initiatives that align with the United Nations Sustainable Development Goals. In Singapore its commitment to Equality, Diversity and Inclusion (EDI) and alignment with SDG 8, on inclusion of people with disabilities in workplace, meant that it recently underwent an office transformation to ensure its workspace is fully wheelchair accessible.

This includes flat surfaces, accessible doors, and wheelchair-friendly toilets. Aligning with SDG 12, on responsible consumption and production, the

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Issue 95 / November 2023

MEMBER PROFILE

Singapore team has also successfully implemented a single use plastic avoidance policy in the office which has involved working closely with suppliers to avoid any potential single use plastic, especially when catering corporate events.

Mott MacDonald also prioritises low-carbon development across the various sectors it works in. The organisation is investing in its own carbon digital platform, Moata Carbon Portal, to create localised carbon databases allowing more clients to track embodied carbon emissions associated with infrastructure assets.

A Mott MacDonald representative sits on a Carbon Committee with the Singapore Green Building Council to help raise industry awareness of embodied and operational carbon. Its work in carbon advisory and focus on a regional net zero initiative has been successful in promoting a shift in design thinking internally and is now making strides in the market as a trusted advisor to major clients. This is evident by a recent collaboration with large-scale asset owners and developers such as CapitaLand, Lendlease, GuocoLand, ESR Group and Mapletree where Mott MacDonald’s carbon advisors have been working to support carbon baselining and reduction planning for their asset portfolio.

Over five decades, Mott MacDonald has enhanced the quality of life and connectivity for Singaporeans, offering efficient commutes, reliable power, seamless airport experiences, and sustainable city growth. Its commitment to reducing its own environmental impact and supporting its clients in achieving their sustainability goals is admirable. Looking towards the digital future, Mott MacDonald is driving the use of cutting-edge technologies and digital solutions to further enhance Singapore’s infrastructure. A strategic business focus is allowing Mott MacDonald to harness global digital expertise with local insights as it continues to push boundaries to create a brighter, more sustainable future.

Beach Clean-up at East Coast Park

“I’m immensely proud of our achievements to date, and grateful for the trust and support our clients and partners have given us over the past five decades. We’re now looking towards the future and focusing on continuing our journey of progressing excellence and innovation in Singapore and across the wider Asia Pacific region.”

– David Boyland, Managing Director for Asia.

FROM ELECTRIC LIGHTING TO FUTURE AVIATION: MOTT MACDONALD’S JOURNEY IN SINGAPORE

Lord Sarfraz, UK Trade Envoy to Singapore, H.E. Kara Owen, British High Commissioner to Singapore, Steve Firstbrook, Country Director of the Department for Business & Trade (DBT), and Mike Collins, Head of Infrastructure and Regional Lead to Singapore for DBT, visit the North-South Corridor project in May 2023

Mott MacDonald Singapore teamed up with HealthServe across multiple events to support the Migrant Worker Outreach and Engagement event (including health screening, gift & survey service and ushering)

ABOUT THE COMPANY Mott MacDonald is a global management, engineering and development consultancy headquartered in the United Kingdom. Employing over 19,000 staff across 140 countries, Mott MacDonald is one of the largest employee-owned companies in the world and second largest in the UK. Visit mottmac.com for more information.

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Issue 95 / November 2023

TRADE

WHERE INNOVATION MEETS LIFESTYLE ― Looking for the best place to grow your business outside of Singapore and South-East Asia? Look no further than Australia’s largest state, NSW. At almost $A700 billion, this stunning state with 8.3 million residents on Australia’s east coast offers the largest economy in Australia. And if relaxation is on your agenda, you will find world famous landmarks alongside pristine nature as well as a host of international sporting and cultural events.

WHERE INNOVATION MEETS LIFESTYLE

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TRADE

Gateway to Asia and the Pacific NSW is perfectly positioned as a gateway to Asia and the Pacific region. The NSW Government is committed to strengthening its relationship with key markets in the region, including Singapore.

The Singapore Australian Free Trade Agreement is one of Australia’s oldest and most comprehensive bilateral agreements, helping Singapore to become one of Australia’s largest trade and investment partners. And Investment NSW is helping to grow this partnership even further.

The expansion of the NSW Government’s trade and investment promotion agency, Investment NSW, into Singapore means we are now attracting the region’s best businesses to NSW. Thanks to this expansion, Investment NSW can help your business - Identify growth and investment opportunities and accelerate market entry in NSW; and - Access opportunities with NSW exporters.

The strength of NSW as a destination for growth and investment in the hospitality, infrastructure and tech sectors is clear in the recent investments by Singapore-based businesses, including the Keppel Data Centres Holdings investment into new data centres across NSW and Pontiac Land’s refurbishment of a Sydney heritage building to create the landmark Capella Hotel.

These moves follow the long-standing capital commitments in NSW by GIC, Temasek, Singtel, ComfortDelGro and many more.

Investment NSW Investment NSW brings together the state’s key economic development and investment attraction functions to reinforce our state as the best place in the world to invest, study, do business or just relax.

Our international network provides NSW trade and investment expertise in key global markets and onshore it strengthens the links between government, business, industry, research, and investors to foster innovation and help share the best of NSW with the world.

With one of the world’s most multi-cultural communities, a world-class innovation eco-system centred around Tech Central, and two universities ranked in the world’s top 20, NSW offers access to a diverse pool of highly skilled talent.

The state offers exciting investment opportunities in Western Sydney with construction of Sydney’s second international airport due to complete in late 2024 and the development of the City of Bradfield adjacent to the airport. Regional NSW holds opportunities in defence and aerospace, food and agriculture and large-scale opportunities in renewable energy – solar, wind, hydrogen and storge.

Sustainable business The NSW Government is committed to its 2050 net zero target and developing our green economy.

In June, we partnered with the Singapore Green Building Council to bring 10 of NSW’s leanest and greenest businesses to the International Green Building Conference. The companies were identified through the Investment NSW Green Building Technologies to Singapore Program.

The program was developed to support the Singapore-Australia Green Economy Agreement (GEA), a first-of-its-kind agreement that boosts both countries’ economic, trade, investment, and climate change objectives.

The companies brought wide-ranging expertise, including in: • low carbon construction materials • energy modelling and energy efficient management systems • digital urban solutions • sustainable procurement • e-Mobility assets These capabilities were ideal for Singapore’s market so we designed innovation lab crawls and workshops to showcase the support that Singapore ecosystem partners could provide through international collaborations and market access.

Success story

Investment NSW is also working hard to create new opportunities in priority sectors such as technology and cyber security, advanced manufacturing, clean economy, defence, aerospace and health and life sciences.

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And that success goes both ways, because NSW businesses are also bringing out their best in Singapore.

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ELEVATE Sydney, 2022. Photo credit: Destination NSW

Take energy software leader Enosi Energy Australia (Enosi), who supercharged their success by launching their Powertracer product in Singapore.

As the world’s first mass market, scalable, clean energy traceability solution for organisations targeting True Zero Carbon, Powertracer is leading the way. Using smart metering data, Enosi matches and settles energy production and consumption—enabling operators of renewable plant to offer a price direct to the end consumer. And the consumer can access cleaner, cheaper energy by dealing direct. It’s a win-win.

NEXT STEPS The Investment NSW team offers a range of specialised programs and support right here in Singapore and in London. It’s our job to make your job easier.

Contact us to see how we can work together at investment.nsw.gov.au/international-offices/asean/

Enosi’s first key partner in Singapore is Senoko Energy (Senoko)—the largest power generator in Singapore and a top three retail energy supplier. Together with Senoko Energy, Enosi is delivering a first-of-itskind renewable energy program called Solarshare in Singapore. Senoko will be using Enosi’s Powertracer platform to enable thousands of customers to access the limited solar energy resources on the island.

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Issue 95 / November 2023

ROAD TO NET ZERO

NAVIGATING A MORE SUSTAINABLE PATH FOR THE GLOBAL SHIPPING INDUSTRY ― Singapore-based X-press Feeders is taking a leadership role in helping the global shipping industry to reduce its carbon footprint by deploying green methanol-powered ships.

By Francis Goh, X-press Feeders Chief Operating Officer

There are, at any given moment, nearly 50,000 cargo ships crossing the world’s oceans. In fact, in 2021, approximately 1.95 billion metric tons of cargo was shipped globally.

The shipping industry– which moves the world’s goods, from raw materials to finished products - underpins the global economy and supply chain.

Shipping remains the most carbon-efficient mode of transport per ton-kilometre. However, the scale of the shipping industry and its reliance on fossil fuels means it is responsible for nearly 3% of our global greenhouse gas (GHG) emissions. This equates to roughly one billion metric tons of carbon dioxide annually – equal to all of Japan’s emissions.

The maritime industry needs a clear decarbonisation roadmap to reduce its emissions and mitigate climate change. The International Maritime Organisation (IMO), through its Greenhouse Gas Strategy, aims for GHG emissions from international shipping to reach net-zero by or around 2050.

This ambitious goal will require the world’s fleet to transition from fossil fuels to renewable fuels. Green methanol is one viable option.

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We at X-press Feeders are playing our part in this global initiative. To help achieve net-zero by 2050, we ordered 14 dual-fuel vessels, which can be powered by green methanol. We will start taking delivery of these vessels in the first quarter of 2024, and the first four vessels will be deployed on routes within the Intra-European region. Vessels using green methanol, as compared to conventional marine fuel, have 60-70% lower GHG emissions. We are sourcing our green methanol from OCI Global, the world’s largest green methanol producer.

Besides the early adoption of renewable fuel, efforts need to be made to reduce fuel consumption. We are achieving this through our fleet renewal program where we are replacing older, less-efficient vessels with new, more fuel-efficient vessels that have better engine performance, an enhanced hull design, and are equipped with modern energy-saving devices.

But for the maritime shipping industry to decarbonise, we also need industry stakeholders to play their part too. For example, port owners and operators need to put infrastructure in place so vessels can be refuelled with green methanol at port, and access renewable shore power instead of relying on less-sustainable fuels to generate electricity.

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NAVIGATING A MORE SUSTAINABLE PATH FOR THE GLOBAL SHIPPING INDUSTRY

Gone are the days when ports flourished based solely on their geographic location. Shipping companies will increasingly choose to call at ports that possess infrastructure and offer services that support sustainable operations.

Besides port infrastructure, the cost of green methanol is another obstacle in shipping’s decarbonisation roadmap. It is more expensive than conventional marine fuel. For our new ‘green routes’ within the Intra-European ports to be successful and financially viable, we need to pass on additional fuel costs to the customer.

We all have to pay a price to be sustainable, but we believe it is a small price to pay. Let us explain why: • •

•

A 20ft-long, standard size shipping container (TEU) is large enough, for example, to transport 4,000 pairs of running shoes.

An X-Press Feeder vessel operating from Rotterdam to Portugal using green methanol for example, reduces CO2e emissions by 268kg per twenty-foot equivalent unit (TEU).

The additional shipping cost equates to less than 0.025 Euro cents for each pair of shoes – a small price to pay for something that will make a big difference in reducing emissions.

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As the world transitions to renewable electricity, there is a danger that maritime shipping’s share of global emissions will increase. But if we take small concrete steps today, we can be on the path to achieving 2050 decarbonisation targets, creating a more sustainable shipping industry and a greener earth.

ABOUT THE COMPANY X-Press Feeders, founded in Singapore in 1972, is the world’s largest independent common carrier. Our mission is to be the ‘Global Common Carrier’. We provide transportation services only to container operators and not to proprietary cargo interests or the general shipping public. X-Press Feeders has a fleet of more than 80 vessels calling at more than 160 ports worldwide. X-Press Feeders aims to achieve net zero emission by 2050 and be the ‘Greener Feeder Carrier of Choice’. We will be the world’s first feeder carrier to operate containerships powered by green methanol.

Issue 95 / November 2023

DIVERSITY & INCLUSION

HOW DO YOU KNOW IF YOUR ORGANISATION IS REALLY INCLUSIVE? ― Well-meaning but ineffective diversity practices can be counterproductive. Track your organisational journey with insights from behavioural science. Run it past this nine-point rubric captured by the acronym INCLUSION.

By Lutfey Siddiqi, Visiting Professor-in-Practice, London School of Economics and Political Science (LSE IDEAS), and Co-investigator & Advisory board member, The Inclusion Initiative (TII)

Corporate policies of diversity and inclusion (D&I) run the risk of generating apathy. Not as a set of values but as a set of practices that may fail to engender their desired outcomes. Ineffective practices can be counterproductive.

This is particularly true for multinational companies that roll out global policies without capitalizing on the cultural diversity inherent in their operations across time zones, and in hubs such as Singapore.

On that backdrop, Dr. Grace Lordan, Director of the Inclusion Initiative at the London School of Economics, and I conducted a study around two related questions: Are there insights from behavioural science that can enhance the effectiveness of inclusion practices in financial services? Second, are there lessons from Singapore that may apply to other multi-cultural hubs?

We suggest a framework represented by the convenient acronym of INCLUSION. Every letter of INCLUSION signifies a marker for organizational culture. This rubric can also form a template for workshops within firms about their inclusion journeys.

Let me elaborate on each of these markers as a set of first-person questions that leaders may want to ask of themselves.

I

INCLUSIVE LEADERSHIP

N

NORMS IN HIRING

C

CROSS-CULTURAL UNDERSTANDING

L

LONG-TERM PERSPECTIVE

U

UNDERSTAND THE BENEFITS TO INCLUSION

S

SALIENT SOCIAL IMPACT

I

INCENTIVES

O

OPPORTUNITIES

N

NARRATIVES

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HOW DO YOU KNOW IF YOUR ORGANISATION IS REALLY INCLUSIVE?

Inclusive Leadership Have I been trained to be an inclusive leader or was I promoted based only on my performance as a producer? Have I been exposed to concepts of behavioural science that allow me to identify known biases such as groupthink, halo effect, anchoring etc. and design my decision-making processes to counter them? Do I chair meetings in a way that allows diversity to surface? This 8-week, online certificate course is an example of relevant training options.

Norms in Hiring Do I follow norms of hiring that are deliberately designed to counter affinity and familiarity biases?

Do I cast the net of potential candidates outside of my own networks or do I have preconceptions of the ‘type of people’ who can perform certain roles?

Do we have narrow selection filters such as academic results or do we have task-based and apprentice-style hiring routes?

Cross-cultural Understanding Especially in a regional hub like Singapore that serves as an interlocuter between the West and parts of Southeast Asia, do I take advantage of the cross-cultural richness in the room? Do I map that diversity with the diversity of my client base and scan for opportunities accordingly?

Misunderstandings may arise if rules around debate and dissent are not made explicit. Conference calls across time zones are susceptible to ‘communication illusion’ when a team discusses amicably together but each person’s takeaway is different.

In the words of an executive, “Silence means different things in different cultures. What is unsaid can be very important”. This can manifest itself, for example, in a risk committee meeting where the decision to extend credit to an Asian company requires input from the country manager as well as the regional risk officer who may have different styles of engagement and proficiency in English.

Cultural differences may also intersect with gender bias. To quote another leader, “As the only woman at the meeting, if I know that the others have already reached consensus, it is easier for me to hold back my views”.

At another western organisation, a well-meaning guidance that employees should avoid working

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outside of standard working hours did not have the desired impact. To colleagues in Asia, that was an empty gesture because the principal reason for their working on evenings was to seek transactional approvals from counterparts in New York. More delegated authority would have been more meaningfully inclusive.

The crucial question is: are we being inclusive in how we design inclusive policies?

Long Term Perspective Do I succumb to short-term commercial pressure or am I consistent in reinforcing our commitment to inclusion? Building a diverse plate of candidates for a job opening takes time. Diverse teams may also take longer and more deliberate effort to come together.

Without consciously pursuing inclusion habits, simply assembling a superficially diverse team can have detrimental effects.

If the near-term costs are not acknowledged and the long-term benefits are not made salient, D&I initiatives can come across as inauthentic.

Understanding the benefits Do I genuinely view diversity and inclusion as an investment, or do I treat it like an expense? Do we have a theory of change that maps inclusion to better returns for the business? If so, have we been thoughtful about generating metrics that truly reflect impact beyond first-order headlines such as the percentage of women on the board? If the typical Canadian company has twice as many women on their boards but half as many in the C-suite as Singapore, which is more inclusive?

Do we routinely evaluate diversity interventions at a business level, and can I be honest about what does not work? If not, is there business ownership for diversity initiatives or are they seen as compliance chores?

In the words of one of our interviewees, “We have mostly launched into these initiatives without senior executives making an effort to explain why that is important. Some colleagues simply roll their eyes”.

Salient Social Impact To the extent that diversity and inclusion is central to our values and organizational purpose, do we consistently display those values in our relationship with suppliers, collaborators, and customers?

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DIVERSITY & INCLUSION

In the same way that we are required to track CO2 emissions in our supply chain, do we have transparent rules of engagement with external parties that affirm diversity and inclusion? Is our commitment visible, credible and consistent?

If we surveyed our employees today, would they confirm that there is reasonable equity in the distribution of opportunities? Small acts of exclusion can compound and create significant divergence in career outcomes over time.

Inclusion is closely related to trust and it is important that well-meaning initiatives are not misconstrued as performative and tokenistic.

Narratives

Video: The S of ESG. Incentives Is there alignment between our rhetoric about collaboration and our practice of paying mostly for individual performance? Do managers feel that they have sufficient skin in the game when it comes to inclusive behaviour? Have we thought through the second-order effects of linking performance to pay and the best way to incentivize inclusive outcomes?

Opportunities How do we allocate opportunities for employees to shine and perform special projects? Do I have a fairness filter to ensure that we are not simply promoting those who ask most loudly? Do I audit my decisions from time to time to observe patterns in how I distribute opportunities?

How does diversity and inclusion fit into our core business strategy and the narrative of our economic valuation? Do we couch this simply in terms of social responsibility or do we demonstrate its instrumental role in averting risks or generating revenue? Do we tell stories of inclusion and innovation that relate to the felt experience of colleagues in their professional contexts? Stories and case studies about that client we acquired or that risk we dodged because of our proactive approach to inclusion can help cement the business value of that approach.

At a time of heightened uncertainty and multiple disruptions upending business models, diversity and inclusion could build resilience and expand the surface-area of serendipity. However, in order to ensure effectiveness, it is important to pursue it with the rigour and discipline afforded to traditional areas of investment in corporations.

ABOUT THE COMPANY The London School of Economics and Political Science (LSE) is one of the foremost social science universities in the world. LSE IDEAS is LSE’s foreign policy think-tank and The Inclusion Initiative (TII) uses behavioural science insights to advance our understanding of the factors that enhance inclusion at work.

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Issue 95 / November 2023

FUTURE OF WORK

BUILDING FOR GROWTH: THE CASE FOR A PEOPLE STRATEGY ― In today’s ever-evolving business landscape, the need for a well-crafted people strategy has never been more critical. At APSCo Asia, part of the Association of Professional Staffing Companies (Global) group (APSCo), we recognise the importance of this strategy as was underlined in our recent report. It is evident that a robust people strategy isn’t just a buzzword – it’s a vital component for business success.

By Ann Swain, Global CEO, APSCo

Understanding People Strategy At its core, a people strategy is a comprehensive roadmap that outlines how an organisation will attract, develop, engage, and retain talent. It aligns a business’ broader business goals with the human resources practices needed to achieve them. In the realm of recruitment and other service-led industries, people are the lifeblood of a company and a dedicated people strategy serves multiple purposes.

In a world where remote work is becoming the norm, the talent pool is now global. This offers incredible opportunities, but it also intensifies competition and demands a nuanced understanding of diverse cultural contexts. In today’s landscape, candidates look beyond just compensation; work-life balance, opportunities for continuous learning, and a sense of purpose have taken centre stage.

To thrive in this environment, aligning business goals with employee aspirations is essential. Employees who see their personal and professional growth intertwine with the company’s success are more motivated and committed. A people strategy ensures

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that this shared vision is articulated and consistently reinforced.

Creating a people strategy Creating a robust people strategy requires a balance of forward-looking fulfilment measures (the ‘offence’) and retention tactics (the ‘defence’). These tactics ensure that recruitment businesses attract top-tier talent and create an environment that encourages growth and long-term commitment.

Fulfilment Tactics: Leadership Presence and Impact sets the culture tone. A visible, approachable, and empathetic leadership team creates an environment of trust. Effective use of employee value proposition (EVP) lays out the unique benefits employees can expect to receive in return for their skills and expertise. Promoting the EVP ensures that potential candidates receive a compelling narrative about your firm’s value.

A streamlined recruitment process signals to potential employees that you value their time and effort.

Emphasis on continuous learning and development

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BUILDING FOR GROWTH: THE CASE FOR A PEOPLE STRATEGY

showcases your commitment to your employees’ professional growth by offering tailored development opportunities. Using culture documents transparently records company norms and expectations, ensuring consistency in approach.

Retention Tactics: Psychological well-being and safety are critical to innovation. Employees should feel secure in voicing opinions, taking calculated risks, and potentially making mistakes without fear of retribution. Trust in teammates is essential. Promoting a culture where promises are kept and tasks are completed diligently, teams function more cohesively.

Ambiguity can lead to confusion and redundancy.

Clear job descriptions and expectations ensure each team member knows their roles and responsibilities.

Beyond daily tasks, employees seek a deeper connection to their work. By aligning individual roles with the broader company mission, you can ensure your employees find purpose in their contributions.

Regular acknowledgement and appreciation of an employee’s contributions reinforce their value to your business, bolstering morale and commitment.

The synergy between these offensive and defensive tactics is crucial to a strong people strategy. When combined, they form a blueprint that attracts talent and provides a nurturing workplace.

Delivering on Learning and Development For a thriving business, continuous growth relies on the commitment to cultivating talent. Approaching training in a structured way ensures consistent skill development. Rather than sporadic and ad-hoc training sessions, adopting a structured approach could range from onboarding training for newcomers to advanced modules for seasoned professionals. Have frequent career conversations instead of relying on an annual appraisal. Instead, more frequent career discussions can offer real-time feedback, address concerns, and chart growth trajectories.

Arrange mentoring programs and similar ones. Mentoring is more than just a one-size-fits-all proposition.

Traditional senior-to-junior mentoring is invaluable, but peer mentoring, reciprocal mentoring, and even

reverse mentoring can offer fresh perspectives. Foster a culture of self-development. While structured training is vital, promoting a culture where employees take charge of their development can be transformative. Provide clear and achievable career paths.

Ambiguity can be a growth deterrent. When employees can visualise a clear and achievable career trajectory, they’re more motivated to upskill and take on new challenges.

Building a Positive Company Culture Fostering a positive company culture is more than just an aspiration; it’s a strategic imperative. You need to set clear business values and direction. Define values that act as a compass, guiding strategic decisions and daily interactions. Foster inclusivity for greater team efficiency. In today’s diverse workplace, inclusivity is a moral and a business imperative. Provide transparent and motivating reward structures. Rewards and recognitions play a crucial role in reinforcing positive behaviours and outcomes.

Collect and implement employee feedback. No company culture can remain static; it must evolve with the times and the people that form it.

Three Practical Steps to Initiate Your People Strategy Initiating a people strategy might seem daunting, but breaking it down into practical steps can make the process smoother and more effective. Firstly, conduct a people strategy audit to assess your current company culture, learning and development programs, reward schemes, employee turnover, and feedback mechanisms. Secondly, arrange a cross-functional workshop involving various departments and levels to ensure diverse inputs. Finally, design a pilot program to test, measure success, and refine based on feedback.

A well-defined people strategy is not just a necessity; it’s a catalyst for growth and success in an ever-evolving marketplace. By following these steps you can navigate the changing landscape and build a thriving, people-centric business that attracts and retains top talent. Commitment to people is the key to sustained and sustainable success.

NEXT STEPS To explore how APSCo can further support your people strategy, contact asia@apsco.org.

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Issue 95 / November 2023

FUTURE OF WORK

BUILDING THE SKILLS TO LEAD CONFIDENTLY AND COMPETENTLY IN AN EVER-CHANGING BUSINESS WORLD ― Whether you’re stepping into your first managerial role, or a seasoned leader adapting your skillset to match the ever-changing world of work, understanding yourself as a manager, what makes your team tick, and how to build successful professional relationships are vital skills to master when stepping into a leadership position.

People strategy isn’t just a buzzword – it’s a vital component for business success.

By Robin Martin, Professor of Organisational Psychology at Alliance Manchester Business School

As the world of business has advanced through decades of digital transformation, hybrid working models, advanced commitments to equality, diversity and inclusion, there is no longer room for a ‘one size fits all’ approach to leadership and management. Adaptability and a commitment to ongoing professional development continues to be the key to leadership success.

Effective leaders prioritise investing sufficient time and energy into both developing themselves and their team, but what are other key qualities which leaders should add to their toolkit?

Meeting the individual needs of your team members Humans are complex by nature, with no two people being the same. Similar can be said about everyone’s individual management preferences, and what they deem as key elements in order to feel happy in the workplace and perform to the best of their ability.

Whether you’re managing a person who is looking to progress up the career ladder to reach senior positions, someone looking to broaden their skillset in a range of new business areas, or perhaps a team member who is content within their role and wants to maintain their performance, it’s important to understand everyone’s motivations and goals within their career.

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BUILDING THE SKILLS TO LEAD CONFIDENTLY AND COMPETENTLY IN AN EVER-CHANGING BUSINESS WORLD

By listening to feedback, providing clear meaning and direction, and ensuring those you manage feel valued within their role, you will be able to create job security and provide a healthy work environment for your direct reports.

Building trust through informal and positive interactions Studies have shown that when employees feel they can trust their managers, productivity and wellbeing increases within the workplace.

Although hybrid working comes with many benefits, it has also caused several drawbacks including a decrease in the so-called ‘water-cooler conversations’ – the informal, friendly interactions we have with colleagues whilst passing them in the corridor or meeting in the lunchroom.

The more positive, social interactions you have with your direct reports, the more they are likely to feel comfortable and trusting towards you, boosting their morale, sense of well-being and belonging within their role.

Understanding that you’re going to make mistakes A common misconception of being a leader is the expectation that you should have all the answers to every question, right from the beginning. But the reality of becoming a manager for the first time is that you will face a very steep learning curve. Looking to others for advice and learning from their expertise is paramount to becoming an effective leader.

Managing difficult conversations and conflict Nobody enjoys having difficult conversations, especially in the workplace, but unfortunately, it is almost certain that every manager will come across them at some point in their career. Knowing how to manage and address these interactions is a complex but vital skill to master when becoming an effective and respected leader.

By keeping an open and honest dialogue between you and your direct reports, and dealing with conflicts quickly, problems can be resolved efficiently without allowing them to linger and worsen over time.

Discovering your own leadership style and focusing on professional development Recognising and exploring your own leadership style is a vital part of delivering effective leadership.

Acknowledging your own leadership tendencies and investing time in continuous improvement not only supports impactful personal development, but it also creates a positive work environment which highlights your commitment to adapt with changing circumstances in a fast-paced business landscape.

By observing how you respond to success and failure, and understanding how to regulate interpersonal emotions, this will help to heighten your self-awareness as a leader, supporting you to achieve positive outcomes for yourself, your team, and the overall business.

Final thoughts

Listening, learning, and absorbing the knowledge, experience, and support from successful managers around you will help you to learn from their previous challenges and implement best practice leadership techniques into your own management style.

Alliance Manchester Business School has recently launched a brand-new portfolio of short business courses for senior leaders and executives with a focus on supercharging their leadership capabilities. Professor Robin Martin is the academic lead for the organisational psychology elective. During his course, Psychology of Leading People, you will discover, strengthen, and learn how to effectively implement your leadership skills within your organisation.

Many believe that leaders are born, not made.

However, with a focus on investing sufficient time towards developing key skills that empower yourself and those around you to make informed decisions and perform to their highest ability, leaders can be born from hard work and commitment alone.

Through the Manchester Worldwide (S.E. Asia) Centre in Singapore, the University of Manchester offers a range of custom executive education and part-time degree courses, including Manchester Global MBA and MA in Educational Leadership in Practice.

Find out more at www.manchester.edu.sg or watch this video.

ASEAN

SINGAPORE EMERGES AS THE LEADING WEALTH CAPITAL IN ASIA-PACIFIC ― The rapid growth of Asia as a major player in wealth generation is being powered by a flourishing middle class and a generation of innovative entrepreneurs, and Singapore stands at the centre of this rising tide of wealth that has been targeting the city-state, catalysing its real estate market and driving up inbound Foreign Direct Investments (FDIs) to 47% above 2019 levels. Knight Frank investigates.

The fabric, make-up, and raison d’être of many cities worldwide have been recast in the wake of the pandemic, with global real estate markets experiencing price and demand volatility.

This has been underpinned by the ebb and flow of evolving demand drivers, which themselves have been heavily influenced by COVID-legacy factors such as the seemingly permanent shift to the adoption of hybrid working by many businesses to the outflow and subsequent return of residents from global city centres in search of more space and access to green sanctuaries.

The most successful cities have been those governed by decisive leadership and rapid action to contain the virus, which fostered confidence, bolstered their safe-haven status and thrust them to the forefront of global businesses and the world’s elite, reshaping global capital flows.

The rapid growth of Asia as a major player in wealth generation is being powered by a flourishing middle class and a generation of innovative entrepreneurs, and Singapore stands at the centre of this rising tide of wealth that has been targeting the city-state, catalysing its real estate market and driving up inbound Foreign Direct Investments (FDIs) to 47% above 2019 levels.

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In Knight Frank’s inaugural “Rise of the Super Wealth Hub” series, we explore the evolving wealth landscape and its impact on property markets across these cities, a complex interaction that mirrors the intricate fabric of global prosperity.

This report assesses burgeoning wealth hubs using six comprehensive indicators designed to measure the live, work, and play aspects. We define a “wealth hub” as a financial centre distinguished by a robust legal framework, political and economic stability, elevated living standards, abundant talent pool, and resolute allure for the affluent. It encompasses not only promising economic opportunities for career growth but also an exceptional residential environment and a dynamic range of leisure pursuits. All indicators utilised in this report are scaled from 0 to 1, with 1 representing the highest achievement and 0 the lowest.

Singapore has cemented its position as the nerve centre, scoring on average 0.79, the highest among Dubai, Hong Kong, Sydney and Shanghai, as the leading wealth capital in Asia-Pacific. This is attributed to its robust legal framework (0.98), high enterprise excellence (0.97), luxurious lifestyle (0.91), thriving urban prosperity (0.75) and strong governance and talent (0.69). The region’s growing middle class and innovative entrepreneurs are among the

Issue 95 / November 2023

SINGAPORE EMERGES AS THE LEADING WEALTH CAPITAL IN ASIA-PACIFIC

Table 1: This table describes the overall city performance of the emerging wealth hubs assessed in Knight Frank’s inaugural “Rise of the Super Wealth Hub” series using six comprehensive indicators designed to measure the live, work, and play aspects. All indicators are scaled from 0 to 1, with 1 representing the highest achievement and 0 the lowest.

major contributors to the surge in wealth, with Singapore at the forefront of this trend.

However, due to its small size limiting the development of land-extensive recreational facilities and the need to maximise land use leading to the shops being housed in shopping malls instead of highstreet shopping, Singapore’s score on the opulence aspect stands at 0.47 only. In contrast, Dubai in the Middle East shines with a luxurious lifestyle score of 0.95, according to this evaluation. Table 1, appended below, shows the breakdown of this assessment of five emerging wealth hubs.

Assessment of Singapore as Asia’s Capital Nerve Centre Work: Singapore’s small size and highly educated workforce have propelled it to the forefront of economic performance, ranking second in the world for Gross Domestic Product (GDP) per capita by country in 2022. With a highly educated English-based workforce, Singapore has become an attractive destination for technology companies, manufacturers, international finance institutions, and multinational corporations. Its reputation for innovation, governance, competitiveness, and ease of doing business has made it a standout player in Southeast Asia, where it is tapping into the growing middle-class populations of emerging economies.

Live: Singapore’s prosperity continues to soar as industrialisation and commercial growth fuel a consistent increase in standards of living. The country’s currency remains strong, public infrastructure has improved, and social mobility is on the rise. Additionally, Singapore’s commitment to public safety ensures a secure and safe environment for all.

Play: However, in the play segment, Singapore’s

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small size limits the development of land-extensive recreational facilities such as golf courses, theme parks and sprawling national parks. Additionally, the importance of shipping and port facilities has also limited the number and length of beaches for recreational use on the island. The need to maximise land use has also led to the shops being housed in shopping malls instead of high-street shopping.

Green: Singapore is taking significant steps towards sustainable development with its Green Plan 2030.

Despite only contributing 0.1% of global emissions, the plan includes concrete targets such as developing new parks and reducing waste to landfill per capita per day by 20%. By 2030, the goal is for 80% of Singapore’s buildings to be green, with 80% of new buildings to be Super Low Energy buildings. These efforts demonstrate Singapore’s commitment to being a responsible global citizen and are certainly newsworthy.

Residential Market Performance: Singapore has a model public housing programme that is often the envy of other cities, housing more than 70% of the population. However, the private residential market, representing 30% of all housing inventory, has seen a boost in demand in the outskirts and suburban areas due to the pandemic. Despite this, Singapore continues to be a safe haven for many high-net-worth individuals and families looking for luxury homes in prime locations also exhibited by Singapore’s phenomenal rental growth standing at 53% according to Knight Frank’s latest edition of Prime Global Rental Index.

Scan the QR code to subscribe to updates in the ‘Rise of the Super Wealth Hub series from Knight Frank.

SECTOR INSIGHTS

WHISKY CASKS: AN ASSET ANALYSIS OF THE ‘LIQUID GOLD’ INVESTMENT BOOM ― In the fluctuating landscape of global investments, distinguishing the trends from the mainstays is crucial. Enter whisky casks—an asset that, on initial glance, may seem like a niche product, but upon closer analysis, reveals itself as a burgeoning heavyweight in the alternative investment arena. And one that has been around for centuries.

By Alexander Knight, CEO of Whisky Cask Club The Data-Driven Surge The Global Whisky Market’s projections are hard to ignore. By 2026, the whisky industry is slated to command a valuation of USD$95.9 billion. But what is driving this bullish outlook? Beyond the evident consumer demand for the beverage, there is a growing recognition of whisky casks as a tangible asset offering both stability and substantial returns.

A Deep Dive into Demand Dynamics Scotch Whisky exports have been on an ascent, as HRMC (His Majesty’s Revenue and Customs) data indicates. But it is not just about volume; it is about the consistent and growing demand from emerging markets. The prestige and cultural value attached to Scotch make it less susceptible to transient market shifts.

Assessing Quality and Authenticity In any investment, risk assessment is paramount.

The award-winning Whisky Cask Club has positioned itself as a mitigator of such risks in this market. By ensuring quality and authenticity through affiliations with established Scottish distilleries, the club provides investors with a layer of assurance, vital for any emerging asset class.

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Appreciation: The Time Factor One of the unique aspects of whisky cask investment is its appreciation mechanism. Unlike volatile stocks or static bonds, whisky casks offer returns directly proportional to time. The ageing process not only enhances the spirit’s flavour but also its market value—a rarity in traditional investment avenues.

Diversification and Resilience For astute investors, diversification is a strategic move. Whisky casks, given their relative insulation from typical market downturns, offer a diversification advantage. In uncertain economic climates, such assets can provide the portfolio resilience many seek.

Using Expertise to Navigate Nuances While the potential of whisky cask investments is clear, navigating its intricacies requires expertise.

Institutions like The Whisky Cask Club play a pivotal role here, guiding investors through the complexities and ensuring they are positioned for optimal returns.

The rise of whisky casks as an asset class is a testament to the market’s evolving nature. While traditional investments will always have their place, the allure of alternative assets like whisky casks is undeniable. Their blend of tradition, tangible appreciation, and market resilience makes them a noteworthy contender in the investment arena.

For forward-thinking investors, this analysis suggests that whisky casks are more than just a trend.

They represent a strategic investment opportunity, backed by data and market dynamics. As we raise our glasses to the future of finance, whisky casks will be leading the toast.

With the landscape of investments constantly evolving, institutions like Whisky Cask Club are pivotal in guiding investors. The ‘liquid gold’ boom is not just a fleeting trend but an investment avenue worth serious consideration.

ABOUT THE COMPANY To explore how APSCo can further support For more information, contact 2023 British Chamber Annual Business Award Winner at www.whiskycaskclub.com.

Issue 95 / November 2023

UNDERSTANDING TODAY’S POST-PANDEMIC E-COMMERCE LANDSCAPE TO GAIN THE EDGE

UNDERSTANDING TODAY’S POST-PANDEMIC E-COMMERCE LANDSCAPE TO GAIN THE EDGE ― In APAC, e-commerce is now forecast to account for 46% of retail absolute value growth by 2027 compared to 2022. Within fast-moving consumer goods (FMCG), the shift to e-commerce accelerated during the pandemic, and now the majority of FMCG categories have elevated levels of e-commerce sales. Euromonitor dives into how grocery market in Asia Pacific has been performed in the early of this year and discuss the significance of how these daily grocery products can serve as a broader understanding of market dynamics, by analysing the online performance via Euromonitor E-Commerce.

By Jared Conway, Head of Research, Euromonitor International Australia: Wine sales are heavily over-indexed in e-commerce than other alcoholic drinks Euromonitor International’s E-commerce solution analyses how wine is performing online in the country, identifying consumer trends and growth opportunities for businesses. Sales of wine in Australia now accounts for over 37% of alcoholic drinks sales online, while just 23% of sales are made through traditional bricks-and-mortar retail channels.

Seasonal preferences of consumers also come into play for sales over the course of the year. For instance, red wine performed the strongest in the Australia’s winter months of July to September, with 40% higher sales compared with online sales of still white wine. Conversely, during the summer months when temperatures are highest, white wine exceeded red wine by 25% in the first quarter of 2023.

Additional analysis has also reflected that consumers still prefer to purchase sparkling wine in-store, due to the tactile experience of interacting with the product and the gratification of purchasing a product with a high price point in-person. However, Australian shoppers tend to prefer purchasing still red and white wine online, given the superior selection and information that online retailers provide.

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Issue 95 / November 2023

SECTOR INSIGHTS

India: Localised variations and flavours key win in chocolate online sales In India, chocolate confectionery has been one of the fastest growing snacks in the country over the last two years, with sales from 2021 to the end of 2023 predicted to grow by 40%. Despite challenges in delivering such products in the country’s hot and humid conditions, retailers and delivery services have adapted by improving last-mile delivery options.

Online sales performance in the second quarter of the year is typically a slow period for the market in India, with consumers favouring other products such as ice cream and soft drinks, to cope with high temperatures.

In addition, the holiday period for educational institutions also limits the popularity on-the-go consumption.

As a result, this data reflects that sales are expected to continue to grow and provide a variety of opportunities for manufacturers and retailers in a market that is still vastly undersaturated across both urban and rural areas. Consistently keeping an eye on metrics is crucial for a category like chocolate confectionery, which has immense potential in India.

These studies reflect the dynamism of the world of e-commerce, and how insights across industry sectors on the changing habits of consumers can uncover new opportunities for businesses in today’s landscape.

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Issue 95 / November 2023

UNDERSTANDING TODAY’S POST-PANDEMIC E-COMMERCE LANDSCAPE TO GAIN THE EDGE

China: Slowdown in online instant noodles, while Douyin rises a new powerhouse in the market Sales online for instant noodles in China were very strong throughout 2022 as continued regional lockdowns in both high- and low-tier cities led to consumers looking to consume as well as stockpile the convenient and affordable food option. The first two quarters of 2023 tell a completely different story of how this category has cooled off with rising economic concerns.

However, with concerns of shrinking market sizes and deflationary concerns, the competitive landscape of retailers and their pricing behaviour must also be carefully monitored to gauge where consumers are migrating. While JD and Tmall saw higher average prices of products stocked online, Douyin managed to stock lower average priced products and saw relative stability of monthly prices for these products. Douyin’s dramatic rise in e-commerce sales is just as impressive in instant noodles, as the TikTok equivalent saw Q2 sales rise by 17% from Q1, whereas JD and Tmall saw sales decline in the category. Douyin’s engaging videos and creative partnerships with brands and creators have helped catapult sales in staple foods category.

In the face of prevailing challenges in the Chinese market and the looming concerns of deflation, effective pricing strategies and vigilant monitoring of their impact on e-commerce channels can serve as a guiding light, offering manufacturers and retailers a viable path forward.

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Issue 95 / November 2023

BUSINESS SUPPORT

HOW MANAGING THE RISKS OF AI IS KEY TO HARNESSING ITS POTENTIAL ― Generative AI is becoming a strategic imperative with its vast potential, but companies must also navigate a unique set of risks.

By Ritin Mathur, Partner, Consulting - Data and Analytics, Ernst & Young Advisory Pte. Ltd and Marie-Claude Ferland, Associate Partner, Consulting - AI Strategy, Ernst & Young Advisory Pte. Ltd. Generative artificial intelligence (gen AI) came into the spotlight globally when a language-based AI chatbot was launched in November 2022, with over a million users within the first week of its launch.

Gen AI is an innovative form of AI that is capable of creating sophisticated content — such as images, text, and audio — by leveraging large amounts of internet data and cutting-edge computing power.

Many businesses today across all sectors are seeking to fully understand gen AI to embed its use into their operations and develop the right strategy to harness its potential.

Potential of gen AI Gen AI eliminates the need for laborious data labeling through a semi-supervised or unsupervised technique. Trained with data scraped from the internet, a gen AI app can quickly generate content — such as poems, programming codes and contextually-aware legal briefs — in response to a few short queries. This facilitates content creation and lowers its cost.

Gen AI’s use cases currently extend across many sectors, and it is already performing mundane tasks like customer service, freeing up manpower for higher value-adding work. In creative and entertainment industries, such as moviemaking, music production and gaming, gen AI has delivered convincingly original scripts, images, music compositions and even performances. In e-commerce, gen AI-enabled virtual assistants with access to shoppers’ profiles as well as purchasing and browsing histories enable targeted recommendations.

Limitations of gen AI apps While gen AI may be seen as the next digital phenomenon, its commercialization poses challenges.

At its core, a large language model (LLM) is a statis-

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tical machine trained to predict the most likely word to follow a given sequence of words in a sentence.

Unlike humans, gen AI lacks a comprehensive understanding of its output’s meaning, implications, and nuances. In domains where accuracy reigns supreme, such as medicine and law, gen AI impresses with its ability to produce technical content.

But outside of these domains, its use of syntax and phrasing can often lead to “hallucinations”: presenting incorrect or unrelated information in a convincing manner.

Another limitation of gen AI is its inherent language bias. An LLM is limited by the training data’s quality where the quality of its output is only as good or bad as its training data. Because most of the internet is in English, a language-based gen AI chatbot is still subject to language bias even when supported by a massive LLM. As a result, it can only produce more accurate responses in English than in other languages.

It is also impossible to create gen AI models as know-it-all oracles. While gen AI can comb the internet and consolidate all available information from it on any topic of interest, such content only represents a small fraction of human knowledge.

This is compounded by the time factor. For example, a language-based gen AI chatbot trained with a cutoff period of July 2022 possesses no memory of knowledge and facts after that period. However, a gen AI can become more sophisticated when its LLM is further trained although training LLMs requires massive and expensive resources. Without further training, there will always be knowledge gaps when using gen AI apps.

Despite the potential of gen AI, its rate of commercialization will likely differ across sectors, subject to

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HOW MANAGING THE RISKS OF AI IS KEY TO HARNESSING ITS POTENTIAL

data availability, industry regulations and technical maturity.

Navigating challenges and risks The unique capabilities of gen AI present a unique set of risks that includes misinformation and the consequences of “deepfake” impersonations, where its ability to create unreliable content quickly, cost-efficiently and semi autonomously can lead to erroneous decisions by unsuspecting businesses.

The use of gen AI tools has raised privacy issues, where user information is shared with third parties without permission. Before the General Data Protection Regulation became prevalent, the internet operated on the assumption that digital content is freely available and leading LLMs have been trained by scraping a lot of such data.

Like all digital apps, gen AI is also susceptible to hacks, such as “prompt injection” that manipulates an LLM to perform unauthorized actions. Hence, the issues of cybersecurity and “hallucinations” present challenges when using gen AI in business operations.

Mitigating these risks requires strong data governance practices, including data anonymization and encryption with regular audits. Monitoring gen AI processes to identify misinterpretations and errors as well as keeping abreast of regulations can help businesses navigate potential risks.

Four key strategic actions for implementing gen AI Given its vast potential, incorporating gen AI into business operations is becoming a strategic imperative. Businesses can begin their gen AI journey by taking four key actions: 1.

Increase digital literacy and awareness within the organization with training programs, workshops, and industry partnerships.

2. Build a team with the right mix of in-house and external AI specialists, business strategists, legal experts, ecosystem partners and ethicists to produce near-term and long-term gen AI strategies.

3. Drive a dynamic and flexible implementation strategy by aligning use cases with business requirements where gen AI can offer tangible benefits in a realistic schedule.

4. Conduct regular reviews and risk assessments on how gen AI is improving business processes and integrating operations where relevant for greater efficiency and cost-effectiveness.

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Source: “Usage statistics of content languages for websites,” W3Techs website, accessed 4 October 2023.

Unlike other digital transformation journeys that may have daunting requirements, the lack of need for data labeling in gen AI means that leading tech companies can pool their resources to train general-purpose models. This makes it easier for businesses to build semantically relevant AI apps.

With its superior learning and adaptation capabilities, gen AI offers a myriad of use cases and has the potential to drive productivity gains and reshape the business landscape. By monitoring its performance, having a sound implementation strategy, building the right competencies, keeping up to date on regulatory developments and implementing strong data governance, companies can tap into such potential for significant business value.

The views reflected in this article are the views of the authors and do not necessarily reflect the views of the global EY organization or its member firms.

ABOUT THE COMPANY EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via ey.com/ privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

Issue 90 / January 2023

BUSINESS SUPPORT

RESOLVING DISTRESSED SITUATIONS IN SINGAPORE AND SOUTH EAST ASIA ― A high level introduction to some of the options available under the Singapore legal framework for regional companies facing distress.

By Rob Child, Partner, Ashurst LLP It’s not a scenario that any executive wants to face, but the cold, hard reality is that the headwinds in the global economy mean more and more businesses in the region are struggling.(1) This situation is unlikely to change in the short term: according to the World Bank’s latest Global Economic Prospects report, global growth has slowed sharply and the risk of financial stress in emerging market and developing economies is intensifying amid elevated global interest rates. (2) For many organisations, this may be the first time they are facing such a challenging environment and are having difficult conversations about how to weather the storm and emerge stronger on the other side. Every business is different, and the stresses and strains facing one will not be the same for all.

The same is true of the solutions available.

The good news for any struggling businesses is that Singapore is one of the best jurisdictions in the region to resolve distressed situations and allow businesses to emerge fighting fit and ready to get back to what they do best.

In 2017, Singapore had the foresight to adopt a new legal regime that provides an enhanced framework for companies facing economic distress. Known as the Insolvency, Restructuring and Dissolution Act (or IRDA), this regionally ground-breaking piece of legislation aims to optimise the prospects for ailing businesses to achieve rehabilitation and allow creditors to make better recoveries than in a liquidation, and to develop Singapore into an international centre for debt restructuring.(3)

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But what does this mean in practice for regional businesses facing the early signs of distress?

Singapore offers struggling businesses, both based in Singapore and elsewhere in the region, an efficient and effective process to restructure their financial liabilities and ultimately to continue trading, whilst also allowing founders and shareholders to retain the value of their investment.

There are a number of tools available under the Singapore regime that directors of a struggling business may want to consider: • Where the directors want to remain in control but need some breathing space to develop and deliver a comprehensive restructuring, companies may apply for a moratorium with a view to proposing a compromise or arrangement with their creditors. Upon filing, companies obtain the benefit of an immediate 30 day moratorium preventing any actions against them for that period. This can be further extended, sometimes multiple times, by a judge at subsequent court hearings.

• To facilitate the restructuring process, companies can also obtain super-priority funding (also known as DIP funding) to assist with short to medium term cash flow needs and allow the business to continue to trade whilst a restructuring or reorganisation is implemented.

• Although not a formal arrangement, there have been many examples of where companies bring

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RESOLVING DISTRESSED SITUATIONS IN SINGAPORE AND SOUTH EAST ASIA

in independent restructuring experts during a moratorium period to focus on the financial restructuring process, giving the directors the time to address any underlying issues facing the business as a whole.

• A “pre-packaged” process is available to deliver compromises or arrangements on an expedited basis.

• In the most challenging circumstances, directors may want to consider formally appointing a judicial manager to take over the running of the business and ultimately achieve a better outcome for all stakeholders.

• Businesses that have a presence in Singapore and which are undergoing a restructuring or reorganisation elsewhere in the world can readily obtain relief in Singapore to help facilitate rehabilitative action being taken abroad.

Ultimately, the goal is using these tools (and others available) is to avoid the company entering into liquidation, which is typically the worst outcome for all stakeholders.

The best first step is always to take professional advice early. There is a large, highly skilled community of restructuring professionals in Singapore who offer a full range of expertise that can help any business facing challenging times – whether in Singapore or elsewhere in the region. This includes both financial and legal advisors, as well as turnaround specialists which specific industry expertise.

ABOUT THE COMPANY Ashurst is a leading global law firm with world class capability and a prestigious international client base. Ashurst has 31 offices in 18 countries and offers the reach and insight of a global network, combined with the knowledge and understanding of local markets, with over 450 partners and a further 1,800 lawyers working across 11 different time zones.

In Singapore, through our Formal Law Alliance, known as Ashurst ADTLaw, we are able to provide the full breadth of Singapore and international law services from one integrated platform.

Through Ashurst ADTLaw, clients can access the resources of a leading international firm and a Singapore law firm, allowing them to receive the most innovative solutions with locally tailored advice.

Find out more at www.ashurst.com.

Finally, don’t be afraid of the terms “restructuring” or “reorganisation” – where once there was a stigma around businesses that have been through such a process, savvy operators are learning to use these tools for their advantage, protecting the real economy and ultimately delivering a better outcome to all involved.

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Issue 95 / November 2023

BUSINESS SUPPORT

VALUE BEFORE PROFIT ― CFOs must adopt a value-centric approach if the finance department is to retain its strategic role for businesses. A strong body of research has been developed in recent years, much of it carried out by ACCA, that tracks the changing role of the CFO.

By Liz Fisher, journalist

First published in the ACCA AB Magazine, June 2023

While the role of the CFO is fundamental to organisations, it is not static, and its trajectory is being informed by the need to create sustainable organisations that deliver value to a broad range of stakeholders. In particular, the traditional view of assessing organisations in terms of profit (and reporting on their performance in these terms) is being replaced by a wider consideration of value. As a result, a new role, a chief value officer (CVO) responsible for the creation and measurement of value, is beginning to emerge in some organisations. But what does that mean for the CFO?

well beyond financial stakeholders.

Value is a long-term concept, and its generation is continuous. This means that while the financial perspective may remain paramount, CFOs are increasingly being asked to balance financial and non-financial drivers.

‘As an all-embracing concept, value optimisation may necessitate taking decisions that are not, in strict terms, financially optimal,’ explains the report.

Existing skills

A new report from ACCA and BDO, The chief value officer: the important evolution of the CFO, examines the emerging role of the CVO, drawing on the views of almost 100 finance leaders worldwide.

On the basis that CFOs are increasingly adopting a value-centric approach, the report argues that the CVO is a natural extension of the CFO role, and is one that professional accountants should prepare to embrace.

Enablers of value The report begins by dissecting the meaning of value within an organisation, starting with the six capitals of the International Integrated Reporting Council’s Integrated Reporting Framework, which it describes as the ‘enablers’ of value, or the levers an organisation uses to create value through its activities.

Organisations convert these enablers into value (and report on its progress) through a combination of people, processes, technology and data – for the benefit of a wide range of stakeholders that goes

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So what does this mean for the current skillset of the CFO? CFOs require a combination of financial, business, value and data acumen, as well as skills in project and change management, and ethical awareness. Is this sufficient to meets the demands of a CVO role, or will additional skills be needed?

Finance professionals taking part in the discussions that informed the report argue that many of the requirements of a CVO role are already being undertaken by the CFO, and that their role as CFOs has already moved significantly beyond the traditional perception.

One participant explained: ‘The role of the modern day CFO is more like a T-shape where you have got that depth of knowledge from an accounting perspective but then you have got the bar along the top with a broader understanding of different parts of the business that you link to integrated reporting, and it brings in different points of what we say value is about being… the worth or the usefulness of something to the business or whatever your objective may be.’

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VALUE BEFORE PROFIT

No room for complacency The report concludes there is no need to rebrand the role of the CFO but adds that the profession should not be complacent: current CFO roles will benefit from continuing education programmes in key areas to maintain skills and ensure CFOs can step up to satisfy the value agenda. Future CFOs will need mentoring, support and continuous learning opportunities to ensure they are prepared. ‘A failure to do so will lead to a marginalised finance team and CFO role,’ warns the report, ‘as the CVO requirement will be fulfilled by others, and finance teams will remain focused upon historic reporting with less value-add.’

The report makes several recommendations that leaders can take to embed value-based concepts into their management and develop their finance teams (see panel).

‘I think as the CFO we must recognise that we are now becoming a contortionist,’ said one CFO contributor.

‘The world is changing, and the expectations of our roles are likewise evolving.’

Awareness of the demands of a value-centric approach to business, and careful preparedness, will ensure that CFOs will rise to the challenge.

GET A GRIP ON VALUE • Consider the organisation’s definition of value and how this may be applied across the range of recipients of value.

• Consider the value-based outcomes of the organisation’s sustainability transition plan.

• Assess how each of the IIRC’s six capitals works to create value for the recipients of value.

• Consider how real-time reporting across the capitals can be incorporated into performance management processes.

• Appreciate that performance management relies on a combination of financial and operational data.

• Establish a democratisation of data across the organisation to enable a collective view of performance and value.

• Use strategy to formalise the link between value and the organisation’s values.

• Establish a leadership structure that focuses on value.

• Consider the development path for those currently in the finance team to ensure they have embraced the concepts necessary to perform their expected role.

BUSINESS SUPPORT

THE LEADING EDGE: THE NEW ROLES OF THE SUBSIDIARY TO HELP GLOBAL ENTERPRISES DRIVE TRANSFORMATION AMIDST THE POLYCRISIS ― Subsidiaries are an important lever for enterprises to drive transformation by increasing their capacity for change and enhancing their ability to win.

By Mohit Mehrotra, Executive Director, Monitor Deloitte, Deloitte Asia Pacific; Samrat Bose, Director, Monitor Deloitte, Deloitte Southeast Asia; Bill Jarmuz, Senior Manager, Monitor Deloitte, Deloitte US; Ashwini Vaidya, Senior Consultant, Monitor Deloitte, Deloitte Southeast Asia; Jasmine Doo, Consultant, Monitor Deloitte, Deloitte Southeast Asia; and Fathan Amartya Mahardika, Strategy Analyst, Monitor Deloitte, Deloitte Southeast Asia Transformation and adaptability are fundamental for 21st century leaders to tackle a highly dynamic and disruptive operating environment. The global enterprises of today have had little respite from new and unprecedented risks. In order to navigate this polycrisis, winning enterprises, which Deloitte refers to as “Exponential Enterprises”, need to orientate their businesses around two dimensions – the ability to win and the capacity for change.

The two dimensions of Exponential Enterprises Exponential Enterprises have the capabilities to stay ahead of technological, social, and governance trends, and set themselves apart from their peers.

They embrace volatile market conditions by incorporating the ability to win and capacity for change in their business strategies.

The ability to win comprises all-weather value drivers that grow an enterprise through a wide range of potential future scenarios. It is a distinctive advantage that enables the enterprise to retain its value and competitive advantage in the long term.

The capacity for change complements this ability to win and provides the foundation for an enterprise to adapt effectively to shifts in the market and operat-

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ing environment – it monetises a company’s ability to win.

The subsidiary Exponential Enterprises can leverage their subsidiaries as important levers to increase their capacity for change, enhance their ability to win and support their ‘always-on’ transformation capability. On average, Exponential Enterprises that do so earn valuations that are 176% higher and 30% less volatile than industry competitors that do not adhere to this fundamental enterprise design principle.

To activate this lever, a new relationship paradigm between a global enterprise and its subsidiaries must be established, so that the relationship is more integrated, seamless, real time, and bi-directional. A subsidiary should go beyond its role as a “Resource Deployer”, which is simply tasked to deploy headquarters’ resources to drive sales and run capability centers.

Deloitte’s recent report, The Leading Edge, explores three subsidiary archetypes that will enable a subsidiary to make the transition from a “Resource Deployer” towards future states aligned to the aspirations of Exponential Enterprises.

Issue 95 / November 2023

THE LEADING EDGE: THE NEW ROLES OF THE SUBSIDIARY

Firstly, the subsidiary’s role as “The Observer” – to sense, interpret, and communicate local market insights and knowledge to the global team that enable the enterprise to make the most advantageous strategic and tactical choices. This will give the global enterprise the necessary ‘nimbleness’ to stay ahead of competitors and maximise value creation and capture.

Thirdly, the “Mandate Owner” – where the subsidiary is given ownership of specific areas of transformation on behalf of the global enterprise. This model enables the subsidiary to work alongside global teams to think through the vision, strategy, and operationalisation of that mandate. It navigates the tension of transformation and provides feedback to the global team based on its implementation.

Secondly, the “Playbook Developer” – where the subsidiary not only takes on the role of an observer; it also demonstrates new pathways the global enterprise can take to respond to local market trends. The subsidiary effectively becomes the source of new playbooks that the global enterprise can tweak and scale in other parts of the world as and when the need arises. The Playbook Developer role can manifest in three ways – to be empowered to develop ‘new to the world’ strategies to overcome immediate uncertainties, serve as a ‘sandbox’ for testing new business models, and act as an ‘incubator’ for new internal and marketing-facing innovations.

Moving forward: A new agenda for the Global Management team Exponential Enterprises are those that can stay ahead of the curve in their response towards the polycrisis, not just to gain a competitive advantage, but also to ensure the longevity of the business.

Reimagining the role of their subsidiaries is important for organisations to become winning enterprises.

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Issue 95 / November 2023

HEALTH & WELLBEING

BIO-HACK YOUR HEALTH: LIFESTYLE MEDICINE IS THE FUTURE OF MEDICINE

― The great health challenges of the 21st century come from chronic diseases: diabetes/obesity, cardiovascular disease, cancer, autoimmune and mental health conditions. Lifestyle choices play a role in all these conditions, and Lifestyle medicine seeks to address these issues to improve the health and wellbeing of individuals and society.

By Dr Neil Forrest, Family GP, MBChB (Leeds, UK), MRCGP (UK), Osler Health International

Current healthcare approaches do not adequately address chronic diseases. Most people have their condition detected at an advanced stage, and doctors offer expensive medicines and interventions to deal mainly with the complications that arise. But what if we could intervene earlier to prevent or even reverse the disease process, and what would this look like?

Lifestyle medicine aims to achieve this by focusing on six pillars: • • • • • •

Nutritional health Mental wellbeing/managing stress Social connections and relationships Exercise Minimising harmful substances (like alcohol or smoking) Sleep

It might sound obvious, but with an evidence-informed, scientific approach, these pillars represent powerful tools in our fight against disease. They are much more potent at prolonging lifespan and healthspan (proportion of your life lived without disease/impairment) than any drugs currently available.

According to the American College of Lifestyle Med-

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icine, 80% of healthcare spending in the USA goes towards treating or managing health issues related to poor lifestyle choices. Many health issues, like heart disease, obesity, high cholesterol, type 2 diabetes, and even mental health disorders can be remedied through preventative medicine. As a form of preventative medicine, lifestyle medicine seeks to prescribe behavior changes that reduce unhealthy behaviors and focus on the promotion of positive ones.

Changing the doctor-patient relationship For this approach to be effective, a doctor needs to move away from their traditional role as an expert who simply imparts information. Years of experience have shown me that simple advice such as “exercise more” or “eat less” is not effective. A lifestyle medicine doctor plays the role of a coach, working in collaboration with their patient to determine their values, goals, motivations and harnessing these to enable lasting behavioural changes.

How does it work in practice?

We review your overall health and well-being against the six pillars with a comprehensive Lifestyle Assessment. Depending upon the results, we may recommend involvement from a muti-disciplinary team of professionals. The doctor and professionals work

Issue 95 / November 2023

BIO-HACK YOUR HEALTH: LIFESTYLE MEDICINE IS THE FUTURE OF MEDICINE

in tandem to review progress. This is one of the key differences – there’s a ‘programme’ in place. You’re not left on your own!

What types of disciplines are involved?

Nutritionists, trainers, psychologists, smoking cessation specialists, health coaches and more. We’ve steadily built up a network of excellent allied health professionals that we trust and collaborate with.

Who should consider a Lifestyle Assessment?

I recommend anyone to have a Lifestyle Assessment who: • has reviewed the six pillars and has concerns about one or more; • has chronic diseases and wants to better manage them; • has a family history of chronic disease and wants help to reduce their own risk; • wants to get generally healthier but needs clear guidance on how to enhance energy levels, mental clarity, immune function, and overall vitality; • has tried and failed to make lifestyle changes; or • feels they’re lacking motivation in taking steps to optimise their overall well-being.

Does lifestyle medicine mean abandoning treatments like drugs and surgery?

Definitely not! Pharmaceuticals still play a key role in the management and prevention of many diseases. Lifestyle medicine recognises this but aims to maximise optimisation of the ‘six pillars’ alongside other management strategies. We hope that this completely removes the need for medication in most people, but this is not always the case. Lifestyle interventions may prevent you from ever getting cancer for example, but if you were unlucky enough to have the disease, we’d want to use all tools available (drugs, surgery, and lifestyle changes), in your treatment. A great example of this is that some cancer therapies are more effective when used alongside certain nutrition interventions.

ABOUT THE COMPANY The lifestyle medicine approach involves a multi-disciplinary team of allied health professionals and at Osler Health we work with a trusted network of nutritionists, trainers, psychologists, and coaches to get the best results for our patients. For a video explainer on our lifestyle medicine approach, click on the image to the left.

Osler Health International is a trusted international family GP clinic with ethics at its core. Known for our compassionate and professional service, Osler Health has built a reputation for excellent service and outstanding patient care. Osler Health is at the forefront of bringing lifestyle medicine to Singapore, is the only carbon-neutral primary healthcare provider in Singapore and delivers pro bono clinics to foreign domestic workers. We have 2 clinics, at Raffles Hotel Arcade and Star Vista.

Visit www.osler-health.com.

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