Orient
THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SINGAPORE
SPECIAL FEATURES
ISSUE 57
ISSN 0219-1245
9 770219 124002
57
21
FIVE MILLION JOBS BY 2020: THE REAL CHALLENGE OF THE FOURTH INDUSTRIAL REVOLUTION
44
DAVOS 2016: PRIME MINISTER DAVID CAMERON’S SPEECH TO THE WORLD ECONOMIC FORUM
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ISSUE 57 / MAR 16
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Contents
11
PRESIDENT’S MESSAGE
13
EXECUTIVE DIRECTOR’S MESSAGE SPECIAL FEATURES
21
Five Million Jobs by 2020: The Real Challenge of the Fourth Industrial Revolution
44
Davos 2016: Prime Minister David Cameron’s Speech to the World Economic Forum
FEATURES 16
2016 Economic Outlook
26
HeForShe, One Year On
30
Financial Services Must Change its Image, Starting with Ending the Practice of Cold Calling
33
What are Millennials Really Worth?
36
How to Stretch Your IT Budget
38
Are You Investing in Your Personal Brand?
AT THE CHAMBER 50
Britain in Southeast Asia News
52
Business Group News
55
Business Services News
56
BritCham New Members
58
Sterling News
61
Corporate News
64
Members’ Offers
66
Events
CULTURE & LIFESTYLE 82
A Talent to Amuse
W W W. B R I T C H A M . O R G . S G
British Chamber of Commerce, Singapore, Sponsors GOLD AND DIVERSITY SPONSOR
GOLD SPONSOR
SILVER AND BREAKFAST CLUB SPONSOR
SILVER SPONSORS
BRONZE SPONSORS
BRITCHAM BOARD: PRESIDENT: Hugo Walkinshaw: Ernst & Young Advisory Pte Ltd VICE-PRESIDENTS: Damian Adams: Simmons & Simmons SECRETARY: Chris Kilburn: Watson, Farley & Williams Asia Practice LLP TREASURER: Veronica McCann: Commerzbank AG BOARD MEMBERS: Andrew Vine: The Insight Bureau Annabel Moore: Diageo Singapore Pte Ltd Bicky Bhangu: Rolls-Royce Singapore Pte Ltd Chris Pook: British High Commission David Pugh: The Fry Group Haslam Preeston: Jardine Cycle & Carriage Limited Ian Williams: HSBC Bank Richard Warburton: Arcadis Robert Williams: British Airways Roland Davies: British Council Ronald Totton: BT Singapore Rudi Geerdink: The Royal Bank of Scotland Sian Brown: Barclays Bank PLC Terence Yuen: BP Singapore COMMITTEES: Business Group: Richard Warburton Events: TBC External Affairs: Bicky Bhangu Membership: Damian Adams Editor: Vipanchi vipanchi@britcham.org.sg
Orient is a quarterly magazine published by the British Chamber of Commerce, Singapore.
Content Coordinator: Clara Tan
© All rights reserved.
39 Robinson Road #11-03 Robinson Point Singapore 068911 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg
The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies and articles are sent at owner’s risk
BUSINESS GROUP CHAIRPERSONS: Diversity: Stephen Trevis Energy & Utilities: 1EVO +EMRWFSVSYKL Entrepreneur & Small Business: Jonathan O‘Byrne & Miles Gooseman (Co-Chair) Financial Services: Ashley Jones IT & Communications Technology: Andrew Pickup (Chairperson), Chris Reed (Co-Chair) Leadership in Asia: Zsuzsanna Tungli & Mike Hughes (Co-Chair) Marketing & Creative: Chris Reed (Chairperson), Andrea Edwards (Co-Chair) Manufacturing & Operations: Ramil Fakhretdinov Professional Services: Mark Chowdhry (Chairperson), Anna Tan (Co-Chair) Property & Construction: Marcus Eckersley Scottish Business Group: Neil Mclnnes Transport & Logistics: Neil Johnson Sustainability & Responsibility: Rosie Danyluk Women in Business: Sian Brown Young British Chamber: Zoë Marmot MANAGEMENT TEAM Executive Director: Brigitte Holtschneider Finance Manager: Pauline Yeo Senior Events Manager: Alexandra Packman Events Manager: Deborah Harrison Membership Manager: Katie Hudson Membership Support: Tamara Morewood Marketing & Communications Manager: Vipanchi Marketing & Communications Executive: Clara Tan Business Services Manager: Carole McCarthy Business Services Advisor: Umagliya Kankanangai Tina Business Services Advisor: Jared Sim Office Administration Executive: Anna C Garciso and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustrative purposes only, and no copyright infringement is intended. Subedited, designed and printed by: NOVUS CONTENT. DI G I TAL. PUBLI SH ING.
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Contact: Simon Cholmeley, simonc@novusasia.com Design: Erika Wong, erikawong@novusasia.com Khairunnisa, khai@novusasia.com Subeditors: Chua Kim Beng, kimbeng@novusasia.com Chin Wei Lien, weilien@novusasia.com Creative Services: Kwan Gek Lian, gek@novusasia.com Pearlyn Kwan, pearlyn@novusasia.com
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President’s Message
W W W. B R I T C H A M . O R G . S G
Dear Members, Across the globe, it is clear that 2016 is already proving to be a challenging year, both economically and politically. Despite the uncertain outlook, Singapore continues to provide a stable platform from which companies are well placed to gain from both regional and international commerce. The past year at the Chamber is a good example of that stability. We saw an increase in membership engagement and growth, typified by the efforts of the Business Groups and their committees. Our Business Services team continued to prosper with the support of our colleagues at the British High Commission, UKTI and the British Council, and provided support to a range of inbound business missions and market entry requests. And our Events team delivered over 90 successful events, including the Rugby World Cup Dinner, the Annual Business Awards and the Colours of Singapore Ball. All this in the context of the SG50 festivities, the commemoration of Lee Kuan Yew’s passing, General Elections in both Singapore and Britain, and PM David Cameron’s visit to Singapore. My thanks goes to all our Sponsors, our Members, the Chamber team, and to the Board and Executive Committee for their unstinting support over what proved to be a busy 2015. Hugo Walkinshaw
President, British Chamber of Commerce, Singapore
Moving on to more recent news, I am pleased to say that we have had a successful start to the year. In February, we were delighted to welcome UK Minister of Transport Lord Ahmed, who shared the UK’s Infrastructure strategy for the year ahead during his visit. British High Commissioner HE Scott Wightman inspired members and guests with his life lessons at the recent YBC Mentor Series. We collaborated with our colleagues at BritCham Indonesia to present a Country Briefing, which highlighted the effectiveness of the recent stimulus packages launched in Indonesia. And we hosted the first of our Sponsor & Sterling member networking evenings at the Grand Hyatt. We will continue to bring you a wide variety of networking opportunities and events in the coming weeks. I would also highlight the opportunities provided by both our website as well as the Orient magazine, which are key channels for members to share insights, market research and knowledge. Finally, please also take note of the forthcoming AGM, to be held at Eden Hall on Thursday 5 May. I wish you all a successful 2016, and look forward to seeing you in the coming weeks.
Best regards,
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Executive Director’s Message
W W W. B R I T C H A M . O R G . S G
Dear members, I hope you had a good start to 2016! Globally, the year got off to a rather bumpy start, as economies struggled with slow growth in many developed and emerging markets, driven by a record low price for oil, deteriorating prices for other commodities and much slower growth rates in China. A volatile and challenging business environment is here to stay. Singapore, as regional hub in Southeast Asia, is not without its own challenges, but is in a much better place than many other markets in the developed world. ASEAN economies such as Vietnam, Philippines and Myanmar are expected to expand robustly, providing opportunities and chances for businesses in Singapore. Throughout 2016, your Chamber will concentrate on providing value and support in a couple of important areas: Regional Connections: Through our BiSEA (Britain in Southeast Asia) network, we provide connections to all ASEAN markets. Every member of the British Chamber in Singapore has automatic access to attend events of the BiSEA Chambers, and our team will make introductions to the Executive Directors and the teams in the respective BiSEA Chambers.
Brigitte Holtschneider
Executive Director, British Chamber of Commerce, Singapore
14 Active Business Group Committees: Our Business Group Committees cover various industry sectors as well as cross functional areas, such as: • Diversity • Women in Business • Financial Services & Banking • Leadership in Asia • Professional Services • Sustainability & Responsibility • Energy & Utilities • Young Professionals • ICT • Entrepreneur & Small Businesses • Property & Construction • Scottish Business Group • Marketing & Creative • Manufacturing & Operations We invite every corporate member to engage with one or more of these committees, participate in exchanging successes, challenges and best practices to inspire and learn so as to benefit business and professional development. All Committees are driving and influencing the Chamber’s events programme, planning and conceptualising sessions that provide valuable and relevant insights for all members. Continue Building the Online Base: Our member homepage was launched in January; it offers various new features to enhance your membership experience: • Inbox: Access notifications for membership and event registrations • Who’s Viewed My Profile: Check which member is interested in connecting with you • Update Your Profile: Easily make changes to your profile • Registered Events: Track your event bookings Diverse events calendar: This allows members to connect and network. Some highlights in the upcoming months include: • 14 April: Rugby Networking ahead of the HSBC Singapore Sevens Weekend • 27 April: Brexit Debate • 5 May: AGM at Eden Hall Please feel free to connect with me and arrange a meeting for a more in-depth update and discussion.
Best wishes, LinkedIn https://www.linkedin.com/company/britishchamber-of-commerce-singapore Twitter @britchamsg
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Sterling Members
SINGAPORE
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Feature
W W W. B R I T C H A M . O R G . S G
2016
Economic Outlook By Simon Baptist What does it mean for the world economy now that low oil prices are here to stay for the foreseeable future?
W
hen I looked at global financial markets at the start of 2016, I felt a familiar sensation. What was going on looked like a reprise of the worst moments of 2015. China’s overvalued stockmarkets were tumbling, their falls exacerbated by misguided government intervention. The oil price had fallen almost as quickly, thanks to soaring stocks and plentiful supply. Confidence had been lost around the world, stripping US$4 trillion from the value of stocks. I fully expect that financial markets will calm down this year — indeed, they may well be less volatile by the time you read this — but the shifts in the global economy mean that further periods of instability are likely throughout the year. There are reasons not to be alarmed about falling Chinese stockmarkets. Chinese stock
holders tend to move in herds, which makes prices rise higher and fall lower. The link between equities and the real economy is also tenuous. The economy continued to grow at a similar rate in 2014 (when stock prices rose precipitously) and in 2015 (when they fell sharply). Nevertheless, the government’s decision to shut down trading showed it to be less trusting of market forces than I had hoped. I am more worried about the currency, which has weakened a lot against the dollar. In December alone, the Chinese central bank spent more than US$108 billion to prevent a steeper decline. A weaker renminbi reflects capital leaving the country in search of better — or less risky — returns elsewhere. It may also induce China’s exporting rivals in Asia to devalue their own currencies so
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as to maintain their export competitiveness. A currency war would be bad news for the global economy. Together with China, the resumption of falling oil prices contributed to the gloomy start to 2016. I think that cheap oil, of less than US$70/barrel, is here to stay. Although some US shale producers will be forced out of business over the coming year because of the low price, there will be new sources of supply from Iraq, Iran and Libya that will keep oil plentiful and cheap for the next five years at least. Despite lots of stories in the media about slowing demand from China, I think the low oil price is essentially a supply story. The development of the US shale industry has permanently weakened the ability of OPEC to set a high oil price. It is harder than it used to be to assess what cheap oil means for the global economy. An old rule-of-thumb said that for every US$10 fall in the price of a barrel of oil over a year, global growth would rise by 0.1 percent. This is because the economies of oil importers — like the US, China and Japan — are bigger than those of oil exporters such as Saudi Arabia and Nigeria. Yet this was not visible in 2015, despite oil falling from US$100/ barrel to US$50/barrel. I think this is because producers account for a larger share of the global economy than they have previously, because the impact on the US is now more nuanced given that its own oil companies suffer when the price falls and because other developed countries, such as Canada and Australia, have focused their economies on exporting commodities, many of which rise and fall in tandem with oil. In 2016, even cheaper oil (and other commodities) will make conditions difficult for many emerging markets. Added to this is the fact that the US has started raising interest rates, which will make borrowing more expensive. I am expecting a second consecutive year of recession in Brazil and Russia, while there will be only slow growth in Indonesia, South Africa and Turkey. I think that the days of emerging markets propping up the global economy are over — although there are some brighter spots in India and Vietnam. Among developed economies, the biggest theme of the year will be the behaviour of
Feature: 2016 Economic Outlook
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central banks. In the US, the Federal Reserve will increase interest rates two or three times, but will be wary of slowing the economy too much. The force behind the US economy is the strengthening job market. More Americans in work means that household spending — which accounts for 70 percent of the economy — will continue to grow. More spending on goods and services means more investment by businesses, which means more
Feature: 2016 Economic Outlook
job growth. The US is enjoying this virtuous circle at present. Only the energy sector and exporters are finding the going tough, thanks to the strong dollar. But in Europe and Japan, central banks are continuing to run quantitative easing programmes to support their economies. Partly because of the low oil price, inflation is proving tricky to generate. I don’t think
About the Author: Simon Baptist is the Chief Economist at the EIU, responsible for providing intellectual leadership for the unit’s coverage and ensuring that economic and political analyses and forecasts are the best available for international decision-makers. As Asia Director
for custom research, the EIU’s consultancy arm, he works with governments to design and assess the impact of public policies and with companies to drive successful strategy and operational performance in Asia. Previously a lecturer in Oxford University and an economics consultant advising
that government policies are optimal in either the euro area or Japan. If governments were to increase spending — and take advantage of the incredibly cheap borrowing costs — inflation would rise and the central banks would be able to end their moneyprinting programmes more quickly. However, as always, politics looks set to get in the way and this means that 2016 will be a lot bumpier than it needs to be.
many governments, MNCs and international organisations, he has a doctorate in Economics from Oxford University, where his research investigated productivity and technology in emerging market manufacturing firms, and degrees in Economics and Science from the University of Tasmania.
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Special Feature
Five Million Jobs by 2020: The Real Challenge of the Fourth Industrial Revolution By Oliver Cann The Fourth Industrial Revolution, combined with other socio-economic and demographic changes, will transform labour markets in the next five years, leading to a net loss of over five million jobs in 15 major developed and emerging economies
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Special Feature: Five Million Jobs by 2020: The Real Challenge of the Fourth Industrial Revolution
T
he Fourth Industrial Revolution, which includes developments in previously disjointed fields such as artificial intelligence and machine-learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology, will cause widespread disruption over the next five years not only to business models, but also to labour markets, with enormous change predicted in the skillsets needed to thrive in the new landscape. This is the finding of a new report, The Future of Jobs, published by the World Economic Forum. The report is based on a survey of chief human resource officers and top strategy executives from companies across nine broad industry categories and covering 15 of the world’s largest economies. These are Australia, Brazil, China, France, Germany, India, Italy, Japan, Mexico, South Africa, Turkey, the United Kingdom and the United States, plus the ASEAN and GCC groups. Together, these economies account for 65 percent of the global workforce. A major goal of the report is to analyse the impact of key drivers of change and provide specific information on the relative magnitude of these expected changes by industry and geography, and the expected time horizon for their impact to be felt on job functions, employment levels and skills. In terms of overall impact, the report indicates that the nature of change over the next five years is such that as many as 7.1 million jobs could be lost through redundancy, automation or disintermediation, with the greatest losses in white-collar office and administrative roles. This loss is predicted to be partially offset by the creation of 2.1 million new jobs, mainly in more specialised “job families”, such as Computer and Mathematics or Architecture and Engineering. These predictions are likely to be relatively conservative and leave no room for complacency. Yet the impact of disruption will vary considerably across industry and gender as well as job type. For example, Healthcare is expected to experience the greatest negative impact in terms of jobs
in the next five years, followed jointly by Energy and Financial Services and Investors. The industry that stands to create the most jobs, perhaps less surprisingly, is Information and Communication Technology, followed by Professional Services and Media, Entertainment and Information professionals. “Without urgent and targeted action today to manage the near-term transition and build a workforce with futureproof skills, governments will have to cope with ever-growing unemployment and inequality, and businesses with a shrinking consumer base,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum
There is also a gender implication to the future of jobs. Based on the absolute job gains and losses mentioned above, the burden of job losses seems to fall equally on women (48 percent) and men (52 percent). However, given that men represent a larger share of the overall job market than women, this even spread translates into a widening of the employment gender gap, with women losing five jobs for every job gained compared with men losing three jobs for every job gained. This is also partly explained by low participation by women in the “job families” that are expected to grow, such as Computers and Mathematics, thus adding to the urgency with which leaders must address
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the chronic problem of getting more women into STEM (science, technology, engineering, mathematics) professions. When it comes to respondents’ outlook on how best to deal with these sweeping changes, the news is more encouraging. The most popular workforce strategy across every industry is investing in reskilling current employees. Other practices, such as supporting mobility and job rotation, attracting female and foreign talent and offering apprenticeships, also scored high. Hiring more short-term or virtual workers are much less popular responses. Indeed, the survey suggests that those companies that are treating future workforce planning as a priority are almost 50 percent more likely to invest in reskilling
than those that do not. The report also indicates that those companies that report satisfaction in their future workforce strategy are more than twice as likely to be targeting female talent, and significantly less likely to be planning on hiring more short-term workers. Drivers of Change The most significant driver of change — across all industries — is the changing nature of work itself. As new technologies make “anytime, anywhere” work possible, companies are breaking up tasks in new ways, leading to a fragmentation of jobs across many industries. These effects are further compounded by the rise of mobile internet and cloud technology, enabling
the rapid spread of internet-based service models. However, while the new “gig economy” may be one of the most visible and current manifestations of disruptions to the labour market, there is more change — both positive and negative — expected in specific industries, leading to new management and regulatory challenges. Further unpacking the bundle of technological drivers of change in the Fourth Industrial Revolution yields a rather more optimistic picture on the job creation potential of technologies such as big data analytics, mobile internet, robotics and the internet of things. However, by far the biggest expected drivers of employment creation are demographic and
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socio-economic in nature; in particular, the opportunities offered by young demographics and rising middle classes in emerging markets and the rising economic power and aspirations of women. Conversely, the survey respondents predict that increasing geopolitical volatility risks are the biggest threat — by far — to employment and job creation globally. Regional Analysis At country level, expectations of the nature of upcoming disruptions are shaped by the demographic, economic and technological development of the country in question. Overall, changing and flexible work is seen as the most significant driver of change in advanced economies, whereas the rising middle class takes this role in
Special Feature: Five Million Jobs by 2020: The Real Challenge of the Fourth Industrial Revolution
emerging markets. New energy supplies and technologies are expected to play the largest role in the Gulf Cooperation Council (GCC) countries, while climate change adaptation is seen as a particularly major driver in Germany. A number of developing countries expect particularly large impact from the mobile internet, given that the technology has the potential to bring millions of formerly unconnected workers and consumers into the formal economy for the first time. Skills instability — the rapid change in the skills requirements of all existing jobs — will also impact countries differently. While ASEAN, GCC and Japan will have only 25 percent instability in the top skills mix overall, in Turkey, China, India and Italy,
over 40 percent of the top skills required across all jobs will change in the next five years. In the United Kingdom, 28 percent of the top skills mix is expected to change by 2020, while in the United States this number is expected to be 29 percent. In France (28 percent) and Germany (39 percent), the situation is even more challenging. Employment outlook is net positive in only five of the 15 countries covered, but even in those countries there is significant job churn, with some functions becoming redundant as new ones emerge. Using the forecasts from chief human resource officers and current employment data, the highest ratios of jobs created per job lost is expected to be
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in ASEAN (3.72 jobs gained per job lost), Mexico (3.06), United Kingdom (2.91), United States (1.37) and Turkey (1.14). In all other countries covered by The Future of Jobs report, there is an expected net loss in jobs. Industry and Occupation Analysis Drivers of change will also have very disparate impacts within specific industries. For example, new energy supplies and technologies will have a particular impact on Energy, Basic and Infrastructure, and Mobility. Processing power and big data will have an especially strong impact on Information and Communication Technology, Financial Services and Professional Services. The rising middle class in emerging markets will have the largest effect on Consumer, Financial Services and Mobility. Consumer ethics and privacy issues will have a significant impact on the Consumer, Financial Services and Information and Communication Technology sectors. The business model changes created by these drivers will, in turn, have specific and different consequences for employment and skills needs in each industry. While there is a modestly positive outlook for employment across most sectors over the 2015–2020 period, underneath this aggregate outlook is significant relative growth in some job families and significant relative decline in others. Skills instability is expected to impact all industries but is particularly pronounced in Financial Services, where 43 percent of the top skills needed in all job families across the industry are expected to change by 2020. The next most affected industries are Basics and Infrastructure (42 percent) and Mobility (39 percent). The least affected by 2020 are Media,
Entertainment and Information (27 percent) — not surprising, as the industry is already in the midst of a major skills displacement — and Consumer industry (30 percent). The survey respondents expect strong employment growth across the Architecture and Engineering and Computer and Mathematics job families, a moderate decline in Manufacturing and Production roles and a significant decline in office and administrative roles. Other sizeable job families, such as Business and Financial Operations, Sales and Related and Construction and Extraction have a largely flat global employment outlook over the 2015–2020 period. However, across all job families, chief human resource officers expect major challenges in recruiting. Our research also explicitly asked respondents about new and emerging job categories and functions that they expect to become critically important to their industry by the year 2020, and where within their global operations they would expect to locate such roles. Two job types stand out due to the frequency and consistency with which they were mentioned across practically all industries and geographies. The first is data analysts, which companies expect will help them make sense of the torrent of data generated by the technological disruptions referenced above. The second is specialised sales representatives, as practically every industry will need to become skilled in commercialising and explaining their offerings to clients. Other new specialties frequently mentioned include new types of human resource and organisational development specialists, engineering specialties such as materials, biochemicals, nanotech and robotics, regulatory and government relations specialists, geospatial
This article was originally published on 18 January 2016 ahead of the World Economic Forum 2016 held in Davos from 20–23 January. Reprinted with permission. The World Economic Forum Blog is an independent and neutral platform dedicated to generating debate around the key topics that shape global, regional and industry agendas.
information systems experts, and commercial and industrial designers. The Case for Cooperation While forecasts vary by industry and region, momentous change is underway and, ultimately, it is our actions today that will determine whether that change mainly results in massive displacement of workers or the emergence of new opportunities. One of the major barriers to change identified by chief human resource officers is the lack of specificity on the types of disruptive change underway. Our dataset aims to bring specificity to the debate and to the options for action by providing the perspective of chief human resource officers of leading employers who are among those at the frontline of the emerging trends and are key actors in implementing future workforce strategies. “Our analysis reveals that upcoming disruptions to the employment landscape will be about much more than simply automation. It is essential that we act collectively now to prepare ourselves for the changes that we know the Fourth Industrial Revolution will bring,” said Saadia Zahidi, Head of the Global Challenge on Employment, Skills and Human Capital at the World Economic Forum. In part, this will entail business taking more responsibility for upskilling, reskilling and collaborating rather than competing on talent. In addition, it is imperative that governments put in place rapid and fundamental change in education systems to prepare for the new labour market. The World Economic Forum’s Global Challenge Initiative on Employment, Skills and Human Capital (see below) brings together businesses and governments to collaborate on making these solutions a reality.
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Feature
HeForShe, One Year On By Jean Balfour They say that women don’t leave organisations; they leave managers. HeForShe’s “IMPACT 10x10x10” pilot aims to find the source of the leak and fix it. But will things change?
F
or many years, organisations have had initiatives to increase the number of women in leadership positions, although not solely due to altruism: research shows that companies with women in leadership positions are more successful and less risky. Yet progress has been slow and the global pipeline is still leaky. The World Economic Forum’s Global Gender Gap Index estimates that, at the current pace, global parity would take more than 100 years to achieve. In Asia, some countries such as the Philippines are leading the way while others are lagging behind the global average, like Japan. Singapore is ranked in the upper-middle. There are many and complex reasons for the slow progress on achieving parity. They range from company culture to its
policies and processes. Other factors are related to women’s objective struggles in balancing their career and the caring responsibilities at home. From where we stand, one of the most interesting factors is middle management. The quality of the relationship between line managers and the women they lead is a key factor in their retention and career potential. Line mangers have real power in influencing the organisation’s culture. They are also best positioned to support and develop the women in the organisation. This is true for both men and women line managers, but today we want to focus on the men. It’s been more than a year since UN Women launched HeForShe in Davos. More than just a campaign, their aim is to start a movement in which men and boys are seen
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as partners in the effort to achieve gender equality. The idea is that this is not just a women’s issue — it’s a humanity issue. Since the launch by UN Women Global Goodwill Ambassador Emma Watson (Hermione Granger from the Harry Potter films, a female Millennial, the face of the career woman of the future), interest has been high. There have been 2 billion social media conversations and more than 1,000 events worldwide. There have been 1.3 million online personal commitments on the heforshe.org website, including over 2,500 from Singapore. HeForShe’s “IMPACT 10x10x10” is a pilot engaging 30 men champions — leaders of 10 countries (including Indonesia and Japan), 10 universities (including Oxford
Feature: HeForShe, One Year On
and Hong Kong) and 10 corporates — all committed to make the changes needed to achieve parity in their own institutions and report on their progress. The timeline is ambitious and they are aiming to demonstrate progress within five years. Among the corporate champions are Barclays, PWC, Schneider Electric, Twitter, Unilever and Vodafone. Here’s what these champions plan to do.
Commitment from the Top
When the commitment comes from the top, real change is more likely to happen. Research shows that when CEOs are clear and vocal about their support, they are able to shift the organisational culture. All IMPACT champions have made public personal commitments.
Measure and Share Data
Transparency is the first step in walking the talk. All IMPACT champions have unprecedentedly disclosed internal pipeline diversity figures, and the numbers are already above the global average. Looking at the entire pipeline, not just senior executive and board level, is also key. Similar initiatives tend to focus on women at the top, but the problem starts earlier.
Invest in Training
IMPACT champions have made commitments to train their people on gender bias and equality. This is where they can really change behaviours of middle managers. Bias training is important, but equipping managers with some good coaching skills can’t hurt. Women who feel supported by their managers are highly engaged and less likely to leak out
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of the pipeline. Complementary to these are other pipeline-critical support initiatives for women and their managers, such as maternity coaching.
Change Processes and Policies
It is important to look at the inherent bias that lies in the processes, not just the people. Organisational processes play a part and there may be a need to fundamentally revise them. This may include flexible working patterns, parental leave and
promotion decisions as well as ensuring key HR processes are gender neutral. Remuneration is also key and indeed many IMPACT champions have committed to closing the pay gap.
Spread the Word
IMPACT champions commit to embedding gender equality in their events, run think tanks on related topics and also run their own internal 10x10x10 campaign internally. That also includes inspiring
About the Author Jean Balfour is a director of Bailey Balfour, a Singapore-based organisation consultancy. As an executive coach and organisation consultant, Jean has worked extensively with clients globally to help them increase gender balance. Company Description Bailey Balfour specialises in diversity and inclusion, executive coaching, leadership development and board and team development.
suppliers and customers to join the commitment. It would be interesting to see the scope and depth of the change in these organisations, not just numbers but also stories of women who moved up in their careers and managers who coached and developed the women they lead. It would also be great to see other organisations joining this initiative. Will you rise to the challenge?
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Feature
Financial Services Must Change its Image, Starting with Ending the Practice of Cold Calling By David Pugh Picture the scene. You’re sitting in your office at five o’clock in the afternoon, rushing to meet a deadline, and the phone rings. Just for a second, you consider letting it go on to answer phone. But you don’t. It might just be important. You pick up the receiver and the voice on the other end starts trying to sell you financial advice
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ake no mistake: cold calling is irritating and, in this day and age, potentially damaging to the reputation of the financial advisory industry as a whole. It’s not only annoying and counterproductive; we think it’s bad for business. A survey by the UK’s Citizens Advice found that 92 percent of people do not trust firms that call them out of the blue — financial services firms were singled out for criticism. At its worst, cold calling opens the door for exploitation of the vulnerable in society. Two in five scams reported to Citizens Advice come from cold calling. Over a third are offering financial and professional services. That’s why I welcomed the introduction in Singapore of “Do Not Call” rules in January. In its first few months, nearly 800,000 telephone numbers have been registered
with the DNC Registry and thousands have complained about cold calling. Offenders face a cash fine. The UK is adopting an even more robust approach. Earlier this month, a claims management firm was fined £850,000 after making a staggering six million calls in the space of six months under tough new data protection laws. In Australia, an official at the regulator, ASIC, said publicly that “reputable” financial services professionals do not generate leads via cold calls. For some reason, the message isn’t getting through. Financial advice firms in Singapore are still getting contact details from third parties and calling them directly. Worse, anecdotally, cold-calling is moving on-line, with financial advisors stalking prospects on social media websites such as LinkedIn.
The UK is adopting an even more robust approach. Earlier this month, a claims management firm was fined £850,000 after making a staggering six million calls in the space of six months under tough new data protection laws.
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There is something you can do about cold calling. Firstly, take your financial future seriously. You probably wouldn’t buy a car or a home from someone who has cold-called you. Financial advice shouldn’t be any different. Do your due diligence: check their qualifications, look for a solid track record, seek referrals. Getting the right financial advice is one of the most important decisions you will ever make. Secondly, you can register your numbers with the DNC registry quite easily. By
About the Author David Pugh, CFP, is General Manager of The Fry Group Singapore. The Fry Group has been providing tax-led financial advice to private clients since 1898.
Feature: Financial Services Must Change its Image, Starting with Ending the Practice of Cold Calling
law, unless you have an existing relationship, advice firms should remove your phone details from their call sheets once you have registered. But I don’t think the answer lies solely with the customer. I believe it’s time the industry moved away from cold calling altogether, whether people register their phone numbers or not. Without an end to cold calling for financial services, people remain at risk of losing some of their pension or paying
upfront fees for services that aren’t in their best interest. A unified industry response on this practice would send a clear message that, if you are contacted in this way, the advice you will receive is not likely to be in your best interests and the caller is not to be trusted. As an industry, we have a responsibility to protect our clients and potential customers by being the best we can be.
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Feature
What are Millennials Really Worth? By Chris J Reed Money makes the world go round and, according to economists, Millennials are the target market to hit
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s the population ages, this group will have more spending power and will be replacing the work force as the Baby Boomers retire. But just how much are we talking about here? As a business owner, this is a point of interest to me because I have an office with several Millennial employees, and I have Millennial clients (yes, they care about personal branding and being thought leaders, too). There is, of course, no one exact global cost or figure for talent. As with everything, there are several factors that come into play, such as education, skillset, cost of living, geography and more. To get fully into it would require an entire tome, not just a blog, so here are some interesting key facts based on a recent study done on students within two major areas — Business and Engineering — in 33 countries, by Universum.
Feature: What are Millennials Really Worth?
Saudi Millennials have the Highest Salary Expectations
They managed to beat the Swiss, who topped the list last year (2014) at $84,466. This year, students from Saudi Arabia are expecting an average of $83,100 per annum. While it’s a smaller figure, it’s still the highest when compared to the UAE ($81,900) and the Swiss ($82,600). But what is interesting is that even the highest expected salary in this region is less than half the above figures, with the top three countries displaying the following averages: #1 Japan: $39,500/year #2 Singapore: $26,200/year #3 Hong Kong: $24,400/year This explains why several MNCs have regional or global HQs based in in APAC, particularly in Singapore, where the infrastructure is sound and business can be conducted
with relative ease. Its diverse culture and predominantly English-speaking talent pool also makes it particularly attractive for American and UK companies.
Brain Drain vs Brain Gain
However, the disparity in wages has led to what is known as the “Brain Drain and Brain Gain” syndrome. As the name suggests, countries with low salary expectations may see a brain drain, where talent leaves in search of better (paying) employment. The reverse also holds true: countries with more attractive salary packages and lifestyles will naturally see an influx of talent to their shores. As Millennials are also known for their wanderlust, and with modern-day technology making travel and relocation even more convenient than before, you can find a job, book a ticket and a place to live all online before making the big move
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So as a society, while we’ve managed to send various lifeforms into space, gender inequality is still one of the largest problems at the workplace here on Earth. But before we hear the usual hue and cry of how “it’s a man’s world,” it should be noted that women receive lower salaries in almost every occupation. While companies can ensure that policies are in place to safeguard and prevent such disparity in wages based on gender, women play a large part in taking charge, too. One of the main reasons cited as the cause of this wage disparity is the lack of negotiation. Women need to equip themselves with better negotiation skills and strategies so that, come promotion time, they are not afraid to ask for that promotion followed by equal pay to their male counterparts.
Talent Retention
One of the biggest challenges faced by business owners, especially those within start-ups, is talent retention. There is nothing more frustrating than putting in the hours to train someone, only to have to replace them and hope the next one has better staying power. It’s clear that Millennials are a different breed from the generations before them, and require different handling as a talent pool. — the migratory patterns are not surprising. Sites like Jobbatical and even Airbnb make finding work and accommodation overseas literally just a few clicks away.
The Gender Gap
Despite all modern-day progress, there are still factors that have not changed much and are universal problems, regardless of geographical location. The most glaring and common of this is the wage gap between genders: women in general are still receiving only 77 percent on average of what their male counterparts make.
So how would you go about retaining Millennial talent? My advice is to first throw out any preconceived notions of what they’re like, especially the negative ones. Instead, approach these negative traits from their perspective and within the current environment. Take, for example, the following three key points: Millennials are lazy: They’re not; they just prefer to work smart, not hard, which means they may have ideas on how to work more effectively and efficiently. Tap into these ideas.
About the Author Chris Reed is an official LinkedIn Power Profile. He has one of the world’s most-viewed LinkedIn profiles, with more than 30,000 followers, and is one of the region’s top social sellers on LinkedIn. He is also a serial entrepreneur, having
created marketing businesses in both Europe and now in Asia Pacific with Black Marketing, which enables LinkedIn for you. The company now has offices in Singapore (HQ), ANZ, North America, China, Hong Kong, Manila and the UK.
Millennials are materialistic: Everyone works for pay and rewards, not just passion. This is true even of the generations before them. Ensure that you have a fair and solid rewards programme in place. Millennials are disloyal: Apparently, they get bored easily and are always on the lookout for the next best thing. But marketing studies have shown time and again that Millennials are able to stick to one label or brand that they believe in. They often respond to authenticity, Apple being the prime example here. So if they can do that with a product, then why not your company? Ask yourself, why not your brand? I recently held a Vision Meeting with my team, where I outlined what I planned for the business and where I would like to lead it. The feedback I received was interesting, to say the least in a positive way. More than anything else, they looked at how we could enhance their intellectual well-being — not with more money, but being able to come with me on my trips to our offices around the world, for example, being able to attend British Chamber events, being able to work at one of our global offices and being able to experience different cultures and different clients in different countries. Imagine a Baby Boomer or Gen X asking for this. As I said at the beginning, there’s no one global cost for talent. But take note: investing in Millennials is inevitable as a business owner, be it is as an employer or service and product provider. They’re the upcoming future majority that’s going to be around for the next few decades, and they are worth a lot — $1.4 trillion, to be exact, according to US marketers. But that’s another story for another day.
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Feature
How to Stretch Your IT Budget? By Hitan Mehta Keeping pace with today’s intensely competitive business environment demands an IT function that is responsive and efficient. Today, we need technology that transforms the business but achieved with a smaller budget. So how do you stretch your IT budget without losing efficiency?
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ere are five techniques to deal with your budget. Don’t miss the opportunity to download our guide and access 20 tips to stretch your IT budget.
Review Sources of IT Infrastructure Cost
A good starting point would be to reassess your current IT expenses. Determine what you truly need. List what’s necessary, what’s optional, and what you can eliminate. It’s common for businesses to buy the latest and greatest technology without putting it all to use. Perform an audit of everything contributing to your technology expenses to give you a good idea of what’s really necessary. While
upgrades are important, it’s often possible to get by without being fully up-to-date on everything.
Minimise Spend
Cut power consumption from mechanical and electrical equipment by looking at newer energy-efficient approaches to data centre designs that take up less space, utilise less power and cost much less. Streamline the allocation of costly labour and support delivery by driving calls down to the lowest tier level that can satisfactorily resolve users’ issues. Ensure to implement standard practices to improve service management and quality. Review and renegotiate telecom service contracts and network claims from market vendors. Discounts on certain
services can yield some serious benefits. IT vendors naturally want to keep clients on board; many are willing to come up with agreeable payment plans for both parties. Try to bundle packages with fewer vendors to simplify operations.
Consolidate, Virtualise and Optimise for Efficiency Enable your IT department to do more with less by consolidating infrastructure and operations. Encourage virtualisation of hardware, which translates into lower operating depreciation costs and less-expensive maintenance and support. Virtualisation can be applied to many platforms: UNIX servers, storage, networking and client computing.
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Enhance IT Asset Management
Tracking and analysing your assets and how you’re using these help you identify areas that offer additional opportunity to reduce IT infrastructure cost. Asset management tools determine the life of certain assets, defer upgrades and eliminate or combine software licences, as well as replace certain maintenance service contracts with a timeand-materials approach.
Established in 1996, Acuutech is headquartered in London, UK, with a regional headquarters in Singapore, and a partner network throughout Asia. Acuutech provides comprehensive IT Solutions focused on corporate businesses, ranging from small- to medium-sized organisations requiring
Asset Management can strategically pick and choose exactly the right combination of sources and you could devise SLAs tailored to your company’s IT and overall goals. It’s a recipe for quality and flexibility.
Plan Ahead for a Brighter Future
A key part of effective IT cost reduction strategies is to actually plan ahead and
outsourced IT support to large multinationals requiring an extra pair of eyes to conduct IT audits or hands to deliver projects. Acuutech provides expert advice, consultancy, cloud-hosting solutions, network design/installation, telephone systems, remote and/or onsite support and IT procurement.
equip your IT teams so that they can handle future business challenges in areas ranging from personal IT support to mobile applications to cloud computing. Align IT with the business and vice versa by being proactive and not reactive.
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Feature
Are You Investing in Your Personal Brand ? By Andrea Edwards People trust people rather than brands. If you want to be an influencer, it’s imperative to build a personal brand to let the online world know what you stand for, so that they will trust what you share and recommend within your sphere of expertise
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ersonal branding and employee advocacy (or social employees) are two ideas you will be hearing a lot about in the coming years. But why is it attracting so much attention right now? According to Gartner, 15 percent of people trust recommendations from brands, while 84 percent trust recommendations from people they know. That’s you, the employee. That’s why you’re so important today. There is no argument that how customers decide and buy has fundamentally shifted. Our customers are online or on social media, discussing options with peers and making decisions beyond a brand’s influence. This is today’s reality and it is turning the world of business upside down.
As such, we must change our way of thinking and focus on being part of our customer’s world. As a business and as individuals, we have to be where our customers are; if we’re not, we simply cannot understand the customer of the 21st century.
for, because you personally benefit by the association with your brand, and your brand benefits by your intelligent participation on social media. Today, it is very much a two-way street, and an inspired business will value and elevate your involvement on social media.
That’s why, as individuals, we must build our personal brands
However, there is a lot of cynicism
A powerful and professional online presence is a career asset each of us should be maximising and growing. However, building a strong personal brand is not just about engaging on LinkedIn more aggressively; it’s about being very focused, strategic — and it needs planning. A personal brand is also stronger if you align it to the company you work
Many people continue to be skeptical about social media professionally, and I completely understand why. There is a lot of noise and self-promotion on LinkedIn and other social channels, which is almost certainly turning you off — you are not alone in feeling this way. Professionals all over Asia agree with this sentiment, which is why we must think about building our professional brands in
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This is not just a brain exercise; it’s also a heart exercise
When you’re representing yourself on social media, you must connect the whole, authentic person. This is why heart is important, as your values must shine through. This is how you stand out in this noisy world, as it will be the authentic people who shine in the midst of the information deluge we are all experiencing. Therefore, we should make sure that we: • don’t add to the noise • become someone of value • are focused on being truly connected to our core self • are authentic Being clear on what you want to be known for is the best place to start building your personal brand; however, it’s often the last thing professionals do. My personal brand goal is about helping businesses and executives become social leaders in today’s world. I do this by talking and writing about personal branding, employee advocacy, blogging and content marketing. I have always been a communications professional; today, I am extending my expertise into a field I have personally focused on for the past decade. What is your focus?
a really meaningful and compelling way, a way that will achieve great results and — by default — help our companies build business in the region.
So what is a personal brand? • • • • • •
It’s you It’s what you stand for It’s what you believe in It’s how you think It’s how you act It is you packaged up and presented to the online world
This is critical today, and truly innovative businesses embrace and prioritise the employee brand above the company brand.
What do you want to be known for?
Your personal brand should be very focused
on what you want to be known for. The best way to get started is to define yourself and your area of expertise. Consider the following questions to set your horizon: • What do I want to be known for? • What makes me stand out in a crowd? • When I light people up, what am I talking about? • What is my expertise? Am I unique in it? • What are my core values? • What comes easily to me? • What do I read about until the early hours of the morning? • What do I eagerly get up early for? • What do I enjoy? • What gives me energy? What feeds my spirit? • What do people compliment me on?
The next step is answering why you are on social media
There are many whys, but it is your why that will help you commit to building your personal brand consistently. Without a clear and inspired why, you will not embrace the opportunities presented when you build a personal brand. Here are a few potential whys: • to be seen as a respected thought leader or visionary • to be better connected to customers • to be a media influencer • to be part of a global discussion • to be aligned to other leaders in your field • to achieve a different future • to chase aspirations or career opportunities within or beyond an existing employer • to be known for a passion
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Feature: Are You Investing in Your Personal Brand? Here are some thought-provoking sites: • TED • Brain Pickings • Mind Unleashed • The Baffler • HuffPost • The New Yorker Industry sites (marketing, sales, etc) • CMO.com • Content Marketing Institute • Marketing Profs • HubSpot • Contently • Social Media Examiner • OP|EN for Business Don’t forget your company content sites. Where are they? Do you already visit often and share the content? Additionally, social media is an excellent content curation source. I am always curating content on social channels and sharing immediately or saving for later. With curation on social media, the quality of information you find is dependent on the quality of the people, companies and organisations you follow — which is why you need to make the investment to follow the best of the best, especially on LinkedIn.
All these points above are valid, but it is by no means an exhaustive list. In case you’re interested, my why is very clear for me: I believe in the power of social media to fundamentally changed the world and elevate all of humanity. I also believe that social media and content marketing together have the ability to elevate businesses to be more humane, connected and committed to making this world a better place. It’s a big why, but it is what drives me. What drives you? Once you know your why and what you want to be known for, the next step is to only share content that is aligned to your brand. Where you go for knowledge is
something you do naturally, because you visit these sites regularly. I recommend subscribing to newsletters from the sites you love and get them to feed you with awesome content. Just ask yourself: • What will I likely read today? • What online resources do I use? • What sites do I love? • What business sites do I follow? Business thought leadership content examples include: • Forbes • Fortune • CEO.com • Harvard Business Review • McKinsey • All of the consulting firms
Find one to five sites that are aligned to your personal brand and share this content daily. But please… always, always add your opinion and do not just share a link. Always tell people why you are sharing the information. When people just share a link, they are missing an opportunity to provide value to their community; in this age of information deluge, you must never miss an opportunity to add value and enlighten your community. The world is definitely at a crossroads right now. Big corporations are starting to appreciate that the most important asset they have are their employees; as we mentioned in the beginning of this article, people trust people rather than brands in this socially engaged world. Is your company determined to get ahead of the curve and ahead of the competition? Even if they aren’t, why let it stop you? They’ll catch up to you eventually and, by then, you’ll be well established and of even more value to your brand.
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Advertorial
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World Language Program at Stamford American
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ultilingualism offers a critical tool on the path to global citizenship, fostering cultural appreciation and enhancing communication skills through life, education and work. Bilingual Mandarin or Spanish Stamford American is the only international school in Singapore to offer a bilingual Spanish or Mandarin program for children from 2 to 11 years old. Equal daily exposure to both languages across the International Baccalaureate Primary Years Program results in the greatest possible proficiency and confidence in both written and spoken language. Mandarin is assessed by the external Youth Chinese Test (YCT), the Chinese Government’s standard test for non-native Chinese learners, and Spanish students
are assessed using STAMP, Standards-Based Measurement of Proficiency. 8 Mother Tongue Languages Stamford American’s Mother Tongue program inculcates proficiency and familiarization with the student’s homecountry language. The 8 different languages represent a high proportion of Stamford American’s international student body with teaching aligned to the International Baccalaureate Mother Tongue curriculum. Mother Tongue languages in Dutch, Danish, French, Finnish, Korean, Spanish, Portuguese and Swedish are provided on campus after school hours as part of an extensive choice of co-curricular activities. This ensures regular tuition without disruption to the student’s school day and no requirement to travel to specialist facilities.
Accelerated English Program The Accelerated English Program offers a dedicated stream benefiting students with their own homeroom teacher and expert English as a Foreign Language teachers within a small class size. Following the mainstream International Baccalaureate curriculum with additional English language lessons enables easy reintegration into a mainstream class once English language skills are sufficiently developed. Find out more at Open House. Register at www.sais.edu.sg or call +65 6653 7907.
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Advertorial
Best of British 2016 in conjunction with Her Majesty the Queen’s 90th Birthday
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he British Club will be presenting more than a week of celebrations from 3–11 June 2016 under the banner “Best of British.” This major event is an annual signature affair of the Club. In conjunction with Her Majesty the Queen’s 90th birthday, the Club will also be offering memberships at really good prices, so do keep a lookout for it nearer the date. We are delighted to announce that Pete Price, who provided much laughter with his
unique brand of comedy the last three years, will be back again this year as Master of Ceremonies. He will be providing comic relief together with one of the UK’s top-billing stand-up comedians, Mick Miller. The pair will be supported by highly reviewed Will Mars and Scott Mitchell, Scotland’s very own witty and satirical comedian. Having attained three AA Rosettes for Culinary Excellence, Scotland’s awardwinning celebrity chef, Mark Greenaway, will showcase his culinary prowess at
Best of British is open to everyone!
Tickets can be purchased online at www.britishclub.org.sg or at The British Club from 23 March.
the Opening Gala Dinner and the Ladies Luncheon. Guests at the West End Dinner and Cabaret Show can expect to be wowed by Emma Dears, a highly acclaimed singer who has graced the stages of London’s West End. All funds raised from the Best of British’s raffle ticket sale and auctions will be donated to The British Club’s two adopted charities, Gurkha Welfare Trust and Riding for the Disabled Association Singapore.
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Special Feature
Davos 2016: Prime Minister David Cameron’s Speech to the World Economic Forum
David Cameron spoke at the World Economic Forum in Davos, Switzerland, on securing the future of Britain in a reformed European Union
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t’s very good to be back in Davos. It’s good to be back being able to report on a British economy that is growing at more than two percent last year and this year. A British economy where we’ve taken an 11 percent budget deficit that I inherited in 2010 and we’ve cut it by two thirds. And to report back on a British economy where we’ve created, since I’ve been Prime Minister, 2.3 million more people in work. Yesterday, we announced that there are more people in work in the British economy than ever before in our history, and more women in work than ever before in our history. So we’ve got some economic challenges that, of course, everyone is talking about here in Davos, but we’re going to continue to deliver the strong and resilient economy that we were elected to deliver. And it’s good to be back in Davos with a new political mandate. We held an election and I have a mandate [political content removed], a majority government with a mandate to complete the job that we set out in terms of our economy. A mandate to deliver security for the people
who elected us and for the British people as a whole. But also crucially a mandate to deliver reform in Europe and to put the question of Britain’s place in Europe and answer that question comprehensively during this Parliament. And that’s what I want to speak about today before trying to answer your questions. And I want to be absolutely clear about the aim that I want us to achieve. I want to be clear about what needs to change in order to make that happen and I want to be clear about the debate that I think we need to have, including business and nongovernmental organisations and others who care about this issue. So let me start with the aim. My aim is absolutely clear. I want to secure the future of Britain in a reformed European Union. I believe that is the best outcome for Britain and the best outcome for Europe. Now, some people ask me, “Well, why are you holding a referendum?” Let me explain why I believe this referendum is so crucial. For years, Britain has been drifting away from the European Union. The European Union has become increasingly unpopular in Britain. And, added to that, the succession
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of politicians, after treaty after treaty after treaty has passed, have promised referendums, but never actually delivered them. And I think it’s absolutely essential to have full and proper democratic support for what Britain’s place should be in Europe, and that’s why we’re holding the referendum. And we also need the referendum in order to address the concerns that people have in Britain about Europe. The idea that there is too much rule making and bureaucracy. The idea that this could become too much of a single-currency-only club. The idea that Europe is really about a political union, a political union that Britain has never been comfortable with. So I believe holding the referendum, answering these questions, but with the end goal of securing Britain’s place in a reformed European Union, can give Britain and can give Europe the best of both worlds. Now let me explain what it is that I think needs to change. And I’ve set out the four things, the four areas that I think are so crucial. And just want to run through them. First of all, it is about competitiveness. When I look at the single market of 500 million people, I think it is an absolute thrilling prospect. This is a quarter of the global economy. But we have to be frank when we look at Europe’s single market. We’re still lagging behind America in technology; we’re lagging behind in productivity. We could be doing so much more to add to the competitiveness of our businesses and our economies rather than taking away from it. And that’s why what I want to see, what I believe we will see, is clear measures to cut the bureaucracy that there is in Europe and to cut the rule making. I want to see clear measures to complete the single market in digital, in services, in energy, which will be of huge benefit to countries like Britain, but right across Europe in terms of jobs and prosperity. And, crucially, I want to see Europe sign trade deals with the fastest-growing parts
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Special Feature: Davos 2016: Prime Minister David Cameron’s Speech to the World Economic Forum of the world. For instance, our trade deal with Korea has been fantastically successful for Korea, but even more successful actually for the countries of the European Union. And people will want to know in Britain that the European Union is signing trade deals as fast as and more significant than we could ever sign on our own. So I want to hardwire competitiveness into the European Union so it benefits countries; not just Britain, but I think it will benefit all of Europe, and that’s why I think it’s important that we put this on the table. Now, the second area I want to see change is I want to make sure that this organisation is good for those countries that are members of the eurozone, but also good for those countries, like Britain, that don’t want to join the euro. Because the truth is this: for many, many years — and in Britain’s case, I suspect, forever — the European Union is going to have more than one currency. And we should be frank about that. And let me be clear: I want the eurozone to succeed. The eurozone is our biggest trading partner. I don’t want to stand in the way of things that need to be done to make the eurozone a success. Indeed, I would encourage eurozone members to take those necessary steps. But in a sentence, what we need is an organisation that is flexible enough so that you can be a success if you’re not in the euro, or a success if you are in the euro, and fair rules between the two. Let me give you just one example of what I mean. During last summer, in order to help with the Greek situation, there was a moment when the eurozone countries were going to spend money out of a fund to which Britain contributes, to help bail out Greece. That’s completely unacceptable, to use the money of a non-eurozone state to solve a eurozone crisis. Now, we fixed that problem, but frankly we shouldn’t have to fix problems like that on an ad hoc basis. What we need is a clear set of rules and principles, so that if you’re not in the eurozone, you suffer no disadvantage, you’re not discriminated against, and there’s proper fairness between the systems. I think that is achievable, and again, I think that will be good for Britain, but I also think it will be good for all the countries of the European
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Union, whether they are in the eurozone or not. Now, the third area I think we need to see change, change for Britain, but again I would argue, good change for Europe, and that is in the area of sovereignty. Britain has never been happy with the idea that we are part of an ever-closer political union. We’re a proud and independent country, with proud, independent, democratic institutions that have served us well. We’re also bound up in the European continent, of which we are an important part, and we need to get that relationship right. And sometimes people think Britain is a very reluctant European. And I would say, no. If you look at things like completing the single market, you will find no more dedicated a country than Britain to get the job done. If you look at issues like coming together on foreign policy challenges to make sure we take robust action, it was Britain that led the charge on sanctions against Russia because of its actions in Ukraine. It was Britain that led the charge on making sure we had those crucial sanctions against Iran that helped to bring Iran to the table that brought about that non-nuclear deal. So we’re not reluctant in that sense. But if Europe is about ever-deepening political union, with ever-deepening political institutions, then it’s not the organisation for us. So I want to be absolutely clear that we want to carve Britain out of the idea of a closer union. We will be enthusiasts for the economic cooperation, for foreign policy cooperation, for working together on challenges like climate change, but we’re never going to be comfortable in something that insists that Britain should be part of an ever-closer union. We’re not comfortable with that, and we need to sort that out. The fourth and final area is perhaps the most difficult of all, and that is this issue of migration and welfare. Now, Britain is, I would argue, one of the most successful multi-racial, multi-faith, multi-ethnic democracies anywhere on Earth. We are a very diverse nation, a very diverse and successful nation, but the pressures that we face from migration in recent years have been too great. Our population is growing anyway, even before this migration is taken into account, but the figures are simple. Today, net migration into Britain
is running at 330,000 a year. That means adding as many as 3.5 million people to our population across a decade. And that’s what the concern is about. It’s not a concern about race or colour or creed. It’s a concern about numbers and pressure. And it’s the British people’s number one concern. And I don’t think for one minute they’re being unreasonable having this concern; indeed, I share this concern because the pressure on public services, the pressure on communities, has been too great. Now, of course, we need to do more to control migration from outside the European Union, and we’re doing that. But we do need to look at the situation within the European Union. Now, I want to be clear: I support the idea of free movement. Many British people take advantage of free movement to go and live and work in other European countries. But I think where this has gone wrong is that the interaction of our welfare system with free movement has actually set up very large pressures on our country, and that is what needs to change.
And that is why I put on the table the idea, the proposal, that you should have to live or work in Britain for four years before you get full access to our in-work benefits system. Because the way it works today — because Britain has a non-contributory system, one you can access straight away — you can train as a nurse in Bulgaria, and actually it would pay you to come and work in manual labour in Britain because of our top-up welfare system. And, in the end, that isn’t really right for Bulgaria, and that isn’t really right for Britain. And, I think, when enthusiasts for the European Union look at this issue, they should stand back and look at the facts and the figures. When the founding fathers of Europe came together, did they ever really believe that a million people were going to move from Poland to Britain, or that one in 20 Lithuanians would make their home in Britain? Now, those people make an incredible contribution to our economy — and I welcome that — but the scale of
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Special Feature: Davos 2016: Prime Minister David Cameron’s Speech to the World Economic Forum
the movement, the scale of the pressure, is something that we need to address. And, I think, when in Europe, we look at the issues we face today — whether it’s the migration crisis, whether it is the issues that Britain’s putting on the table — it would be far better to address these issues, to try and solve these problems, rather than try and look our electorates in the eye and say we’re simply not going to listen to what you’re doing. So what I’ve tried to set out is four things; not outrageous asks that can’t be achieved, but four practical sets of steps that, if achieved, would actually answer the concerns that Britain has about Europe. Now, let me just say a last couple of words on the debate I think that we need to have on the timing of how this should work, and what I believe the end point of all this should be. Now, in terms of the timing, I very much hope that we can, with the goodwill that is clearly there, reach an agreement at the February European Council; I would like that. I want to confront this issue, I want to deal with it, I want to put that question to the British people in a referendum, and go out and campaign to keep Britain in a reformed European Union. If there is a good deal on the table, I will take it, and that’s what will happen. But I do want to be very clear: if there isn’t the right deal, I’m not in a hurry. I can hold my referendum at any time up until the end of 2017, and it’s much more important to get this right than to rush it. But, of course, I think it would be good for Europe and good for Britain if we demonstrated that we can turn the goodwill that there is into the actions that are necessary to put this question beyond doubt, and get the answer from the British people. Now, in terms of the debate I think we need to have, obviously the politicians are going to play a big role in this debate, and I hope to play a big role myself. But I hope that business, NGOs and other organisations won’t hold back. I would say: don’t hold back right now. Even though the question isn’t settled, I think that if business backs my reforms — if you want to see the competitive Europe; if you want
to see the flexible Europe; if you want to see a Europe where you can be in the eurozone and win or out of the eurozone and win — I would argue: get out there and support those things. I think it’s important that with this, which is such a massively important generational question for Britain and for Europe, the sooner you can start to look at your own businesses and come up with the examples and the ideas about the benefits and the problems that there are with Europe, the more that you are able to help to explain and set the context for this vitally important question for Britain and for Europe. Now, where do I hope this all ends? Well, let me just say this: even if I’m successful in getting this reform package and holding this referendum, and Britain decides to stay in a reformed Europe, at no stage will you hear me say, “Well, that is perfection; this organisation is now fixed.” There are many things that are imperfect about the European Union today, and there will be many things
that will be imperfect about the European Union even after this negotiation. We do need reform in Europe to make sure Europe works for the countries of Europe, for the peoples of Europe, for the businesses of Europe; for all the people who want to work and have security, and get on and make something of their lives. The reform will not be finished. Second thing I’d say about the end of all this is you’re never going to hear me say that Britain couldn’t succeed outside the European Union. Britain is the fifth largest economy in the world. We’ve got a huge amount of talent and resources and brilliant people and we’re members of many important organisations in our world. I’m never going to talk Britain down, but I think the question is not: could Britain succeed outside the European Union? The question is: how will we be the most successful? How will we be the most prosperous? How will we create the most jobs? How will we help the most number of livelihoods in our country? And how will we keep our country the most secure? Those are the questions that, to me, are absolutely vital.
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Now, the end of all this, for me, I think, is quite simple: that there is an enormous prize for Britain and for Europe if we can achieve these reforms and win in this referendum. And it will be having that single market of 500 million people; having that sense of cooperation and working together on common problems and recognising that when a country like Britain has problems and issues that need to be addressed, we get out there and sort them out and address them. And to British people, I would say, there is the prospect of the best of both worlds. And let me explain what I mean by that. Britain’s membership of the European Union is already different to many other
countries, for important reasons of history and politics and our approach to certain issues. And by the best of both worlds, I mean that we will be in the single market and benefiting from that — but not in the single currency, [as we are] keeping our own currency, the pound — that we’ll be benefiting from being able to travel and move around Europe, but we will maintain our own borders. We never went for the approach of taking down our borders and we never should, and in my view, we never will. And we’ll have more of the best of both worlds because we would be part of an organisation where we can bring benefits to it and benefits to us, but we would not be part
PM David Cameron’s speech was followed by a Q&A session. Please visit the Chamber’s Knowledge Bank page to read the Q&As.
of an ever-closer union. We would be absolutely clear that, for us, Europe is about independent nation states coming together to cooperate, to work together for their mutual benefit, but it is not an ever-deepening political union which the British people do not want and would not sign up to. I think that is a huge prize. I think that is a prize worth fighting for; it’s a prize worth negotiating for; if necessary, it’s a prize that we will have to be patient in order to achieve, but it’s a prize I’m determined to deliver in this, my second term as Prime Minister. Thank you.
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Britain in Southeast Asia News
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BiSEA News
BMCC is off to a running start in 2016 with numerous high-profile events geared to foster business networking. Notable is our Trade Delegation to Myanmar from 16–17 March. On the agenda, too, is the Premier Luncheon Series featuring distinguished minister Tan Sri Rafidah Aziz, who will be speaking on 14 April. Our dynamic Overseas Business Network Initiative (OBNI) team is also forcefully galvanising Malaysia-UK trade relations, surpassing their financial year service delivery targets months in advance with their highest-demand service, Overseas Market Introduction Service (OMIS), which provides detailed sector landscape overviews to prospective clients.
The BCCT celebrates its 70th anniversary. To mark the occasion, we will have a special logo for the whole year. As one of the most active chambers in Thailand, we will continue to expand our range of business and networking events, covering all business sectors. Britcham Singapore members are welcome to join the BCCT as overseas members at half the normal in-country fee. Adverting opportunities in the BCCT’s quarterly magazine, The Link, are also available for Britcham Singapore members. View it anytime online at: http://members.bccthai.com/bcct/asp/general.asp?MenuCatID=15&MenuItemI D=169&SponsorID=0 For details please contact Jina at jintana@bccthai.com
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2015 was another big year for the British and foreign business community in Vietnam with a visit by Prime Minister David Cameron in July — the first ever to Vietnam by a serving British PM — and the final agreement of the EU-Vietnam FTA in November. In 2016, the World Bank forecast that Vietnam’s GDP would grow by 6.6 percent, 6.3 percent (2017) and 6 percent (2018). These forecasts are more conservative than other commentators, who are looking for growth more than 6.8 percent this year and similar levels in 2017 and 2018. To get in touch with the British Business Group Vietnam (BBGV), please e-mail wai.ho@bbgv.org
“2016 commenced with an official visit to Cambodia by Lord Puttnam, the UK’s PM Trade Envoy to Cambodia, Laos, Myanmar & Vietnam. For the first time, Lord Puttnam met with the business community in Siem Reap during his visit as the Chamber looks to expand its network in the country. He further undertook a number of activities to promote projects by the UK Embassy in the area of STEM (Science, Technology, Engineering, Mathematics) education. There are a number of business opportunities for UK companies in this sector. A Science & Technology Fair will be organised in Phnom Penh from 9–11 March. Please contact director@britchamcambodia.org for further information. Finally, on the 9th May the Chamber’s Annual General Meeting will be taking place.“
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At the Chamber: Business Group News
Property & Construction Group Chairperson: Marcus Eckersley — Cundall
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he year started with a challenge for all sectors. With the price of oil sliding, financial markets have seen large corrections. We see in the news that China’s growth, imports, production and demand are slowing, adding to global uncertainty. With so many variables all impacting on one another, it’s difficult to understand the forecast for any of our sectors. For many, 2016 is going to be challenging. However, as the great British proverb goes, “Where there’s muck, there’s brass,” and we must seek out opportunities wherever they are.
For Singapore, the cityscape still displays a number of tower cranes, which, of course, point to large construction sites beneath them. Ultimately, these construction sites will form an expanded Central Business District, airport terminals and transport infrastructure. Contemporary new builds such as DUO and Marina One will soon be adding over five million square feet of mixed use development to Singapore’s real estate. January has seen S$948 million worth of Mass Rapid Transit (MRT) contracts being
awarded. This is just part of the MRT rail network expansion plans, which ultimately sees existing track length doubling to some 360 kilometres, with an increase of 57 stations by 2030. The world-class transit system sees impartial architectural design competitions for stations. The resulting structures are amazing and lead to some awe-inspiring journeys. The MRT system interfaces seamlessly with the built environment. But the construction sector isn’t just about high-rise buildings and transit — there is a much greener side to Singapore’s development. The National Parks Board plans ahead for conservation and launched the National Biodiversity Strategy and Action Plan (NBSAP) back in 2009. One subsequent involvement for the construction industry has been the Eco-Link@BKE, a unique ecological bridge that spans the Bukit Timah Expressway, connecting Bukit Timah Nature Reserve and Central Catchment Nature Reserve. The first of its kind in Southeast Asia, its main purpose is to restore the ecological connection between two nature reserves, allowing wildlife to expand their habitat, genetic pool and survival chances. As can be seen, the property and construction sector is currently diverse and vibrant. Opportunities are presenting themselves here in Singapore all the time and on many differing scales. Sustainability remains a subject at the heart of our sectors and, of course, significant to this group. February saw a perfect opportunity to attend a Property and Construction Group event, “Creating Sustainable Value: The Triple Bottom Line.” The event was followed by networking, allowing attendees opportunity to dig out that brass.
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Young British Chamber Chairperson: Zoë Marmot — Allied Pickfords Pte Ltd
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he Young British Chamber (YBC) enjoyed a productive 2015. Collectively, we hosted seven events consisting of off-site tours, mentor series and networking events. The year began with a tour of British Airways’ new A380. We got a taste of how the other half live, enjoying first class seats – minus the bubbles – and even saw where the crew slept during the flight. An engineer showed us the cockpit, which was reminiscent of our childhood days, when it was common to visit the Captain. Our first mentor of the year was the hugely inspiring David Percival Spencer, founder of Spencer Ogden. He literally sold everything to start his own company.
The gamble paid off, as he know owns a global, multi-million-pound empire. Our obligatory Twilight Sails were again successful. If you haven’t tried it yet, we suggest you do. Sail around the bay, watch the sunset and enjoy a cold evening cocktail at the end of your voyage.
the workforce and was spearheaded by our very own President Hugo Walkinshaw, who was moderator for the evening. Our panellists came from Ogilvy, Redmart and Unilever. It was a lively debate that focused on different practices in established and start-up organisations.
Former Navy Captain Ray Corrigan regaled us with tales of life at sea and on land as he transitioned through 20 years with the US Navy. Now Country Head for Raytheon, his insight into being adaptable with each move in your career proved to be invaluable.
The year ended with an inspiring talk from Alex Blyth, founder of MegaZip on Sentosa and explorer extraordinaire. He shared stories of expeditions and how he started his career in the military, transitioned to corporate life and now enjoys life as a thrill seeker.
Our main event for the year focused on attracting and retaining young talent in
We have many exciting events planned for 2016 and hope to see you there.
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At the Chamber: Business Group News
Women in Leadership: Getting Yourself Unstuck Chairperson: Sian Brown — Barclays PLC
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n the many discussions held by The British Chamber Women in Business Diversity Committee, it became clear that, in addition to the “glass ceiling,” there was the additional challenge of the “sticky floor,” which refers to women lacking confidence in their abilities and promoting their career progression; smart, intelligent women with great ideas but who are hesitant in stepping up. The committee partnered Wentworth People, a talent and development company, to create a programme to address many of the current challenges facing aspiring women leaders and assist women to drive their future career plan, avoiding the “sticky floor.” There are the conventional ways that can be used to overcome some of the obstacles; for example, hard skill sharing, mentors, etc. However, there are many foundational elements that women need to overcome first; for example, overcoming fears and dealing with self doubt. Without that element in a programme, then no amount of hard skill training would move the needle sufficiently in the right direction. “How would you feel if someone outside really started talking to you the way your inner voice does? How would you relate to a person who opened their mouth to say everything your mental voice says? After a very short period of time, you would tell them to leave and never come back. But when your inner friend continuously speaks up, you don’t ever tell it to leave. No matter how much trouble it causes, you listen.” — Michael A Singer The Untethered Soul: The Journey Beyond Yourself
The programme, a series of five workshops, ran from September to November. It set out to empower women leaders to show up more in their organisation and start shaping the communities in a more significant way, introducing a set of concepts and practices that change the way women think to lead from a place of confidence and authenticity. The agenda included: • Uncovering the beliefs that may be sabotaging the growth of your career/ business and keeping you playing small. • Creating your personal brand/identity and understand how this supports you in standing out from the crowd. • Creating a crystal-clear vision for your “ultimate business success” and the “lifestyle” you’d like for yourself. The programme was offered at a discounted rate to make it as inclusive as possible, particularly for those who might not have access to a company mentoring/ coaching/sponsorship programme. Feedback from participants was very positive, with many indicating that the workshops allowed them to mix with likedminded people and gave them the skills and confidence to create the career — and life — they wanted. “Raised very important questions around purpose and legacy that are beyond just career or family.” “I love how the course is so engaging, which allows me to identify myself with others and to take home solutions other people have successfully tried.” “Thought-provoking, much more impact beyond the sessions than I had expected.
Inspiring, thought-provoking and motivating.” “The people; refreshing and reassuring to know that many other women — probably all women — experience the same self-doubt or limiting traits that I have. Empowering!” “Provided me the opportunity and tools for getting clear about what I want and some tips on how to achieve that goal.” “It helps me understand myself better and really think hard about who I am in the business and personally. I have communicated better, think better and dare to step up and chase away my inner critiques.” “Transformative, empowering, expands your mind.” “The fact that the audience and lecturers were all willing to be open and share honest and genuine feedback and experiences.” With the change from the technical leadership style to one of more adaptive leadership, women are perfectly poised to take a leading role in the new economical environment, for many of the skills required to be an adaptive leader are innate to women leaders. For this reason, The British Chamber Women in Business Diversity Committee, partnering with Wentworth People, will continue to look for opportunities to support their Senior Women leaders in 2016. Written By, Ruth Harris, Business Associate, Wentworth People
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Business Services News
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BritCham Singapore’s Business Services Team to Take Part in the International Festival for Business 2016 Taking place in Liverpool from 13 June–1 July 2016, the IFB2016 provides a unique opportunity for ambitious, dynamic and globally-minded companies to enjoy high-profile exposure at the world’s biggest business festival. The Chamber’s Business Services team will be representing Singapore and is participating in several bespoke ASEAN events in association with UK ASEAN Business Council (UKABC) and the Liverpool & Shefton Chambers of Commerce. The Chamber team will provide bespoke advice to businesses that are interested in exporting to Singapore and the Southeast Asian market. Focusing on three key sectors — Manufacturing, Energy & Environment, Digital & Creative — the event brings together thousands of businesses from around the world for three weeks and is seen as a great platform for networking and deal making. The Chamber team will be available for one-on-one meetings and will cover areas such as import/export procedures, export finance, credit insurance, intellectual property and internationalising your website. In addition, the team will also represent other ASEAN-based events on the following dates: • • • •
15 June – “Designed in the UK – Made in ASEAN” with UKABC 16 June – “Meet Your Global Business Network” with Liverpool & Shefton Chambers of Commerce 17 June – “The UK’s Place in the Asian Century” with UKABC 22 June – “Powering ASEAN’s Energy and Environment Opportunities” with UKABC
IFB2016 FLY to BUY
For the right companies, there are opportunities to access exclusive IFB2016 “FLY to BUY” funds — up to £2,000 is available per delegation — to facilitate overseas delegation travel and support packages. If you work in the three key sectors (Manufacturing, Energy & Environment or Digital & Creative) and would like to organise a company or country delegation, you may be eligible if each delegation agrees to meet at least five UK companies to explore business opportunities and to use IFB’s sponsor packages during their festival stay in Liverpool, UK For more information and full programme of events, go to www.ifb2016.com or contact Carole at the Chamber carole@britcham.org.sg
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At the Chamber
BritCham New Members Sterling McGraw Hill Financial Michael Cadwallader
Corporate Plus AkzoNobel International Paint Robert Wong Rio Tinto Singapore Holdings Pte Ltd Abhijit Dutta FTI Consulting Richard Hayler
Corporate Steppe Capital Pte Ltd Simon Byrne LEXMAR Engineering Pte Limited & LEXMAR Sat Systems Pte Ltd Martin Hardy
Citibank Singapore Pte Ltd Brendan Murray Abacare Singapore Pte Ltd Keith Harrison NashTech Subhash Raghavendra Compass Offices Jessica Goodchild Marlborough College Malaysia Robert Pick IMG Renata Korczyk World First Asia Pte Ltd Richard Swainston AIAC Peter Graham
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Corporate SME MHI Global Vellene Ng Just Add Water Pte Ltd Oliver Hall Stumic Group Pte Ltd Stuart Pearce Floream Asia Pacific Pte Ltd Lee Harle The Resilience Institute Thierry Moschetti Napoleon Pte Ltd Jean-Christophe Cadoret Gateway Law Corporation Max Ng Open Forum Enterprise Pte Ltd Chris Smith Keelson Group Pte Ltd Adam Webster
Ignition Global Consulting Pte Ltd Paul Ratcliffe Arcadia Consulting Susan Bassett Salt Communications Sarah Cragg Petrosearch Pte Ltd Ambrose Corray Join the Dots Karen Schofield InfraCo Asia Development Pte Ltd Allard Nooy Bricoleur Consulting Anu D’Souza
Overseas Corporate Endaba Patrick Egan Greater Tokyo Initiative (TAMA Association) Takaak Yoshida
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At the Chamber: Sterling News Towards a Value-Creation Economy: Deloitte Singapore’s recommendations for the 2016 Budget calls for the strengthening of initiatives to promote innovation and promoting internationalisation of Singapore businesses As we reflect with pride on Singapore’s remarkable transformation from a third-world to first-world economy within one generation, Singapore must continue to adapt and re-invent herself to remain relevant and competitive in a volatile global economy. With this goal in mind, Deloitte Singapore’s feedback for the 2016 Budget is framed along the following key themes that we believe will ready Singapore for the future economy: • • • • • •
Shaping fiscal policy with a view of encouraging a culture of innovation and promoting starts-ups in Singapore Grooming business leaders Connecting to new markets and promoting internationalisation of Singapore businesses Preserving Singapore as an attractive destination for foreign investments in an environment where international tax issues are high on the political agenda Maintaining our edge over the competition in select industry sectors Providing support for rising healthcare and childcare costs
British Airways continues to Invest in New Aircraft and Improved Customer Experience Customers at British Airways can now enjoy the airline’s latest refurbished 747 going into service and two brand-new aircraft joining the fleet. Troy Warfield, British Airways’ director of customer experience, said, “We know our customers appreciate the investment we are making in new aircraft and refurbishing our much-loved Boeing 747s is also helping to make flying with British Airways an even more enjoyable and relaxing experience. The feedback from customers on our refurbished 747s has been extremely positive, as they are able to enjoy more comfortable seats, a better flying environment and the very latest, state-of-the art in-flight entertainment.” The airline also took delivery of its 11th Airbus A380. British Airways’ super-jumbo can fly 469 customers in comfort and style to seven destinations around the world: Hong Kong, Johannesburg, Los Angeles, Miami, San Francisco, Singapore and Washington DC. The latest A380 will go into service later this week.
City Developments Limited (CDL) has been ranked the Top Real Estate Company and Top 10 Corporations in the prestigious Global 100 Most Sustainable Corporations in the World in 2016. This makes CDL the first and only Singapore company to be listed on the ranking for seven consecutive years. Starting from 81st position in 2010, CDL’s ranking improved to 34th in 2015 and rose to 10th in 2016. Recognised as the world’s preeminent sustainability equity index and gold standard in corporate sustainability analysis, the 2016 ranking was announced at the World Economic Forum in Davos, Switzerland, recently. Mr Grant Kelley, CDL’s Chief Executive Officer, said, “We are honoured to be listed amongst the best global sustainability leaders, and our improved ranking reflects our concerted efforts of integrating sustainability into operations.”
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Aviva recently launched in Singapore its Digital Garage, a dedicated space where technical specialists, creative designers and business leaders explore, collaborate and test new insurance ideas and services, making financial services more tailored and accessible for customers. In its capacity as a global and regional centre of digital, analytics and innovation excellence, Digital Garage will bring together four functions: • • • •
Innovation and New Business will turn radical and disruptive ideas into digital prototypes that can be tested in the market Digital Projects will make life easier for customers while digitising Aviva’s businesses around Asia Digital Businesses, which have extensive experience helping real customers, will bring a commercial edge to the Garage A wide range of collaborators will bring their respective expertise to the Garage
Nurturing Strong Leaders to Shape Singapore’s Bourgeoning Arts Scene On 14 January, the National Arts Council Singapore (NAC), in partnership with the British Council, launched “Lead the Way”, an inaugural two-part Organisational Leadership Development programme, specially designed for emerging leaders within Singapore arts institutions. This programme is the first of its kind in Singapore, aimed at developing the leadership capabilities of executive leaders who manage or head an arts organisation. This programme is the first of a series of initiatives to be rolled out as part of the British Council-NAC Memorandum of Understanding (MOU). Drawing on the UK’s long cultural history and the expertise of the British Council’s Cultural Skills Unit, Lead the Way is designed to offer participants the opportunity for cross-sharing of knowledge with industry experts and leaders from the UK. The programme was conceptualised with advice from the Clore Leadership Programme, a highly reputed cross-disciplinary fellowship programme in the cultural and creative sector.
Baxters International Art recently hosted the “Nothing to Envy” exhibition from 27–31 January at the ION Art Gallery in Orchard. This was their first exhibition in Singapore featuring exclusive art pieces from Democratic People’s Republic of Korea (DPRK) and North Vietnam. Showcasing highly regarded works collected from the Mansudae Art Gallery in the DPRK and the Manzi Gallery in Hanoi, Vietnam, there were more than 50 pieces of work from artists previously featured in exhibitions in Japan, United Kingdom, South Korea, Germany and Switzerland. “Nothing to Envy” was an effort to provide a peek into the rarely seen DPRK and North Vietnamese art scenes. The private collection of DPRK, Vietnamese and Pan-Asian works presented a collection covering selected antique to contemporary pieces, with further works available from selected international artists, providing an opportunity for strategic purchases of spectacularly colourful and high-quality pieces.
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At the Chamber: Sterling News EY Opens Nominations for EY Entrepreneur of the Year 2016TM From now till 31 May 2016, members of the public can nominate outstanding entrepreneurs for the 15th edition of the EY Entrepreneur of the Year (EOY) awards in Singapore. Nominees must demonstrate strong entrepreneurial spirit, innovation, sound strategic direction and financial track record, and have built successful businesses that have global and/or community impact. The theme will spotlight the importance of innovation and excellence in building future-ready businesses and economy. The nominees will be assessed by an independent judging panel across the six globally benchmarked criteria. Entrepreneurs who excel across the six criteria will be honoured as winners of award titles that are designed to reflect their unique quality or achievements. The EY Entrepreneur of the Year 2016 Singapore will be presented to the individual who ranks the highest across all six criteria.
Rolls-Royce Ready to despatch 100th Trent XWB for service with Singapore Airlines Rolls-Royce is about to despatch its 100th Trent XWB engine, which will enter service on a Singapore Airlines A350 XWB. The engine will leave the Rolls-Royce site in Derby, UK, in the next few days, to be transported to Airbus in Toulouse. It will power Singapore Airlines’ fourth Airbus A350 XWB. The engine despatch marks another milestone in the ramp up of Trent XWB production at Derby, which will be producing a Trent XWB engine every working day next year. Chris Young, Rolls-Royce, Director, Programmes – Civil Aerospace, said: “It is great to reach this milestone and we continue to increase Trent XWB production to meet future demand. I’m pleased this particular engine is destined for Singapore Airlines at a time when the aerospace world is gathering at the Singapore Airshow.”
PwC Strengthens Support for Fast-Growing Medium Enterprises through StrategiCom Acquisition PwC announced today that it has acquired the business of StrategiCom, a corporate and brand strategy consultancy headquartered in Singapore and serving Fast Growing Medium Enterprises (FGMEs) from around the region. StrategiCom has an excellent track record in helping FGMEs, especially those in the B2B segment, to grow their business through well-positioned and highly-differentiated brands. As the global leader in corporate advisory, PwC has long-recognised the importance of the FGME sector as the backbone of any economy. This acquisition is part of PwC’s continuous efforts to develop services that are critical towards helping FGMEs grow. Mr Ng Siew Quan, PwC’s Asia-Pacific Entrepreneurial and Private Clients (EPC) Leader said, “This is a very strategic acquisition for PwC because we recognise StrategiCom’s position as the leader in developing corporate and brand strategies for entrepreneurs and family-owned businesses in the region.”
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At the Chamber: Corporate News
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MSIG Launches Usage-Based Motor Insurance (UBI) Pilot for Consumers in Singapore MSIG Insurance and its technology partner, CSE Group, have embarked on a six-month UBI pilot study to test the feasibility of using telematics in Singapore. “Through this pilot study, we hope to engage with our customers more meaningfully and also allow those who are interested to join in the study and learn what UBI can do,” said Jeremy Lian, SVP, Technical Services, MSIG. “Our pilot here with MSIG will establish the highest standards both in terms of technical implementation as well as privacy protection,” said Colin Hookham, Commercial Director, CSE.
Rolls-Royce motor cars celebrates second highest sales record in marque’s 112-year history A total of 3,785 hand-built motor cars were commissioned by customers worldwide last year. Asia Pacific highlights: • Asia Pacific region sales up 13% (outside of China Mainland) • Asia Pacific (outside of China Mainland) constitutes around a sixth of global sales • Japan remains top market in Asia Pacific (excluding China Mainland) • Korea overtook Hong Kong as second-biggest market • Network expansion announced in Japan, new showroom opening expected in 2016 • Excellent reception for Dawn, with advance orders exceeding expectations
The Institute of Marine Engineering Science & Technology (IMarEST) has launched a campaign aimed at supporting seafarers in developing their skills and demonstrating their competencies. The campaign raises awareness of options available to seafarers to grow their knowledge while continuing their role at sea. For example, an MSc in Sustainable Maritime Operations is an innovative e-learning higher education courses specifically relevant for senior management positions ashore. The IMarEST recognises certificates of competency (both deck and engine) as equivalent to up to Master’s-level learning, making it easier for seafarers to apply for professional registration and achieve a universally recognised professional status.
CBRE Hotels is pleased to announce that it has appointed Akshay Kulkarni as Director, CBRE Hotels, Asia. Mr Kulkarni’s appointment will enhance CBRE Hotels’ service capability in terms of hospitality operations, consulting and brokerage across Asia. Robert McIntosh, Executive Director, CBRE Hotels Asia Pacific said, “We want to provide as full a service to our clients under the CBRE Hotels platform. Akshay has over 20 years of experience in hospitality. He fills a very important role in providing greater depth in consulting, advising investors and potential owners on hospitality concept development, market feasibility, hotel operator selection, asset management, and transaction advisory across a wide range of asset types, including hotels, resorts, serviced apartments, branded residences and lifestyle products.”
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At the Chamber: Corporate News UK-based research company Join the Dots has announced the opening of their first international office, signalling their intention to develop and grow their international portfolio of clients. The full service agency grew by 28 percent in 2015, and the new office in Singapore will allow the £10m company to service their existing clients that have operations in the Far East, including GlaxoSmithKline, Unilever and Diageo. It will also allow them to pursue new opportunities across Asia. The new office will be headed up by Karen Schofield, who takes up the post of managing director, and who was previously innovations director in the UK.
Wing Tai Holdings Limited has set up a wholly owned subsidiary, WT Fund Management Pte Ltd, and Chua Choy Soon has been appointed its Managing Director. The company seeks to invest in Asia Pacific through core and coreplus/value-add strategies, as well as through other investment options. The Wing Tai Group will also commit equity alongside institutional investors. Mr Chua has been involved in real estate investment since 1995. Until recently, Mr Chua has invested and built up a portfolio of diversified real estate assets across Asia Pacific in excess of S$3 billion on behalf of mainly European institutional investors.
Instead of crunching numbers and closing deals, UOB employees and more than 30 businessmen were slicing and dicing away at the Willing Hearts’ soup kitchen recently to prepare 5,000 hot meals as a part of UOB’s Lunar New Year outreach programme. It took six hours for the 60 volunteers, comprising the Bank’s senior management team and local corporate chiefs, to prepare the festive meal for the elderly and needy families in Singapore. By noon, the volunteers had distributed all 5,000 lunchboxes to the beneficiaries, who were at centres located at Circuit Road, Geylang Bahru and North Bridge Road.
Emirates has come out on top again as the world’s most valuable airline brand, according to the 2016 Brand Finance Global 500 report. The airline’s brand value grew 17 percent over last year to reach US$7.7 billion. For the fifth year running, the airline has steadily risen up in the global ranking of the world’s top brands to be placed at #171. Emirates also retains its well-established position as the most valuable brand in the Middle East. In addition, Emirates’ brand value has more than doubled since 2009, when it first appeared on the Brand Finance Global 500 report.
SRT’s ninth Shakespeare in the Park will preview from 27 April in Fort Canning Park. A super-exciting team from Singapore and London, helmed by director Daniel Slater, is working on making this production of Romeo & Juliet an unforgettable treat for all. Our Shakespeare in the Park, the biggest such event in this part of the world, is celebrating the 400th year of Shakespeare’s death, so grab your picnic baskets and head to Fort Canning Park with your team this year for an evening of great theatre and good company under the stars.
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Her Majesty’s Lord-Lieutenant of Greater London, Mr Kenneth Olisa Esq OBE FBCS FRSA, officially opened ACCA’s (the Association of Chartered Certified Accountants) new global head office at The Adelphi recently. Speaking about his role as the Queen’s representative for Greater London, the LordLieutenant briefed ACCA Council, current and past ACCA presidents, official guests and ACCA staff about how his work as the founder of two technology merchant banks and as Director of Reuters had given him a keen understanding of accountancy and reporting, including International Financial Reporting Standards (IFRS) and the Sarbanes Oxley Act.
On 2 February 2016, Dimension Data, the US$8 billion global ICT solutions and services provider, announced that it has completed the acquisition of the communications division of the Jebsen & Jessen Group of companies in Southeast Asia for an undisclosed sum. The acquisition includes the division’s operations in Singapore, Malaysia, Thailand, Indonesia and the Philippines. This announcementis a follow-up to the one in 2015 regarding Dimension Data’s intent to acquire the division, provided certain conditions were met. For this transaction, Pickering Pacific advised Jebsen & Jessen Southeast Asia, whose communications division is a market leader in converged communications in Southeast Asia.
Koehler Group Incorporation, Tax, Accounting & Trade Services in Hong Kong, Singapore & China
Corporation Service Company® (CSC®) has acquired Koehler Group as of 12 October 2015. US-based CSC is a leading global provider of corporate compliance and transactional services, including entity filings, due diligence requirements, and global subsidiary management. CSC also provides tax services and digital brand services, as well as corporate office, governance and other domiciliation services for international special purpose vehicles and holding companies. Koehler Group’s incorporation, tax, accounting and trade support services will complement CSC’s existing offerings and expertise for a complete global corporate service solution. By joining forces with CSC, Koehler Group is reinforcing its local expertise with CSC’s international capabilities in the light of the ongoing globalisation and expansion of the corporate client base.
Mara Miri of Singapore has been awarded the Best Customer Service title at this year’s Best of Houzz, the leading platform for home renovation and design. Customer Service honours are based on several factors, including the number and quality of client reviews received in 2015. The other category at these awards is Design. This year’s winner in this category was the most popular among the more than 35 million monthly users on Houzz, and includes architecture and interior design photographers whose images were most favoured.
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At the Chamber: Members’ Offers To find out more about our members’ offers, visit our website under Membership -> Members Offers.
Avis
Enjoy up to 10% off your next car rental with Avis worldwide!
British Airways
10% off British Airways airfares
British Council
20% off all Professional Development Centre public courses
British Standards Institution
10% discount on ISO certification, training services and purchase of standards
British Theatre Playhouse
10% off tickets to The Vortex by Noel Coward
Bupa/Expat Insurance
10% off Medical Insurance Plan
City Serviced Offices
10% discount on facilities and services
Courts
5% off electrical and 10% off furniture
Cultural Training Asia
15% discount to BritCham Members for the 1.5 hour Lunch and Learn training session on Effective Virtual Meetings
Emirates
Enjoy up to 10% off Emirates fares
Harry’s
15% discount at Harry’s
IMarEST
10% off e-learning products
IOM Singapore
20% off NEBOSH International General Certificate (IGC) course
MSIG
Discounts on insurance plans
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Progress U
5% off International Corporate Coaching programme
Quayside Isle
Up to 15% off F&B
Raffles Singapore
Discounts on Food & Beverage, Restaurant Bookings and Event Meetings
Regus
Enjoy complimentary membership at Regus Business Lounges
SandBank
Enjoy 10% off total bill and 15% off SuperBowl50
Shangri-La Hotel Singapore
Special rate for BritCham Members
Singapore Repertory Theatre 15% off tickets to Romeo & Juliet
Sonru
10% off annual subscription for Corporate Members
Survival Chic
10% off a one-year Survival Chic Membership ($450)
The Bank Bar
Enjoy 15% off total bill at The Bank Bar + Bistro
The British Club
Special sign-up promotion for BritCham Members
The Economist
10% discount on print and digital subscriptions
The Fry Group
Special offer on life insurance for BritCham members
Voxtree
10% discount on in-house training to manage e-mail conflict
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The BritCham Ball: Colours of Singapore 5 December Like a scene taken from a movie, the ballroom at Resorts World Sentosa came alive and was transformed into a myriad of colours, mirroring the streets of Singapore in the 1960s. Our members and guests were dressed in their elegant and colourful best as they arrived and were treated to cocktails specially created for the occasion by L’Aiglon Bar. The evening kicked off with a special video, whose cast were none other than our members, celebrated Singapore’s past, present and future. Guests indulged in a three-course dinner with free-flow of wine and spirits while the charming Henry Goulding hosted the evening’s celebrations and entertained a lively audience. Exciting raffle prizes were given away to 23 winners and guests danced to their favourite tunes until the wee hours of the morning. It was a night to remember and we thank our sponsors, members and partners for celebrating with us!
At the Chamber: Annual Event
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At the Chamber: Annual Event
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At the Chamber: Annual Event
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SPONSORS
TITLE SPONSOR
SUPPORTING SPONSORS
PHOTOGRAPHY
SPIRITS
SILENT AUCTION
EVENT MANAGEMENT
GIFT BAG
LIVE AUCTION SPONSORS
WINE
BAND
COCKTAILS
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At the Chamber: Annual Event
BritCham Annual Economic Briefing 12 November With a focus on ASEAN, the Annual Economic Briefing covered an overview of the global and regional economic performance, geopolitical impact on markets and economy, and growth potential of emerging markets in ASEAN. HE Scott Wightman opened the evening with a welcome message. This was followed by a panel discussion, where speakers Glenn Maguire from ANZ and Peter Mumford from UKTI presented their views while Simon Baptist from The Economist moderated the evening with relevant questions and comments about the economy.
Event Sponsor:
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At the Chamber: Special Event
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BritCham Open House 19 November On 19 November, the Chamber organised its first Open House, which was specially organised for members and guests to learn more about the benefits of the BritCham membership through conversations with the Chamber’s board members, business group heads and the management team. Members and guests networked and mingled with one another over drinks and canapÊs, which were kindly sponsored by the British Club.
Food & Drink Sponsor:
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Attract, Transform, Create 24 November Multinational companies have played an important role in growing Singapore’s economy since her independence 50 years ago. Looking to the next 50 years, Dr Beh Swan Gin shared that the strategies that were attractive to businesses when Singapore was a developing economy will generate diminishing returns now that Singapore has entered a more mature phase of growth. He shared insights into the shift in EDB’s approach to economic development in response to the changing context that companies are operating in today.
At the Chamber: Leaders in Business Lunch
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At the Chamber: Breakfast Club
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How SMEs can Harness Social Media to Grow Their Business 17 November In this event, the two speakers encouraged members and guests to embrace the change in the world of marketing today and shared inspiring examples of latest thinking, ideas and their application from around the world, covering social media, content marketing, social selling, personal branding and inbound marketing.
The Revolution in Business Communications 25 November In this presentation, Neil Stoneham shared insights on how leading brands have embraced the communications revolution to excite and innovate. Neil stressed that today’s businesses use a more conversational and creative communication approach and suggested new ways of engaging clients and customers for our audience to learn and take back.
Sponsored by:
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At the Chamber: Breakfast Club
Storytelling: The Five Secrets to Telling Simple Stories That Make People Act 8 December
Mindfulness at Work: An Introduction to Research and Practice 22 January In this breakfast session, attendees learnt what mindfulness was, how it can help them be more effective and less stressed at work, and how it can help in interpersonal settings such as leadership and teamwork. Attendees also participated in a mindfulness exercise, where they were taught to relax their mind. The speaker provided practical tips on meditation and how it could be practised in everyday life.
Speaker: Steve Clayton - Chief Storyteller, Microsoft Moderator: Andrea Edwards - Head of Content Marketing and Training, Novus Asia
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Chief Storyteller of Microsoft Steve Clayton gave an inspiring talk on the power of storytelling for businesses. Using case studies from Microsoft, he shared five secrets to powerful storytelling in marketing.
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At the Chamber: Breakfast Club
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Delivering Customer Experiences That Create Loyal, Satisfied & Profitable Customers 27 January The ICT business group organised its first event in the Breakfast Club series on the 27 January. Speakers Ryan Hart and Toni Ruotanen shared insights on delivering exception customer experience that would create loyal, satisfied and profitable customers. Topics of discussion included the customer journey map, customer experience strategy, customer experience design, measurement, governance and culture.
Sponsored by:
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At the Chamber: Evening Presentation/Networking
Diversity Pillars 3 November Creating a workplace that caters to a diverse workforce and embraces diversity is becoming increasingly important. This event highlighted the five pillars of diversity and companies committed to these pillars, in co-operation with charitable organisations that operate in these areas. The fireside chat focused on topics such as diversity and inclusiveness in the workforce, initiatives to support employees who identify with these pillars of diversity and what roles companies should play in pushing D&I issues beyond the workplace.
Diversity sponsor:
Fuel Your Marketing Plans for 2016: Network Exclusively with Leading Marketing Experts 14 January The newly launched Marketing & Creative Business Group met for its inaugural event in the ARNDT Gallery at Gillman Barracks on the 14 January. More than 50 participants, comprising business group representatives, members and guests, were in attendance.
Sponsored by:
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At the Chamber: Evening Presentation/Networking
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How SMEs Can Embrace Employer Branding to Achieve Business Goals 19 January In this event, Rachele shared how anyone can embrace employer branding to attract talent, clients, investors and compete in any market and every area. Rachele shared a few research results and shed light on what employees are looking for and how organisations can use employer branding techniques to achieve your goals.
Scottish Craft Beer and Cider Tasting Session 3 February Craft beer expert Charles Guerrier guided and educated members and guests through some of the finest beers and ciders coming out of Scotland today. The audience enjoyed tasting a variety of beer and cider and networked with one another.
Sponsored by: CHIJMES
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At the Chamber: YBC Mentor Series
Talent Engagement for the Next Generation 5 November Demographics are changing in the workforce and organisations need to future-proof their businesses and change the way they engage with the new generation. In this YBC Mentor Series panel discussion, speakers from prominent companies shared their thoughts on how organisations attract, retain and develop new talent. Several young professionals and HR managers who attended the event went back with a fresh perspective on hiring and retaining strategies.
Tales of Exploration with Alex Blyth 11 November Alex Blyth has had an interesting career. In this session, Alex shared some inspiring stories from his past, and quoted Tina Fey, “Say ‘yes,’ and you’ll figure it out afterwards.” He revealed that this was an idea that helped him push forward in his career. His stories inspired all members and guests who attended the event.
Young British Chamber:
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Agile: Competitive Advantage for Digital Age 5 November In this presentation, Aman spoke about Agile framework, its working and how it can help the businesses be more productive, reduce time to market, bring transparency and predictability, and lift team morale at the same time. He also spoke about tips and tricks that will help in business transformation and covered aspects of Agile Marketing during the session.
At the Chamber: Working Lunch
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Culture & Lifestyle
A Talent to Amuse By John Faulkner
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ir Noel Peirce Coward was born in the London suburb of Teddington on 16 December 1899, just nine days before Christmas and hence the choice of first name! His work as a playwright, composer, cabaret artist, actor, singer, director and producer over some 50 years made him one of the most influential figures in British Drama of the 20th century — and he remains so today. For many professionals in the drama world, he was known — and is still known — as The Master, a title he hardly rushed to deny! His stage career, heavily encouraged by his mother, started at the age of 12. By the time he was 20, he had already appeared in several plays in London’s West End.
By the age of 26, he had six of his plays running in West End — at the same time! But Coward was not quite everyone’s cup of tea, and his private life was sufficiently scandalous to shock in an age of conservative morals, at least on the outside! He was saved from outright condemnation, though, by his fierce patriotism, most especially during Word War II, when he worked for the British MI5 intelligence services. He made the Academy Award-winning film In Which We Serve (1943) and performed his music for Allied armed forces around the battlefields of the war.
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Culture & Lifestyle: A Talent to Amuse
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The great popularity of his music endeared him to the British public. “I’ll See You Again”, “Some Day I’ll Find You”, “A Room with a View”, “Mad Dogs and Englishmen”, “Don’t Put Your Daughter on the Stage, Mrs Worthington” and so many more are all as popular today as they were decades ago. Coward has been criticised as little more than a satirist of London High Society, writing plays full of sparkling wit and elegance but little else. It is all the more extraordinary then that his first play and
Love. Sex. Betrayal. All are on display in the British Theatre Playhouse’s production of The Vortex, a twisted love story from master playwright Noel Coward.
the one that saved him from obscurity and penury was The Vortex (1924).
decades, he had to wait until his 70th birthday before being knighted.
A scathing and shocking expose of London society at the time with a storyline that peels back the layer of respectability that concealed the moral corruption just beneath, The Vortex was a huge success for Coward, both as the playwright and the leading actor. It launched him on his career and he never looked back.
The witty quotes attributed to Coward are enough to fill several books, but here is one to end with. When a Time interviewer apologised, “I hope you haven’t been bored having to go through all these interviews for your [70th] birthday, having to answer the same old questions about yourself,” Coward rejoined, “Not at all. I’m fascinated by the subject.”
Society had some revenge, though; despite his worldwide fame for more than five
It stars award-winning actress Jane Seymour, together with a star-studded cast from London’s West End. Book your tickets via SISTIC today!
BUILDING NETWORKS CONNECTING BUSINESSES CREATING OPPORTUNITIES
THIS IS WHAT WE DO BEST. The Chamber plays a strong role within the business community in Singapore, providing valuable links for businesses, whilst maintaining a focus on delivering quality support to our growing membership base. We currently represent over 400 companies across all industry sectors. The network of executives representing their companies grew substantially over the past years to now over 2,900 - a dynamic development that is continuing in 2016. Our Membership is open to all nationalities. Join us today! Visit www.britcham.org.sg
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