Viewpoints, Spring/Summer 2016 - Sauder School of Business by UBC Sauder School of Business

THE FUTURE OF BUSINESS ISSUE

SPRING/SUMMER 2016 • VOLUME 36 • NO 1

A MAGAZINE FOR ALUMNI AND FRIENDS OF THE UBC SAUDER SCHOOL OF BUSINESS

Future tellers Sauder alumni, students and faculty imagine what’s ahead

Challenged to recruit his bankâ&#x20AC;&#x2122;s next generation of leaders, Todd hires UBC MBA interns. For almost 15 years, RBC has looked to UBC Sauder to supply qualified capable candidates to tackle a myriad of tasks with the hopes of grooming the next crop of executives.

Hire your UBC MBA intern today sauder.ubc.ca/MBAinterns

The future of business issue

“It is the business of the future to be dangerous.” – Alfred North Whitehead, English mathematician and philosopher.

ALUMNI STORIES

Sabrina Wang, BCom 2013, and Tony (Yang) Lu, BFA 2011, and other alum-mates share their love stories Martin Glynn, MBA 1976, says no to “freedom 55” and yes to community service

Viewpoints from the Dean

UBC Sauder Index

Newsworthy

Insider Information

Actuals

Class Notes

Reunions

Points of View Tytus Michalski on one hundred years past and future

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IN EVERY ISSUE

No matter your dreams of retirement at any age, chances are, you have work ahead of you. So what will help us flourish in the face of accelerating change. Is it broadening or narrowing our options? Is it welcoming change and embracing technology? Or is it the values that have always mattered—ethics, caring, community and hard work? In this issue, with a forward-looking theme inspired by looking back on UBC’s centennial year, students and alumni consider these questions.

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Yoki Li was photographed by Kent Kallberg.

alumni@sauder.ubc.ca

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Students opt for two degrees and a bright future Want to combine anthropology with business, nutrition with leadership, or politics with marketing? A new dual degree program lets students pair an arts or science undergraduate degree from UBC with a business degree from Sauder. Students peer into the future of business Students and alumni gather to discuss how business will evolve in the next ten years. Perhaps unsurprisingly, the consensus is that keeping core values will help companies and individuals manage the buffeting from innovation and the economy. Stepping stones along our timeline On the occasion of UBC’s Centennial, join us for a peek into the key milestones, people, achievements and events that have shaped the UBC Sauder School of Business to be a global leader in business education. What’s now? What’s next? “What comes next?” is a question that occupies most thinkers. Six UBC Sauder professors look at internet security, the sharing economy, branding in the social world, dark markets, the green economy, the effect of trade agreements, and the growth of the Chinese stock market. VIEWPOINTS SPRING/SUMMER 2016

VIEWPOINTS FROM THE DEAN

Disruption and innovation

MARK MUSHET

This edition of Viewpoints presents observations on the future of business from the students, alumni and faculty of the UBC Sauder School of Business. You will hear about the aspirations of our amazing students—where they see themselves in 10 years and how they hope their careers will unfold in a highly connected business environment. You will hear the voice of experience from our alumni, and some inspiring words of wisdom about the importance of values, culture and collaboration in businesses of any era. Our faculty members bring insights from their current research, and offer thoughts on “what’s next” on issues ranging from internet security and the sharing economy to dark pools in financial markets and the Trans-Pacific Partnership. THESE OBSERVATIONS SHOW THAT we stand at a fascinating point in time for business and society. It is obvious that both the speed and scope of technical change are increasing rapidly. However, this is not really a new phenomenon—science and technology have been advancing rapidly since at least the beginning of the industrial revolution. What does seem new, and important, is the widespread adoption and use of connected mobile devices. This has led to previously unimaginable access to processing power, data storage and knowledge at very low cost for a sizable fraction of the world’s population. It has also, I believe, created strong network scale economies, and led to the dominance of a few, very large platform providers (e.g., Google, Baidu, Facebook, WhatsApp, WeChat). Finally, and perhaps most important for incumbent businesses, it has diminished the importance of intermediaries between buyers and sellers in many markets. Many transactions now occur directly between buyers and sellers on Facebook, WeChat, Uber, Airbnb and other platforms. This has, in turn, led to the disruption of many intermediary institutions—from taxi companies and housing rental agencies, to financial institutions and, perhaps soon, 2

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even universities. As Klaus Schwab, founder of the World Economic Forum, notes in his recent book, The Fourth Industrial Revolution, “The question for all industries and companies, without exception, is no longer ‘Am I going to be disrupted?’ but ‘When is disruption coming, what form will it take and how will it affect me and my organization?’” Of course, the other side of disruption is innovation and entrepreneurship—the creation of the new ventures that leverage technology to bring new products and services to market, produce value for investors, and build new jobs and careers for the knowledge economy. A passion for innovation is certainly present in the aspirations of our students, the experiences of our alumni, and the research of our faculty. Perhaps that is where the future of business lies. I hope you enjoy this edition of Viewpoints. Please stay in touch. n

Sincerely,

Robert Helsley, Dean GROSVENOR PROFESSOR OF CITIES, BUSINESS ECONOMICS AND PUBLIC POLICY

robert.helsley@sauder.ubc.ca

OUR MISSION FOR VIEWPOINTS

Viewpoints Magazine is designed to nurture dialogue and relationships with our alumni and friends by ensuring that you continue to enjoy the practical benefits of the school’s leading-edge business thinking. Viewpoints presents news, research and commentary that demonstrate the ability of our faculty and our graduates to define the future of business and to open doors for those who are connected to the UBC Sauder School of Business. Your thoughts about this mission are always welcome. EDITORIAL Erica Smishek editor-in-chief Jennifer Wah managing editor

DESIGN Brandon Brind creative director graphic designers: Deana De Ciccio, Karen Cowl

The UBC Sauder Index Year LEDs are predicted to dominate as a light source: 2019 Year automated freight transport is projected in some areas: 2019 Estimated year Kivalina (an Alaskan coastal village) will be overcome by rising seas: 2025 Global population in 1980: About 4.5 billion Projected year global population will approach 9 billion: 2042 Year the adoption of a global currency is predicted: 2085

PRODUCTION Spencer MacGillivray production manager

Viewpoints Magazine is produced by Forwords Communication Inc. and published by the UBC Sauder School of Business, University of British Columbia 2053 Main Mall, Vancouver, BC V6T 1Z2 Tel: 604-822-8555, Fax: 604-822-0592. Viewpoints is published regularly for alumni and friends of the UBC Sauder School of Business. We welcome the submission of ideas and articles for possible publication in Viewpoints Magazine. Email: viewpoints@sauder.ubc.ca For an online version of Viewpoints, visit www.sauder.ubc.ca. CHANGE OF ADDRESS Send change of address to Alumni Engagement Office, fax: 604-822-0592 or email to alumni@sauder.ubc.ca ©Copyright 2016, UBC Sauder School of Business. Editorial material contained in Viewpoints Magazine may be freely reproduced provided credit is given. ISSN 089-2388. Canada Post. Printed in Canada. EDITORIAL BOARD Sheila Biggers, Teresa Faulkner, Brad Gamble, Dale Griffin, Andrew Riley, Erica Smishek, Jennifer Wah and Bruce Wiesner CONTRIBUTORS Brenda Bouw, Sue Bugos, Allan Jenkins, Chris Lane, Spencer MacGillivray, Andrew Riley, Erica Smishek, Jennifer Wah PUBLICATIONS MAIL AGREEMENT NO. 40063721 RETURN UNDELIVERABLE CANADIAN ADDRESSES TO ALUMNI ENGAGEMENT, UBC SAUDER SCHOOL OF BUSINESS, UNIVERSITY OF BRITISH COLUMBIA, 1600 - 800 ROBSON STREET, VANCOUVER, BC V6Z 3B7

Year rates of breast cancer began to decline in Canada: 1989 Current estimated five-year survival rate for breast cancer: 90% Projected year survival rate will reach 99%: 2049 Founder of F*ck Cancer, an irreverent fundraising group: UBC Sauder alumnus Yael Cohen Braun

Score of Vancouver on the World Air Quality Index, May 25, 2016 (where under 50 is considered safe, and over 150 is deemed unhealthy for most): 25 Score of Calgary: 48, Toronto: 72, New York: 80, Beijing: 122, Bozhou, China: 288 (worst in world on this date) Source of most common contaminant, sulphur dioxide (SO2): volcanoes and industrial processes

Number of mobile phones sold by Nokia in 2003, as the top supplier in the world: 250 million Current focus of Nokia’s sales: telecommunications infrastructure and virtual reality cameras First product sold by Nokia when it was founded in 1865: pulp Subsequent lines of business from 1920–1990: rubber galoshes, telephonic cable, forestry, chemicals, televisions, personal computers Year the oldest industrial company in England was formed: 1068

Sources: Sources: Nokia, FutureTimeline.net, US National Cancer Institute, World Air Quality Index, LetsFCancer, UBC Sauder School of Business, countryfile.com.

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NEWSWORTHY UBC SAUDER IN THE NEWS

Research on social media envy attracts international attention

Professors prominent in Lower Mainland real estate discussions Associate Professors Thomas Davidoff and Tsur Somerville have regularly been featured in media including Business Insider, Korea Daily, The Globe and Mail and Maclean’s, as well as many other print and broadcast news outlets discussing

Vancouver’s housing market. Topics covered have included city-run sales, the causes of rising house prices, attractive alternative markets to Metro Vancouver’s, and the need for creative public policy to address foreign investment. n

Professor Izak Benbasat’s study on envy in social media attracted media coverage in over fifty publications across the globe, including The Times of India, USA Today, Agence France-Presse, Lonely Planet and CNN Indonesia. Benbasat and his team studied 1,193 Facebook users and found envy motivated many of their posts, which contributed negatively to their mental health. n

Professors featured in media dissecting the Trans-Pacific Partnership Professors Keith Head, John Ries, James Brander and Maurice Levi were interviewed by a wide range of media including Maclean’s, CBC and The Vancouver Sun for their expertise in international trade in relation to the Trans-Pacific Partnership. n

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MBA program highlighted for achievements and unique standing

As Senator Mike Duffy returned to work after being cleared of all charges, Professor Sandra Robinson lent her expertise on dysfunctional workplace behaviour to the conversation. She told Maclean’s that Duffy’s fellow senators might distance themselves from him, partly to avoid conflict, but eventually may find it’s easier just to relax and pretend nothing happened. n

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The Financial Post and The Globe and Mail prominently featured the MBA program offered by UBC Sauder’s Robert H. Lee Graduate School. Alumni Kate Hyde, Geoff Carran and Gregg Saretsky shared their success stories while Associate Professor Yi Qian discussed integrating research into the classroom and Assistant Dean Liz Starbuck Greer explored why students are drawn to Vancouver. n

Expert on workplace strife weighs in on Senate scandal

Alum makes Forbes “30 Under 30” Ian Crosby, co-founder and CEO of Vancouverbased tech startup Bench, was named to Forbes’ 30 Under 30 list for 2016, holding the top spot in the enterprise technology category. Crosby graduated from UBC Sauder with a BCom in 2008, four years before founding Bench, a web-based solution to make bookkeeping easier for fledgling startups. Crosby said his experience in UBC Sauder’s consulting program was a key boost to his career. n

Study on sports fans’ eating habits attracts international headlines Assistant Professor Yann Cornil’s study was featured in the Chicago Tribune and Radio-Canada for its finding that sports fans’ saturated fat intake spiked in the days following a favourite team’s loss. He also co-wrote an op-ed in The Washington Post discussing the study. n

Professor shares expertise on Canadian election issues with leading publications Major media outlets including the Los Angeles Times, The Globe and Mail and Maclean’s interviewed Associate Professor Werner Antweiler for his expertise on Canada’s federal election. Antweiler also drew extensive media coverage for the Sauder School of Business Prediction Markets, an online futures market he runs that uses real money investments to forecast election results. n

Study featured in Fortune Magazine for HR insights Professor Ilan Vertinsky was featured in Fortune for his study finding that workers who are most involved in their communities are also the most productive and innovative team members in the office. “Hiring managers often dismiss volunteer work or sports commitments as being irrelevant to a resumé or even a potential distraction,” said Vertinsky. “But really, people with busy evening and weekend schedules are exactly who should be getting hired.” n

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SAUDER FACULTY INSIDER INFORMATION

Two profs rank among top five marketing researchers in the world

Professors Darren Dahl and Katherine White have been ranked among the top five marketing researchers in the world by the American Marketing Association in its latest research productivity rankings. Dahl ranked second in the world and White ranked fifth, while UBC Sauder’s marketing faculty ranked sixth in the world overall. n

New UBC Sauder courses bring together MBAs from top global schools Two UBC Sauder professors are leading new courses offered to MBA students from across the world, thanks to a partnership—the Global Network for Advanced Management—that UBC Sauder joined in 2014. Associate Professor James Tansey has now taught three editions of a week-long course at the Robert H. Lee Graduate School for students in the GNAM network, focused on the role of clean energy and green infrastructure in business and politics. Professor Murali Chandrashekaran leads a course borne out of collaboration between professors from five business schools, which takes on the challenges of an increasingly urbanized world. “It is increasingly about leveraging the power of business to help address problems of our time,” said Chandrashekaran, Senior Associate Dean, Strategic Partnerships and Global Initiatives. n

Updating the UBC Sauder School of Business brand

UBC Sauder has refreshed its logo. By incorporating UBC into the design, the new branding displays greater affinity with the university, while maintaining the equity built in the Sauder brand. The new logo adopts a fresher look and modern typeface that exemplifies the school’s environment of innovation and continues to include the door insignia, which remains a key differentiator for the school. The “Sauder green” has been updated to one that better reflects the West Coast and provides an impactful contrast with the “UBC blue.” The updated logo will allow UBC Sauder to leverage the university brand in international markets where UBC’s reputation is well established and clearly defines the hierarchy between the school and the university to which it belongs. It draws on the strength of UBC, while allowing Sauder the space to shine. n

Leading economists propose fund to combat housing unaffordability in BC. Associate Professors Thomas Davidoff and Tsur Somerville have called on the provincial government to address housing unaffordability in the Lower Mainland by creating a B.C. Housing Affordability Fund. The fund would be fed by an annual 1.5 per cent surtax targeting property owners without ties to the local economy. Joined by Joshua Gottlieb of the Vancouver School of Economics, the proposal now boasts over 40 signatures from economists in the region and has resulted in a meeting with the premier of BC and the mayor of Vancouver. “The goal is to support those living in parts of the province that have seen skyrocketing real estate prices, while also making our local markets less attractive to investors who wish to avoid taxation or park cash,” said Davidoff. n

New federal grants of $1.5 million support research at UBC Sauder UBC Sauder researchers secured $1.5 million in funding from federal research councils in 2015. The grants are being used to expand the knowledge base of topics including safeguarding trade secrets, rising real estate values, the dark side of technology and the environmental impact of ride-hailing apps. “The continued support of the federal research councils helps Sauder extend the breadth of academic knowledge, and maintain our reputation as one of the world’s leading centres for business research,” said Professor John Ries, Senior Associate Dean, Research. n

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ACTUALS SEEN AND HEARD IN THE UBC SAUDER WORLD

Economist Joseph Stiglitz, worldleading expert on inequality, shares insights with UBC Sauder community JOSEPH STIGLITZ, A NOBEL PRIZE-WINNING ECONOMIST (WIDELY CREDITED AS COINING THE TERM “THE 1%”) AND ONE OF THE WORLD’S LEADING EXPERTS ON INEQUALITY, CAME TO UBC SAUDER FOR A PUBLIC CONVERSATION WITH DEAN ROBERT HELSLEY. HERE ARE SOME HIGHLIGHTS OF WHAT HE HAD TO SAY... The state of inequality: It’s getting worse. I think one of the important insights is that it’s not just the result of economic forces. If you look around the world, among the advanced countries where there are similar economic forces at play, there are marked differences in outcomes. In America we have more inequality than any other country by a significant margin. There are eight Americans in two families who inherited their money—so they didn’t get it from working—who have as much wealth as the bottom 44 per cent of the entire country. It’s testimony to the amount of wealth at the top, but also to the lack of wealth at the bottom. The creation of inequality: Inequality is a choice. It’s not an inherent property of the market economy and capitalism—it’s the way we’ve structured the market economy. Markets don’t exist in a vacuum—they have to be structured by laws, rules, regulations, and the way they’re enforced and implemented. And we’ve done that in ways that have led to slow economic growth and more inequality. Some of the makers of inequality: One of the striking things happening in the US is that the ratio of CEO pay to that of ordinary workers has gone from 20 or 30 to one, to an average of 300 to one, and there are many companies where it’s over 1000 to one. I was talking to the CEO of one of the largest Japanese companies and he said, “It would be terrible for the morale of our company if we got paid that way. It would be irresponsible for us to take that kind of pay.” One of the sources of inequality is the intergenerational transmission of advantage and disadvantage. Public education plays an important role to level the playing field. If you have systems that rely very heavily on private education, then you’re going to get more intergenerational transmission of advantage.

The economic costs of inequality: It’s now become a mainstream view, with the IMF doing a large amount of research showing that economies with more equality perform better and they have more stability and higher economic growth. It’s a question of economic efficiency, growth and performance. Low levels of equality of opportunity mean that large fractions of the population are not living up to their potential. So you’re wasting human resources—your most valuable resources. What corporations should do: The most important corporate responsibility is paying taxes —your social contribution to society. Too much of the intellectual power has gone to tax avoidance. Also, don’t discriminate. That’s a major source of inequality in our society. On the Trans-Pacific Partnership: I think the TPP is a really bad agreement. If it was a free-trade agreement it would be very simple. Three pages: you get rid of your tariffs, we’ll get rid of ours, you get rid of your non-tariff barriers, we’ll get rid of ours, you get rid of your agriculture subsidies and we’ll get rid of ours. But these trade agreements go on for thousands of pages. They are managed trade agreements for the large corporations. They call it a partnership agreement—that’s a euphemism. You have to understand that this whole agreement was negotiated in secrecy, but the corporations were at the table. n VIEWPOINTS SPRING/SUMMER 2016

ACTUALS SEEN AND HEARD IN THE UBC SAUDER WORLD

Q&A A conversation with the new executive director of the Peter P. Dhillon Centre for Business Ethics

UBC SAUDER MARKED THE OFFICIAL OPENING OF the Peter P. Dhillon Centre for Business Ethics on March 21 with an announcement naming its new executive director. Christie Stephenson, a well-known champion of corporate social responsibility and sustainable business practices, has spent the past 15 years at Canada’s leading socially responsible investment firms helping investors make choices that are good for society and the environment, as well as the bottom line. As executive director, she will leverage her unique background to build the Peter P. Dhillon Centre for Business Ethics into a global leader dedicated to taking a comprehensive approach to the study, teaching and promotion of business ethics. Why do you think an ethics centre is important to have at a business school? Students are driving demand for more education around responsible business practices. Increasingly, they want their experience at UBC Sauder to prepare them to navigate ethical issues in their future careers. Students are also seeking out ways to make a positive impact on society by integrating values in their business careers.  The business community also has a growing need for graduates— their future workforce—who understand the importance of corporate social responsibility, and the risks of not doing enough to protect people and the planet longer term. There’s a growing body of academic work in this area, but students need the proper tools to disseminate and translate it for the business community, and society as a whole. This will help them, and those around them, better grapple with issues such as climate change, the pressures on the planet from a growing global population, as well as the need to deepen respect for other cultures and their traditional ways of life. Why do you feel it’s so important to advance the study of business ethics now? Sustainability is the future of business. The change is being driven by two key considerations: a huge shift in wealth from one generation to the next, and a shift in consumer and stakeholder expectations. Consumers are paying more attention than ever before to what they buy, and its impact on the environment and society. Meantime, other stakeholders, including investors, governments and communities, recognize the need for sustainability to help mitigate risk. We’ve seen a number of examples recently where companies that try to skirt environmental and social responsibilities can suffer both loss in value and damage to their brand reputation. 8

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Value and values are key to Christie Stephenson’s approach as executive director of the Centre.

What will you do in your role? So much is already happening at UBC Sauder to promote responsible and sustainable business practices. I see my role as providing leadership to help drive a values-based approach to business education, which includes pulling together work being done across the university. Our goal is to develop a global research hub for business ethics. I will also work with the business community to deepen its connection with the school around the topic of sustainable business. Together, we can help position UBC Sauder as a global leader on responsible and ethical business practices. How does your background make you the right person for the job? I am coming at this job from a background in both business value as well as business values. The value is around risk mitigation and seizing opportunities in the market. Values are the beliefs and tools to use business as a vehicle for social betterment. To me, the business case for ethics is irrefutable and the potential of business for social betterment is endless. How will you instill students with an understanding of the importance of ethics in business? The good news is that so many students today already come to UBC Sauder with a keen sense of the importance of business responsibility and ethics. My role will be to help increase their literacy around the complex issues of sustainability and ethics in business, helping them to become responsible business leaders of the future. n

UBC Sauder “alum-mates” share their love stories Love was definitely in the air for many UBC Sauder alumni who found companionship while studying at UBC. In the spirit of Valentine’s Day, the school’s Alumni Engagement team reached out to the alumni community to discover what role the university experience played in connecting them with their partners. In all, 50 UBC Sauder alumni couples shared their love stories online, and inspired fellow grads to spread the heartwarming tales through social media. Here is the story of Sabrina Wang, BCom 2013, and Tony (Yang) Lu, BFA 2011. For more of these stories, look for “Sauder love” on our website. I FIRST MET TONY DURING MY FIRST YEAR AT UBC IN 2006. It was days after Thanksgiving when a friend told me that a male friend of hers—Tony—saw me in the SUB cafeteria and would like to get to know me. “I’m flattered he thinks I’m pretty,” I beamed. “Um...” she paused, “he only saw your back.” My heart flopped. I pictured an awkward freshman, desperate for love, scouring the cafeteria for any moving female target, but I was also suffering from a condition called Depressingly Single, so I agreed to “meet” him on what’s now a relic of the glorious 2000s—MSN. Online conversations eventually led to meetings in real life, and before Halloween arrived, we were in love! For the both of us, it was and still is, our first relationship. We were basking in this glow of happiness that I wished would last forever. In our vision, we would graduate, start our careers, get married and build a family. Never could we have imagined the hurricane that was about to hit us. Eight months after we began our relationship, I received a fateful phone call that changed our lives. “There’s something wrong with the way your bone marrow is producing blood cells, Sabrina.” I still remember these exact words the doctor said to me on the phone. It was leukemia.

Sabrina and Tony met and fell in love while studying at UBC. To see all the Sauder love stories, please visit www.sauder.ubc.ca/News/2016/Sauder_Love.

If there’s anything that tests the strength of love, it would be a long and devastating illness. He was the one who shaved my hair and held my hand at the same time. He laughed with me when I felt like laughing, and cheered me on when I couldn’t find the courage to laugh. He sat with me in silence on days when I was too tired and ill to speak, and just held me. We would just sit there and watch the setting sun cloak the sterile and lonely hospital room in a wash of sepia. After days upon days of pain, fear, and frustration, we finally made it through. I am now six years in remission. Tony proposed to me on the fifth anniversary of my bone marrow transplant in August 2014, a year after I graduated from Sauder’s Commerce program. We are now on our way to purchasing our first home together and planning our wedding! UBC is where we started this journey of love and courage. Thank you UBC, for giving us the best gift of all. n

Business and community leader receives alumni UBC 2015 achievement award PROMINENT PHILANTHROPIST AND VENTURE CAPITALIST HARI VARSHNEY, CPA, FCA, OBC, was recognized last November with the alumni UBC 2015 Honorary Alumnus Award for his exceptional community service to the university. Varshney came to UBC in 1967 on an MBA program scholarship. Although he ultimately chose to pursue other career opportunities and did not complete the degree, he credits UBC with planting the seeds for his success. A devoted community leader with a generous spirit, he has made several major gifts to the university, including UBC Sauder, and served as a cabinet member for UBC’s $1.5 billion start an evolution campaign. n

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ACTUALS SEEN AND HEARD IN THE UBC SAUDER WORLD

UBC alumni showcase the power of creative thinking UBC SAUDER SCHOOL OF BUSINESS TEAMED UP WITH THE Allard School of Law on November 18, 2015 to celebrate the unique and creative ways that UBC’s business and law grads are adding their own colour to the world around them through art, design and creative thinking. The Power of Creative Thinking was done in a Pecha Kucha format with each speaker presenting 20 slides timed at 20 seconds each. Featured speakers were Matt Corker, BCom 2008, performance coach for mind, body and business; Yvette Wu, MBA 2010, and Bernice Paul, MBA 2009, social entrepreneurs and cofounders of Wuchild; Bonn Smith, BCom 2012, singer/songwriter/ actor and president/co-founder of New Music Channel; Jenny Duffy, BCom 2004, choreographer, dance teacher and coach; Emily MacKinnon, JD 2012, litigator and opera singer; Holman Wang, LLB 2005, children’s book author and illustrator; Karen Lam, LLB 1995, film director, writer and producer; and Zoe Si, JD 2013, a full-time lawyer and lifelong cartoonist. For those in attendance, it was inspiring to hear how alumni are pursuing their passions through often non-traditional paths. n

Leigh Sauder continues family legacy of philanthropy

RORY COURT, CUS VISUAL MEDIA

SERVING OTHERS BRINGS JOY to one’s life, philanthropist and business leader Leigh Sauder told about 50 students gathered for the UBC Sauder Philanthropy Program Speaker Series in March. Sauder spoke eloquently about her passion to make a positive change in the world. She said her parents, Marjorie-Anne and the late Dr. William L. Sauder, served as extraordinary examples of how to be thoughtful, compas10

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sionate citizens, and echoed their belief that “to whom much is given, much is expected.” She shared stories of her commitment to education in Africa and her work with the African Canadian Continuing Education Society, a non-profit organization dedicated to the empowerment of young Africans through post-secondary scholarships and community development activities.

Sauder, BA 1993, is currently a principal of L & L Travel Management and a director of Sauder Industries. The UBC Sauder School of Business is named in recognition of her parents’ generous gift to the school in 2003. The Sauder Philanthropy Program was established to educate UBC Sauder students on the practice and impact of charitable giving. n

Real estate developer focused on sharing knowledge and values-based approach Eric Carlson did not anticipate that breaking his leg in a ski accident in 2002 would actually be good for him and his business. While recuperating, he happened upon the book Jack: Straight from the Gut by former GE Chairman and CEO Jack Welch that would forever change his outlook on leadership and life. “I realized that it’s not just about achieving organizational results and getting deals done. It’s about having a vibrant culture of people that can help you get stuff done because if you don’t do that, it’s all on you,” Carlson, BCom 1982, the core founder and CEO of Anthem Properties, explained to UBC Sauder students at the Dean’s Speaker Series last September. “How big can you grow when it’s all on you? You can’t. You get stuck. You get limited by your own inabilities, the aging process, 24 hours in a day 7 days in a week, etc. That began the quest for me of becoming an organizationally-driven business.” By better understanding his employees as individuals and leveraging the energy, creativity and talents of his management team, Carlson was able to substantially grow his company and shift the culture. Today Anthem Properties is a 175-person Vancouverbased real estate investment, development and management company with operating assets with a cumulative value of approximately $3.0 billion. In a broad ranging presentation, Carlson said that success starts with self-awareness. “The key when you know yourself is to figure out what you’ve got and know what you want to do and structure your career accordingly. We don’t all have to graduate from school and become the CEO of some big corporation or the founder of Lululemon. There is lots of great meaningful work at all levels in this and you just have to find what works for you so you can feel good about your progress and good about what you do.” Carlson developed a framework he affectionately calls “Eric’s model,” which he uses daily to reflect upon his priorities, values and humanity. “Am I leading my life [in] the way I want to and can I help the people in my world lead the lives they want to? Can I teach them?” Sharing his knowledge and values-based approach have become a significant focus for the 57-year-old as he prepares for business succession and leaving a legacy. “Learning and education are the key to all the problems we have in the world right now. It’s a way to distill good ideas from bad ideas and the more we can support that the better. And when I think of that now, I’m not working just to make more money. I’ve got enough money. I want to work for a higher purpose. I want my team to think the same way.”

MICHAEL SO, CUS VISUAL MEDIA

REAL ESTATE DEVELOPER AND UBC SAUDER ALUMNUS

Eric Carlson shares that enabling your employees to express and create will allow you to grow your business beyond your own capabilities and capacity, build a productive and happier culture, and take some of the weight off of your shoulders.

To that end, the Anthem Foundation is being formed to create living space for people struggling with mental illness and homelessness. “If we can get private sector money, private sector innovation and private sector creativity working on this problem, I think we can help make it a bit better. And it’s certainly a noble quest. Even if we can’t get there in my generation, maybe in your generation or your children’s generation we will.” In a question and answer session following his presentation, Carlson advised students to never compromise their integrity or personal values. “You can’t grow a company if people don’t trust you,” he said. “It’s good business to be ethical and it makes you feel good to be ethical.” n VIEWPOINTS SPRING/SUMMER 2016

ACTUALS SEEN AND HEARD IN THE UBC SAUDER WORLD

UBC Sauder’s new Faculty Advisory Board chair Jim Gilliland says his past as a student at UBC helps inform his current role leading the school’s Faculty Advisory Board WHEN THE UBC SAUDER SCHOOL OF BUSINESS WENT looking for a new chair for its Faculty Advisory Board, it set its sights on securing a business leader with a comprehensive understanding of the school and international experience to match its global aspirations. It found its ideal candidate in Jim Gilliland, Head of Fixed Income, President and CEO at Vancouver-based Leith Wheeler Investment Counsel Ltd., one of Canada’s largest employee-owned investment management firms with over $17 billion in assets. Gilliland had already proven himself a tremendous asset to UBC Sauder before accepting the role in fall, serving as one of its advisory board’s 33 members. A UBC alumnus, he graduated just over 20 years ago with a bachelor of commerce and has been an active member of the school’s community ever since, investing both time and generous support. “It’s always helpful for people on the board to have experience in the school,” says Robert Helsley, UBC Sauder Dean and Grosvenor Professor of Cities, Business Economics and Public Policy. “It’s not required, but it can help create a closer connection and identification with our mission.” After graduating from UBC in 1993, Gilliland started his career at HSBC asset management/M.K. Wong & Associates in Vancouver. He later went on to work at Barclays Global Investors in San Francisco and obtained his master’s degree in financial engineering at the University of California, Berkeley, Haas School of Business. Gilliland says it wasn’t until he left British Columbia to work and study in the US that he appreciated the “high degree of respect for Canadian schools,” and UBC Sauder specifically. “When I would mention to people that I went to the school, inevitably they would know of someone who went there or worked with them,” Gilliland recalls. “It helped me value even more what I was able to obtain at UBC Sauder. If I didn’t have that opportunity, I wouldn’t have felt as much pride and motivation to get back to it.” Gilliland says being an alum also helps to inform his role as chair. “Any time you’re dealing with questions related to the school it’s always through the lens of being educated there,” he says. His role includes working with the board’s other high-level 12

SPRING/SUMMER 2016 VIEWPOINTS

executives to advise the dean, management and faculty on strategies and programs for the school. The board offers its real-world expertise and serves as a critical sounding board in the development of new ideas and initiatives that support the school’s strategy. Gilliland says the board also works to help build the school’s relationships and networks, including with the local, national and international business community and other stakeholders at home and around the world. Leith Wheeler is a long-time supporter of the school, with Murray Leith Sr., BCom 1963, playing an important role as one of three UBC Sauder graduates who founded the UBC Portfolio Management Foundation program. More recently, the partners at Leith Wheeler donated $200,000 towards increasing student access to Bloomberg terminals for applied study of the financial markets. Gilliland believes it’s important for students to have access to cutting-edge technology, including tools he and his team use in their jobs every day. “The more access you can provide students, the better prepared they are for the workforce,” Gilliland says, adding that it’s a way his company can give back to the school where many of them were educated. Dean Helsley describes Gilliland as a “successful, thoughtful and strategic business leader” with strong communication skills, all of which make him well positioned for the job as chair. “We’re grateful for his willingness to serve the university in this way, and the support he and his colleagues have given UBC.” n

NEW FACULTY ADVISORY BOARD MEMBERS Belinda Wong, President, Starbucks China Belinda Wong is president of Starbucks China, where she and her leadership team successfully led a talented team of about 30,000 partners and tripled the size of business over the past years, with about 2,000 stores across 100 cities in Mainland China. Wong joined Starbucks in January 2000 and has held leadership positions across a variety of business units and geographies. Her experience with Starbucks includes time as marketing director for the Asia Pacific region, and as managing director of Starbucks Coffee Singapore. Before joining Starbucks, Wong was marketing manager of McDonald’s China Development Company, where she was responsible for formulating marketing strategies and plans for the China market. Wong holds a Bachelor of Commerce degree with a major in finance from the University of British Columbia, and serves as a member on the China Advisory Council for the UBC Sauder School of Business. In Fortune China’s prestigious annual list of China’s most influential businesswomen, Wong was ranked one of the top 25 consecutively in the past four years, as well as the “Top 100 Chinese Business Women “ by Forbes China in 2015. n

John Jennings, Senior Client Partner, Korn Ferry John Jennings is a senior client partner in Korn Ferry’s Vancouver office with almost three decades of experience in the Canadian and international financial services sectors. Immediately prior to joining Korn Ferry, he was the chief operating officer with a privately held real estate development, management and investment firm, and previously held positions as chief executive officer of a Canadian investment dealer and a senior investment banking consultant to middlemarket companies. Jennings previously served on the Board of the Sovereign Order of St. John, Vancouver Commandery, and as a Director and Board Chair of both BC Cancer Foundation and St. Paul’s Hospital Foundation. In recognition of his community work, Jennings was the recipient of a 2011 British Columbia Community Achievement Award. A current member of World Presidents’ Organization, he served as the chairman of the British Columbia Chapter for four years. Jennings earned an MBA from London Business School in London, England, and a bachelor’s degree in chemistry from the University of Western Ontario in London, Ontario. He also holds a Chartered Financial Analyst designation. n

Patrick B. Meneley, Executive Vice President, TD Bank Group, Vice Chair, Head of Global Corporate & Investment Banking, TD Securities Meneley is a vice chair of TD Securities and Head of Global Corporate and Investment Banking. In this role, Meneley leads the TD teams responsible for delivering integrated solutions for TD’s clients to enable the execution of their business strategies. The components of such solutions typically include corporate lending, corporate finance, M&A, advisory services, and debt and equity underwriting. Prior to assuming this role in 2001, Meneley headed TD Securities’ Communications & Media group, and also worked with a US-based investment dealer. Meneley is a member of the World Presidents’ Organization, Ontario Chapter, and is a past recipient of Canada’s Top 40 Under 40 award. He is active in various community and philanthropic organizations. Meneley holds an MBA (with distinction) from the University of Western Ontario and a Bachelor of Commerce (with honours) from the University of British Columbia. n

WARREN SPITZ ASSUMES ROLE AS VICE-CHAIR OF FACULTY ADVISORY BOARD

Canadian entrepreneur and philanthropist Warren Spitz is the new Vice-Chair for UBC Sauder’s Faculty Advisory Board. Spitz is the founder of the UCS Forest Group of Companies, a North American based distributor and global trader of specialty forest products, and has been a member of the FAB since 2010. Spitz, BCom 1981, has also founded a dental technology company and a guitar manufacturing company. He is the past president of International Wood Products Association based in Washington, DC, served as Chair of the Upper Canada Chapter of the Young Presidents’ Organization in Ontario, won the YPO Legacy Award, has been a board member of the Toronto International Film Festival for more than seven years and has been very involved with both Canada Company and the True Patriot Love Foundation in support of Canada’s military families. Spitz was awarded the Queen’s Diamond Jubilee Medal in 2012 for his work with the Canadian Military. Spitz and his family have supported a variety of charities across Canada and recently launched the Spitz Fellows Program and Spitz Family Awards for the education of Aboriginal Women at UBC Sauder. n

VIEWPOINTS SPRING/SUMMER 2016

UBC SAUDER DUAL DEGREE PROGRAM

Best of both worlds by BRENDA

BOUW

photos by

KENT KALLBERG

Students pursuing an arts or science undergraduate degree at the University of British Columbia, and who also want to back it with a business degree from the UBC Sauder School of Business, are taking advantage of a new dual degree program that will soon enter its second year. THE UBC BACHELOR + MASTER OF Management (B+MM) Dual Degree is a unique program, believed to be the first of its kind in Canada, that allows students to pursue an undergraduate degree in a field outside of business, while also obtaining a graduate qualification from UBC Sauder. The program, which began in the fall of 2015, allows students to complete the combined degree in as little as 4.5 years and walk away with skills that will better prepare them for future careers in the rapidly changing business world. The dual degree program is part of the school’s commitment to extend business education to a broader range of students, says Liz Starbuck Greer, Assistant Dean at UBC Sauder’s Robert H. Lee Graduate School. “We are broadening our understanding of the role of business education,” says Starbuck Greer. “There are many people for whom a straight commerce degree is the right path, but business education can also benefit a far wider group of students.” Students can enter the program from the first year or third year of their undergraduate degree in one of a number of eligible subjects. They all follow the same curriculum on the business side, with students who enter in the third year taking their courses in a condensed time frame.

SPRING/SUMMER 2016 VIEWPOINTS

The program admitted more than 280 students in its inaugural year, which Starbuck Greer says “wildly exceeded expectations.” UBC expects to admit about 200 to 300 students in the dual degree program each year.

“It’s not just about students who want to be entrepreneurs and run their own business, but also students who want a career in business.” “What we are really looking for are students who have a passion about another subject and want to turn that passion into a profession,” says Starbuck Greer. Turning a passion into a profession—this concept is at the heart of the B+MM and has become a bit of a tag line when people talk about the program. Students in the program have come from a wide range of faculties across the arts and sciences—everything from anthropology and music to food sciences and international relations. (See student profiles for more information.) The business part of the program includes courses in accounting and finance,

marketing and strategic management, as well as personalized professional development advice. Unlike taking the Master of Management separately at UBC Sauder, the program is a “rolling process where students can build more and more understanding of their professional goals” throughout their education, Starbuck Greer says. “It’s not just about students who want to be entrepreneurs and run their own business, but also students who want a career in business,” she says. There is also a focus on sustainable business practices and new, more socially responsible business models. Tamar Milne, a Lecturer in Marketing and Behavioural Science at UBC Sauder, who teaches the Business Immersion course in the new program, says the goal is to understand the role of business in society. Milne says the course is an introduction to help set up students to potentially become leaders in their chosen field of study. “They may not know what their jobs look like yet, but love what they are studying and want to find a way to contribute to the world,” Milne says. “Whether they want to be an optometrist, an economist or a personal trainer—it all applies. They can use the

course concepts towards that career goal.” In her course, Milne says teamwork is important. She mixes students from different years and faculties and has them work together on projects that involve finding solutions to business problems and improving organizational models to be more successful. There’s also an emphasis on creating business value in a socially responsible way. “It’s about value—what value you can provide to society,” says Milne. “You don’t strive to line your own pockets, you strive to serve somebody in some way. If you do that well, you can make money, but that’s not the focus. Value is a key theme throughout the whole course and helps the students understand how business can help them lead in their profession.” The program also takes students out of their comfort zone, Milne says, by pushing and challenging them to look at business through a different lens. Milne says some students have landed part-time jobs and made important contacts as a result of their participation in the program so far. “It’s already translating into practical benefits for students who have fully embraced the professional development opportunities in the course content,” Milne says. >> UBC Sauder’s new dual degree program offers students the chance to combine their passion to learn with the management tools to succeed. Meet three of this year’s class (l to r): Tim Sayson, Yoki Li, and Oleg Tuzlukov. VIEWPOINTS SPRING/SUMMER 2016

UBC SAUDER DUAL DEGREE PROGRAM

Yoki

“I don’t know yet what I want to do after I graduate, but I feel like a business program will be helpful in whatever I do in the future,” says Li, 21. Li was able to enter the dual degree in her third year, which meant shuffling her course load to include some additional business classes. She also had to increase her workload to six courses per semester, up from four or five.

Tim

Sayson

“I think a lot of students don’t really think about the business aspects around what they study, but they’re there.”

YOKI LI WAS IN HER SECOND YEAR OF anthropology at the University of British Columbia when she received an email from the university promoting the new UBC Bachelor + Master of Management (B+MM) Dual Degree. She was immediately intrigued. While her passion is anthropology, the study of societies and cultures and their development, Li saw the additional business element as a way to strengthen her education.

“It’s a very different thought process between anthropology and business,. With business, the logic is different. It’s more to the point. I feel like I’m broadening my skills by learning to think in different ways about what I’m studying.”

SPRING/SUMMER 2016 VIEWPOINTS

While it has been extra work, Li says she’s enjoying the new courses in areas such as accounting, organizational behaviour and business immersion. The business courses also force her to see her anthropological studies through a different lens. “It’s a very different thought process between anthropology and business,” Li says. “With business, the logic is different. It’s more to the point. I feel like I’m broadening my skills by learning to think in different ways about what I’m studying.” A recent focus in her studies has been sustainable business practices, including how they relate to some of the social inequality work she’s pursuing as part of her anthropology degree. “I think a lot of students don’t really think about the business aspects around what they study,” Li says. “ But they’re there.” The dual degree program has also opened her mind to various career opportunities, including potentially medical policy work, which is one of her interests today. “Before I started with this degree, I didn’t really think about what I would do when I finished school,” Li says. “It forced me to do more research into my degree and how I could apply it to different careers. It’s exciting.” n

TIM SAYSON ALWAYS KNEW HE wanted to pursue sciences at the University of British Columbia. As he was filling out his application for the Bachelor of Science degree in Food, Nutrition and Health, Sayson was invited to apply to the UBC Bachelor + Master of Management (B+MM) Dual Degree. It would allow him to study sciences, while at the same time obtaining a management certification from UBC Sauder. His father, a businessman, urged him to take the dual degree to hone his skills across disciplines. “He thought it would be a great experience, on top of whatever science career I have, to help me develop my future career goals,” Sayson says. The decision has been life-changing for the 18-year-old from Richmond, BC, who started the program in his first year at UBC, in the fall of 2015. He remembers the first business course assignment, which was to answer two key questions: “What is your why?” and “What value do you offer to the world?”

“Going straight out of high school and into university, and being asked these tough questions, I think it was the best thing that happened to me,” Sayson says. “It’s good to wrestle with these questions early on so that, when you approach unsettling and daunting moments later on in life and are feeling out of your comfort zone, you can think back and say, ‘This is my why. These are my values.’ It helps with self identification and to stay grounded.”

“When you are in management and leadership, a big part of it is understanding various types of people.” What he also likes about the business part of the program so far is learning how to approach problems and ideas differently, and with a deeper understanding. “The program is very good at getting you to think critically,” Sayson says. He also enjoys the team dynamics in the business courses, where he works on projects with students from other faculties across UBC. “When you are in management and leadership, a big part of it is understanding various types of people,” Sayson says. “Without the program, I would never have been exposed to the people in the courses with different skills and backgrounds, and what they bring to the table. I feel the program is setting me up with more tools and experiences to prepare me for the future.” While Sayson isn’t yet sure what career path he’ll choose, he does want to spend part of it doing mission work, in particular helping children in developing countries. “My parents always instilled in us the importance of helping others,” he says. “For me, I really want to work with children in need.” Sayson is looking forward to learning more about socially responsible business practices in the dual degree program, and helping to empower others who may be less fortunate live better, healthier lives. n

Oleg

Tuzlukov IT STARTED WHEN OLEG TUZLUKOV WAS a kid, growing up in Oman in the Middle East, where he would get involved in deep discussions about foreign politics with family and friends. He also spent a lot of time in embassies, alongside classmates that were sons and daughters of diplomats. After graduating from the American International School of Muscat in Oman, where he excelled in model United Nations clubs, Tuzlukov headed to the University of British Columbia to pursue a degree in international relations. “I love the mix of history, politics and economics and wanted to learn everything I could,” he says. In his second year at UBC, Tuzlukov became fascinated by the influence of business on politics; in particular that there are private companies generating more profit than the gross domestic product of some developing countries. “I started to realize that private organizations and huge corporations have so much influence over international politics,” says Tuzlukov, 21. His desire to learn more led him to apply to the UBC Bachelor + Master of Management (B+MM) Dual Degree, to deepen his knowledge of the cross section between politics and business organizations. “I think it will be useful for whatever career I choose later in life,” Tuzlukov says. His studies so far have included a mix of political and economic studies— including issues such as Arctic sovereignty and international oil and gas rights—as well as some more practical professional development that is part of the dual degree program. That includes everything from resume writing and networking, to organizational behaviour, leadership skills and accounting.

“These are courses that I believe will be useful no matter what you do in life, and apply to kids from all faculties,” he says. In fact, the marketing part of the business immersion course has already proven useful for Tuzlukov. He’s been able to use some of the techniques around why and how people spend money in his volunteer role as the director of fundraising at UBC’s Model United Nations club. Tuzlukov says the program is also helping him to discover his strengths, and more importantly what type of work he enjoys. “I learned that my strongest qualities are around meeting people, talking to people and connecting people,” he says. “I’m very happy to be part of a program that helps you to realize something like that.” Tuzlukov isn’t sure yet what career he’ll apply his education to once he graduates. He may further his education with a Masters in Business Administration or other graduate-level degree. n

VIEWPOINTS SPRING/SUMMER 2016

ALUMNI DIALOGUE ON THE FUTURE OF BUSINESS

The more things change, the

The only thing we know about the future is that it is going to be different. Sauder students—past and present— gather to prognosticate business.

SPRING/SUMMER 2016 VIEWPOINTS

– Peter Drucker, Austrian-American management consultant, business professor, futurist

more they stay the same by

JENNIFER WAH with ALLAN JENKINS

photos by

PAUL JOSEPH

It is said the future is built on the past. So as we consider the 100 years since UBC was founded, UBC Sauder alumni and students look toward the future of business with an inspired and diverse foundation.

LOOKING BACK, DESPITE TWO

Who could have predicted

careers numerous times in their

successes stem from timeless

horrific wars and a resource-

these strange statements 10

work life, while others warned

values. That’s partially a matter

draining Cold War, the 20th

years ago, much less 100?

of career “ADD.” As first year

of how a company is perceived

century brought unprecedented

Astute business leaders in 1916

BCom student Jagriti Sharma

by people, but it’s also very

improvements in productivity

understood that concepts such

said: “I will decide if I want to

much about how it treats them.

even while rearranging social

as immigration, world unrest

work for you.”)

It’s about remembering the

structures with accelerating

and increasing mechanization

speed. Agrarian labour has

would profoundly affect their

dwindled by 95 per cent in

business and society.

the developed world, even

Interestingly, those themes

as it produces more food.

are still poignant in 2016 for

Rapid improvements in

business leaders, though they

manufacturing after both world

must also consider an array

wars prompted the rapid rise,

of others: the redefinition of

and even faster decline, of the

what work “is’” must take

middle-class blue-collar worker.

into account climate change;

And in the past 35 years,

automation; globalization of

computing power has given

goods, services, labour and

us the knowledge worker, the

cash; the shift of economic

“information class.”

power to developing countries;

For right now, the speed

and an aging population.

To gain a better perspective, Viewpoints spoke to alumni and students about how they view the future of business. They—like many of us—speak of the future in time frames ranging from next month to the next decade. In a turbulent world, it is about as far as most of us can imagine.

little things as you race towards your grander goals.” Building on their management consulting experience and sources, McKinsey recently identified four disruptive forces that they see upsetting the status quo and reshaping global society in the years ahead. Technology, the rapidly aging population (and shifting priorities along with that), our highly interconnected world, and emerging economics—

of change is accelerating, and

Moreover, we should assume

A recurring theme of

its impact startles our way of

change will be faster and more

conversation was about what

which we formed our think tank

thinking. In 2016, Uber, the

disruptive than ever before.

they can control and make

dialogue.

world’s largest taxi company,

So when we peer into the

constant—their own values

these are the themes around

While no one of us can

owns no vehicles. Facebook,

“future of business,” we often

and, as entrepreneurs, the

answer the question, “What

the world’s most popular media

peer into an unfamiliar place.

values of their businesses.

is the future of business?”

owner, creates no content.

Their sentiments echoed

panelists were clear: In the face

Alibaba, the most valuable

our businesses and careers

those expressed recently in

of all this uncertainty, armed

retailer, has no inventory.

will be buffeted by events and

Fast Company: “Ours is a time

with our best selves and rooted

Airbnb, the world’s largest

trends we cannot foresee or

that celebrates the new, right

accommodation provider,

control. (And some intend

now. But in our enthusiasm

in values, the future is in our hands now. >>

owns no real estate. And ISIL,

to take advantage of them—

for the latest innovations and

the world’s largest terrorist

several students and new grads

start-ups, we often forget that

organization, has no country.

noted their intent to change

many very modern businesses

Of course, we realize that

VIEWPOINTS SPRING/SUMMER 2016

Who’s who Our “future of business” think tank participants ranged from a first year commerce student to veteran business Eric Carlson Jas Bagry BCom 1982, CA BCom 2005, CFA, MBA leaders. We are grateful Core founder and CEO, Anthem Vice-President, New Market Funds for their wisdom and Properties, Vancouver • CEO, Responsible for: Private equity United Communities, Calgary perspective on what’s investments in affordable multiResponsible for: 175 employees, family residential developments. ahead, and how that Before returning to Vancouver, he 3.7 million square feet of commercial real estate space, builds on what’s been was a venture capitalist in New York City and completed his MBA 40 acres of urban and suburban and what’s now. land, and 4,500 residential units. at Columbia Business School. Words about now: Optimistic, balanced, pivotal

With sister company United Communities he is developing about 3,700 acres in Edmonton and Sacramento.

Paul Davidescu BCom 2012 Co-founder, Tangoo Responsible for: Co-founding Vancity Buzz and Tangoo, a “pocket concierge” for diners with restaurateur Vikram Vij as an investor, after he initially passed as part of Dragons’ Den. Words about now: Hyperlearning. growth, tribal

Words about now: Clear, happy, perplexed

Nicole Poitras

Jagriti (Sona) Sharma

Susan Yurkovich

Maili Wong

BCom 2002 Principal, Purple Chill Consulting Education and engagement coordinator, Minerva Foundation

UBC Sauder BCom student, 1st year

BA 1987, MBA 1990 President and CEO, Council of Forest Industries • President, BC Lumber Trade Council

BCom 2001, CFA, CFP First Vice-President, Investment Advisor and Portfolio Manager, CIBC Wood Gundy

Responsible for: Two sons, ages 11 and 14, with husband Jonathan; a deep sense of family connection, development to ground breaking of the Site C dam, and advocating for BC’s forest products industry, including on the negotiation of the next Softwood Lumber Agreement.

Responsible for: Two kids under the age of 6, husband/ university sweetheart, Keith; promotion of her first book, Smart Risk that recently launched in Times Square New York City and reached best-seller status on Amazon; and staying fresh with investment counsel for an impressive line of high net worth clients in her job.

Responsible for: Upholding her Cree-Metis heritage in life, and in her work serving women across BC, and in Aboriginal communities in particular. Also for mentoring students through her alma mater’s Commerce Executive Mentorship Program and the Ch’nook Aboriginal Management Program. Words about now: Happy, excited, engaged

SPRING/SUMMER 2016 VIEWPOINTS

Responsible for: Completion of her first year toward completion of a dual degree in computer science and business administration, staying fluent the in the five languages she speaks, and keeping her Bollywood dance moves strong. Words about now: Early, foundation, potential

Words about now: Resource girl, exploring new role, in a good place

Words about now: Mentor, smart risk, family

ALUMNI AND STUDENTS IN CONVERSATION

On the interconnected world… People have a voice from anywhere now, and that’s a change for business.

You could be in a coffee shop having a conversation with 12 people, and—for better or for worse—it’s all online. Technology makes it so we can dip in and get information when and where and how we want it. With wearables and connected devices, I see even more of that in the future. – Jas

The art of business is often about being in the room; fostering healthy tension. It’s when 1+1 = 6. There’s something magical; it’s how you get transformative change and push big rocks up the hill. But, go to your son’s saxophone concert at 2 o’clock on a Monday—I do. Other than being there for the magic, I don’t care when you do your work, as long as it gets done. – Susan

It’s no longer 9 to 5, but more like 6 to 8, with time in the day to get in your workout, or pick up the kids, and I think that’s where we’re really starting to see integration of life and work in a way that will be defined by each of us, and that workplaces will need to support. – Maili

And yet, in hockey, you need five people on the ice at any one time, supporting the team. We can’t all be in a coffee shop with our laptops, or off with our kids, or nothing gets done. Collaboration is huge to solving problems. If we’re all off doing our own thing, we create a sense that the individual is more important, when really—it’s the other way around. – Eric VIEWPOINTS SPRING/SUMMER 2016

ALUMNI AND STUDENTS IN CONVERSATION

On technology… While I do think about how actual technology might change over the next 10-20 years, what’s important now is the integration of art and science.

So I’m teaching my children to understand the science behind how things work, but also to appreciate art and music. They will need to balance both to be successful in the future. – Maili

We reach for the devices that are easy to use; that’s much more than technology and science. Companies like Apple saw this early, and knew that user experience would be a driver in almost everything. We are at the moment where technology, science and the arts intersect. – Jas

Twitter and Facebook are always open for me, and whatever comes next, will be open, too. I need to know what’s going on, and I am constantly learning. My work is made better by social media. Then again, I’ve always preferred some background noise when I’m learning, and that’s what social media is. Mind you, I can’t sleep without a noise machine, either! – Nicole

I almost always have two or three things going on at the same time. It’s how I’ve grown up. I can be doing work of some kind, and watching a video, and listening to music. And messaging someone, too. This is the way it is. – Jagriti

Consumers don’t really care what the business model is, or how technology is used, as long as they get their taxi. – Jagriti

On values… From the moment we hire, we won’t even consider someone unless they are a fit with both values and skills. – Maili

Deciding to move back to Vancouver from New York City was a values-based choice. Being closer to my family and working with an impact investment fund was a conscious trade-off to the energy and opportunities in the Big Apple. – Jas

SPRING/SUMMER 2016 VIEWPOINTS

There’s room for schools and workplaces to lead the way with defining values; to “force” us to do things we might not want to. Like my mother forcing me to take piano lessons, and now I love that I know how to play. I was taught that work is worship and duty. I doubt that will change. – Jagriti

It’s time to be vulnerable with each other; to shed the layers and show each other who we really are. And I mean in business. Those ready to do that will become leaders. – Maili

Fashion changes. Technology changes. But values are sacred, they are principles. Priorities may shift, but not values. – Eric

People expect to find purpose in their jobs; you have to make employees feel like they own their future, no matter the salary. In fast-growing start-ups, you have to be part of their lives, so they’ll be part of yours. – Paul

On our changing priorities…

Historically, research shows that green issues come to the fore when the economy is strong. When the economy is weak, those issues become less important.

Health care and the economy are always #1 and 2 issues for Canadians, and the green concerns go up and down. This time feels different. – Susan

If you look at harm that can’t be undone, there will be less tolerance than there has been historically, for economic choices that have a negative impact on the environment. – Paul I was in Beijing last fall while the Paris Agreement meetings were happening. And I was thinking to myself—as I was being handed a mask when I got out of the car—those meetings should have been in Beijing, because it looked post-apocalyptic. I know Beijing always has air quality issues, but this was off-thecharts pollution. And you can only do that for so long. – Susan

On what’s coming soon… The thing on the edge is geopolitical instability. We have not recovered from a recession starting in 2007, and people are afraid, and are grasping at extreme solutions everywhere. As a businessperson, I am nervous about the entire world order. For us to do business, we need shared values across the world. I value reason, and there’s no logic in many leaders and markets and places in the world. – Eric

Diversity is huge, but it doesn’t have to be hard. Language and awareness is evolving and inclusivity is starting to be more of an embedded value, at least in Canada.

So when you think of using the word “tribe,” lightly, think twice. That’s not to say don’t use it; but understand what it might mean to someone else. – Nicole

The last time I was in Delhi, the pollution was so bad, my driver was only allowed to drive on certain days.

People used to stick with jobs for their whole lives. Now they move a lot. For an economy to grow, you want specialization, and yet people are changing careers many times, which dilutes specialization. That’s a concern. – Paul

But as soon as the air quality got a bit better, he was back to driving all the time, because he has to feed his kids. – Jagriti Until Jagriti’s driver in Delhi understands that long-term pollution could affect the money he makes for his family, things won’t change. Canada has to do more on the global stage, and lifting people out of poverty is part of it. – Susan

And if you’re moving on all the time, even all over the world like many of my classmates see ahead in their future, then how do you contribute to local communities, too, which is just as important. – Jagriti

I agree, US politics are a worry —they are our neighbours. The intolerance and divisiveness I’m hearing and seeing is a little crazy. And for a superpower, that tone will have an impact around the globe. – Susan

Uber and Airbnb are just the start of the sharing economy. We can barely imagine what’s coming on that front. And then you add virtual reality into business, and, well—my mind is already blown! – Paul

As the workplace shifts with this exodus of retirees coming up, the culture of workplaces is changing. A new generation will begin to lead companies in very different directions. It’s not good or bad, but we need to stay really conscious of the values we carry forward. – Nicole VIEWPOINTS SPRING/SUMMER 2016

What do today’s students see ahead?

Millennial mind reading by

JENNIFER WAH ROGER MAHLER

photos by

THEY ARE THOUGHTFUL, IDEALISTIC, PRACTICAL and hopeful. Viewpoints invited 13 students—members of the Dean’s Student Advisory Council—to gather, listen, share and challenge each other’s ideas of what the future holds. While they spoke of virtual reality, self-driving cars and workplace automation, technology was an assumed facet of their work life ahead. More, they focused on cultural and global fluency, and diverse experience as a requirement for success, and collective leadership. Most of all, they inspire in their call to each other, and all of us, to define local and global values for ourselves. Here, five participants from our dialogue show how they embody UBC’s motto: tuum est. It is up to you.

ASHLEY BELZIL

ADRIAN DIZON

BCom, Grad 2016 Age: 22 Focus on: Mentorship Last lived in: Edmonton, Alberta

BCom, 2nd year Age: 19 Focus on: Getting connected Last lived in: Vancouver

Where do you see yourself in 2026?

Well established in a career related to technology and innovation. I hope to be mentored toward one day becoming an industry leader myself. I will maintain a strong work-life balance by teaching yoga in my spare time.

Part of the management team of the Vancouver Canucks. I have been playing hockey since I was little and I’ve had success working in a team setting. I believe I will be able to thrive in a dynamic, collaborative environment.

Ten years from now, how will business be different?

The rise in collaborative workspaces and agile teams, particularly in the technology sector, will be exported to other industries in years to come. Crowdsourcing businesses similar to Uber and Airbnb will also be prominent.

In the era of innovation that the next generation of business workers is in now, everyone is constantly soaking in new information, whether it be a new breakthrough application or a news story. We are so bombarded with new opportunities it is almost rare to see a student take a straight line path out of graduation.

What changes are happening now that you foresee will impact the future of business and education?

Even during my time at university I have witnessed an evolution of the classroom. In Sauder’s d.studio, the learning space promotes ideas, discussion, and live research, and is conveniently unable to accommodate a traditional lecture. This integration of technology, which has already evolved in my short four years here, will continue to shape business and education.

The advancement of technology is changing norms within the scope of both business and education. New practices, in both the hiring process as well as the workplace, are reshaping the business world by making it more connected and fluent. In the classroom, technology has transformed the learning experience.

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BRENDAN LANCASTER

JAGRITI (SONA) SHARMA

GRANT SORENSEN

BCom, 2nd year Age: 20 Focus on: International relations Last lived in: Burnaby

BCom, 1st year Age: 19 Focus on: Making a difference Last lived in: New Delhi, India

BCom, 3rd year Age: 20 Focus on: Creating impact Last lived in: Kamloops

Holder of both a Chartered Professional Accountant (CPA) designation and an MBA. Coming from a family of accountants, I see the CPA designation as a strong foundation. I plan to continue to play golf, pick up road biking, and run the New York Marathon by the time I am 30.

Beginning my own entrepreneurial business and firm. After hopefully completing a masters degree and gaining work experience in different industries, I plan to become a successful event manager as well as simultaneously work on launching an apparel line/clothing brand.

Returning to Canada after having worked abroad for a number of years. With an increasingly global economy, I think that international experience will add to my existing skill set in a leadership role that has meaningful impact.

The ability to share information with each other will cause a greater need for information security. The data humans generate through day-today business is valuable and, in the hands of the wrong people, can become very destructive.

The importance of specializing in one domain will continue to decline, and an individual with different academic and career backgrounds will represent a well-rounded person who can bring different perspectives to the team.

The global economy will be even more interconnected, and investors will need to become explorers to find new and innovative ways of doing business. The importance of sustainability and clean energy will increase exponentially, driving change across every organization in the process.

The future of business and education is in sustainability and ethics. It is extremely important to teach the young business students of today the fundamentals of how to make sustainable, ethical choices, first in school, and eventually in business.

The interest of people in how a workplace can help them develop will be a higher priority than what the workplace needs from them. Technological disruptionsâ&#x20AC;&#x201D;such as those behind companies such as Uberâ&#x20AC;&#x201D;will pave the way for higher acceptance and higher efficiency of non-conventional business models.

The shift towards increased corporate social responsibility will lead to a new focus on impact investing and business communities. Educational institutions will have to increase their focus on these topics, empowering students to be a new type of business leader.

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Years of experience As UBC marks its centennial year, we look back on UBC Sauder history compiled by

SUE BUGOS

1929 – UBC begins offering courses leading to a bachelor of commerce degree.

1920 s

1931 – The University Senate votes to expand Commerce by adding six classes; three in accounting, two in commercial law and one in marketing and sales management.

1939 – The Senate votes in favour of a separate Department of Commerce under the Faculty of Arts and Science. Thirty-four students graduate with a BCom this year.

1930s

1942 – The Commerce Club is established, later becoming the Commerce Undergraduate Society (CUS) in 1945.

1947 – James Kwong becomes the first ChineseCanadian student to graduate with a C.A. designation in BC.

19 40s

PEOPLE 1929 – As the first Head of the Division of Commerce, Professor Theodore Boggs becomes the “father” of UBC Commerce as the proposal he made in 1916 to establish a Department of Economics, Political Science, Commerce and Sociology becomes reality. 1929 – Joseph Day, Associate Professor of Economics and Commerce, begins collecting his $5000 annual salary as the first hire of the new department. He would spend the next ten years adding courses, developing curriculum and introducing the BA/BCom double major.

1931 class expansion

1930 – Henry Forbes Angus is named the head of the department and works with his colleagues to lead Commerce to become its own department, then school, within the Faculty of Arts, and ultimately its own faculty.

1930 – James W. Horne becomes the first recipient of a BCom degree at UBC.

WORLD EVENTS 1929 – The Great Depression begins as Black Tuesday as its $14 billion market crash signals dark days. UBC suffers along with the rest of the world as its budget in 1932 is slashed from $626,000 to $250,000.

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1939 – World War II begins and the Point Grey Battery is developed on the site of the current Museum of Anthropology; it becomes a strategic point of defence for the City of Vancouver. 250 soldiers staff this outpost at the height of the war.

1945 – Leslie Wong receives his BCom from UBC and later spearheads Commerce’s international business education efforts in Singapore and Malaysia as a highly respected member of the Commerce teaching faculty. Prof. Wong died suddenly in 1968, but one of his many legacies is the Portfolio Management Foundation (PMF), which was named in his honour in 1986.

1947 – UBC enrolment soars as returning soldiers head back to university. 4800 students (over half of the entire student population) are veterans.

A TIMELINE OFFERS A SNAPSHOT of memorable moments giving us a chance to reflect on how far we have come. With that in mind, the following pages offer the briefest of peeks into key milestones, people, achievements and events that have shaped the UBC Sauder School of Business into the global leader in business education it is today. Our hope is that you will read it with a sense of pride in what has been accomplished and a sense of hope for the opportunities that continue to develop for students, faculty and alumni in the future. 1954 – Students scramble to save art and school records from Brock Hall as it is destroyed by a devastating fire. In the following years, Commerce moves to the Buchanan building before putting down roots on the Main Mall in the Henry Angus Building (named for the first Dean of Graduate Studies) in 1965.

1950s – The growth of Commerce continues as school director E.D. MacPhee authorizes the introduction of a masters of commerce degree. In 1956 the Faculty of Commerce and Business Education is inaugurated with MacPhee appointed as the first Dean.

1969 – Major milestones are celebrated as the Commerce Faculty becomes the first in Canada to be accredited by the Association to Advance Collegiate Schools of Business at both graduate and undergraduate levels, and the Senate approves Commerce doctoral programs in finance, marketing, organizational behaviour, accounting and management science.

1960s – UBC Commerce begins its long partnership with Asia as five professors, led by Leslie Wong, initiate a teaching exchange at Asian universities while Asian students come to UBC for graduate studies.

195 0 s

19 6 0s

E.D. MacPhee

RESEARCH

1954 – The first transistor radio is offered by Texas Instruments (notable UBC alumnus Cecil Green was a founder), and later the electronics industry is turned on its head when the first integrated circuit is introduced. ISTOCK.COM/ANDREAS REH

1950s – The Korean War (1950–53) and the Cuban Revolution (1953–59) are key events in an era of destabilization and decolonization.

1959 – Professor Phillip White heads a new division of estate management, which offers the undergraduate real estate course and the pre-licensing course. He would become Dean of Commerce in 1966.

1960 – Professor W. Hughes, Chair of the Transportation and Utilities Division of Commerce completes studies on highway traffic as research becomes a major area of focus at UBC. Hughes is also a champion of the creation of a Centre for Transportation Studies (CTS) at UBC, which opens in 1971.

1960s – World upheaval continues with the Vietnam War and the Cuban Missile Crisis, which is a tense 13 day period transfixing many who worry about nuclear war between the United States and the Soviet Union.

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1957 – John H. McArthur, BCom 1957, LLD 1996, graduates and builds a career that leads to being considered one of the inventors of the modern business school. Completing his MBA and DBA at Harvard, he would go on to serve as Dean of the Harvard Business School and influence many others during his tenure. After also serving for 10 years as senior advisor to the President of the World Bank then becoming Chair of the Asia Pacific Foundation of Canada, McArthur would be appointed an Officer of the Order of Canada in 2013.

1960 – Neil Perry begins his tenure as Dean of the Faculty of Commerce and Business Administration, overseeing a faculty move from the huts near East Mall, and managing the challenge of the temporary absence of key faculty members supporting Commerce program development in Asia. In 1966, he would be awarded an honorary Doctor of Laws from UBC, after leaving the year before to serve as Deputy Minister of Education for BC.

1969 – Neil Armstrong becomes the first person to walk on the moon as the world watches on live television.

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SAUDER AT 60 UBC AT 100

1971 – A masters of science in business administration degree is approved by the Commerce Faculty at the same time as the University becomes the first in Canada to offer a women’s studies program for academic credit.

1973 – Commerce students get a voice on the University’s senate as students in 12 faculties gain seats at the table.

1976 – Extending executive education to the business community takes shape with the opening of the E.D. MacPhee Executive Conference Centre as an extension of the Henry Angus Building.

1977 – Dean Peter Lusztig forms the first Faculty Advisory Council (now Board) of a Canadian business faculty and also develops the largest PhD program in Canada while raising funds to create scholarships attracting more women to Commerce.

1970 s

PEOPLE 1975 – Dr. Frieda Granot becomes the first female tenure-track faculty member. She goes on to serve terms as Dean, Faculty of Graduate Studies and Senior Associate Dean, Strategic Development and External Relations at UBC Sauder. In addition to being invested into the Order of Canada in 2007, she has earned numerous further awards and distinctions.

19 80s 1984 – The Honourable David See-Chai Lam (who would serve as BC’s LieutenantGovernor from 1988–95) and his wife, Dorothy, provide an unprecedented gift to the Faculty of Commerce, enabling the building of the David Lam Research Library.

RESEARCH 1970s – Professor Gerald Feltham, the first accounting professor to be elected into the Royal Society of Canada, joins the Faculty of Commerce in 1971. He wins the American Accounting Association’s Outstanding Educator award in 1997 and is elected into the Accounting Hall of Fame in 2004 based on his seminal and widely-cited work that developed a rigorous economic foundation for accounting practice.

WORLD EVENTS 1970 – Social activism is rampant as the end of the Vietnam War sees the beginning of an era of relative peace. Vancouver becomes known as the protest capital of Canada with 25 recorded protests during the year.

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1989 – In tough economic times, the UBC Board of Governors levies a 10 per cent tuition increase sparking a noisy student protest outside the Faculty Club.

1983 – Commerce professors Michael Brennan and Eduardo Schwartz publish “Evaluating Natural Resources Investments,” the first of a highly influential series of papers benefiting the natural resources sectors; it provides a cutting edge tool for capital projects valuation that remains relevant to the present day.

1975 – Bill Gates and Paul Allen become pioneers when they found Microsoft and contribute to computing becoming accessible to the world. As the launch of home computing begins, IBM releases its first personal computer in 1981.

1986 – Milton K. Wong, BA 1963, notable entrepreneur, philanthropist and community leader is one of the three founding members of the UBC Portfolio Management Foundation (PMF) at the Faculty of Commerce. The PMF provides students with real world investment experience.

1985 – Barbara Spencer, co-developer of the influential BranderSpencer Model of International Trade, is the first woman hired with the rank of Associate Professor with tenure. Her contributions to research in international trade elevate the profile of the UBC Sauder School of Business and earn numerous awards, including the prestigious Killam Research Prize.

1986 – HIV-AIDS is given its name after the virus which causes it is first observed by scientists in 1981. The spread of the disease widens and it becomes a global pandemic.

1986 – EXPO ’86 (formally the World Exposition on Transportation and Communication), led by former UBC Commerce student Jim Pattison, welcomes over 22 million visitors and gives Vancouver a grander international profile.

2006 – The 50th anniversary of the UBC Sauder School of Business is celebrated alongside the 25th anniversary of UBC Sauder’s partnerships in China.

1990 s 1990s – Dr. Michael Goldberg serves as both Associate Dean and Dean of the UBC Sauder School, overseeing the renewal of the MBA program and other services to meet the needs of the growing student population.

2013 – UBC Sauder spans the globe with 36,000 alumni living in 75 different countries, underscoring its emphasis on international perspectives and partnerships.

2016 – UBC celebrates its 100th anniversary as the UBC Sauder School of Business marks its 60th.

2000s 2000s – Taking over as Dean of UBC Sauder in 1999, Professor Daniel Muzyka works to increase business and academic partnerships both locally and internationally, renew emphasis on alumni relationships and oversees completion of the $70 million expansion of the School’s main campus buildings.

2003 – Dr. William Sauder, BCom 1948, and his wife Marjorie-Anne make the largest single private donation to a Canadian business school; their $20 million donation is recognized by renaming the Faculty of Commerce and Business Administration the UBC Sauder School of Business.

2003 – Dr. Peter Frost, internationally renowned leadership researcher and organizational behaviour expert publishes Toxic Emotions at Work which becomes a best seller and winner of the Academy of Management’s prestigious George R. Terry Award. Based on extensive interviews with corporate workers throughout North America and Australia, the book makes a business case for compassionate organizations.

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1995 – Nancy Langton, Associate Professor and Chair of the Organizational Behaviour and Human Resources Division, embarks on a long-term study of the business leadership practices of men and women. The data shows that they are less different than might be thought, challenging stereotypical notions and providing valuable information for further study.

1990s – The world undergoes radical change as Nelson Mandela is elected president of South Africa after apartheid laws are repealed; racial tensions in the US escalate after riots in Los Angeles; Hong Kong returns to Chinese rule and the Soviet Union collapses; and Operation Desert Storm in the Persian Gulf brings upheaval to the world.

2012 – After years of planning, the new Henry Angus building is opened providing more teaching and social spaces, forwardthinking technology and award-winning sustainability features.

2008 – Following the burst of the “dot com” bubble earlier in the decade, the collapse of the US housing market sparks a global economic crisis which sees liquidation and government bailouts of some of the oldest and most secure financial institutions in the US. The ensuing international downturn is reported to be the worst since the Great Depression.

2010 – Vancouver welcomes the world to the XXI Olympic and X Paralympic Winter Games and UBC proudly hosts multiple events.

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1990s – International outreach and exchange are hallmarks of this decade as Chinese and Korean executive programs are established, student exchange opportunities are expanded, connections with alumni around the world are strengthened and the development of international components of academic programs becomes a key strength of the school.

2002 – The introduction of the International MBA class in Shanghai is the first overseas degree program for both UBC Sauder and the University; it is offered in partnership with Shanghai Jiao Tong University and approved by the Chinese Ministry of Education.

2006 – Real estate industry figure and UBC patron Robert H. Lee, BCom 1956, provides a gift of $5 million, leading to a $15 million commitment in support of graduate education at UBC Sauder. This is recognized with the naming of the newly established Robert H. Lee Graduate School.

2012 – The Financial Times ranks the UBC Sauder School of Business 20th in the world in research productivity across all business schools.

2012/13 – Canadian astronaut Chris Hadfield lifts off for the International Space Station where he becomes the first Canadian to assume command. Public interest in space is reignited by his regular Twitter updates, Skype chats and legendary performance of David Bowie’s “Space Oddity.”

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FACULTY RESEARCH

What’s now? What’s next? Trends and considerations for the near future of business and society by JENNIFER

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VAN EVRA

The UBC Centennial provides an opportunity to reflect on the past 100 years and celebrate the universityâ&#x20AC;&#x2122;s global leadership in education, research innovation and community engagement. In the spirit of discovery, we asked some of UBC Sauderâ&#x20AC;&#x2122;s researchers to share their insights on what to expect for business and society in the not too distant future. >>

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YONGYUAN DAI/GETTY IMAGES

The neon glow of the Shanghai nightscape. The whirling blur of activity mirrors the volatile Chinese stock market.

WHAT’S NOW? WHAT’S NEXT?

Hasan Cavusoglu on

internet security

Who: Associate professor of management information systems at the UBC Sauder School of Business, and expert on information security and privacy. What’s Now: As the popularity of mobile apps and social media sites spreads, consumers have become increasingly accustomed to sharing their private information online, says Cavusoglu—either because they are unaware of the potential ramifications, or because they choose to ignore them. “The challenge is that the value of these new technologies is immediate—you get likes and you create engagement—but the potential damage is in the distant future,” he explains, adding that people regularly click “agree” when companies ask to collect their data, even though it’s rarely made clear how that data will be used. “And from psychology research in other contexts, we know that people tend to ignore the future and don’t do very good risk calculation.” Also, people’s online movements are being carefully tracked, explains Cavusoglu. These days, if you search for something online—polka dotted socks, say—you’ll often see similar items popping up in your social media feeds and other online travels. What’s Next: Companies will get better and better at tracking through aggregated information from a variety of sources—and it may not work to the buyer’s advantage, predicts Cavusoglu. For example, if BMW discovers that you are set on buying one of their automobiles, you may not get as good a price as someone who is undecided.

But even more concerning, he says, is how ever-increasing connectedness is creating a host of potential hazards—and in the future, they will go well beyond basic credit card fraud. For example, hackers could interrupt the operation of internetenabled cars, and suddenly switch off the ignition or immobilize the brakes; or, using home automation technology, thieves could conceivably open doors or control other functions in people’s homes. On a larger scale, entire organizations and city systems could be brought to a grinding halt. “Right now it’s only viewed as a threat to data or personal information,” says Cavusoglu. “But with the connected nature of technology, the Internet of Things and the cloud, the spectrum of threats will be totally different.” Cavusoglu argues that a consensus needs to be reached between businesses and policymakers, because too much restriction can impede innovation and reduce competitiveness; but too few regulations can put the public at risk. “Policymakers should work with organizations to find common ground that ensures a sufficient level of privacy and security for the general public and the country, but balances the needs of organizations to access high-end technologies and leverage the information they collect,” he says. “Otherwise, organizations will just keep pushing the boundaries.” Consumers, too, need to be better informed—not only about who is accessing their information, but how it will be used—and understand that their privacy is worth protecting. “As technology evolves, the dangers will be much greater than what we have seen so far,” warns Cavusoglu. “This really is just the beginning.” n

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Are you safe in a world of zeros and ones?

Marc-David Seidel on

the sharing economy

What’s Now: Sharing-based companies such as Airbnb and Uber have taken off, and are biting into the business of traditional players such as hotels and taxi companies. But according to Seidel, they are just two of the hundreds of C-Form organizations that make up the rapidly expanding sharing economy, where communities of people can share everything from encyclopedic information (Wikipedia) to videos (YouTube) to cars (Car2Go) and even umbrellas at UBC (UmbraCity)—often more conveniently and at a significantly lower cost than traditional channels. Seidel says the sudden explosion is no coincidence: it has come in tandem with tech advances such as smart phones that allow people to connect from nearly any locale. “People can coordinate a lot more easily than they could before,” says Seidel, pointing to taxi companies that, in the past, had to rely on a centralized dispatch. “Consumers weren’t able to communicate directly with the drivers. But now you don’t need that centralized control any more.” What’s Next: Seidel predicts that more products and services will be shared—and organizations that are able to identify a need, then facilitate easy sharing, will thrive. Transportation will see some of the biggest changes as shared driverless cars replace the need for both taxis and Uber drivers, and as drone technology makes product deliveries fast and simple. Another major shift will come in manufacturing, where 3D printing technology and shared fabrication spaces will dramatically reduce the need for traditional large-scale manufacturing and shipping. “You’ll be able to say, ‘I need a replacement door handle,’ get the file from the manufacturer or designer, then send it to a local shared fabrication space,” says Seidel, who points out that Mattel has already released a 3D printer that allows kids to manufacture their own toys. “Then it will be delivered by some sort of shared drone to your door.” The nature of work will also change, predicts Seidel, and insurance and labour protections will be refined for workers in the sharing sector. The biggest barriers will come from regulators and traditional businesses who want to control or limit the players, but those hurdles will be overcome in time, says Seidel. The market, he adds, will be far more open, and entrepreneurs will be able to get their products and services to a worldwide market without involving a major corporation as smart contracts enabled by blockchains spread.

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Who: Associate professor and director of the W. Maurice Young Centre for Entrepreneurship and Venture Capital Research at the UBC Sauder School of Business. Worked in Internet development before the creation of the World Wide Web and launched several successful tech start-ups—including the first online airline portal.

3D printing—the production line redefined.

“Particularly to the younger alumni, my biggest message is that it’s in their hands to envision what comes next, and don’t accept the current status quo,” he says. “Think about what comes next, and be the ones who create it rather than having to react to it.” n

Katherine White on branding in an

increasingly social world

Who: Professor Katherine White, professor and division chair of marketing and behavioural science at the UBC Sauder School of Business. White is a leading expert on prosocial consumption and social marketing, and in 2016, was named one of the top five marketing researchers in the world by the American Marketing Association. What’s Now: According to White, the traditional view of marketing is like a funnel, where the wide end represents everyone who might want your brand, and the narrow end is the far smaller number who actually buy. Historically, marketers have mostly been in touch with consumers at the beginning and the end of that funnel. But now, brands are communicating with customers at more points in their “decision journey” as they compare products and seek advice from friends and other consumers online. They’re even in touch after customers have made their choice; and they’re forming online communities around particular products, from computers to Harley Davidson motorcycles. “Are people happy? Are they telling everybody? Marketers are seeing who is happy with the product, and they keep reminding them what a great purchase they’ve made,” says White. “And now that we have the ability to interact with like-minded consumers, there are more chances for the company to connect with them.” VIEWPOINTS SPRING/SUMMER 2016

WHAT’S NOW? WHAT’S NEXT? virtual reality for example—but in the near term, companies will get increasingly inventive with how they reach, keep and involve potential customers. “One of the things we’ll see more of is storytelling, because it resonates with us. Things that are emotional, that tug on our heartstrings, or things that are novel or funny,” says White. “It’s difficult to produce content that is fun and novel, so I think this pushes marketers to be more creative with their content and their conversations with consumers.” n

Markus Baldauf on

automated trading and “dark markets”

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Who: Assistant professor of finance at the UBC Sauder School of Business, and specialist on trading in modern financial markets.

Shopping online—more storytelling and less parking.

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No time to think when trading at the speed of light.

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What’s Next: White predicts that marketers will harness “the power of the crowd,” and that we’ll see more social buying— companies like Groupon and LivingSocial that allow large groups of consumers to access deals. More companies will also get customers involved by asking them to generate product ideas and crowdsourced advertisements. White expects there will be more marketing that capitalizes on what people are talking about; for example, during a Super Bowl power outage in 2013, Oreo generated a real-time ad with the tagline “You can still dunk in the dark” and posted it to Twitter, where it garnered over 10,000 retweets in an hour. Of course, without adequate screening systems, soliciting consumer participation can backfire, like when cheeky participants in a Walmart contest used the hashtag #ExilePitbull to send globetrotting DJ Pitbull to a store in remote Kodiak, Alaska rather than a major urban centre. “The tricky thing is there’s a push to do it quickly. So if people are talking about it right now you want to get it out right now,” says White, who adds that advertisers have to be especially creative to strike just the right tone. “You also want to make sure it’s appropriate.” White says that in the distant future, we could see marketers connecting with consumers using other technologies—through

What’s Now: Over the past decade, there have been three profound changes to public equity markets, explains Baldauf. Speed has always been a factor in markets—in early days, traders used carrier pigeons and later telegraphs to edge out competitors—but computers and algorithmic trading have accelerated transactions to a level that’s beyond human comprehension. “Fifteen years ago, if I asked you to hold on for a second you would have thought there was no risk, because what can happen in a second?” says Baldauf. “Today a second is an eternity.” Markets have also become increasingly fragmented. Fifteen years ago, the vast majority of trading of blue-chip companies took place on the New York Stock Exchange; now that number has dropped to just 20 per cent. According to Baldauf, in the US alone there are 11 formal exchanges and approximately 45 alternative trading systems, many of which are “dark markets”— private exchanges or forums for trading securities that often come

What’s Next: Baldauf predicts there will be more and more activity in dark markets, which already account for over 35 per cent of shares being traded. The problem is, those markets rely on pricing from the traditional exchanges such as the NASDAQ and NYSE— but if fewer trades are happening in those arenas, the pricing may not be as reliable. “If you take this to the logical extreme, and more and more trades occur in the dark, where do the prices come from? If they come from exchanges where fewer trades happen, they might be less representative prices,” he says. “So I think eventually there will be a limit on how many trades happen in the dark.” Politics will also play a role, says Baldauf. Politicians including Hillary Clinton are voicing concerns over electronic trading, pointing to particular transaction patterns as indications that things are no longer functioning as they should. Many are calling for reform—things like introducing virtual speed bumps, or creating batch auctions, to slow the sizzling speed of automated transactions. “The concern is there are a few market participants who benefit, and the vast majority lose out,” says Baldauf, explaining that billions of dollars can move in the blink of an eye. “But, there is a lot of disagreement about who are the winners and who are the losers with this development.” So what does Baldauf see for the more distant future of automated trading? “I deal with nanosecond data,” he says with a laugh. “If I make a five-year prediction that’s already way out of my comfort zone.” n

James Tansey on

the green economy Who: Associate professor and executive director of the UBC Sauder Centre for Social Innovation and Impact Investing, which works to create real-world change in areas such as the low carbon economy, social innovation and First Nations economic development. What’s Now: Over the past decade, there has been a burst of enthusiasm for clean, green technology, but it tends to be more capital-intensive and takes longer to get products to market, so it

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with lower transaction costs, but are inaccessible to much of the investing public. (Despite their ominous name, they are legal.) There have also been key regulatory changes including new rules by the United States Securities and Exchange Commission that allow for more competing exchanges. “You don’t have to be a formal exchange to facilitate stock trading,” explains Baldauf. “So this has essentially paved the way for the increase of dark pools and electronic crossing networks.”

The electric car—transforming smoggy skylines.

requires more patience than typical venture capital investments, says Tansey. But he says some countries—like China where poor air quality is a major motivator—are making enormous efforts to reorient their economies around less carbon intensive energy strategies, and rapidly adopting green technologies such as solar power. Low-cost natural gas and low oil prices mean less impetus to shift to greener technologies, but Tansey says products such as electric cars have improved to the point that, even with substantially lower prices at the pump, they still make financial sense. For example, gas prices may have dropped by 30 per cent, but an electric car can mean a savings of 80 per cent or more. “Also, they’re just making better electric cars,” says Tansey, who drives a BMW i3 and loves it. “When you get out of the electric car and back into driving a normal car, it’s kind of like putting on MC Hammer pants,” he says with a laugh. “It’s just something you wouldn’t do any more.” What’s Next: Tansey predicts that, with transportation, we’ll see more electrification of vehicles—in part as a response to climate change pressures, but also because of deteriorating air quality in growing population centres, especially in Asia. Low natural gas prices will make it tougher for alternative energy sources to compete, he explains, but the cost of solar will continue to decline, and advances such as glass that can harness the sun’s power—so skyscrapers could be covered in windows that double as solar panels—will propel its widespread use. Industry will be the biggest beneficiary of new and better green technologies, as energy can account for more than a third of a business’s costs, and at the consumer level, our homes will continue to get smarter, with built-in systems able to detect when we’re in or out, and adjust lighting and temperature accordingly. “The winning products will be the ones that make people’s lives better and that make people happier. The fact that they save energy VIEWPOINTS SPRING/SUMMER 2016

WHAT’S NOW? WHAT’S NEXT? What’s Now: Brander explains that, from the Second World War until roughly 10 years ago, and especially through the 1994 North American Free Trade Agreement, barriers to trade were dramatically reduced, and tariffs, quotas and currency issues were addressed. “There was a lot of progress on those fronts, and not much has happened over the past decade, because frankly, there’s not much left,” explains Brander. “Trade barriers are at a very low level.” So what remains for the Trans-Pacific Partnership, the massive multinational trade agreement pending ratification by Canada and others, to target? Much of it has to do with a primarily 21st century problem: intellectual property. The agreement covers everything from patents on pharmaceuticals to copyrights on movies, music and books, says Brander, giving more teeth to those fighting piracy and theft. He says the agreement, which includes 12 nations, among them Japan, Australia, Mexico, Chile and Brunei, also more tightly ties trade and the environment.

is a nice byproduct,” says Tansey. “If we can make batteries better, and laptops better, and TVs better, I think there are going to be great opportunities for consumers to think differently.” British Columbia has become a hotbed of green research, adds Tansey—and, widely considered an international sustainability leader, UBC has reduced emissions on campus by more than 30 per cent in less than a decade. “BC is a unique place in terms of the mix of energy issues and the level of innovation,” he says. “We’re a kind of incubator, and the whole province is a living laboratory for many of the issues that cities and countries are going to face around the world.” n

James Brander on

Canadian trade post-TPP Who: Professor of economics at the UBC Sauder School of Business, and Asia Pacific professor in international business and public policy. Brander is also past president of the Canadian Economics Association and has served as managing editor of the Canadian Journal of Economics and co-editor of the Journal of International Economics.

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TERADAT SANTIVIVUT/GETTY IMAGES

Existing in isolation of the economies of China and India, the TPP’s impact on the Canadian economy will be relatively minimal.

What’s Next: Once ratified by member nations, the agreement will take several years to come into force. Brander adds that, because the American and Canadian economies are so intricately interwoven, if the US joins, Canada should join; if it backs out, Canada should follow suit. The pharmaceutical industry could see significant changes, extending US-style intellectual property protection to countries such as Vietnam, Peru and other low income TPP members. The result would likely be higher drug prices in those countries. “There will still be a lot of individual discretion and flexibility from country to country, but the basic idea is to increase harmonization of drug patent protection,” he explains. “This helps the US, where most drug companies are based, but could also help other countries by increasing incentives for companies to make new drugs available throughout the region.” When it comes to the environment, Brander expects to see stronger links between international trade and environmental performance on everything from overfishing to greenhouse gas emissions—and unlike previous deals, they would be subject to dispute resolution. “Teeth is too strong a word. Maybe baby teeth,” says Brander with a laugh about his expectations for the strength of the dispute mechanisms in the agreement. “It’s more than previously existed for environmental issues, but not as much as people were hoping for.” Despite public concerns over the deal, Brander says its impact on Canada will be relatively minimal, and because two of the world’s largest economies, China and India, are not signatories, it has significant limits. Still, anything that helps minimize trade conflicts and promotes economic development will likely benefit Canada in the long run.

“Canada has a stake in the performance of the overall world economy—and not only in GDP growth, but in the environment and world health,” says Brander. “So I think the main effect on Canada is through the effect on the global trading environment, and the global international environment.” n

Kai Li on

Who: W. Maurice Young Chair in finance at the UBC Sauder School of Business, and senior associate dean, equity and diversity. Li specializes in corporate governance—including executive compensation, activist shareholders and mergers and acquisitions—as well as the Chinese economy and stock market. What’s Now: Because of its economic might, China has become a leading player in the global economy, explains Li, and its stock market is ranked second in the world in terms of market capitalization. From 2005 to 2007, the Chinese government introduced market reforms, which allowed for more tradable shares and less government involvement. Still, she says, roughly half of the market is owned by the government or government-affiliated entities. “A very high proportion of shares are still owned by the state,” says Li. “That’s very, very different from all the other developed markets in the world.” There is also extreme volatility, with individual retail investors making up a large proportion of the market, and very little participation from more savvy institutional investors, especially foreign ones. “Chinese are known to approach investing with a gambling sensibility,” says Li, adding that many retail investors put their entire life savings into the unpredictable market as it rose meteorically, and lost big when it tumbled by 30 per cent in mid-2015. It later recovered much of its value, then crashed again at the start of 2016. “Many of them know nothing about stocks or stock markets.” What’s Next: Li says that, for a more stable future in Chinese markets, there needs to be fundamental restructuring in several key areas. One is deepening economic reform, with a stronger push toward a market-driven system and less state interference. Multiple times in the past year, the government shut down markets in an attempt to curb steep stock slides, and it fired the head of China Securities Regulatory Commission for failure to stabilize the market. Also, she says, the process by which companies go public must be based on merit, not government approval.

ISTOCK.COM/FANGXIANUO

the Chinese stock market

Non-standard trading behaviour permeates the Chinese stock market, creating unpredictability.

Another is an overhaul of the banks—the largest of which are state-owned with no interest in shareholder value creation—where, she notes, corruption still exists, credit decisions are made without profit maximization in mind, and their balance sheets may not be what they appear. “Banks often lend based on connections, not risk-return tradeoff, and firms often fail to repay their loans. Because the banks don’t have shareholder value maximization in mind when making lending decisions, there’s little motivation to get tough on borrowers,” says Li. “There’s no incentive for them to monitor borrowers or cut them off.” But it’s not enough to introduce changes, argues Li. Market reforms must come with strong enforcement of securities laws and investor protection as a priority. When the Chinese stock market was first created in 1990, she explains, they carefully copied the structure and systems of the United States Securities and Exchange Commission—but because the rules aren’t enforced, they aren’t followed. “Insider trading and white collar crimes are rarely prosecuted in China, so insider trading is common,” says Li. And because many of those insiders are directly affiliated with the government, nobody is looking out for everyday investors. “They have zero voice.” Investor education is also essential to the future of the Chinese market, adds Li. A small number of investors have made fortunes in the unpredictable market, but many more have lost everything. “Stock market participants need to know the ins and outs, and also the pitfalls. Put bluntly, the Chinese stock market is worse than a casino,” she says. “It’s not a fair game.” n

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CLASS NOTES

Dear alumni, The UBC Sauder community includes more than 38,000 alumni who are influencing business and society in 76 countries around the world. We want to hear from you! Class Notes gives you the chance to share your news with fellow alumni, reconnect with former classmates and stay connected to the school. It’s easier than ever with our online form. Visit www.sauder.ubc.ca/alumni/classnotes and we will print your update in the next edition of Viewpoints.

1950s

John Williams, BCom 1958 I’m still running a retail shopping centre and urban revitalization consultancy out of Toronto, Montreal and Chicago, which brings lots of travel to interesting places. “La dolce vita” is indeed sweet, with four children, their spouses and eight grandchildren (grade school through to university—glad I’m not paying 100% of those fees!) spread from Toronto to New York City to Rome. When friends ask me “When are you going to retire?” I have the following musings on work beyond 80: Practical reasons: 1) I get the heck out of the house—with each day having a beginning, middle and an end. 2) I don’t have time for “to do” lists—God invented plumbers for a reason. 3) Each morning starts with people smiling at me and wishing me a nice day at our office. 4) I do miss the chance to socialize more—but not about golf scores. 5) When businesses I don’t respect ask for advice, 38

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I can walk away. 6) I can afford to be less than wise—occasionally—like opening an office in Russia. Didn’t make a red cent on that! 7) When people offer me a seat on the subway I just reply, “No thanks, I’m getting off now to go to my two-hour power workout at the gym.” Ha! On a philosophical note: 1) Work is a first love—and gives me energy. 2) The challenge of keeping up, competing and learning is stimulating. 3) Work is good for my health—but that’s all relative now. 4) I don’t worry much about “the digital age”—that’s what grandkids are for. 5) Work avoids me from being relegated to “the role of a household pet.” 6) “I’m having a Senior’s Moment” seems to be an acceptable excuse for almost everything.

campaign to expand its diagnostic services department. A number of charitable organizations have benefited from the Blake’s generosity; they have donated over $250,000 in the last six years to causes they are passionate about. In particular, Steve and Susan are dedicated to supporting those who have suffered hardships beyond their control and organizations that support children and animals. They have contributed generously to UBC, the Make-A-Wish Foundation, BC Professional Firefighters’ Burn Fund, BC Children’s Hospital, Cops for Cancer, and Animal Advocates of BC, among others. Until retirement, Steve was a teacher and secondary school vice-principal in Vancouver and Susan was chief physiotherapist at Burnaby Hospital. They have committed many hours to volunteering in the community, and both were volunteers with the Royal Canadian Mounted Police; Steve as Auxiliary Constable for 24 years, and Susan for eight.

1970s

Stephen Blake, BCom 1973 Steve and Susan Blake believe in the power of philanthropy. They recently donated $75,000 to support the completion of Delta Hospital’s $7.5 million capital

Bruce Grist, BCom 1975 I did first year science at UBC in 1969/70. I then entered the Commerce program and became interested in labour relations. At the time there was a Commerce Law option. I applied for law school with the objective of becoming a labour lawyer acting for unions. I received articles with a great firm, then known as Russell & DuMoulin (now Fasken Martineau DuMoulin), which had one of the leading management side labour departments. I completed my articles in the summer of

1977 and was offered a position with the firm and subsequently became a partner at the firm. Now, in my 40th year with the firm I have decided to retire. I am tremendously appreciative of the education I received at UBC and the friendships I developed while playing for the UBC football and wrestling teams.

be launched in 2016. (2) I am pursuing a vocation as a filmmaker and my second short called “Call Coho” has been accepted at some international short film festivals such as the Los Angeles Indie Film Festival. (3) I had the opportunity to meet up with a faculty member from my alma mater, Darren Dahl, at an academic conference held at our school. I could reminisce with Darren about my days at UBC and my former professors such as Jim Forbes. Classmates from the class of ‘79, please give me a holler.

Bill Lipsin, BCom 1976 I joined NetApp, a Fortune 500 company specializing in Data Management, to take over their worldwide indirect sales channels.

Dae Ryun Chang, BCom 1979 Dear fellow Sauder alumni, I graduated with a BCom in 1979 when all the classes were conducted in the Angus Building. I am now a marketing professor at Yonsei School of Business in Seoul, Korea. Some of the highlights of 2015 are: (1) I launched a Massive Open Online Course (MOOC) on Coursera.org called International Marketing in Asia with part 2 (4 more courses) to

1980s

Derek Wiens, BCom 1981 I retired from my law career five years ago after obtaining an LLB from UBC, after my BCom (Finance) in 1981. I invested in real estate ever since my days in the Faculty of Commerce, and managed to build enough of a portfolio to comfortably retire. I guess it was my finance training and law practice earnings that enabled me to bypass the long, tedious corporate route to an enjoyable early retirement. I still think the BCom/LLB dual ticket was worth the effort.

Praveen Varshney, BCom 1987 I am pleased to share that in January I received my FCPA designation. This is a prestigious honorary designation awarded to CPAs who, through their outstanding achievements including community leadership, bring distinction to the accounting profession and serve as a role model to others.

Susan Sinnott, MBA 1987 This was a big year for me. After graduating in 1985 with my MBA and working in banking and telecommunications, I went back to University in Victoria, earning a law degree in 1993. I spent time working in London, England in a law firm and as law clerk to the Judges of the Supreme Court in Victoria. Since 1995, I have practised law in my home town of Campbell River. Several years ago I shifted my practice focus from litigation to business and estate planning. Starting January 1, 2016 I will significantly expand my practice after acquiring the practise of a retiring solicitor—one who gave me a reference to go to UBC for my MBA all those years ago. I continue to volunteer in the community and bring my UBC studies in airline transportation to good use as the Chair of the Campbell River Airport Authority, a commission of the City of Campbell River. Finally, I have launched my 18-year-old daughter off to UVic, where she is starting her own journey of life and looking forward to her own adventures. If any fellow classmates want to connect, find me on the LinkedIn Group for UBC MBA Alumni—Sauder School of Business.

SHARE YOUR NEWS Class Notes are easier than ever to submit. Simply fill out the online form at www.sauder.ubc. ca/alumni/classnotes

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CLASS NOTES

Jadranka Skorin-Kapov, PhD 1987 Jadranka Skorin-Kapov is currently a professor of operations research in the College of Business at Stony Brook University, with affiliated positions in the Department of Philosophy, and the Department of Applied Mathematics and Statistics. This reflects her diverse educational background, including three PhDs from different disciplines—Operations Research (UBC, 1987), Philosophy (Stony Brook University, 2007) and Art History (Stony Brook University, 2014). Jadranka first came to Stony Brook as an assistant professor in 1988, was promoted to associate professor in 1993 and professor in 1998. She has authored or coauthored about 70 refereed publications in operations research, and received various awards and grants, including five National Science Foundation grants. She has published three books based on her dissertations in philosophy and art history: The Aesthetics of Desire and Surprise: Phenomenology and Speculation; The Intertwining of Aesthetics and Ethics: Exceeding of Expectations, Ecstasy, Sublimity; and Darren Aronofsky’s Films and the Fragility of Hope. All are available at amazon.com/ author/jadrankaskorinkapov. Jadranka currently serves as the Head of Management Area at the College of Business, Stony Brook University. In addition, she recently founded the Center for Integration of Business Education & Humanities (CIBEH) in an effort to enhance business education with ideas framed by philosophy and art. Her research efforts are guided towards producing first rate scholarship in diverse 40

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fields of operations research, philosophy, and art history. Her educational efforts are directed towards promoting integrative and balanced education aimed at our future business leaders. Jadranka’s husband Darko Skorin-Kapov (UBC PhD 1989) is currently a professor of management, marketing and decision sciences at Adelphi University, New York; they have two adult daughters and three grandchildren. Jadranka’s story reflects the conviction that a proper balance of private and professional life, of efforts to pursue one’s own inclinations by working tirelessly and with passion, results in fulfillment.

1990s Stephen Ward, MBA 1993 To celebrate my 50th birthday I travelled to Laos and spent two tremendous weeks exploring the country and riding elephants. The Elephant Conservation Center there is run by MBAs from France. Perhaps something new for the curriculum at UBC?

Chanaka Edirisinghe, PhD 1991 Currently, I am Kay and Jackson Tai ‘72 Chair Professor of Quantitative Finance at the Lally School of Management, Rensselaer Polytechnic Institute (RPI), Troy, New York. I moved to New York after having served in the faculty of Haslam School of Business at University of Tennessee for 23 years. This year, I serve as the Chair of the INFORMS 2016 annual conference. See the link at: youtube.com/ watch?v=cEWzFIPxpKk&feature=youtu.be.

Mauro Manzi, BCom 1995 Mauro Manzi has been named Campaign Cabinet Chair for 2016/2017 for the United Way of the Lower Mainland. Under his leadership at TD, there was a record level of giving last year through his employees in BC. In the last year alone, TD donated more than $3 million to local charities across the province and has funded numerous local grass roots projects through TD Friends of the Environment Foundation. TD is a proud supporter of the TD Vancouver International Jazz Festival, the Vancouver Pride Parade & Festival and BC Children’s

Hospital Foundation to name a few. Mauro is currently Senior Vice President, Pacific Region for TD Canada Trust where he is responsible for overseeing all of TDâ&#x20AC;&#x2122;s 163 branches across the province. He has worked for TD for 20 years in a number of different roles in Branch and Commercial Banking including a stint in Toronto as Vice President of Branch Banking. Mauro was raised in East Vancouver and today calls Surrey home with his wife Luisa and children Matteo and Elianna. Winston Lo, BCom 1996 I want to give a huge shout out to my family and friends for being supportive of my dream for the last 19 years. Starting a promotional products agency has been rewarding. My wife Candy, and daughter Cassidy give me daily motivation to be the best husband and dad that I could be. Stay in touch. Monique Gomel, BCom 1997 In September 2015 I joined Rocky Mountaineer as Vice President of Global Marketing and Communications. Cissy Pau, BCom 1995 After putting my Commerce Degree to good use in the corporate world for 9 years, I started Clear HR Consulting Inc. in 2004. A boutique human resources consulting firm based in Vancouver, Clear HR Consulting specializes in providing HR guidance and resources to small businesses. You can learn more about us at www.clearhrconsulting.com. We were honoured to be recognized as a finalist for External HR Consultancy of the Year at the 2015 Canadian HR Awards. We are so thankful to our amazing clients for the opportunity to work with them. My husband and I have two young boys and we live in Vancouver.

SHARE YOUR NEWS Class Notes are easier than ever to submit. Simply fill out the online form at www.sauder.ubc. ca/alumni/classnotes

2000s

Paul Penner, DULE 2002 Vice President of the Real Estate Compensation Fund Corporation (RECFC) for 2016. Paul lives in Abbotsford with his wife Debbie and two children. He sells and leases real estate throughout the Fraser Valley with RE/MAX Little Oak Realty and is an instructor for the BC Real Estate Association.

Guenther Jauck, MSc 2003 Following publication of my book Potential Areas of Conflict in Mergers and Acquisitions, I am pleased to present a new book CrossBorder Mergers and Acquisitions with Global PMI Partners, where Iâ&#x20AC;&#x2122;m the Austrian Partner. The reasons for the book were that we found that executives were looking for practical guides to handle the complex task of integration. They want books that are rooted in the realities of execution, not based on theory or outdated concepts. Cross-Border Mergers and Acquisitions attempts to apply the same approach for handling global integrations. The book is a compilation from 10 mergers and acquisitions (M&A) professionals who together have experience handling hundreds of crossborder transactions across dozens of countries. The authors bring perspectives on M&A from nine countries that represent the bulk of global M&A activity, including the United States, the United Kingdom, France, Belgium, Germany, Sweden, Israel, Japan and China. Cross-Border Mergers and Acquisitions is organized into four parts, each covering a wide range of M&A topics including M&A strategy, integration, due diligence, and culture to allow the authors to share their respective experiences, and allow the reader to gain several different perspectives on many key subjects. Global PMI Partners is a global consultancy with focus on integration, separation and transformation. We offer local expertise with global support and use only highly experienced teams. We deliver better value and place the right experts on projects for hands-on efficiency. You can VIEWPOINTS SPRING/SUMMER 2016

CLASS NOTES get the book from Amazon and from other well-equipped bookshops. Best regards from Vienna (Austria).

Jennifer Duffy, BCom 2004 I worked on the 2015 Grey Cup Pre-show starring country recording artist Dean Brody. We had a cast of over 300 dancers and cheerleaders from across the CFL, and the show was seen by 4.3 million viewers. Currently I am working with a team of choreographers to produce the opening ceremonies for the 2016 BC Summer Games, which is very exciting. I am also heading into my 4th season as the coach of the BC Lions Felions Dance Team!

Craig Allen, DULE 2007 Craig Allen is based in the Boston area, and provides expert testimony on economic damages in litigation. He is serving a three-year term as Eastern VP of the National Association of Forensic Economics 42

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(NAFE), and led a NAFE panel discussion at the Eastern Economic Association 2016 conference in Washington, DC on Feb. 27. Craig has maintained ties to Canada, serving as chair of the Actuarial Evidence Committee of the Canadian Institute of Actuaries.

Jeffrey Houghton, BCom 2008 Like the majority of 18 year olds, when I originally applied for the Commerce program at UBC Vancouver, I had no idea what I wanted to do for a career. I knew that I couldn’t hit the ball straight enough to be on the PGA tour, I wasn’t great in science class, but I did alright with numbers. I also knew the Sauder School was well respected, relatively close to home and would be a great starting point. After graduating in 2008 with honours and a designation in accounting, I realized that although I was looking forward to obtaining a CA designation, I wanted to try something else. I had a foot-in-the-door where my family owned some land and was developing it into residential lots in my hometown, Kelowna, BC. I cold-called 10 successful, local builders and two were gracious enough to sit down with me for a coffee and offer some advice. I started a limited company the next day and obtained my builder’s license three months later. Since 2009 my company has built over 50 homes in the Okanagan. I thoroughly enjoy being self-employed. I have the freedom to make my own hours and the job gives me constant satisfaction because I can make a set of blueprints come to life. I also enjoy the design aspect of the job and always try to put new and innovative custom features into each house. This attention to detail makes our company’s product stand out and sell

quickly. Even though I end up working a lot more hours than a typical nine-to-five, I work because I want to, not because I have to. That makes all the difference in the world. Our company has another 80 more lots to build on and I’m looking forward to making each house more impressive than the last. Please visit www.handhhomes.ca.

Krishna Raisinghani, BCom 2009 I joined BCAA in 2014 and had the exciting opportunity to work on key projects in strategy, finance and new ventures. From there, I currently manage operations for one of our newest initiatives, Auto Service Centres, where we bring our trusted expertise to a new industry. I oversee the location managers and lead our customer experience, service process and sales training. As we aim to aggressively expand within several years, I also ensure consistency into each new location and manage growth.

SHARE YOUR NEWS Class Notes are easier than ever to submit. Simply fill out the online form at www.sauder.ubc. ca/alumni/classnotes

Sophia Tran-Vu, BCom 2009 After a particularly challenging but equally rewarding year in my career, I was promoted to Vice President, Fixed Income Sales at TD Securities in New York. This milestone also coincided with my fifth anniversary of living in New York City. I am also very excited to be involved with TD Securities’ Women in Leadership (WIL) Committee and the Finance Women’s Association (FWA) in New York as a member of the Impact Investing Committee.

source our material in Europe, manufacture in Asia and focus our sales efforts in the Australian market. Our online store, www.annaking.com, was launched in November 2015 and has been a great success so far, as sales to customers across the globe have exceeded expectations. We are hoping to grow the business this year and build relationships to boutique stores as retail outlets in Canada and other countries.

Sean McNulty, BCom 2013 After 2 years as an FX Trader at CIBC on Bay Street, I’ve enrolled in the National University of Singapore MBA Program, a university I did an exchange at while completing my BCom at the Sauder School of Business. Since enrolling in the NUS MBA, I’ve been elected Class President and won the GNAM Investment Competition hosted by Yale University.

2010 +

Ingrid Hawkins (née Hartmann), MBA 2011 Ingrid and Ken Hawkins became new parents when they welcomed their son, Alexander, in July 2015. Alexander immediately rose to the CEO of the family and exhibits many key traits of a future Sauder MBA student, including the ability to pull the occasional “all-nighter.” Marian Schole, BCom 2011 Swapping Deloitte Consulting for my own handbag business. I recently left management consulting at Deloitte and launched my own business. Together with my wife, I started our own leather accessories brand, called ANNA King. We are hands-on involved in all business processes, from design, logistics, cutting of leather as well as marketing and sales. Our company is set up globally and I have benefited immensely from the international business courses I took at Sauder, as we

Robbie Stobart, BCom 2012 After working in Europe with Global Affairs Canada, I am excited to now be in the middle of Toronto’s emerging FinTech scene. As an account manager at FundThrough, I help small business owners take control of their cash flow by getting their invoices paid today instead of waiting 30, 60, 90 days. It feels great to be back in Canada helping entrepreneurs access working capital to grow their businesses.

Tim Vipond, MBA 2013 I am extremely passionate about education and finance, which is why I am proud to announce the launch of the Corporate Finance Institute. CFI’s mission is to bridge the gap between broad academic education and practical hands on financial training. In an increasingly competitive and entrepreneurial job market we believe students need to supplement their traditional education any way they can, and thanks to technology we have created an affordable, flexible solution. CFI has partnered with professional Wall Street trainers to offer students the same VIEWPOINTS SPRING/SUMMER 2016

CLASS NOTES courses used at top global investment banking and investment management firms, anytime, anywhere. By leveraging technology we have developed highly interactive and engaging courses that allow students to learn skills that were previously only taught on the job. In a more freelance type economy we believe it’s important for students to supplement their academic education with practical training that will help land their dream job, consult on their own, or start a new business. We offer certificates on various topics ranging from financial modeling to financial analysis and company valuation. Please visit www.corporatefinanceinstitute.com to start learning for free today. Harry Jones, BCom 2012, DULE 2015 2015 Pan American Games Gold Medalist. On the rugby World Sevens Series, and working towards Rio 2016 Olympic Qualifier. Continuing my studies toward another Sauder degree (BBRE) after finishing my DULE last year.

Richard Wong, BCom 2014 Richard recently passed the CPA Common Final Examination (“CFE”), successfully completing all of his Professional Education Program modules in just over a year! Lauren Telford, BCom 2015 This year I went on my third and fourth big, international trips since getting accepted into Sauder. The year I was accepted I frolicked through Europe on a bus as an

eager 18-year-old. Shortly after that I rode ridiculous animals in Thailand and sipped Changs. This past summer I discovered back roads (and taco variances) in every country of Central America. Over reading break I took in the whole city and the coast of Ecuador. 30 under 30—countries that is. I’m 22 and on track with my 22nd country. Thanks for the opportunities to travel Sauder!

UBC Commerce 1965 Reunion Twenty UBC Commerce alumni gathered together for dinner and to celebrate the 50th anniversary of their graduation in 1965. The event was held October 2, 2015 at the Royal Vancouver Yacht Club. UBC Sauder Dean Robert Helsley was the evening’s guest speaker.

Shown left to right… Front row: Jim Fofonoff, Vancouver; Ledford Lilley, North Vancouver; Dean Helsley; Dennis Coates, Kamloops; Rick Baker, West Vancouver; Jim Tutton, Whistler. Second row: Rick Roskin, St. John’s N.L.; Roy Rauser, Vancouver; Jim Evans, Vancouver; Philip Worthington-White, Kamloops; Bruce Russell, North Vancouver; Bill Earle, Vancouver. Third row: Rusty Goepel, Vancouver; Gerry Bunting, Victoria; Laurence Pretty, Richmond; Ken Glasner, Vancouver; Byron Hender, West Vancouver. Back row: Lance Jefferson, Richmond; Rolf Paterson, North Vancouver; Robin Elliott, Vancouver; Brooke Campbell, West Vancouver.

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Just say no to “freedom 55” and yes to community service

“DO NOT RETIRE,” GLYNN, MBA 1976, TOLD UBC SAUDER students at the Dean’s Speaker Series in late January. “You might leave your job that you have. Don’t retire. It stimulates the mind. It keeps you current. It gives you some income.” In an engaging, often humorous presentation in which he shared his journey as a business leader, Glynn advised students who are worried about getting a job and raising a family that they also need to carefully consider what they will do in the last 40 years of their lives—and prepare for it now. He encouraged them to get involved in student life, make friends, build their networks through the years, and serve their communities through board or volunteer participation. “Build that base over time. Don’t wake up at 55 or 60 and say ‘What am I going to do next?’” he said. “What did I want to be? I wanted to be a global citizen from a Vancouver base. It sounds a bit grand, but that was my goal. It’s still my goal.”

“Give back. Remember what got you here. You’ve got to give back for the next generation.” Glynn held progressively senior positions over 24 years with HSBC before stepping away from his position as President and CEO of HSBC Bank USA in 2006, after a stint as President and CEO of HSBC Bank Canada from 1999 to 2003. He is currently a member of the boards of two public companies: Sun Life Financial Inc. and Husky Energy Inc. Glynn also serves as the Chairman of UBC Investment Management Trust and as a member of the board of the Public Sector Pension Investment Board and the VGH & UBC Hospital Foundation. Additionally, Glynn is an advisor to Second City Real Estate. Board experience, he explained, allows him to travel and form relationships with highly qualified and interesting individuals from various sectors around the world. “By virtue of current governance standards they have to be totally distinct from you. It can’t be all your buddies. So you sit there for 48 hours or 72 hours at board and committee meetings once a quarter. You are getting both the directors’ and management’s views on

GRACIA CHUA, CUS VISUAL MEDIA

TV commercials typically present us with a blissful portrait of early retirement. UBC Sauder alumnus Martin Glynn isn’t buying what they’re selling.

interest rates, oil prices, who’s doing what, how’s Australia looking, how’s Hong Kong looking, etc. Don’t underestimate this post-formal part of your life and the opportunities to keep growing as a person.” Glynn attributes his success to integrity, hard work, relationship building, curiosity about people and the world, ambition, luck and an openness to move laterally from one area to another to gain the knowledge and experience required to lead. “Banks happen to be reasonably non-siloed,” he explained. “I spent time getting RRSP contributions in February, then found myself running the operational side of the business, and was also in charge of trade finance. I did this and that.” Glynn went onto explain how the trap from a career point of view in business is being caught in a very narrow silo. “The best leaders have broad bases.” Glynn also believes more should be done in Canada to encourage career movement between the public and private sectors. He began his work life at Export Development Canada, an arms-length Crown corporation that helps Canadian companies respond to international business opportunities. “France and the US are leading examples where groups of business and government leaders move back and forth. That’s probably the way it should be here.” He spoke enthusiastically about the lifelong relationship he has maintained with the University by mentoring students, serving on UBC Sauder’s Faculty Advisory Board and UBC’s Board of Governors, chairing the UBC Alumni Association and the UBC Investment Management Trust, and donating to various initiatives. “Give back,” Glynn told the students. “Remember what got you here. You’ve got to give back for the next generation.” n VIEWPOINTS SPRING/SUMMER 2016

FAMILY LEGACY SERIES

Celebrating Harry Rosen and family ONE OF CANADA’S LEADING FASHION RETAILERS took centre stage at the 2016 Family Legacy Series, the flagship event of the UBC Sauder Business Families Centre. The gala celebrated the Rosen family, led by Larry Rosen, Chairman and CEO of Harry Rosen, Inc., a retailer that now accounts for 40 per cent of the country’s market in high-end menswear. More than 500 people attended to gala to hear insights into the world of family business from Larry Rosen, son of founder Harry Rosen, grandsons Graham and Ian along with two senior members of management. Although Harry wasn’t able to attend, Larry, his sons, and staff shared many stories and values that have been passed down since the retailer opened his doors in 1954.

Larry Rosen, Chairman and CEO of Harry Rosen, Inc. with his son Graham.

On what Harry expected for the next generation: Larry: He never really spoke to us about joining the business. The only thing he pressured us to do was to get a great education. He was not a high school graduate, so he was in awe of people who got university educations. On passing from generation one to generation two: Larry: I became the CEO in 2000. In 2004, Harry said “It’s time; you know a fashion business’s needs can’t be run by a man in his 70s.” We passed ownership to me and my siblings and he assumed the role of a mentor. It took me until 2010 [to buy the business]. We all had outside advisors, and we worked it through. We really were successful in some ways almost despite ourselves. It did work. On preparing for generation three: Ian: When I got accepted into my MBA program, the director of Harry Rosen put together a program [in the business] so I could go into school thinking about how this might apply to Harry Rosen. I was a fly on the wall and soaked it in like a sponge. I think it has paid great dividends while at school. On expectations from Larry for generation three: Graham: He has set a few key conditions: a strong business education, strong work experience, a desire to work for the business and the business wanting us. On what Larry thinks about his transition out: Larry: My responsibility as CEO is to make sure we have incredible succession. It would be wonderful if family can be a

SPRING/SUMMER 2016 VIEWPOINTS

(left to right) Larry Rosen and members of his executive team, Michael Peters and Wes Purdie, in conversation with award-winning journalist Steve Paikin.

part of that. Family businesses have a great perspective, are not under public scrutiny, and can think long term. My goal is to transition that way, to bring in outside advisors and not do it by accident. On what it is like not being a Rosen at Harry Rosen Inc.: Michael Peters, Managing Director—Western Canada, 28 years with Harry Rosen Inc.: In one of my first conversations with Harry, he said, “I want you to view this as your business. You are working under the umbrella of Harry Rosen but we hire innovative, entrepreneurial, caring people and we think you’ve got the potential to be a big player on our sales team.” There has never been a time when they have stopped me from trying something innovative. On how the notion of family has led to success: Larry: We’re not compelled to make decisions with shareholders looking over our shoulders. We can make decisions with the right criteria for our employees and for our customers. Those are longerterm decisions, but it doesn’t matter how quickly they pay back. n

EVENTS

Alumni UBC Hong Kong Centennial Gala Dean Robert Helsley and Kai Li, Senior Associate Dean, Equity and Diversity, joined more than 300 UBC and UBC Sauder alumni, donors and friends from across the Asia-Pacific region at an elegant gala in Hong Kong on December 10, 2015. The event was a chance to celebrate a century of growth and transformation while reflecting upon UBC’s rich history and relationship in the region. Hosted by TV journalist Lorraine Hahn and featuring a performance by pop singer Jade Kwan (both former UBC students), the evening included the UBC Opera Ensemble leading everyone in a rousing rendition of “Hail UBC.” n

VIEWPOINTS SPRING/SUMMER 2016

POINTS OF VIEW – GUEST COLUMN

One question for one hundred years by TYTUS

MICHALSKI

Flying aboard an Airbus A380, which weighs more than 500,000 kilograms at take-off, I’m writing this piece on a keyboard with an iPad, a product created and marketed by the world’s most valuable company, having just departed from Dubai, a city which was literally built in the desert and happens to hold the iconic Burj Khalifa, currently the world’s tallest building. This all serves as a reminder that our daily actions, everything from writing to transportation, have been completely transformed by business during the past 100 years. FREDERICK TAYLOR WOULD BE PROUD. A mechanical engineer who was considered by many to be one of the first management consultants, Frederick was passionate about improving the efficiency of workers and factories. The iPad and its more popular sibling, the iPhone, are direct descendants of industrial efficiencies at scale. But this lineage is not limited to manufacturing. Our service sector has also adopted the concept of mass efficiency: airports and planes to move more people; schools and lessons to create more qualifications; hospitals and drugs to treat more diseases. Everything more, and everything faster. Amid this abundance, it’s helpful to notice what has not changed. Mainstream business keeps score mostly by using a 500-year-old method of financial accounting. I still remember my first accounting test at UBC, where my mark was a big fat zero. By the end of university, I was fortunate enough (or unfortunate enough, depending on your perspective) to be able to tear apart income statements and balance sheets like a wild tiger. But financial accounts fail to measure the single most important asset of any modern business: people. Why don’t we change our accounting system to reflect the updated reality of business? Too many companies make profits by trapping customers instead of serving 48

SPRING/SUMMER 2016 VIEWPOINTS

customers. In the pharmaceutical industry, there are examples of companies that specialize in finding ways to increase prices at the expense of consumers and society. In one extreme case, the Los Angeles Times found that a company was charging $2,532.80 for a five-gram tube— smaller than the size of a lipstick—of cold sore cream which can also be purchased for $50 through other channels. This kind of behaviour would be harmful in any industry, but in health care it is downright deadly. Instead of treating all profits as equal, why don’t we attempt to differentiate between good profits based on true value creation and bad profits based on artificial scarcities? Employees are still often viewed as costs to be minimised rather than potential to be maximized. Imagine being a new employee at a warehouse of one of the e-commerce giants where people are measuring the speed of your every movement. If you can’t meet their targets this year, you’ll be fired. If you do meet their targets this year, the targets increase next year. And they’re already working on robots to replace you in the future. Imagine instead if the same company committed to training you so that you could both find inefficiencies in their system as you worked and also become a powerful evangelist of the company even after you stopped working with them. Since people are the single most

important asset of any modern business, why not maximize employee potential? Yes, business has transformed society during the past 100 years. But this has mostly been the result of business doing the same things, just more efficiently. If Frederick Taylor were transported to the present, he would feel comfortable walking through the factories making iPads and iPhones. He would feel validated by the weight of the A380 and the height of the Burj Khalifa as proof that his ideas have only grown in impact over time. He would have no problems understanding our current accounting system and be very familiar with companies taking advantage of both customers and employees. During the next 100 years, it’s time to take a step back and fundamentally transform business itself. Let’s create a future that Frederick Taylor would not be able to recognize. The starting point for this transformation is curiosity and asking the right questions. These questions don’t need to be complicated. In fact, the simplest questions are often the best. Start by asking “Why?” And then keep going. n Tytus Michalski, BCom 1998, Leslie Wong Fellow, lives and works in Hong Kong with his wife and two children. He tweets about start-ups, karate and serendipity from @tytusm.

Challenge your performance. Change your influence. UBC Sauder Executive Education Located in the heart of Vancouver’s vibrant business community, UBC Sauder Executive Education ranks among the world’s best open enrolment providers year after year by the Financial Times. Our thought leadership programs for senior leaders are intensive and highly interactive, using innovative teaching methods and real-world case studies to transform your thinking, career and organization. Featured programs in 2016 include: STRATEGY AND INNOVATION October 16 – 21, 2016 In residence This demanding six-day program uses cutting-edge research and real-life case studies to give you the skills and confidence required to tackle the most complex business challenges. You’ll explore the latest tools and strategies for business success and learn how to apply them to your organization’s unique challenges. MEETING THE LEADERSHIP CHALLENGE October 23 – 28, 2016 In residence Become a more powerful, impactful leader. This program will carry you to the next level of leadership excellence. Over six intensive days, you will define your personal leadership strengths and values, and discover how to leverage them for organizational success. DISCOVER MORE sauder.ubc.ca/exec_ed | exec.ed@sauder.ubc.ca 604.822.8400 | 1.800.618.3932 Strategy and Innovation Darren Dahl—Professor, Director of the Robert H. Lee Graduate School and Senior Associate Dean, Faculty, is recognized globally for both his research and teaching excellence in marketing strategy, entrepreneurship, and creativity

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