Britain in Hong Kong May-June 2022

BRITAIN IN HONG KONG BRITISH CHAMBER MAGAZINE

THE 25th ANNIVERSARY OF THE HONG KONG HANDOVER THE FUTURE OF HONG KONG

MAY-JUNE 2022 • ISSUE 78

Celebrating her Majesty The Queen's Platinum Jubilee

C O N T E N T S 02 CHAIRMAN'S MESSAGE a letter from the Chamber Chairman to share updates on the Chamber's activities over the past two months

05 HAPPY BIRTHDAY TO THE HONG KONG SAR AS WE CELEBRATE ITS 25TH ANNIVERSARY

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Mary Huen CEO, Hong Kong Standard Chartered

THE BELT AND ROAD INITIATIVE AND THE LOWCARBON TRANSITION Amy Cai ESG Managing Partner, PwC China

15 FROM ZERO TO HERO – THE ENDURING POWER OF A GOOD ESG STORY

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Prof. Lapman Lee Professor of Practice (ESG, FinTech, Governance), Hong Kong Polytechnic University Managing Director of Triniton Advisors

THE GREAT RESIGNATION: THE FUTURE OF WORK IN ASIA PACIFIC Leila Lim Managing Partner, Asia Pacific, Lim-Loges & Masters

21 WHAT IS IN THE BEST INTEREST OF YOUR CHILDREN AND THE ELDERLY? Samantha Gershon Partner, Withers

23 DEEPEN CUSTOMER LOYALTY WITH DATADRIVEN INSIGHTS

by Daniel Cantorna, Vice President, Data, Insights and Technology, Asia Pacific, Collinson

27 FORTNUM & MASON LAUNCHES PLATINUM JUBILEE COLLECTION CELEBRATING THE WOMAN BEHIND THE CROWN Fortnum & Mason

CHAIRMAN'S MESSAGE Dear Members As we reach the end of April it feels like the pandemic’s 5th wave is at last in the rear-view mirror. The sumptuary social restrictions and border regulations imposed at the start of the year are slowly coming off and, as a result, Hong Kong is coming back.

The case statistics are also looking better. When I wrote the last Magazine Message at the end of February, we were clocking 70,000 new cases and 280 deaths a day.

Today we are clocking a seven day average of 420 new cases and 10 deaths.

Every death is a tragedy and we should mourn the untimely passing of all our fellow citizens. On the other hand the 5th wave proved a great deal more manageable and a great deal less calamitous than the pundits were predicting even a few weeks ago.

The vaccination statistics have also been a beneficiary of the 5th wave. At the end of January the seven day average of first doses administered was around 8,000. This number rose rapidly to around 36,000 in mid-February. Today 91% of the population have had at least one dose - although there is a way to go for the 3-11 year-olds (70%) and the over 80’s (64%).

In early January the Government’s response to stem the spread of the virus kicked in with alarming bursts of energy. This resulted in a series of announcements to restrict borders and people, a rollout of testing programmes and an undertaking to build isolation facilities, the scale of which would have been the envy of the ancient Egyptians.

At the Chamber we lobbied against what we saw as the excesses of these measures. We consulted widely by holding a virtual Town Hall with members and gathering feedback through the sub-committees particularly impacted (for example, our excellent Education Committee). We set up a COVID sub-committee at GenCom to consolidate and prioritise the membership concerns.

The end result was a letter that we sent to the Chief Executive on 9th March [link here] and made available

to members very quickly thereafter. We also spoke to senior SAR officials and to representatives from the mainland Ministry of Foreign Affairs to express our concerns directly. It was clear that they were in listening mode and concerned to understand what was really happening at the coal face.

In my time as Chairman I have never received quite so many texts, emails, messages and calls from members and business leaders as I did in response to our letter, to thank us for our outspokenness.

I am not able to judge the impact of our letter. I am able to judge the subsequent actions taken by the Government which included : Putting the Comprehensive Universal Testing proposal on hold; Permitting home isolation for mild or asymptomatic cases; Reducing quarantine for arrivals from 14 to 7 days; Lifting the flight bans and adjusting the flight suspension mechanisms; Allowing international schools to keep teaching on-line and moving to in-person tuition after the Easter holidays; Clarifying that parents and children would only be separated where cases had to be treated in ICU’s; Relaunching the Employment Support Scheme (“ESS”) for SME’s.

All these were measures that the Chamber had called for in our letter.

But we are not quite home and dry yet. The flight XXXXXXX 02

suspension mechanisms continue to plague travel plans and we will continue to lobby for home quarantining and ultimately no quarantine at all.

I recognise that Hong Kong has to manage two sets of border crossing conditions – those with the mainland and those with the rest of the world. This has been the SAR’s great advantage over the last 25 years. During the pandemic, however, this has been a disadvantage and it has proven almost impossible to align the requirements of both borders into a single set of regulations.

We keep looking forward to the day when the entire pandemic is an imperceptible dot in the rear-view mirror. I suspect we will never be entirely rid of this virus but our ability to live with it must increase at the same pace as the restrictive measures used to fight it must surely decrease.

The basis of Hong Kong’s commercial and civic success is its Common Law system. Common Law has been used in the territory since its cession as a Crown Colony in 1842. In those days all the judges in Hong Kong were sent out from the United Kingdom. The writer, PG Woodhouse, spent the first two years of his life in Hong Kong after his father was sent as a magistrate, (serving later as a member of the Executive Council). The Old Supreme Court Building on the Eastern side of Statue Square in Central is, to this day, topped by a statue of the blind-folded “Lady Justice”. It is now home to the Court of Final Appeal which relocated from the Former French Mission Building on Battery Path in 2015.

The Court of Final Appeal (“CFA”) was a created as Hong Kong’s final Appellate Court when the Special Administrative Region was formally established on 1st July 1997. It has exercised judicial authority in the SAR “independently and free from any interference” ever since.

The CFA was a clever solution to the question of how final adjudication of Hong Kong laws should operate after the transfer of sovereignty in 1997, before when authority was vested in the Judicial Committee of the UK’s Privy Council.

A key component of the CFA has been the participation of the so-called Non-Permanent Judges (“NPJ’s”) drawn from Common Law jurisdictions, including England & Wales, Canada, Australia and New Zealand. There has been almost complete unanimity across the community that the presence of the NPJ’s has worked to preserve a key component of One Country Two Systems - an independent judicial process based on facts and evidence.

On 31st March the two Serving Judges on the UK Supreme Court tendered their resignation as NPJ’s from the Hong Kong CFA. You can see their press release here. At BritCham we had been aware of this risk ever since Dominic Raab, as Foreign Secretary, had raised this prospect in a Six Monthly Report from 2021. We had lobbied against this outcome particularly during our “Door Knock” visits to London, and we expressed our disappointment with the decision in a press release immediately after the resignations which you can see again here.

Whilst we were disappointed with this decision it is reassuring that the so-called “retired” judges serving as NPJ’s, including those from Canada and Australia, have confirmed their intention to continue on the CFA. The links between Hong Kong and the United Kingdom run deep. They run through the judiciary and the legal profession; the regulatory systems; the accounting, banking, insurance and engineering professions; all the way down to traffic management and road signs and which side of the road we drive on.

I see these links as a great strength and an opportunity for British business, particularly as the mainland opens up further, the opportunities of the GBA are more clearly defined and through Hong Kong business has a unique access point to the largest and fastest growing economy in the world. We should preserve those historic links and nurture them to our mutual advantages.

The theme of this month’s magazine is the forthcoming 25th anniversary of the SAR’s establishment. Hong Kong has been a part of my life for all of those 25 years and I think we should be celebrating this birthday with a sense of hope and optimism. And, after the partial closure of Hong Kong in the past four months we also need to start having fun.

Taking PG Woodhouse as my inspiration again: “Everything in life that’s any fun is either immoral, illegal or fattening”. At BritCham we will, of course, be focusing on the fattening.

Peter Burnett, OBE Chairman, The British Chamber of Commerce in Hong Kong 03

HAPPY BIRTHDAY TO THE HONG KONG SAR AS WE CELEBRATE ITS 25TH ANNIVERSARY MARY HUEN CEO, HONG KONG STANDARD CHARTERED

@HKSARG

Cheers will be heard on the streets in the run-up to July when citizens celebrate the 25th anniversary of the establishment of the Hong Kong SAR.

History has also shown that businesses, people and investors who stay here and have faith in Hong Kong will be well rewarded.

Nothing – not even the challenges of the last two years of pandemic – can spoil the party in this agile, resilient international city and home to the world’s financial giants, including Standard Chartered. We are confident that Hong Kong will only get better in the years to come.

Standard Chartered Hong Kong, for one, grew from a branch back in 1997 to a holding company for our entire North Asia operations today. In the run-up to 1997 the management focus of the bank was the potential risks arising from the transfer of sovereignty. In fact, the risks proved minimal and the dividend from the mainland proved to be the biggest growth driver for the bank and much more substantial than anyone could have imagined in 1997.

The past two years have been challenging for Hong Kong.

The city has been seriously disrupted by the pandemic, particularly in attracting and retaining financial talent because of travel restrictions, a rarity for a city considered a paradise for businesspeople.

It says a great deal about Hong Kong’s vibrancy and why it stands out among Asian and the world’s top economies that the economy can rebound strongly and quickly from these challenges. The history of the last 25 years has shown again and again that Hong Kong can handle many different challenges – from the Asian Financial Crisis in 1997/98, to the implosion of the DotCom bubble in 2001, to the SARS Epidemic in 2003 to the Global Financial Crisis in 2008, through Occupy Central in 2014 and the Social Unrest in 2019. Hong Kong has weathered each of these storms and emerged stronger as a result.

In 1997, our balance sheet was solidly Hong Kong dollars.

Now there is a sizeable renminbi (RMB) balance sheet, a reflection of the growth of our offshore RMB business, standing at a record high last year.

Hong Kong has become an international centre to raise fresh capital, having dominated the world as the No.1 Stock Exchange in the past decade. The growth of the Hong Kong Exchange & Clearing has been unprecedented since the flotation of China Mobile in the second half of 1997. The market capitalisation of the stocks listed in Hong Kong has increased more than 9 folds to HK$38 trillion.

The physical landscape of Hong Kong has also changed along the way of the last 25 years. The airport moved from Kai Tak to Chek Lap Kok and has become the largest aviation cargo operator in the world. The Northern expansion of Hong Kong Island has seen the LegCo and xxx 05

and Government Offices move into a modern building complex, the Star Ferry Terminal move closer to Kowloon and the development of a swanky new office and retail complex in International Finance Centre (IFC) 1 and 2.

rate that has lasted for more than three decades. As China's per capita GDP is projected to double and top US$20,000 in 2035, the country will be home to more than 400 million middle-income earners.

The extraordinary growth in tourism over the last 25 years has resulted in the most iconic global consumer brands setting up shop across Hong Kong and the development and expansion of attractions like Disneyland and Ocean Park.

The gradual opening of the facilities of the West Kowloon Cultural District over the next few years will augment Hong Kong’s attractiveness as a global cultural magnet.

One major national development focus is the Greater Bay Area (GBA), China’s upand-coming metropolis, which rivals the San Francisco Bay Area and the Greater Tokyo Bay Area. With an estimated population of 84 million people in Hong Kong, Macau and nine mainland cities, in 2021, it had a combined GDP of RMB 12.6 trillion (about US$1.9 trillion).

Standard Chartered has been part of all these changes and prospered as a result. We have also made our own small contributions like hosting and growing the annual Standard Chartered Hong Kong Marathon to promote healthy lifestyle and inject positive energy into the city. When the marathon was launched in 1997 the runners – there were only 1,000 took a symbolic route across the border at Huanggang to Shenzhen. The marathon held in 2019 before the advent of the pandemic catered for 78,000 participants from around the world.

Across the GBA, every city, from Shenzhen to Guangzhou to Zhuhai, has a role to play in achieving the maximum synergy in the southern powerhouse because the 11 main cities are mostly within one hour of Hong Kong, thanks to the connectivity of Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge.

Let’s also not forget that Hong Kong is an international financial centre with a sound legal framework, based on the unique “One Country, Two Systems” principle and businessfriendly tax environment. With its large cluster of top-notch financial talent, Hong Kong can play a significant role as a super-connector between East and West.

Of course, China doesn’t necessarily need another 7.5 million people-strong Chinese city, but Hong Kong should be an ideal and preferred testing ground to introduce new measures and policies, as seen in the expanded crossborder RMB trade settlement activity, mutual recognition of funds, Shanghai-Hong Kong Stock Connect, ShenzhenHong Kong Stock Connect, and the Bond Connect.

Hong Kong remains the “crown jewel” of China and the future is rosy Much of the optimism for Hong Kong’s future is based on the prospects for the mainland. China has emerged as one of the world’s top two economic powers and is today the world’s fastest-growing economy, with an admirable growth

Our GBA Business Confidence Index, a joint effort with the Hong Kong Trade Development Council, showed that business confidence weakened for the third straight quarter in Q1 2022 to 49.6, the first time it fell below the neutral 50 mark in the first quarter owing to the COVID disruptions.

But the survey, which is based on quarterly surveys of over xx 06

1,000 companies operating in the GBA, showed that business confidence is expected to improve in the coming quarter because the companies surveyed are positive on the Regional Comprehensive Economic Partnership agreement, which took effect on 1 January 2022, removing 90 per cent of the tariffs and facilitating freer movement of factors of production among the member state of ASEAN and its five Free Trade Agreements partners.

Asia beckons with resiliency From another perspective, Asia has become a different place compared to what it was two years ago because of the pandemic. Fundamental changes are happening in supply chain approaches, trade pacts, digital and consumption patterns, and financial innovation.

For many businesses, these changes present exciting opportunities. Asia is rapidly reengineering and digitising its supply chain processes to make trade more efficient and more seamless and include the development of crypto currencies and blockchain technologies.

Hong Kong should be a beneficiary of these developments with its best-in-class logistics capabilities and reputation for cutting edge financial innovation. Trade will become more resilient and business operations more sustainable.

Driving innovation and the digital revolution At the heart of a resurgent Asia will be fast-changing digitalisation dynamics in a rapidly evolving context. Hong Kong, for example, is moving into a “New Era of Smart Banking” ahead of other parts in Asia.

Back in 1997, most banking processes were people and paper intensive. Today banking offers a much improved, dynamic and personalised customer experience thanks to a constant and significant investment in digital process. As a result, over 90% of payment and transfer transactions are handled digitally.

In this light, Standard Chartered has been investing to stay ahead in the digital revolution. As a virtual banking license holder, we aim to capture the best of both worlds to meet the needs of new banking and traditional banking services by promoting financial inclusion and fostering dynamic partnerships to create a comprehensive digital ecosystem.

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Earlier this month, we became the first bank to acquire virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents, thanks to a new partnership with The Sandbox to create innovative experiences for our clients and the community.

Here for good prospects As the world continues to evolve, we must continue to gear up and enhance our services to meet the changing needs of our clients. Despite all the market changes and throughout the years staying committed to and investing in Hong Kong, its people, its places and its institutions, has proven to be the right strategy. Standard Chartered opened its first branch in Hong Kong 163 years ago. As we come to celebrate the 25th birthday of the establishment of the SAR on 1st July 2022 our strategy and our mission will not change and we look forward to the future with confidence.

About Standard Chartered Standard Chartered is a leading international banking group, with a presence in 59 of the world’s most dynamic markets, and serving clients in a further 83. It is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is one of the Hong Kong SAR’s three note-issuing banks.

Mary Huen CEO, Hong Kong Standard Chartered

The British Chamber of Commerce in Hong Kong would like to congratulate Her Majesty The Queen on the remarkable achievement of serving on the throne for seventy years.

Photo Credit: Jacob King/PA Wire/PA Images.

THE BELT AND ROAD INITIATIVE AND THE LOW-CARBON TRANSITION AMY CAI ESG MANAGING PARTNER, PWC CHINA The Belt and Road Initiative (BRI) offers a new development paradigm for green infrastructure investment in emerging markets and developing economies (EMDEs), according to a recent report, Advancing the Green Development of the Belt and Road Initiative, published by the World Economic Forum in collaboration with PwC China.

EMDEs face rising energy needs as they grow, industrialise and urbanise. Electricity demand in these countries is set to increase at around three times the rate in advanced economies.[1] Today’s infrastructure investment decisions will lock in emissions trajectories for decades and could make or break the world’s ability to achieve the Paris Agreement objectives.

“To decouple carbon emissions from economic growth, financing needs to be channelled towards investments in wind and solar power and low-carbon transportation during the coming years,” said Mr. Ni Qing, PwC China’s ESG Markets Leader and ESG-Climate and Sustainability Lead Partner.

Delivering low-carbon infrastructure technologies through the BRI

and

China’s commitment to achieve peak carbon by 2030 and carbon neutrality by 2060 creates a much-needed impetus for green technologies. As the world’s largest manufacturer of solar panels, wind turbines, batteries and EVs, China is well placed to help deliver low-carbon technologies to EMDEs as part of the BRI, one of the largest outbound infrastructure and investment initiatives in history. As the cost of these technologies falls, they are increasingly preferred for economic as well as environmental reasons.

The cost of electricity from renewable solar and wind energy is falling to levels at or below that of electricity produced using fossil fuels.[2] As the share of renewable energy in the power supply grows, the scaling up of energy storage systems is also becoming a critical area for infrastructure investment. Utilityscale battery storage can help ensure grid stability by xxxxxx

Global weighted-average LCOE for wind and solar

Source: IRENA, Renewable Power Generation Costs in 2020 11

compensating for the intermittency and unpredictability of wind and solar. Following a cost trajectory similar to those of wind and solar power, battery pack prices fell 89% between 2010 and 2020, and are expected to fall an additional 50% or more by 2030.[3]

Scaling up finance for green infrastructure Financial institutions have a vital role to play in facilitating the low-carbon transition by shifting investment flows from brown to green (i.e. from fossil fuels to renewables). On one hand, this requires deft management of transition risks as the use of fossil fuels declines over time. On the other hand, it will require the development of innovative financing mechanisms and intermediary channels to support the buildout of low-carbon infrastructure.

The Green Investment Principles for the Belt and Road (GIP) was launched in 2018 by the China Society for Finance and Banking and the City of London’s Green Finance Initiative to accelerate green finance flows to address the infrastructure financing gap and “tackle the great decarbonisation challenge for investments along the Belt and Road”.[4] The GIP’s more than 40 signatories represent 15 countries in Asia, Europe and Africa, and include commercial, investment and policy banks, insurers, and BRI investors and project developers. These institutions hold or manage combined assets of more than US$49 trillion and provide significant funding to BRI projects.[5] The GIP emphasises responsible investment practices along the Belt and Road. Its three-year action plan, Vision 2023, depends on signatories taking five key steps:[6] Assessing their exposure to climate and environmental risks Disclosing their strategies for managing these risks in alignment with the TCFD recommendations Committing to set green investment targets and to phasing out carbon-intensive investment Investing in the growing pipeline of green projects along the Belt and Road Working together to grow the overall capability and reach of the GIP. In the IEA’s Net Zero Emissions scenario, EMDEs (outside of China) will require annual investments of US$157 billion in solar power, US$243 billion in wind power, US$26 billion in battery storage, US$300 billion in transmission and distribution, and US$133 billion in EVs and EV chargers during the years 2026–2030. These average annual investments are more than 500% higher than those of 2016– 2020 in these sectors.[7]

Green bonds and green loans will be important intermediary channels for such investments, but they still account for only about 1% of the global bond market.[8] Increasing private sector investment in low-carbon energy infrastructure projects in EMDEs will require greater participation of institutional investors such as pension funds, insurance companies, asset managers and sovereign wealth funds.

Globally these investors hold over $110 trillion in assets.[9] The challenge lies in their preference for listed, investmentgrade assets.

To transform sustainable infrastructure into a deep and liquid mainstream asset class, the project finance loans that typically fund EMDE infrastructure need to be transferred from banks and bundled together and carved into tranches, with the investment-grade tranches going to institutional investors. This not only expands the investor pool, but it also frees up capital from banks’ balance sheets so that they can develop new infrastructure projects.

Multilateral development banks such as the Asian Infrastructure Investment Bank (AIIB) and the International Finance Corporation (IFC) are already helping to accelerate efforts to connect institutional investors with investment-grade EMDE infrastructure debt through specialised asset securitisation[10] and loan syndication platforms.[11] At the same time, a globally accepted standard is needed to help investors verify which infrastructure investments are truly sustainable. One initiative helping to address this challenge is FAST-Infra’s “Sustainable Infrastructure” label, [v] which was launched at the COP26 last November.

Creating an enabling local environment for green investment To capitalise on the increasing global appetite for green investments, host countries need to provide a conducive policy and regulatory framework, and improve the conditions that help make projects “bankable”.

Low-carbon energy and transportation infrastructure is increasingly competitive with fossil fuel alternatives, but usually entails higher upfront investment costs that are offset over time by lower operating and fuel expenses. Thus, financing costs are often the decisive success factor for green infrastructure investments. But for EMDEs, debt financing costs can be 700–1,500 basis points[13] higher than those in the US and Europe.[14] Project-specific risks related to policy, currency, curtailment, etc. can further increase the cost of finance.

To help manage these risks and minimise financing costs, a x 12

supportive enabling environment is needed, including effective national policies on climate change, supplemented by sectoral legal and regulatory frameworks in energy, transport and other relevant sectors. Examples include: National net-zero commitments and low-carbon transition strategies for the energy and transportation sectors that demonstrate commitment and provide visibility for investors and developers Carbon pricing mechanisms that influence investment and consumption decisions Standardised power purchase agreements (PPAs) that can reduce uncertainty, for example, by stipulating conditions for curtailment and responsibilities for grid access Government-backed entities that serve as creditworthy counterparties for renewable power off-take agreements while taking on some or all of the relevant currency risk.

[11] IFC, “Portfolio syndications: MCPP” (accessed Apr 2022).

[12] Climate Policy Initiative, “New Label Designed to Identify Sustainable Infrastructure Assets Launches at COP26”, 2 November 2021.

[13] A basis point is equal to 1/100th of a percentage point.

[14] IEA, Financing Clean Energy Transitions in Emerging and Developing Economies, June 2021.

[15] State Council of the PRC, Full Text of Xi’s Statement at the General Debate of the 76th Session of the United Nations General Assembly, 22 September 2021.

Stepping up The next decade represents a crucial period in which countries engaged with the BRI can facilitate transformative development and upgrades of their infrastructure that can both benefit their societies and protect the environment and climate. These efforts will require a multi-stakeholder approach that involves project developers, banks, asset owners, multilateral and national development banks as well as national governments and policymakers.

A surge in BRI projects deploying low-carbon technologies would be well-aligned President Xi Jinping’s September 2021 pledge to “step up support for other developing countries in developing green and low-carbon energy” and to “not build new coal-fired power projects abroad”.[15] [1] IEA, Financing Clean Energy Transitions in Emerging and Developing Economies, June 2021.

[2] IRENA, Renewable Power Generation Costs in 2020, 2021.

[3] Bloomberg, Battery Pack Prices Cited Below $100/kWh, 16 December 2020; This Is the Dawning of the Age of the Battery, 17 December 2020.

[4] GIP, Green Investment Principles for the Belt and Road 2020 Annual Report, September 2020.

[5] GIP, Green Investment Principles for the Belt and Road 2021 Annual Report, September 2021.

[6] GIP, Green Investment Principles for the Belt and Road 2020 Annual Report, September 2020.

[7] IEA, Financing Clean Energy Transitions in Emerging and Developing Economies, June 2021.

[8] SIFMA, 2021 Capital Markets Factbook, July 2021.

[9] PwC, Asset and Wealth Management Revolution: The Power to Shape the Future, Dec 2020.

[10] AIIB, “Asia’s first fully-fledged infrastructure securitsatization platform receives USD60-M commitment from AIIB”, 11 June 2021.

Amy Cai, ESG Managing Partner, PwC China

About PwC PwC Mainland China, Hong Kong SAR and Macau SAR work together on a collaborative basis, subject to local applicable laws. Collectively, we have over 800 partners and more than 20,000 people in total.

We provide organisations with the professional service they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.

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From Zero to Hero – The enduring power of a good ESG story Prof. Lapman Lee Professor of Practice (ESG, FinTech, Governance), Hong Kong Polytechnic University Managing Director of Triniton Advisors

An ESG narrative or story that resonates with and engages your key stakeholders can be a powerful tool for companies to stand out from the crowd, this is especially the case for pre-IPO companies vying for the attention of the investor.

1. Stand out from the crowd through storytelling Hong Kong is home to more than 2,500 companies listed on its stock exchange and continues to be a top destination for Initial Public Offerings (IPOs), attracting 98 newly listed companies in 2021, and 154 newly listed companies in 2020.

Companies can also opt to go public through the Special Purpose Acquisition Company (SPAC) listing regime, which came into effect on January 1st, 2022.

As a company planning to go public (pre-IPO company) or newly listed company in your first 100 days, you are not only competing for hard sales and revenue (market share), but also for a sliver of the attention of your key stakeholder constituents (mind share) to make your story heard, and hopefully resonate to compel your stakeholders to continue reading the next chapter of your story.

In a world of massive information overload, the time window to craft and tell your compelling story that resonates with the financial and non-financial objectives of investors and other key stakeholders such as customers, employees and future talent, government policymakers and regulators, strategic partners, and the media, becomes shorter and shorter.

Unless you want others to fill in the blanks of your untold story, your competitors will be happy to do so, you need to create and own your company narrative and story.

In this article, I recommend pre-IPO companies to carefully 1) craft your ESG narrative or story, one that resonates with your key stakeholders, 2) disseminate your ESG narrative through Paid, Earned, Social/ Owned (PESO) media, 3) embed your ESG narrative in your broader strategic communications strategy, including financial communications and investor relations, which will help you start a dialogue with and engage your key stakeholders to win their minds and hearts, and as a result win market share and keep your license to operate or raison d'être.

2. The ESG imperative and stakeholder expectations “The purpose of a company is to produce profitable solutions to problems of people and planet, while at the same time not profiting from producing problems for people or planet, a failure in sustainability,” to borrow a quote from fellow academic Professor Mayer from the University of Oxford.

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It is probably fair to say that the global COVID-19 pandemic profoundly changed the way we live and work, and in a way it acted as a catalyst to a sharpened focus globally on our core values and expectations with regards to the Environment (how we conserve and treat our planet), Social equity (how we consider and treat people and relationships), and Governance (how company policies and principles impact govern its actions).

As such, Environmental, Social, Governance (ESG) refer to the growing expectations from key stakeholder constituents for companies to take a stand with regards to ESG, set ESG goals, and really embed ESG considerations in strategic decision-making and operational day-to-day matters.

3. The ESG Master Narrative is the foundation of your ESG Communications Strategy I often get the question from CEOs and pre-listing company founders, heads of branding and corporate communications, investor relations professionals how to create a compelling ESG master narrative that drives engagement with stakeholders and how to embed the ESG master narrative into the broader ESG corporate and strategic comunications strategy.

In essence, the ESG master narrative, is the most important story you can tell: about who you are, what makes you different, and why that should matter for your stakeholders in relation to ESG? The ESG master narrative forms the basis of: your elevator pitch, which must capture the essence of your ESG story in a 30 second narrative; a more detailed one-pager narrative, which includes paragraphs to include in CEO and investor relations presentations and speeches, but also media storylines and multi-channel content for social and traditional media outreach.

Separately, the ESG master narrative must be supported by evidence, facts, and proof points to instil trust with stakeholders, but told in human terms in a storytelling format.

The ESG master narrative development process consists of three phases: 1. Current state rapid diagnostic phase (review of existing strategic communications materials and desktop research covering media, and online surveys with selected stakeholders) 2. Discovery phase with in-depth interviews and workshops with internal and external stakeholders to define and refine the ESG master narrative, and get buy-in.

3. Execution phase incurs the actual development of each of the master narrative components for internal approval with optional training to leverage the strategic communications material.

To make content work harder, the ESG master narrative is subsequently disseminated to different company functions to leverage in their stakeholder communication deliverables, including branding, marketing and promotion material, the company website, director and executive media training material, ESG reports and regulatory reports, financial communications and investor relations material, public affairs and public relations material.

The compelling ESG master narrative is the starting point of the 6-step ESG strategic communications process, which focuses on who your key stakeholders are, how accessible your information is, how you leverage media (PESO or paid, earned, social/ owned), and how ready you are for crisis situations.

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4. Key ESG stakeholder constituents To craft an ESG narrative to make your brand stand out and resonate with your key stakeholders, it is imperative to identify 1) who your key stakeholders are, 2) what ESG priorities matter to them, and 3) how to communicate your ESG narrative and report progress to key stakeholders.

Investors - Let’s start with the investor, who are increasingly allocating their capital to ESG and sustainability indices, funds and companies with sustainable investment reaching USD 35 trillion in 2020 (source: Global Sustainable Investment Review). The lion share (i.e. 89%) of sustainable investing assets under management (AuM) are held in the US, Europe, and Canada, with significant opportunity to grow sustainable investment AuM held in the Asia-Pacific.

Investors whose attention you are competing for, are no longer just your typical Wall Street institutional investor, but also Main Street retail investors, like you and I, many of whom opened their very first securities account during the global COVID-19 pandemic, while working remotely on their laptops from their home offices.

A special category of investors worth mentioning are the so-called activist investors, who increasingly leverage ESG vectors in proxy fights. Activism here refers to activities to influence the governance (e.g. demanding a seat on the Board, CEO replacement, board diversity), policy (e.g. ESG integration in investment decisions), or strategic direction (e.g. merger, divestment, sale), of a company with the purpose to effectuate change and create (shareholder or stakeholder) value for the activist investor.

Policymakers, regulators, standard-setting bodies increasingly expect companies to disclose more ESG related data and information in their annual and ESG reports. Companies can expect to be held accountable as to the accuracy and completeness of their ESG disclosures, which includes accurate ESG labelling of investment products (“greenwashing”). The term “greenwashing” was coined by an environmentalist who believed the note he saw in one island resort with “Help us to help our environment” with a call for action to re-use their towels, does not reveal a genuine care for the island’s ecosystem as they were expanding the resort at the time.

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I believe there is still a trust gap we need to bridge with regards to ESG investment products, where companies perceived as complacent being more prone to regulatory scrutiny shareholder activism.

Employees, currently employed in your organization and future talent, increasingly expect their CEOs to take a clear stand (81% of respondents) and “when considering a job, I expect the CEO to speak publicly about controversial social and political issues that I care about” (60% of respondents), according to the Edelman 2022 Trust Barometer. The CEO should be the key voice of a company’s ESG narrative.

Consumers and the general public are increasingly expecting companies to focus beyond environmental considerations on social and governance aspects, depending on geographical market (e.g. Asia versus Europe, Japan versus Australia), industry sector (e.g. financial services versus technology), and company-specific (e.g. listed or private) considerations.

5. The emergence of the Chief Sustainability Officer (CSO) To orchestrate and organize a company to meet the external and internal stakeholder demands and expectations, do we need a Chief Sustainability Officer (CSO)?

I believe the answer is yes, at least in the medium term, which requires CSOs to have the ability to communicate effectively with stakeholders internally, cutting through organizational complexity to meet ESG targets set, and with stakeholders externally to demonstrate progress against ESG targets set and tell the ESG story in partnership with other senior management team members through social and traditional media.

Once CSO have build awareness and ESG KPIs have been built into other C suite positions, I believe the objectives of the role of the CSO are fulfilled and can become bio-degradable and reallocated.

According to a survey by Edelman, more than one-third of US institutional investors want to hear from a company’s head of ESG (or Chief Sustainability Officer) on sustainability topics including supply chain risk, employee health and safety and the impact of climate risk.

The CSO’s priority should be to make clear how ESG and sustainability link to business performance and company value and drive the ESG master narrative as sustainability in itself is not a differentiator, and you will need develop your sustainability narrative.

6. Concluding thoughts and next steps The ESG master narrative can act as an anchor point for companies to navigate a complex world that is in a constant state of flux amidst deteriorating trust, and dynamic and ever-increasing stakeholder expectations related to issues related to Environmental, Social and Governance.

Companies, their Board and CEO, are expected to lead our planet’s journey to rebuild much-needed trust and take a stand on key ESG issues to advance its strategic, financial and non-financial interests and to differentiate itself amongst its competition, where a company’s approach to ESG is widely perceived as an indicator of its resilience to weather change and risk management capabilities.

Let’s start the journey to build your ESG master narrative today.

For more information you can contact me at Lapman@TrinitonAdvisors.com or +85293880685.

Triniton Advisors is a specialist ESG strategic communications consulting and training firm.

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The Great Resignation: The Future of Work in Asia Pacific Over the past year, there's been a lot of discussion about the "Great Resignation" and its impact on the labour market in Asia Pacific. Many speculate about the fallout and what we can expect to see in the years ahead. However, whatever happens, one thing is for sure, this phenomenon caused by the pandemic is impacting the labour market, not just in Asia but also globally, with organisations and leaders dealing with more employees re-evaluating their professions.

With many individuals able to take a break from the never-ending hamster wheel (for a while) last year, vast numbers, upon reflection, determined that they did not want to return. This may have resulted in a career pause, a lifestyle change, or even starting a new profession. Millennials and Generation Z drove this trend, which was seen through the rise of the 'tang ping' movement with young workers in China reacting against the 996 working hours/rat race system. These driving trends have disrupted talent pools.

With the increasing sense of dissatisfaction with traditional careers, people are no longer willing to sacrifice their happiness and personal fulfilment for the sake of a pay-check. In Asia Pacific, just as in Europe and North America, professionals are migrating to join organisations that they believe care more about their employees and have more positive cultures. In response, businesses must begin adapting work environments. According to a recent LinkedIn poll of top executives, flexibility and trust are top of mind – 87% of employees said they preferred working remotely half the time.

Companies across Asia Pacific need to reconnect better with their workforce. In an increasingly competitive labour market, workers' expectations are changing, and they are demanding more from their current and future employers. They are no longer willing to accept substandard working conditions and are increasingly seeking out organisations that offer a good work-life balance, flexible working arrangements, and opportunities for career progression. Therefore, the Great Resignation is a warning sign that something is wrong within an organisation and employees are no longer willing to put up with it.

The future of work in Asia Pacific The future of work is even more critical as we enter an era of significant change and uncertainty. With the advent of new technologies, the way we work is changing rapidly, and it's becoming increasingly difficult to predict the future. As a result, organisations must re-evaluate their future orientation and consider how they can ensure that their systems are geared towards guaranteeing decent and dignified work for all. It's forcing companies to look at why they’re not attractive to top talent and evaluate why their current people are leaving.

Recruiting and retaining skilled workers in the region is difficult. The primary reasons are dissatisfaction with compensation and benefits, and a lack of career progression. Employers who previously used financial incentives such as increasing promotion possibilities, paying above-market rates, and offering employee referral bonuses, no longer see these as strong retainers. COVID-19 has put the spotlight on factors beyond financial incentives.

As a result, employers in tight labour markets with skills shortages must look beyond the money and start implementing new policies that improve workplace flexibility, culture, career development, well-being and mental health support. These are the new key competitive differentiators.

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What's affecting work motivation in Asia Pacific?

The most pressing challenge for organisations is to sustain work motivation. Employees in this region are more likely to turn down a job offer or resign if they feel this is not achievable. Several factors contribute to this problem.

The traditional hierarchical structure of many organisations can create a feeling of powerlessness among employees.

This can lead to feelings of apathy and disillusionment with work.

The region's economic development has also led to a more competitive labour market. This means that workers have more options for finding a job that suits their skills and interests. As a result, they are less likely to accept or tolerate a job that doesn't meet their needs.

The increasing use of technology in the workplace has made it easier for employees to stay connected with their social networks and access information about other job opportunities. This increases the likelihood that they will consider resigning if they feel unhappy with their current situation and look to be recruited by more desirable organisations.

Workers may feel that their organisation is not doing enough to support them in their careers.

The traditional model of employment – where people stay with one company for their entire career – is no longer as prevalent, and people are more likely to change jobs frequently.

How can organisations attract and retain employees?

Organisations in Asia Pacific must consider these underlying factors to attract skilled talent and motivate and empower employees.

This can be achieved by: A clear and inspiring vision for the future that establishes clear goals and objectives, and communicates these goals to employees.

Establishing a supportive and collaborative work environment where employees feel comfortable sharing their ideas and working together towards common goals.

Encouraging employee input and feedback.

Providing opportunities for employee growth and development so that employees feel challenged and engaged in their work.

Valuing diversity and cultural differences with an open and inclusive environment for all backgrounds and cultures. This could include cultural diversity training.

Creating a positive workplace culture that promotes open communication, respect, and trust between employees and managers, where everyone feels heard and valued.

Asia Pacific is a region rich in talent and faces unique challenges when it comes to recruiting and retaining employees. One option is by working with a specialist HR and recruitment company to overcome these challenges. By partnering with the right organisation, businesses have access to specialist knowledge, processes, and systems to attract, motivate and retain employees in this new world of work.

Companies today need to create a truly empowering workplace for everyone that draws new talent and retains current employees. Only then will they be able to sustain the high levels of productivity and innovation necessary for success in the global market in the post-pandemic world.

Leila Lim Managing Partner, Asia Pacific, Lim-Loges & Masters Lim-Loges & Masters (LLM) is an award-winning boutique C-suite recruitment & HR consulting agency offering Executive Search, Transition Management and Disruption Management expertise across Asia Pacific. LLM partners with multinational companies seeking to transform their organisations through their people. It supports businesses needing to engage talent in a radical way to meet the future of work. Find out more: https://limlogesmasters.com/

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WHAT IS IN THE BEST INTEREST OF YOUR CHILDREN AND THE ELDERLY? SAMANTHA GERSHON PARTNER, WITHERS With strict measures in place, Covid-19 was kept at bay in Hong Kong for almost two years. However, with the rapid spread of the Omicron variant, this quickly changed.

Families for some time had been concerned that their families would be torn apart should a child need to be sent to mandatory quarantine as a result of teachers, coaches and fellow pupils testing positive or worse, should one of their family members test positive. With the Hospital Authority ("HA") struggling to cope with the sheer number of cases due to Omicron, stories quickly emerged of young children in hospital being separated from their parents. The fear of this happening to families led to many deciding that Hong Kong was no longer the place where they wish to bring up their children.

With family lawyers, doctors and organisations such as the Hong Kong Committee for Children's Rights working behind the scenes, the HA announced that from 1 April 2022, it would allow parents or carers who are also confirmed positive cases to stay in the same ward as their children.

For parents or carers who have not tested positive, they can accompany paediatric patients with agreement from the Centre of Health Protection. Adapting a suggested flowchart prepared by family lawyers, the HA produced a flowchart to explain the process, but it is still not known whether this will become a permanent HA policy or only be applicable during the current 5th wave. To alleviate parents' fears, communication is key. There still needs to be a clear policy with guidelines that consistently protect the rights and best interests of children in any isolation situation. Whilst it is understandable that any guidelines should be based on medical requirements whilst children are hospitalised, the

best interest of the child is paramount. There needs to be certainty so that parents do not have to worry whether the particular hospital they go to will take a different approach.

The stress and anxiety being caused to families and children over the last two years cannot be underestimated.

In the unfortunate event that parents are unable to take care of their children, either temporarily, whilst being quarantined or overseas, or for a prolonged absence due to, for example, the death or mental incapacity of one or both parents, appointing the right legal guardian will safeguard your children’s immediate needs and/or their longer-term future.

In the case of expatriate families, they are unlikely to have family in Hong Kong who are able to look after their children.

They need to rely on family members from other countries to travel to Hong Kong to look after their children. During this pandemic, when flights are scarce and there are strict testing and quarantine rules, it may be difficult for family members to get to Hong Kong quickly should something happen to the children's parents. The appointment of temporary guardians until the permanent guardians can look after the children can be crucial. It ensures as smooth a transition of care for the children as possible in the circumstances. The temporary guardians can be friends or neighbours, best if it is someone whom the children are familiar. Without an appointment in place, the Director of Social Welfare could be made the guardian of any children.

Legal guardianship is recognised when appointed as part of a will or through a separate document called a deed of guardianship.

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If relatives are elderly or physically incapacitated, they may need to be cared for by other family members and unable to go to a government quarantine facility or hospital on their own. If they have existing medical conditions which supports their inability, it would be advisable to have a "to whom it may concern" letter which can be prepared in advance and verified by their doctor. An Enduring Power of Attorney ("EPA") can be prepared which gives legal authority to another person of the donor's choosing to make property, financial and other legal decisions on their behalf. If your relative is mentally competent, this can be a useful way to assist them in expressing their wishes should they be separated from you. It may be an efficient way to help them with their day-to-day financial affairs should they have to go into quarantine or hospital in the short term. EPA needs to be signed before a registered medical practitioner as well as a solicitor. However, an EPA is limited to financial arrangements and does not cover the physical wellbeing of the elderly.

It’s always better for proper planning to be done. What matters is the safety and wellbeing of your children and elderly family members. Families need peace of mind especially during these difficult and turbulent times.

About Withers Withers is one of the world’s first international law firms dedicated to the business, personal and philanthropic interests of successful people, their businesses, families and advisers. With over 200 partners and more than 1,300 employees in 18 offices across Europe, US, Asia Pacific and the Caribbean, Withers has unparalleled expertise in helping businesses and individuals across all major financial centres around the world.

Withers, 30/F United Centre, 95 Queensway, Admiralty, 3711 1600, www.withersworldwide.com

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DEEPEN CUSTOMER LOYALTY WITH DATA-DRIVEN INSIGHTS

BY DANIEL CANTORNA, VICE PRESIDENT, DATA, INSIGHTS AND TECHNOLOGY, ASIA PACIFIC, COLLINSON

The pandemic changed the way we transact. Cut off from our ability to shop and interact physically during global lockdowns and travel restrictions, most of us accelerated the extent to which we conducted our lives online – in a bid to stay connected. And your customers are no different.

As online behaviours have become increasingly sophisticated, consumers’ expectations have also increased – with most now demanding frictionless online experiences that deliver highly personalised offers. A recent study by Salesforce revealed that 66% of customers expect companies to understand their unique needs and preferences, in turn delivering an optimal customer experience. The increasing digital influence on customers’ purchasing decisions is resulting in consumers today being far less likely to choose in-store shopping if there is a compelling online alternative for transacting available.

The growing digitisation of customer interactions means understanding online behaviour is more important now than ever; and businesses who invest in managing their first party data today will have an advantage over competitors tomorrow.

In the world of personalisation, context is king Increasingly aware of consumer expectations, marketers are investing their time in better identifying customers’ offline and online actions – to build a more complete and accurate profile. In the world of personalisation, context is king. The same individual may be a business leader, a holidaymaker, a parent, a sibling, and a partner, and in each of these contexts, their buyer behaviours create different data signals.

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Having a customer data platform (CDP), that creates a Single Customer View (SCV) has the benefit of gathering important pieces of information about your customer to fully understand their transactional or behavioural patterns and preferences. It provides a solid foundation to effectively link their data from all sources and channels to achieve an integrated view of the customer. Building this Single Customer View is the first step to eliminate gaps that are formed due to silos in data management.

Don’t just digitalise – humanise Once you have a clear overview of individual customers’ profiles and transactional information, it’s then important to humanise the data – which involves leveraging the data held and asking questions of it to understand an individual’s habits, what is important to them, how and when they prefer to be engaged and in turn having empathy for their pain points. This in-depth insight will help you to improve the relationship between your brand and the customer, as the interactions will be timely and topical – designed to make their lives easier, or more enjoyable.

Ask the right questions So, which questions will you be asking first, and what are the most important questions to ask of your data today? How will you identify and fill the data gaps in order to make decisions and personalise your customer experience? Building a strong data culture is a key process that goes beyond the data team and needs to be continuously nurtured within your organisation, across all departments.

Once you’ve received the answers and hold further information on your customers, it’s then a case of leveraging the right segmentation tactics to easily identify your most valuable customers – and in turn, devote more attention to members of this group and encourage feedback from them.

This requires resources and skills in data analytics and marketing automation. Once you’ve collected, processed and built a strategy around how to use your data, and what insights you want to generate, marketing automation will enable you to deliver individualised messages, communications and content to target customers. In turn, this helps to elevate their experiences when interacting with your organisation.

Customers’ expectations have never been higher, so it’s important to create personalised, timely experiences across relevant digital touchpoints.

Building a loyalty ecosystem No single component of a customer loyalty ecosystem is sufficient to achieve your organisation’s customer loyalty objectives. At Collinson, we’ve seen the most impressive impact when our business clients integrate all components seamlessly to create a virtuous cycle that continuously turns and enriches itself.

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This involves: Knowing your customer Encouraging feedback and dialogue Understanding, contextualising and delivering rewards Promoting further engagement that will alter customers’ behaviours and produce more relevant data Knowing your customer even better The ecosystem gives you more personalised customer insights and a greater understanding of customers’ changing behaviours. With these insights, you can be more relevant to their personal needs and interests.

Partnerships are key At Collinson, we consider the customer loyalty ecosystem in the context of ‘why?’, ‘how?’, ‘what?’ and ‘now’: Why do you need a customer loyalty ecosystem? To attract and retain long-term customer loyalty, grow the segment of most valuable customers and generate more revenue.

How will you do this? By developing and implementing a loyalty strategy and delivering personalised experiences in the context of a seamless loyalty ecosystem.

What will this look like? It will incorporate the methodologies required to deliver personalised experiences to customers.

The now? This is the vision and the decision to act, with the right people to support you on that journey – because, by acting early in this era of digital transformation, you’ll have an opportunity to take a lead on your competitors.

You can begin anywhere in the cycle, depending on your current state of preparedness. Simply identify the strengths and gaps of your existing loyalty proposition or strategy, then find an appropriate starting point to jump in and begin building your ecosystem.

If you have the vision and the willingness to act, you can accelerate your progress in creating your customer loyalty ecosystem with the support of people who have the requisite expertise.

Ideally, the partner you choose would offer the full spectrum of skills in all areas, from planning to operation to evaluation – as this will ensure the full life cycle of a customer loyalty ecosystem is being leveraged and managed as effectively as possible for your brand.

About Collinson Collinson is a global leader in customer benefits and loyalty solutions that win deeper, more valuable customer relationships. We deliver exceptional loyalty, travel, assistance and insurance products designed to help companies differentiate their value propositions.

Our customer benefits products include the original and market-leading airport experiences programme, Priority Pass, as well as travel insurance, identity assistance, flight delay, international health and travel risk management solutions. Our loyalty expertise uniquely combines strategy, award-winning technology and programme management to create greater engagement and experiences for our clients’ customers.

For over 30 years, we’ve been chosen by the world’s leading payment networks, 1,400+ banks, 90+ airlines and 20+ hotel groups to craft customer experiences that win competitive edge. This enables them to acquire, engage and retain the most profitable, but most demanding customers. Our clients include Air France KLM, American Express, Cathay Pacific, Chase, Hackett, Mastercard, RSA, Sephora, UnionPay, Vhi and Visa.

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PHIL MCMANUS NEW CHAIR OF THE BRITCHAM I&T COMMITTEE After eight years as Chair of the Chamber’s I&T Committee, Les Hales is stepping down from the position to enjoy the freedoms of travel around Europe over the summer. ViceChair, Phil McManus, will be stepping into the role of Chair from June 2022.

Phil has spent his career in both corporate and start-up environments, most recently as cofounder of a data intelligence platform. After building the platform, he is now in an advisory role for the business, as well as working with executives to develop and execute their digital strategy.

Phil has deep roots in Hong Kong, where he was born and has lived his entire life. In his spare time, he enjoys spending time outdoors with his wife and young daughter.

The Chamber wishes to express our thanks to the many years of service Les has given to the Chamber and the I&T Committee. Through Les’s wealth of contacts, the Chamber has been fortunate to welcome many guest speakers to share their insights on the latest hot topics and trends in the I&T sector. Les will continue to remain an active member of the Chamber community and we look forward to hearing all the stories from his travels once he returns.

In the meantime, we congratulate Phil on taking on the position and look forward to supporting him and the Committee.

If you are a member of the Chamber and would like to discuss joining one of the Chamber’s 20 Committees, please email membership@britcham.com.

FORTNUM & MASON LAUNCHES PLATINUM JUBILEE COLLECTION CELEBRATING THE WOMAN BEHIND THE CROWN Fortnum's royal connections date back to our earliest days, when William Fortnum — then a Footman in Queen Anne’s royal household — repurposed Her Majesty's half-burned candles to create our first products. In the centuries since, we've been proud to serve 12 British monarchs, even going as far as creating our iconic Royal Blend at the express request of King Edward VII in 1902.

To mark the historical moment of the Platinum Jubilee, Fortnum & Mason have created a celebratory design that reflects the passions and pursuits of Her Majesty the Queen.

Across our Platinum Jubilee range of almost 40 products, we're championing British suppliers — and celebrating our extraordinary regal xxxxxxxxxxx

relationships through the beautiful design that adorns each item.

Intricate details of the design include mementoes from The Queen’s marriage to Prince Philip, such as a cabbage placed front and centre of the crown, representing his affectionate nickname for her, as well as the Lilly of the Valley Flower, a favourite bloom which graced her wedding day bouquet. The design also incorporates the Nizam of Hyderabad Rose brooch, a wedding gift from her marriage, and the canopy of the crown, inspired by the patterns of her infamous wedding dress.

The Queen’s personality is also brought to life throughout the design, from the iconic corgi which proudly sits in the middle, racing horses and pigeons adorning the sides, to elegant swans, since she is famously known to own every unclaimed swan swimming in Wales and England’s open waters. Hinting towards her legacy and contribution to the world, the beautifully timeless design also includes the Queen’s Canopy, a nod to the commonwealth depicted by trees, as well as the truck wheel celebrating the Queen’s time in the Army in 1944.

Following two years of meticulous planning and designing, the limited-edition collection of exclusive memorabilia, scrumptious sweet treats and glorious hampers is the epitome of happy and glorious.

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ABOUT FORTNUM & MASON: Fortnum & Mason is an essential destination for anyone in search of extraordinary food, joy-giving things, unforgettable experiences and exceptional service. First founded in London in 1707 after Queen Anne gave her footman William Fortnum permission to sell on discarded candles from St James’s Palace, Fortnum’s has been privileged to enjoy a close relationship with the British Royal household ever since – holding several warrants throughout its history, including two from Her Majesty The Queen and HRH The Prince of Wales.

Every year, millions of people from around the world visit the London flagship in Piccadilly to enjoy Fortnum’s famous Afternoon Tea and shop in its plentiful food, gift and fragrance halls. The iconic brand is celebrated for its teas, Scotch eggs, handmade chocolates, and wicker hampers – each of which play a large part in its centuries of history – and today it remains committed to imagination and discovery. Proud of its storied past and innovating still, Fortnum’s mission remains to deliver a sense of pleasure to every customer, whether they’re shopping in London, at its new outpost in Hong Kong's K11 MUSEA, or from anywhere else in the world at the award-winning www.fortnumandmason.com.

Follow Fortnum’s on: Instagram (@fortnums, @181fortnums), Twitter and Facebook (@fortnums) and on WeChat and Weibo (@fortnumandmason, @ ), Little Red Book (@fortnum&mason ).

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