Britain in Hong Kong December 2012

Britain

IN HONG KONG December 2012

Vol 27

www.br i tcham.com

No 10

A 2020 Vision for Hong Kong’s Office Market

Not For Sale

10

CSR Showcasing

13

Modern Portfolio Theory

16

Bhutan

10

Contents CSR Showcasing

16

4

A 2020 Vision for Hong Kong’s Office Market

Lifestyle: Bhutan

3 Chairman’s Message

20 Member Discounts

4 A 2020 Vision for Hong Kong’s Office Market

22 Member Get Member 2012

6 Reverse Logistics

24 Sterling Member Announcement & News

8 Hong Kong Business Optimism Ticks Up

25 New Appointments

10 CSR Showcasing

26 New Members & Upcoming Events

13 Modern Portfolio Theory

27 Shaken Not Stirred

16 Lifestyle: Bhutan 18 The Jardine Matheson Group & British Chamber YNetwork Scottish Ceilidh

Britain in Hong Kong Editor Sam Powney Design Winnie Li Lilian Yu Steve Mok Ken Ng Advertising Contact Charles Zimmerman Project Management Vincent Foe

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong 1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedflex.com.hk Editorial: sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

British Chamber of Commerce Secretariat Executive Director CJA Hammerbeck CB, CBE General Manager Cynthia Wang Marketing and Communications Manager Emily Ferrary Special Events Manager Becky Roberts Events Executive Mandy Cheng Business Development Manager Phillippa Cook

Membership Executive Lucy Jenkins Accountant Michelle Cheung Executive Assistant Jessie Yip Secretary Yammie Yuen Office Assistant Sam Chan

Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: www.britcham.com

© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

Britain in Hong Kong

Chairman’s

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Message In the middle of November, Christopher Hammerbeck and I travelled to London for the annual “Hong Kong week” group of meetings. This is scheduled around a number of events arranged by the Hong Kong TDC and the London-based Hong Kong Association and are attended by just about any London based business person, retired or active, with connections with Hong Kong. Carrie Lam was the principal official leading the Hong Kong delegation.

There were two clear takeaways. First, as is to be expected, London views of the situation in Hong Kong are heavily influenced by the media’s perspective. “Illegal structures”, national education and the activities of the ICAC were inevitably at the front of many minds. It was therefore very useful for the official delegation and others from Hong Kong to put these headlines into better perspective. Indeed, it highlighted the need for all of us in the international business community in Hong Kong to play our part in this respect throughout the year, as we travel not only to the UK but elsewhere. Distorted viewpoints on Hong Kong’s progress are inevitable from a foreign vantage point, just as no doubt our ideas of events in the US or Europe are also unbalanced. So if overseas markets are to have this corrected, we have a small part to play.

My second takeaway from the trip, particularly from the calls on government, was the lack of obsession with what was happening in Europe (and it was notable that, as is so often the case when the British refer to Europe, by this they meant “the continent” excluding the UK) and a determined focus on orienting UK trade and foreign affairs more firmly on the rest of the world to reduce the UK’s reliance on EU traffic.

This is evidenced by the shrinking of FCO staffing on the continent and expanding it in, for example, China. It is important that we appreciate this in Hong Kong and continue to emphasise the crucial part our city can play in this rebalancing.

Under the present UK administration, we are pushing at an open door in this respect, with Hugo Swire and Lord Green in key ministerial posts and the Chancellor enthusiastic about Hong Kong. Nevertheless, when official or business visitors come through Hong Kong, we all have a part to play in explaining, at the level of our individual businesses, how Hong Kong continues to play its historic role as “the pivot” (to borrow from our American cousins) into and out of Mainland China for business and trade.

By the time you are reading this, the holiday season will be almost upon us. I hope you manage to attend some of the social events that the Chamber arranges during the period. The winter solstice of 2012 has been a long time coming. According to the Maya, we have been waiting 5,126 years for this moment. If my next letter ever sees the light of day, we will know that we have survived the end of this cycle of the Mayan long count and are safely into the thirteenth “B’ak’tun”! Let’s hope so and Happy Christmas!

Nick Sallnow-Smith

Chairs of Specialist Committees Business Angel Programme Neil Orvay Asia Spa & Wellness Limited

Environment Committee Anne Kerr Mott MacDonald Hong Kong Limited

Logistics Committee Mark Millar M Power Associates

Small & Medium Enterprises Committee Kate Kelly K2PR

Business Policy Unit Tim Peirson-Smith Executive Counsel

Financial Services Interest Group Richard Winter Quam Limited

Marketing & Communications Committee Adam O’Conor Ogilvy & Mather Group

Strategic Supply Chain Forum Dominic Jephcott Vendigital Limited

China Committee Tim Summers

HR Advisory Group Brian Renwick Boyden Search Global Executive

Real Estate Committee Jeremy Sheldon Jones Lang LaSalle

Women in Business Committee Sheila Dickinson The Fry Group

ICT IT Committee Craig Armstrong Standard Chartered

Scottish Business Group John Bruce Hill & Associates

YNetwork Committee Alison Asome

Construction Industry Group Derek Smyth Gammon Construction Education Committee Stephen Eno Baker & McKenzie

C ove r S t o r y

We live in turbulent times.

Financial and banking

A 2020 Vision for Hong Kong’s

se c t or diffic ult ie s ha v e

OFFICE MARKET

slowdown in economic

been well documented and the eurozone continues to struggle with the bond issue. Mainland China is also experiencing a g ro w t h , a l t h o u g h m o s t major nations would happily accept China’s lower growth rates. All this is not lost on Hong Kong, which is of course affected due to the open nature of its economy and the presence of international firms.

Indeed, a survey completed by CBRE shows that Hong Kong tops the list of preferred destinations for global office occupiers.

In Hong Kong, office demand has undoubtedly weakened over the last 18 months and net absorption has fallen to about half of the long term average. Office occupiers have become more cost conscious and high rents in the top buildings are difficult to justify for some sectors. Many larger banking and finance companies have adopted alternative strategies by shifting their footprint to decentralized areas and/or adopting a split office structure. While it is true that there are companies in this sector which are still expanding, they are generally niche operations with smaller space requirements. This explains the success of some smaller floorplate buildings in Central in leasing space at higher rents.

Despite muted demand in general, some sectors continue to expand and seek more office space.

The brisk retail trade in Hong Kong not only leads to higher rents for shop units but also feeds through to greater demand for warehouse facilities and office space. Product sourcing is another area which continues to grow. However, the insurance sector is perhaps most active in terms of expansion activity.

Much of this activity is focused on decentralised locations, particularly in Kowloon East, due to the lower margin nature of the business. However, finding suitable locations is proving a major headache for

Edward Farrelly

some companies.

CBRE’s Head of research, Hong Kong, Macau and Taiwan

The central submarket has suffered the brunt of weaker office demand and a shift in occupier focus. The

Britain in Hong Kong

4

vacancy rate for the area has risen

in supply. However, it can still lead to

from a low of 2.7% at the beginning

short term benefits. Giving occupiers

of 2011 to 5.6% by the end of

clarity on the delivery of space in

October. However, this upward

the mid to long term allows them to

trend is not common to all sub-

plan ahead with a greater degree

markets. In fact, over the same time

of confidence. As such, companies

period the overall vacancy rate for

can structure their requirements

Grade-A office space in Hong Kong

and lease expiries over the coming

has fallen from 5.6% down to 3.2%.

years in order to take advantage of

Essentially, the much commented

expected new supply when it does

increase in vacant office space is

become available.

unique to Central. Unsurprisingly, the A key feature of the CBRE / Daiwa

story is the similar in regard to rental

report is that Hong Kong can in fact

growth. Rents peaked in Central in July 2011 and have since fallen by 18%. The overall

resolve its supply issues. While it is often said that Hong

rental decline was only 3% during that time, while

Kong suffers from a lack of land, the reality is that the

average rents beyond Hong Kong Island rose by 15%.

problem is not a scarcity of land but that land is either

This figure rises to 18% if one just considers Kowloon

mis-used or underutilized. The report outlines a list

East.

of government plots that could, and should, be fasttracked through the disposal and development process

There is essentially a mis-match at present in the office

to ensure delivery of 6 million sq ft of office space this

market. Space is available in the more expensive core

decade. CBRE has also identified private development

CBD locations but occupiers seek more cost effective

projects not scheduled for completion pre-2020 that,

solutions. The lack of options is even more acute for

if they were to go ahead, could supply 3 million sq ft

larger occupiers. There is currently only one Grade-A

of additional office space. Given the tight vacancy in

building in Hong Kong with more than 25,000 sq ft of

the market and the weak supply profile, one imagines

vacant space at a rent below HKD 50 sq ft / month.

that developers would be eager to push ahead with developments.

Looking ahead, the situation is unlikely to improve a great deal, and in fact the challenges facing occupiers

Some commentators will point to the CBD2 project in

may intensify. In a recent report titled “A 2020 Vision

Kowloon East as the solution for the supply issue and

for Hong Kong’s Office Market” CBRE teamed up with

therefore claim that no further action is needed. While

Daiwa Capital Markets to investigate what could lie in

we are very supportive of the project, and applaud the

store. The approach taken was essentially to gauge

positive work already carried out by the Energising

how much office space is needed if Hong Kong is to

Kowloon East office (EKEO), we expect the project will

maintain its position as a “World City”, using economic

take considerably longer to complete than the timeframe

and business sector growth as a measure of demand.

initially announced. Indeed, just a cursory look at some

Essentially, the city needs an additional 17 million sq ft

of the major urban regeneration or revitalization projects

of office space through to the end of the decade if this

completed in cities around the globe would suggest

goal is to be met. However, CBRE expects the volume

that a project of this magnititude would take decades to

of new completions to reach only 8 million sq ft through

complete.

to the end of 2020 so Hong Kong could be faced with a shortfall of 9 million sq ft of office space. Under any

We expect that the maximum volume of office space that

circumstances this would be a cause for concern, but

we can expect to be supplied from the CBD2 project

given the current acute lack of options for occupiers it

through to the end of 2020 is 3 million sq ft. However,

seems clear that urgent action is needed.

together with fast-tracked developments in West Kowloon, which could add a further 3 million sq ft, this

Any action taken now to alleviate the shortage of

would be sufficient to tackle the supply shortage. Key to

available space will not lead to an immediate increase

this is political backing. The time for action is now.

5

R

ev

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i st i cs

Business

Mark Millar, Logistics Committee Chairman

Reverse

Logistics is complex and disjointed but represents big opportunities for value creation. It includes the key processes involved in moving product back through the supply chain to accommodate overstocks, returns, defects and recalls, and is defined by the Center for Logistics Management at University of Nevada as “the process of moving goods from their typical final destination for the purpose of capturing value, or proper disposal”.

For product returns, Accenture report that on average it takes 12 times as many steps to process returns as it does to manage outbound logistics.

The additional steps include activities such as assessing, repairing, repackaging, relabeling, restocking, reselling, recycling and refurbishing, which can result in the cost of reverse logistics being four to five times those of forward logistics.

H o w e v e r, b e s t - i n - c l a s s practitioners can directly

correlate their reverse logistics expertise and systems to positive impacts on Customer Satisfaction, Brand Equity, Competitive Differentiation and Profitability.

Reverse logistics is big business — in the USA it is estimated that manufacturers and retailers are now dealing with $100 billion of products being returned on an annual basis. Here in Asia, product returns are destined to expand exponentially, driven by two rapidly accelerating consumer trends — online shopping and the proliferation of electronic gadgets.

Why are products being returned?

According to the Reverse Logistics Association, products are returned for numerous reasons:

Britain in Hong Kong

What is interesting about these reasons for returns, is how by improving processes within the forward supply chain, companies could surely eliminate many of these returns — for example Late Delivery, Missing Parts, Damaged, Not Functioning — representing some 46% of returns.

brand equity. Effective and efficient reverse logistics operations, together with a diligent approach to asset recovery will capture value within your organisation that can drive profitability and competitive advantage.

•

Customer Service — the trigger that activates reverse logistics activities is when the customer experiences a problem with your product. Ensure you have well trained customer service personnel and robust complaints handling processes in order to minimize pain and inconvenience for the customer.

Furthermore, persistent but polite probing of the problem early during the customer complaint interface can often result in successful resolution, without needing to return the product — minimising down time, enhancing customer experience and reducing the amount of costly returns that are no-fault-found.

•

Forward Fundamentals — consistently be aware that meticulous attention to detail across key activities in the forward supply chain can reduce the burden on reverse logistics by substantially reducing unnecessary returns.

Furthermore, one could argue that additional diligence during the sales and customer service processes may further reduce the volume of products that are returned due to No Reason, Different than Expected, Not Satisfied with Performance, Did not want Product and Found better competitive product — another 39% of all returns.

In practice however, companies do need to balance their acceptance of product returns in line with their philosophies and policies for their brand, warranties and customer service.

The complexity of reverse logistics involves many more transactions than the forward supply chain and the various activities relating to product returns will span across many functional departments — sales, customer service, finance, warehouse, repairs and transportation.

For the majority of these functions, product returns are likely seen as much more of an annoyance rather than a priority. However, with effective returns management providing tangible opportunities for businesses to reduce costs, recover value and improve customer service, appointing one senior leader to be responsible for all aspects of product returns will focus attention and harness the resources to capitalise on the opportunities.

Five Critical Success Factors For best in class reverse logistics, recommendation is for businesses to concentrate on these five key aspects that will enable success in capitalising on the opportunities: •

•

•

Visibility — leverage a common technology platform across and throughout your reverse logistics ecosystem, providing one single view of each returned product’s journey throughout the whole process. Adopt the Control Tower model to facilitate centralised information management that enables end to end visibility. Collaboration involves an open approach to information sharing.

Ownership — ensure responsibility for all aspects of reverse logistics is concentrated within one clearly defined point of leadership, which has the authority to manage across all the internal silos within your organisation and who is the central control point for all the external partners in the reverse logistics eco system.

Value — continually seek opportunities for value creation — both for your customers and for your company. Well managed reverse logistics operations, with disciplined processes and committed customer service, will engender customer loyalty and strengthen

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Customer Service As both a key element and a critical success factor, the Customer Service component can often become the key differentiator within your reverse logistics ecosystem.

Customer service can make-or-break successful value creation and hence companies must deploy due diligence to the human capital dimension. This results in a rising demand for traditional customer service personnel to have increased breadth and depth of knowledge about the supply chain and logistics functions — combining technical expertise with soft skills. Organisations therefore need to adjust their talent acquisition and retention strategies accordingly, to ensure they are attracting candidates with the appropriate soft skills, in many cases from other industry sectors, and then rapidly training them on the technical aspects of reverse logistics.

Conclusion: Reverse Logistics may indeed be complex, but the opportunities outweigh the challenges — persevere with overcoming the challenges! Concentrated efforts on developing the soft skills in parallel with enabling the infrastructure, transportation and technology platforms will empower value creation through customer satisfaction and financial results.

Industry thought leader Mark Millar has been engaged by clients as Speaker, MC, Moderator or Conference Chairman at more than 250 events in 20 countries and is recognised by the Global Institute of Logistics as “One of the most Progressive People in World Logistics”. Mark serves as Chairman of the Logistics Committee at the British Chamber of Commerce in Hong Kong. mark@markmillar.com

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Business

Hong Kong Business Optimism Bucks the Trend, but Demands on the Government Continue Grant Thornton Hong Kong

Business optimism in Hong Kong was up in the third quarter of 2012, according to the latest Grant Thornton International Business Report (IBR). The increase, marks the second consecutive quarter for which Hong Kong businesses are feeling more confident about the overall economy.

The survey also reveals that support for fiscal measures and improvements in education rank highly among the areas Hong Kong businesses would like the government to focus on to stimulate the economy.

Optimism falling globally Globally, business optimism has fallen from 23% to 8% in Q3, so Hong Kong’s sentiment is a rare exception.

Drops in confidence across the world’s three largest economies have been equally pronounced. In the US, optimism for the next 12 months fell from 50% to 19%. In China confidence fell from 33% to 11% as the marked slowdown, particularly in exports, hits the economy. And optimism across the EU fell from -2% to -13%.

Business Optimism Declines Sharply Net percentage of businesses optimistic about the outlook for their economy

Source: Grant Thornton IBR 2012

Daniel Lin, managing partner at Grant Thornton Hong Kong, described the scene further, “Despite modest improvements in Hong Kong’s business optimism, there remains a general market malaise about the long-term strength of the global recovery. This is being weighed down by continued weakness coming out of the eurozone and some uncertainty as the US moves past the presidential election cycle and approaches the so-called fiscal cliff. Moreover, the Chinese economy recently posted its seventh quarterly decline in GDP growth. The economic uncertainty means businesses continue their ‘wait and see’ approach.”

Globally businesses seeking greater government stimulus Despite attempts to encourage investment, the majority of businesses say that they will maintain or increase their cash reserves — building on the $4trillion of cash already sitting on company balance sheets. This conservative approach seems to be highly prevalent in Hong Kong, where 88% of businesses say they will either increase or maintain their level of cash reserves.

Britain in Hong Kong

Hong Kong also holds the distinction of ranking highest among all economies polled in businesses (74%) who say they currently hold cash reserves of more than 10% of revenues.

To get their economies moving, the majority of the 3,050 businesses interviewed want their governments to increase fiscal activity — something which might boost investment. The IBR reveals that businesses are looking for greater fiscal stimulus in the way of tax incentives and an increase in government spending and investment, as opposed to further monetary measures.

In Hong Kong, 72% of businesses called both for more tax cuts and breaks and an increase in government spending and investment. In addition, a large majority of businesses (86%) would like the government to focus on improving education in order to stimulate the economy.

Daniel Lin added, “Hong Kong’s Chief Executive Leung Chun-ying recently stated that he believes the government can do more to boost the economy. It seems Hong Kong businesses overwhelmingly agree, although the preferred policy approaches to get there may not be perfectly aligned. An area of common ground though is clearly on the education front, even though the benefits are likely to be longer term.”

Salary figures continue to fluctuate Globally, businesses seem to be drawing back a little in regards to their plans to increase salaries for their employees — 64% plan to offer pay rises in the next 12 months, compared with 68% in Q2. In Hong Kong specifically, the quarter to quarter comparison declined, with 74% of employers expecting to give pay rises in the next 12 months compared to 90% level in Q2-2012.

All in all, Hong Kong is demonstrating an almost uniquely robust financial optimism, but businesses are indicating that there is plenty more work for the government to do. In the wider world, the general sentiment is not so rosy.

For more information, please contact Daniel Lin (T +852 3987 1300, E Daniel.Lin@cn.gt.com), Kitty Cheung (T +852 3987 1222, E Kitty.Cheung@cn.gt.com), or Charlene Leung (T + 852 3141 8080, E Charlene. leung@knprhk.com).

1. Hogan Lovells research into total cash on the balance sheets of the world’s top 500 non-financial companies: http://www. hoganlovellsevolution.com/evolution-heatmaps-cash-on-balancesheet

About Grant Thornton International Business Report The Grant Thornton International Business Report (IBR) provides insight into the views and expectations of more than 12,000 businesses per year across 41 economies. This unique survey draws upon 20 years of trend data for most European participants and 10 years for many non-European economies. For more information, please visit: www.internationalbusinessreport. com Data collection Data collection is managed by Grant Thornton International’s core research partner -Experian.

Q u e s t i o n n a i re s a re t r a n s l a t e d i n t o l o c a l languages with each participating country having the option to ask a small number of country specific questions in addition to the core questionnaire. Fieldwork is undertaken on a quarterly basis. The research is carried out primarily by telephone.

Sample IBR is a survey of both listed and privately held businesses. The data for this release are drawn from interviews with 3,050 businesses from all industry sectors across the globe conducted in August/September 2012. The target respondents are chief executive officers, managing directors, chairmen or other senior executives.

About Grant Thornton Hong Kong Limited Grant Thornton Hong Kong Limited is a member firm of Grant Thornton International Ltd (Grant Thornton International). The firm is fully integrated with Grant Thornton China and be part of a network of 17 offices providing seamless access to 120 partners and over 2,400 professionals across mainland China and Hong Kong. For more information visit www.grantthornton.cn Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, actionable advice through a broad range of services. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to solve complex issues for privately owned, publicly listed and public sector clients. Over 31,000 Grant Thornton people, across 100 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. For more information visit www.gti.org

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Business

Showcasing Corporate Social Responsibility (CSR) in Hong Kong Sarah Powell, CSR Manager, Gammon Construction

“For corporate social responsibility to be genuine — that is for it to mean the responsibility a corporation owes to the society within which it trades — it must permeate everything a business does. The way it sources; the way it manufactures; the way it treats its employees; the way it deals with business partners; all these activities should reflect the need to sustain, and not damage, the viability of the community it serves.

Minimising pollution and using energy efficiently are examples of these principles but they are the tip of the iceberg. Every aspect of our businesses needs to be conducted against the same test of sustaining our society.

If we conduct these activities honestly and with attention to the impact they have on the community around us, business can be seen to be a positive and vital part of community life, not parasitic upon it.

The British Chamber’s approach to CSR needs to be built around this broad interpretation of business purpose. A great deal is at stake, since it affects the perception of business across the community. And if we are thoughtful about how we conduct our business, a great deal can be achieved”.

Nick Sallnow-Smith, Chair of the British Chamber of Commerce in Hong Kong

Across the globe, businesses of various sizes, in different sectors, are at varying stages of their CSR ‘journey’.

Some have yet to be convinced that they should embark on the journey at all; some may have already set off. And then there are those — further ahead of the others — who have their MD or CEO in the driving seat…

Essentially, companies are at different stages of maturity when it comes to responsible business practises. ‘CSR maturity’ refers to how embedded and integrated responsible business practice is within a company’s operations.

Those with a more mature approach consider CSR strategically, link it to their business objectives, and make it part of their day-to-day activities and decision-making. It is these companies, where CSR is part of the DNA, that are reaping the greatest benefits.

This article showcases a range of best practice from different businesses in Hong Kong, all of different sizes and undertaking CSR in different ways, but all generating a range of business benefits as a result.

Britain in Hong Kong

10

‘RICHFORM HOLDINGS LTD’

‘TREE’

http://www.everpurewater.com.hk/eng/index.php

www.tree.com.hk

Richform Holdings is the exclusive, authorised agent of USA ‘Everpure’ Drinking Water Systems in HK and Macau. It employs 30 people in Hong Kong, and has an impressive commitment to CSR, driven by CEO Dr. Jimmy Lau Fu-Shing. “We are not a charity — we are a small company and we have to make profits. But we have found that CSR can be competitive and advantageous if you tie it to key business strategies”.

TREE is a boutique furniture retailer, employing 45 employees in Hong Kong, with a strong ‘Profits with Principles’ philosophy and commitment.

The MD, Kate Babington, says: “At TREE we like to go above and beyond our branch of influence wherever possible, and do as much as we can to give something back”.

The company’s commitment has resulted in numerous awards and certificates of appreciation, including: • ‘Caring Company 5yrs+’ award in 2011.

• HSBC Living Business People Caring Award 2011 — Gold Award • HSBC Living Business Green Achievement Award 2011 — Gold Award • HKCSS Total Caring Award 2011 • HSBC Living Business Community Engagement Award 2010 — Gold Award • HKACE Award — SME Category, Top 10 SME Customer Service Excellence Award 2009/10.

CSR in action:

CSR in action: The company treats its ‘associates’, (employees), well. It invests substantially in Training and Development, providing study leave, as well as a range of ‘perks’ for staff. This includes longer lunchbreaks; free fruit each day; free herbal soup and traditional Chinese medicine consultations; and a head and shoulder massage quarterly. It has family friendly practises in place, including flexi-time; Paternity, Emergency and Birthday leave; ‘parents gratitude’ allowance, and offers summer job placements for the children of its associates.

While the company’s first priority is to ensure their product is good, and is true to its’ marketing promises, happy staff are the next priority. The CEO knows that ‘happy and satisfied associates’ translates into ‘happy and satisfied customers. “We operate in a competitive environment, so happy associates are crucial”, he says.

In addition to a strong environmental commitment there is also substantial investment in the community, and the company encourages staff to undertake voluntary community service work.

It has a successful partnership with HKCS, (Hong Kong Christian Service), offering work experience placements to less privileged groups. This helps to develop the ‘softer skills’ of employees, and one permanent associate has joined the company through this partnership.

Business benefits: •

Very low turnover of staff, with high levels of productivity, staff morale and retention. The company has a high level of customer satisfaction, and has sustained an average growth rate of 20% over the past five years.

•

Helps enhance brand and reputation, which creates differentiation, and helps to attract staff. For example, many people ring to enquire about job vacancies whenever the company receives press coverage about its’ CSR activity.

The single best thing done as a company? “We have differentiated our company by caring for stakeholders”

The company undertakes responsible sourcing, (both ethical and environmental).

It uses reclaimed wood or responsibly sourced teak wood that is either certified by the Forest Stewardship Council (FSC) or directly supported t h r o u g h t h e Tr e e s 4 Tr e e s Foundation. To date, TREE has planted 40,000 trees in Thailand and Indonesia, where most of its pieces are sourced. It practises good supply chain management, and treats suppliers respectfully, as partners, in turn helping to develop its suppliers operations. This results in suppliers working with TREE collaboratively, helping the company to source new products.

TREE supports the local communities where its raw materials are sourced; purchasing through women’s co-operatives, and providing sponsorship and donations to not-for-profit organisations throughout Asia.

The company is proud to be a multi-cultural and diverse business. “I treat employees in the way I would like to be treated”, says the MD. “As our frontline staff, it is essential they are engaged”.

Employees are consulted on the development of new company products, and are provided with various socializing, team-building and volunteering opportunities.

Business benefits: The MD believes the company philosophy, (which forms part of the interview process for staff), enhances their brand; satisfies and creates loyal customers; and helps create motivated, engaged and loyal staff. There is low turnover of staff, and most stay for many years.

For the MD, the success of TREE so far is proof that you can be successful while caring. “No company is perfect but it’s important that we try. We always ask — how can we do this better?” says Babington.

The single best thing done as a company?

“Invest in your staff. We teach English and pay for courses — CAD design for example — which means that individuals grow within the business but also contribute more”.

11

Business

‘PENTLAND’

‘BARCLAYS’

www.pentland.com

http://group.barclays.com/ about-barclays/citizenship

Pentland is an international brand management company that owns or licenses brands in sports, outdoors and fashion, with 130 employees in Hong Kong. Corporate Responsibility (CR) is a core part of its’ business strategy, which includes a commitment to the environment. It identifies employee engagement, staff attraction and retention, as some of the business benefits from its’ commitment to CSR. CSR in action: Pentland was able to put its’ Environmental Policy into practice when renovating and refurbishing its’ Hong Kong office this year, by undertaking the following actions: •

Undertook research around best practice in sustainable use of resources for an office environment, and used this research as part of the decision-making process.

•

Engaged WWF and Community Business as advisors for the process.

•

Installed sensor taps and electric hand dryers in the washrooms.

•

Made better use of natural light in design to illuminate the office.

•

Identified local charities that could accept donations of old office equipment and furniture, including old printers and box files. Beneficiaries included: The Children’s Heart Foundation; The Salvation Army, Youth Outreach, and Cheung Sha Wan Kai Fong Welfare Association Ltd.

Business benefits: These actions have already reduced — and will continue to reduce — the impact on the environment by the company. Water and paper towel use will be reduced, reducing waste, resource use and cost. It has recycled more, and reduced the amount of waste sent to landfill during the refurbishment. Its use of natural lighting will be better for employees’ health, and result in lower running costs for the office. It has also developed its community partnerships in Hong Kong through the process.

The single best thing done as a company?

“Pentland has made CR how we do business”.

Barclays, with around 11,000 employees in Asia, including 1,200 employees in Hong Kong, sees the value of addressing LGBT (Lesbian, Gay, Bi-Sexual or Transgendered) issues to attract and retain top talent.

In today’s climate, it wants to foster an open and inclusive workplace where all employees can succeed.

To this end, Barclays launched its Asia LGBT network, Spectrum, which started in Tokyo before hitting Singapore and Hong Kong in 2011.

The British charity, Stonewall, estimates that employees who feel unable to bring “their whole selves” to work — if to hide their sexual orientation - are up to 30% less productive than those who are. In a global organisation of 140,000 people, of which 10% or 14,000 can identify themselves as LGBT, that 30% drop off in productivity is the equivalent losing 4,200 people. In the financial services industry that equates to tens of millions of pounds lost each year.

Key Successes: •

Inroads made to increase support for the LGBT community and related issues, not just within Barclays, but within Hong Kong’s financial sector.

Logo supplied by Community Business

•

Co-sponsorship of a landmark ‘LGBT Climate Study 2011-2012’ with Community Business. Barclays is a key member of the LGBT Interbank forum and was the first large corporate to sponsor the ‘Pink Dot’ initiative in Singapore.

•

As a recognised leader in diversity and inclusion, Spectrum’s work has set industry benchmarks.

Fellow financial institutions have consulted Barclays on ways to establish LGBT networks within their organisation.

•

Additionally, there has been significant increase in LGBT candidates making Barclays their employer of choice, further enhancing its brand across Asia.

The single best thing done as a company? “LGBT Mentoring. The Spectrum Mentoring Programme has been one of our most successful initiatives. The programme, originated in Asia, established a number of mentoring relationships between senior leaders and LGBT employees. For Mentees, it helps them to further develop their professional skills. For Mentors, it exposes them to the challenges faced by our LGBT colleagues, enhancing their own capabilities to lead in a fully inclusive environment”.

The CSR Steering Group is organising a panel discussion on 17th January 2013 on the Business Benefits of CSR featuring speakers from these companies. For more info, see www.britcham.com/csr.

We will be showcasing other examples of good practice from HK in the future; through this magazine, at events, and on-line. So if you would like us to showcase your best practice, please contact Sarah Powell at Gammon Construction, via: sarah.powell@gammonconstruction.com

Britain in Hong Kong

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Modern Portfolio Theory Not rocket science, but quite clever

Christopher Riley, Managing Director of Sercura

A friend of mine recently received his annual bonus.

raise deposit rates to attract fresh funds for various

It was a healthy sum of 200,000 HKD and I asked him

reasons, normally because they believe that there is

how he was going to invest it. He told me he’d put it

an opportunity to use those fresh funds to increase

with a Chinese bank on a five year deposit at 4%. I

profitability or address some other strategic requirement.

was initially impressed at such an excellent interest rate

Lloyds TSB for example were recently offering 2.6% on

considering that our friendly local banks are only offering

the Pound Sterling, probably to reach certain balance

0.01% but on further clarification he explained that he

sheet targets set by the UK government. Obviously if

would receive 80,000 HKD at the end of the five years.

you intend to deposit cash with a bank it is a good idea

An interest rate of less than 1% annually — not so great

to check their Tier 1 capital ratio which indicates the

after all.

solidity of the bank’s financial position.

Given that inflation is tracking around a notional 3% I

More Adventurous Than a Bank Account

reminded him that he needed to be aiming for higher returns on his investments. As financial advisors friends like to remind us, cash evaporates like water if you just

I suggested to my friend that if he wanted his

leave it in a bank account.

investments to outperform inflation he should be looking at owning some equities. He was concerned that

Safe as Houses

this would be risky. Certainly it is an accepted rule of investing that higher returns come with higher risk but

There are some banks about town that are offering

there are some approaches, such as Modern Portfolio

attractive interest rates on cash deposits. Banks

Theory (MPT), that can improve the ratios.

13

Business

What is interesting about the Asian approach to stock

An investor who bought stock in either business would

investing is an obsession with trading. The average

find that half the time he earned a 50% return and half

investor buys and sells hoping to make a profit when a

the time he lost 25% of his investment. On average he

stock goes up. In order to do this they need to identify

would earn a return of 12.5%, but it would be a risky

through various means (analyzing underlying data,

investment since there could be several sunny or rainy

insider information or following the herd) when a stock is

seasons in a row.

undervalued and liable to go up. Timing the market is as precarious an occupation as playing the roulette wheel.

Suppose that instead of buying only one security, an

A buy and hold strategy with the right type of equities

investor with two dollars diversified and put half his

has worked very well for Warren Buffett but of course it

money with the umbrella maker and half in the resort

is not as exciting as checking your smart-phone every

owner’s business. In sunny seasons, a one dollar

five minutes and watching Bloomberg secretly during

investment in the resort would produce a 50 cent return,

office hours. Mostly it is the banks that make the real

whereas a one-dollar investment in the umbrella maker

profit from their commissions on your trades.

would lose 25 cents. The investor’s total return would be 25 cents which is 12.5% of his total investment of

Reducing Risk with the Right Portfolio

two dollars.

The concept behind MPT is classic textbook stuff. The

So whatever happens to the weather and thus to the

theory was invented in the 1950s by Harry Markowitz

island economy, by diversifying investments over both

who was later awarded a Nobel Prize. The mathematics

the firms, an investor is sure of making a 12.5% return

is forbidding but for a lay-person the following illustration

each year.

(borrowed from Professor Malkiel) should make it clear.

Cutting to the Chase Assume a tropical island economy has only two businesses. The first is a large resort with beaches

Of course in real life this perfect situation of ‘negative

and a golf course. The second is a manufacturer of

covariance’ — where the companies’ fortunes balance

umbrellas. Weather affects the fortunes of both. During

each other out — is much harder to find. One way of

sunny weather the resort does booming business and

getting close to this situation is to choose a suitably

umbrella sales are down. During rainy weather the resort

diversified basket of between 20-30 solid blue chip

owner does poorly, while the umbrella maker enjoys

global companies with good underlying fundamentals,

high sales and profits. Suppose on average one half of

to hold their stock with a long-term view and get

the seasons are sunny and the other half are rainy.

the returns on their annual dividends and capital appreciation. These should be offset with other types of investments such as fixed income (bonds or money market). If you had done that for the last twenty years you could have averaged returns of about 8% a year (rather better than what my friend was getting from his bank).

Christopher Riley is the founder and Managing Director of Sercura, a global quality and compliance company that provides product inspections and factory audit services to retailers and their suppliers worldwide. Sercura is now part of the TÜV SÜD Group, a German industry leader. www. sercura.com

Take your business to new heights

Baker Tilly Hong Kong Business Angel Programme The Baker Tilly Hong Kong Business Angels Programme is gearing up for the next round in the New Year! If you’re an entrepreneur looking for investment, a potential investor who would like to see what’s on offer, or someone just looking for more information about the programme, please visit the dedicated website, angel.britcham.com. There you can get a full picture of the programme and even register as an angel investor or an entrepreneur looking for investment.

The British Chamber of Commerce’s Business Angel Programme, sponsored by Baker Tilly Hong Kong was launched in late 2007 and was the first such initiative to be launched in Hong Kong. The programme was introduced to create a platform to bring together entrepreneurs and investors to create exciting new partnerships. After 5 years of operation, the British Chamber’s Angel Investment Committee is a well respected and leading source of advice and conduit to funding for young Hong Kong enterprises looking for initial or growth investment from our ever growing network of Angel investors. Since its inception, the committee has reviewed applications from hundreds of enthusiastic Hong Kong entrepreneurs, introducing many of them to a wealth of Angel Investors and Professional Advisors.

Building upon the success of previous events, the British Chamber is pleased to announce the details for the next event.

It will be taking place at the Hong Kong Club on Tuesday 19th March 2013 and the deadline for applications is Friday 15th February 2013.

Applicants, who do not need to be members of the British Chamber of Commerce, should be seeking to raise between USD100,000 to USD2,000,000. Short-listed applicants will be given advice and assistance by a sub-committee of experienced professionals.

If you’re an SME or an entrepreneur looking for investment and would like more information about the programme, please visit angel.britcham.com or email emily@britcham.com

Sponsored by:

Lifestyle

Bhutan: A Travel Diary A travel buff by both nature and profession, Lightfoot Travel Director Lucy Jackson ventured into the Himalayan Kingdom of Bhutan earlier this year. Known as the Land of the Thunder Dragon, Bhutan has until recently kept itself shrouded in mystery, strictly regulating the number of foreigners into the country. In recent years however, control has eased considerably and the landlocked nation has flung its doors open to tourism — building new hotels and improving its previously nonexistent infrastructure. But with a minimum spend of $250 a day, it remains one of the most expensive countries in the world to travel to. This has kept the hordes of backpackers at bay and enabled the country to tiptoe the edge of full blown modernisation.

Here are the notes and musings of a self-confessed travel junkie.

rr o u n d h i ll s th a t s u e th r e v o w ing lo r pped the l y in F ly , I gri rt o p ir A l a n o i ti terna r ow tan’ss Inte Bhuta ter as the narr te h ig t e le t tt i lit li a t a e of the rms of my se iddle arm he mid in th g n a b k c a m s rip tri i g str landin ed one of the idere Consid . w i ie v to n in e ey cam anding is valllle portts, lla r ir a g n i in g n e l ll a ch ng ced duriin tic world’s most acti t pra s e b d n a t l u c ng hin t riously diffi noto r iiss someth id, there id a s t a h T . rs u r ft, cra irc ight ho dayllig t smallll air u o b a c i t ti n a m o ously rro nous ain so dangero ng mounta u l f fl r fa d n a inder of unways emain rt ru he rre t short r o fo f d n a t rt o the airrp ory ing histo ingin ions. rin bri greeted us at regio ) m i im s t h n m ie l o c ro f s i is e h m f a c o many o t the countrry ay (‘Topgun’ t ighttss into ig g s b n in o T To y e m f id o u g y r n Ou egend. Ma e le n absolute a s a w p ip ore. r tr klo e th es and folk necdote a e tl t it i l s is h h th i ivve w alliv Thim mpu Located in wes t central Bhutta an n,, Thim h p city. A hig pu u iss th highlig he ec co ight was vvisititin ou un u nttry’s ’s ca cap piita ing ta al an al g the llo a d iits oc o ts lar ts ca a arg a l third M ge esstt e em rd King moria ng,, and se ial Cho ortte or en e s eiin n in re ng people en r m em e m brra b an nc e ce o n ga ag of wee ge f e th d he eke i n end nd marrrkke m o or rn ning pr ke ett was pra ayye a a yer be allso efore o a fu re wo un np orrk. plac k The co c ce olou e to urful te ur o ta t ak a k e exttile p ar ess, and e t in in n nd exxp no oiisy sy ba perrien barrg ga nc n ain c ce ning e the g, b g, he hu Bud Bu buy ddh um md ha drrru a at um of um a th the to of d top da ailllyy life ai po off tth if fe e he h . e T Th he h V Va erre is a larg e a lle l le e y tha h at a Bu t ud b ba ge ddh a e dh r re e ha s a on a st o H stron Ho o g re ong g Ko resse Kon e em ng mblla g’ss La Lanttau Isla ance to to th h and n e off the va d d.

B ig H Ho g o valle w e ev llle ey a ve e er r to arre o be e se be ho see en by walkks on one on esstt, the e best vie on the e lit viiew ta akke you ie ews lilitttle le pa p th ou to hss th h t se sevvve t at wind erra al loc al in n d cal mon t h hr ro o ou ugh ug ona h tthe hil assstte a erie ies. h s Byypass th ill ll l s a nd d t e Bud ddha dd Th a en ha en at eve nttire re ely v ning ly! ly! g we stayye yed a at t th he e Ta ajj Ta Tassh lar la a ge hi which hi ge rro oo ic ch iis th omss,, a hu the best ho uge gy gyym ottel in ma and h i tth he are heatte rea e ea with d wh i ind nd hat exxcitte oo h orr sw wiim ed mming du uss most abou ing ng p po oo o l .

I d o on o ut n’’t q n t t th he qu e ui e kno uit Ta Taj,j, bu Garfifie n bum o w m field pi d (a in n ng g (akka the in nto Em he n Emma S ne ew w Sp Stto S id one n and An derm de rman), or ndrre sto st or th op o ew pp pe he King an ed by by for or a qu nd Que quic uic ck d ee e en en o drrin iink! off Bh k!

Bhu hu utta ta an n who ho A fu fun na ac cttivi c viity ty th ha h at can n be be o orrg gan nisse ed da co c at tthe ho olllea le e gu gue ues we hotte e ell is d ea ar arin drre ing ng ‘Ghos’ or essssin es in ng up in tra or wha ad a a at diti t itiio itio ca c on po a na ouch n on al Bh c on only Bhu lyy be on the in uttta b ane an e ese desc se d nsid scrrib sid drre de to rib ress bed as Sco be ss.. Itt was to ca arrry rrry mon as quiitte hi co otttis tiissh dre ney and ne hila resssin ila lario d sn io ous ng go nacks. na us tto ow o see wns – ch hec ckke ed d knee eee-llen ngtth h rro ob bes es witth a

Britain in Hong Kong

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17

Punakha About three hours ’d drive from Thimp u, Punakha is th farming both red he for former capit and white rice. pita al an nd d lies in e Lif L e was de in a valle ey tha efifinite that is fa the Bhutan tha ely a few fam w mo p pa ou ac us for ce att I imag ess slow ower here agin ined.” .” re an and d I fou fo ound mysselff think ing “This ing his is One thing tthat wi llll inv invari aria ably st stiick ck in th the e mi mind nds of o adorns the doors f a an ny yo on ne traveling th rs of of mo through the mosstt houses h coun es. Paint ntry is the phall inted for for good adopted a ic od luc c artwork d a most luck, k, the rk tha theirir ori s unus that o usu rig gin goes ua all me metthod of es ba b a ck o d to driivin o th he ‘Div ing g de dem Divine mo on e nss away Ma M ad dm d ma a y an’’ who w ith h a certa r tai i n We vissited the b bo od dy y pa part no the C ott normallyy used ChimiLh Lha akkh ha an ng Mo ng in battle.

Mon ona asste stery, w st which stimulat h was ble ate blesssed by th es pre p eg gnanc ncyy in th the e D Div those un ivin iv ivi i ne e Madman, nable e to conc n a nd n d ceive wh w ve. Lo ich legend claims oc cals claim tha ha at a vi vissitit to th That evve he monasterryy ha en nin ing g we e st s ayed ed at as helped many wh at Uma ma Puna n ak kh h ho ha a a, a stu ad previou stun ter errrac nnin aced fields ning ho usly been unsu hote ottel loc ld ds sp pread ou cated ed o uc outt b cce cc on n a hil esss ssfu be sfful. elo h lsi lo ow w,, gr si i de g ad ov dua e ua rlo atitiing o ok ng do ing dow wn tow wn the Punakha o a ard rds rd ds a dramattic a va lley l . Bird’s-eye vview ic bend nd in the h Mo C s across the bri Chu River. b ig br gh htt gre h gree en n

Paro

he the long the iess alon eyys and lie vallley autiful val st beau B tan’ss most e off Bhu one o is one aro Par P . t t. ib ibe T o t s te tes ro rou e de a trad c tr s ric h sto nt hi an ant orta mport o the mostt imp o two of p h of pat of b o in to learn a bit ing ptting mp ttem atte was atte ctivvitiiess w acti e act rite avourit e of myy fa ne On O by s i t i it , t rt spo nal t tio ti a na t yy’ss tr ntr oun e cou as the is d as nise cogn erry. Recog her rch o arc one of ch one atc were lucky to cat ew W We e. tim as p pas ar p pul o po st f the most fa far the as car a ed a offere hat nts th ents me nam rn urn tou e to de d ywide ntryw un unt cou m jor co t ma th the er n where an e in Bhuta er ow pow po o of o ol b m mb ym y s sym t es hes h hi the hig e — the prizze nd pri grand nse inte the pite Des t. ot o foo el by fo trave ple stititll tr eop peo ep the ityy off th joriity major h ma he the our, and if anyone got a mo od hum goo in as w g in hin ryth ry ryt eve ititiion e ition pet n. co p com br tion celebra uld do a lilttle dance in ou woul ents wo nent on pon po opp h op hi e, his eyye, eye ll’ss-ey bull’s bul p! ip! ns ip ansh ans ma sm rtsm port ood ssp all good hat I cal ha hat wh t’s w at’s tha Now th the n off the ne d one and onal and ona is exceptio ey is lley valle aro vall Paro e Par of the le o cle cle n nacl un th nn pinna p ar und e pin ve n aro ess ive kk ng ekki press pr e Tre the the imp f f of o osst imp o g mo ng ing em er d de der nde n nly the an inl ain wa w rtai certa ass c wa t, w st, es life by est e Bhutanese Tigerr’s Ne h T th the er s ye yer y as perience ay aye a ray r p pr exper wn h o th ith n k kno w yss to exp p s se i o to t ways rw rwi e he the h the o be t wa bes o t to ayy t ryy – naste y ur wa ona on d you Mo wind hug M ou wi phu alp Pa as you g Pal d as ang rs, and T tsa Ta aiiirs ha h Tak he el el h The ge gel ang ges. T by an lages llag villa ain by ain te vi nt u unt o m mo e the int remote ls into of traiilils tra de s si e he the d to helld e is he he nest nd th end en ege o leg g to ng rdin cordi cc e did. Acco we e.. ek w c ce trek nce ien ie any tr an perie expe cal exp ical e a magica e te ite ng drried ng qu qui is attiing a ea eat l ly uly ce e tr t t it ance a ran d n nd, nd n a tra w wi e at in he in the nd I sat n in ge and ng ng around o ang rin rin ering lic or teri te elic de ed ede ch ched ych agss flutte flfla psyyc as ps o wa oom oom at g ro ha ng err tha sittting si ne nn n e i inn d T Th r u O Ou se se. u e e. ze. hou h i m r ma arm f r o or s y’ e a ay ay’ c ce g rice ri b obg nted ng Tob men sitin isiti e errme visi fe om ffer om was visi frrom i wa e fr rip made our trip our e o of s ts ra rag hts e v g ig l lig li ev eve h b bev m gh g igh om c h hig l r ro r oli ol e h h he e oh the ye yer co coh o a al e pra pr al the th e n nal tion aditio that the radi One off trad ed th oved ov ra , a tr Ara’ e. I lov s ne. isi uis po ent ‘A ese cu es he pot nese an ing the pin Bhutan sipp d sip n mostt Bhu p ) and ts in sps nts nts ri cri c n o one on o to p e v ve om c ativ at ati y r rn e ern er e ke k lt alte alt the n f an a ( o of e e c n ric ric rice is one h h is y ry. nttry n chililil, whic unt u oun hc e co with he h th ed with in the ced ce ace la m in vilyy lace vi d sm dhi avil ea ry hea u ry cu us cur ced on Buddh ous ac io cio c pllac nce is pla anc ass a delililicio rtan ch import evening wa uch mu o how t st j ju g rtth ing ourt w how ho n’ss fo n s sho a an’ e ta s uta hu hut ous Bh h e hou

by B the n th ed by ned oin co rm coi erm esst room in e ges ge arrge a la he lar he s — a te ess’ osst tth o ne mo ppines ppi alm alm app Ha as al wa al H nal tition N tio oss Na oss n r in G t ‘Gr ‘G nt f ent o of e er her h on n i ion in i t oti o ot s is i n e r ir c ce e nce he hei a t d da id ida s u gu gui wa u g utan w p ritittual pi hu spi hiss sp Th g in Bhu ss. Thi ving ivin es. l e arriivi ar alu va e arr ore fore h st valu dhis befo dd d b t bef lot abou ed on Budd sed ase bas a d a lot yb o no nom o co g I’d hear eco e ng n n an a ething g meth n ng . ldin ldi Som e me m bu bui o om c o lc l lco to el e elc nt ent ore w mo el m m itme eel c mm o ffe e tto hiss co de ad n his al ng en made een ee e bee 0s signali 70s have r y 70 n’’tt ha e rly dn’t ould n the ea w co g in ng Kin an we an on Ki go ragon Drag Dra trouble, and ch tro uch mu s too m as w g i in h hin t ot not y ay sta st e re ire ntir ent For ourr Fo fe. For fe ly lilife. ily daily dai e da nese an a hutan Bhut Bhu

Travel Notes & Tips: •

A minimum spend of $250 per day — all inclusive for accommodation, transfers, tour guides and food.

•

Visas: All nationalities (except Indian passport holders) require visas, which cost $40. Best to leave a week for visa process time.

•

Children are welcome everywhere but do not receive many discounts.

•

Spring is the peak traveling season for Bhutan, but it really is a great destination year-round. The winter snows make for exceptionally stunning views.

Bespoke travel company Lightfoot Travel (www.lightfoottravel.com) is an Asia-based tour operator specializing in tailor-made holidays, honeymoons, short breaks, boutique accommodation and private villas in Asia and beyond. For more information please call +852 2815 0068 or email info@lightfoottravel.com

Events

The Jardine Matheson Group & British Chamber YNetwork

Scottish Ceilidh The Aberdeen Marina Club played host once again to our Young Executives Scottish Ceilidh!

The evening included a performance from the brilliant pipe band and highland dancers, as well as the incredible Haggis Address led by John Bruce. The night then followed with the delicious fare and of course the whisky, accompanied by Irn-Bru this year, wonderfully Scottish! After the food came what all the guests had been waiting for, the dancing! A huge thank you must go to Iain Carmichael and his band were, as who ever, outstanding.

Jardine Matheson Group were our title sponsors this year, so another big thank you to them for all of their support and cooperation, the night was a huge success and we couldn’t have done it without them.

Special thanks must also go to Edrington Hong Kong who sponsored a bottle of The Glenrothes whisky per table, which was very well received by all the guests!

Other special thanks must go to all those who donated prizes for the lucky draw; Hong Kong Yachting for donating tickets to the Saturday afternoon Adventure Sail and the Sunset Cruise; Jack Wills, for donating a duvet and pillow case set; Geodhuis & Co for donating two bottles of Janisson & Fils Cuvee Tradition, and to DotCod for a generous dining voucher at their Seafood Restaurant and Oyster Bar. Finally, and most importantly, thank you to all the guests for donating so generously. We managed to raise HK$22,178.70 for MINDSET, which is greatly appreciated. Thanks to everyone again for making this year’s Ceilidh another fantastic success and we look forward to seeing you all next year!

For more information about the event or any upcoming YNetwork events please contact lucy@britcham.com.

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Member Discounts Food and Beverage and Accommodation Accor | Members will receive 10% discount on top of the lowest rates that Accor’s Asian hotels are offering on the day. This applies to over 1600 Sofitel, Pullman, MGallery, Novotel, Mercure, Thalassa & Orbis hotels worldwide. You will also receive 5% discount on top of the best unrestricted rates for hotels including ibis (in specific countries), All Seasons & Hôtel Barrière. For more information please contact Regina Yip on 2868 1171 or email regina.yip@accor.com Alfie’s | Members of the British Chamber of Commerce can benefit from a 10% discount at this chic restaurant in Hong Kong. To make a reservation please call 2530 4422 or email booking.alfies@keeclub.com Berry Bros. & Rudd | Members can benefit from a 10% discount on all retail prices as well as receiving invitations to free tastings and other wine events during promotional period. For more information please call 2907 2112 Courtyard by Marriott Hong Kong | Members will receive a 10% discount on food only in MoMo Café. To make a reservation please call 3717 8888 Dot Cod | All members of the British Chamber of Commerce of Hong Kong will receive a 10% discount on the bill. For more information please call 2810 6988 or email dotcod@hkcc.org Grand Hyatt Hong Kong | 15% discount on food and beverage at The Grill and 10% discount on treatments upon spending HK$1,000 at Plateau Spa. To make a reservation please contact The Grill on 2584 7722 or the Plateau Spa on 2584 7688 Hyatt Regency Hong Kong, Tsim Sha Tsui | 10% discount at The Chinese Restaurant, Hugo’s, Cafe and Chin Chin Bar (except during happy hour). To make a reservation please call 2311 1234 JW Marriott Hotel Hong Kong | Members will receive a 10% discount on the total bill at Man Ho Chinese Restaurant, JW’s California, Marriott Cafe, The Lounge, Riedel Room @ Q88, and the Fish Bar & Grill. To make a reservation please call 2810 8366 Le Méridien Cyberport | Members can book a Smart Room at the special rate of HKD1,600 including a daily eye-opening buffet breakfast (subject to availability). You will also receive 20% discount at 5 of the hip restaurants and bars that the hotel has to offer. Furthermore, when you book the 21-day long room package at HKD23,100 you will receive a ‘Round Trip Limousine Service’. For more details please call 2980 7785 Hong Kong Skycity Marriott Hotel | Members will receive a 10% discount on the total bill at Man Ho Chinese Restaurant, SkyCity Bistro, Velocity Bar & Grill, and The Lounge (Promotion does not apply to alcoholic beverages). To make a reservation please call 3969 1888 Renaissance Harbour View Hotel | Members will receive a 10% discount on the total bill at Michelin Star Dynasty Chinese Restaurant, all day dining at Cafe Renaissance, Scala Italian Restaurant and the Lobby Lounge. To make a reservation please call 2802 8888 The Mira Hong Kong | Members will be given special room rates, a complimentary upgrade and fantastic discounted rates on the Spa suite package (subject to availability).

For more information please contact Connie Kwan on 2315 5666 or email connie. kwan@themirahotel.com W Hong Kong | Members will receive fantastic offers at Kitchen and Sing Ying. Dine at either of these restaurants and receive complimentary discount vouchers to use at your next meal. For more information or to make a reservation please call 3717 2222

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There are many great benefits of being a member of The British Chamber of Commerce. One of those is the Member Discounts programme which is an exclusive package of discounts that range from discounted car rental, reduced hotel accommodation, airfares and even relocation costs.

Every six months we invite members to prepare a tailor made offer to all the members of the British Chamber. You can find these benefits listed below and for more details please visit our website www.britcham.com

Home Allied Pickfords Hong Kong | Allied Pickfords will extend a free local move for any Home Search completed by SIRVA Real Estate. For more information please call 2823 2089 or email olivier.jourdan@sirva.com.hk Bowers & Wilkins | B & W are offering members a 10% discount on all listed price items in the B&W Showrooms in Tsim Sha Tsui and Central. For more information please call 3472 9388 or 2869 9916 Colourliving | As a member of the British Chamber of Commerce, you can enjoy a 10% discount on all normal price merchandise when shopping at Colourliving in Wanchai.

Please call 2510 2666 or visit www.colourliving.com

Travel & others Avis | Members can receive up to 20% discount off standard rates on car rental bookings.

To make a booking please call 2882 2927 or visit www.avis.com.hk British Airways | As a member of the British Chamber of Commerce you can enjoy an exclusive offer of 7% discount from British Airways. To make a booking please visit www. britcham.com/memberdiscount/british-airways Compass Offices | Compass Offices, Hong Kong’s largest Serviced Office provider, offers members a 10% year round discount on meeting rooms, a free one hour Telepresence or Video Conferencing session and a 3 month complimentary Virtual Office package. For more information please call 3796 7188 or email hksales@compassoffices.com Flight Centre | Members will receive HKD150 off the first booking made as well as a complimentary Airport Express ticket per booking. For all holiday and flight enquiries please call Paul Jeffels on 2830 2793 or email paul.jeffels@flightcentre.com.hk Lightfoot Travel | British Chamber members will receive 5% off all holidays booked with Lightfoot Travel. Please call +852 2815 0068 or visit www.lightfoottravel.com for further details Regus | Britcham members will receive a complimentary six-month Businessworld Gold card that gets you access to 1,200 business lounges in prime central city business locations in Asia and around the world. For more information or to accept this offer please visit www.regus.hk/localpartnership and enter the activation code APHKBCC in the Promotional Code box. sense of touch | Britcham members will receive 20% off all treatments on their first visit upon a total spend of $1,000, 10% off facials and massages in all subsequent visit as well as a $1,000 treatment coupon when purchasing a $10,000 cash package. For more information please call 2201 4547 The Hive | The Hive is offering one additional month’s membership at no extra charge for any member who signs up for 6 months. For further details, please visit www.thehive.com.hk Virgin Atlantic Airways | Special offers to London are available exclusively for members of the British Chamber of Commerce. Please call 2532 6060 for more details or to make a reservation VisitBritain | British Chamber members can get 5% on all purchases from VisitBritain’s online shop by entering the code TR7DE67! at the checkout.

Please visit www.visitbritaindirect.com/world for further details.

Terms and Conditions apply. All member discounts are subject to availability. If you are interested in providing a tailored offer to our members or for more information please contact Emily Ferrary on 2824 1972 or email emily@britcham.com

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MEMBER GET MEMBER 2012 the to l a rr fe re l u sf es cc su a ke a M British Chamber of Commerce o! tw r fo l ea m ic st ta n fa a y jo and en The British Chamber is delighted to announce that the Member Get Member 2012 campaign is well underway! If you successfully introduce a company that results in them becoming a member of the Chamber, you will receive a fantastic dinner for two courtesy of one of our top member restaurants in Hong Kong.

Not only that, all referring members will be entered into a prize draw to win a $2,000 voucher to go towards your holiday provided by Flight Centre!

AND if you happen to refer the most new members to the Chamber, you are in for a real treat for you and your friends! A complimentary dinner for four at Sakesan, the newest Robatayakibar, courtesy of Cafe Deco Group.

Sakesan Sakesan is the newest Robatayakibar in the heart of the bustling Soho area. It offers a range of exquisite dishes fresh from their robata grill, as well as other Japanese culinary delights, all rendered with a modern twist. Designed by Fiona Bagaman and Mirei Lim, Sakesan uses different wood and stone tones with flashes of black and gold to create a serene, relaxed and cool space. Funky, colourful sake barrels wrap the bar area and frame the individual dining booths and an illuminated Japanese urban scene gives the bar a warm glow as well as striking visuals. Signature dishes include homemade steamed tofu, salmon miso, lobster dumplings and SAKESAN black cod. There is also a cool bar featuring a top range of sakes, shochus and awamoris with a superb range of cocktails made with these classic Japanese ingredients. To compliment this they also offer a selection of some of the finest, most thirst quenching beers to emerge from Japan.

To enter: • • • • •

Consider who among your contacts might be interested in joining the Chamber Email phillippa@britcham.com with the name and contact details of your suggested company If appropriate, contact your suggested company and let them know that the Chamber will be in touch The Chamber will follow up with each suggestion directly If your referral is successful, the Chamber will contact you with details of how to book your dinner. Your name will also go into the prize draw which will be drawn in March 2013.

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So what are you waiting for? Spread the word throughout your network to enjoy a complimentary meal for two at one of these fantastic member restaurants:

Lobby Lounge, Conrad Hong Kong Featuring the spectacular views of the Hong Kong skyline and live entertainment, the Lobby Lounge is the ideal venue for private meetings or relaxed gatherings with friends. From salad bar to noodle station, and delectable hot dishes to exquisite desserts, the Southeast Asian themed supper buffet showcases an impressive range of more than 50 scrumptious all-time favourites.

The Bostonian, The Langham, Hong Kong This well-established restaurant has been a Hong Kong favourite for well over a decade. Located at the lower lobby level of The Langham, Hong Kong, The Bostonian has an excellent reputation for its superb steaks, and more recently its fully sustainable seafood menu. Featured by one of Hong Kong’s influential restaurant bibles, “The Hong Kong Best Restaurant Guide” since 2000 and recommended by The Michelin guide, the Bostonian is a hallmark for impeccable service and exceptional food. Guests can indulge in a tantalising array of fresh seafood from around the world at the “Raw Bar”, including home-made smoked salmon, prawns, crabs and freshly shucked oysters. The enticing menu also includes gourmet favourites such as maine crab cakes, sautéed foie gras, clam chowder, as well as separate menus for the restaurant’s specialties – the Boston lobster galore, seafood sharing platters and Bostonian grill.

KITCHEN, W Hong Kong Kitchen is a modern bistro with a capacity of 200, reflective of W’s signature stylish and fun design. Upon arrival to KITCHEN, the mad hatter’s tea party in “Alice in Wonderland” brings guests to a world of fantasy.

Cats play and jump around the stacks of plates, inviting guests to join their games too. KITCHEN’s modern interpretation of timeless classics and equally innovative original masterpieces fill a menu that’s designed to tantalize and satisfy even the most discerning gourmands. Guest can indulge in the fun world of kitchen, while relaxing in the pleasant and interactive dining experience, sampling the delicate cuisine on offer from all over the world.

cafe TOO, Island Shangri-La, Hong Kong T The innovative cafe TOO brings casual dining to a higher level of creativity. Their ten cooking theatres, each featuring a different culinary style, are showcases for the best of international cuisine as well as stages for their chefs' engaging performances.

Café Renaissance, Renaissance Harbour View Hotel Hong Kong Café Renaissance is the perfect place for all day dining. Located on the Mezzanine floor, the 210-seat all-day dining café serves a wide variety of dishes from all over the world. Café Renaissance serves wholesome breakfasts, chef crafted lunches and dinner buffets plus à la carte menu daily and brunch on weekends, in a warm and welcoming atmosphere. In addition to the great array of fresh seafood delights using the freshest ingredients, guests can also enjoy a tantalizing array of international favourites and local specialties from live cooking stations.

Terms & Conditions • • • •

You must be a member of the British Chamber to be eligible for this offer The dining vouchers will only be provided if your referral results in a new member for the Chamber This offer is valid for all members whose referral results in a new Corporate, Overseas or Startup member of the Chamber. It does not apply to Additional members or additional YNetwork members The Chamber will allocate the restaurant vouchers. Members will not be able to choose which restaurant they visit and must adhere to the terms and conditions

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Sterling Member Announcement

Ernst & Young become Sterling Members The British Chamber of Commerce is delighted to announce that Ernst & Young have become their newest Sterling Member.

Sterling membership is a premium package of benefits for companies who wish to increase their profile and add value to their membership by supporting the Chamber at a higher level. This high value package includes additional memberships, more profiling and a range of other benefits. For more information on Sterling Membership please email Phillippa Cook, phillippa@britcham.com

News The Women’s Foundation launches Scholarship Scheme to send Hong Kong students to the University of Cambridge The Women’s Foundation, a leading Hong Kong non-profit organisation dedicated to the advancement of women, announced the launch of a Scholarship Scheme to send Hong Kong students to the University of Cambridge to pursue the MPhil in Multi-disciplinary Gender Studies.

The scholarship is a critical step in developing and equipping a talented pool of individuals from Hong Kong with the knowledge, skills and resources to further gender studies and gender research for the greater good of society.

The Women’s Foundation Scholarship will cover all university and college fees, enabling the recipients to pursue their studies regardless of financial capability.

All graduates from a Hong Kong university or tertiary institute holding an upper second-class degree or equivalent are eligible to have their application considered, having been accepted onto the MPhil through the University of Cambridge’s standard admission procedure. The first of the scholarship students will start their studies in Cambridge in Autumn 2013.

The Women’s Foundation will be offering a series of Information Sessions on the Scholarship Scheme at leading universities and other tertiary institutions in Hong Kong. For more information on the Scholarship Scheme and the Information Sessions, please visit www.thewomensfoundationhk.org.

Family businesses are ‘unsung heroes’ of the global economy, with increased sales and aggressive growth plans, says PwC Two thirds of family firms around the world have grown their sales in the past year, and even more are confident that their ambitious growth targets for the next five years will be met. Recruitment of skilled staff and the perennial problem of planning for succession are two of the key challenges facing family businesses.

These are just some of the findings of the PwC Family Business Survey 2012, which surveyed 1,952 family business executives in more than 30 countries worldwide, including Hong Kong and Singapore.

Family businesses are thriving globally, with 65% having grown sales in the past year, compared to less than half in 2010 when PwC last conducted the survey. This sales growth has been particularly strong in Eastern Europe, Latin America and the Middle East. Only 19% saw a reduction in sales over the last year, compared to 34% two years ago. Family firms are very ambitious for the future, with 81% anticipating steady or quick and aggressive growth in the next five years. Of those who aim to grow, 93% are ‘confident’ about their company’s growth prospects.

In Hong Kong, family businesses have performed reasonably well over the last year, although a lower proportion have experienced growth than in some markets. Only 48% have grown sales in the last 12 months. But family businesses in Hong Kong are confident in predicting steady growth in future with 76% are aiming to grow over the next five years.

International Montessori School Approved by Accrediation Board We are delighted to share some fantastic news with you. IMS has been unanimously approved by the IMC Accreditation Board to be an IMC accredited Montessori School. IMS is the first accredited Montessori Primary School in Greater China. IMS is one of the largest Montessori schools in the world, and its growth has raised awareness of Montessori in Hong Kong,

Passport Office Closed Over Winter Holiday Period The Passport Office will be closed to the public from Monday 24 December 2012 to Tuesday 1 January 2013 inclusive. Anyone wishing to submit a passport application during this period can leave the completed form, together with all necessary supporting documentation and Credit Card Authorisation Form in the drop box located inside the public entrance to the Consulate General.

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The British Chamber’s Sterling Members

Thank you for your continued support

New Appointments InfraRed Capital Partners makes Senior Advisor appointment InfraRed Capital Partners has appointed David Watt as Senior Advisor to focus on the further development of their real estate fund business in Asia.

David was previously Chairman, North Asia, and Head of Business Development and Client Services, Asia-Pacific, at DTZ. He will remain based in Hong Kong.

Stuart Jackson, InfraRed’s Head of Real Estate, said, “David has a long standing relationship with InfraRed and we are delighted that he has joined to assist us in further growing our Asian real estate business. David brings an in-depth knowledge of markets across the region, long term experience in shopping centre development and a deep network of contacts and relationships.”

InfraRed, formerly HSBC Specialist Investments, are infrastructure and real estate fund specialists with offices in London, New York and Hong Kong. To date in Asia, they have raised and invested real estate funds in China and Vietnam and, amongst their PPP infrastructure projects, are leading the development of the Singapore Sports Hub, Asia’s largest PPP project and the New Royal Adelaide Hospital in South Australia.

Howse Williams Bowers announces new partners Howse Williams Bowers has announced that Katherine Chuang, Lynn Lee, Lisa Nabou and Oonagh Toner will become Partners of the firm with effect from January 2013. All four solicitors previously worked at Reed Smith Richards Butler in Hong Kong and moved with the founding partners on 1st January 2012. The company has also expanded its corporate practice with the addition of new partner Brian Ho and expanded its shipping practice with the addition of new partner David Coogans.

Katherine Chuang specializes in corporate finance, mergers and acquisitions, direct investment, corporate restructurings and reorganisations and general commercial matters. She previously worked for an international law firm, held an in-house position at an international investment bank and spent a period on secondment at a Hong Kong telecommunications listed company.

Lynn Lee’s primary area of practice is in complex, multi-jurisdictional commercial litigation and dispute resolution with focus upon insurance, property, insolvency and shareholder disputes. She also has experience in debt recovery, sale of goods, trade finance, media law, commercial fraud, injunction, jurisdictional challenges, judicial reviews, defamation and related litigation.

Lisa Nabou is a healthcare and disciplinary lawyer who has worked extensively with Medical Protection Society in London and across Asia. She has advised healthcare professionals, hospitals, prison healthcare units and various health companies on a wide range of medical and regulatory law issues such as negligence claims, disciplinary tribunals and inquests.

Oonagh Toner specialises in dispute resolution and commercial and professional negligence litigation. She also handles clinical negligence claims advising healthcare professionals on a range of contractual, regulatory and criminal matters.

Brian Ho joins Howse Williams Bowers from Standard Chartered Bank, Hong Kong where he was a Director in the Corporate Advisory & Finance Group and acted as one of its responsible officers for the Hong Kong IPO execution team. He previously practised in the corporate and securities department of various leading local and international law firms in Hong Kong.

David Coogans, joins Howse Williams Bowers from Holman Fenwick & Willan where he was Head of the Sydney office. He is a shipping lawyer with particular expertise in collision and salvage work in addition to dry shipping cases. David is admitted to practice law in Australia, Hong Kong and England and Wales and has over 25 years experience in shipping and international trade law.

New Members CORPORATE STARTUP Stanley Gibbons (Asia) Limited Marco Kaster Investment Director, Hong Kong & Asia Tel 3975 2988 mkaster@stanleygibbons.com 10/F, Central Building, 1-3 Pedder Street, Central, Hong Kong Financial Services Jardine Airport Services Ltd David Walker Cheif Executive Tel 2216 2309 david.walker@jasg.com 4/F, CNAC House, 12 Tung Fai Road, Lantau, Hong Kong Aviation & Aerospace rogenSi Limited Mark Weston Regional Client Director Asia Tel 9725 5130 mark.weston@rogensi.com 17/F, Wincome Centre, 39 Des Voeux Road, Central, Hong Kong Consultancy

INDIVIDUAL Christopher Millar Tel 2158 9601 kit.millar@mergerid.com Suite 2401-3, 24/F, 181, Queen’s Road Central, Hong Kong

Biotechnology Holdings International Ltd Philip Stubbings Chairman Tel 2114 1412 philcst@embiotec.com Block A, 5/F, Wing Hong Factory Building, 777-779 Yu Chau West Street, Kowloon, Hong Kong Environmental Services Asia Energy Consulting Stephen O’Sullivan Principal Tel 6053 8422 stephenosullivan@hotmail.co.uk 6/F, 68 Mount Davis Road, Pokfulam, Hong Kong Consultancy Sandler Training Hong Kong (JR Global Training Limited) Ken Tashima General Manager Tel 9674 9555 kentashima@aol.com 40-H, Tower 3, Banyan Garden, 863 Lai Chi Kok Road, Kowloon, Hong Kong Consultancy Hong Kong Institute of Etiquette Limited Kristine Stewart Director Tel 3622 2705 kristine@hongkongetiquette.com 17/F, Yue Hing Building, 103 Hennessy Road, Wan Chai, Hong Kong Consultancy

YNETWORK STARTUP ADDITIONAL Stanley Gibbons (Asia) Limited Sophia Nazer Investment Portfolio Manager Tel 3975 2990 snazer@stanleygibbons.hk 10/F, Central Building, 1-3 Pedder Street, Central, Hong Kong Financial Services

Biotechnology Holdings International Ltd Peter Reid CEO Tel 2114 1412 peter.reid@embiotec.com Block A, 5/F, Wing Hong Factory Building, 777-779 Yu Chau West Street, Kowloon Hong Kong Environmental Services

Jardine Matheson Group Alexander Harman Jardine Executive Trainee Tel 9539 0948 alexander.harman@gammonconstruction. com 48th Floor, Jardine House, Central, Hong Kong Conglomerate/Holding Company

OVERSEAS Grant Property Solutions Ltd Peter Grant CEO Tel +44777 62034 459 peter.grant@grantproperty.com 14 Coates Crescent, Edinburgh, EH3 7AF, United Kingdom Property Asset Management

DLA Piper Hong Kong Services Limited Naveen Qureshi Associate Tel 2013 0518 naveen.qureshi@dlapiper.com 17F, Edinburgh Tower, The Landmark, 15 Queen’s Road, Central, Hong Kong Legal

Upcoming Events Business Benefits of CSR — Is there Gold at the end of the Rainbow?

Event date: 17 Jan 2013 - 17:00 - 19:00 Is CSR just a marketing exercise for businesses? Is there any more required than making a donation to charity, or organising a team event every so often to help the community? How can we demonstrate to our senior management and shareholders that there are tangible benefits to CSR? What are those benefits in financial terms, and when do the benefits of embedding CSR in an organisation justify the costs involved?

Joint Business Community Luncheon with CY Leung, Chief Executive of the HKSAR Event date: 23 Jan 2013 - 12:15 - 14:00 The Hong Kong business community has invited Mr CY Leung to speak at a luncheon on Wednesday, 23 January 2013. It is a good opportunity to hear directly from the Chief Executive on how the SAR government plans to lead Hong Kong in the year ahead, and also his views on such key issues as housing, old age benefits, air quality and Hong Kong’s competitiveness.

Dining Etiquette — Protocol for Successful First Impressions

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Event date: 28 Jan 2013 - 12:00 - 14:00 Learn how to make the best first impression during a social or business meal through attentive hosting, facilitated conversation, and essential dining protocol. This presentation provides participants with a summary of the necessary components for smoothly run formal and casual meals including duties of the host and guests; making conversation; restaurant protocol and essential table manners that one must have.

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Shaken Not Stirred Sponsored By

Oct 25 2012, Waterside Terrace, Island Shangri-La Hong Kong

Houleye Gory (evobilis), Bingo Woo (AIA)

Michelle Woo (TMF Group), Kevin Moore (Agile8 Consulting), Peter Hodges (Standard Chartered Bank)

Stephen Sheppard (PTS Consulting), Craig Armstrong (Standard Chartered Bank), Iain Reed (Enhanced Data Group)

Fraser Murray (Rock the Boat Consulting), Tracy McLeod (Rock the Boat Consulting)

John Handley (BT), Anne LeBourgeois (Hamilton Advisors)

Devyani Patel (iEdge Consulting Limited), Mathew Bate (Private Capital)

Winston Hammill (Concise Media), Thomas Ng (Crowne Plaza Hong Kong Kowloon East)

Mark Evans (JP Morgan), Maria Gomez (Terra Firma), Clive Lindley (The Henley Group), Claus Madsen (ISS Greater China Ltd.)

Janet Law (FDM), Christopher Lloyd, Chanthala Sengnouanchanh (Concise Media), Chris Thomas (Leodan)

Natalie Chan (Crown Relocations), Claus Nestmann (TC Treasury Advisors)

Salima Debouba (Willow Blu), Lina Yu (SEED)

Annabelle Baker (Lush), Charmaine Holland

Gary Beadle (The Store House), Dominic Masterton-Smith (Human Communications)

Jose Reboredo (BT), Rob England (en world), Ken Owiti (hunterPac)

CĂŠdric Thiry (SEED), David Hubbard (deVere Partners)

Richard Ireland, Liz Hammerton (Secretarial Office Services)