Britain in Hong Kong March 2013

Britain

IN HONG KONG March 2013

Vol 27

No 2

www.britcham.com

WORLDWIDE COST OF LIVING

Not For Sale

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Turning travel into an SME business driver

10

The Business Benefits of CSR: Is there Gold at the end of the Rainbow?

18

Indonesia

16

Contents Angel Investment

18

4

Behind the ranking: What’s the real cost of living in Hong Kong?

Lifestyle : Indonesia

3 Chairman’s Message

16 Angel Investment

4 Behind the ranking: What’s the real cost of living in Hong Kong?

18 Lifestyle : Indonesia

6 Supply Chain Resilience

8 Turning Travel into an SME business driver 10 The Business Benefits of CSR: Is there Gold at the End of the Rainbow?

12 Upping The Pace An Interview with Nik Gowing

20 Rugby Dinner Charity 22 Perspective Questions 24 Member Get Member 26 Member Discounts 28 News & New Appointments 29 New Members 31 Shaken Not Stirred

14 Rare Stamps for Investment

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 By the time you are reading this you will have welcomed the Year of the Serpent (I prefer that to snake, since it sounds more mythical). So Kung Hei Fat Choy to you all. If this feels like a message a month too late, please forgive me. Such is the scheduling of our magazine and my travel plans, that I am writing this before CNY even if you are reading it when it’s a distant memory.

This is the year of the water serpent, and a black one at that. This sounds a little worrying, with a flavour of dangers which are hard to see and harder to grasp. So we need caution as we progress. I understand though that water snakes are supposed to be clever at finance — so perhaps the equity rally will continue for a while. At the same time, we are also told to beware of “deep waters” and unpredictability. As always with these nostrums, they seem to leave room for almost any outcome to be regarded as conforming to the foretelling. Nevertheless the general idea seems rather consistent with a good start to the year followed perhaps by unexpected problems later (a few unknown unknowns), which is just what many market commentators are also forecasting. To me, it all seems too quiet out there! (Or at least it was when these words were written.)

The Chamber begins the two “new years” in good financial shape and with membership flourishing. As always, the Chamber will endeavour to put on events that help members consider how to take advantage of the currents in which the water snake will be swimming. We will also be having a look at how our committee structure is working.

We have already re-branded the old Financial Interest Group as the Financial Markets Committee in order to be able to focus more effectively on issues affecting the capital markets in Hong Kong. This is essential at a time of change at the Stock Exchange, SFC and amongst regulators on the Mainland, in addition to the new Administration’s introduction of the Financial Services Development Council.

Another recent change in our committee structure has been the creation of the CSR Steering Group. This is deliberately not styled as a Committee itself, because we believe many issues that fall under this heading have implications across our business segments and should not risk being left in a silo on their own. I will be writing further in a later edition about how its work is being developed.

If you have ideas that will help us develop our activities within our other committees, please contact the chairs of those committees or any member of the General Committee to feed in ideas.

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 Viktoria Kish International Study Programmes

Business Policy Unit Tim Peirson-Smith Executive Counsel

Financial Markets Committee 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

Behind the ranking:

What’s the real cost of living in Hong Kong?

Jon Copestake, Editor of the Worldwide Cost of Living Survey

The latest findings of The Economist Intelligence Unit’s Worldwide Cost of Living Survey show the most expensive and cheapest cities in the world. But, as the Editor of the report, Jon Copestake writes, there is more to the cost of living than a ranking

So

the results are in, the prices have all been totted up and the news is out. According to The Economist Intelligence Unit’s Worldwide Cost of Living Survey, Tokyo is the world’s most expensive city. This is little surprise to many observers; Tokyo has been the most expensive city in the world for 14 of the last 20 years.

In fact during the last two decades only three other cities (Paris, Zurich, and Oslo) have managed to lay claim to this dubious honour. Last year Zurich topped the ranking thanks to the haven currency of the Swiss Franc, but government pegs to the weaker Euro have now seen a rapid decline in the relative cost of living in Swiss cities.

Despite decades of weak consumer confidence and low inflation, Japan has a cost of living index of 152 when compared to New York — basically the Japanese capital is half again as expensive as the Big Apple.

London and Hong Kong are more comparable. Hong Kong is ranked 14th with an index of 116 while London lies in 16th, with an index of 112. This means that both remain

more expensive than New York but that the cost of living difference between the two is relatively small (less than 4%).

But what does this truly mean? After all, the cost of living is just one of a host of considerations that need to be accounted for when looking at international labour mobility, especially among executives.

Tokyo, Hong Kong and London are global business and financial centres. Salaries in these locations are high, meaning that goods are more affordable anyway. The recent shift in cost of living towards Asian cities reflects the growing economic power that the region holds.

Nowadays Asian cities make up 11 of the world's 20 most expensive compared with eight from Europe. A decade ago this was six Asian vs ten European cities, with four cities from the USA. The locations are also largely desirable — it seems unlikely that people would require a hardship allowance for living in Tokyo, London or Hong Kong, whereas much cheaper cities around

the world might require significant incentives to move there. The issue of hardship or “liveability” is always a factor when people are considering where to live, one that provides a separate incentive. Ten years ago there were no Australian cities among the 50 most expensive, now Sydney and Melbourne sit in 3rd and 4th place respectively. Despite the cost of living, Australia is also home to some of the world's most liveable cities. Conversely: Karachi; the joint cheapest city in the ranking sits among the worlds least liveable: cost is not everything.

Then there is the index itself. For the purpose of our ranking New York is always set as a “base city” which has a fixed score of 100. However, at a city-to-city level, changes in the availability of goods and services means that the relationship between two cities has certain unique qualities that are not reflected using a “proxy”.

If the top ten cities are ranked alongside one another using Hong Kong as base city (=100) instead of New York there are some very subtle differences in the indices.

Britain in Hong Kong

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A tale of two rankings Cost of living indices City

(NY=100)

Rank

(HK=100)

Rank

Tokyo

152

1

131

1

Osaka

146

2

125

2

Melbourne

136

4=

119

3

Sydney

137

3

118

4=

Singapore

135

6

118

4=

Oslo

136

4=

116

6

Zurich

131

7

113

7

Paris

128

8

113

8

Caracas

126

9

112

9

Geneva

124

10

106

10

Hong Kong

116

14

100

14

Source: Worldwide Cost of Living Survey But more important than this are the elements of the cost of living and salary that the survey does n o t a c c o u n t f o r. F o r e x a m p l e , accommodation is too subjective to meaningfully assign to the cost of living index. The size, type, location and whether to rent or buy are all key factors that should be tailored to individual needs. As a result, although prices are published, the ranking index does not account for these prices. In most cases accommodation falls largely in line with the cost of living elsewhere, but there are exceptions where cities have particularly high accommodation costs compared to the index we produce.

Accommodation vs Index

Average monthly rental of well located one-bed apt City

Finally there is the element of salary.

The cost of living survey is not an affordability survey and higher salaries in some countries, especially locations like Oslo in Norway, mean that a city with a very high relative cost of living remains relatively affordable to locals. This compares with much cheaper cities in Africa or South Asia where low salaries would undermine the ability to live well, despite cheap prices. The cost of living ranking does allow for the ability to see how far a salary can support a level of living from one location to another.

But even here there are other factors such as taxation to consider. For example Tokyo may have a high cost of living, but people living there benefit from lower tax rates than Europe or North America. Hong Kong also offers low taxes. In fact — if we were to account for cost of living and tax differentials between locations for single executives earning an annual salary of HK$1m, the ranking of the top ten cities paints a very different picture.

However, beyond the cost of living, the main driver of any relocating decision lies in opportunity, both for the firm and for the person. Hubs like Hong Kong and Singapore may be expensive locations to move to, but they also offer business and revenue opportunities. In fact, with economic weakness in Europe and stagnation in North America, it is little surprise that hubs serving markets in Asia are becoming more expensive. After all, these areas are growing much faster than western markets.

A free copy of the key findings of the latest report can be downloaded here: http://www.eiu.com/WCOL2013

How much one million HK$ buys in the top ten cities Gross salary equivalent to 1m HK$* In Local Currency

In USD

In HKD

Salary rank

14,376,162

$182,046

HKD1,412,676

3

78.97

2

14,010,666

$177,418

HKD1,376,760

6

78.97

3

175,709

$181,143

HKD1,405,672

4=

0.97

Oslo

4=

1,143,054

$195,728

HKD1,518,853

1

5.84

Melbourne

4=

175,709

$181,143

HKD1,405,672

4=

0.97

Singapore

6

177,051

$142,793

HKD1,107,997

10

1.24

Zurich

7

150,746

$158,680

HKD1,231,357

7

0.95

Paris

8

152,072

$192,496

HKD1,493,771

2

0.79

Caracas

9

618,425

$144,155

HKD1,118,643

9

4.29

Geneva

10

147,679

$155,452

HKD1,206,304

8

0.95

14

1,000,000

$128,866

HKD1,000,000

n/a

7.76

City

Rank

Cost (US$)

Rank

Index Rank

Tokyo

$6,564

1

1

Tokyo

1

Hong Kong

$6,014

2

14

Osaka Sydney

Ex rate to USD

Caracas

$5,672

3

9

Geneva

$4,053

4

10

Sydney

$4,000

5

3

Singapore

$3,992

6

6

Osaka

$3,778

7

2

Zurich

$3,361

8

7

Melbourne

$3,024

9

4=

Paris

$2,783

10

8

Hong Kong

Oslo

$1,992

11

4=

* Based on calculations using the worldwide cost of living salary calculator – http://help.worldwidecostofliving. com/Usingthesoftware/Usingandcustomisingthesalarycalulator.aspx Source: Worldwide Cost of Living Survey

Source: Worldwide Cost of Living Survey

5

Business

Supply Chain Resilience

Mark Millar, Logistics Committee Chairman

Building Supply Chain Resilience for Competitive Advantage Continuing globalisation of trade and commerce is resulting in multifaceted business scenarios involving increasingly complex ‘supply chain ecosystems’. Within the context of an ever changing world, this complexity results in larger elements of volatility and vulnerability.

Supply chain risk is progressively more prevalent, even becoming an agenda item at the World Economic Forum in Davos, and building resilience will consequently become a key source of competitive advantage — where Resilience is ‘the ability to recover quickly from change or misfortune’.

Such risks generally relate to activities, roles, and participants within the Internal Environment of the supply chain ecosystem, that cause interruptions to the regular supply chain function and performance.

However, supply chain risk also arises from events which cause problems in the External Environment.

These disruptions—typically unpredictable—cause massive and immediate damage to the supply chain ecosystem. Such disruptions are usually headline grabbing events, frequently with tragic consequences,

for example the natural disasters in USA (hurricane Sandy) Jakarta (floods), Japan (earthquake and tsunami), Thailand (floods) and Iceland (volcano).

This article will focus on the risks within the Internal Environment of the supply chain ecosystem and outline a four-pillar framework through which to build supply chain resilience for competitive advantage.

Supply Chain Risks — Common and Widespread Supply chains that were once local or regional are now truly global and have become exponentially more complex — today’s supply chains are multilayered, interconnected ecosystems — with numerous dependencies amongst many participants. Hence our supply chain ecosystems have become more volatile and vulnerable and we therefore need to build resilience for competitive advantage.

How can we identify supply chain risk?

The dictionary definition of Risk is ‘a factor, thing, element, or course involving uncertain danger; a hazard’. The Supply Chain Risk Leadership Council adopts the definition of risk as “any factor or event that can materially disrupt a supply chain—whether within a single company or spread across multiple companies”.

Personally, I prefer the succinct definition from Sourcing Innovation Blog: “If you’re counting on it, it’s a risk”!

Britain in Hong Kong

Bearing this in mind, we can see how risks are common and widespread—not just within our own organisations but within all the other participants throughout the supply chain ecosystem. Examples of such risks would include component shortages, product failure, supplier failure, quality defects, transportation breakdowns, systems malfunction, commodity price fluctuations, operational breakdowns and fraud.

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As supply chain ecosystems become increasingly complex, collaboration becomes more important.

Collaboration is the open and cooperative sharing of information on a need-to-know basis with constituent partners throughout the supply chain ecosystem — to drive the overall efficiency and optimal performance of the supply chain, without compromising proprietary data.

Flexibility is another pillar in the framework of building supply chain resilience. Being flexible means being responsive to change, being adaptable — for example having alternative sources of supply ready to bring on stream at short notice.

Coupled with flexibility is the ‘need-for-speed’ in order to enable rapid-response mechanisms. Trade and commerce now moves at digital speed and therefore a key component of the supply chain resilience framework is to be able to act with Speed — both in decision making and in taking action.

It is also important to note, that one’s perspective on risk depends largely on where one sits within the supply chain ecosystem, and also within which function in the supply chain one is operating.

Just as Visibility enables problems to be sensed, it is then essential to act with Speed in assessing, deciding and implementing corrective actions. One method to support speed in decision and action is to match responsibility, authority and accountability at the same level within the organisation.

For example, the finance manager may well have a different perspective on supply chain risk to the logistics manager or the procurement manager. Also, the component supplier may well have a different perspective on supply chain risk to the high street retailer.

Nevertheless, they are all participants and stakeholders in a single supply chain ecosystem, within which risks are prevalent and likely to impact many of the participants.

Developing Resilience within Supply Chain Ecosystems The four-pillared framework to develop resilience within the supply chain ecosystem, where resilience includes the ability to recover quickly from change or misfortune, encompasses the key components of V isibility, Collaboration, Flexibility and Speed. These pillars provide the ‘sense-and-response’ mechanisms that underpin your preparedness to manage supply chain risk.

In order to sense a problem it must be visible. Developing Visibility is a process combining technology and partnership. Technology is at such an advanced stage that we can see and measure virtually every aspect of the supply chain. However, to be used effectively, the available technology needs to be shared with openness and trust amongst partners up and down the supply chain.

Deploying appropriate technology to provide Visibility enables companies to have an early warning system that alerts relevant participants when events are deviating from the plan.

Conclusion As the external environment becomes more volatile and our supply chain ecosystems become more vulnerable, risks become more widespread — adopting this four-pillar framework incorporating visibility, collaboration, flexibility and speed will help organisations build supply chain resilience, which in turn will drive competitive advantage.

Industry thought leader Mark Millar has been engaged by clients as Speaker, MC, Moderator or Conference Chairman at more than 260 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

Turning travel into an SME business driver

Tips on using clever strategy and planning to drive growth and keep employees happy

Hon Lam Business Development Manager, Greater China, British Airways

You

hear it at nearly every business cocktail and social function in Hong Kong: How many business trips have you made so far this month? Does your company fly you in business class or economy? Are you trying to use Skype more instead of travelling?

Back at the office, your financial controller is scratching his head and one of the first places his red pen touches on the budget spreadsheet is the Travel and Entertainment line.

Travel is a hot button issue. And it’s certainly the case that, especially for small- and medium-sized businesses, travel expenses are one of the most controllable operating costs. Far too often, however, how much to spend on travel is a matter of meeting short-term forecasts instead of being the strategic undertaking it should be.

The travel policy The travel industry offers a wide range of options to optimise and stretch travel budgets, but let’s start with what most companies consider their most important asset: their people.

The way a company governs travel — what airlines and class of travel, what hotels, what per diems and

allowable entertainment — is often one of the first things employees cite when either boasting proudly or complaining bitterly about their place of work. The travel policy, or lack of one, is often seen as a reflection of a company’s overall management. Is it fair or arbitrary? Is it financially sensible while serving to look after employees’ wellbeing, or is it wasteful and causing loss of efficiency and disgruntlement?

The travel policy should, at a minimum, cover the following: • Bookings: Through a designated travel provider or at the discretion of individuals?

• Air travel and hotels: What class of cabin for what length of journey or destination? What airlines are allowed for cost or security reasons? At the lowest cost for each journey or stay or as part of a corporate arrangement with designated airlines or hotel chains?

• Per diem: What is the budget for sustenance and entertainment?

• Levels of benefits: What are the differences for employees at different ranks? Is management setting a good example? Should more comfortable travel be offered to the most frequent travellers?

The answers will vary depending on each company’s situation, the norms in its industry and, most importantly, how taxing travel is for the employees involved. What’s

Britain in Hong Kong

important is to have a policy, to keep it clear and simple, and to be able to explain the elements and the reasons behind them to all concerned.

Making the most of your budget Corporate travel agencies: When a small business has employees travelling more than once or twice a month, it’s time to consider consolidating bookings through a travel management company or travel consultant. By providing a large volume of their clients’ business to airlines and hotels, travel consultants can offer prices matching or at times beating the lowest posted rates.

The real value of a travel consultant, however, is not necessarily getting you the lowest rates. What an advisor provides is a vast knowledge of options applied through time-consuming searches for the best routings, fares and rates that save the company money and travellers time and hassle. Not every travel agency does that, and all too many simply process instructions from customers.

When choosing a travel consultant, seek out true advisors with the knowledge and tenacity to see every booking as a challenge, who help enforce your corporate travel policy and who cater to employees’ individual preferences.

Designated airlines and hotels: It often surprises small businesses when they learn how little air travel or how few room nights a company needs to strike a deal that reduces travel costs significantly. The world of travel is very competitive and so the chances are that you can stretch your budget considerably with corporate packages.

When considering a corporate travel solution, here are some questions to ask: • What are the savings and what form do they take?

How many air journeys or hotel stays do you need to get a free flight or stay? If you get cash back, how much is the rebate?

• Are the savings applicable to all flight routings or hotels in all cities, or are there restrictions?

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• Will you be committed to a fixed-term contract? Do you have any targets to hit? What’s the risk for the company to enter such a commitment?

• Will the programme be easy to use and manage? Is there online access or 24/7 call centre support for both revenue and reward bookings?

• How easy is it to actually get non-revenue redemption flights or hotel rooms?

Even if an airline or hotel chain answers all of these questions satisfactorily, it is essential to consider the human element. Exclusive airline and hotel arrangements mean taking choice away from employees, who will be understandably disappointed if their favourite boutique hotel isn’t on the list. One of the most important aspects to consider is how travellers themselves benefit.

• Will they receive VIP status with its accompanying perks?

• Is there a dedicated customer support service?

• Does the programme offer personal loyalty miles or points in addition to corporate credit?

• What will the airline or hotel do to treat your colleagues as individuals and not simply as a revenue number on a spreadsheet?

A closing thought Even though I work for an airline, I can clearly see the benefits of modern telecommunications as an alternative to travel. Videoconferencing, virtual workspaces and conference calls play an important part in my own work and allow more frequent and closer contact with customers, partners and colleagues. They will not and should not, however, replace face-to-face contact.

All of us who work in international businesses have experienced emailing and calling a certain colleague or customer for months or even years, and though that relationship may be highly productive, it is transformed and elevated the moment we have met in person. In sales, more often than not we are selling not simply products with features and benefits, but trust. In every culture and particularly in Asia, it is only through personal contact and genuine relationships that trust is gained.

In this age of efficiency and productivity, an all-toocommon mistake I see is companies losing sight of the concrete value of face-to-face, personal contact. The most important tip I have is that in any travel policy, it is important to value the act of bringing people together to drive a business forward.

Doing so does not necessarily mean allocating more to travel budgets. The key is flexibility, so that when a potential client needs a personal touch to push the deal through, when a handshake will encourage a supplier to perform above and beyond, when a valued team member needs a boost from the regional boss, travel is possible.

9

Business

The Business Benefits of CSR: Is there Gold at the end of the Rainbow?

Helen Ford, Director, Ashton Ford Consulting Limited

The CSR Steering Group was delighted to welcome a capacity audience to its inaugural event in early January, hosted by Towers Watson.

In the form of a panel discussion, representatives from Barclays Capital, JP Morgan, Microsoft Hong Kong and Richform Holdings Ltd. shared aspects of CSR that have reaped benefits for their companies, whilst seeking to answer the question: “The Business Benefits of CSR: is there gold at the end of the rainbow?”

Shalini Mahtani, MBE, founder and Board of Director of Community Business, moderated the session after sharing Business for Social Responsibility’s definition of the subject “CSR is about companies achieving commercial success, in ways that honour ethical values and respect people, communities and the natural environment”.

Shalini Mahtani, MBE, Founder & Board of Director of Community Business

The topic of Business Benefits had been chosen to reflect a key area of interest amongst Chamber members, highlighted in last years CSR Steering Group survey. After some debate the answer was a resounding “yes”, there is definitely gold at the end of the rainbow, with net benefits far outweighing the costs involved, provided that companies invested the time and effort to embed CSR into their business culture. It was widely agreed that practising CSR as a “nice to have”, “tinkering at the edges”, or in order to be “seen to be doing something” did not result in businesses being able to profit in ways that were experienced by those who had embraced the concept and managed to gain buy-in at all levels of the organisation.

Kim Swan of Lloyds, and Business Benefits lead for the CSR Steering Group, reiterated this point, “CSR is about how business gets done and leaders should view CSR as a long-term commitment, in order to maximise the return on investment”.

Source: Michael L. Barnett and Robert M. Salomon. 2012.

Does It Pay to Be ReallyGood?

Britain in Hong Kong

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Dr. Jimmy Lau Fu-Shing, CEO of Richform Holdings Ltd., struck a chord with many audience participants representing SME members, “We are not a charity — we are a small company and we have to make profits. But we have found that CSR can be a competitive advantage if you tie it into key business strategies”.

Barclays Capital’s Richard Seeley emphasised the business benefits of addressing LGBT (Lesbian, Gay, BiSexual or Transgendered) issues to attract and retain top talent, and cited the British charity, Stonewall, which estimates that employees who feel From left to right: Simon Phipps, Towers Watson & Chair of CSR Steering Group; Jacky Miu, unable to bring “their whole selves” Corporate Affairs Director, Microsoft Hong Kong ; Dr. Jimmy Lau Fu-Shing, CEO of Richform to work — if by needing to hide their Holdings Ltd; Jean Sung, Executive Director & Manager of Global Philanthropy Asia Pacific, JP Morgan; Richard Seeley, MD Operations Hong Kong, Barclays Capital; Shalini Mahtani, founder sexual orientation — are up to 30% and CEO of Community Business. less productive than those who are. In therefore a global one, it is aligned at a regional and local a global organisation of 140,000 people, of which 10% or market level. Their portfolio of “community investments” 14,000 can identify themselves as LGBT, that 30% drop is not just about their finance but also about building off in productivity is the equivalent to losing 4,200 people. economic sustainability, as well as the integration of their That equates to tens of millions of pounds lost each year. employees’ pro-bono expertise, and it is here where they The critical success factor for Barclays is that CSR is find the most value. embedded in the business at the highest level and CSR is indeed a board level commitment from Barclays Group Ms Mahtani summed up the event by recapping on the HQ in London through to Asia. “CSR has to be embedded three key areas that the discussions had covered: in the board if it is to be embedded in the company’s • the benefit of partnerships and the importance of DNA. Board directors are responsible for CSR and are joining forces with an NGO and/or other entities at a driving diversity programmes, as well as helping local community level organisations achieve various goals”.

• the importance of leadership and the impact CSR has on an organisation when being driven from the board “CSR has stimulated a lot of thought in our organisation • the benefits to business — it is important to be aware — from product design to marketing strategy — in terms of the benefits and to measure what it is being done of how we serve our Customers and how we serve our without losing focus Community. This makes our products more accessible to more people and makes our people more responsible Simon Phipps, founder and chair of the CSR Steering to the community too. The tangible results include a Group, reflected “We are very pleased with our first event. broader customer base, better considered products, Our one regret was that we were caught off-guard slightly higher employee morale and team spirit.” said Jacky Miu, with the level of interest on the topic and, being heavily Corporate Affairs Director, Microsoft Hong Kong, offering over-subscribed, not all those who wanted to were able to a view of how CSR concepts can be considered in many attend. We received great feedback from attendees, which business contexts. underlines the genuine interest and importance of CSR amongst businesses in Hong Kong, as well as the value Jean Sung of JP Morgan explained that their CSR placed in such events. We look forward to helping enrich strategy is global but that the approach is tailored locally. the debate further in different ways, as we move forward “It very much depends on evidence or needs analysis together during the course of the year.” based on what is found in the markets where we live and work.” In the markets where JP Morgan operate they The Chamber’s CSR Steering Group will be launching its look specifically at the community needs and respond to 2013 Accelerator Project shortly, presenting an opportunity those in what they call ‘community investments’ which for members to join forces with others and help make a are separated into 3 pillars, community development, difference. More details coming soon. education and arts & culture. Whilst their strategy is

11

Business

Upping The Pace An Interview with Nik Gowing

Award-winning BBC World News Presenter, Nik Gowing, is renowned for his rigorous interviewing style and in-depth analysis. His extensive reporting and presenting experience has spanned three decades specialising in diplomacy, defence and international security. He is also acclaimed for his over-thehorizon analysis “Skyful of Lies and Black Swans”. The peer-reviewed study for the Reuter’s Institute at The University of Oxford has had a big impact in corporate and government circles. It warned about the inevitable vulnerabilities and fragilities for the institutional power of governments and corporations because of social media, which now challenges all the conventional assumptions of power. Yet many senior executives, ministers and civil servants continue to deny the impact on reputation or brand. Why do they believe mistakenly they can resist it when the new direction of digital vulnerabilities is so clear?

On 5th December Nik shared his up-to-the minute insights into the threats to power faced by leaders and professionals at a luncheon hosted by the British Chamber of Commerce. He later shared his thoughts with Britain in Hong Kong.

How is the new media environment affecting politicians and CEOs? Many public figures have to realise that it’s a central part of their duties because the public expect it. In the end they’re worried about all kinds of strategic issues, but my very strong impression, based on what head hunters and other HR people tell me is that the need to be so publicly accountable, so quickly, is simply not part of the basic skills and talents expected of senior executives. Obviously, senior politicians are, by the nature of their work, familiar with public information issues. The trouble is, I don’t think most of them have yet understood just how profoundly vulnerable they are.

How does the general public respond to the new media space?

If people see a lot of information through their smartphone for example, and in their view this information has been published by someone credible but the corporation or the government in question isn’t responding, they will come to their own view very quickly. There’s a natural scepticism towards big institutions which is now greater than it used to be, simply because people feel that they have a greater understanding from the public space about what those companies are doing.

I believe very strongly that governments and corporates which think they can somehow ride this wave in the same way they handle other challenges, issues, or questioning are making a flawed assumption. I don’t think they will be able to.

With that attitude, if they do emerge intact they’ll have been very lucky.

Does this mean there will be an increasing demand for PR companies and ‘spin doctors’?

No, I think we’ve moved on from spin doctors. Now companies need monitoring systems, to keep pace with the public space. It’s about having internal systems which are sensitised to high speed information. Even if it’s wrong information, you’ve got to be in a position to say ‘That’s wrong’, as opposed to letting it perpetuate itself and becoming perceived wisdom or perceived truth.

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Will the difficulties involved deter prospective business and government leaders from the accepting the highest positions of responsibility?

That could happen. We are beginning to see this in the British parliament. We have a large number of new parliamentarians who are not very experienced. Many of them have given up jobs, and they’re being paid £64,000 a year, which to many people sounds like a lot of money, but for the responsibility and the 7 days a week schedule, is not at all luxurious. And now they’re being challenged on everything which they thought was acceptable under the expenses regime. If, at the same time, they are being pilloried in what is loosely called the ‘social media’, I can fully understand why someone would say, “I just don’t want to do this job any more”.

But I think the greater challenge is for chief executives and senior executives. They have to understand that their job is not just about balancing the books and looking for new business, it’s about explaining and defending in the public space.

If, as we are led to believe, social media is a democratising force, where does that leave administrators who recognise its potential benefits but nevertheless feel threatened by its volatility and unpredictability?

I don’t think it matters what administrators’ thoughts and principles are. Many of them, those who I call ‘flat-earthers’, believe, because of the jobs they have and the course of their own careers, that the way things are managed in the public information space will, by and large, always remain the same. The issue is about accepting that there’s a very different public information space emerging.

In my view ‘democratisation’ doesn’t come into it so much, but that depends on what definition of democracy you use.

For me it’s more about empowerment, about new crowd agendas and about the speed at which that can happen. That is a form of democracy of course, and it can develop amazingly quickly. It’s the way it hits public figures so fast, whether it’s here in downtown Hong Kong over education issues, or in India or central London, or South Africa. You see this time and time again. People using mobile phones can get together and whether it’s a local issue, a social issue, an environmental issue, a community issue, or just community complaints, it’s catching public figures off-guard. If that’s democratisation then I would concede that democracy is involved. Medvedev, the Russian prime minister has said that this form of empowerment makes it impossible to be authoritarian anymore.

Uncontrolled spaces like this can often be seen in the early days of any new social phenomenon. Do you have any predictions about the way people will manage social media in the future or if any patterns or protocols are likely to be adopted?

At the moment it has no controls, except in the rare cases when the digital environment is switched off for whatever reason. But I think we’re moving to a stage when there could be ways of controlling it. I don’t have predictions, but we can see trends. In Britain there’s a recent case of legal action from someone who believes that he has been libelled by people who tweeted a name. I think in the purest sense of the word ‘Twitter’, that involves publication, Therefore, in a place like Britain, where we have very tough libel laws, we could well be turning a corner on this kind of thing. The Lord Chief Justice said it was outrageous that people were tweeting the names of those who had taken out superinjunctions, but many Twitter users don’t even know there’s a legal issue involved. Besides, it’s impractical to track down 75,000 people.

We’re moving very fast but what you can publish online does depend on the law of the land, and therefore on where your server or internet provider is located. I’m not a techie geek and I don’t fully understand how the internet works, but you can see we’re moving in a direction where current laws may have to be modified. The next generation have different expectations of the digital space. They don’t necessarily understand the law or other limitations; I think they assume that almost everything comes cost-free. That remains a dilemma for society.

Having said that, for our part we’re very clear about this issue. If I or one of my colleagues tweets for the BBC, then we are essentially publishing, and we are bound by the same internal rules on journalistic propriety as if we were writing a story to broadcast. There’s absolutely no ambiguity about that.

How does the new media space affect you in your work?

There are a lot of different people in the information mix now, and it can often be very enriching to read these new kinds of material. However, I take almost a vow of abstinence, for this reason: I want to read material that I know has been edited – that has been checked. It’s human frailty that if you read something, it goes in. You then assume it’s true and that begins to condition your thinking, even if it was actually wrong. I’d like information to go through a process of scrutiny. I’m very wary about some of the material I read now, and in fact I have sometimes declined to read some material because it’s subjective polemics rather than objective analysis.

Do you have any advice on how to avoid becoming a slave to ‘real time’?

I don’t think it’s a question of being a slave. If you’re a slave, you’re subservient. I think there are ways of embracing and countering the new environment. But first of all you do have to accept that real time is a tyranny. It’s going to be cruel; it’s going to be arbitrary; it’s going to be difficult. There are those who are in denial and say, ‘It doesn’t really affect us’. They are the people who are in trouble.

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Investment

Rare stamps for investment Marco Kaster Investment Director for Stanley Gibbons (Asia)

The bidding stood at 2 million dollars and all eyes were on me. One of the Chinese dealers was the highest bidder.

I nodded to the auctioneer. “2.1 million,” he announced and a murmur ran through the room. My rival shifted uncomfortably in his seat. This was already a record price, and more than what he wanted to pay.

“2.1 million,” the auctioneer announced again, looking at the dealer. He shook his head. The hammer came down to a round of applause. A couple of collectors came up to shake my hand. I had just paid more than HK$2,000,000 — for a stamp!!

I was buying the stamp on behalf of an investor – we had already put together a portfolio of rare British stamps, which would form the basis of his portfolio. He also wanted some key rarities that would have enduring appeal to collectors worldwide and so he had instructed me to buy a stamp featuring Dr Sun Yat-sen. But what makes this stamp so valuable — the normal stamp is very common and sells for around HK$8 — is that the portrait of Dr Sun is inverted, with only one sheet of just 50 stamps ever printed and put into circulation.

To illustrate this, US investor Bill Gross, the co-founder of PIMCO, who manages hundreds of billions of dollars, amassed a complete collection of 19th century US stamps, a feat accomplished by only two other collectors in the past.

In 2007, Gross’ collection of British stamps, purchased during the preceding decade for about US$2.5 million, sold at auction for US$10.5 million.

“It’s four times profit,” said a delighted Gross. “It’s better than the stock market!”

China 1941 $2 Dr Sun Yat-sen Note that the black portrait is inverted in relation to the blue frame.

Investment-grade stamps Whilst stamp collecting has been around since the middle of the 1850s, investing in rare stamps is a relatively new phenomenon. The distinction between collectible and investment-grade stamps must first be understood: Collectible stamps are collected by people who are interested in philately; they collect for the joy of it.

Investment-grade stamps, on the other hand, are stamps identified as having the potential to grow in value based on rarity and certain other characteristics.

Only an infinitesimally small fraction of stamps are likely to increase in value and investors use them for diversification and as an anchor for wealth preservation. Rare stamps are also uncorrelated to other asset classes and largely unaffected by economic events making them a very viable and stable alternative asset class with significant growth potential.

US investor Bill Gross probably the most prominent collector in the world today with a display of part of his stamp collection.

The GB250 Rare Stamp Index Now of course, most people are not in the market for a 2 million dollar stamp or able to amass a collection worth millions. Some have young families and are looking to invest for their children’s education; others may be approaching retirement and wish to protect their pension and yet again others are looking for portfolio diversification.

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The average rare stamp portfolio is around £50,000 (HK$600,000) and consists of 5-6 stamps, so a typical investment-grade stamp costs around £10,000 (HK$120,000), however, prices for investment-grade stamps start at around £1,000 to £1,500 and one can start a portfolio with an initial outlay of as low as £10,000.

The GB250 Rare Stamp Index which tracks prices of all British stamps valued at approximately £10,000 (HK$120,000) and above and which is quoted on Bloomberg Professional®, has shown an average compound annual growth rate of 13.9% since it was first compiled 10 years ago. The index also showed an increase of 32.7% between 2007 and 2008 when the global markets crashed.

The Stanley Gibbons GB250 Rare Stamp Index vs Equities, Property & Gold (1995-2012)

So why are rare stamp prices so stable? Well, the vast majority of stamps belong to collectors, not investors.

A prestige collector might have to wait five or ten years before he finds a particular stamp he is looking for — and when he gets it, he is likely to hold on to it for years and years. Collectors do not rush to sell their stamps at the first sign of a downturn in the stock markets or unstable currencies. If anything, they hold on to their precious collections even more.

The 5 golden rules There are five golden criteria when investing in rare stamps: Rarity: Only invest where there is a small number of surviving examples or where they are unique.

Condition: Only invest in the best quality examples.

Many factors influence the condition of a stamp, from the margins around it (early stamps were cut by postmasters and had no perforations) to the gum on the back, to freshness of colour — all needing an expert appraisal.

Authenticity: Ensure authenticity can be proven — a certificate is only as good as the person or body issuing it.

Seek items with documented history and provenance.

Liquidity: Only invest in areas where there are a healthy number of collectors, as collectors drive prices.

Price: The classic value-investment principle — seek to buy at below fair value.

Finally, determining the quality and value of a rare stamp is a specialist skill and should be left to an expert with years of knowledge and experience as there are numerous factors which are taken into consideration. Buy from a name you can trust — a dealer with many years of experience who has a valued reputation to uphold.

Marco Kaster is Investment Director for Stanley Gibbons (Asia). Backed by a specialist team comprising some of the world’s most well-respected philatelists, the Hong Kong o ff i c e b r i n g s e x p e r t i s e i n relation to investment in rare stamps and other premium, rare collectibles to the Asian Market.

For more information please contact: Marco Kaster +852 3975 2988 mkaster@stanleygibbons.com Sophia Nazer +852 3975 2990 snazer@stanleygibbons.com Established in 1856, Stanley G i b b o n s i s t h e w o r l d ’s premier stamp and prestige collectibles merchant with offices in London, Jersey, Guernsey and Hong Kong. As holders of the Royal Warrant for services to philately since 1914, Stanley Gibbons offers discerning investors and collectors some of the most coveted collectible items available on the open market. With its heritage, wealth of expertise and contacts, it brings an unparalleled service alongside the reassurance of quality and integrity to investors seeking wealth preservation, prestige and exclusivity. www.stanleygibbons.hk investment@stanleygibbons.hk

Investment

Halo’d Ground

Anyone who has seen the TV programme Dragon’s

talent yet, and in a wide range of businesses. From heavy

Den will know that asking for investment is not an easy

industry to confectionary, there was truly something for

sell. The world of finance may finally be returning to

everyone. RIS started off by pitching a major expansion

something approaching normal after the crash of 2008,

in the online recruitment platform, and were followed by

but potential investors are still more than cautious

NeoMechanics, who introduced a piece of revolutionary

about putting their money into new enterprises. The

industrial material with wide-ranging and desperately

British Chamber of Commerce in Hong Kong has

needed applications. Having been faced by both of

known this long before the crash, but the Baker Tilly

these intriguing opportunities, the Angels were then

Hong Kong Business Angel Programme was designed

presented with a very large scale project from Chayora,

to give entrepreneurs that all important opportunity to

a proposition involving high-tech facilities in China.

shine in front of real potential investors, and in many

Lastly, the prospective investors were delighted by the

ways now is the most crucial time for a resurgence of

presentation of confectionary brand La Madeleine de

confidence. Last year Britcham expanded the capability

Proust. Its founders are opening up a colourful line of

of the programme by launching its own website —

French cookies and other confectionary in Hong Kong, a

angel.britcham.com — to provide entrepreneurs and

product with obvious appeal in the local market.

prospective investors with all the information at their fingertips.

The next few months will tell who gets investment, who provides it, and how those relationships will begin

As always, Business Angels mean business. Another

to develop. But if the atmosphere in the room was

round of applicants are getting ready for the upcoming

anything to go by, there should be plenty of positive

business angels presentations on 19th March, and they

energy to carry these entrepreneurs through. As for

have a tough act to follow. Last November’s round saw

the upcoming rank of contenders now preparing their

one of the most convincing selections of entrepreneurial

presentations, we look forward with anticipation…

Exciting Investment Opportunities with the Baker Tilly Hong Kong Business Angel Programme

The Baker Tilly Hong Kong Business Angel Investment Programme The British Chamber of Commerce is hosting its eleventh Business Angel Event sponsored by Baker Tilly Hong Kong. This initiative provides an opportunity for new businesses, or existing small businesses looking to expand, to present their business plan in front of an audience of potential investors. Each candidate is screened before a committee of business professionals before the event and the investment opportunities that are subsequently presented on the day are high quality and often very exciting. There are still spaces available at this event for any potential investor who would like to hear more. Space is limited so please let us know as soon as possible if would like to be part of this unique investment opportunity.

Tuesday 19th March 2013 8.00am Harcourt Suite, 1/F The Hong Kong Club Central Please RSVP to Emily Ferrary, British Chamber of Commerce: emily@britcham.com

Sponsored by

Supporting Organisations:

Lifestyle

Indonesia

Nikki Pang Maketing Manager, Lightfoot Travel

Indonesia is an intoxicating blend of intermingling religions, diverse languages, and home to over 230 million people — the world’s fourth most populous nation. Throw into that mix gorgeous sandy beaches, lush tropical forests, phenomenal animal and marine biodiversity, and tongue-tingling cuisine. With this vast archipelago stretched out at our doorstep, we really are spoilt for choice when it comes to exotic cultural delights and island escapes. We’ve picked our top four destinations for soaking up culture, exploring the seas, and indulging in the best that barefoot luxury has to offer.

Sumba Island — Nihiwawtu The island of Sumba is 400 kilometres east of Bali and one of the few Indonesian islands where the majority of its 600,000 plus population still follow the ways of their ancestors.

Untouched by the modern world, a visit to its villages, famed for the Pasola ceremonies that take place during February and March, is a chance to really step back in time.

In 1988, American Claude Graves and his wife Petra set up camp on the island in the hopes of creating a resort on par with international standards. However, the Graves weren’t interested in building a 5-star hotel that existed in isolation from the cripplingly poor local community, and were determined that the resort of Nihiwatu became the vehicle that would improve the quality of life for ethnic Sumbanese. In 2000 they co-founded the non-profit Sumba Foundation, which now raises $500,000 a year towards the elimination of malaria, building schools, clinics and providing potable water for the villages.

Nihiwatu itself encompasses 175 hectares of tropical forest, rice terraces and grasslands. Its stunning 2.5 kilometres of beachfront are protected by headlands that ensure total exclusivity for the handful of villas dotted along the coast. The newly opened Nihiwatu 2.0 suites have been designed by the best minds in eco-design and alternative engineering, with the intent to pave the way in eco-luxury. Nihiwatu is a truly breathtaking getaway and one that few people have the chance to experience.

Moyo Island — Amanwana Moyo Island is a designated wildlife reserve, where Amanwana’s 20 luxury tents overlook the tranquil Flores Sea. Inland, the island is a haven for nature lovers with countless treks through beautiful caves and waterfalls, and plenty of opportunity to spot the area’s indigenous wildlife. The Rusa Deer is native to the island and the resort’s deer breeding programme has brought about a significant increase in the numbers of these shy and graceful creatures.

Beneath the surface, the opportunity for incredible snorkeling lies just steps away from your tent.

The tents themselves take camping to entirely new levels. Nature is the theme, and they are set under a canopy of tropical forest. Coral stone surrounds the hard wood deck of each tent, and sand pathways link the tents to the dining areas, reception and beach.

In true Aman-style, tents are large and come complete with modern amenities including hard wood floors, king-size beds, air-conditioning and Indonesian island artwork.

For the true Aman-junkie, you can sandwich a stay at the Amanwana between Java’s Amanjiwo and Bali’s Amankila, Amanusa and Amandari.

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Raja Ampat — Tiger Blue, Damai Cruises, Misool Eco-Resort Raja Ampat is a magnificent archipelago made up of over 1,500 small islands, cays and shoals in Indonesia's West Papua province.

Single reefs here are meant to contain more species than the entire Caribbean, and it is now known to be the most biologically diverse marine region on the planet. Diving takes centre stage but kayaking and trekking are also a real joy. Kayak through steep limetone karsts painted jungle-green or schlep through virgin rainforests to scale peaks and look over landscapes few will ever get the chance to see.

Its relative inaccessibility means that mass tourism has not cottoned on yet.

Remember though, remote does not mean roughing it, and you can still enjoy dinner by candlelight along with a fine glass of Merlot. We recommend the Tiger Blue for private charter, Damai Cruises for individual hire, and Misool Eco-Resort for those who haven’t quite found their sea legs and prefer their luxury lodgings on firm ground.

Lombok — Sepoi Sepoi, Sira Beach House Lombok is Bali’s less famous, less populated, and much quieter eastern neighbour. It’s a beautiful island lined with pristine beaches, dense forest, and the second highest volcano in Indonesia, Mount Rinjani.

Climbing Rinjani is very popular, as is island hopping across the famed Gili Islands, clearly visible across the waters off Lombok’s northwest coast.

While Lombok has a great selection of hotels, private villas are the way to go if you’re travelling with a larger group. Meaning “Sea Breeze” in Bahasa, Sepoi Sepoi is the mother of all villas and is situated right across the bay from the Gili Islands. The villa is very child friendly and the ideal setting to play with your children in an environment that is both stunning and safe. With six bedrooms, a pool, a pool bar, an openair cinema, and plenty of garden area to run around in, Sepoi Sepoi has a little something for everyone. And if you have a huge group and need even more space, the equally luxurious, 12-bedroom Sira Beach House is right next door and separated from Sepoi Sepoi by a gate. One of the best experiences is when they set up a barbecue right on the beach along with a little dug out seating area for relaxing over a few drinks afterwards.

Bespoke travel company Lightfoot Travel (www.lightfoottravel.com) is an Asiabased 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

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Charity

The Britcham & KPMG Rugby Dinner 2013 is delighted to announce Bo Charity Foundation as this year’s beneficiary!

Held on Thursday 21st March 2013 at the Hong Kong Football Club, this popular annual dinner is a must-attend event for any rugby fan, with entertainment from the legendary Scott Gibbs and Peter Wheeler and comedy from Gary Marshall. We are pleased to announce Bo Charity Foundation as the chosen charity to receive funds raised at the Britcham & KPMG Rugby Dinner 2013.

The gap between rich and poor is at a record high in 2012, studies have shown that the seniors of Hong Kong are being hit the hardest.

1 in 5 people live under the minimum level of income deemed adequate for the basic needs 1 in 3 seniors struggle to meet their basic nutritional needs 1 in 4 children does not get to eat 3 meals a day Ironically, while many are struggling to meet their basic nutritional needs, 3,600 tons of food waste is being created on a daily basis. One third of the total food waste is being created from the commercial and industrial sectors, but a significant amount of which are quality foods that could be saved!

Knowing the abundance in surplus foods being wasted every day, project “Food Angel” was launched in 2011 by Bo Charity Foundation in effort to rescue these wasted quality food to help the underprivileged who are struggling with their basic needs.

Food Angel collects surplus food donations from grocery retailers, food manufacturers, food distributors, caterers, hotels and restaurants to prevent good food from going to waste. These surplus foods are then brought to their professional central kitchen and prepared into healthy balanced hot meal boxes for distribution to over 30 social service agencies across the cities.

Food Angel was successful in rescuing over 109 tons of surplus foods from the commercial and industrial sectors and creating over 146,903 hot meals in 2012. For information please visit, www.foodangel.org.hk In 2013, Food Angel will launch a “Bread Angel” project — a volunteer recruitment programme to combat the significant amount of surplus breads and buns wasted every day from over 416 bakery chains and over 2,261 family run bakery shops across the cities in Hong Kong.

Funds raised at the Britcham & KPMG Rugby Dinner this year will go towards the “Bread Angel” project.

Britain in Hong Kong

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Perspective Questions Interview with Keith Pogson, Managing Partner Financial Services- Asia Pacific, Ernst and Young How’s business?

Business is okay. There’s a balance between the ongoing financial recovery and some of the aftershocks like the economic cooling in China last year. Our business, as for our competitors, comprises a combination of steady business and some incremental business, ie. positive news generally created by IPOs coming out of the mainland. So the cooling of the capital markets from the mainland means that there is a time delay for IPOs. 2010 was pretty exciting, 2011 was already cooling, 2012 was slow, and this year we’ll see what happens, but there are some signs of optimism.

What’s curious is that when we start getting deeper into the reporting season I think what we’ll see is that 2012 was actually a much harder year for Chinese manufacturing than it appeared on the surface. Chinese manufacturers previously considering launching on the Hong Kong stock market probably won’t feel as bullish after coming out of the 2012 year. We will see how much comes out of China this year, but my expectations are not sky high. There are other markets in the region where Hong Kong is trying to attract business — Mongolia, Vietnam, etc., but in those cases we haven’t yet got the disciplined pipeline of business coming, into the Hong Kong market.

So the big picture is not bad, but the difference between ‘pretty good’ and where we’d like to be is really down to the relative coolness of the market from mainland China for capital market transactions.

What’s the most exciting business-related news you’ve heard recently?

There are a couple of things exciting me at the moment. Firstly, I think we’ve discovered the ‘new normal’ in business. In the last few years we’ve been limping from crisis to crisis. I think around Jan 1st people woke up and said ‘This crisis is part of normal life. Let’s get on with things.’ I think a lot of businesses are switching the lights back on and the unnecessary panic seems to have calmed down. Across the financial horizon all around the world, people are recognising that yes, this there’s going to be malaise in Europe for some time, yes there’s going to be slow growth in the United States, and yes Asia is still working out its own place — let’s get on with life as normal, rather than continuing in a ‘stop-start, stop-start’ mentality. For the last four or five years we haven’t seen an environment where people are no longer putting off the tough calls, getting on with life, thinking about the future and being more strategic in planning. That’s the sentiment we’re feeling now across the world.

Closer to home, I’m noticing the re-emergence of ASEAN. When I first came to this region, people talked about ASEAN as opposed to China. But we’ve gone through a series of reformminded Chinese leaders, especially Zhu Rongji who laid the platform for the explosive growth of the late ‘90s and early 2000s. By 2007, if I mentioned to company heads in the US that I was working in Asia, the usual response was, ‘Tell me about China!’ — as if Asia and China were the same thing. By the end of 2011, I think there was a new cognisance that China isn’t the only part of this region.

What are your plans for the firm in the region in the coming year?

And the biggest news recently for your industry?

We continue to do what we do best. We’re expanding our operations around Asia Pacific. We have a lot of fast growth in regions like Vietnam and Mongolia, and the ‘new one’ is Myanmar where we’re opening up at the moment. More widely, we are continuing to build up on ‘advisory business’.

That’s the fastest growing part of our business across Asia Pacific and particularly here in Hong Kong.

This isn’t ‘new’ news, but that globally the industry faces a number of challenges in terms of regulatory framework. There has been a lot of discussion, particularly in Europe, about mandatory audit rotation. This has very large connotations for the accounting profession. We’re very mindful of this issue and our firm is involved in discussions with regulators around the world as to what we think is the right answer and what is good for the business community.

What does your work involve personally?

I look after the financial services business in Asia Pacific — so, everything that Ernst and Young does around our financial services client based in this region, whether that be auditing, accounting, tax services, our advisory business (about 50% of our business in financial services), or transaction advisory (mergers and acquisitions for example). So I have a management role in looking after all that business, and also help our firm with a lot of our change and growth. I’m heavily involved in recruiting people to help grow our business; in terms of motivating our people, I lead a lot of our diversity and inclusiveness activity; and also meet with clients, both from a service quality perspective and from a sales perspective. On a personal level I also spend quite a bit of time working with and advising governments in the region on their initiatives.

How does frequent travel affect you?

That depends where I’m going to. I must admit that I get more excited about flying to new markets like Mongolia than some of the more regular ‘bus trips’ into mainland China.

How does the British Chamber of Commerce add value to your business?

It’s an opportunity to get our brand out, and it’s an opportunity for us to meet people from the British business community. We are very deeply tied in to the British business community back in the UK, just like the other major accountancy firms. It is a good opportunity to put names to faces.

How long have you been living here?

Seventeen fun years.

What’s your favourite spot in Hong Kong?

Home. It’s where my family is, and it’s not the airport!

What’s the biggest change you’ve noticed since you’ve been here?

Not enough. To my mind there hasn’t been enough change in Hong Kong over the last seventeen years. If you compare the

Britain in Hong Kong

change that has taken place in Singapore, or Seoul, or any Chinese or Vietnamese cities for that matter, Hong Kong has been one of the most static cities in the region.

The opportunity for change is there, and I would thoroughly encourage government to make decisive investments for the future.

Why do you think that there hasn’t been much change?

The basic law has a number of challenges in it. The largest one, to my mind, is the stipulation that the Chief Executive not be affiliated to a political party. Back in the 1980s, this measure quelled mutual paranoia in both London and Beijing about Hong Kong Chief Executives being controlled from afar. What this has left us with, unfortunately, is less connection between the CE and the legislative. So, Legco is effectively forced to be in opposition, almost by its nature, because there is no political party cohesion between it and the CE. So the government has to rely on affiliations and influence, rather than the party line that we see in most modern societies. This is a major handicap and has muted government’s progress.

The disproportionate ability of smaller but very loud interest groups to overly influence what’s going on in the Hong Kong political community has slowed government in doing a lot of the things which are clearly the right things in the long term. A good example is the dialogue that occurred in terms of getting the high-speed railway agreed. To take another example, to my mind the most valuable physical and logistical asset we have in Hong Kong is the airport. That might be my particular view of the world (because I go to the airport a lot!) but the airport has really supported Hong Kong as an Asian business centre.

That connectivity and ease of communication has made the city stand out and positions it very strongly in terms of competition with rivals like Singapore. The third runway and the high speed rail link are obvious next steps.

We’re now 15 years through a 50-year cycle of one country two systems. We have much to do to ensure the prosperity of Hong Kong in 35 years’ time. Laissez-faire government has worked well so far, but we probably need to think what we’d really like Hong Kong to look like, to have a sustainable business proposition for the next hundred years.

The British Chamber’s Sterling Members

Thank you for your continued support

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What would you say is the chief Hong Kong-related issue that takes up a lot of your time at the moment?

Something that I’m working on a lot at the moment is gender diversity on corporate boards. I work a lot with the Women’s Foundation amongst other organisations. At Ernst and Young one of the things that differentiates us is what we call ‘high performing teams’. That means we get people together from different backgrounds, different experiences, different genders, different age groups, and by bringing the diversity of their thoughts, they actually come up with smarter ideas and innovative solutions to problems. Nowadays information is easily accessible, so now we need teams which bring insight and innovation. The way you’re going to do that is to have highperforming teams with diverse backgrounds. We’re very excited about this. In Hong Kong, 50% of qualified accountants are women, and that number is rising every year. As an employer we have 30% female partners already and that number is also rising every year — of our new partners, half or more every year are women. Personally I’m very excited about what’s going on in this space, because the government has a great initiative and policy about their statutory boards, pushing for a minimum 30% female occupancy. Bringing people from diverse backgrounds onto boards ensures insight and innovation which brings inspiration and that’s what drives organisations forward. Hong Kong’s business community does need to evolve, so gender diversity is a topic I’m passionate about, both through Ernst and Young and personally.

If there was one thing you could change in Hong Kong, what would it be?

At a social level, the restrictions in the basic law about the Chief Executive’s political affiliation. Personally speaking, I also agree with Christine Loh about pollution challenges. In business terms, we need to build more schools to make Hong Kong an attractive place for wider talent to work and live.

MEMBER GET MEMBER 2012 the to l a rr fe re l u sf es cc su a ke a M ommerce C of r be m ha C sh ti ri B

o! tw r fo l ea m ic st ta n fa a y jo and en The British Chamber’s Member get Member 2012 Campagin is coming to a close! If you successfully introduce a company that results in them becoming a member of the Chamber before the end of March 2013, 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 Watermark, courtesy of Café Deco Group.

Watermark

Watermark offers unparalleled waterfront dining with an airy, 270-degree beautiful backdrop of Victoria Harbor. An elegant stone entranceway and water features lead the way to the restaurants sleek interior of teak, marble and glass. The high ceilings, ample natural light, floor to ceiling windows and picturesque view make this eatery a perfect choice for both daytime and evening meals. Watermark’s team of skilled chefs create the perfect modern continental cuisine. One of the house specialties is dry-aged beef from the restaurants own dry-aging cabinet, which is offered by only a handful of restaurants in Hong Kong. The impressive steak menu features renowned cuts from all around the world. Succulent seafood dishes are also on offer featuring everything from lobster to fresh prawns and oysters. The beverage menu also offers fine wines as well as special concoctions and tasty cocktails.

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

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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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 award-winning 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 15% off the lunch buffet in Kitchen and dinner in Sing Yin Monday to Friday, and 10% off in all venues at all other times. 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 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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News Art in the Frame In case you missed all the promotion, the Hong Kong Affordable Art Fair will be here on the weekend of Match 15th to March 17th in the Hong Kong Convention and Exhibition Centre. Providing a wide selection of art from over 80 galleries worldwide, the Affordable Art Fair interposes fresh artists with well known names. With a central focus on Asia, all pieces in the fair are priced between HKD$1000 and HKD$100,000, with the majority under HKD$75,000. Also featuring activity guides, workshops on art collecting, discussions on direction in contemporary art, and plenty of great food and music, the fair has something for everyone. Standard entry costs $150 for adults and $75 for senior citizens.

For those who want a change from modern art, the Hong Kong History Museum is currently hosting an exhibition of spectacular artefacts from ancient Mesopotamia. In an exhibition sponsored by the Hong Kong Jockey Club, priceless Mesopotamian objects from the British Museum are on display until May.

Architecture Symposium The Faculty of Architecture of the University of Hong Kong is collaborating with ARCAM and CITIES, Amsterdam on an exhibition and symposium entitled WeOwnTheCity. By displaying examples of community planning from both Amsterdam and Hong Kong, WeOwnTheCity aims to showcase emerging urban development and community planning initiatives in both cities. The event is supported by the Development Bureau, HKSAR, the Dutch Consulate General, professional institutions such as the Hong Kong Institute of Urban Design, Hong Kong Institute of Architects and Hong Kong Institute of Planners; and general public participants who truly “own the city” through positive and energetic discussions, debates and workshops. The exhibition is open in the Energizing Kowloon East Office (EKEO) in Kwun Tong until March 21st.

Civic Exchange new publication estimates 2012 cruise ship emissions in Hong Kong Local think tank Civic Exchange has recently launched a new report entitled Cruise Ship Emissions and Control in Hong Kong. With the opening of Kai Tak Cruise Terminal in June this year, the current report aims to provide timely information regarding cruise ship emissions in Hong Kong for thorough discussions between the government, business sectors and the general public on the issues.

The new Kai Tak Cruise Terminal will attract bigger cruise ships to Hong Kong and stay for a longer period of time. Their emissions will have a negative impact on people’s health in the neighbouring communities, so Civic Exchange is calling for a mandatory switch to low sulfur fuel. “This report is a first step to engage the cruise industry in Hong Kong,” Simon Ng, Civic Exchange’s Head of Transport & Sustainability Research explained. “By speaking directly to the cruise industry, we shall learn more about their operation, business model, as well as how they see their role in emission reduction, and what their major concerns are about government control and regulation.”

Financial Secretary Delivers 2013-2014 Budget

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John Tsang’s late February Budget presentation is generally seen to have held few surprises. Relief and welfare schemes were slightly expanded, with extended allowances for elderly and disabled people, as well as various measures to ease Hong Kong students’ finances — including scholarships for some who study overseas. Similar to last year, there will be a one-off reduction for taxpayers, in part because there is a sizeable budget surplus. Nevertheless, the Financial Secretary anticipates a small budget deficit by the end of this financial year as well as a slight rise in inflation.

New Appointments Howse Williams Bowers Law Firm HWB has expanded its corporate practice with the addition of new partner Chia Ching Tan. Chia Ching has experience in a wide range of corporate and commercial matters including IPOs, corporate restructurings, acquisition and disposal, general corporate advisory and regulatory compliance.

Chia Ching was involved in a number of notable initial public offerings and listings on the Main Board of the Hong Kong Stock Exchange, including the first listing of a mineral company under Chapter 18 of the Hong Kong Listing Rules in 2008, and, most recently, representing a leading media, telecommunications information and communications providers in Hong Kong in relation to the spinoff and separate listing of its telecommunications business in the form of a novel structure involving a listed trust and the offering of share stapled units. The trust was listed on 29 November 2011 and is the first of its kind in Hong Kong. The transaction was awarded the 2012 Equity Market Deal of the Year by Asian Legal Business.

Chia Ching was also involved in one of the largest corporate mergers and acquisitions to date in Malaysian corporate history involving the privatisation of the largest independent power plant in Malaysia, which was previously listed on the Main Board of Bursa Malaysia Securities Berhad.

Britain in Hong Kong

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Sponsorship Announcement Barclays Sponsors the British Chamber’s Inspirational Women Series for the Second Consecutive Year!

The British Chamber of Commerce is pleased to announce that Barclays will be sponsoring the Women in Business ‘Inspirational Women’ Series for a second consecutive year in 2013.

The ‘Inspirational Women’ Series is a series of six seminars that is co-ordinated by the British Chamber’s Women in Business Committee with the support of Barclays. The committee is very active and organises regular networking events and seminars throughout the year primarily aimed at Women in Business in Hong Kong. The primary role of this series is to celebrate women leaders whilst looking at the opportunities and challenges women face, across different industry and professional sectors. The series will also create opportunities for corporate and individual members to engage with contemporary topics of professional interest to business women.

We look forward to welcoming you there. Please visit www.britcham.com for more information.

About Our Sponsors: Barclays Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit www.barclays.com

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Tel: +852 2636 8388 hongkong@crownrelo.com

Go knowing www.crownrelo.com/hongkong

New Members New British Chamber Members for January

New British Chamber Members for February

CORPORATE

STARTUP

CORPORATE

YNETWORK

ISG Mark Osborne Director of Construction Tel 2815 7338 mark.osborne@isgplc.com 10/F, W Square, 318 Hennessy Road, Wanchai, Hong Kong Construction

Understand Britain Alice Parker Director Tel 9438 3864 alice@understandbritain.com Level 13, 68 Yee Wo Street, Causeway Bay, Hong Kong Education

Practicus Ltd Steven Moorshead Senior Partner Tel 2824 8422 steve.moorshead@practicus.com.hk 20/F, Suite 2008, One IFC, 1 Harbour View Street, Central, Hong Kong Management Consultants

Hogan Lovells Harriet Anne Dedman Associate Tel 2219 0888 infohk@hoganlovells.com 11/F, One Pacific Place, 88 Queensway, Hong Kong Legal

JT International Akhil Bhardwaj Business Development Director Tel 6053 5880 akhil.bhardwaj@jti.com 42/F, Tower One, Times Square, One Matheson Street, Causeway Bay, Hong Kong Consumer Goods

Cornerstone Group Limited Wayne Hallas Director, North Asia Tel 2824 8911 wayneh@cornerstonegl.asia 2/F, Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong Consultancy

Spencer Ogden Hong Kong Limited Emma Charnock Head of HK/China, Director Tel 3978 2662 emma.charnock@spencer-ogden.com L17, Aon China Builidng, 29 Queen’s Road, Central, Hong Kong Recruitment

Colliers International (Hong Kong) Ltd Thomas McAlister Manager Tel 9023 7002 thomas.mcalister@colliers.com Suite 5701, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Property / Real Estate Services

ADDITIONAL IP Global Limited Grant Reynolds Director Tel 6146 9056 grant.reynolds@ipglobal-ltd.com 17/F, 88 Gloucester Road, Wanchai, Hong Kong Property / Real Estate Services IP Global Limited Peter Young Investment Director Tel 3965 9393 peter.young@ipglobal-ltd.com 17/F, 88 Gloucester Road, Wanchai, Hong Kong Property / Real Estate Services DHL Global Forwarding (HK) Limited Julian Martin Global Controller Tel 2976 3767 julian.martin@dhl.com L23, Tower 1, Kowloon Commerce Centre, 51 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong Freight Forwarding/Logistics & Delivery

OVERSEAS Andrews and Wykeham Ltd Mark Campion Projects Manager Tel +44 1256 477372 mark.campion@andrews-wykeham.co.uk Unit F, Lutyens Industrial Centre, Kingsland Business Park, Bilton Road, Basingstoke, RG24 8LJ, United Kingdom Security Services Stowe School Christopher Honeyman Brown Chairman of Governors Tel +44 1280 818249 honeymanbrown@gmail.com Stowe School, Stowe, Buckingham, MK18 5EH, United Kingdom Education

Prime Consulting Engineers Ltd John Harkins Managing Director Tel 2572 3988 john.harkins@pcehk.com 9/F, Chinachem Johnston Plaza, 178-186 Johnston Road, Wanchai, Hong Kong Consultant Engineers PMO Academy Ltd Sharon Mullan Director Tel 2530 8837 sharon@pmoacademy.com Suite 2207-2209, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong Consultancy Smyth & Co David Smyth Principal Tel 2216 7100 david.smyth@rpc.com.hk 11/F, Three Exchange Square, Central, Hong Kong Legal

STARTUP ADDITIONAL Cornerstone Group Limited Neil Lavery Managing Director, North Asia Tel 6424 8597 neill@cornerstonegl.asia 2/F, Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong Consultancy

Cable & Wireless Global (HK) Limited Johnny Lau Business Development Manager Tel 6311 7011 johnny.lau@cw.com 31/F, Cambridge House, Taikoo Place, 979, King’s Road, Quarry Bay, Hong Kong Telecommunications Truphone Hong Kong Ltd Alex Ip SVP, Asia & HK Tel 8101 2102 alex.ip@truphone.com 20/F, Infinitus Plaza, 199 Des Voeux Road Central, Sheung Wan, Hong Kong Telecommunications

FunRaising Events Limited Natalie Li Events & Public Relations Executive Tel 3973 8533 infohk@fun-raising.com 8/F, 88 Gloucester Road, Wanchai, Hong Kong Auction

INDIVIDUAL Anand Gohil Tel 9855 6992 anand.gohil@aktiscapital.com 18/F, Asia Pacific Centre, 8 Wyndham Street Hong Kong

ADDITIONAL OVERSEAS Practicus Ltd Haakan Andresen Senior Partner Tel 2824 8422 haakan.andresen@practicus.com.hk 20/F, Suite 2008, One IFC, 1 Harbour View Street, Central, Hong Kong Management Consultants

HKUST Loretta Tam Assistant Director, MBA Career Services Tel 2358 8423 ltam@ust.hk The Hong Kong University of Science & Technology, SBM Dean’s Office, Room 6415, Clearwater Bay, Hong Kong Education Ogilvy & Mather (HK) Pte Limited Benedict Gordon Managing Director, The Brand Union Hong Kong Tel 2884 8388 benedict.gordon@thebrandunion.com 23/F, The Center, 99 Queen’s Road Central, Central, Hong Kong Advertising & Design

Do It Lean, LDA Joao Gomes APAC Business Development Tel 9177 6369 joao.gomes@doitlean.com R. Eduardo Cortesao, 18-1 Dto, 1600-615, Lisbon, Portugal Computer / Technology / IT Jane Piper Brand Strategy Jane Piper Principal Tel +44 7798 853845 jane@janepiperbrandstrategy.com Fairfield House, Godsfield, Old Alresford, Alresford, Hampshire, S024 9RQ, United Kingdom Management Consultants

STARTUP Infrared Capital Partners (HK) Limited David Watt Senior Advisor Tel 2809 0800 david.watt@ircp.com 23/F, 8 Wyndham Street, Central, Hong Kong Private Equity & Venture Capital

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Shaken Not Stirred Sponsored By

31st January 2013, W Hotel

Lucy Jenkins (British Chamber of Commerce in Hong Kong), Kathryn Fowler (Nakama Hong Kong), Sara Burton, Clare Burrows (PEI Asia)

Sarah Powell (Gammon Construction), Cecile Gamst Berg (Happy Jellyfish Democratic Language Bureau), Victoria Gardner (Berwin Leighton Paisner)

Johnny Lau (Cable Wireless Worldwide), Patrick Williams (British ConsulateGeneral Hong Kong), Llewelyn James (IP Global)

Darryl Scott (Financial Partners), Graham Kibby (Home Retail Group), Allard Nooy

Alen Huang (Recall), Kim Kan (KPMG), James Wong (KPMG), Gregory Franc de Ferrière, Natalie Li (FunRaising), Yasmin Chong (Kalli)

Matthew Curtis (The Fry Group), Phillippa Cook (British Chamber of Commerce in Hong Kong)

Robert Burman (Financial Partners), Andrea Démy (AGS Four Winds)

Kim Kan (KPMG), Mandy Lee (KPMG), Joao Gomes (Do iT Lean), Starla Shin (Kingdee)