Britain in Hong Kong May 2013

Britain

IN HONG KONG May 2013

Vol 27

No 4

www.britcham.com

Uncharted Waters

Not For Sale

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Hong Kong Eye

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Building Valuable Brands That Deliver Business Growth

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Nihiwatu

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Contents How useful is an MBA in your career development?

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Uncharted Waters

Lifestyle: Nihiwatu

3 Chairman’s Message

20 Lifestyle: Nihiwatu

4 Uncharted Waters

22 Lunch with Lord Coe

6 Amongst Stormy Waters: Intra Asia Trade offers Rays of Sunshine

24 Rugby Dinner

26 Member Discounts

8 Hong Kong Eye

28 Member Get Member 2013

11 Business Insurance Through Succession Planning

30 25th Anniversary Dinner

31 News

12 Angels in Spring

32 New Appointments & Member News

14 How Useful is an MBA in Your Career Development?

34 New Members

16 Building Valuable Brands That Deliver Business Growth

35 Shaken Not Stirred

18 Managing Sick Leave in the Workplace

Britain in Hong Kong Editor Sam Powney Design Winnie Li Lilian Yu 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 Those of you who read this column (hopefully someone does!) will know by now that I do not use it to showcase future Chamber events and activities, because that is done elsewhere in the magazine and on the website. Rather, I use it to muse on a topical business concern, trying to suggest some possible pointers for how we do business in this great city.

Topical at the time of writing (though perhaps not at the time of publication) is the labour dispute at Kwai Chung. Of course there are many social issues that arise, in addition to questions of Hong Kong’s competitiveness at the port generally. What made the biggest impact on me, however, was watching the company “in the frame”, trying to distance itself from the dispute on the grounds that their contractors, not themselves, were the employers and hence they had no role to play. It seems to me that at a time when suspicions about the motives and values of business generally in Hong Kong are increasingly cynical, to take no responsibility for the activates of contractors (whatever the rights and wrongs of the dispute) risks fostering just the kind of rejection of business as an integral and positive part of the community that we sorely need to avoid.

Those of you who read the FT and enjoy Lucy Kellaway’s dry commentary on business life, may have read her acid dismissal of “employee engagement” on April 15th. So it is with some trepidation that I suggest it is not all nonsense, as she suggests, but is likely to be an increasingly important feature of business success, particularly as the demographics restrict ever further the supply of younger staff. For businesses that rely on a range of contractors to provide services within their firms – many of whom are the public faces of the business despite their employment status – it will become vitally important to treat those contractors’ employees in the same way as they do their direct staff. You cannot – or at least in my view should not – “outsource” staff engagement. And if staff do not buy in to what your business is there for, if they cannot feel engaged in an enterprise they can have pride in, they will either look elsewhere or become de-motivated.

As technology takes repetitive work out of human hands; the residual roles will increasingly depend on personal judgment and nuanced decisions. A resentful, de-motivated staff member is not going to make the right decisions for the business, and customers will be lost. In my view, how we engage our staff in our enterprises will be a key factor for success in the years ahead, despite Lucy Kellaway’s cynicism.

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

Uncharted Waters

Sam Powney, Speedflex Asia Ltd

Major strikes are unusual in Hong Kong, but even by local standards, the dockers’ strike seems to have made a much bigger mark on the public consciousness than the original cause would suggest. If there is one aspect of it that people can agree on, it is that the dock workers’ strike is symbolically important. Besides gaining a great deal of public attention, the strike also raises important questions about Hong Kong’s future direction as a port and as a city.

Last year, Tim Smith, Maersk’s chief executive for north Asia, was already talking about the need for development of Hong Kong’s port facilities: ‘In the last 15 years, other Chinese ports have started to compete with Hong Kong, such as Shenzhen and Nansha. They can do many things that Hong Kong built its business originally on. To be competitive, Hong Kong needs to offer something beyond that.’ It is a similar argument to that of the third runway at the airport, only that in the case of Hong Kong’s port, there is no single obvious direction for development. What could Hong Kong’s port offer that it does not offer already?

It is an emotive issue, not only because of the 110,000 people employed in jobs directly related to the port, but also because of its central place in Hong Kong’s history. Hong Kong’s entire development has been deeply tied to its attraction as a shipping hub, and to this day Kwai Tsing is

the world’s third busiest container port. Some onlookers are dismayed by the fact that Hong Kong used to be in top place until 2004. In recent years it has been overtaken in terms of shipping throughput, first by Singapore and then by Shanghai. As in so many areas, Hong Kong’s shipping capability is nervously compared to those cities, and to Shenzhen – which also looks set to overtake Hong Kong’s shipping capability soon. Is shipping a clear case of Hong Kong slipping behind all three supposed competitors? Or is it just that it has taken thirty years for the rest of Asia to catch up? Hong Kong’s success as a shipping hub has undoubtedly played a major role in the growth of many neighbouring ports, and in the case of Shenzhen, the entire city. Moreover, there is a danger of falling into the trap of never-ending city comparison indexes. Just as Hong Kong’s port has moved northwards from Hong Kong Island to its present location in west Kowloon, perhaps the growth of Shenzhen’s ports can be seen as part of a natural progression. After all, Hong Kong and Shenzhen’s ports are partly managed by the same companies, and taken together the two cities comprise by far the world’s largest shipping hub. Indeed, reports indicate that a great deal of shipping was simply redirected to Shenzhen’s ports during the strike.

Would injecting massive investment into Hong Kong’s port ensure prosperity for its workers and for the city as a whole?

Britain in Hong Kong

It would be unlikely to halt the growth of nearby ports, but it might stave off obsolescence. Christine Loh put the case for further development last year in an article in the SCMP, ‘The real challenge is how to clean up port, terminal and logistics operations so the city is healthier and more pleasant for workers in this sector and society at large. Reorganising back-up facilities is essential, and ships must be made to burn much cleaner fuel and practise slow steaming sooner rather than later. These steps are part of a well-trodden path for ports in Europe and North America as governments saw the public health costs.’

Although the shipping business is prone to significant fluctuations, last year saw a notable drop-off in Hong Kong’s container business. While Shenzhen increased its number of containers by 1.6%, the throughput of Hong Kong’s container port decreased by around 5%. At the same time, the Pearl River Delta as a whole faces competition from other regional shipping centres. Could labour disputes and lack of competitiveness lead to the diminishing of Hong Kong’s shipping business, despite all the public support for the dockers’ union? Certainly Hong Kong is more vulnerable to price competition from mainland ports than Singapore for example. Yet Hong Kong’s legal and tax systems should continue to make this city’s port indispensable for many overseas cargoes, unless Shenzhen

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can somehow integrate its customs and tax regulations with Hong Kong.

But this begs a further question: is the obsolescence of logistical hubs an inevitable feature of the gradual transition away from a manufacturing economy? Economic transformation seems to be a major factor in the groundswell of public sympathy for the strikers, but most of Hong Kong’s working population is employed in situations far removed from that of the port workers. The service economy accounts for around 95% of Hong Kong’s GDP, and while the container port at Kwai Tsing currently plays a paramount role in the day-to-day stocking of Kowloon’s shopping malls, it might not always be so.

It seems likely that Hong Kong will continue to keep its port ship shape to the best of its ability, no matter the competition, but there is a growing recognition that, though still very profitable, Hong Kong’s shipping business may have passed its high water mark. With the growth of Hong Kong’s other business sectors, could and should Hong Kong start to rely less on the port as part of its core identity? If so, it is likely to be an emotionally difficult adjustment, especially for a city already confronting a widening income disparity, a transition to greater democracy and a more general identity conundrum.

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Amongst Stormy Waters Intra Asia Trade offers Rays of Sunshine

Mark Millar, Logistics Committee Chairman

Whilst demand remains soft and capacity imbalance prevails, the container shipping industry is proving to be stormy waters for ship owners, operators and investors. Industry executives are increasingly concerned about a range of challenges facing the ocean freight sector, including weak cargo growth, new capacity coming into the market and increasing environmental issues.

The major challenge is that the industry still has too much capacity chasing not enough cargo, resulting in on-going financial challenges for the sector.

According to SeaIntel, during the last four years the top 20 container carriers have accumulated combined losses of USD 6.9 billion. During 2012, shipping lines collectively just about broke-even and the 2013 industry-level forecast from Drewry is a modest profit of USD 280 million – hardly an adequate return on global volumes now reaching 170 million TEU of containers per annum.

Estimates vary on the capacity imbalance – Barclays Bank estimates cargo demand will grow by 6.3% in 2013, whilst Clarksons forecast global container trade to grow 6.1%, others consider 5% growth to be optimistic. With continuing economic challenges in the major developed markets of USA and Europe impacting demand growth on the traditional high volume trade lanes, the south-south trade (Asia – Indian sub continent – South America) is expected

Britain in Hong Kong

to show strong growth, which will be most welcome – especially whilst capacity continues to increase at double digit rates.

At the beginning of last year, there was 4.3 million of new capacity on order, more than 25% of the total worldwide fleet capacity of 16.3 million TEU. During 2013 even more capacity will come on-stream.

This year, there is 3.4 million TEU of containership capacity on the global order books, equivalent to 21% of the existing fleet. Many of these new ships are the 10,000+ TEU vessels that primarily operate on the Asia-Europe trades, resulting in some existing large and mid-size vessels being cascaded down into other trade lanes. However, this will not alleviate the rate pressure in the major trade lanes where shipping lines have been furiously fighting for volumes by reducing freight rates.

The fundamental lesson from prior cycles - that reducing the price per box does not increase the total amount of boxes to be moved – seems to have been lost along the way, with Drewry reporting freight rate declines of as much as 30% year-on-year on some major trades.

The consequences of this brutal competition that drives the decline in freight rates – considered by some to reflect an absence of courage and discipline – are that many shipping lines that managed to increase their container volumes have still experienced declines in revenues – one example being a 14% increase in volume with a corresponding 21% decline in revenue.

For the industry to have any chance of establishing some equilibrium in the supply and demand model within a largely commoditised sector, capacity needs to be removed from the market, at least for the short to medium term. In the absence of any carriers going out of business (yet), then the short term prescription needs to accelerate the idling of container ships to reduce capacity on the supply side.

During 2012, 178 ships with combined capacity of 332,000 TEU were sold for scrap. Container ships currently parkedup and temporarily out of service have reduced total capacity by 800,000 TEU – almost 5% of the total global fleet. But for any sensible equilibrium to return to the current supply-demand imbalance, idled tonnage needs to reach at least two million TEU of capacity.

Amongst all the storm clouds, the Intra Asia trade offers some rays of sunshine.

For containerised ocean freight, intra-regional trade accounts for 41% of global trade, of which the Intra-Asia regional flows represent 79% - trade which is valued at 2.9

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trillion dollars. Intra-Asia container traffic has already overtaken Trans-Pacific volumes and the combined container volumes on Intra-Asia and Asia-Middle East are together forecast to grow to six times current levels by 2030.

With healthy growth in recent years, Intra-Asia container volumes grew to 26 million TEU’s in 2012 and are projected to keep growing by a healthy average 7% per annum to reach 33 million TEU containers in 2015.

All this in an environment with distinctly different geographic characteristics than North America or Western Europe, where contiguous land mass lends itself to long-haul road and rail cargo transport linkages. A significant proportion of the intra-Asia trade has no option but to travel on the water – for example the Philippines, Indonesia and Japan are island nations, inaccessible by land routes from other countries. Even when countries do have land connections available, the combination of infrastructure limitations and cross border inefficiencies often make water-borne transportation a much more efficient and cost effective option.

The average cargo journey length within Asia is much smaller than other major trades – for example Intra Asia container distances are typically 500-1,000 nautical miles, one tenth of the typical distance on the Asia-Europe trades.

Hence, the intra-Asia trade is served predominantly by mid-size container vessels – typically ranging from 1,200 – 3,500 TEU capacity – and is very fragmented with many small and medium-sized ports with length and depth restrictions, numerous shipping lines, hundreds of local players providing barging services and thousands of freight forwarders.

The healthy growth in trade and commerce is fuelled by robust and rising consumer and industrial demand throughout Asia – most notably in China, India and the ASEAN nations in South East Asia. India-China trade is projected to grow to $100 billion by 2015 - a 50% increase over current trade levels, whilst predications are for ASEAN to become a ten trillion dollar economy by 2030. We truly are in the Asia Era!

Mark Millar provides value for clients with independent, external and informed perspectives on their supply chain strategies in Asia – including China and ASEAN. His presentations, seminars and corporate briefings help companies to improve business operations, plan more effectively, and increase the efficiency of their supply chain ecosystems. 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

Artists, curators and Barry Stowe in Hong Kong Eye presented by Prudential at ArtisTree, Hong Kong, around Amy CHEUNG’s Down The Rabbit Hole, “TAXI” says Alice, 2004, wood, metal, plastic, wheels, and mirror, 4.5 x 1.5 x 1.7 m, courtesy of the artist and M+, photo: Kitmin Lee.

Hong Kong Eye Prudential Corporation Asia is delighted to be supporting Hong Kong Eye, a major international showcase of Hong Kong contemporary art with exhibitions in Hong Kong and London.

Hong Kong has always been a city whose vibrancy, depth and energy has long captivated us and it has been the hub of Prudential’s Asian operations since 1964. In recent years, we have seen Hong Kong become the city of choice for an exploding number of international galleries and auction houses setting up base in Asia. Paralleling this growth is Hong Kong’s creative ecology, developing rapidly with major cultural infrastructure developments moving forward including the West Kowloon Cultural District and Central Police Station. Hong Kong’s unique position geographically, politically and historically, is also lending itself to becoming a new pillar in the global art world. During this transformative period, the array of exceptionally talented artists in this city are also developing apace, responding to and participating in these developments – it is truly an exciting time.

Prudential’s sponsorship of Hong Kong Eye is a continuation of our commitment in supporting arts development across the region, following on from our principal sponsorship of Indonesian Eye. It underscores our commitment to giving back to the communities we serve and our belief in “doing well by doing good”. We have a long history of community engagement, from our beginnings in Asia in the 1920s of helping individuals mainly through financial literacy, and now, through this project and its programme, of arts education, which we hope inspires and improves the wellbeing of communities in Hong Kong and the region.

A touring contemporary art exhibition, Hong Kong Eye is open in Hong Kong from 1 to 31 May at ArtisTree, TaiKoo Place, after a successful launch at the Saatchi Gallery in December last year which received close to 200,000 visitors over a five-week period. The exhibition seeks to recast and illuminate significant narratives in Hong Kong contemporary art by presenting more than 60 key works by 24 emerging and more established artists from Hong

Britain in Hong Kong Installation view at Hong Kong Eye presented by Prudential at ArtisTree, Hong Kong.

Joao Vasco PAIVA Foreground: Counterpoints, 2011, stainless steel with custom machinery and electronics, dimensions variable

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Installation view at Hong Kong Eye presented by Prudential at ArtisTree, Hong Kong.

LEUNG Kui Ting Landscape GPS, 2012, ink and colour on silk, 1100 x 143 cm, courtesy the artist, photo: Kitmin Lee.

Background: L-R: Map, Station, Exit 4 & 5, 2011, acrylic and offset printing on canvas, 120 x 200 cm, 120 x 120 cm, 120 x 60 cm (set of 2), courtesy the artist and Saamlung, photo: Kitmin Lee.

Installation view at Hong Kong Eye presented

by Prudential at ArtisTree, Hong Kong.

Installation view of artist Kingsley Ng playing his Musical Loom at Hong Kong Eye presented by Prudential at ArtisTree, Hong Kong.

Kingsley NG Musical Loom, 2005, interactive installation, courtesy the artist and Osage Gallery, photo: Kitmin Lee.

Kong. Curated by Hong Kong curator Chang Tsong-Zung (Johnson Chang), co-founder of Hong Kong Eye Serenella Ciclitira, and Nigel Hurst, Chief Executive of the Saatchi Gallery, London, a key objective of Hong Kong Eye is to foster greater insight and appreciation of Hong Kong art, in Hong Kong and worldwide.

The Hong Kong Eye exhibition provides vital international exposure for emerging Hong Kong artists. Exhibiting artists at the Hong Kong edition are: Amy CHEUNG, CHOW Chun Fai, Silas FONG, HO Sin Tung, KONG Chun Hei, KUM Chi Keung, KWAN Sheung-Chi, LAM Tung Pang, LEUNG Kui Ting, Otto LI, LUI Chun Kwong, Florian MA, MAP Office, Kingsley NG, Joao Vasco PAIVA, Hector RODRIGUEZ, Wilson SHIEH, Angela SU, Annie WAN, Adrian WONG, WONG Chung-Yu, Doris WONG, Fiona WONG and Justin WONG. Works on display range from ink paintings to interactive multimedia installations and large scale sculptures, including pieces that have never before been exhibited in Hong Kong.

Adrian WONG Kasper Hauser, Ramachandra and Natascha the Dog Girl of Chita, 2011, wood, steel, laminate, carpet, foam, faux fur, acrylic, animatronics, 96 x 144 x 96 cm, courtesy the artist and Ltd Los Angeles, photo: Kitmin Lee.

Works exhibited for the first time in Hong Kong include Kingsley NG’s Musical Loom (2005), a transformation of a 250-year-old antique loom into an interactive soundscape where visitors can control four-tone harmony and volumes via ultrasonic sensors, and Amy CHEUNG’s life-size warped Hong Kong taxi. The five tallest buildings in Hong Kong are depicted through Wilson SHIEH’s humorously and precisely painted ink and gouache painting on silk. KWAN SheungChi and Doris WONG reveal hidden mechanisms of control and politics embedded in Hong Kong’s daily life, while MAP Office’s animated video Island is Land (2009) takes Gilles Deleuze’s text ‘Desert Islands’ as a departure point – playing with the classification of islands, repetition and change in perspective.

Asia Art Archive, a leading not-for-profit in the city is also presenting a series of programmes for its youth group, teachers and the public as part of the exhibition’s education programme. These programmes, which commenced on Saturday 27 April, feature guest speakers

Business

Hong Kong Eye advertisements on buses and trams

including Kurt Chan, Professor, Department of Fine Arts at the Chinese University of Hong Kong; John Batten, writer and critic; Siu King Chung, Assistant Professor School of Design, Hong Kong Polytechnic University; Vivian Ting, Assistant Professor, Academy of Visual Arts, Hong Kong Baptist University and the artist Chow Chunfai. The talks will cover topics such as “Representing Hong Kong through exhibition”, “Parallel Legacies and Histories”, “Hong Kong Urban Landscape via Art” and “From Hong Kong Art Club to M+: The Art institutions in Hong Kong”.

As part of the programme, a major 400-page survey publication, Hong Kong Eye: Contemporary Hong Kong Art, edited by Chang Tsong-Zung and Serenella Ciclitira, has also been launched. The book, which is available in bookshops worldwide, features over 100 artworks by 76 artists, including 10 pioneers from the 19th and 20th centuries who have significantly influenced art in Hong Kong. It articulates important narratives and reveals various lines of influence including how traditional ‘literati artists’ have influenced New Ink art, and suggests how the underlying currents of social change and critical movement have informed conceptual practices today. It further

Hong Kong Eye presented by Prudential

uncovers how certain trends in China occurred beforehand in Hong Kong, compelling a re-reading of Chinese art historical narratives. The book provides a new resource and education tool for teachers, pupils and residents in Hong Kong, as well as worldwide. It is distributed by Rizzoli in the US and Europe, and in Asia by Thames & Hudson.

350 books have been donated to educational institutions and public libraries in Hong Kong.

“We are excited about what the future holds for Hong Kong’s contemporary art scene and artists and it brings immense pleasure to be supporting the emerging and seminal artists in Hong Kong.

Through the accompanying arts education programme, we also hope to inspire the future generations of Hong Kong to participate in this exciting art scene.”

– Barry Stowe, Chief Executive, Prudential Corporation Asia.

Date: 1 - 31 May 2013 Admission: FREE Location: ArtisTree, 1/F Cornwall House, TaiKoo Place,

979 King’s Rd, Island East, Hong Kong Curators: Chang Tsong-Zung, Serenella Ciclitira and Nigel Hurst Daily Opening hours: 11am to 7pm Special opening hours on May 9, 16, 23, 30 (Thursdays): 11am to 3pm Website: www.hongkongeye.org Facebook: www.facebook.com/hongkongeye

Britain in Hong Kong

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Business Insurance Through Succession Planning

Andy Bentote, Senior Managing Director of PageGroup, Hong Kong & Southern China

Within an environment of professional skill shortages, replacing key performers can be a time consuming and challenging process. Companies are therefore doing all they can to improve their retention rates through initiatives such as training and professional development.

While these sorts of initiatives make good business sense, they can sometimes ignore and consequently fail to plan for a business reality. The reality is that despite your best efforts you will lose key employees through circumstances beyond your control – people retire, change industries, move companies for a promotion or more money, and accept positions overseas.

It is a challenging business environment and the leading professional recruitment firms have responded by offering expertise beyond traditional attraction and retention techniques. The best advice is that retention strategies should not be offered in isolation but form part of a targeted succession plan. It’s not enough to limit your thinking to the replacement of talent; you also need to focus on building the next generation of managers from within your organisation. This is especially critical when defining recruitment needs at a middle/senior level within a dynamic environment where the organisation, along with its recruitment partner, needs to be able to anticipate and advise on skill sets which would be required for the role in the future, rather than limiting a search to the current role requirements.

Developing a stable team of capable and well trained professionals in business critical roles will not only help a company retain their brightest staff, it will also ensure business continuity and growth. While identifying and investing in the development of talented employees is necessary, focusing on development that is geared towards leadership continuity is also important.

Senior executives are the pivotal link between the employee, the organisation and a successful succession management

plan. While the human resources department has a significant role to play in designing and facilitating succession management processes, it needs to be driven from the top to be truly effective. Senior executives are best placed to review business plans and identify future skill requirements for the various business functions.

Succession planning is an ongoing process that becomes a proactive vehicle for managers and executives to reflect on the progress of their talent and the opportunities they require for genuine development. An organisation’s succession planning process should begin with an analysis of corporate business plans to identify and agree on the positions and skills most critical for business growth. Once this is achieved, it is important to identify high potential employees in the relevant business units and determine their competency levels. Use this information as the basis for implementing a variety of developmental activities that can include mentoring, coaching, job rotation, secondments, educational programs and formalised feedback processes.

In addition to addressing the necessary technical training, professional development should also address soft skills in areas such as communication, negotiation, presentation and time management. These softer skills become increasingly important as people progress their careers to senior levels.

When organisations meet these requirements, they create leadership and management capacity that delivers sustainable business results. High potential employees will get career development opportunities and are more likely to stay, but when key players do leave, the next replacement is already in line, making it far more cost effective and responsive. The further benefit of succession planning is that it directs retention strategies at employees with high potential, develops skills for future business requirements and minimises the impact of staff turnover. All of these factors are key management challenges in the current labour market and as such create a strong argument for succession planning.

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Business

Angels in Spring Late March saw the Baker Tilly Hong Kong Business Angels return to the Hong Kong Club for another round of presentations o v e r b re a k f a s t . F o u r f re s h entrepreneurial enterprises were present and prepared, each looking for investment into their v e r y d i v e r s e p ro j e c t s . T h e Business Angel Programme gives entrepreneurs with new business ventures, or SMEs looking for funding to expand, the opportunity to present their business plan to investors, thus bringing together entrepreneurs and investors to create exciting new partnerships.

‘Having the opportunity to pitch an investment plan in front of serious business insiders can be a real godsend, especially when it arrives at just the right time’, Sonia Jackson from Iroco Design explains. ‘Not long after launching our business, it became apparent that we were meeting a need in the Asian market – the demand for the business began to grow very quickly, and whilst the target market was initially Hong Kong, we were soon getting orders from Tokyo, Beijing, Shanghai, Tianjin, Guangzhou, Singapore,

Bangkok and Seoul. In order to meet these needs, it was imperative to grow quickly and for this, investment was required. As a British expat living in Hong Kong I receive the British Chamber of Commerce ‘What’s On’ mailers and saw a reminder for entry to the programme four days before the programme deadline – so we put together our business plan whilst travelling in Tokyo and entered — it was very lucky!’

Joanna Bowers had a more unusual pitch, looking for investment for Cheeky Monkey Productions’ upcoming movie ‘Tuesday Girl’. She also found the Baker Tilly Business Angels at a fortuitous time, ‘I found the program by chance when an email from the British Chamber showed up in my inbox. I was a little sceptical submitting initially, as I wasn’t sure that a feature film was the type of investment the program would even consider. I was stunned when the email arrived to let me know that in less than a week I’d be presenting to a panel of serious business types! As a creative, it’s definitely not my comfort zone, and I knew I needed to translate my vision

Britain in Hong Kong

into something that made sense in exclusively financial terms for them to take me seriously.’

Despite the obstacles, Joanna was very positive about the coaching the participants received, ‘The process of prepping for the presentation was fantastic — my mentors from the program gave me solid insight and really cared about me getting the presentation to the best possible point, making sure I’d covered all bases from an investment perspective.

This was particularly necessary in our case, as I knew that it was unlikely anyone else in the room would have knowledge or experience of investing in movies.’

Several of the presentations led to serious negotiations about investment, as Sonia from Iroco Designs relates, ‘We quickly had many leads and much interest. There has been a great reaction to the business, and a lot of suggestions as to how we might grow more quickly, especially into the luxury sector of China.’

Cheeky Monkey Productions too found it had struck a chord with the Angels as Joanna explains, ‘I had several very positive reactions on the day and started some conversations that are ongoing and looking very positive.

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We’re on track to start shooting in September. Obviously investing in film is an unusual opportunity that people in Hong Kong aren’t terribly familiar with. I’m planning on creating a nice return for my investors so they’re knocking on my door when I start raising funds for the next film!’

The Baker Tilly Hong Kong Business Angels Programme is now taking submissions for the next round. The application deadline is 10th May 2013. To find our more, please visit the Business Angels website at http://angel.britcham.com/

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Business

How useful is an MBA in your career development?

Christine Lui, Marketing & Communications Officer, Bó Lè Associates

An MBA has long been considered a prestigious (and in some cases necessary) qualification for business leaders.

From a potential employer’s perspective, MBA holders are considered more competent due to their ability to provide candidates with excellent business and operational management skills. However, over the last few decades, MBAs, Master’s Degrees, and even PHDs have become ubiquitous amongst top professionals since higher education has become more accessible. In addition to an extensively expanding number of universities and institutions that offer MBA courses in the last 10 years, educational flexibility has also increased, meaning that higher education is available through full-time, part-time, or even online programs. Hence, there has been a large influx of professionals with higher level qualifications, particularly MBAs. Today, the MBA is no longer unique, and has in fact become relatively common amongst senior management. In accordance with this, while an MBA is still seen as a valuable qualification, its actual worth has dropped significantly compared to a decade ago.

Despite this downside, there is evidence that show MBAs are still relevant in employment. In a survey by GMAC in 2011, 86% of MBA respondents were employed after graduation, and 3 out of 4 respondents identified their graduate management degree to be instrumental in their employment. These figures suggest that for the large majority of recipients, the MBA is still a viable tool not only for attaining employment, but for career building as well. On top of this, MBAs are particularly useful for highly skilled technical professionals such as engineers who are looking to move up and break through the glass ceiling of their jobs. An MBA degree allows candidates to gain managerial experience and knowledge in the finance and accounting sector, which they often do not encounter in their specialised line of work. In addition, a number of top companies (especially in the Financial Services industry) place heavy emphasis on postgraduate education, and consider an MBA a ‘minimum requirement’ for upwards career progression into the ranks of senior executives.

This is particularly true for large traditional multinational companies where top level management is rarely seen without an MBA. Candidates who are looking to work in developing economies or high-growth markets such as China are also seen to benefit greatly from an MBA since skilled professionals are in high demand. Businessweek reported a double digit growth in demand for MBA candidates in China, and TopMBA’s Jobs and Salary survey predicted that there will be an increase of job opportunities for MBA candidates by 35% for the 2012-2013 hiring cycle in the region. The same survey also indicated that starting salaries and bonuses at multinational firms for MBA professionals in Asia Pacific have jumped 20%.

Overall, similar to the college degree, an MBA degree still holds weight as a useful management qualification despite its ease of access and has almost become a standard educational qualification in the world of upper-management today. While real practical experience continues to be preferred over educational qualifications, the MBA is rapidly becoming a tick-box on the list of requirements for executive positions. Paradoxically, while the skills taught during an MBA course may not be directly necessary for your career development, the growing necessity for this qualification means that it is still in a professional’s best interests to attain one.

About Bó Lè Associates Bó Lè Associates is the largest executive search firm in Asia with a well-developed network of 26 wholly owned local offices worldwide, over 550 staff including 500+ experienced consultants and researchers, and 50+ support staff including Finance and Accounting, IT, inhouse Recruitment and Training, and Marketing and Communication specialists. www.bo-le.com

Know your way around Relocating means preparing everything, and everyone for a new home.

Relocating is a big change for most people.

It can be difficult and stressful, but it should be exciting and rewarding for everyone.

Our experience and knowledge, built up from nearly fifty years as a worldwide relocations company, is shared by all our people in more than 200 locations.

We’ll always be there to help you get the most from your relocation.

Tel: +852 2636 8388 hongkong@crownrelo.com

Go knowing

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The British Chamber’s Sterling Members

Thank you for your continued support

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Business

Building Valuable Brands That Deliver Business Growth “We all make choices on what brands to buy – to eat, drink or wear, the question is how does a brand create real value for a business?”

Jane Piper, Managing Director, Jane Piper Brand Strategy

We asked branding industry specialist Jane Piper, for her insights into what this means for consumer brands looking to grow their share of the market, especially in China.

“A

valuable brand in any sector, is all about the size, strength and quality of a brand’s connection with its customers .... and understanding how the brand can create value by generating revenues for a business” says Jane.

“Global brands today have well established models in place for managing their international portfolios, and targeting emerging markets to provide the powerhouse of business growth is nothing new.

But when it comes to both understanding and growing the financial value of a brand, for whatever reason – either financial or strategic, it has often been down to one of a number of different accounting methodologies” “Fortunately that’s all changed,” says Jane. A new International Standard (ISO 10668) in Brand Value was launched two years ago, for which she was a member of the UK team.

Developed by teams from around the world, including China and APAC countries, it gives guidance on how to

value a brand, as well as identifying “how a brand drives value for a business, the brand’s strength and the impact of the brand in driving overall demand for a business”.

“The real secret is putting in place measures and KPI's to manage a brands financial performance – what strategy to adopt, how to develop and grow a brand ultimately securing a price premium that a valuable brand delivers” adds Jane.

“Regardless of sector or geography, all brands have a common goal – what makes a customer prefer your brand over a competitor? Apple is a classic example,” says Jane.

What measures are there to monitor the connection between brand and revenue generation?

Even the banks are talking about connectivity with synergies to drive revenue generation across their global businesses.

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Where you can identify and actually pinpoint the strength of a brand’s connection with its customers, current and potential – the greater the opportunity to generate cash.

There are many measures, depending on sector and geographic markets.

An example in retail is the direct correlation between increase in brand recall and connectivity... leading to increased multichannel revenues.

Brand connectivity defined as the size of a brand’s community (Facebook, Twitter, YouTube, Weibo etc) – and the strength of its relationship, ie. ratings, reviews, blogs – aligned to volumes and revenues of the multichannel customer.

This means understanding what it is about your brand that makes consumers love you – product quality, taste, design, value for money, innovation – and identifying how best to extend a brand’s reach through connecting and communicating with customers in different markets and regions.

A good example of a brand developing its connectivity in China ....

If we look at the luxury brands market in China, where despite the global economic slowdown and impact on the luxury sector overall, the consumer sector is continuing to grow and accounts for an increasing share of global sales for luxury brands.

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of its ‘Trafalgar’ spring collection campaign in Shanghai last March, was designed to be innovative and inspirational, and was a phenomenal success on Weibo connecting huge numbers of potential new customers to the brand very quickly.

Action for results ....

Each organisation is different, but a good starting point would be to review a brand portfolio and its management structure, together with the basis of reporting on brand performance.

And then to ensure your brands have value creation firmly embedded in their DNA and strategies. For example understanding how and where the brand creates value from a customer perspective – is it design, functionality, quality, service? What does that mean in relation to your business and how is it quantified?

Next, consider how best to connect your brand to the widest possible audiences. Perhaps through brand partnerships with other companies in differing sectors, but with a similar values and ethos or through sport sponsorship. Evaluating the return on investment and impact on brand value, from either partnership or sport requires specialist knowledge.

Thirdly, to identify a set of measures to monitor brand performance in line with revenue generation, that supports other key performance indicators within your organisation.

Finally manage brand risk, for example from sourcing and sustainability of supply, through to brand protection strategies on trademark portfolios.

According to KPMG’s latest Global Reach of China Luxury report, which highlights the shift in key consumer trends on an annual basis, the importance of brand recognition continues to increase year on year, both in tier 1 and tier 2 cities. This comes with a rise in the number of consumers who would pay a premium for well-known brands.

What can a valuable brand deliver for a business?

It also highlights the surge in digital trends with Chinese consumers increasingly interacting online, visiting online forums and researching brands on the internet (some 70% searching twice a month). And a rapid increase from 22% of consumers indicating they would purchase online in 2011, to over 40% in 2012 – shows a major shift in attitude.

This may be in relation to a private equity investment buy-in, buy-out or an MBO, equity investments, the setting up of a joint venture, in mergers and acquisitions as well in IPOs, where a strong and valuable brand is of extreme importance.

The proof will be the speed to monetise online activity, with the importance of the luxury instore brand experience being well embedded in China, and the majority of luxury brand groups committed to their bricks and mortar strategies.

But with over 50% of Chinese consumers already using their smart phones within the retail space as part of their customer experience in retail transactions according to KPMG, the growth in MCommerce is only likely to increase.

Dunhill is a great example of a brand directly developing its connectivity with wealthy and younger Chinese consumers through social media and the power of Weibo. The launch

A strong and valuable brand commands a premium, not just in the traditional price premium capacity, but especially to potential investors.

As the Chief Executive of Intercontinental Hotels Group, Richard Solomans, was quoted in the FT (20/2/13) in announcing their latest results said

“At times like this it’s very much about winners and losers: the strong are getting stronger and capital is attracted to strong brands.”

For further information please visit www.janepiperbrandstrategy.com or contact Jane in Hong Kong on + 852 5147 8267 or in the UK on +44 (0)7798 853845 or email jane@janepiperbrandstrategy.com

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Legal

Managing Sick Leave in the Workplace Catherine Leung, Senior Associate, Howse Williams Bowers and Kayleigh Mak, Associate, Howse Williams Bowers As employers are aware, a level of absence from work is inevitable due to ill-health of employees. This article provides an overview of sick leave under Hong Kong law and how sick leave in the work place should be managed.

Granting sickness allowance In accordance with the Employment Ordinance (“EO”), an employer shall grant sickness allowance to an employee if he/ she satisfies the following: Criteria

Note

1.

The employee has been employed by the same employer under a continuous contract of employment for at least one month immediately before the sickness day.

“Continuously employed” means that the employee has been employed under an employment contract for four or more weeks, with at least 18 hours of work each week. Maternity leave and sickness days will not interrupt the continuity of employment.

2.

The employee takes four or more consecutive days of sick leave.

This criterion does not apply to a leave day taken by a pregnant employee to attend pregnancy check-ups or treatments, which counts as a sickness day and shall be paid sickness allowance for every day taken.

3.

The sick leave is supported by an appropriate medical certificate from a registered medical practitioner, a registered Chinese medicine practitioner, or a registered dentist.

The medical certificate should clearly set out the number of days during which the employee cannot work and the nature of the sickness.

An employee’s sick leave entitlement is accumulated under 2 categories. The first 36 days will be accumulated in Category 1, whilst the remaining 84 days will be accumulated in Category 2. Deductions are made first from Category 1 entitlements, and when those are used up, from Category 2 entitlements. Sickness days within Category 1 shall be paid if the application is supported by a valid medical certificate. For sickness days in excess of Category 1, but within an employee’s Category 2 entitlement, upon the employer’s request an employee should produce, in addition to the medical certificate, a brief record of the investigation carried out and the treatment prescribed by the issuer of the medical certificate.

4.

The employee has accumulated a sufficient number of sickness days.

Under the EO, sickness allowance accrues at a rate of: 1. two paid sickness days for each completed month of work under a continuous contract during the first 12 months of employment; and 2. four paid sickness days for each month thereafter up to a maximum of 120 paid sickness days.

5.

The daily sickness allowance is four-fifths of the employee’s average daily wages earned in the 12 months preceding the first sick day.

If the employee has been employed for less than 12 months, the employer should base the calculation on the shorter period of employment.

When calculating average daily wages, the employer should exclude: (i) the period when the employer has not paid the employee his/her full wages by agreement or under the Employees’ Compensation Ordinance and; (ii) the sum paid to the employee for such periods referred to in (i) above.

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Companies should note that the EO only permits an employer to deduct the number of sickness days paid in accordance with the EO (i.e. sick leave for four consecutive days or more). An employer should not make such a deduction from the employee’s sickness days even if it is more generous and pays sick leave allowance for every sickness day taken.

What if some of the consecutive sickness days taken by an employee fall on rest days or holidays?

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2. A sum equivalent to seven-days’ wages as compensation; and 3. Any sickness allowance the employee is entitled to.

The employee may also be awarded compensation for unlawful termination up to HK$150,000.

Managing employees on long term sick leave For an employee that has been sick for a long period of time, companies should:

company should assess the situation on a case-by-case basis;

1. M a i n t a i n r e g u l a r a n d o p e n 5. Consider contacting an independent, It was established in Suzuya International communication with the employee to or the employee’s medical practitioner (HK) Co Ltd v Chung Chun Hei [2007] provide support, understand his/her or specialist (with the employee’s that an employee is entitled to full pay on medical situation, and agree on an consent) to assess the employee’s rest days and holidays falling within the anticipated date for the employee to on-going fitness for his/her role. period of sickness days covered by the return to work; medical certificate. This is because rest 2. Determine how and when the 6. Consider terminating the employee’s days or holidays do not fall within the employment with appropriate notice employee should provide medical definition of a “sickness day” as defined if the employee will no longer be fit certificates; in the EO. Thus, according to the case to return to his/her normal duties, of Suzuya, an employee “…is entitled to 3. The purpose of the discussion is to:and if no alternative position is full (and not only 4/5) daily pay for rest (i) give the employer an opportunity available and the employee cannot days and holidays within the sick leave to welcome the employee back carry out the inherent requirements period covered by sick leave or medical to work; of his/her job. However, the certificates”. employee should not be terminated (ii) make enquiries about the when he/she is on statutory sick employee’s health; Employment protection leave or on the grounds of his/her (iii) ensure that they are fit to work; disability, as the company would be (iv) give the employee an opportunity EO s.33(4B) prohibits the termination of acting in breach of the Disability to discuss any matters relating to an employment contract during an Discrimination Ordinance. the absence and identify any employee’s statutory sick leave, unless issues that may affect his/her the employer has grounds to summarily Conclusion ability to work; and dismiss an employee under EO s.9 (e.g. termination on the grounds of gross misconduct).

(v) give the employer an opportunity to consider whether it can provide any support following the employee return to work.

Companies should bear in mind that if an employer is found to have contravened 4. Consider whether the employee’s EO s.33(4B), the employer will be liable duties could be modified, or whether to pay to the dismissed employee: any accommodation is needed to support the employee’s return. The 1. Wages in lieu of notice; For more information please contact: Catherine Leung (Senior Associate) +852 2803 3630 +852 2803 3608 catherine.leung@hwbhk.com

Employees are valuable assets to employers and it is very important that good employee relations are maintained.

Good human resource management practices should be established to create a harmonious environment when managing employees that are absent due to sick leave.

Kayleigh Mak (Associate) +852 2803 3610 +852 2803 3608 kayleigh.mak@hwbhk.com

Howse Williams Bowers (HWB) is a leading independent Hong Kong law firm.

Our key practice areas are commercial and maritime dispute resolution; corporate/commercial and corporate finance; clinical negligence and healthcare; insurance and professional indemnity insurance; employment; family and matrimonial law; intellectual property, property and building management.

As an independent law firm we are able to minimise legal and commercial conflicts of interest and act for clients in every industry sector. The partners have spent the majority of their careers in Hong Kong and have a detailed understanding of doing business in Asia.

Disclaimer: The information contained in this article is intended to be a general guide only and is not intended to provide formal legal advice.

Please contact enquiries@hwbhk.com if you have any questions about this article.

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Lifestyle

Nihiwatu Nikki Pang, Regional Marketing Manager, Lightfoot Travel

Nihiwatu is barefoot luxury at its absolute finest, with the opportunity to really explore your surroundings, interact with the local community, and hopefully come away with more than just an amazing tan.

The Island of Sumba is 400 kilometres east of Bali, and is one of the few Indonesian islands where the majority of its 600,000 plus population still follow the ways of their ancestors. In 1988, American Claude Graves and his wife Petra set up camp on the island in the hopes of creating a world class resort in the archipelago. However, the Graves were not interested in merely building a 5-star hotel that existed in isolation from the cripplingly poor local community, and were determined to ensure that Nihiwatu became the vehicle that would improve the quality of life for the ethnic Sumbanese.

In 2000 they co-founded the non-profit Sumba Foundation. The Foundation now raises $500,000 a year towards the elimination of malaria, building schools, clinics and providing potable water. The Foundation is extremely efficient and 85% of donations go directly towards the organisation’s various projects. Nihiwatu itself ensures that 95% of its staff are from the island in the desire to prove by example that tourism can be a very important component in the war on poverty.

After 20 years at the helm, Claude and Petra wanted to take a step back. In 2011, James McBride, President of YTL Hotels at the time, received a phone call from Chris Burch, founder of Burch Creative Capital, telling him to get on a plane and fly to Sumba. Having never heard of Nihiwatu before, curiosity got the better of him and he agreed to fly over. Stepping onto Nihiwatu beach with its immense, crashing waves, herds of water buffalo, and children fishing in the shallower pools, James immediately fell in love.

Today James McBride is the Managing Partner of Nihiwatu and represents Chris Burch as the majority owner. James and Chris aim to preserve some of the magic that Claude and Petra created, and are committed to enhancing the lives of their guests and the community around them. Nihiwatu has won dozens of awards over the years including the overall winner of “Virgin Holiday’s Responsible Tourism Awards” in 2010, and the “Travellers’ Choice Top 25 Small Hotels in Asia” in 2013.

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The Nihiwatu property is set among 438 acres of tropical forest, with rice terraces and grasslands wrapped around the stunning two and a half kilometre-long Nihiwatu beach.

The resort consists of luxury suites and villas, with vast airy rooms, private plunge pools, and gorgeous bathrooms with outdoor rain showers. The food is simple and delicious, and a new beach restaurant is being developed which will serve up fresh sashimi that guests can fish for themselves. The S u r f S h a c k h a s a g re a t atmosphere and is a wonderful place to catch up at the end o f e a c h d a y, w a t c h t h e spectacular sunsets, and get to know the other guests.

The activities available at Nihiwatu are what tip it over as one of our all-time favourite destinations. Surfing on Nihiwatu beach is world famous, but in low tide it’s also excellent for beginners (and resident watersports guru Christian is known to get anyone standing within a few hours). Stand up paddle boarding on the Wanukaka River is a highlight, with local children jumping in to swim alongside you as you paddle downriver. At one point we had seven kids onboard wanting a free ride downstream! Stopping at Wanukaka Villa for fresh coconuts is a welcome halfway break, and you can view how coconut oil is made in the tropics. Veteran travellers in Asia will appreciate the total lack of the “touristy” feel so prevalent in Southeast Asia – a testimony to Claude and Petra’s efforts to ensure the island remains unspoiled by tourism.

Getting There: Nihiwatu is located on Sumba Island, a short 1-hour flight from Bali. Commercial flights run daily and charter flights run every Thursday. It is also worth noting that helicopters are available for private charter from Bali.

Special Offer: Nihiwatu is offering Lightfoot clients COMPLIMENTARY RETURN FLIGHTS from Bali to Sumba on both commercial and charter airlines until the end of July. This is an incredible offer with savings of up to USD200 and USD490 per person respectively.

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

Recent Events

Lunch with Lord Sebastian Coe, CH, KBE

Brought to us by

Thursday 21st March 2013

We were delighted to welcome Sebastian Coe to speak at a special Chamber lunch event, held at the Hong Kong Jockey Club on Thursday 21st March 2013. Sebastian Coe is Executive Chairman of CSM Sport and Entertainment and was recently elected Chairman of the British Olympic Association. He was Chairman of the London Organising Committee for the Olympic Games and Paralympic Games, having previously been Chairman of the London 2012 bid company. Sebastian Coe provided an insight on his Olympic experience and shared with Chamber members on the important lessons he learned from the successful delivery of London 2012 Olympics.

Part of

Recent Events Sponsored by

Britcham and KPMG

Thursday 21st March 2013, Hong Kong Football Club The popular Britcham and KPMG Rugby Dinner is an event that no rugby fan in Hong Kong would want to miss! This year was no exception with tables sold out within a day and the Hong Kong Football Club at full capacity.

On Thursday 21st March, Wales rugby star Scott Gibbs and England and 2013 Lions legend Peter Wheeler shared with the audience their sporting experience, providing interesting rugby anecdotes and commentary on the sport. A generous helping of humour was provided by British comedian Gary Marshall who had guests laughing all night.

A special thank you to John Bentley for coming back as our event MC and keeping the show running!

The event raised HK$380,000 for Bo Charity Foundation Ltd to fund their Bread Angel Project – a volunteer recruitment programme that collects all unsold bread from the bakeries across Hong Kong to redistribute to the underprivileged who struggle to meet basic nutritional needs. By rescuing quality edible surplus food, they also help to minimise the amount of food waste going to our landfill. Thank you to everyone who contributed to the cash donations collected on the night and to all the generous donors who bid on prizes in the auction!

The event could not have been possible without the ongoing support from KPMG.

Thank you to all the following companies who contributed prizes:

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s t n u o c s i D r e Memb F an ood d A an cc d B om ev mo era da ge tio n

of British Chamber a member of The ing be of an fits is ne ich be eat me wh There are many gr scounts program is the Member Di e os th of r rental, reduced e ca On . ed Commerce from discount e ng ra at th s nt e of discou relocation costs. exclusive packag airfares and even , ion at od m m fer to all the co hotel ac e a tailor made of ar ep pr to rs be and for we invite mem nefits listed below be e es Every six months th d fin n ca u itish Chamber. Yo britcham.com members of the Br our website www. it vis se ea more details pl

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

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 20% discount on food only in MoMo Café. To make a reservation please call 3717 8888

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

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

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

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 21day long room package at HKD23,100 you will receive a ‘Round Trip Limousine Service’.

For more details please call 2980 7785

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

L an ifes d T tyl rav e el

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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

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

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British Airways | As a member of the British Chamber of Commerce you can enjoy an exclusive offer of 12% discount from British Airways.

To make a booking please visit www. britcham.com/memberdiscount/ british-airways

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

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

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

VisitBritain | British Chamber members can get 5% on all purchases from VisitBritain’s online shop by entering the code TR7DE67! at the checkout.

B Se usin rvi es ce s s

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

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

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

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.

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

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

MEMBER GET MEMBER

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Make a successful referral to the British Chamber of Commerce and enjoy a fantastic meal for two!

The British Chamber’s Member Get Member 2012 Campaign has now come to a close after a thoroughly successful year of referrals! We are delighted to announce that Mark Millar (M Power Associates) referred the largest number of new members and therefore won the complimentary dinner for four at Watermark, courtesy of Cafe Deco Group. Another lucky winner was Ronan Collins (InteliBuild), who won the $2000 voucher from Flight Centre to go towards a holiday.

You’ll be pleased to hear that similar prizes will be up for grabs this year as we are now launching our Member Get Member 2013 Campaign. If you would like to receive a meal for two at one of the top restaurants listed then all you have to do is introduce a company that successfully results in them becoming a member of the Chamber before the end of March 2014.

A complimentary brunch for four at Cafe Deco Bar & Grill, courtesy of Cafe Deco Group.

Cafe Deco Bar & Grill Sunday Brunch For the most amazing views of Hong Kong, Cafe Deco Bar & Grill is a great brunch option. Indulge in a wide variety of delicious specials whilst overlooking The Peak’s spectacular view every Sunday and public holiday from 11am to 3pm at Cafe Deco Bar & Grill. Guests can pay $468 inclusive of free flow Clair diamant blanc de blanc N.V., Nugan 3rd Generation semillion & Chardonnay, Chateau Fontaubert Bordeaux and soda. For kids aged between 3 and 11 years old brunch costs $238. This brunch features Canadian sustainable sea urchin specials for customers to feast upon and a kid’s entertainer to keep the little ones occupied.

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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: 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.

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.

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 2014.

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

Sponsored by

ANNIVERSARY DINNER

JOIN US TO CELEBRATE THIS OCCASION AND OUR MEMBERS’ EXCELLENCE OVER 25 YEARS WEDNESDAY 29 MAY 2013 TH

7PM - MIDNIGHT ISLAND BALLROOM, 5/F, ISLAND SHANGRI-LA, HONG KONG WWW.BRITCHAM.COM

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News Major office tower acquisition completed at One Bay East, Kowloon.

CB Richard Ellis, on April 15th 2013, has continued participation in the Hong Kong real estate market following an agreement for the acquisition of the West Tower at One Bay East in Kowloon East: Making the transaction the largest single office tower purchase in Kowloon.

The 512,000 square feet, $4.5 billion purchase at 83 Hoi Bun Road was initiated by John Falkiner, Managing Director of Transactions Asia.

MD Falkiner, has commented that, “this is a significant purchase by a major company that highlights the increasing importance of Hong Kong’s second Central Business District (CBD2) and represents a long term commitment to the city.”

Referring to the significance of the Hong Kong market and the trend of purchase for self-use following previous transactions by HSBC, Bank of East Asia, Standard Chartered Bank, Agricultural Bank of China and China Construction Bank: Mr. James continued, “Since 2010 the area has evolved dramatically, becoming not only an acceptable location for major companies, but in fact, a key for the future development of Hong Kong’s business capabilities under the government’s CBD2 Plans – This news further cements that position.”

Asian Business Sentiment Cautiously Confident of Its Own Weight in the Global Economy Coface has released its 2nd edition of its Asia-Pacific Corporate credit risk survey to take a closer look at Asia’s increasingly pivotal role in the global economy, finding that Australian and Chinese companies are less optimistic on the recovery of both the global and local economy, while companies in Hong Kong, India and Singapore are most optimistic about their local economies. Most of the companies in the region are conservatively optimistic about global recovery in 2013, and much of this hopefulness is based on local monetary policies, industry incentive programs, local infrastructure projects and recovery in property markets.

Interviewing 2,274 companies in Australia, China, Hong Kong, India, Japan, Singapore and Taiwan, the survey sought to understand the general status of corporate credit risk management practice and payment experience of companies, to analyse trade credit risk of each location and different sectors, and to compare the payment situation and credit risk management practices across the Asia-Pacific.

Acquisition enthusiasm down among Hong Kong businesses According to the new research from the Grant Thornton International Business Report (IBR), just 18% of Hong Kong businesses plan to grow through acquisition in the next three years, down from 26% this time last year. As many as 80% of local businesses confirm that they have no plan to execute an acquisition, significantly higher than their counterparts in mainland China (60%) and the global average of 63%.

Eugene Ha, advisory partner at Grant Thornton Hong Kong explained: “With the economic outlook so uncertain, Hong Kong business leaders have understandably seen 2013 as a ‘wait and see year’ with regard to deal activity. Sluggish business optimism, which reached just 27% in Q1-2013 and 28% in Q4-2012, is a further proof of their cautious attitude. However, despite a lack of confidence in the macroeconomic environment and merger & acquisition activities, there has been a strong recovery in revenue (increased to 65% in Q1-2013 from 32% in Q4-2012) and profitability (increased to 29% in Q1-2013 from 8% in Q4-2012) expectations. Clearly business leaders are more optimistic about growing their own operations over the next few months.”

Europe, Asia Pacific and the Americas Record Strong Growth in Global Commercial Real Estate Volumes in Q1 2013 Commercial real estate continues to rank high on the list of acquisitions for investors around the world as preliminary global real estate investment volumes in the first quarter of 2013 reached US$94 billion, according to Jones Lang LaSalle capital markets research from 60 countries. The real estate investment volumes in the first quarter of 2013 represented an 8 percent increase over the same quarter in 2012. Improving confidence in the global economic recovery and a continued demand for direct real estate exposure continue to push volumes higher with Germany, Japan, and the United States all finishing the quarter strong. With the improved results in Q1, JLLS maintains its growth forecast for the year at between US$450 and 500 billion, with further growth in quarterly volumes throughout the year.

Civic Exchange’s new report reviews 10 years’ development of the Small House Policy Independent policy think tank Civic Exchange has recently published a new report on the Small House Policy (SHP) in Hong Kong. Entitled “Small House Policy II: An Update”, the report aims to provide an update on the development of the SHP over the past decade (2003–2012), to identify the existing problems and conflicts of the policy among different stakeholders, as well as to suggest a way forward.

The SHP has been in place for 40 years in Hong Kong, but it has come under increasing criticism as being unsustainable and outdated. In the past decade, the administration has taken limited actions to address the issues related to the SHP in Hong Kong, but Civic Exchange is arguing for a more comprehensive, crossdepartmental initiative.

“Small House Policy II: An Update” identifies numerous critical issues associated with the implementation of the SHP over the past decade and suggests a new wave of reforms including: producing a comprehensive zoning plan for the whole of the rural New Territories; formulating rural planning policies; undertaking detailed investigations to verify indigenous villagers’ claims; introducing a moratorium clause on the removal of the restriction on alienation from the conditions of small house grants; keeping up-to-date figures on land availability; developing a reliable mechanism for estimating demand for small houses; reviewing the Interim Criteria; examining the environmental impacts of small house development; executing better monitoring of occupation of government land; establishing a data bank to keep track of environmental destruction activities; resolving the overlap between departments; and clarifying misconceptions about planning, lands and building regulations and enforcement.

Accounting Bulletin’s Network of the year Grant Thornton has been named the International Accounting Bulletin’s ‘Network of the Year’ at an award ceremony held in London, the United Kingdom. The award, which attracted more than 100 nominations from all parts of the world, was judged by an independent panel, was based on a firm’s ability to demonstrate their strength across a number of key areas including: evidence of toplevel network-wide audit quality; a strengthened position in strategically important markets; and strong industry leadership.

New Appointments Risk Advisory appoints two new Non-Executive Directors The Risk Advisory Group plc, announced that on May 8th, 2013, Geraldine Davies and Leslie Ferrar will take their posts as non-executive directors of the company. Nigel Turnbull, Retiring on May 8th, has served as group chairman from 2000 until 2007.

Geraldine Davies spent 16 years in various senior communications roles. She joined Ellwood Atfield in 2010, later becoming the chairman of the company.

Leslie Ferrar started her career with KPMG where she spent 17 years.

Leslie subsequently went on to become the treasurer for TRH The Prince of Wales and The Duchess of Cornwall for seven years. Leslie is an internationally experienced business leader in both the private and public sectors and is currently a non-executive director of a number of organisations including Penna Consulting plc, CAFOD and Breakthrough Breast Cancer as well as a non-executive member of HMRC’s Audit Committee.

I would also like to thank Nigel, personally and on behalf of the board, for his outstanding contribution. His wisdom and experience have been invaluable.”

New Promotions at Tricor Services Limited Executive Director

Corporate Services

Paul D.S. Moyes Executive Director Paul is responsible for marketing and practice development of the Tricor Group. Paul also consults to a wide range of multinational and locallybased companies primarily in the field of financial services regulation and compliance.

Caron Mei Yi, Lee Director – Corporate Services Lee provides corporate secretarial services to a wide range of business entities, from Hong Kong listed companies on the Main Board and GEM (H share companies included), other multinationals, private companies, companies limited by guarantee, to offshore companies.

Business Services Betty Shuk Yin, Tang Director – Business Services Tang has been with the Company for more than 15 years. She has extensive experience in serving clients in both Hong Kong and Mainland China, focusing on accounting, payroll outsourcing, taxation and business advisory services.

Richard Beattie Director – Business Services Beattie, a Hong Kong and Australian qualified CPA, has over 15 years of professional experience in Hong Kong. Beattie focuses on accounting and tax compliance services. He was formerly with PricewaterhouseCoopers providing business advisory and tax services.

Investor Services Ricky Lee Director – Investor Services Lee has extensive experience in the IPO and share registration industry, having been with Investor Services at Tricor since year 2000. He was formerly a manager at Ernst & Young/Tengis providing company secretarial services to clients.

Winnie Chow Director – Investor Services Chow has over 9 years of experience in the IPO and share registration industry, apart from 12 years plus of company secretarial experience. She has been an executive committee member of the Federation of Share Registrars since 2004.

Clare Sin Yee, Ng Director – Corporate Services Ng leads a team of company secretarial professionals and provides corporate services to Hong Kong listed companies, private companies and other multinationals. Formerly with Deloitte Touche Tohmatsu/ Secretaries Limited, Ng has more than 20 years of experience in the field.

Corinna Leung Director – Corporate Services Leung, a Fellow of HKICS and ICSA, has over 20 years of experience in the corporate secretarial field. She is named company secretary to three Hong Kong listed companies including an H share issuer and an HDR issuer.

Esther Yee Man, Choy Director – Corporate Services Choy, a Fellow of HKICS and ICSA, has over 20 years of experience in corporate services. Her expertise covers corporate advisory, regulatory compliance and corporate restructuring of public listed companies and REITs as well as private companies.

Wendy Mei Ha, Kam Director – Corporate Services Kam, a Chartered Secretary with over 20 years of experience in the field, is named company secretary to four Hong Kong listed companies. Her expertise extends from corporate advisory, regulatory compliance, corporate restructuring, to liquidation/dissolution of companies.

Member News Art Basel, the premier International art fair, is coming to Hong Kong from 23-26 May. The prestigious line-up includes 245 of the world’s leading galleries, showcasing art by more than 3,000 artists – ranging from young stars to the Modern masters of the early 20th century, hailing from both Asia and the West. Many top collectors from around the world will be attending the Show. The British Chamber have a limited number of passes to offer its members.

If you are interested please contact emily@britcham.com Additional tickets for all days (including Saturday 25 May) are available through HK Ticketing (www.hkticketing.com). For further information about the show please visit https://www.artbasel.com/en/Hong-Kong British Airways is offering members of the British Chamber of Commerce an exclusive discount of 12% off published fares in World Traveller economy and World Traveller Plus premium economy for travel between the 18th June and 30 September. To make your booking, simply visit ba.com and input the unique promotion code found on . For more information please contact emily@britcham.com The Grand Hyatt Hong Kong are the partner hotel for Dame Evelyn Glennie while she in Hong Kong for her show with the City Chamber Orchestra of Hong Kong on Thursday 30th May, 8pm in City Hall. Dame Evelyn Glennie continues to enthral audiences the world over with her unparalleled dexterity and eclectic mix of repertoire. Her return appearance to the Hong Kong stage features solo works for mallet instruments and orchestra dedicated to her by Karl Jenkins and the Pulitzer prize-winning American composer and diarist Ned Rorem. In an unexpected twist Glennie will also feature as the solo bagpiper in Sir Peter Maxwell Davies’ An Orkney Wedding with Sunrise, an ingenious work for orchestra which vividly depicts the riotous celebrations after a wedding on the Orkney Islands, North of Scotland. The Grand Hyatt Hong Kong would like to offer two VIP tickets to the first ten British Chamber Members who spend HK$2,000 at the Plateau Spa. To make a reservation please contact +852 2588 1234.

We serve your business in China SPEEDFLEX (GUANGZHOU) ADVERTISING LIMITED Speedflex provides the full range of pre-press services in China through its wholly owned subsidiary in Guangzhou

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The Risk Advisory Group Rebecca Palser Director Tel 3757 9903 rebecca.palser@riskadvisory.net Level 15, Nexxus Building, 41 Connaught Road Central, Hong Kong Business Services

Sir Elly Kadoorie & Sons Ltd Samantha Bradley Legal Counsel Tel 25249221 sb@kadoorie.com 24/F, St George’s Building, 2 Ice House Street, Central, Hong Kong Conglomerate/Holding Company

Treasury Wine Estates Cressida Barnes Brand Ambassador Tel 2642 4407 cressida.barnes@tweglobal.com Room 901A, 9/F, 303 Hennessy Road, Wan Chai, Hong Kong Wines & Spirits

Gammon Construction Limited Erica Lam Sustainability Manager Tel 2516 8823 erica.lam@gammonconstruction.com 28/F, Devon House, 979 King’s Road, Quarry Bay, Hong Kong Construction

EC Harris (HK) Ltd Eamonn Collins Marketing, Media & Communications Manager Tel 9170 7336 eamonn.collins@echarris.com 27/F, Millennium City 6, 392 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong Consultancy

Harneys Ian Mann Partner Tel 3195 7200 ian.mann@harneys.com 7502 International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong Legal

Quam Limited Henry Lee Director Tel 2217 2848 henry.lee@quamgroup.com 18/F, Aon China Building, 29 Queen’s Road, Central, Hong Kong Financial Services

Reading Room Frederick Heygate Director, International Business Development Tel 3973 8599 freddie.heygate@readingroom.com Level 8, 88 Gloucester Road, Wan Chai, Hong Kong Consultancy

KPMG Rachel Campbell Partner Tel 2913 2568 rachel.campbell@kpmg.com 8/F, Prince’s Building, 10 Chater Road, Central, Hong Kong Accounting

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STARTUP Chayora Limited Jonathan Berney Director Tel 2297 2374 Jonathan.berney@chayora.com Level 5, 2 Exchange Square, 8 Connaught Road, Central Hong Kong Technology Gellert Eco Limited Robert Gunter Director Tel 6507 3285 rgu@gellert-eco.com Room 303, 30/F, 50 Connaught Road, Central Hong Kong Environmental Services

Britain in Hong Kong

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Shaken Not Stirred Sponsored By

27 March 2013, Jimmy’s Kitchen

Hundah Chan (FunctionEight), Bong Miquiabas (Giles Publications), Peter Knupffer (Progress U)

Lillian Li (Templeton), Natalie Gao (CITIC Capital)

Cynthia Alfieri, Chris Lloyd (Leodan), Deborah Payne (Eversheds), Jason White (Financial Partners)

Allard Nooy (Management Consultant Infrastructure Asia Pacific), Elise van Stolk (Santa Fe Relocation Services)

Julian Breteau (Globaleye), Ken Tashima (Sandler Training), Llewelyn Jones (IP Global)

Lucy Jenkins, Phillippa Cook and Stephanie Rose (British Chamber of Commerce in Hong Kong)

Rashi Gadhok (Eversheds), William Chan (Scotwork East Asia), Phyllis Casson (Ernst & Young), Karen He (Stephenson Harwood)

Martin Copp and Dick Leung (Artlink), Ruby Po (Novotel)

Kirstin McCracken (Eversheds), Wanda Hui (Stephenson Harwood)

Bruce Fox (AGS Four Winds), Bong Miquiabas (Giles Publications)

Miranda Leung (Novotel), Karol Lau (Eversheds), Baris Unal (Apsis)

Steve Pheby, Ruth Lockwood (Santa Fe Relocation Services)

Bruce Fox (AGS Four Winds), Chris Lloyd (Leodan)