Orient Issue 93

Issue 93 July 2023 orient-magazine.com

ORIENT MAGAZINE THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE

IN FOCUS: PULKIT MARCUS ABROL - MANAGING DIRECTOR ASIA PACIFIC, ACCA

Managing Director, Asia Pacific, Pulkit Marcus Abrol shares with us his career journey, forecast and tips for both newcomers and seasoned staff.

THE ROLE OF EDUCATION IN THE “FUTURE OF WORK” Principal of Westbourne College Singapore, Gavin Clark shares with us his views on keeping updated with the advancement of technology and AI from an education perspective

EMBRACING LIFE AS AN EXPAT The FryGroup shares their advice, tricks and trades for expats who are considering Singapore as their next home

CONTENTS

CONTENTS

Features

Issue 93 / July 2023

In Every Issue 12

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IN FOCUS INTERVIEW / PULKIT MARCUS ABROL - MANAGING DIRECTOR, ASIA PACIFIC, ACCA With a career history of B2B, marketing, sales and many more, the Managing Director shares with us his journey and tips on how to navigate as a young graduate statrting out hteir career.

A DAY IN THE LIFE /

SHAPING TOMORROW’S LEADERS / THE ROLE OF

SHAPING TOMORROW’S LEADERS/LEADING IN A BOUNDARY-LESS WORLD In the current modern workforce it is essential for leaders to be equipped with the right skills and knowledge to navigate in this economy.

DENIS COYNE, ASSOCIATE PARTNER AT EIGHT WEALTH Denis Coyne shares with us more about his daily job and the things that goes on it

EDUCATION IN THE “FUTURE OF WORK” Sustainability does not limit itself to just physical objects but also digital. Learn more about sustainable digital web design.

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SUSTAINABILITY IN GREEN FINANCE/ COMBINING CLIMATE AND NATURE-RELATED FINANCIAL DISCLOSURES By taking a more holistic and less siloed view, companies will be able to take advantage of the synergies that exist between nature and carbon, and the assestments that needs both.

CORPORATE ADVICE/ HOW TO NUDGE YOUR CX AND TRANSFORM YOUR BUSINESS A nudge is a subtle change in a way a choice is presented to an individual that incfluences how a decision is made. Richard Chataway elaborates more how one is able to implement nudges in your business.

CORPORATE ADVICE/ EMBRACING LIFE AS AN EXPAT Setting up life as an expat in Singapore can be both exciting and daunting. The Fry Group shares with us more on the financial issus one should look out for if your are considering Singapore as your next home.

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PRESIDENT’S MESSAGE Hear from our President, Damian Adams, on our key priorities and support for members

NEWS & HIGHLIGHTS What’s been happening at the Chamber, at our member companies, in Singapore, in the UK and around the region

WELCOME TO OUR NEW MEMBERS Find out who has joined our network

28 BRAND POSITIONING/ WORLD REFUGEE DAY 2023: “HOPE AWAY FROM HOME” UNHCR is partnering with UNIQLO on the the third edition of their art contest.

This is an initiative to help raise funds for refugees in conjunction with World Refugee Day.

Issue 93 / July 2023

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Issue 93 / July 2023

PRESIDENT’S MESSAGE

ORIENT MAGAZINE July 2023 EDITOR / Lucy Haydon CO-EDITOR / Kai Faisal & K Praveena orient-magazine.com HOW TO CONTACT US

THE BRITISH CHAMBER OF COMMERCE EXECUTIVE TEAM

Address: British Chamber of Commerce Singapore 137 Telok Ayer Street #06-03 Singapore 068602

EXECUTIVE DIRECTOR / David Kelly DEPUTY EXECUTIVE DIRECTOR / Lucy Haydon HEAD OF EVENTS / Ashni Degamia HEAD OF MEMBERSHIP / Clare Hakes EVENTS EXECUTIVE / Caitrin Moh MARKETING & COMMUNICATIONS EXECUTIVE / Kai Faisal MARKETING & COMMUNICATIONS EXECUTIVE / K Praveena FINANCE MANAGER / Radhika Chauhan OFFICE MANAGER / Anna C Garciso

Web: britcham.org.sg Phone: +65 62223552 Email: General: info@britcham.org.sg Editorial & Advertising: marcoms@britcham.org.sg Social: LinkedIn Instagram Twitter Facebook YouTube Flickr Update your subscriptions: britcham.org.sg/newsletter

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THE BRITISH CHAMBER OF COMMERCE BOARD

PRESIDENT / Damian Adams, Watson Farley & Williams LLP VICE PRESIDENT / Haslam Preeston, DFI Retail Group VICE PRESIDENT /Simon Middlebrough, Singapore Aero Engine Services Ltd SECRETARY / Nick Magnus, Dulwich College (Singapore) TREASURER / Christina Mason, PwC Suzy Goulding, MSL Group Michael Buchanan, Temasek International Angel Cheung-Horenfeldt, Standard Chartered Bank Lorena Paglia, Microsoft Penny Murphy, ERM Michael Yap, Coventry University Andrew Clark, AsiaWorks Andy Marr, 8build Simon Bennett Swire Shipping Prakash Pinto, Standard Chartered Bank David Haigh, Ernst & Young Solutions LLP Lissy Vadakel, British Council Steve Firstbrook, Department for International Trade Issue 93 / July 2023

President’s Message D

ear Members,

With summer well and truly underway, and many of us travelling over the coming weeks, I reflect on what has been a really impressive few months for the Chamber and our members, with some significant events reinforcing the partnership and business opportunities between the UK and Singapore.

Our executive director David Kelly was back in the UK attending the British Chambers of Commerce Annual Global Conference, promoting Singapore and our activities. At the same time, I hosted the Secretary of State for Education, the Rt Hon Gillian Keegan MP to discuss skills and standards to unlock opportunities for British business.

We have hosted a cross-Chamber networking event for those in Leadership and Talent Ddevelopment, and supported the Baltic Exchange with a reception at Eden Hall.

The Chamber team have been en-

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gaging with Enterprise Singapore, meeting their new Executive Director, and the Chamber was also well-represented at the UK-Singapore Business Partnership launch.

I had the pleasure of hosting the Minister of State for the Indo-Pacific, The Rt Hon Anne-Marie Trevelyan whilst she was in Singapore, and we also had an opportunity to interview the Minister for our podcast channel to help share the wider conversation on the UK’s ambitions with the recent accession announcement to the Comprehensive and Progressive Agreement for Trans Pacific Partnership. By the time you read this, the UK will have signed its accession to the CPTPP, marking yet another significant milestone in the development of the UK’s global trading relationships

dialogue for members. Thank you also to DFI Retail Group for supporting that event.

In addition, we have hosted the The EarthShot Earthshot Prize team whilst they were in Singapore ahead of their awards finale ceremony in November, and I met with the new CEO of the Singapore Business Federation to continue building ties between SBF and our network.

We welcomed A very warm welcome to all of your new members to the network, which continues to grow stronglyo.

For those of you travelling over the coming monthsweeks, I sincerely hope that you enjoy your downtime, and look forward to reconnecting with you all at the end of August.

Best regards,

With the imminent introduction of the COMPASS Framework being a keyan area of interest for our business community, we hosted the Ministry for Manpower team at our office for a really engaging and interactive

Damian Adams President British Chamber of Commerce Singapore damian@britcham.org.sg

Issue 93 / July 2023

NEWS

NEWS

NEWS /

NEWS /

AT THE CHAMBER

BEYOND THE CHAMBER MORE DECARBONISING INITIATIVES FORSINGAPORE’S BUILT ENVIRONMENT SECTOR IN MOVE TOWARDS NET-ZERO BY 2050

― The discussion on 16th May took place on standards and professional bodies within the built environment and engineering sectors.

“The UK and Singapore are global leaders in technology, and these new agreements will help cement that position and further boost our already growing mutual trade and investment.”

More decarbonisation initiatives, including a carbon calculator and a revised carbon services certification scheme, have been rolled out for the building and construction sector as Singapore works towards achieving net-zero carbon emissions by 2050.

24TH ANNUAL BUSINESS AWARDS EXTENDS FOR FINAL ENTRIES

The initiatives were announced at the International Green Building Conference on Monday.

For the first time this year, we’ll be recognising both the Winner and a Highly Commended entry in each category.

Engineers and developers in the sector can now access the free Web-based Singapore Building Carbon Calculator to measure the invisible emissions behind the construction of buildings and urban structures.

Entries opened on April 24th and close on July 31st and the Awards are free to enter. Don’t miss out on the chance to be recognised for your achievements and join us in celebrating the best in Singapore’s business community.

Such emissions are known as embodied carbon – greenhouse gases that result from the extraction, creation and transportation of building materials, as well as the construction of buildings.

Download the entry guide here or visit the awards webpage for more information. See our previous winners and highlights of the awards ceremonies on YouTube.

BRITCHAM HOSTS SECRETARY OF STATE FOR EDUCATION, THE RT HON GILLIAN KEEGAN, IN A PROFESSIONAL BODIES DISCUSSION We were delighted to host Secretary of State for Education, the Rt Hon Gillian Keegan at the office on 16th May in a discussion on standards and professional bodies within the built environment and engineering sectors.

The UK carries prestige, recognised high-quality lifelong learning and skills development through our network of professional bodies, and the British Chamber will continue to highlight the opportunities and challenges for these organisations in Singapore and the region as part of our Education & Learning pillar.

Thank you to Lissy Vadakel of the British Council and H.E. Kara Owen for bringing us this opportunity, to Chamber President Damian Adams for hosting, and to members Amara Buyse, Nick Osborne and Steve O’Connor, representing RICS, Mott MacDonald and the Institution of Mechanical Engineers today, for sharing their perspectives.

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― Business news and opportunities from around Singapore, the UK, the ASEAN region and beyond.

Issue 93 / July 2023

Embodied carbon contributes 11 per cent to global emissions and is about 30 per cent of emissions for buildings.

In Singapore, embodied carbon can account for up to 40 per cent of emissions over a building’s lifetime, since the life cycle of buildings tends to be shorter with urban renewal.

Yet, the concept of embodied carbon is relatively nascent in the building and construction sector in the Republic as the focus has been on addressing the remaining 60 per cent – the carbon emitted during the building’s operation, noted Mr Bryan Ong, assistant manager at the future of building and infrastructure division of JTC Corporation.

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Singapore Minister for Communications and Information, Josephine Teo said:

NEW UK-SINGAPORE AGREEMENTS ON DATA AND EMERGING TECHNOLOGIES TO HELP BOOST TRADE AND SECURITY UK Deputy Prime Minister Oliver Dowden and Singapore’s Minister for Communications and Information Josephine Teo sign two Memoranda of Understanding during DPM Dowden’s visit to Singapore The Memorandum of Understanding agreements were signed during UK Deputy Prime Minister Oliver Dowden’s first international visit since his appointment last year, during his meeting with Singapore’s Minister Josephine Teo. They were agreed between the UK’s Department for Science, Innovation and Technology and Singapore’s Ministry of Communications and Information and the Smart Nation and Digital Government Office.

UK Deputy Prime Minister Oliver Dowden said: “Emerging technologies like AI present challenges and opportunities for all countries. But by cooperating on research, egulation and our experience of how we use them in Government - we can deliver better and more efficient public services.

“The two new Memoranda of Understanding signed today between Singapore and United Kingdom build on our recent agreements in digital trade facilitation, digital identities and cybersecurity. The speed, enthusiasm and rigour of our collaboration is testament to the strategic alignment between our countries on many issues related to the digital economy and emerging technologies including AI, future communications and data flows.

Through these new, pathfinding MOUs, we will also develop concrete bilateral initiatives that can bring tangible benefits for our businesses and people.”

UK Technology Secretary Chloe Smith said: “Agreements like today’s are an essential part of how we are driving forward the Prime Minister’s ambition for the UK to be a world leader in technology, especially in rapidly evolving ones like AI. Like us, Singapore is one of the world’s most advanced tech economies. In working together closely on new technologies and the use of data, our two countries are set to benefit hugely and will further cement our positions as global leaders in tech.”

Both agreements build on the UK-Singapore Digital Economy Agreement signed in February 2022, and the 2020 UK-Singapore Free Trade Agreement. By strengthening co-operation on new tech and use of data, the agreements will help further boost the £11.4 billion a year of services trade between the countries.

Issue 93 / July 2023

RECAP

RECAP /

HIGHLIGHTS

― Catch up with the latest digital content and highlights. Photo galleries from our major events can be found on our Flickr channel, with upcoming events here.

FROM THE KNOWLEDGE BANK

ON THE BRITCHAM SINGAPORE PODCAST CHANNEL

What is Global Citizenship?

Since our last Orient edition we’ve published two new episodes of our podcast, on the topics of marketing, leadership, diversity and inclusion.

At Dulwich, Global Citizenship is the idea that everyone is responsible for the well-being of the planet and its people. It involves being aware of global issues and events, being respectful and understanding of different cultures, and taking actions to make a positive impact in the world. After much consultation across our community, our own definition has five key components.

Sustainability, Intercultural Understanding, Diversity, Equity and Inclusion (DEI), Social Justice and Wellbeing.

What is Dulwich’s approach to global citizenship and how is it integrated into the curriculum?

Dulwich has a strong commitment to developing global citizens which is what our “Live Worldwise” mission defines for us. Global citizenship is a holistic approach that is integrated into all aspects of the College and is a part of who we are. It is infused and embedded throughout the curriculum, encompassing the 5 key components. The goal is to create a well-rounded education that prepares students to be active, informed, and engaged members of the global community. In our Early Years and Junior School, we use the five components to frame all our learning experiences. In Senior School, we include dedicated curriculum programs and opportunities for students to lead in this area.

How does the school encourage students to become responsible global citizens?

Ep 162: In Conversation - Foreign, Commonwealth & Development Office, Minister of State (Indo-Pacific), Rt Hon Anne-Marie Trevelyan MP The in-depth conversation shed some light on sustainability, tech and building relations with countries within the region.

Headwinds in the New Economy – Issues facing Crypto & Venture Capital Markets, May 2023

Leaders in Business Lunch ft. H.E Kara Owen CMG CVO, British High Commissioner to Singapore, May 2023

Transitioning to a Sustainable Future - The Role of Finance June 2023

The COMPASS Employment Pass Framework - Exclusive Members Q&A Session with MOM, June 2023

Breakfast Insights: A new paradigm for generative AI & Large Language Models June 2023

Accessibility for all, June 2023

A chartered accountant by trade, Anne-Marie sat on the House of Commons’ Public Accounts Committee from July 2015 to May 2017 and December 2018 to July 2019. She has previously served as the Parliamentary Private Secretary to the Secretary of State for Defence. As an MP, she has campaigned with colleagues for greater autism awareness and has focused on the Armed Forces Covenant.

Ep 162: Technology Keeping Us Safe Ian Stevenson, CEO and Co-founder of Cyacomb shares with us more about technology safety online with Daisy Radford of the ICT Committee, and gave his knowledge regarding the dark web, the impact on one’s psychological health especially in children if we are not careful and steps on building awareness to see the warning signs.

Access all episodes on our website or from your favourite podcast player, including Apple Podcasts, Spotify, Google Podcasts, Amazon Music, Audible, and many more.

Dulwich provides students with numerous opportunities to learn about and take action on global issues.

In addition to providing education on global issues and encouraging critical thinking, we also facilitate guest speakers, field trips, community service projects, and international exchanges including to our sister school in Switzerland. We have numerous clubs and societies dedicated to this cause, including a student led ‘Aware students’ initiative and a model United Nations program. Our goal is to empower students to make informed decisions and take meaningful actions that have a positive impact. All these experiences help students understand their role and responsibilities as global citizens whilst developing the skills and knowledge to create a positive difference.

For more tips read the full article from the BritCham team here.

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Issue 92 / May 2023

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Issue 93 / July 2023

MEMBER PROFILES

NEW MEMBERS

MEMBER PROFILES /

WELCOME TO OUR NEW MEMBERS ― The Chamber continues to welcome a host of new member companies to our

network. To contact them visit the Membership Directory on our website or reach out to our team.

BOARDROOM BoardRoom is a leading corporate services provider in the Asia-Pacific region. With over 50 years of proven experience and unrivalled local expertise, we can help you navigate regional complexities to minimise risk and maximise growth opportunities.

Whether you need help setting up a new business entity or managing ongoing company administration, BoardRoom offers a full suite of business solutions.

Explore our accounting, payroll and corporate secretarial services, along with share registry, ESOP, company incorporation and registration services. We are your trusted local partners with a global presence.

Visit https://www.boardroomlimited.com/ for more.

BRITISH INTERNATIONAL INVESTMENT (SINGAPORE) PTE LTD British International Investment is the UK’s development finance institution and impact investor with 75 year’s experiencing investing in emerging countries in Asia, Africa and the Caribbean We help solve the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation.

We invest to create productive, sustainable and inclusive economic outcomes for those that need our capital the most.

We plan to invest up to £500 million of climate finance in South-East Asia to boost clean and sustainable economic growth and support the region’s green energy transition.

PROPELLER FUELS

HYATT HOTELS SANUR

Incorporated in the UK in October 2017, we are active in the physical supply and trading of marine fuels, in the UK and worldwide, to a global customer base. We have expanded to Athens (Greece), Dubai (UAE) and now Singapore, with experienced trading teams based in each location looking after their regional markets. We are providing innovation in our sector through the investment in and development of cutting edge technology, for better efficiencies and added value in the marine fuels space through online procurement and digitalisation.

As the birthplace of tourism in Bali, Sanur has charmed visitors from around the world for its simplicity, homey ambiance and village-feel.

Visit https://www.propellerfuels.com/ for more.

The iconic beachfront hotel is located in the heart of Sanur’s shopping and entertainment district, built on nine hectares of lush tropical gardens. Enjoy a seamless blend of traditional and modern Bali, as well as a lush landscape dubbed as ‘the jungle of Sanur’.

Hyatt Regency Bali features newly renovated rooms and facilities including three pools, comprehensive wellness facilities, four event spaces with natural light, a multifunctional venue and outdoor areas.

Visit https://www.hyatt. com/en-US/hotel/indonesia/hyatt-regency-bali/dpsbl for more.

Visit https://www.bii. co.uk/en/ for more.

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Issue 93 / July 2023

LIGHTFOOT TRAVEL

GLOBIS ASIA PACIFIC

LINGUA LEARN SINGAPORE

Lightfoot Travel is an award-winning luxury tour operator founded in Asia in 2009, specialising in bespoke tailor-made holidays.

We have offices in Singapore, Hong Kong, London and Dubai.

Empowering leaders in Asia to drive creation and innovation.

Lingua Learn is an online language, training and assessment provider highly trusted by clients all over the world with a 4.8/5 on Trustpilot. We offer fully customised private or public training where you can learn anywhere and anytime with native, qualified teachers.

We create day-by-day itineraries for family escapes, short breaks, honeymoons, boutique accommodation and private villas, priding ourselves on the originality, quality and uniqueness of our trips. Lightfoot Travel is made up of a global team of travel designers who provide deep knowledge, unrivalled expertise, and impeccable service in the curation of personalised luxury holidays.

Visit https://www.lightfoottravel.com/ for more.

Our mission in Singapore is to empower leaders to drive creation and innovation for society. As part of our vision to be the No.1 business school in the Technovate (technology + innovation) era, we provide outstanding educational opportunities for leaders and companies in Southeast Asia Visit https://www.globis. edu.sg/ for more.

Our training is perfect for those needing to learn on the go, with busy work schedules or relocating for work. In addition,we provide pre and post course assessments awarding a certificate recognised by the EU and employers, demonstrating a tangible return on your investment.

Visit https://lingua-learn. sg/ for more.

IN FOCUS INTERVIEW: PULKIT MARCUS ABROL - MANAGING DIRCTOR -ASIA PACIFIC ACCA

MEMBER PROFILES

its members are always ahead of the game, prepared for future challenges, and can meet business needs on the global stage.

MEMBER PROFILES /

IN FOCUS: PULKIT MARCUS ABROL MANAGING DIRECTOR – ASIA PACIFIC, ACCA

by Kai Faisal, Co-editor Photos ACCA Singapore

C

ould you share with us more on the roles of a professional body.

From building skills, encouraging lifelong learning, shaping careers and the quality of a global professional qualification?

Professional bodies play an essential role in many facets of a professional’s career and the economic vibrancy of a workforce.

We ensure the development of skilled, qualified, and certified professionals who can adhere to a solid ethical code, enhancing trust and the legitimacy of that country’s workforce and increasing participation in the global economy.

As well as contributing to the setting of accounting and ethical standards in many parts of the world, professional bodies promote standards, 12 / orient-magazine.com

We have a worldwide reputation for excellence, and our rigorous qualifications are recognised and respected globally. When you qualify as an ACCA member, you become part of our diverse body of more than 247,000 members and 526,000 future members in 181 countries. We have over 7000 Approved Employers who ensure the highest standards for employers, students and members are met.

“Our purpose is to provide opportunity to people of ability regardless of their background, gender, ethnicity, social status, or religion. Ensuring accountancy is a profession that is open to everyone is fundamental to our reason for existing, and we set out to strengthen opportunity for all and remove any unnecessary barriers for those seeking to qualify as a professional accountant.”

As a qualified professional, you may be pretty knowledgeable in your field, but can you deal with an ethical dilemma? Do you have any creative abilities? Do you know how to use the latest technology? Do you have empathy and emotional intelligence?

ACCA equips you to be a well-rounded accounting professional with competencies like Strategy and Innovation, Leadership and Management, Stakeholder Relationship Management, Ethics and Professionalism, and of course, Data, Digital and Technology, to mention a few of which remain in high demand.

accreditation, and certification and enhance their members’ skills and knowledge. They also provide vital career support for future success. These supported professionals contribute massive value to their organisations and help drive their economic and societal value.

We live in an age of significant paradoxes; the world is converging and diverging simultaneously. It’s an unpredictable, volatile, uncertain, and perplexing environment that can be challenging to navigate. As we look to a North Star to guide us, I see the role of the ACCA in shaping and strengthening the accountancy profession that the world needs.

Our profession is unique in its ability to drive change and help build a better world, and we operate with a firm intent on Public good.

Key to navigating these changes is the need for joint and consistent interoperate standards for various stakeholder needs and an accounting professional resilient and equipped to lead into the future. The world does need to respond to the climate crisis, and the world does need to drive change. The accounting profession is critical to make this shift –

through education, awareness, influencing public policy, qualifications, skills, and support.

Let me now briefly discuss the ACCA professional qualification.

The ACCA qualification is based on ‘three Es’ whereby you progress through three elements: Computer-based Examination at various levels, Ethics and Professional Skills module, which develops the complete range of skills employers told us they need, and a Practical Experience requirement of 36 months, before being admitted as a member.

Inclusion, Integrity, and Innovation are our core values, so we support a range of learning routes to improve accessibility to adult education. This can include flexible and online study options. ACCA-X is our multi-award-winning online learning programme helping learners worldwide develop accountancy and business skills.

We update the ACCA Qualification regularly to ensure it remains relevant and cutting edge. We continually innovate to ensure that ACCA, its students, and Issue 93 / July 2023

One of the questions you posed was, “How do you view lifelong learning, and what is your encouragement for it?”

We believe in lifelong learning. This is an essential aspect of being a professional, and our members commit to undertaking an annual CPD declaration to show that they keep their skills and development up to date.

Our platform ACCALearning.com provides several of these in a multitude of formats.

Additionally, in 2021 we launched our career navigator to support individuals in planning their career journeys and to help organisations plan and support their finance-talent journey. For example, on Sustainability, ACCA was the 1st professional body in the world to create a dedicated hub for sustainability. Our global career portal, ACCA Careers, is the worldwide employability site for accountancy and finance professionals.

It hosts thousands of jobs alongside career advice and development.

Many of these milestones are why at the 2023 International Accountancy Forum and Awards, we won Professional Body of the Year, based on a wide-ranging entry reflecting the efforts of many teams across ACCA, including our focus on employability, the public sector, policy and insights, capacity building, governance, sustainability, and our support for our members and students, including those in difficult positions.

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What are your views on the current state of the industry and forecast for the end of 2023 for Singapore and the wider regional market? Global economic survey. Supply sentiments increased—global talent support.

Often, we hear about Chat GPT, AI, and developments in data sciences, among other things, that pose many questions about how employment will look. Technology helps us achieve better, and these tools and automation advances are enriching our lives.

In that sense, AI is a complementary collection of elements that we must incorporate to benefit the finance profession.

But a profession that isn’t working with a comprehensive view of the world wouldn’t succeed, which is why I’d like to highlight. Our quarterly Global Economic Conditions Survey (GECS), the largest regular economic survey of accountants worldwide.

We’ve seen an increase in confidence among respondents for the third quarter in a row. The Survey panel is less worried about the prospects for recession in 2023 and worries about suppliers going out of business are at their lowest since 2020. The confidence increase reflects both easing cost concerns and less worries about accessing finance and securing prompt payment.

There are, however, some risks to consider. First, credit conditions have already tightened significantly across developed market economies, and money-supply growth has stalled.

The risk is that the longer policy rates remain elevated, the more the financial structures and business models that flourished under more than a decade of ultra-loose monetary policy could face pressure.

Further, through one of the largest ever studies across the accountancy Issue 93 / July 2023

MEMBER PROFILES

profession, where we surveyed more than 8,000 professional accountants in 148 countries on their views about work, we can see a potential accountancy talent crunch on the horizon.

We’ve called this our Global talent trends report.

Employers globally may struggle to retain staff with big career mobility ambitions and an eye on their next role with 44% of respondents expecting to move roles in 12 months.

The figure for Singapore was a little lower – but still quite high – at 37%.

This reflects a high level of confidence among professional accountants in a demand for their skills. Meanwhile their biggest worry for is the impact of inflation on salaries.| At a time of significant workforce change and a challenging global economic climate, a career in accountancy is a smart choice for those seeking long-term career prospects and possibilities to continually acquire new skills.

Regarding your ask about the state of play for the next generation of professionals, attracting the next generation of talent is vital to healthy economies, and employers are adapting and experimenting with new ways of working across the workforce. Along with remuneration and career development, hybrid working, balance and harmony between work and life, supporting social consciousness, is a priority for many professionals, with those employers who enable these seen as more attractive and, therefore, better positioned to attract and retain the best talent.

Bearing your forecast in mind, what is ACCA’s current footprint and outlook in Singapore?

From the perspective of Orient Magazine readers, ACCA has a long and proud history and traces our origins back to 1936 when ACCA started in Malaya.

ACCA continues as an established and trusted brand in the industry, with employers in Singapore recognising the rigour of the qualification and the capability of our members with

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their knowledge and skills. We have worked closely with other professional bodies, regulators, and government agencies in progressing the accountancy industry. There are currently more than 16,000 ACCA members and students in Singapore. ACCA members and affiliates work in all key sectors of the economy. ACCA continues to contribute significantly to the development of the accounting profession in Singapore and also works with over 200 employers, including local and global organisations, in Singapore under the ACCA Approved Employer Programme.

As a result, it gives them confidence that if you hire an ACCA-qualified professional in Singapore, you are hiring an in-demand sought-after professional who will add value to your enterprise.

We continue to contribute to the professional development of accountants by holding headline events and key landmark conferences. We stimulate, convene, and engage with sectoral and employer round tables. We contribute to crucial policy consultations, act as a super-connector between industry and academia, between employers and act as a critical talent provider to the profession in Singapore, enhancing competitiveness and supporting Singapore’s ambition to be a regional accountancy hub.

You’ve spent years in the industry, how has your career developed over time, and what recommendations would you give to fellow professionals in the sector?

I’ve been lucky to have a fascinating career within and outside the organisation. Marketing was one of my initial responsibilities, so my background and expertise in sales, marketing, brand, and strategy were beneficial in shaping the first few years of my career at ACCA. My current role as a regional leader for ACCA meant going from being a specialist to a generalist quickly. It meant learning new lessons, for example, making sense of a constellation of data, making a system of habits, or even shifting gears rapidly depending

on who I am with and where I am.

And the biggest test of this all was building a high-performance team, and a culture, remotely and virtually, during the pandemic.

Reflecting, taking risks, and moving outside my comfort zone have been crucial. I could have continually developed functional expertise, but I believe if I wouldn’t have shifted from mass consumer goods to luxury or shifted from design and advertising to a professional body, I wouldn’t meet incredible leaders and change agents, spoken publicly to bigger rooms or learnt the value of gratitude. All this has led to unanticipated opportunities and personal growth.

The other aspect is that we are not immune to disappointments or failure, but I’ve seen them as opportunities to look at, grow, and learn from. So, if you’re new to a career, whether it’s sales, marketing, or business development, you need to know how to be calm in a storm and how to be consistent and resilient to develop yourself.

My advice to everyone is to focus on learning to find your voice, learning when and how to use it, approaching everything with versatility and adaptability, recovering from setbacks, and having fun while doing whatever you are doing.

About ACCA We believe that accountancy is vital for economies to grow and prosper, which is why we work all over the world to build the profession and make society fairer and more transparent.

ACCA members are the world’s best-qualified and most highly sought-after accountants - and they work in every sector you can imagine.

Organisations know and trust our designation. We’re out there every day, connecting with businesses large and small, governments, educational establishments and opinion formers. We’re on top of emerging trends, legislation and legal requirements, helping to shape them.

Because of all this, we’re able to create the innovative, strategic-thinking accountants our fast-changing world needs.

Issue 93 / July 2023

MEMBER PROFILES

MEMBER PROFILES /

A DAY IN THE LIFE OF... DENIS COYNE, AN ASSOCIATE PARTNER AT EIGHT WEALTH INTERNATIONAL

A DAY IN LIFE OF OUR MEMBERS

06:30 / Cooldown, news, social media and see off the boy

I check the overnight news and some of my client’s social media posts, and will often re-post articles which I find particularly interesting. I think nowadays a three-minute read max is often what followers are looking for especially what concerns them personally, Inflation, interest rates, tax allowances, property news. So I bite size it and let them choose.

See my lad off to school and get ready to roll.

09:30 / Attend the Asia partner briefing call

I join the fortnightly briefing to stay updated with inputs from business heads, and other business units. This includes new initiatives, changes in the investment proposition and a few other things.

10:30 / Meeting Hugo W. OBE, Group Chief Executive Officer, BoardRoom Group Look who’s back! Amazing catch up and great to see a reversal in the recent direction of travel. Many people ask if I still see clients returning back to the UK, Europe and Australia post covid. It is somewhat the case, though it is finally slowing down now and occasionally, it is reassuring to see this trend reversing.

14:00 - 13:00 / Reviews for the week

I spent the hour working with my Client Service Executive on the to-dos for the week and reviewing which clients I am seeing next.

For almost twenty years I was part of a team instrumental in putting portfolios together for clients and prospects. It was becoming more and more difficult to keep on top of these and ensuring clients’ money was working hard for them. I left as I was spending more time discussing funds, rather than focusing on my clients’ goals. With St. James’s Place Investments, this is all done behind the scenes with fund management expertise that allow clients to diversify and ultimately gives me the chance to do what I love most, spending time with the clients directly.

07:45 - 08:00 / Start Work

Quick commute to the office at One Raffles Place.

Good morning, Singapore. No running due to a dodgy left knee. So, I start my day with a pleasant walk from Robertson walk to MBS which really helps to clear my head. I see some familiar nightcrawler faces… plus some Tik-Tok stars doing their thing in front of MBS and a few worse for wear on their way home from a big night out. Thursday is always funniest for the latter. Get out one Thursday its priceless.

16:30 - 17:30/ Review with Martin L. Regional Director at Flexnet

The most interesting part of my role is gaining a greater understanding of each client. Everyone of them is on a different financial journey, so the purpose of the review is really creating a tailor-made plan for them.

I am a complete work-from-office person, with everything that brings.

I adore the office atmosphere and love catching up with my colleagues.

But you have to race in to find a seat these days. I love an early start and finish, and would endorse working to your biorhythms if you can - it’s far more productive!

On arrival I prioritize the overnight emails first and then ensure I have everything ready for the day. I tend to do 2/3 meetings per day plus calls.

Often each meeting requires detailed analysis from the team.

11:45 / Run for lunch

18:30 / Dinner

It’s great to get some time for a family dinner and chat about how our days went. With a teenage son and a busy working wife, dinner time may possibly be the only opportunity for us to have a good conversation together during the week

19:30 - 21:00

I try not to have night calls. Of course, there is often an urgent email or issue to escalate. But where I can a nice film or catching up on some sport will be the order of the day.

21:00

Reflect, rest and reboot for tomorrow

About Eight Wealth International

15:00 - 15:30 / Catch up with Neil Jensen. Eight Mortgages International We recently incorporated a dedicated mortgage desk in Hong Kong within the Eight family. Neil is superb as a review for any existing mortgage or a new purchase and I often check in with him for property updates.

05:30 / Morning Walk

16:00 - 16:30 / Run some errands and back for a nice tea

17:30 - 18:15 / Drink

It’s so nice to have a quick drink with a client and catch up on everything from their hobbies, to political interests and their latest travels! What a perfect way to round off my day! I tend to have events on Wednesdays and Thursdays.

So, having a drink on a Monday is great! I didn’t get this professional athlete’s body by accident.

At Eight Wealth International, we believe in the benefits of great financial planning.

At one time or another, most of us will need to seek financial advice.

Eight Wealth International is a Principal Partner Practice of St. James’s Place Wealth Management, we have a wide range of expertise and knowledge, developed over many years, to help people – both individually and in business – fulfil their aims and aspirations, as well as offering that all-important ‘peace of mind’ for the future.

We offer a seamless service of distinct quality, professionalism and expertise, covering varying aspects of wealth management, all backed by the successful St. James’s Place Wealth Management Group.

Ready, set, go. It’s amazing to see the bounce back in Raffles Place. I run to grab a healthy lunch to avoid the lunchtime crowd - possibly the only running I can manage these days!

12:00 - 13:00 / Lunch

I love our small kitchen area with high stools. It’s a great place for me to catch up with fellow Partners and colleagues, or simply a space for me to listen to my podcast over lunch.

13:00 / Client calls

Clients often have a small window between 1.10 to 1.50 pm. This is a great opportunity to arrange follow-up meetings or to just update clients on statuses. I also check in with various business units to ensure clients’ cases are being processed seamlessly - all of our work is supported by a wonderful and hardworking team, and the efforts required are far more intensive than they appear!

Issue 93 / July 2023

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Issue 93 / July 2023

SHAPING TOMMORROW’S LEADERS

SHAPING TOMORROW’S LEADERS

THE ROLE OF EDUCATION IN “THE FUTURE OF WORK”

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THE ROLE OF EDUCATION IN “THE FUTURE OF WORK.”

― With advancements in technology, automation, and artificial intelligence, the nature of work is changing faster than ever before. This has led to a great deal of uncertainty and anxiety about what the future of work will look like and what it means for our economy, society, and individual livelihoods.

by Gavin Clark Principal, Westbourne College

From an educational perspective, it is imperative that we closely examine these advancements to ensure that we are forecasting how we can adapt our practices to suit the needs of our students, and the needs of the workforce that we are preparing our students to enter. The role of education in preparing students for the workforce in 2023 is more crucial than ever. With rapid advancements in technology, shifting economic landscapes, and evolving job market demands, education plays a vital role in equipping students with the necessary skills, knowledge, and mindset to thrive in the workplace.

Of key importance is developing the future-oriented skills necessary to succeed in an evolving world and workforce.

Education needs to focus on developing future-oriented skills that are in high demand in the modern workplace. This includes critical thinking, problem-solving, creativity, collaboration, communication, adaptability, digital and financial literacy. These skills enable students to navigate complex and rapidly changing work environments and to contribute effectively to innovation and problem-solving. The International Baccalaureate programme is a curriculum that embraces and advocates the inculcation of these skills. This is why it is regarded as the best pre university course in the world, however, the advancements in AI and in other technology will continue to challenge the educational status quo, including that of the IBO leading to further evolutions of their pedagogical and assessment practices.

The impact of technology, automation, artificial intelligence, and other factors on the education system in the next 5-10 years include the increased use of online and digital learning platforms, such as open online courses and virtual classrooms, enhancing the programs that are delivered within our physical classrooms and allowing for more personalised learning experiences.

There will be more widespread use of educational technology tools, such as adaptive learning software and intelligent tutoring systems, which can provide personalised feedback and support to students. These personalised learning programs provide a bespoke educational offering for students whilst equipping teachers with a huge amount of individualised diagnostic assessment information which are used to inform their next steps in teaching and learning. These programs support our face to face teaching and learning programs and are integral to our core practices at Westbourne.

We must embrace the rise of artificial intelligence (AI) and the use of ChatGPT and equivalent programs. It is vital for students to learn how to use these successfully, and ethically, to assist their learning. Using ChatGPT improves students’ critical thinking, communication, problem solving, creativity and digital literacy skills. Students have to think critically about the information provided and evaluate its credibility, relevance, and accuracy. They can analyse the responses generated by the model, question assumptions, and consider alternative perspectives. Students can also improve their ability to articulate their thoughts clearly, ask concise and specific questions, and engage in meaningful discussions, whilst practising active listening and responding appropriately to the information provided. When using ChatGPT as a resource for problem-solving students formulate well-structured questions and analyse the responses received, they can develop

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Issue 93 / July 2023

strategies to tackle complex issues and find solutions. Overall, interacting with ChatGPT can inspire creative thinking as students explore new ideas and possibilities.

Science, technology, engineering, and mathematics (STEM) education has, and will continue to become increasingly important due to the growing influence of technology in the workforce.

Emphasising STEM subjects prepares students for careers in emerging fields such as artificial intelligence, data analysis, robotics, and renewable energy.

It also cultivates analytical and logical thinking skills that are valuable across various industries.

Business knowledge also plays a crucial role in preparing students for the future of work in 2023 and beyond.

In today’s rapidly evolving and highly competitive global economy, possessing a strong foundation in business is essential for success. We want our students to understand the economic landscape providing insights into the economic factors and industry dynamics shaping the world. We also need to develop their entrepreneurship and innovation skills, equipping students with the skills and mindset needed to identify opportunities, develop creative solutions, and take calculated risks.

Students need a solid understanding of financial concepts such as budgeting, investing, financial analysis, and risk management, as this knowledge will enable them to make sound financial decisions, manage resources effectively, and contribute to economic growth in the future. This is underpinned by enhancing students’ leadership skills, making our students effective decision-makers who understand strategic planning, and resource allocation.

Furthering students’ emotional

intelligence and soft skills sits alongside these technical competencies. It is imperative that education should also prioritise the development of emotional intelligence and soft skills for our students. These skills include effective communication, empathy, teamwork, initiative, resilience and international mindedness. These are essential for building strong relationships, collaborating with diverse teams, and effectively managing interpersonal dynamics in the workplace.

workforce to provide our students with these opportunities.

Finally, education should foster ethical awareness and global perspectives to prepare students for the challenges and responsibilities of a globalised workforce. Imprinting values such as integrity, social responsibility, environmental sustainability, and cultural sensitivity into our students will enable them to navigate global workplaces successfully, where they become truly global citizens and successful workers of the future.

In an era of rapid technological advancements and evolving industries, education should instil a lifelong learning and growth mindset in students, where they continuously strive to acquire new knowledge, learn new skills, and adapt to changing circumstances to remain relevant in the workforce. Education should equip students with the tools and motivation to become self-directed learners throughout their careers and this is central to preparing them for the demands of the “future of work”.

In this rapidly changing landscape, providing students with career guidance and opportunities for work-based learning is essential for bridging the gap between education and the workforce. Internships, apprenticeships, mentorship programs, and industry collaborations offer practical experiences and insights into real-world work environments, allowing students to apply their knowledge and develop industry-specific skills. This is core to our offering at Westbourne College where our students are treated as young professionals and where we establish relationships with the

About Westbourne College Westbourne College Singapore is a new school for 15–18-year-olds situated in the heart of River Valley, offering IGCSE and IBDP programmes. Westbourne is a global network of schools based on 127 years of award-winning educational excellence. Our IBDP results in the UK and Australia rank us No. 1 in many metrics, and we’re excited to launch in Singapore in August 2023.

Westbourne College Singapore is a new school with a new approach to teaching and learning. We are STEM and Business centred personalising learning for your child, treating them as a young professionals in a secondary school setting.

Visit https://westbournecollege.com.sg/

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Issue 93 / July 2023

SHAPING TOMMORROW’S LEADERS

LEADING IN A BOUNDARY-LESS WORLD

SHAPING TOMMOROW’S LEADERS/

Leading in a boundaryless world: The multiple roles of Today’s Leaders ?

LEADING IN A I BOUNDARYLESS WORLD ― At Deloitte, we recognise the need for a new brand of leadership in today’s unpredictable world. Our thought leadership, “Leading in a boundary-less world the multiple roles of today’s leader,” equips leaders with various leadership roles that are essential in navigating the modern workforce.

by Rukhsana Pervez Workforce Transformation Executive Director Deloitte Consulting Southeast Asia Paviter Kaur Autar Singh Workforce Transformation Senior Manager Deloitte Consulting Southeast Asia Kah Hoong Liew Workforce Transformation Senior Consultant Deloitte Consulting Southeast Asia Sasha Grafil Workforce Transformation Consultant Deloitte Consulting Southeast Asia Janice Tan Ying Workforce Transformation Consultant Deloitte Consulting Southeast Asia Ashley Baluyot Workforce Transformation Analyst Deloitte Consulting Southeast Asia

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n an increasingly interconnected, globalised and unpredictable world, organisations face the challenge of operating in a boundaryless environment. Deloitte’s latest report titled “Leading in a Boundary-less World” presents a new brand of leadership to support today’s leaders in tackling these challenges as they lead the modern workforce.

uniting employees through the current shifts in the business landscape by demonstrating curiosity and authenticity in the workplace.

The multiple roles of Leaders in a boundaryless world

This article showcases proposed strategies from the report and highlights the various leadership roles that are essential in navigating the modern workforce.

In our boundary-less world, leaders are presented with a multitude of complex challenges to navigate. However, within every challenge lies an opportunity for leaders to seize. To build a bridge between challenges and opportunities, leaders must adopt multiple roles that enable them to drive productivity, hack growth, navigate change, foster resilient teams, and achieve outstanding results.

The current business landscape The current business landscape is constantly in flux, characterised by swift changes, disruption, and unpredictability. Some of these business and societal shifts have accelerated and some are emerging.

“Work” as we know it today is vastly different from what it was a few years ago. Leaders must deal with growing anxiety, ambiguity and uncertainty in their decision-making process and constantly make trade-offs based on limited and changing information.

Navigating challenges and capturing opportunities Deloitte proposes several strategies to convert the challenges in this current business landscape into opportunities.

First, to manage a multigenerational workforce, organisations should focus on inspiring the different generations of employees through a shared purpose and have a deeper focus on the “why”. A multigenerational workforce has numerous benefits if leveraged well.

Secondly, the pandemic served as the right nudge for talents who may have been eager to leave the organisation pre-pandemic. Many employees are opting to leave unsupportive

employers and transition to jobs where they feel like they have better resources and are more cared for. This calls for a need to create a path for the ‘Great Reimagination’ – to allow leaders to reflect and re-engineer their workforce strategy by upskilling and reskilling talents through robust learning and development programs, and to relook into new ways of working and employee experience.

Over the last decade, building innovative and entrepreneurial leaders was the name of the game. Now, we must build holistic leaders who are equipped with these multiple roles that they can activate when they need to double down and focus on the right ideas. In doing so, they can execute intended results with quantifiable outcomes.

Thirdly, leaders currently face the challenge of balancing the many expectations for different employees as preferences for remote, hybrid and on-site are ever-changing. To transition to these new working models calls for a need to reimagine the workplace and work models aligned to the shift in employees’ values and motivations. Leaders who can empathise and understand employees’ needs can proactively take action to help employees focus on the work that matters.

Customer & Business-focused roles: Leaders need to play a role in transforming big ideas into small actions, whilst holding parties accountable to the right measures when driving execution excellence. They must also stay on top of technological trends to find fit-for purpose tools to increase work efficiencies to stay competitive amid digital disruption. Further, leaders also play a role in thinking strategically to create value for their organisation, team, and stakeholders by

Finally, empathy and authenticity are crucial in restoring trust and rebuilding confidence in the global workforce. With the multiple shocks in the global political, economic, and social arenas, empathetic leaders are

Issue 93 / July 2023

In this report, Leadership roles are segmented into 2 broad categories:

identifying and pursuing opportunities for growth, success, and innovation.

People & Workforce-focused roles: Leaders need to lead with empathy to have a deeper understanding of their people’s motivations, abilities, and aspirations. Effective leaders appreciate what great performance looks like, what drives it and can craft high-impact and authentic communication that rallies others around a common purpose to achieve greater results. In addition, the modern leader needs to be able to navigate today’s highly complex landscape by championing an inclusive environment where everyone can bring their best selves to work and celebrate diversity.

By embracing these diverse roles, leaders can effectively navigate the complexities of the modern business landscape. Through adapting and embodying these multifaceted roles, leaders can position their organisations for success in an ever evolving and boundaryless world.

Conclusion: Embracing the boundaryless future Leading in a boundaryless world brings to light the importance of embracing the opportunities and challenges presented by a boundaryless environment. By developing the right leadership competencies, fostering a boundaryless organisational culture, and implementing effective strategies, organisations can thrive and excel in this interconnected era. Deloitte’s insights and expertise can help provide valuable guidance for leaders seeking to navigate and lead in a boundaryless and ever-evolving landscape with confidence and success. The full report is downloadable here.

About Deloitte Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com

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Issue 93 / July 2023

COMBINING CLIMATE- AND NATURE-RELATED FINANCIAL DISCLOSURES SUSTAINABILITY IN GREEN FINANCE

SUSTAINABILITY IN GREEN FINANCE

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COMBINING CLIMATE- AND NATURERELATED FINANCIAL DISCLOSURES ― Climate change and biodiversity loss are inherently intertwined and tackling these twin crises together will give us a better chance at achieving the Paris Agreement climate goals and the Kunming-Montreal Global Biodiversity Framework goals.

by Dr. Rossa Donovan, Technical Director, Nature Positive Dr. Robert Charnock, Director, Metis Institute for Climate Change Danielle King, Head of Climate Strategy, RSK Centre for Sustainability Excellence Weiting Liu, Graduate Climate Consultant, RSK Centre for Sustainability Excellence

W

e live in unprecedented times. The latest UNEP Emissions Gap Report 1, having analysed the updated national pledges since COP26, has concluded that there is currently no credible route to get to the 1.5 °C global warming target set by the Paris Agreement. Their analysis shows that policies currently in place around the globe will lead to a 2.8 °C temperature rise by the end of the century and that if all current pledges are implemented, this will be limited to a 2.4-2.6 °C temperature rise. The report goes on to conclude that urgent system-wide transformation is required to reduce greenhouse gases by 45% by 2030 to give us any chance to reach the 1.5 °C target.

Human activity is also eroding the world’s ecological foundations. The unprecedented growth in economic output, life expectancy and reduction in poverty over the last 50 years is mirrored by the unprecedented decline in the natural systems that underpin life on Earth. Human activities have already severely altered 75% of land and 66% of marine environments 2. Approximately 25% of plant and animal species are threatened by human activity, with a million species facing extinction, many within decades, and ecosystems have declined in size and condition by 47% globally compared to estimated baselines 2.

A recent study by Swiss Re 3 estimates that the world economy is set to lose up to 18% of GDP from climate change by 2050 if no action is taken. Economies in Asia would be the hardest hit, with Singapore at risk of losing 46% of GDP in a severe scenario and China 24%, while the world’s biggest economy, the US, predicted to lose 10% and Europe 11%. By comparison, research by the World Economic Forum 4 estimates that $44 trillion of economic value generation – more than half of the world’s GDP – is moderately or highly dependent on nature and its services and is therefore exposed to nature loss.

In response to the climate crisis, and partly driven by legislation, many companies have begun to address their impacts on climate by measuring their carbon footprint, setting science-based targets to get to net zero carbon and disclosing the financial risks that climate change poses to their companies using tools such as the Taskforce on Climate-Related Financial Disclosures (TCFD) framework. Having formulated their decarbonisation plans, leading companies are now turning their attention to biodiversity and beginning to develop strategies and plans that consider not only direct impacts and dependencies within their financial or operational control, but also their indirect impacts and dependencies (i.e., those that sit within their value chain).

Many companies rely on complex supply chains (and less complex distribution chains) to generate profit, and more so than ever, these supply chains are often global. Raw materials often extracted in biodiversity hotspots across the world are processed and turned into products that are then shipped around globally to generate profit elsewhere. While carbon emissions, due to their release into the atmosphere, have a global impact, the destruction or loss of biodiversity results in local impacts, albeit with global repercussions. Many companies are beginning to understand this and are therefore starting to give biodiversity the same attention that they have been doing for GHG emissions. Fortunately, our understanding of how to assess and evaluate a company’s global biodiversity footprint has come on a long way in recent years and it is now, like carbon, possible to set science-based targets for nature (SBTN) and to disclose the financial risks that biodiversity loss poses to companies by following the Taskforce on Nature-Related Financial Disclosures framework.

Because companies have already begun their journey to net zero and are only starting on their journey to become nature positive, they have already grasped the nettle of preparing their TCFD disclosures but few as yet have begun to think about TNFD disclosures. By tackling these tasks separately, companies run the risk of overlooking the synergies between carbon and biodiversity, both from an assessment perspective but also from an action perspective. The work required to set SBTs for carbon requires an in depth analysis of not only a company’s direct operations, but also an analysis of that company’s value chain. This often involves trying to map Tier 1 and Tier 2+ suppliers to understand their activities, energy use and carbon emissions. Similar information is required when setting SBTs for nature or reporting through TNFD, and because climate change has an impact on nature, GHG emissions are required as input data for both SBTNs and TNFD. In addition, once companies have taken all the action they can to reduce their GHG emissions, they will, inevitably, have to offset their residual emissions to achieve net zero. In most cases this will involve planting trees or other habitats equal in value to the carbon emissions.

Tackling carbon and biodiversity together makes sense, whether setting SBTs or disclosing the financial risks that either of them pose. By taking a more holistic and less siloed view, companies will be able to take advantage of the synergies that exist between nature and carbon, and the assessment needs of both. This will result in a more integrated strategy which will be easier to embed in existing business strategies and processes, is likely to reduce reporting and assessment time and costs, and will require less governance than if dealt with separately.

“Tackling carbon and biodiversity together makes sense, whether setting SBTs or disclosing the financial risks that either of them pose.

By taking a more holistic and less siloed view, companies will be able to take advantage of the synergies that exist between nature and carbon, and the assessment needs of both.”

About RSK

RSK is a global leader in the delivery of sustainable solutions. Founded in 1989 and now working in more than 40 countries across six continents, our family of environmental, engineering and technical services businesses works together to provide practical solutions to some of the greatest challenges societies have ever faced.

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Issue 93 / July 2023

CORPORATE ADVICE

CORPORATE ADVICE/

HOW TO NUDGE YOUR CX AND TRANSFORM YOUR BUSINESS

― Practically every function across a business can be impacted by behavioural science, including marketing, customer insight, operations, productivity, product

HOW TO NUDGE YOUR CX AND TRANSFORM YOUR BUSINESS

How we really make decisions

responses like trust, fear, laziness, even disgust.

JP Morgan once wrote, ‘A man always has two reasons for doing anything: a good reason and the real reason.’ The good news is that, thanks to behavioural science, we’ve never been closer to understanding those real reasons.

Any business that doesn’t take advantage of this understanding of how people actually make decisions that we’re often driven by subconscious choices or external factors that we’re not even aware of - risks wasting its money.

We’ve learned more about behaviour in the last 50 years than the previous 5,000, thanks to huge advances in understanding the drivers (and barriers) of behaviour.

How you can use behavioural science to take control of your customer journey

The reality is that all of us think less than we think we do. The groundbreaking work of psychologist Daniel Kahneman into what he calls ‘System 1’ and ‘System 2’ thinking, won him a

development and recruitment.

So what if we could influence the decisions your customers make and nudge them into making better choices, for themselves and for your business?

After all, we don’t hesitate to optimize the technology and operations that sit behind our businesses.

Why wouldn’t we do the same for behaviour, given the pivotal role it plays in business success? Applying the latest knowledge of how to influence behaviour should be considered every

Each department and discipline can benefit from understanding human factors that will improve

We know that we can dramatically affect people’s choices by subtly reframing how those choices are presented. Every single choice a brand gives its customer, from website to contact center, digital ad to store layout, is an opportunity to make sure you’re optimizing the way you frame those choices. That means that there are a host of ways to positively influence customers, whether it’s what employees say on the phone or in person, the copy on a website, or the script used by a chatbot. Being able to influence these decisions creates a win-win for a brand and its customers.

The results can be transformational Whether it’s how to challenge habitual routine decision-making or using social norms to steer customer journeys, we can ‘nudge’ one another to influence decisions, and then test and experiment with those nudges to make sure they work.

We’ve seen how our pioneering Nudge Practice can harness behavioural science to apply insights that optimize how a business communicates with its customers across every touchpoint. By applying these nudges as part of an integrated customer journey solution, a business can optimize CX throughout the user journey to improve satisfaction levels, deliver efficiency savings, enable channel shift and boost overall business performance.

About GoBeyond Partners Gobeyond Partners is a new type of consulting firm that partners with its clients to solve complex customer journey challenges. By combining deep sector expertise with an awardwinning approach to client service and value, Gobeyond Partners brings its clients’ transformation vision to life.

Part of the Webhelp group, the team at Gobeyond Partners operates globally - understanding what it takes to transform organizations in the face of changing customer behaviours, cost pressures, and legacy systems.

Visit www.gobeyondpartners.com for more

by Richard Chataway Director of Behavioural Science Gobeyond Partners

Here’s the simple truth: if you work

for a company, you’re already in the business of behaviour. That’s because if your business is going to prosper, you’re going to need to influence behaviour. Your own, your employees and your customers. Whether it’s choosing a service provider, completing a purchase journey or opting for self-service rather than making a call, customers constantly make choices about how to interact with businesses.

And as the world becomes more digital and remote, your behaviour – and the choices that you and your customers make as a result – become more important than ever.

Most of us make hundreds of decisions every day without consciously thinking about them.

Instead our choices are hugely influenced – far more than we might realize – by primal emotions like trust and fear, and social factors like peer pressure.

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Nobel Prize in 2002.

This melding of psychological and economic thinking about behaviour, which has become known as the discipline of behavioural economics, is the closest thing we have to a unifying theory of decision-making.

We all like to think we make most of our decisions in reflective, rational ways. But behavioural scientists believe that System 1’s instinctive ‘fast thinking’ accounts for 90-95% of our daily behaviour, and that there are over 200 different cognitive shortcuts and biases that can affect all of those decisions we make – without us realising.

Basically, the vast majority of decisions we make (whether they’re about our homes and families, the products and services we buy and the money we spend), are hugely influenced by subconscious human

bit as critical as optimizing the technology and operations that deliver it.

For example, the presenting of contact options has a big impact on what method customers choose. For one client we coached contact center agents to say to customers: “You can find the answers to most questions on our website. But if you can’t find what you need there, you can call us back, we are here 24/7.” That was one of several nudges used that resulted in a 14% digital channel shift by the customers of a large financial services outsourcer.

What’s the opportunity for your business?

Issue 93 / July 2023

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Issue 93 / July 2023

TALENT & LEADERSHIP

EMRACING LIFE AS AN EXPAT

you and your family’s needs.

UK property Many British expats choose to keep a foothold in the UK by holding on to the family home, renting it out or buying a UK investment property whilst living overseas. Special rules apply if you’re a non-UK resident landlord or live abroad usually for more than six months and receive rental income. If you live overseas and let a property using an agent, they must follow the scheme and deduct basic rate tax from your rental income before they pass it on to you, unless they’ve permission from HMRC not to. You can offset this against your own UK tax bill at the end of the year by submitting a Self-Assessment Tax Return.

CORPORATE ADVICE/

EMBRACING LIFE AS AN EXPAT ― Setting up life as an expat in Singapore can be an exciting, if rather daunting, step. With a range of considerations and decisions to make – financial and otherwise – making a home here benefits from careful planning. Huw Wedlock Director of The Fry Group Singapore looks at some of the important steps to consider.

by The Fry Group It’s clear that the financial challenges of moving to a new country can be unsettling. Recent research on those who are planning or have recently moved abroad notes the impact that complex financial admin can have on the early days of a move (source: Ipsos). Around half of those that took part in the research identified that juggling finances between two locations was a particular concern, with taxes a significant consideration for three in five of those responding.

If you’re selling a UK property, you may face Capital Gains Tax. The rules around taxation of UK property can be complicated so it’s important to understand how they apply to you before making any decisions. that if you switch jobs within Singapore or leave the country entirely, you must settle all outstanding taxes. Additionally, if you hold any existing stock options or awards that have not yet been exercised or vested when you decide to leave Singapore, you may be required to pay tax on them as well.

Will you become non-UK tax resident?

So, what are the top financial issues which British expats in Singapore need to think about?

If you are able to break UK tax residency, it will help to limit your UK tax liabilities.

It is important to understand your limits for visiting the UK in order to maintain a non-UK tax residence status, and also your ongoing reporting requirements with HM Revenue. It may be necessary to be non-UK resident for more than five years to escape UK Capital Gains Tax on the sale of assets – apart from UK land and property – which will always be within the charge to UK tax no matter how long you have been an expat.

Local tax

Cost of living

When relocating to Singapore, one of the first adjustments to consider is the variance in local tax laws and systems. If you are moving from the UK, a significant change to adapt to will be the method of tax payment.

In Singapore, taxes on earnings are generally paid as a lump sum on an annual basis or can be paid monthly in arrears, unlike in the UK where they are deducted from your salary on a PAYE basis. It is crucial to note

The cost of living and the types of expenses you will incur while living in Singapore are very likely to be different from the UK. Make sure you have understood what your monthly outgoings will be and ensure you have adequate medical insurance to meet

Becoming an expat can offer enormous opportunities with a range of benefits; a better lifestyle and career prospects along with the chance to travel and experience a different culture. Ensuring your finances are well managed, and your tax obligations are met, means you can take advantage of your new expat status without unnecessary financial pressures.

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Pensions and retirement savings If you’ve recently left the UK and have an existing defined contribution personal pension from when you were resident, you may be able to continue to contribute to it in the tax year in which you leave the UK, and for up to five tax years after. These contributions could be £3,600 gross each year, and in certain circumstances, if you have taxable employment income in

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the UK, you may be able to contribute higher amounts.

In most cases however, pension contributions are related to your UK earnings and therefore most expats will be unable to continue contributing to their UK pensions while living abroad. Therefore, it’s unlikely that you will be building pension assets as you would have in the UK. Some companies may offer some sort of alternative savings scheme, but this is usually a benefit rather than a legal requirement such as workplace pensions in the UK, and you won’t benefit from tax relief on contributions (which is a major benefit to UK pensions). As such, you need to be more proactive about building retirement savings yourself to plan for future years.

Estate matters One of the most common points which is overlooked after a move overseas relates to your Estate plans. If you have a family, it’s important to check whether your existing Will covers the appointment of guardians to help navigate local laws in Singapore. Having this in place means, if the worst should happen, your family will be taken care of in line with your wishes. It’s also important to remember, that whilst your residence status may have changed, your domicile status has not.

This means that all your global assets remain in scope of UK Inheritance Tax (IHT), so further planning will still be required to optimise your UK IHT position.

taken care of, you can enjoy spending time exploring all that Singapore has to offer – indulging in its multicultural society, vibrant food culture, ample green spaces, and the chance to explore the region, which might have been some of the motivating factors behind your decision to relocate to Singapore in the first place! So, getting your finances in order will afford you the freedom to embrace these exciting parts of expat life.

With eight offices around the world, including Singapore, many of our team have experienced a move overseas themselves and enjoyed time abroad as expats. Together with their knowledge and expertise covering a wide range of tax and financial matters, they can offer practical and informative advice during your time in Asia.

About Fry Group

Established in 1898 by Thomas Fry, The Fry Group carved out a business by helping British expatriates recover tax. Thomas passed away in 1910, leaving the business to his brother Wilfred. We continue to adopt the core business values and principles established by our founders over 120 years ago.

From eight offices across the world, our award winning team of experts help thousands of individuals with all aspects of tax, estate and financial planning – from the completion of UK annual Tax Returns and the setting up of a valid UK Will to dealing with complex tax mitigation structures and designing a range of investment portfolios.

With adjustments to your financial plans

Issue 93 / July 2023

WORLD REFUGEE DAY 2023: “HOPE AWAY FROM HOME”

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BRAND POSITIONING

WORLD REFUGEE DAY 2023: “HOPE AWAY FROM HOME”

by Ann Moey, Philanthropy and Partnerships Lead (Singapore), UNHCR Zoljargal Molomjamts, Outreach Officer, UNHCR Ryann Lai, Associate Private Sector Partnerships Officer, UNHCR

W

orld Refugee Day, held every year on June 20, is an international day designated by the United Nations to honor refugees around the globe. The theme of World Refugee Day 2023 is “Hope Away from Home”, where we can all do more to give refugees more hope and more opportunities to create a world where refugees are always included There are now a record 100 million people forcibly displaced worldwide. By the end of 2021, the number of forcibly displaced people worldwide rose to 90 million.

This was propelled by new waves of violence or protracted conflict in countries including Ethiopia, Burkina Faso, Myanmar, Nigeria, Afghanistan and the Democratic Republic of the Congo. In 2022, the war in Ukraine has displaced 8 million within the country and forced around 6 million to leave the nation.

To celebrate the strength and courage of people who have been forced

to flee their home country to escape conflict or persecution, UNHCR invites corporates to join them in bringing awareness to the displacement issue or by raising funds to support humanitarian efforts.

Launch of the Youth with Refugees Art Contest UNHCR is partnering with UNIQLO on the third edition of the art contest.

This year, young people aged 10 to 30 can submit drawings on the theme “hope away from home.” The best designs will be turned into graphic t-shirts sold by UNIQLO to raise funds for refugees. The contest is open from 15 June to 30 September 2023.

For more information, please visit: https://www.unhcr.org/youth-refugees-art-contest The focus for World Refugee Day 2023 will be on solutions for refugees and the power of inclusion. The

most effective way to support them in restarting their lives is to include them in schools, workplaces, healthcare systems, and beyond. Please join UNHCR in supporting refugees.

Reach out to us at partnershipssg@ unhcr.org if you would like to support our efforts or if your company would like to launch a fundraising campaign in support of UNHCR.

About UNHCR

UNHCR, the UN Refugee Agency, is a global organization dedicated to saving lives, protecting rights and building a better future for refugees, forcibly displaced communities and stateless people. Established in 1950, UNHCR has been twice awarded the Nobel Peace Prize for its humanitarian work – in 1954 and in 1981. UNHCR works to ensure that everybody has the right to seek asylum and find safe refuge, having fled violence, persecution, war or disaster at home.varying aspects of wealth management, all backed by the successful St. James’s Place Wealth Management Group.

Stakeholders should not be relying

on a one-size-fits-all approach when using ESG rating scores to assess a company’s performance in managing environmental, social, and governance issues. They should obtain data from as many databases/agencies as possible before making careful and holistic judgement on the sustainability performance of companies.

Environmental, social and governance (ESG) aspects of corporations refer to the assessments of the companies’ values and consideration for organizational environmental, social and governance factors. According to MSCI, an American finance organization, ESG Investing is defined as the consideration of environmental, social and governance factors alongside financial factors in the investment decision-making process. ESG ratings and metrics are important tools for evaluating the sustainability of companies and they can significantly impact investment decisions and asset values.

On the local front, Singapore Exchange (SGX) stipulated sustainability reporting on a ‘comply-or-explain’ basis as one of its listing rules in 2016. It recently mandated a requirement that all board directors of listed equity issuers must have confirmed attendance of sustainability training, in their first sustainability report for financial years commencing on or after, and issued in 2023 or later (https://www.sgx.com/media-centre/20220317-sgx-regco-announces-start-sustainability-training-company-directors).

standards and frameworks, thereby ensuring regulatory compliance.

Figure: Discrepancies (divergences) in ESG scores for Singapore companies from two separate rating agencies. Data obtained from (www. sgx.com).

In Singapore, ESG scores assigned to SGX-listed companies could be obtained via the SGX official website (www.sgx.com/sustainable-finance/ stock-ratings) or using rating agencies via paid subscriptions for more extensive score data. The fact that many stated companies in these databases are not fully measured on all of the criteria (i.e. lack of data) renders complexity in making direct score comparisons, ultimately contributing to divergence of rating scores. To make sense of discrepancies of the ESG rating scores from a variety of agencies, many ESG stakeholders or investors would make judicious assessment of the assigned weights and/or carry out averaging of the scores.

We recently conducted a preliminary study aimed at examining the ESG strengths of companies based in Singapore by statistically evaluating their ESG metrics obtained from prominent rating agencies. It was found that, generally, the mean of total ESG score of Singapore companies is marginally higher than the average global score, implying decent overall ESG performance. We further observed that the ESG mean scores under the different market capitalization categories (small, mid and large), are not significantly different with the exception of FTSE Russell’s scores for large and mid-capitalization companies.

Currently, there are many different firms/agencies worldwide, providing a variety of ESG scoring data. These rating agencies tend to develop their own proprietary rating methodoloWe also analysed the evolution of gies which can be starkly different.

ESG scores from 2012 to 2022 for As a result, discrepancies (diverselected Singapore companies. gences) in ESG scores for similar Increasing/decreasing trends in all companies often exist (see figure bethe scores over the said period are The College complex(Singapore) differences we in ESG At low).

Dulwich believe innot nurturing global citizens and well-rounded future monotonic – there were high and weightings, evaluation and scores low points. Some of the high/low leaders who equipped to create solutions to the world’s challenges. Our goal is to encourage as well as are inconsistency in company points are either higher or lower than data disclosure also contribute tomake informed initialglobal values in 2012action and our students to Live Worldwise – to choices, take inspired and create positive At Dulwich College (Singapore) we believe intheir nurturing citizens and current well-rounded future score heterogeneity. To combat the values in 2022. About three quarters phenomenon rating divergences, impact.

Our and world-changing education is wellbeing-focused and balances academic leaders who innovative are of equipped to create solutions to world’s challenges.

Our goal is to encourage of the companies improved on their SGX has recently introduced SGX total ESG scores in year 2022 as comexcellence a wealth of co-curricular opportunities thattake enable our students tocreate discover their our studentswith to(https://www.sgx.com/ Live Worldwise – to make informed choices, inspired action and positive ESGenome pared to 2012. Our preliminary study sustainable-finance/esgenome), revealed important pointand for ESG individual talents and passions. impact.

Our innovative and world-changing education is an wellbeing-focused balances academic a disclosure platform to facilitate stakeholders: relying solely on the metrics reporting aligned with global opportunities excellence with a wealth of co-curricular that enable our students to discover their To learn more visit Singapore.dulwich.org or call admissions at 6890 1003

Inspiring future generations of changemakers.

Inspiring future generations of changemakers.

28 / orient-magazine.com

Issue 93 / May 2023

individual talents and passions.

Dulwich College (Singapore) CPE Registration Number: 201027137D. Period of Registration: 09 January 2020 to 08 January 2024. School Location: 71 Bukit Batok West Avenue 8, Singapore, 658966

To learn more visit Singapore.dulwich.org or call admissions at 6890 1003

Member Discounts ENJOY DISCOUNTS ON TRAVEL, F&B, RETAIL, SERVICES & TRAINING britcham.org.sg/member-discounts