Orient Issue 77

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE ISSUE 77 | JUN 2020

BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES

33 In Conversation with

Claire Williams OBE

ROAD TO NET ZERO Shipping’s Headwinds The Drivers for Decarbonisation Net Zero Targets The New Frontier of Climate Ambition Will the Energy Transition Remain a Priority?

Financial Aid Post COVID-19

MCI (P) 067/04/2019

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In this extract, we hear from Claire as Williams looks forward to the return of racing, and with the background of the team's announcement of a Strategic Review.

52 54

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IN FOCUS INTERVIEW

Paul Friend, Principal, North London Collegiate School (Singapore)

03 07 09 13 19 22 23 24

30 33 44 46

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President's Message Executive Director's Message News New Members Recent Webinars Upcoming Events & Webinars In Focus: Paul Wilson, Head Master, Brighton College (Singapore) Feature: COVID-19 and its Impact on the Global Gold Market Special Feature: In Conversation with Claire Williams OBE Feature: Digital Transformation for Your Business Feature: Shipping’s Headwinds – The Drivers for Decarbonisation Feature: Net Zero Targets: The New Frontier of Climate Ambition Let's Discuss: Will the Energy Transition Remain a Priority?

Financial Aid Post COVID-19 Member Discounts

Editor: Lucy Haydon lucy@britcham.org.sg

Orient is a bi-monthly magazine published by the British Chamber of Commerce, Singapore.

Co-Editor & Designer: Nicole Alison Lim alison@britcham.org.sg

© All rights reserved.

137 Telok Ayer Street, #06-03, Singapore 068602 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg

The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber.

Unsolicited transparencies and articles are sent at owner’s risk and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustrative purposes only, and no copyright infringement is intended.

@britchamsg @bccsingapore @british-chamber-ofcommerce-singapore

Advertising Inquiries Lucy Haydon lucy@britcham.org.sg +65 6718-0535

CONTENTS

E XC L U S I V E D E A L S F O R B R I T I S H C H A M B E R M E M B E R S !

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EXPLORE OUR COLLECTIONS

05

OUR PARTNERS PLATINUM PARTNER

BRONZE PARTNER

GOLD PARTNERS

SILVER PARTNERS

SUPPORTING PARTNERS

BRITCHAM BOARD

COMMITTEE CHAIRPERSONS

MANAGEMENT TEAM

PRESIDENT:

BUILT ENVIRONMENT: David Mackerness (Chairperson), Alisdair Gillies (Co-Chair), Patrick Gidney (Co-Chair)

Executive Director: David Kelly

Richard Warburton, Arcadis Asia

VICE-PRESIDENTS:

Michael Shearer OBE, McLaren Applied Fiona Carney, Microsoft

SECRETARY:

Haslam Preeston, Jardine Matheson

TREASURER:

David Fowler, Sanne Group

BOARD MEMBERS:

Angel Cheung-Horenfeldt, Barclays Caroline Underhill, The Fry Group Damian Adams, Watson Farley & Williams Damian Hills, The British Club James Hennah, BT Singapore Pte Ltd James Nesbitt, Standard Chartered Bank Shivkumar Seerapu, Lloyds Bank Corporate Markets Plc Justinian Habner, Department for International Trade Lucy Watkins, British Council

DIVERSITY & INCLUSION: Andrew Ashman (Chairperson), Alexander Harrison (Co-Chair) ENERGY & UTILITIES: Tim Rockell (Chairperson), Bree Miechel (Co-Chair) FINANCIAL & FINTECH: Katharine Haggie (Chairperson), Francesca McKee (Co-Chair) HEALTHCARE & LIFE SCIENCES: Thalia Georgiou (Chairperson) INFOCOMM TECHNOLOGY: Magda Chelly (Chairperson), Hitan Mehta (Co-Chair), Faisal Parvez (Co-Chair) LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Joe Tofield (Chairperson), Don Rapley (Co-Chair), David Gardner (Co-Chair) MARKETING & COMMUNICATIONS: Suzy Goulding (Chairperson), Andrew Clark (Co-Chair) STARTUP, ENTREPRENEUR & SMALL BUSINESS: Lara Quie (Chairperson), Mark Florance (Co-Chair), Kris Sasitharan (Co-Chair) SUSTAINABILITY: Sarah Cragg (Chairperson), Mark Florance (Co-Chair)

Head of Marketing & Communications and Partnerships; Deputy Executive Director: Lucy Haydon Business Services Director: Nicole Wharfe Member Relations Administrator: Melissa Ng Head of Events: Helen Starr Events Executive: Safreen Anwardeen Events Executive: Sabeena Nayyar Senior Marketing & Communications Executive: Nicole Alison Lim Marketing & Communications and Events Executive: Samantha Nelson Trade Services Advisor: Aisyah Ariffin Finance Manager: Radhika Chauhan Office Manager: Anna C Garciso

TRANSPORT, LOGISTICS & SUPPLY CHAIN: Simon Petch (Chairperson), Nicholas Potter (Co-Chair) WOMEN IN BUSINESS: Luciana Vichino (Chairperson), Wanying Lim (Co-Chair)

CHAMBER INFORMATION

IT'S ABOUT EMBRACING AN INDEFINABLE FUTURE. Dulwich College (Singapore) is an international school, for students aged 2 to 18, with a British independent school ethos, which draws upon 400 years of excellence, innovation, tradition and values. To attend our Virtual Open House and learn more about the Dulwich Difference please visit singapore.dulwich.org or email admissions@dulwich-singapore.edu.sg 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.

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Message from the President

Dear Members, Traditionally, as we enter July, many of us would start to head off to visit family and friends overseas or to enjoy well deserved holidays. This summer will, however, be very different for all of us as the global pandemic continues and travel restrictions remain in place. We are fortunate that Singapore has now entered Phase 2 with ongoing precautionary restrictions progressively being lifted and we can begin slowly to gather, reunite with friends, and support the local businesses who have been awaiting our return.

Richard Warburton President, British Chamber Of Commerce, Singapore richard@britcham.org.sg

Earlier this month the Chamber completed the formalities of our Annual General Meeting, which, embracing the transition already achieved through our events programme, was held digitally. It was good to see so many members joining the AGM which reflected on the Chamber’s achievements over the last year, along with thanking our departing Board members Paul Kelleher, Rosie Danyluk, Andrew Pickup and Sian Brown, and welcoming the elected Board for 2020/21. Angel Cheung-Horenfeldt joins us for the first time as an elected Board member and Damian Adams returns to the Board. A warm welcome to you both.

The response from our members and the wider British Chambers’ Global Network to our digital content has been extremely positive.

Since the Chamber pivoted to digital content and at the time of writing, we have delivered 23 webinars including our first digital networking event, 31 podcast episodes, and hosted numerous virtual meetings. This has enabled us to continue to provide enhanced content, thought leadership, engagement opportunities and value to our members. All digital material can be accessed through the Chamber website.

I understand that the future remains uncertain and this can be unsettling. For ongoing support I recommend you view our Getting Back to Business page for the latest consolidated guidance and monitor the insights from the British business community response to COVID-19 in our benchmark surveys.

If you would like to provide feedback to the Chamber, please do not hesitate to contact me at richard@britcham.org.sg or reach out to the Chamber team or Board for help.

Stay safe.

Best regards,

MESSAGE FROM THE PRESIDENT

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Message from the Executive Director

Dear Members, Please click on this video or scan the QR code to watch David's full update.

David Kelly Executive Director, British Chamber Of Commerce, Singapore david@britcham.org.sg

MESSAGE FROM THE EXECUTIVE DIRECTOR

STERLING MEMBERS

DETU R

P O N S M UN

DO

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STERLING MEMBERS

GET IN TOUCH

GET IN TOUCH

137 Telok Ayer Street, #06-03, Singapore 068602 Tel: +65 6222-3552 Email: info@britcham.org.sg Website: www.britcham.org.sg

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13

INCOMING BOARD MEMBERS FOR 2020/21

We welcome the following board members who were elected at our Annual General Meeting on 9th June 2020

Michael Shearer OBE Managing Director, APAC, McLaren Applied

Fiona Carney Chief Marketing & Operations Officer APAC, Microsoft

VICE PRESIDENT

VICE PRESIDENT

Angel CheungHorenfeldt Director - Client Coverage & Business Development, Barclays Bank Plc

Caroline Underhill Global Marketing Director, The Fry Group Singapore

Damian Adams Partner, Watson Farley & Williams

Damian Hills Founder Partner, Tristar Capital Partners

James Hennah Managing Director South East Asia (ASEAN), BT

James Nesbitt Executive Director, Standard Chartered Bank

Shivkumar Seerapu CEO Asia Pacific & Regional head of Commercial Banking, Lloyds Bank Corporate Markets Plc

David Fowler Country Head Singapore, SANNE Group

Haslam Preeston Head of Digital Business, Jardine Matheson

TREASURER

SECRETARY

Justinian Habner Country Director, Department for International Trade

Lucy Watkins Deputy Regional Director East Asia, British Council

EX-OFFICIO

EX-OFFICIO

Richard Warburton Executive Director, Head of Financial Institutions, Asia Pacific, Arcadis PRESIDENT

NEWS:

FROM THE CHAMBER

NEWS:

FROM THE CHAMBER

Our latest COVID-19 survey results: how members are coping, travel plans and business impacts

Our latest survey results have been analysed and added to earlier months, giving you a comprehensive overview of the impacts on the British business community.

In the latest findings: • Over 50% of companies expect an impact of 20% or more on revenue • 93% of companies maintain their confidence in Singapore as a long-term business hub • 95% of members with work passes are concerned about travelling and not being permitted to re-enter Singapore • The top 5 travel concerns: quarantine measures at the host country and/or stay at home notices on return to Singapore (making short trips unfeasible); the risk of being stuck if cases increase in either country while travelling; the reentry restrictions mentioned above for work pass holders; confidence in the host country’s quality of care, safety measures, reporting and contact tracing; and the scope of aircraft safe distancing measures.

• Over 50% of respondents have felt some level of anxiety This month's report also includes insights on employee needs when returning to the workplace and travel.

To bring insights together from the past four months and into the future, we have created a single page for you to monitor the overview and access any of the reports. Head to britcham.org.sg/theimpact-of-covid-19-to-members to see the overview and access the latest report.

Our team remains on hand to support members' needs, please contact us if we can be of any assistance.

Singapore has planned phases of recovery from COVID-19. We have compiled information from official sources plus our own resources in a special platform.

Check www.britcham.org.sg/covid19/getting-back-to-business regularly for the latest and quick access to services you need, whether you are here or considering future market expansion from the UK.

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Her Majesty The Queen acknowledges the contributions of British Chambers and members across the world to COVID-19

Her Majesty The Queen, Patron of the British Chambers of Commerce, has written to businesses offering support as they return to work, and praised the contribution Chambers of Commerce across the UK and around the world are making to help firms, champion trade and rebuild communities, in a letter released today. Her Majesty also recognised the contribution Chambers of Commerce and their members have made during the pandemic. We are proud to be part of the British Chambers of Commerce Global Network, and of the work of all our colleagues to support their business communities.

BritCham Energy & Utilities Committee Chair Appears on MoneyFM 89.3 to Discuss Singapore's Energy Sector

As the world's fifth-largest refinery export hub, Singapore is well-positioned to lead the world in the downstream industry. However, changing global dynamics, including Covid-19, have put some pressure on the industry’s standing as a pillar of Singapore’s economy, and challenge its relevance as the world moves towards decarbonisation.

Tim Rockell, Chairman of our Energy & Utilities Business Committee, shares the outlook of the energy sector for 2020 and how Singapore’s role in Southeast Asia’s energy sector will change in this interview recorded on today's Breakfast Huddle programme for MoneyFM 98.3.

Listen on the player below or head to omny.fm/shows/money-fm-893/ singapores-role-in-the-changing-global-dynamics-of.

NEWS:

FROM THE CHAMBER

NEWS:

FROM THE CHAMBER

Updates from the Trade Services team The last six months has been extremely busy for the Britcham Trade Services team. Despite the ongoing challenges, there continues to be considerable interest from UK companies seeking opportunities to expand into Singapore, and subsequently the region. This of course, is very encouraging as Trade and Investment continues to be a primary focus for both UK and Singapore Governments. Global confidence in the Singapore continues to be acknowledged, most recently by the announcement that it has retained its number one spot as the world’s most competitive economy in the latest edition of the IMD World Competitive Ranking – such accolades add strength to the message that the Trade Services team deliver whilst providing ongoing market insight activity and direct support to UK Businesses looking to export to or expand into Singapore.

Moving forward the Trade Services Team will continue to deliver valuable business insight themed towards enabling UK companies to understand more about the opportunities presented in Singapore and the region for export. We also continue to build out our web-based support via the ‘Supporting Your Business Growth’ pages on our website.

In addition to completing bespoke Trade Consultancy to individual companies, the Trade Services Team have successfully delivered our first ‘Virtual Trade Mission’ for the Welsh Government. This saw 6 Welsh Food and Beverage producers, who had no previous brand presence within Singapore. They experienced one on one support, a Market Briefing webinar where Britcham members provided valuable market insight, market outreach, brand profiling to importers, distributors and retailers, and direct business matching introductions.

We were thrilled that to date, two of producers have gone on to receive orders from Singapore importers or retailers directly due to this Virtual Trade Mission - so keep your eyes out for ‘Flawsome!’ drinks and ‘Halon Mon Anglesey Sea Salt’.

Generating proactive interest is extremely important in continuing to drive Trade and Export from the UK into Singapore, and in turn creating opportunities for the business community already in country. In April we delivered the first of our sector specific Trade Webinars, focusing on the ‘Food and Beverage Market: Exporting to Singapore and ASEAN’, followed by the ‘Maritime Sector Opportunities in Singapore’ webinar in May. Most recently we collaborated with chamber members Euromonitor International, Sleek and DWF LLP to deliver the webinar ‘Consumer Goods: Trends, Opportunities and Operations in Singapore and South East Asia’.

It was also a pleasure to have strong support from our colleagues within the UK BCC network to spread the world amongst their chamber community, as well as UK International Trade Advisors from the Department for International Trade inviting their export ready clients to join us.

We welcome you to view the Consumer Goods webinar below to benefit from these valuable insights and download the full report produced by Euromonitor

If you do wish to reach out to the Trade Services team at any point, please feel free to email our Business Services Director,

International at go.euromonitor.com/event-contentfmcg-2020-british-chamber-commerce-consumergoods-webinar.html

Nicole Wharfe, at nicole@britcham.org.sg

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OECD & UNDP Anti-Corruption and Responsible Business Conduct Survey 2020 The OECD, in partnership with UNDP, has launched a survey to obtain first-hand information on practices and challenges in anticorruption compliance and responsible business conduct (RBC) in Southeast Asia. The survey aims to: • Understand how corruption and other sustainability risks affect businesses in the region.

• Assess current practices of companies operating in Southeast Asia in internalising and connecting anti-corruption and RBC issues within the company.

• Gathering innovative ideas and solutions which can be shared with other companies throughout the region to support businesses in implementing RBC and business integrity standards • Evaluate what kind of support the OECD can offer to support companies in enhancing their management of their business integrity and RBC risks • Evaluate the effects of the Covid-19 pandemic on anti-corruption compliance and RBC among companies operating in Southeast Asia.

The survey results will be aggregated and presented in purely statistical terms in late 2020 within a broader OECD Regional Stocktake report. No individual responses will be shared and all data is anonymised.

Take the survey now Responses to this survey are anonymous.

Respondents are encouraged to provide additional information by sharing copies and links to various materials. The OECD is committed to protecting the personal data it processes, in accordance with its Personal Data Protection Rules. Under the Rules, you have rights to access and rectify your personal data, as well as to object to its processing, request erasure, and obtain data portability in certain circumstances.

To exercise these rights in connection with survey or for any additional information or explanation about the survey in general please contact Pietro Rocco (procco@eac-global.com) or visit the OECD website.

If you have further queries or complaints related to the processing of your personal data, please contact the Data Protection Officer.

Visit www.surveymonkey.com/r/DK6VX75 to take the survey.

PwC Singapore's Digital Fitness Assessment learning app free until 31 July 2020 The need for continuous upskilling and reskilling to become part of the “new normal” was highlighted in the recently announced Fortitude Budget. In a bid to support this, PwC Singapore has made our Digital Fitness Assessment learning app free for the Singapore public.

We know that the world of work has changed dramatically in the last few months, our app aims to bring tips and learning materials to help individuals brush up and stay abreast with the evolving world of business, digital technology and new ways of working.

Our free learning up is accessible to all until 31 July 2020 and it can help users in these three areas:

Assess: After answering some questions in the app, you’ll receive a Digital Fitness score that helps you understand your overall strengths and identify gaps in your knowledge.

Learn: Choose a fitness plan that best suits you and learn through recommended bite-sized content to gain new insights.

Grow: Track how much learning you’ve accomplished and celebrate as your Digital Fitness score improves when you complete weekly plans.

To access our learning app, simply visit our Reimagine Digital website, follow our download instructions and enter our invite code, “LRNALL”, to get started.

NEWS:

AROUND THE CHAMBER & MEMBER NEWS

NEWS:

MEMBER NEWS

Celebrating the re-opening of Jamie's Italian Forum

Jamie’s Italian Forum is now open for dine-in daily from 11.30am – 2.30pm and 5.30pm-9.30pm.

To celebrate the re-opening, Chamber members attending in at least a table of 2 people can redeem a complimentary bottle of house white, red, or rose wine, or Prosecco, when dining in the restaurant before 31 August 2020. This offer is on top of the ongoing member offer of 15% off the total Food and Beverage menu.

To redeem, simply present your BritCham membership card via the EventBank app to staff on arrival.

Steelcase Launches its First Online Store in Hong Kong and Singapore

Steelcase, the leading global office furniture company today announces the launch of its online stores in Hong Kong and Singapore, offering remote workers the first direct access to its ergonomic products.

Through its insight-led approach, Steelcase is renowned for its innovative and diverse furniture portfolio, which is widely used in the workplaces of world’s leading organisations. But with the widereaching disruptions of Covid-19 many office workers have been confined to their homes, often without the right set-up.

“Our customers around the region have been naturally concerned about the wellbeing of their people and many of them have expressed an interest in working with us to set-up better workspaces in employees’ homes”, said

Samantha Giam, Director, Product Marketing, Steelcase Asia Pacific. “As we worked to equip their remote teams, we saw an opportunity to make some of our products available to individuals, to improve their work from home experience.”

The transition back to the workplace will be staggered and may take some time. Social distancing will demand lower occupancy levels in the office, and the priority will be on helping to support those that cannot work remotely to return first, while others will continue to work from home.

Steelcase seating technology has been licensed for use in both the aeronautical and automotive industries, as well as in their awarding-winning office chairs.

Gesture, Think and Series 1 are all available through the online store–

Red Dot Award-winning Gesture is designed for the way we work today– the first chair to support new postures associated with the increased use of technology.

In addition to seating Steelcase will offer desks and a range of accessories to help remote workers adapt their homes for work, such as personal tables that slide in over a sofa to add a work surface.

Steelcase online store is now available in Singapore and Hong Kong. Please visit our store with below link: shop.steelcase.com BritCham members enjoy an additional 10% discount on top of displayed prices on all products in the online store by using discount code WFHBCC10.

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CORPORATE MEMBERS

CLYDE & CO CLASIS SINGAPORE PTE. LTD. Clyde & Co is a dynamic, rapidly expanding global law firm focused on providing a complete legal service to clients in our core sectors. We advise businesses that are at the heart of worldwide commerce and trade. Our combination of sector expertise, commercial attitude and in-depth regional understanding provides a unique perspective. Find out more at www.clydeco.com/locations/office/singapore Representative Member: Nicholas Mider, Business Development Manager

ICICI BANK LIMITED ICICI Bank (listed on NYSE with market cap of ~USD 29 Billion) is one of the largest Private sector bank in India with global presence in over 17 countries across the US, Europe, Middle East, SEA and North-Asia regions. ICICI Bank offers a wide range of financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in areas of Investment banking, Insurance, Venture Capital and Asset Management. ICICI, Singapore is the first overseas branch of the Bank which began its operations in 2004. ICICI Singapore has Qualified Full Banking license from MAS. Find out more at www.icicibank.com. sg Representative Member: Karthikeyan Dhanasekaran, Relationship Manager

NEW MEMBERS

NEW MEMBERS

CORPORATE SME MEMBERS

ISPAHAN ENGINEERING PTE LTD Ispahan Engineering was formed in 2008 in Singapore to provide relationship based services and solutions tailored to the needs of our clients. Ispahan Engineering is registered by MOM as an Employment Agency (EA) where we assist our clients to identify their needs and to match the right people to those requirements. Ispahan Engineering also supplies engineering & project resources primarily for the process and biopharmaceutical industries with qualified engineering professionals, project engineers, process engineering as well as commissioning and validation engineers. Ispahan also offers Process Safety Consulting services including HAZOP facilitation. Find out more at www.ispahan. com Representative Member: Joe Eades, Managing Director

MARY BARRETT GLOBAL Mary Barrett is an independent, compassionate, fun and intuitive Coach who will work with you to achieve a better version of yourself, team or organisation. Mary loves to disrupt your thinking, be a supportive catalyst for change and will truly encourage you to be a stretcher of possibilities. An accredited Australian Board of NLP Trainer, Coach and Hypnotherapist, Mary draws on 3 decades of experience working in the Corporate field in three different countries. She has had to get out of her comfort zone countless times in both professional and personal life and along the way Mary has learnt that the power of resilience, courage and embracing discomfort is a prerequisite for success. Find out more at www.marybarrett.global Representative Member: Mary Barrett, CEO

SOVEREIGN MANAGEMENT SERVICES PTE LTD Sovereign Corporate Services offers company formation and management in all major jurisdictions, together with the comprehensive advice and support that will assist companies of all sizes to establish business operations successfully in foreign markets. Sovereign has been involved with the set up and administration of an estimated 20,000 structures worldwide since 1987. We have established a network of offices or agents in all major international finance centres and now employ, directly, well in excess of 400 trained and experienced staff throughout the world. Find out more at www.sovereigngroup.com Representative Member: Andrew Galway, Managing Director

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CORPORATE START-UP MEMBERS

DIGITAL DIRECTION Digital Direction, started by Elizabeth Taylor, offers friendly, practical and clear advice on your digital marketing, which is based on experience and common sense.

Elizabeth can help you create a roadmap for your business, prioritizing key growth areas and then guide you on how to execute your marketing plan. Elizabeth offers a complimentary initial 30-minute consultation, marketing training and also bespoke 121 consultancy. Elizabeth Taylor a trained digital marketer and educator with 24 years experience in the industry. Find out more at www.facebook.com/ DigitalDirectionSG Representative Member: Elizabeth Taylor, Senior Trainer & Owner

GREENGATE ADVISORS Greengate Advisors is a technically focused real estate consultancy founded on the principles of consultant excellence, client centricity and outcome led project delivery. Greengate Advisors deliver four key consultancy services: Technical Advisory, Project Management, Development Monitoring and Strategic Consulting.

Our projects are delivered through a dedicated core team in collaboration with trusted partners, independent advisors and contractors who share our passion and commitment to excellence. Find out more at reengateadvisors.com Representative Member: Alisdair Gillies, Managing Director

THE RECRUITMENT COACH PTE. LTD. Ellie Rich-Poole is The Recruitment Coach. She coaches individuals to achieve more in their career, either in their current organisation or in a new one. She also supports them at times of change in their job, location or life. She works with HR Directors / CEOs to improve their organisational performance by attracting, hiring and developing the right people. She is a qualified coach, a member of the International Coaching Federation at ACC level and an accredited Strengths Profile Practitioner. Find out more at www.ellierichpoole.com Representative Member: Ellie Rich-Poole, Coach

NEW MEMBERS

RECENT EVENT WEBINARS

RECENT EVENT WEBINARS 29 April 2020: Annual Economic Briefing In collaboration with OMFIF, and with Event Partner The Fry Group, our Economic Briefing webinar this year looked at the global economy with an expert lineup of panellists.

19 May 2020: Purpose-led Leadership

Event Partner:

Co-organiser:

Event Partners:

On 19th May our Sustainability committee led a discussion with BRIDGE, NamZ and MullenLowe salt on what purpose means for you and your companies.

21 May 2020: Financial Aid for Energy Transition post-COVID-19 Part of BritCham’s ‘Road to Net Zero’ initiative, Ben Arnott of the E&U Business Committee introduced a world where changes to the nature of work have been accelerated due to the measures imposed during the pandemic.

26 May 2020: A UK Outlook: UK Tax Updates during COVID-19

Event Partner:

On 26 May our Partners Select Investors reviewed the UK tax implications of the recent Spring Budget and COVID-19 for businesses and individuals with UK ties.

27 May 2020: COVID-19 and Infrastructure Projects in Singapore and SEA On 27 May our Built Environment Committee organised a webinar focusing on the impact of COVID-19 on projects and supply chains, relief measures and practical tips to manage these risks.

28 May 2020: Positive Psychology for Challenging Times

Event Partner:

On 28 May, we hosted a special session from our Women in Business committee - if you are growth-oriented and curious to becoming a better version of yourself, this is the right session for you.

2 June 2020: Mergers & Acquisitions in an Unpredictable Environment In the current COVID-19 environment, M&A either presents even more opportunities or for some businesses a necessity, as some look to take advantage of depressed valuations or distressed opportunities, and others find themselves facing the prospect of having to sell out.

Discover more webinars at britcham.org.sg/webinars

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UPCOMING EVENTS & WEBINARS Visit our Upcoming Events page at www.britcham.org.sg/events to find out more about the following events, or contact the events team at events@britcham.org.sg

DATE

NAME

TIME

VENUE

08 Jul 2020

Data Protection in a COVID-19 World (Webinar)

4:00 PM 5:30 PM

22 Jul 2020

Jim Collins - Good to Great (Virtual Event)

9:00 AM 11:30 AM

22 Jul 2020

The Changing Economic Outlook: Healthcare Industry in South-East Asia (Webinar)

10:00 AM 11:30 AM

19 Jun 2020

International Women's Day 2020

11:30 PM 2:30 PM

Shangri-La Hotel, 22 Orange Grove Road, S 258350

29 Oct 2020

21st Annual Business Awards Gala Awards Dinner

7:00 AM 11:30 PM

Tower Ballroom, Shangri-La Hotel, 22 Orange Grove Road, S 258350

05 Dec 2020

The Great British Ball

7:00 PM Late

Island Ballroom, Shangri-La Hotel, 22 Orange Grove Road, S 258350

EVENT PARTNERS

UPCOMING EVENTS & WEBINARS

IN FOCUS INTERVIEW WITH THE EDITOR:

PAUL FRIEND, PRINCIPAL, NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

In Focus:

Paul Friend, Principal, North London Collegiate School (Singapore)

By Lucy Haydon Inspiring and building confidence in students is at the heart of the ethos for new British school in Singapore, North London Collegiate. In this issue our Editor interviews their Principal, Paul Friend, who has been leading schools in overseas posts for over twenty years.

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IN FOCUS INTERVIEW WITH THE EDITOR:

PAUL FRIEND, PRINCIPAL, NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

How would you describe the NLCS student experience and spirit for those who are unfamiliar with the school in the UK? We are an academic school. We believe in academic rigour and academic structure. We believe that children need to be inspired, stretched and challenged in every lesson if they are to reach their fullest potential. For us, academic excellence is not just about educational outcomes like exam results or university matriculation data. Academic excellence is about the culture of the school, it’s about what we believe in and what we value. For us, creating and nurturing a culture of genuine academic scholarship is our main priority.

In our recent newsletter, we asked a student from NLCS Jeju, South Korea, to share a typical day as an NLCS student, as we wanted to give our new students in Singapore a sense of what to expect.

The student’s response captured the NLCS experience really well as they explained that there is no typical day at NLCS. They really captured the essence of the huge range of enrichment opportunities available and how students are encouraged to get involved

with so many different things. This student also spoke about our passionate teachers and explained that when they joined the school, they really disliked physics, but they went on to explain how they found the passion of the teacher for the subject infectious and inspiring. That was really heartening to read because every school has its own ethos and philosophy, and what really matters is that you put that into practice. For me, the student experience is about making sure that our ethos is delivered in every classroom, everyday.

What do you look for in prospective students and new teachers to ensure that this spirit continues to thrive?

I am a big believer in the importance of fit in education. We want to make sure that every student we enrol here is going to thrive and flourish in our environment and culture. We are looking for students with academic potential but also students who are inquisitive, curious about the world, and who like to ask questions and search for answers. That raw material is the type of student that is going to really do well in our school and make

the most of all the opportunities that we provide.

Every school has its own ethos and philosophy, and what really matters is that you put it into practice… the student experience is about making sure that our ethos is delivered in every classroom, everyday.

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Our teachers, as with any school, are our most valuable resource. In my opinion, you can’t have an outstanding school without outstanding teachers. I find the NLCS ethos hugely compelling and inspirational and that ethos is brought to life by our teachers. It is not me and the leadership team in the boardroom writing policies and directives that will make our school outstanding, it’s the teachers in the classrooms, corridors and sports fields that really make that ethos meaningful.

We look for teachers who are excited by academia, teachers who have retained a connection with their own academic subject and really love their discipline, as subject-specialism is very important to us. We want our students to be excited and inspired in every single lesson and that will only happen if our teachers are excited and passionate about what they are teaching. We also require our teachers to be fully committed to our philosophy of pastoral care. At NLCS, we often remind our teachers that no teacher in our school is either just academic or just pastoral. We require every member of academic staff, regardless of their role in the school, to be equally committed to both areas.

We want our students to be excited and inspired in every single lesson and that will only happen if our teachers are excited and passionate about what they are teaching.

Your previous roles have taken you around the world, in particular Asia.

How has this experience enhanced your career in education?

My international experience has certainly helped me to grow as an educator and as a leader. I remember teaching in the UK and talking to

students about diversity and celebrating different values, but that can become quite an abstract subject when you are living in a broadly monocultural community. On the international circuit, the mix of different cultural, ethnic and religious backgrounds provide a deeply enriching experience for the children and it has also been incredibly rewarding for me.

When you feel, as an educator, that your own thinking, perspectives and attitudes are being broadened, it is a really fulfilling and enlightening journey to be on, and I think it can only benefit the students when teachers are going through that journey.

The point where you realise there are other perspectives and attitudes in the world is significant. The framework of beliefs and perspectives that you have built up because of your culture and your context is not the only way; there are alternatives. And when you reach that sweet spot of real openmindedness and embracing not just other cultures but other attitudes, perspectives and ways of viewing the world, I think that is incredibly enriching.

IN FOCUS INTERVIEW WITH THE EDITOR:

PAUL FRIEND, PRINCIPAL, NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

IN FOCUS INTERVIEW WITH THE EDITOR:

PAUL FRIEND, PRINCIPAL, NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

What can new students and their families look forward to seeing when the NLCS (Singapore) campus opens this summer?

They are going to see a brand-new, purpose-built building, with state-ofthe-art facilities along Depot Road. But we’re most looking forward to seeing what goes on inside the building when we’re open. We will see happy, fulfilled students who are always busy with opportunities to explore, discover and be productive. We will see students who are excited about learning and advancing their own knowledge. We will also see a very caring and respectful community.

Personal conduct and behaviour are very important to us and we promote qualities of citizenship, service, treating each other with respect, as well as celebrating and appreciating difference and diversity, so there is a unique culture that you feel within the NLCS environment.

It is always interesting when many of our colleagues travel between the NLCS schools. When we walk into NLCS in London, Jeju or Dubai, we are obviously in a different school but it feels strangely familiar, and not just because the children are wearing the same

uniform or because of the logos on the doors – it is the attitudes and values you see. The way the children are empowered and how leadership is promoted, it is a feeling of being somewhere new but completely familiar. And when that NLCS ethos is present in the corridors and classrooms in Singapore, that is what we are looking forward to seeing.

The framework of beliefs and perspectives that you have built up because of your culture and your context is not the only way; there are alternatives.

Which moments stand out for you in your time as an educator?

A powerful word in that question is “moments”. I have a long history in boarding schools, and I have developed special moments there. Nothing compares to the relationship you develop in that boarding setting with students. I often say - if you are in this game because you genuinely find it a privilege to be forming relationships with young people, influencing and guiding them, then there is no scenario that beats being in boarding.

My first overseas post – 21 years ago this year – was at Dulwich College in Thailand, the very first UK school to be franchised overseas. I was the Head of Boarding there and I am still in touch with the students, who are now in their mid to late thirties and have their own families. We keep in touch through regular messages on Facebook. When we find ourselves in the same city or location, we make sure that we connect.

This speaks to the many special moments that we have shared, and moments that will last forever.

29 What a Typical Day Looks like at North London Collegiate School (NLCS) In our discussions with new students and families, we're often asked the question "what will a typical day look like at NLCS?"

This is an impossible question to answer because, in all honesty, there is no such thing as a ‘typical day’ at NLCS. If there is anything 'typical' about a day at NLCS it's that you are always busy and occupied.

Every day I am faced with new ideas, challenges and opportunities at school, in a plethora of ways; academically, socially, artistically and many more.

I’m given countless opportunities in NLCS to improve myself academically, not only through engaging classes but through different Academic Societies. When I arrived at NLCS I must be honest and say that I hated Physics; I found it hard, quite boring, and I never fully understood what was going on. That's changed at NLCS and whilst it's still far from my favourite subject (there's no chance it will ever reach those heights), I feel genuine interest and fascination with the subject. The only reason for this is my teacher, I don't think I've ever met a teacher who is so passionate about their subject, and I am inspired by the passion he holds for his subject. His lessons are infectious and always exciting. You're told before you come to NLCS that the teachers are somehow different but you don't understand what that means until you're here.

They make you more passionate about the subjects you already love and make you interested in subjects you thought you hated. Academic societies give students the chance to further explore a multitude of topics and subjects, I don't think you could name an academic interest that isn't covered by a society at our school. I am personally a member of the Gender Studies Society, the Dance Society, and I'm also a member of the Debating Group. Within these organisations, I’m able to learn and develop a deeper understanding of subjects that thrill me as a student.

Whilst I enjoy my lessons and love my academic societies, my real passions are with the performing arts. I feel that I'm able to fully express myself artistically, which has become an important aspect of my development through school and life.

Rather than asking Mr. Friend, or another member of the Senior Team to answer this question, we've asked a student to give their own response. What follows here is an unedited response from a student in Year 10 at NLCS Jeju. The student, whose name we have withheld, has only ever been educated at international schools.

My passions within the arts are supported every day, through after-school dance groups (in which I’m able to develop my dance skills and understanding); and drama productions (in which students are able to share their creative ideas on stage or back-stage with the technical team). Many of my friends are musicians and they're involved in groups and orchestras from classical orchestras to big bands, to rock groups, to Jazz bands, and many more. Last year I joined the ‘Young Artists club’, where a group of students meet on the weekends to create art and experiment with different mediums.

Finally, NLCS not only allows me to develop my interests within academics and the arts, but the school helps me grow socially, leading me to become more involved within the community. I've been involved in a number of community events from supporting a local orphanage to supporting local farmers. The House Competition is one of my highlights of the school year. My favourite activity within this would have to be the ‘glee’ competition. Each year the different houses compete to create small music group performances, a larger ‘glee’ song/dance performance, and finally a whole house singing performance. This is entirely student-led and it's incredible how this allows students to become a true family, letting us work together and care for each other.

Old school friends from other schools often talk to me about me being in "an academic school" - but they don't understand what NLCS is truly about. Being at NLCS has grown my interest in a multitude of topics and passions, and I've got no doubt that any new student will be able to find theirs.

So, personally I've never felt that I have a typical day at NLCS, but an ever-developing lifestyle that allows me to grow and become a better version of myself, preparing myself for the bright future ahead of me.

ABOUT THE COMPANY North London Collegiate School, founded in 1850, is one of the pre-eminent schools in the United Kingdom.

The school has an outstanding record of the highest intellectual achievements, and a strong tradition of providing an unparalleled academic education, while encouraging the development of individualism and a pioneering spirit among its students.

North London Collegiate School (Singapore) will open its doors to students in August 2020, after phenomenally successful openings in Jeju, South Korea and Dubai. It is conveniently located on Depot Road and boasts a built-up area of approximately 300,000 sqft, with a diverse array of learning spaces required to deliver an outstanding world-class education which caters to every possible interest and talent. NLCS (Singapore) retains a deep connection with NLCS (UK) through teacher recruitment and regular monitoring visits and inspections. Visit nlcssingapore.sg for more information.

IN FOCUS INTERVIEW WITH THE EDITOR:

PAUL FRIEND, PRINCIPAL, NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

FEATURE:

COVID-19 AND ITS IMPACT ON THE GLOBAL GOLD MARKET

COVID-19 and its Impact on the Global Gold Market

By Andrew Naylor, Executive Director, Head of ASEAN and Public Policy, World Gold Council Gold is mined on every continent in the world except Antarctica, and its financial benefits are acknowledged by institutional investors, the official sector, and consumers globally. Although the gold market is global, London has had a central role (particularly in trading and custody) for centuries.

Investors are drawn to gold for several reasons. As a liquid, physical asset with no credit risk, gold can act as a safe haven. This is why we have seen significant inflows into gold – particularly gold-backed ETFs and similar products – as a consequence of the economic fall-out of COVID-19. It is also a good portfolio diversification tool, as it exhibits little or no correlation to other assets. Our analysis also shows it outperforms many other assets, particularly in the long term.

Gold and COVID-19 At the end of April, we published our first quarter Gold Demand Trends. Gold demand inched up to 1,083.8 tonnes in Q1, supported by investment.

Unsurprisingly, the global COVID-19 pandemic had an impact. It has fuelled safe-haven investment demand for gold, offsetting marked weakness in consumer-focused sectors of the market. Investment demand – driven by

economic uncertainty – has resulted in record inflows into gold backed ETFs and similar products. As the scale of the pandemic and its potential economic impact started to emerge, investors sought safe-haven assets.

Gold-backed ETFs and similar products attracted huge inflows (+298t), which pushed global holdings in these products to a new record high of 3,185t.

It is fair to say that the pandemic has had an unprecedented impact. It has disrupted global supply chains, paused large sections of the economy, put huge pressures on governments, and knocked consumer confidence. Higher risk and uncertainty combined with lower opportunity cost will likely be supportive of gold investment demand in 2020. This could continue to offset the negative effect of lower consumer demand on gold performance as economic activity contracts.

It is clear the global economic outlook

is highly uncertain, and as governments grapple with deficits and the need to kick-start the global economy, gold will play an ever-increasing role in investment portfolios.

Drivers of gold behaviour Gold's behaviour can be explained by four broad sets of drivers: 1. Economic expansion: periods of growth are very supportive of jewellery, technology and long-term savings 2. Risk and uncertainty: market downturns often boost investment demand for gold as a safe haven 3. Opportunity cost: levels of interest rates and strength of currencies influence investor attitudes towards gold 4. Momentum: capital flows, positioning and price trends can ignite or dampen gold's performance

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The gold market is very liquid. The London OTC gold market is the world’s largest, and over $435bn of physical gold is held in vaults in London.

Strategic drivers

Tactical drivers

Economic Expansion

Risk and Uncertainty

Opportunity Cost

Momentum

Long-term returns

Hedging and diversification

Relative attractiveness

Trend amplification

FEATURE:

COVID-19 AND ITS IMPACT ON THE GLOBAL GOLD MARKET

FEATURE:

COVID-19 AND ITS IMPACT ON THE GLOBAL GOLD MARKET

Gold and healthtech There is another area in which gold is playing a role. Gold isn’t just an investment asset. It plays an important role in technology too, including in the medical industry. It is a critical component in many diagnostic test kits.

As my colleague Dr Trevor Keel wrote in a recent article, tiny spherical particles of gold are used in lateral flow assays (LFAs). LFAs are used extensively in medical diagnostics – the World Health Organisation estimates that 412 million malaria LFAs were sold in 2018.

Effective testing regimes are key to overcoming the COVID-19 pandemic.

There is already a huge range of diagnostic tools available to governments around the world, but these can be limited by two key

parameters: speed and cost. Almost all of them require samples to be taken and sent off to a centralised laboratory for analysis which can be slow and expensive, especially during times of crisis. Although it is still early days, much work is being done to develop “at-home” test kits, an increasing number of which are based on LFAs using gold. The Foundation for Innovative New Diagnostics (FIND) maintains a database of COVID-19 diagnostics that are either commercially available or are in development. They are also undertaking an evaluation programme to help ensure data on the performance of the key tests are available to healthcare authorities worldwide.

acknowledged the unique financial properties of gold. Similarly, the medical diagnostics industry has recognised the unique physical properties of gold and it has been a material of choice in the LFA diagnostics space for decades. Gold is likely to be at the heart of many new COVID-19 LFA test kits, complementing the important role of lab-based diagnostics as we fight this virus from multiple angles.

For more information, or to access the World Gold Council’s portfolio optimisation and gold valuation tools, please visit www.goldhub.com.

The investment community has always

ABOUT THE AUTHOR Andrew joined the WGC in 2016. He is head of ASEAN, Australia, Japan and Korea and is overseeing the expansion of the World Gold Council’s activities in the region, including a renewed focus on investment. He is also global head of public policy and is responsible for the Council’s regulatory and policy initiatives.

ABOUT THE COMPANY The World Gold Council is the market development organisation for the gold industry. Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market. Based in the UK, with operations in India, China, Singapore and the US , we are the lead for the gold industry worldwide. Find out more at www.gold.org

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In Conversation with Claire Williams OBE Earlier this month, our Executive Director, David Kelly, interviewed Claire Williams OBE, Deputy Team Principal at Williams Formula 1 Racing exclusively for our podcast series. In this extract, we hear from Claire as Williams looks forward to the return of racing, and with the background of the team's announcement of a Strategic Review. Claire discusses the pressure of steering the Williams team legacy through recent performances and COVID-19, as well as growing up in the F1 world under the inspiration and guidance of her legendary father, Sir Frank Williams.

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

[David] We were looking forward to seeing you before the Singapore Grand prix this year. How are things with the team? The 2020 pre-season testing appeared to be going really well.

[Claire] As with many businesses around the world, this [COVID-19] has had an enormous impact on our team and what we do. We have announced that a strategic review, which will see us look for either new capital investment, divesting in minority or majority shareholding or perhaps even the sale of the team over the coming months.

There are also other factors at play. We recently had to terminate our title partnership with one of our major sponsors, Rokit. On the back of two unachieving years in the championship, income has been impacted. This is the position in which we find ourselves, but we're very much in control of this process. The team has spent the past few weeks working out how we get through this very difficult period. We can, and will, decide based on what is right for Williams.

Getting to the Australian Grand Prix

must have been challenging from a leadership perspective due to COVID-19. How difficult were those decisions when you got to Albert Park, Australia?

We have done a huge amount of work in the background over the past 12-18 months and we really wanted to come out at the first race of the season in Australia and put on a better show. We were the first car in testing, and we wanted to send a very particular message out: we are back, and we are going to do better for us, for our fans and for people watching us around the world.

The pandemic had hit us while we were in Melbourne, and it was unfortunate because we had travelled halfway around the world and didn't even get to put a wheel on the racetrack. It was a very difficult time for the team.

I have plans in place to make sure we can take ourselves through this. We hope to go back onto the racetrack in July, so that Williams can prove that we have turned a corner and are getting back to where we want to be.

With the recent news of budget cap

announcements, the narrative appears positive for the sport. Why has this come about?

It is positive because our team can capitalise on these new regulations, which we have worked incredibly hard to secure with F1 and our governing body, the Fédération Internationale de l'Automobile (FIA).

As an independent team, changes to the commercial regulations have the most significant effect. Prior to these regulations coming into force in 2021, there was no spending cap, and the top three teams were out-spending us by three or four times, which impacts our competitive edge.

Prior to COVID-19, we had put in place a £175 million cost cap, which will now be limited from 2021 to £145 million and potentially £135 million from 2023. It was enormous progress for our sport, having lobbied for this for about a decade. However, when COVID-19 started, we all had to look at how our sport was going to survive this pandemic, as races are a huge part of the budget.

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Even if we managed to secure eight to ten races in the calendar, all our prize fund monies would be severely depressed. All teams had to respond accordingly and agreed that the cost cap would come down further than originally planned.

How will the budget cap help the sport, and what does this mean for the Williams Formula 1 team in particular?

The budget cap falls into the new technical regulations for 2021, which have been deferred until 2022. We are implementing cost control measures around the technical regulations, as they are complex and expensive. We also needed to look at the technical regulations during COVID-19 because teams should not need to spend $150 million when they have not been racing during the pandemic. We have thus frozen all our chassis, gearboxes and impact structures going into 2021. From 2021-22 we are not allowed to work on new cars up to a certain point, particularly on the aerodynamics front, which will avoid teams getting a head start if they have more to spend.

In order to bring a level of competitive convergence, smaller teams will be allowed more time in the tunnel in the winter to help their aero development.

Teams at the front will have less time in the tunnel. The new regulation, therefore, closes this huge gap between teams which can range from 3.5 to 4 seconds at any circuit. People may say it is a bit of tampering, but what we're going to have is much better racing, and our fans are going to love that.

The pandemic had hit us while we were in Melbourne, and it was unfortunate because we had travelled halfway around the world and didn't even get to put a wheel on the racetrack.

We understand you had to close the factory down due to COVID-19. During this pandemic, what are some of the things you've been doing to keep everybody motivated, inspired and keeping everybody together?

It is all about good communication. I'm also a firm believer that any great, successful team has a great culture flowing through, so we have put a lot of work into this. We implemented a cultural transformation program 18 months ago, called next-gen Williams, to revive the wonderful Williams culture, asI really wanted to drive a much stronger culture.

Communication is the most important thing in this time of uncertainty when people are at home. We have made sure that our communications have been effective and efficient, and we have seen positive results through this pandemic. I send out regular emails to keep people up to date around the business, what's going on with Formula 1 and the FIA, and updates from our drivers. We also keep people appraised of our plans around the furlough scheme that we have in the UK.

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

Subsets of teams have also been doing their own thing too, talking to each other and making sure that morale stays high. Some groups have their weekly zoom calls while having a cup of tea and slice of cake together. It makes me proud because they have such great relationships within their teams and it shows that this cultural program is working. It is a boost for their morale, and keeps them going through a very difficult time.

While our factories were closed during the pandemic, the British government had reached out to Formula One and us as a team to support the ventilator program in the UK. Formula 1 is fantastic at coming up with innovative technologies in an incredibly short period of time, and all the teams wanted to help in any way they possibly could.

We had a couple of programs running and two businesses that already work in this space to redesign existing ventilators and assemble them. With our involvement, hundreds of ventilators made their way into the NHS. About 100 people from Williams were involved in the project, and it is something that the team and I are very proud of. To know that we've played just a small part, and

hopefully saving some lives in the UK, has been fantastic.

the number one priority: their jobs, health and safety.

Was it challenging to make some big decisions for the team, having everybody work remotely but still communicating some of the future direction of Williams? How did you manage that process?

We have a crew that came back to the factory to work on Monday, 1st June. We have just over 100 people that can't effectively work from home. We are asking people to stay at home and stay safe because it is quite difficult to socially distance in the office.

It is a new way of working, isn't it? We are all doing Zoom and Microsoft Teams calls which we rely on heavily, connecting with people as much as possible and getting used to that new technology.

When people have uncertainty, it is important to keep that level of engagement, particularly in our sport.

Formula 1 is a very high-profile sport, so our personnel read the latest stories in the media, and they're worried about their jobs. It is important to implement a very clear program for them, so that they are aware of the situation; that they are furloughed and that there is work going on to ensure that they come back. I think there is a good level of trust between staff and leadership. They know they are being told the truth, and they will always be

Williams has some brilliant innovators and engineers, and the majority of Formula 1 teams are based in the UK, which as a country is famed for innovation and engineering. How do you think the UK remains a leader? Are there initiatives to support the requirements of industry and the curriculum to ensure that the next generation of designers and engineers are well-equipped?

I think the UK does a fantastic job of promoting engineering and running programs around it, that's why it has so many extraordinary engineers. In Williams, we have engineers from 48 different nationalities working in our team, which is quite extraordinary.

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I'm very proud of the work we do in this space because it allows us to promote engineering, promote the subject in universities and STEM subjects within secondary education.

This is sports, and there are always going to be winners and losers.

It's what you do in times of adversity that defines you for the future and sets you up for success.

You can't be successful unless you learn from your mistakes.

It is our duty to go out there and showcase that Formula 1 is a great industry to work in, because if our industry doesn't have engineers coming through, we won't have an industry. We have ambassadors who promote our world and industry to primary level schooling, and then right through into universities. We also work with universities on several academies that we now have. We have the Williams Engineering Academy, which works with some of the top engineering universities in the UK. We then select a handful of students who come in and are put on a fast track program within Williams. We have apprenticeships within our team, student placement programs, as well as taster weeks, where big groups of 15-year olds spend a whole week across different areas of the business.

This is something we take seriously.

It has been a great investment for us because we get wonderful talent that comes in an early age. They then stay with us because we give them their first job out of university, and they want to see that career journey stay at Williams.

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

Currently, the UK has the lowest proportion of women in engineering of any European country, with females accounting for just 10% of roles and 14% of engineering university places.

Is this something that we should collectively address?

I doubt anyone would be surprised to hear that I'm a huge supporter of females in engineering, and I do my bit as best as possible. The stats you mentioned are very interesting too – more women pursue engineering in university but less women go on to work in engineering roles. We have certainly seen that.

However, I'm very pleased to say that Williams has a higher number of females in engineering roles compared to the national average. This is something that we promote very proactively. And unless you're generating and putting out role models, young women aren't necessarily going to be choosing subjects that are

required to pursue engineering degrees and careers. It is all about the promotion of the women already working in our business, and using them as role models for the next generation to come in.

It is our duty to go out there and showcase that Formula 1 is a great industry to work in, because if our industry doesn't have engineers coming through, we won't have an industry.

It is a snowball effect and we have only just started. It is not going to happen organically, so we have to get in there and get our hands dirty. We do what we can to showcase what a great and innovative world engineering is, and I do a lot of speaking engagements on it.

We also have a program supporting women called Women at Williams, which I launched 18 months ago. It looks at issues that women face within the business and uses these issues as a platform to educate the men at Williams about female particular issues. There are also other initiatives that we are engaged with, like the Dare To Be Different campaign.

There have been a couple of female F1 drivers – the last was Susie Wolff in 2015 as a test/development driver for Williams. She is now the team principal of Venturi Formula E team.

How do we inspire more women into the sport?

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I'm a big believer in role models. You have to get out there and show women from an early age, that there are plenty of exciting opportunities. It's about going in, telling those stories and showing women that there are lots of other women in Formula 1. You see can see a much greater change in the paddock. When I first started, there were no women sat on the pit wall. Now there’s a woman at Alfa Romeo and another at Racing Point. It is fantastic and so great to see. It makes a big difference.

You’re a leading face of F1 team leaders in a sport with hundreds of millions of viewers. Williams is most definitely one of the iconic teams. For you, have you known anything other than F1 and what was it like growing up in a family committed to racing the best designed cars around the world?

I very much have lived my life in a bubble. If it ever did end and I had to go back into the real world, it's going to be

a bit of a shock. I have lived an extraordinarily privileged life growing up in Williams. My dad never left his work in the office, he brought it home, so every conversation at the lunch or supper table was all about Williams and it was wonderful. I did not recognise the privilege when I was young but now, I certainly do.

It wasn't until I went to university that I really realise the enormity of it. I went to an all-girls boarding school and none of the girls cared. They didn't really get it either. However, when I went to university, there were boys around and they went “Oh my God, your dad is Frank Williams! Do you not understand how amazing that is?

You're in Formula 1!”

And as I have now worked in the sport for 20 odd years, I recognise how lucky I am to have grown up having Williams in Formula 1 almost as my playground.

We went to some races when we were little, and we saw racing drivers. I

mean, what a wonderful childhood right?

More women pursue engineering in university but less women go on to work in engineering roles.

We have certainly seen that.

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

What are the pressures of taking over the keys of the garage – how did you know you were ready?

Looking back, I was not ready. I was very nervous and I thought about it for a long time. It was never on the cards. My parents were resistant to any of us working for Williams, and we were all told from a young age that none of us would ever be taking over. At the time, it was the Williams board who decided that they wanted me to do this job, not my dad. I discussed it with my mother.

However, she passed away just a few months after having the conversation, so she never saw me in this role. She would have asked me to consider the sacrifices I had to make, and it was not easy.

Do you feel that there is added pressure on you because you’re the daughter of Sir Frank Williams?

I do, and I always have.

I never want people to think that I'm only here because of that. I'm not naive either. I know I'm in this role because I am the boss's daughter, and that plays a big part. We are a family team at the end of the day, and it is important to now have the second generation of Williams is running the operation.

You talked about being a bubble.

What does a typical day in the life of Claire Williams look like?

There aren't any typical days in my job, and that is one of the reasons I love it – no one day is like the other. There is no real pattern in any of my days, except an awful lot of meetings.

I jump from one thing to the next because I have overview of everything.

One minute, I'll be in an F1 SteerCo with all our heads of Engineering, discussing the upgrade program for the rest of the year. And the next minute, I could be talking to one of our drivers and making sure he’s happy

with the latest developments in Formula 1. I could also be in a four-hour meeting with Formula 1, the FIA and my fellow team principals discussing the regulations. I could also be talking to our Head of Marketing, discussing the new overalls we need to get ready, as we are no longer with our title partner and we start racing in four weeks. So my days are pretty varied.

What sort of challenges do you face as a CEO/Business Leader, and how do you overcome them?

People do seem to have a very short memory for the four years prior to 2018 when we were doing well. When I took over my current role, we had four incredibly successful years that no one expected. It was off the back of three very disappointing years again, and people forget. They always talk about Williams being in decline and social media perpetuates it. People can have opinions and we have to wrestle with that.

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This is sports, and there are always going to be winners and losers. It's what you do in times of adversity that defines you for the future and sets you up for success. You can't be successful unless you learn from your mistakes.

You’re not just an iconic figure within the Formula 1 and engineering sector - As a mum, and for lots of us who are balancing family and careers, are there challenges?

It's not easy, but I'm not the only parent in the world who is trying to do the same thing. As the boss, I can walk out at three or four in the afternoon to pick my son up from nursery should I need to, and I'm lucky in that sense. I can also take my family to some races if I choose to, whereas other people can't do that.

On the flip side however, this position requires sacrifices to be made. I work seven days a week.

I'm never off, but my family recognises how lucky they are to be a part of this world. Growing up, I knew I had to make sacrifices; not spending the time I would have liked with my dad. He did the same.

I got to grow up in Formula 1 and be a part of Williams, and now I get to run Williams. Life is all about finding the right balance, and I have the right balance for me.

Who do you turn to for support and to bounce ideas off?

Mike O'Driscoll, who started as CEO just after I started as Deputy Team Principal. He has been my rock, a real guide and mentor. He is very experienced in the auto industry, and he has been wonderful at Williams. For advice, I talk to my husband. He has worked in sports marketing all his life, and he is very good as a sounding board. He is there and always has been, and he puts up with an awful lot. If I have a difficult problem, I know I can always talk to him and he will give me a good answer.

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

FW36, 2014

In F1 with the cameras on you and the team constantly, I think people may be quick to forget that you have personally had some incredible challenges to overcome. Williams as an independent family team, lost drivers, have dealt with legal processes such as Ayrton Sennas accident in 1994, Sir Frank’s accident on the way back from testing in France in 1986, and you lost your mum early in your life. How did you, and how do you remain so resilient?

It’s who I am. And it's not a boast nor a brag, it's just who I am. I find that I’m better under those circumstances.

When I was handed the keys in 2013, the team was on its knees I was determined to fix. It is a passion which I have for our team, because I was brought up with it.

It is one of the most important things in

my life. I feel hugely protective and passionate about it and so, I fight with everything that I have to make sure I can put it into better shape. That is what drives me on and makes me strong.

What was the hardest decision you’ve had to make in your role as Deputy Principal?

Going to the Australian Grand Prix during the pandemic was the hardest night of my life, as we had all gone there. At the time, a gentleman from McLaren had tested positive, and we did not have a plan, unfortunately. The team principals and F1 got together at about one in the morning and discussed what we needed to do. We had to vote if we were going to continue, and it was the hardest choice in the world because I had to prioritise

the safety of our people. In early March, I wasn't armed with the information we now have about this virus. Equally, my team also relies on racing to stay alive.

It was an incredibly difficult decision.

What is your favourite Williams Formula 1 car and circuit?

My favourite Formula 1 car is Nigel Mansell's 1992 FW14B - a brilliant car.

There is also my first car as Deputy Team Principal – the 2014 FW36, which took us to third in the Constructors Championship, driven by Valtteri Bottas & Felipe Massa. And my favourite circuit – sorry Singapore – is always going to be Silverstone. I have worked there, and it was the race we used to go to when we were kids. I love it. There is a wonderful magic about that place that I wish I could bottle.

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FW14B, 1992

You can listen to the conversation in full on our podcast channels or at www.britcham.org.sg/podcasts. This podcast episode is sponsored by St. James's Place Wealth Management.

ABOUT THE COMPANY Williams is one of the world’s leading Formula 1 teams. It exists purely to race in the top echelon of motor racing, where it has been winning grands prix for more than three decades. Williams has won 16 FIA Formula One World Championships (nine for constructors, in partnership with Cosworth, Honda and Renault, and seven for drivers, with Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve). The team has scored 114 victories, 308 podiums and 128 pole positions. Find out more at www.williamsf1.com

SPECIAL FEATURE:

IN CONVERSATION WITH CLAIRE WILLIAMS OBE

FEATURE:

DIGITAL TRANSFORMATION FOR YOUR BUSINESS

Digital Transformation for Your Business

By Margaret Manning OBE, Partner EY Digital ASEAN, Ernst & Young Even before the heartbreak and havoc COVID-19 continues to cause in the global social and economic community, it was clear that digital transformation was pivotal to the future of businesses in Singapore and beyond - and particularly to small businesses.

This article is brought to you by the Information & Communications Technology Committee.

The global pandemic has brought forward this realisation and then some.

We have seen businesses pivoting their offerings in the course of a week and we have seen them doing so with compassion in mind. We have seen technology that previously took months or even years to produce being rolled out in days. Importantly, we are seeing this technology being used to support employees facing layoffs, to foster community collaboration and to assist governments protect citizens.

A big shout out here to GovTech and their TraceTogether app developed using agile methodology within days.

So what do you, as a business owner, do next? Businesses of all sizes must become capable of continuously adapting to ever faster changing demands and uncertainties, that’s for sure - and it’s not as hard as you might think.

The change capability required for successful digital transformation is a philosophy rather than a process. It has to be fundamental to every part of a business, and it needs to be taught and nurtured.

Transitioning from thinking about “agile” as a process (for example in Scrum methodology) to becoming an agile business full stop is actually not as difficult as you might imagine but it does require some bold moves.

For example, recruiting a transformative workforce will require a change in how your recruitment team work. We need to acknowledge that adaptability is more important than experience, and that ability to learn supersedes a perfect CV. Why? Because managing continuous change requires a team that can learn fast.

Agility at its heart is the ability to act quickly based on accurate and relevant data.

Similarly, we need to adapt when it comes to procurement. Traditional methods won’t function in an agile model. Assessing return on investment will have to be rethought. Changing how we work with suppliers, forming close partnerships rather than the traditional models of fear and protection will become central to the transformative business and will require the procurement team to change contractual terms to reflect this.

Agility at its heart is the ability to act quickly based on accurate and relevant data. The businesses - and dare I say nations - who have been most successful over the past few months have clearly understood this maxim.

And this involves every employee.

Digital transformation has to be companywide with technology simply being an enabler.

Critically needed data must be delivered to those who need it in a way that supports transformation. And this is where a very pivotal team needs to step in and step up.

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Created by fullvector - www.freepik.com

It is the finance team who will be vital to the transformative processes required to run agile business. The finance team in a business that is adapted to embrace continual change and innovation will look very different to finance teams in more traditional businesses.

This team will prioritise forward projections above historical accounting.

It will create data models that focus

strongly on core business drivers. Data produced should assist in realigning effort to becoming adaptive to innovation and change.

This is not science fiction; it is today’s business landscape. Digital transformation is available to, and it is a necessity for all businesses from microbusiness to global players.

In truly transformative businesses, digital technologies are an enabling layer releasing resources to shift up the value scale, while mundane and repetitive tasks are looked after AI and robotics.

ABOUT THE AUTHOR Margaret is Chartered Accountant by training, an invaluable skillset for her second career as a tech entrepreneur. She founded Reading Room in the UK and grew it to become one of the UK’s largest digital agencies before selling it in October 2015.

She then led a management buy-in for the Asia-Pacific business, rebranded as Adelphi Digital and sold to EY in 2018. She is also an experienced non-exec and an advocate for equality and diversity in the workplace.

ABOUT THE COMPANY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.

We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Find out more at ey.com

FEATURE:

DIGITAL TRANSFORMATION FOR YOUR BUSINESS

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

Shipping’s Headwinds – The Drivers for Decarbonisation

By Tim Rockell, Chairperson, Energy & Utilities Committee, Peter Godfrey, Energy Institute, and Douglas Raitt, LLoyd's Register.

On Earth Day, April 22, 2020, a panel of experts joined an online discussion on the medium- to longer-term drivers for decarbonisation in the shipping sector and the impact of the current oil markets turmoil. This event was co-organised by BritCham’s Energy & Utilities, Transport, Logistics and Supply Chain and Sustainability committees. It served as the launch event for the chamber’s ‘Road to Net-Zero’ campaign, bringing together activities in the period leading up to the United Kingdom’s hosting of COP26.

In April 2018, the IMO adopted its initial Green House Gas (GHG) strategy, setting a target of reducing GHG emissions in the global shipping sector by at least 50% by 2050 with a strong emphasis by many countries on reducing this to 100% by 2050 wherever possible. GHG emissions of shipping are a consequence of the carbon intensity of shipping's energy supply, the energy efficiency of shipping and the demand for shipping. Around 90% of world trade is transported by ships and as demand for shipping continues to grow, another way of looking at this is reducing carbon intensity – the carbon emissions relative to the transport demand (CO2/tonne-mile).

An average of 85% reduction in carbon intensity would put the shipping sector on course for a 2degC pathway, whilst representing significant ambition given the forecast growth in the volume of world trade to meet the needs of a global growth in population.

This provides a clear signal to the industry that the overarching solution is ending the use of fossil fuels, requiring commercially viable zero-emission vessels (ZEVs) to be entering service by 2030. These vessels, with operational emissions containing zero or negligible GHGs, would need to represent a significant proportion of newbuilds from this point onwards. With virtually all 50,000 or so merchant ships burning heavy fuel oil (HFO), marine distillate oil (MDO) or liquefied natural gas (LNG), consideration will need to be given to how ships that are financed, designed and built in the 2020s can switch to a non-fossil fuel later in their operational life. Further, given that a typical ship has a lifespan of at least 20 years, investors, ship builders, ports and fuel suppliers need to

know in which infrastructure they should start investing.

To deliver this goal, zero-emission vessels need to be commercially viable, technically feasible and safe. This means we need to not only design zero-emission ships, but also build the infrastructure and supply chains for zero-carbon fuels.

Impact of oil markets 2020 ‘Supply glut’ and ‘demand destruction’ were the watchwords in Q1 leading into Q2 2020 following the collapse in OPEC/ OPEC+ talks, leading to an opening of the world’s oil spigots. A belated attempt by the 23-member producers’ alliance to reduce supply, with intervention from the USA and other producing nations, was viewed as ‘too little too late’ to rescue crude prices against a backdrop of 30 million bpd, or 30% of global demand deletion.

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Speakers: Douglas Raitt, Regional Advisory Services Manager for Asia, Lloyd's Register, Vandana Hari, Founder & CEO, Vanda Insights, Sameer Mohindru, Senior Editor, S&P Global Platts all joined panel moderators Mark Florance Energy & Utilities and Sustainability Committees and Tim Rockell Chairman, Energy & Utilities Committee.

The series of cleaner bunker fuels specifications implemented by the IMO since 2005 have concentrated on removing sulphur oxides from ship emissions. This was do-able with cooperation from the refining industry, which has been progressively reducing the sulphur content in other refined products long before attention turned to marine fuel.

It is also worth noting that fluctuations in oil prices or even major world economic cycles did not have any influence on the IMO’s march towards cleaner marine fuels, as the chart below shows.

However, the next stage in IMO’s ambitions, namely decarbonisation of shipping fuel, may need solutions outside the fossil fuel industry, specifically in technology. Not surprisingly, the oil industry has not shown much interest in the next phase of the marine fuels journey.

The (second chart) shows the US Energy Information Administration’s forecast of high sulphur fuel oil, low sulphur fuel oil and low sulphur marine gasoil continuing to dominate the country’s bunker fuel market all the way to 2050 in similar proportions to this year – something that may be completely incompatible with the IMO’s decarbonisation target.

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

The expected widening of the HSFO-LSFO price spread leading into 2020 was a key driver for the scrubber industry, where ships continue to burn HSFO and use technology to remove sulphur onboard. However, the oil price crash brought about by the coronavirus collapsed the benchmark Singapore HSFO-LSFO spread as assessed by S&P Global Platts from more than $300/mt at the turn of the year to a low of around $60/mt in early April. The payback period for scrubbers has now shifted from 2-3 years to 5+ years. Many ship owners are cancelling orders to install scrubbers as the low sulphur fuels are much cheaper than initially projected.

They are even forfeiting the advance payments made earlier.

High earnings have to a large extent offset the costs involved in installing scrubbers in tankers.

Fears of unavailability of LSFO went largely unfounded as 2019 rolled into 2020. Refiners and blenders were ready and well-equipped to supply the lower-sulphur fuel, making preparations through the second half of 2019. A large amount of LSFO was also put into storage ahead of the transition.

The shipping sector was not in the best of health before COVID-19. Freight rates were falling and operational costs were rising due to IMO 2020. However, lower oil prices have come as a boon for the tankers sector in particular. Cheaper crude has reduced the cost of bunker fuel that the tankers use and increased the number of cargoes that these tankers are now transporting.

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As the COVID-19 pandemic spread, crude prices declined and its demand surged. This has pushed up the demand for both crude and product tankers.

While the containers and dry bulk shipping sectors are reeling under economic recession, higher demand to move and store cheaper crude and refined oil products has pushed up the freight earnings for tanker owners. A VLCC owner can now earn around $200,000/day for moving crude from the Persian Gulf to China. Freight rates for moving 90,000 metric ton cargoes of gasoil and jet fuel from the Middle East to Europe can cost a trader a record high of more than $5.5 million.

The onshore tanks for crude and refined products are filling up fast and therefore trading companies are now going for the next best option – floating storage. Dozens of ships which are not storing oil, are instead in a long queue waiting to discharge their cargoes, as COVID-19 induced lockdown has reduced consumption at destinations.

Alternatives to fossil-based fuels

IMO 2020 was the start of a major pathway to a cleaner shipping industry. Looking ahead, the next challenge is decarbonisation with Net Zero emissions by 2050. So, what needs to happen by 2030 and is the shipping community ready?

Shipping has a number of technology and zero-carbon fuel choices but there is no doubt that how shipping decarbonises will be closely linked to how the wider energy system decarbonises. Fuels derived from biomass such as bio-methanol and bio-gasoil, and renewable electricity like hydrogen and ammonia, and also the production of these from natural gas using carbon capture and storage (CCS) are all options to decarbonisation of shipping. In the case of bio-mass fuels or fuels derived from natural gas, total lifecycle emissions are to be considered.

Regardless of which zero-carbon fuels emerge as favoured, from an on-board technology perspective ZEVs are likely to be technologically possible in the next two years. However, to be

confident around future investment, it will also require confidence around the fuel supply chains, both availability in the quantities required and the landbased infrastructure in place.

With virtually all 50,000 or so merchant ships burning heavy fuel oil (HFO), marine distillate oil (MDO) or liquefied natural gas (LNG), consideration will need to be given to how ships that are financed, designed and built in the 2020s can switch to a non-fossil fuel later in their operational life.

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

Although ships and engines will have to be flexible and adaptable, this part of the challenge is insignificant compared with ensuring the right fuel is ready as well as the required supporting infrastructure on land. Therefore, the bulk of the technology challenge is in land infrastructure and in the energy sector.

The supply volumes of alternative fuels or their sourcing at major ports will be a factor that will determine their adoption over the coming decades. A carbon price may be needed to incentivise and finance this adoption.

Value-chain emissions IMO is focussed on the emissions of shipping operations. Governments may want to focus on entire value chain emissions, bringing into consideration how alternative fuels are produced. The use of carbon carrying fuels such as LNG and methanol would need to be combined with development of carbon capture technical capability.

Infrastructure readiness at the world’s ports to utilise and sequester ‘bad’ molecules would need to be in place.

Upstream emissions also present challenges.

A good example is Hydrogen, currently economically produced using fossil fuels - which defeats the purpose emissions-wise. Hydrogen can be produced in varying degrees of blue and greenness utilising emerging electrolysis technology at scale powered by renewable energy sources.

Hydrogen is stored in gaseous or liquid form although extremely cool liquified temperatures present challenges.

Combining hydrogen with nitrogen and forming ammonia, a far easier molecule to handle, is a pathway being explored by many for long distance shipping clean fuel requirements.

Electrification of propulsion brings with it range factors which may mean more frequent point to point charging and chartering patterns. Solutions including onboard solar, wind turbine and sail, and even nuclear propulsion are available.

Achieving Net Zero Ship owners and port authorities need to now consider what Net Zero means for their fleet portfolio and operations.

There are ship lifespan and finance considerations, as well as infrastructure build-out requirements onshore.

Nobody knows what these will look like.

Decisions need to be taken to ensure a commercially-viable transition to decarbonisation.

Market based measures, policy interventions and incentive schemes are likely needed for the sector to develop a level zero carbon transition playing field. IMO 2020 i.e. getting from 3.5% to 0.5% sulphur-content was a painful but relatively straightforward three-year lead-in exercise, some would say the experience was a storm in teacup. Achieving Net Zero is going to be much harder. The industry cannot do it alone, so carrots and sticks are needed effectively during this decade to make decisions in the run-up to 2030 given long lifespan of ships.

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Chamber members will be able to dive deeper into the topics raised through our supporting partner, the Energy Institute, hosting specialist online workshops.

1. Technology / Infrastructure Readiness (Design, Propulsions Systems & supporting onshore infrastructure)

Energy Institute follow up workshops:

2. Shipping Community Readiness (What need to be done by the shipping community to plan for the future)

The intent to manage a series of webinars focussed on specific topics relating to the decarbonisation of shipping. BritCham members will be invited to attend free of charge as will members of the Energy Industries Council, the UK’s leading trade association representing the energy sector. Five webinars are planned to take place on a monthly basis from late may onwards on:

3. Data & Cyber-Security management issues within the shipping industry 4. Investment / Finance Readiness (The challenges facing the successful financing of new technologies 5. The future of Autonomous Shipping and its implications 6. Global issues – connecting Singapore to other key shipping hubs

ABOUT THE AUTHORS Tim Rockell relocated to Singapore to launch the KPMG Global Energy Institute for Asia Pacific in November 2012. He has extensive experience of emerging markets. He was based with KPMG in the Middle East from 2005-2012 where he focused on Energy clients, particularly in Saudi Arabia. Previously he was based in KPMG’s London office as the Global Energy & Natural Resources Sector, Executive Director. Tim is Chairman of BritCham’s Energy & Utilities Business Group.

Peter Godfrey is the chief representative of the prestigious UK Energy Institute (EI) here in Singapore. In addition to his work with the EI, Peter provides customised executive advisory services through his own company Merlenergy Pte ltd. He has gained an international reputation as a leading independent energy strategy and business development consultant with an executive-level international client-base that has included the world’s leading national and international energy and mineral resource companies as well as a number of governments and regulatory agencies.

Peter also sits on BritCham’s Energy & Utilities Business Group.

Douglas Raitt champions bunkering best practice standards in the international bunker community as well as promotes continuous education of stakeholders in the bunker supply industry on ongoing regulatory as well as technological developments concerning fuel oils. Douglas also has extensive knowledge of future fuels such as LNG, Methanol and Bio-fuels and its potential future uptake in the marine industry.

FEATURE:

SHIPPING’S HEADWINDS – THE DRIVERS FOR DECARBONISATION

FEATURE:

NET ZERO TARGETS: THE NEW FRONTIER OF CLIMATE AMBITION

Net Zero Targets: The New Frontier of Climate Ambition

By Chris Stephens, Asia Director, Carbon Trust There has been a surge in popularity of ‘net zero’ targets.

In recent months, leaders from prominent global firms have stepped up and made announcements, committing their companies to net zero emissions. The term has also become a common part of political and academic discourse, with target dates for achieving net zero becoming the new proxy for climate ambition. With the increased interest in net zero targets, what exactly does it mean for your business?

Two main global initiatives have driven the uptake of net zero targets. In September last year, the UN Climate Action Summit in New York saw the launch of the Climate Ambition Alliance, with 65 countries, 10 regions, 102 cities, 87 businesses and 12 investors announcing a 2050 net zero commitment. Similarly, a joint initiative from the UN Global Compact, the We Mean Business Coalition and the Science Based Targets initiative was also announced at the Summit.

Companies pledged to align their businesses with a 1.5°C world, either by setting a 1.5°C science-based target, or by setting a net zero target. Among those companies is Singtel, the first Southeast Asian firm to have made the commitment.

What does net zero mean?

In 2019, the Science Based Targets initiative (SBTi) described net zero for a company as ‘achieving a state in which the activities within the value-chain of a company result in no net impact on the climate from greenhouse gas emissions’. However, there is still uncertainty in the market around the definition of net zero. Unlike other terms, such as carbon neutral, there is no commonly agreed definition or

accompanying standard for what constitutes net zero emissions, although the SBTi is working on a definition.

The Carbon Trust suggests that there are three key elements to the definition of a net zero emissions company: 1. The company will set and pursue an ambitious 1.5C aligned sciencebased target for its full value chain emissions 2. The boundary must be Scopes 1, 2 and 3 3. Any remaining hard-to-decarbonise emissions can be compensated with certified greenhouse gas removal (GGR). These should be restricted to only certified methods of GGR, to increase confidence that the carbon is permanently sequestered.

Importantly, the company or organisation should make sure that only truly ‘hard-to-decarbonise’ emissions may be compensated.

Key considerations for net zero Any company that is considering setting a net zero emissions target

should think about the following key points, to ensure that the commitment is robust and truly climate aligned.

1. Trajectory pathway: How will you reach your net zero targets?

Setting a target date for net zero emissions is an important step for a company. However, the route the company takes to net zero is important as well. The company should ensure that its path to net zero is ambitious, by aligning to a 1.5°C pathway. Beyond just reaching net zero, the company needs to minimise the cumulative GHG emissions it will produce from the present day to its net zero target date.

To do so, companies should aim for a pathway aligned to science-based targets.

2. Business model pathway: Will your business model need to change?

To adapt to a changing world, companies have to consider shifts in their business model. There is a need to innovate to meet challenging climate change targets. For instance, transport companies can consider shifting towards electrification and new technology for low emissions transport,

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internal combustion engines. Climate change brings with it both risks and opportunities, which companies must factor into their strategic decisions in order to succeed.

3. What actions will you need to take outside your own operations? How will Greenhouse Gas Removal (GGR) methods feature in the plan?

Some companies, particularly those in ‘hard-to-decarbonise’ sectors, will have to look to GGR to reach their net zero ambitions. There is still much discussion around appropriate GGR

methods, as some methods are more reliable than others, and the markets for GGRs require significant development in terms of volume, market mechanisms, and certification protocols. Possible GGR options include large-scale forestation, biochar, and bioenergy with carbon capture and storage. However, the methods vary in terms of how permanent the removal is. It is important to consider such factors of GGR methods, when the company chooses GGR options to compensate emissions.

ABOUT THE AUTHOR Chris has 15 years’ experience of supporting low carbon development in the energy and land use sectors of developing countries. He leads the Carbon Trust's activities in Asia overseeing the offices in Beijing and Singapore. Chris also coordinates engagement with various international climate funds, including the Green Climate Fund (GCF) and Global Environment Facility (GEF).

Net-zero is a viable and desirable goal for businesses, provided it demands a reduction target aligned to a 1.5 C science-based target and is limited to specified GGRs. One of the reasons for the popularity of net zero targets is that the term carries a promise of ambition, sending a clear signal to the market.

This presents an opportunity to further push and develop the climate ambitions of corporates in Asia.

ABOUT THE COMPANY Carbon Trust is an expert partner for businesses, governments and organisations around the world – supporting them in realising ambitious plans for a sustainable, low carbon future. We believe that environmental sustainability and economic prosperity can go hand-in-hand as we address the climate crisis. Find out more at www.carbontrust.com or contact singapore@carbontrust.com

FEATURE:

NET ZERO TARGETS: THE NEW FRONTIER OF CLIMATE AMBITION

EXPERT OPINION FROM OUR COMMITTEES

Let's Discuss...

Will the Energy Transition Remain a Priority?

Financial Aid Post COVID-19 Contributed by the Financial & FinTech Committee, and Tim Rockell, Chair of the Energy & Utilities Committee In 2019, climate change was front and centre of global political debate.

We entered 2020 anticipating engaging dialogue in the lead-up the United Kingdom’s hosting of COP26. The United Nations Climate Change Conference is now postponed by a year and priorities have shifted as we enter the second half of 2020.

On May 2020, Ben Arnott of the Energy & Utilities Business Committee hosted a panel of Banking and Financial sector specialists to discuss the challenges of the Energy sector. Panellists included Nikki Kemp, World Economic Forum Sustainable Development Investment Partnership ASEAN, Richard Michael, UK Export Finance, Galid Lahdahda, Standard Chartered Bank, and Jackie Surtani, Asian Development Bank.

The webinar is now available for replay and forms part of BritCham’s ‘Road to Net Zero’ initiative. Setting the scene, Ben introduced a world where changes to the nature of work have been accelerated due to the measures imposed during the pandemic. A new era of banking and finance, reshaped by fintech, was already upon us, and a total re-imagining of the energy sector was already well underway, ably supported by many banks and Financial Institutions.

While global growth may have to take a backseat, banks and financial institutions will have an important role re-establishing trade, financing redevelopment activity, and restoring normality in society. This will require real tenacity within financial institutions, advising their clients on rarely confronted issues and

maintaining extreme discipline in capital allocation. A renewed focus on infrastructure development seems likely, with a shift of focus towards different asset classes already predicted. The continuation – or acceleration – of the drive to decarbonise the economy is already gathering significant support. Further, on the human capital front, it is expected that different skill sets and capabilities in banks and financial institutions will be required in the future.

Whilst the banking sector appears to have learned the lessons of the GFC, it is uncertain how long the crisis will continue to impact credit, put pressures on the capital of banks and how they will adjust allocations to existing loans.

Unlike the Global Financial Crisis, COVID has led to a double whammy with an ‘all-hands-on-deck’ approach to business continuity across all sectors.

Health, safety and well-being of workers and general populations are at the forefront of governments’ minds and actions.

Multilateral financial organisations moved quickly with multibillion-dollar packages, which soon multiplied as the crisis grew. Focus was initially on welfare and hospitals, and the second focus on PPE, supply chain and essential infrastructure.

Business did not completely stop; banks had a flurry of activity around supporting customers and clients facing liquidity crisis. They are now reviewing new businesses with more scrutiny, applying multiple sensitivities on models. New projects are being supported across the board. A lot of support from governments have held off insolvencies. If they run out of fuel, there could be a second wave of financial impact with need for protection from defaults and a second round of emergency liquidity.

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Whilst the banking sector appears to have learned the lessons of the GFC, it is uncertain how long the crisis will continue to impact credit, put pressures on the capital of banks and how they will adjust allocations to existing loans.

There is not a crisis on banks, at least not yet. Capital and liquidity have been shored up. Banks are stronger and able to withstand what they are experiencing – for now.

Governments have memory of the Asian Debt Crisis, GFC and have a reluctance to stretch budgets, dig too deep and

face issues once the crisis is behind them. Many countries don’t have a safety net or central bank with levers to get on an even keel. It is uncertain if there will be a COVID second wave, and impact of livelihoods eliminated, and savings depleted.

What is happening is unprecedented.

The jury is still out on how long this will continue and what the impact will be on businesses and the general man and women on the street.

Governments, banks, financial institutions and corporates will need to

dig deep. There needs to be a combined effort to save jobs and livelihoods.

Take a look at the webinar. Like and subscribe and tell us what you think in the comments.

With thanks to committee members Ben Arnott, Bree Miechel and Allard Nooy for planning this webinar for BritCham.

This article was contributed by the Financial & FinTech Committee, and Tim Rockell, Chair of the Energy & Utilities Committee.

BritCham’s Energy & Utilities Business Committee consists of members based in Singapore working across the region and dedicated to building out the region’s infrastructure. Our programme of activity in 2020 has a strong focus on climate change and decarbonisation in the run up to the COP26 conference to be held in the UK, postponed to 2021. The design, operations, and the financial, legal and technical expertise needed for the power, water and waste treatment buildout in the region are the cornerstone of the committee and forms the expertise that we showcase and connect to our members. For more information visit britcham.org.sg/ committees/energy-and-utilities

EXPERT OPINION FROM OUR COMMITTEES

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Join the Shangri-La Hotels and Resorts Business Travel Programme 20% off Flexible room rate with breakfast for 2 people at Copthorne Kings Hotel Singapore, Grand Copthorne Waterfront Hotel, M Hotel Singapore, M Social Singapore, Orchard Hotel Singapore, Studio M Hotel

20% off Flexible room rate with breakfast for 2 people at Copthorne Orchid Hotel Penang, Grand Millennium Kuala Lumpur, Millennium Hotel Sirih Jakarta, Millennium Resort Patong Phuket, The Heritage Hotel Manila

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HOUSEHOLD SERVICES Special insurance premium of 3% when you book your international move with Allied Pickfords

Exclusive upgrade to Platinum investor status at Funding Societies

Up to 20% off mobile subscriptions, handset offers and more with StarHub

10% off Medical Insurance plan at Bupa Global

10% off hospital insurance and additional 5% discount when you take up a family policy with MSIG

10% off UK tax return service from The Fry Group

Free UK Property Review at Complete RPI

Free market review and 5% off at Pacific Prime Insurance Brokers

Receive $20 cashback when you register and make any investment with Funding Societies

Complimentary insurance coverage with Smart Relocators

CORPORATE SERVICES A free online assessment and report plus $1,000 worth of time with one of The CFO Centre's CFOs 1-hour free consultation & 20% off Daily Consultancy rates with Cheshire Consultancy

Free 2hr HR consultation with People First

1-month free trial of Co-Working Membership and more with Spaces

15% off all products with Regus

10% discount on in-house legal subscriptions at The Legal Collective

10% off an annual subscription of online video candidate screening services from Sonru

13 months Financial Times Corporate Subscription for the price of 12

25% off subscription at Vieworks

TRAINING & CERTIFICATIONS $100 Discount for LIVE In-House Training Webinars at Anagram Group

Discounts on Change Management training and certification from CMC Partnership

25% off executive coaching and leadership training at OB1 Consulting

Discounts on 1 hour and all-day training workshops from Anagram Group

5% off Women in Leadership Programs by Developing Global Leaders Asia

10% off project management training and services at Premier Group

10% off public workshops at the British Council Professional Development Centre

10% off postgraduate degrees and CPD courses at Newcastle University

10% discount on 1 or 2 day performance management programmes from Transform Your Conversations

10% off ISO certification and more from BSI Group

MEMBER DISCOUNTS

ABOUT THE BRITISH CHAMBER OF COMMERCE

MEMBER NETWORK

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ABOUT THE BRITISH CHAMBER OF COMMERCE

HOW DOES YOUR BUSINESS LEAD THE WAY? WE ARE LOOKING FOR SINGAPORE-REGISTERED COMPANIES TO SHOWCASE THEIR SUCCESS IN OUR 21ST ANNUAL BUSINESS AWARDS WITH NO FEE TO ENTER AND A SIMPLE ONLINE ENTRY PROCESS, WHAT ARE YOU WAITING FOR? ENTER NOW! ENTRIES CLOSE ON FRIDAY, 14TH AUGUST 2020 WINNERS WILL BE ANNOUNCED AT THE GALA DINNER ON THURSDAY, 29TH OCTOBER 2020

ENTER IN ONE OR MORE OF THE FOLLOWING CATEGORIES: BUSINESS TRANSFORMATION OF THE YEAR

DIVERSITY & INCLUSION CHAMPION OF THE YEAR

EMPLOYER OF THE YEAR

TECHNOLOGICAL IMPACT OF THE YEAR

START-UP OF THE YEAR

SUSTAINABILITY CHAMPION OF THE YEAR

INDIVIDUAL CONTRIBUTION OF THE YEAR

CUSTOMER SERVICE PROVIDER OF THE YEAR

UK EXPORTER OF THE YEAR

UK IMPACT IN SINGAPORE

FIND OUT MORE AND ENTER AT BRITCHAM.ORG.SG/AWARDS/21ABA

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