Orient Issue 49

BRITCHAM ORIENT MAGAZINE

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SINGAPORE

SPECIAL FEATURES

ISSUE 49

ISSN 0219-1245

9 770219 124002

49

12

D&I REACHES TIPPING POINT

20

IN FOCUS: PANEL DISCUSSION ON DIVERSITY & INCLUSION

Building Networks Connecting Business Creating Opportunities WWW.BRITCHAM.ORG.SG

ISSUE 49 / JUN–JUL 2014

Building Networks Connecting Business Creating Opportunities

4

Contents 7

PRESIDENT’S MESSAGE

9

EXECUTIVE DIRECTOR’S MESSAGE SPECIAL FEATURES

12

D&I Reaches Tipping Point

20

In Focus: Panel Discussion on Diversity & Inclusion

FEATURES 16

Singapore Immigration: A Fair Consideration Framework?

28

Developing the Next Generation of Leaders

31

Bridging the Strategy Implementation Skills Gap

35

Made in Provenance

38

Foreign Investors to be Hit by Change to Capital Gains Tax on UK Properties

41

Mitigating the Effects of Resource Nationalism

BUSINESS SERVICES NEWS 50

Accredited, Active and Achieving Success for UK Businesses

AT THE CHAMBER 44

BritCham Annual General Meeting 2014

48

BCCS First to Get Global Accreditation

52

Supporting Talent, Developing Diversity

54

Business Group News

57

Sterling News

58

Corporate News

61

Members’ Offers

62

Events

75

Events Calendar

CULTURE & LIFESTYLE 77

Her City

W W W. B R I T C H A M . O R G . S G

British Chamber of Commerce, Singapore Sponsors PLATINUM SPONSOR

GOLD AND DIVERSITY SPONSOR

SILVER AND BREAKFAST CLUB SPONSOR

SILVER SPONSORS

GOLD SPONSOR

BRONZE SPONSORS

BRITCHAM BOARD: PRESIDENT: Hugo Walkinshaw: Deloitte Consulting SE Asia VICE-PRESIDENTS: Damian Adams: Simmons & Simmons Mark Buchan: Ernst & Young Solutions LLP TREASURER: Dominic Nixon: PricewaterhouseCoopers BOARD MEMBERS: Andrew Vine: The Insight Bureau Pte Ltd Peter Hatt: Standard Chartered Bank Ian Williams: HSBC Bank Robert Williams: British Airways Terence Yuen: BP Singapore Chris Davie: Rolls-Royce Singapore Pte Ltd Tim Harris: BT Singapore Sian Brown: Barclays Bank PLC Rudi Geerdink: The Royal Bank of Scotland David MacDonald: Portfolio Builders Andrew Thomas: Ogilvy & Mather Singapore Pte Ltd David Pugh: The Fry Group Richard Warbuton: EC Harris Annabel Moore: Diageo Singapore Pte Ltd Judith Slater: British High Commission Roland Davis: British Council

Editor: Vipanchi vipanchi@britcham.org.sg

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

Content Coordinator: Clara Tan

© All rights reserved.

138 Cecil Street, #13-03 Cecil Court, Singapore 069538 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg

COMMITTEES: Diversity: Simon Croxford Events: Mark Buchan External Affairs: Steve Puckett Membership: Damian Adams Sustainability & Responsibility: Rosie Danyluk BUSINESS GROUP CHAIRPERSONS: Energy & Utilities: Damian Adams Entrepreneur & Small Business: Peter Seligman Financial Services: Gary Haran Doyle IT & Communications Technology: Henry Farahar Leadership: Peter Hatt Creative Industries: Frazer Macdonald Hay Professional Services: Martin Riddett Property & Construction: Richard Warburton Scottish Business Group: Neil Melnnes Shipping Transport & Logistics: Neil Johnson Women in Business: Sian Brown Young British Chamber: Zoë Marmot MANAGEMENT TEAM Executive Director: Brigitte Holtschneider Finance Manager: Pauline Yeo Business Services Manager: Jennifer Hainsworth Events Manager: Alexandra Packman Membership Manager: Katie Hudson Marketing & Communications Manager: Vipanchi Membership & Events Assistant Manager: Emi Hosono Marketing & Communications Executive: Clara Tan Business Services Advisor: Umagliya Kankanangai Tina Office Administration Executive: Anna C. Garciso

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 own 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.

Sub-edited, designed and printed by: NOVUS CONTENT. DI G I TAL. PUBLI SH ING.

www.novusasia.com

Contact: Simon Cholmeley simonc@novusasia.com Design: Kevin Ong kevinong@novusasia.com Khairunnisa khai@novusasia.com Sub Editors: Chua Kim Beng kimbeng@novusasia.com Chin Wei Lien weilien@novusasia.com Creative Services: Kwan Gek Lian gek@novusasia.com

When you want to get there faster, aim higher It turned out the fastest way to sail across the ocean, was to fly.

At Standard Life we’ve invested time into developing our savings and investment plans to get you where you want to be, quicker. So there’s never been a better time to invest in the future. www.standardlife.sg

Standard Life International Limited (Singapore Branch) is the Singapore branch of Standard Life International Limited and is registered in Singapore (T12FC0118K) at 30 Cecil Street, #26-00 The Prudential Tower, Singapore 049712. Authorised and regulated by the Monetary Authority of Singapore as a direct life insurer.

Standard Life International Limited is a company registered in Ireland (number 408507) at 90 St Stephen’s Green, Dublin 2. Standard Life International Limited is authorised and regulated by the Central Bank of Ireland. www.standardlife.sg © 2013 Standard Life, images reproduced under license.

Building Networks Connecting Business Creating Opportunities

7

President’s Message

W W W. B R I T C H A M . O R G . S G

Dear Members, Our AGM in May was held at Eden Hall and I would like to thank His Excellency the British High Commissioner Antony Phillipson and Mrs Julie Phillipson for welcoming us into their home. Members gathered to hear an update of the Chamber’s annual progress, the highlights of which included the launch of Business Services, website revamp and, most recently, our accreditation by the British Chambers of Commerce in London. They also got to network with friends and colleagues. In addition, we concluded the more formal business of confirming the annual accounts as well as reappointing our auditors and Treasurer.

In the past year, the Chamber has achieved a continuous and sustainable membership growth, with a 37% increase in the network. A Diversity Committee and the Women in Business group was launched last year to address best practices and issues that impact talent management and retention on a global and regional scale. The Business Groups have garnered more active participation due to network growth, which has resulted in further strengthening of member engagement. These results reflect our strong relationships with our partners and a focused approach to our core values—building networks, connecting businesses and creating opportunities. We continue to focus on developing BritCham as a strong and effective member organisation and developing its presence within Singapore.

Hugo Walkinshaw

President, British Chamber of Commerce

In terms of the board, I am delighted to announce that two new Vice Presidents have been elected—Damian Adams moves from his role as Secretary to take on the Membership portfolio from Andrew Vine and Mark Buchan takes over Events from David McDonald. I would like to extend my thanks to Andrew and David for their tireless support over the years and for their continued support as board members, and I look forward to working with Damian and Mark in their new roles. I am also pleased to confirm that Dominic Nixon will continue as our Treasurer for a second year, and will work with Mazars to ensure that our finances stay robust. We are in the process of nominating a new Secretary and will make an announcement shortly. In addition to the above, I would like extend my sincere thanks to the board for their support over the last year as well as for their commitment to serve in the coming year. Specific thanks must go to those board members who are stepping down, notably Peter Allen, Richard Burn and Chris Kilburn, for their strong and invaluable support during their years of service on the board. And as we bid farewell to those who have stepped down, I would like to welcome several new members to the board, including EC Harris’ Richard Warburton and Diageo’s Annabel Moore, both of whom are active supporters of the chamber.

On the horizon is our 15th Annual Business Awards and nominations are now open. In view of the changing business landscape, we have introduced some new categories, which aim to raise your company profile with a more streamlined approach. Please visit www.bccbusinessawards.com for more information. Do save your dates for the Annual Business Awards Gala Dinner on 1 Oct. The next issue of the Orient will commemorate the 60th Anniversary of the Chamber.

There are several premium spaces available for advertising; please book your spaces and benefit from this special edition, which will be launched at an exclusive members networking event in August this year.

I wish all of you heading for summer holidays an enjoyable and relaxing time, and hope that those of you returning are refreshed. I look forward to meeting you at our forthcoming events later in the year.

Best regards,

Mark Zuckerberg changed the way we see and use technology. With Stamford’s enhanced, state-of-theart Secondary School facilities, I will have the best possible start to my future career as an entrepreneur, business leader or social media tycoon!

Stamford is a world-class school with students from 2 years old through High School, offering daily Mandarin and Spanish, integrated 1-to-1 technology and the rigorous IB Program enhanced by American standards.

Register to Visit Stamford at www.sais.edu.sg

+65 6602 7247

www.sais.edu.sg

Stamford American International School CPE Registration Number: 200823594D Period of Registration: August 10, 2010 to August 9, 2014

Building Networks Connecting Business Creating Opportunities

9

Executive Director’s Message

W W W. B R I T C H A M . O R G . S G

Dear members, I hope you are enjoying a successful and productive 2014! Your Chamber is going from strength to strength, and I’d like to highlight the key initiatives and developments of the last two months: • BritCham Singapore is the first Overseas Chamber within the OBNI to be accredited by the British Chambers of Commerce in London. This is an important milestone for further developing the Business Services reach in the UK, increasing reputation and credibility. Going forward, the ‘BCC Accredited’ logo will appear on all our publications and collaterals.

• The Chamber AGM was held on 8 May and was attended by many members who unanimously voted for a change in the Constitution, representing a move towards best practice as recommended by the British Chambers of Commerce during the accreditation process.

• We hosted the first 60th Anniversary celebration event in Eden Hall on 23 Apr and welcomed Baroness Warsi, Minister of State for Faith and Communities as our guest from the UK. She gave an exceptionally witty and entertaining speech to commemorate the occasion. For impressions of the evening, please browse p62 of this magazine.

• The new website went ‘live’ on 21 Apr. We received much positive and encouraging feedback that will help us improve the overall user experience.

Brigitte Holtschneider

Executive Director, British Chamber of Commerce, Singapore

I’d also like to share what’s in the pipeline for the next couple of months: One of the Chamber’s major annual initiatives, the 15th Annual Business Awards, was launched in the beginning of May, and we are now encouraging companies and individuals to nominate and showcase winning performances, clear strategic direction, keen customer focus, eye for innovation and a commitment to commendable business ethics. The Awards’ organisation committee chairperson, board member Rudi Geerdink from RBS, is supported by Board members Sian Brown, Richard Warburton and Robert Williams, Treasurer Dominic Nixon and former YBC chairperson Miles Gooseman. These are the award categories for 2014: • Success in Business • Small Business Rising Star • Leadership in Customer Focus • Leadership in Innovation and Productivity • Leadership in Sustainability • Leadership in Diversity • Community Star • Young Professional of the Year • Lifetime Achievement Award (by Committee and Board nomination only) Please highlight this great platform to showcase excellent performances to your business associates and colleagues! For nomination form and full details, please go to www.businessawards.com I am very pleased that this issue of Orient is featuring diversity. The Chamber’s Committee on this topic, chaired by Simon Croxford from Barclays, launched in mid-2013 and took off with strong traction and high interest among the membership. For information about the Committee and interesting reads, please log on to www.britcham.org.sg There have also been further organisational changes in the Chamber Management Team: • Events Manager Tiffeny Kua, a long-term Chamber employee, has left us to pursue a career outside the Chamber. She did an outstanding job in the Events area, and we wish her all the very best for the future. Her successor, Senior Events Manager Alexandra Packman, joined us on 2 Jun, and you’ll certainly meet her at upcoming events.

• Accounts Manager Sabitha Munnangi resigned after a three-year stint with the Chamber and has been succeeded by Finance Manager Pauline Yeo, who joined us on 5 May. Please join me in thanking Sabitha for her contribution to the Chamber and welcoming Pauline and Alexandra.

Best wishes and enjoy a relaxing summer break!

Fly in British style Fly with us to more than 75 destinations in Europe and experience the world-class service that the British are famous for.

Discover more at ba.com

Building Networks Connecting Business Creating Opportunities

11

Sterling Members

W W W. B R I T C H A M . O R G . S G

SINGAPORE

Building Networks Connecting Business Creating Opportunities

12

Special Feature

W W W. B R I T C H A M . O R G . S G

D&I Reaches Tipping Point

By Raymond Hoefer The issue of Diversity & Inclusion has been raised in enough business entities in Singapore such that the movement has reached a turning point in the city-state.

D

iversity and Inclusion (D&I) seems to have reached a tipping point here in Singapore in the past year with a surge in the number of diversity networks and groups appearing on the corporate scene. Much of the energy for this phenomenon has been coming from the multinationals housed in Singapore. Networks are forming both within companies and amongst companies, enthusiastically being embraced by many employees, both local and from overseas.

Breakfast meetings are a popular way to start the corporate day and the Women in Energy have had two such events since being formed last year, each event attracting about 50 professional women.

The events so far have featured a speaker discussing the implications of the global rigzone D&I report, and an inspirational woman who has risen through the male dominated ranks in a difficult environment.

Hosted by an energy company late last year, a new networking event attracted 140

people from 40 different organisations on a Monday evening. They heard a number of diversity leaders from Singapore and London talk about why diversity is important, how we can all help people bring their whole selves to work, and the importance of allies to support LGBTI (Lesbian Gay Bisexual Transgender Intersex) inclusion. They were also treated to excerpts from the Tony award winning gay-themed play “Take Me Out� which ran through January this year in Singapore. This has recently been followed up by a fascinating panel discussion at Insead Business School, on how to hold the diversity conversation in a conservative country like Singapore.

An industry specific group of organizations have been individually hosting monthly networking gatherings for years. These are energetic and well attended events which also combine networking with interesting guest speakers. A recent event showcased representatives from the young LGBT

Building Networks Connecting Business Creating Opportunities

14

Special Feature: D&I Reaches Tipping Point

networks springing up in the universities (NUS, NTU and SMU), the community (Purple Alliance) and of course the wellestablished support group Oogachaga.

These inter-company diversity networks are forming in order to create a critical mass not present in single companies to create impactful events. The committees share best practice on diversity, and provide networking opportunities across broad industry groups. They also support the formation of diversity groups within companies, helping people to establish D&I work practices inside their organisations where there are none.

The British Chamber of Commerce has been the first of the Chambers to recognize the importance corporations are placing on D&I and with the sponsorship of Barclays has established a diversity committee. The committee aims to address pressing issues in the workplace and in the community around diversity. It aims to share best practice regionally and globally, share insights and research and foster cross sector exchange. A women in business subcommittee has also been formed.

The events created become part of the Chamber’s very interesting program.

The first diversity event featured a demonstration of unconscious bias such as in and out groups using innovative role play techniques. The first women’s event highlighted the lack of female representation at senior and board level, the impacts of this to performance and a strategy road map to moving the dial.

The framework for diversity and inclusion has been created in many companies; however this is only dry policy if the spirit of diversity and inclusion has not been understood by the people who work in these places.

Much of the work of the networks focuses on awareness and education about D&I and to inspire people to consider Inclusive work practices by understanding the issue more deeply.

For many years the diversity focus has been on gender and very importantly the representation of females at senior leadership. This is still a vitally

important issue, however the thinking around Diversity is broadening out and includes ethnicity, sexuality, disability, and educational background. In many work structures, people who have these inherent diversity characteristics find themselves in the “out” groups, or worse still stigmatized or ostracized.

Characteristics such as sexuality are often hidden by the individual due to family and social pressures. This impacts their ability to contribute fully at work.

Inclusion is about how people interact, the culture that supports the diverse workforce and practicing good behaviour. None of this can be policed through rules and requires another approach. People are coming together to form networks to build these cultures, and support each other in educating the working communities around them. The

networks exist both within companies and amongst companies.

Within many large corporations, women’s networks, pride networks, and ethnicity networks are being formed by passionate people within organisations. These people already have a busy day job but are committed to building an inclusive culture.

These company networks, often called Business Resource Groups (BRG) usually form around one diversity strand as the members have common interests or backgrounds. Although the underlying challenges are similar; the different diversity groups have different sets of issues. Women face challenges around leaning in, taking career breaks for beginning families and having to restart careers a few times over, and they might also seek flexible working arrangements to help them with family duties. LGBT

W W W. B R I T C H A M . O R G . S G

Since D&I is about the culture of an organisation, there is neither a one-sizefits-all model nor a clear pathway to get there.

About the Author Raymond Hoefer has 23 years’ experience in BP’s downstream oil business.

He is currently the regulatory compliance manager for its commodities trading

can face the challenges of discrimination or how to live an authentic work life, navigating company policies designed for the family unit and how to come out to work colleagues and family. All diversity groups may face extra career hurdles than the dominant group. These groups bring together people with shared experience to support each other in developing strategies to address these issues. For the LGBT BRG, discussions might focus on raising awareness of an environment that is inclusive of LGBT employees by engaging allies. For the gender BRG

arm in Singapore.

He sits on the BritCham Diversity committee, is a founding member of InterEnergy, leads the BP D&I council and is the co-chair of BP Pride Asia. He introduced the topic

of LGBT diversity to BP Singapore last year. Raymond has made Singapore his home for the past seven years.

Raymond.hoefer@ bp.com.

such discussions may focus on how to engage men more in the conversation.

Since D&I is about the culture of an organization there is not one size fits all model, nor a clear pathway to get there. Each network supports awareness and creates an activity set that builds an inclusive workplace, improving the wellbeing of people at work so that people can bring their best to the workplace, and companies can attract the best talent the world has to offer.

Building Networks Connecting Business Creating Opportunities

16

Feature

Singapore Immigration:

A Fair Consideration Framework?

By James Clemence & Rekha Husbands Now that the Singapore Government has restricted access to foreign workers, companies, especially those in the Services and Manufacturing sectors, will have to brace themselves for a tougher time fulfilling manpower requirements.

I

n response to growing concerns over rising living and housing costs, the Singapore Government has progressively tightened the immigration framework over the past few years to restrict access to foreign workers. Measures introduced to date include increasing minimum salary thresholds for work passes, increasing levies and reducing foreign worker quotas (applicable to Work Permits and S Passes) in industry sectors seen as being overdependent on foreign workers, particularly Services and Manufacturing.

From 1 Jul 2014, companies in these sectors will feel the pinch of having to reduce their overall foreign worker population.

The next hurdle for businesses will be the implementation of the mandatory advertising requirement under the Fair Consideration Framework on 1 Aug 2014, changing the way in which companies recruit skilled foreign staff. Despite the announcements made by the Ministry of Manpower (MOM) from last year to prepare companies for these changes, there is still uncertainty as to how the new framework will work in practice and the impact on

businesses and the local workforce in Singapore.

Reducing the number of foreign workers

The Government has taken steps to encourage and incentivise companies to strengthen the pool of Singaporean employees at all levels and ensure that “Singaporeans remain at the core of the workforce,” says Minister for Manpower Tan Chuan-Jin. Initiatives have been rolled out to help small- and medium-sized enterprises (SMEs) hire local talent and improve employee training, Continuing Education and Training (CET) strategies are in place to ‘upskill’ the local workforce, and the Workforce Development Agency (WDA) has a number of programmes and initiatives to assist individuals. WorkPro is a programme jointly designed by the MOM and WDA to recruit and retain mature workers and backto-work locals, signalling an awareness that Singapore’s ageing population has fewer working citizens. The Job Flexibility Scheme, introduced in 2013, enables Work

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

18

Feature: Singapore Immigration: A Fair Consideration Framework?

Permit holders in the Services sector to be flexibly deployed by multi-tasking across occupations within the same business, which is consistent with the Government’s aim of improving productivity.

cancel passes that exceed the main foreign worker quota (also referred to as the main Dependency Ratio Ceiling (DRC)) after this date, and companies will have no say over which employees they wish to retain.

Alongside the introduction of various initiatives, the Government is also tackling the perceived over-reliance on foreign workers, particularly in certain sectors, by tightening foreign worker quotas. The permitted ratio of foreign workers (S Pass and Work Permit holders) to local staff in the Services sector was reduced from 50% to 45% in 2012 and from 45% to 40% in Jul 2013, and the S Pass quotas (for midlevel skilled foreigners) in the same sector was reduced to 15% in 2013. Transitional arrangements have been in place since 2012, meaning that the reduced quotas have only applied to new hires up until this year. From 1 Jul 2014, employers will not be able to retain their foreign worker population above 45%; from 1 Jul 2015, the 40% quota will kick in across the board. Employers that have not calculated the number of foreign workers who can be retained beyond 1 Jul 2014 will need to do so sooner rather than later. The MOM has confirmed that they will start to

The Financial Services sector has come under scrutiny for employing individuals from overseas to fill professional roles, but there is a worry that the restrictions on hiring foreign workers will hit this sector at a time when companies are still trying to plug competency gaps and when certain Government initiatives are in their infancy.

To advertise or not to advertise

The Fair Consideration Framework will require employers to advertise roles to local Singaporeans for a minimum period of 14 days before being able to apply for an Employment Pass for foreign professionals working in managerial, executive or specialised jobs. The new requirement will apply to positions attracting a salary of between $3,300 and $12,000 per month, and positions must be advertised on a new Jobs Bank portal. An advertisement can run for a total period of 90 days and should not be older than three months from the date of closing at the time an Employment Pass

application is submitted. The MOM has also confirmed that one advertisement can be used for multiple vacancies as long as the role is the same as that specified in the advertisement, which will be a relief for companies operating graduate recruitment programmes, for example.

There are exemptions to the advertising requirement, such as for jobs commanding a salary of more than $12,000 per month. Many companies will continue to raise the bar in order to attract the best candidates; this could lead to companies raising salaries for experienced foreign nationals, for example, where there is a skills shortage in areas such as risk, compliance and audit. The second exemption is for IntraCompany Transfers (ICTs), who will be able to transfer from overseas companies to linked entities in Singapore, provided they have worked in the overseas office for at least one year and will be carrying out a professional, executive or specialist role that meets MOM criteria, or a manager with specific responsibilities.

Employees should not be filling full-time permanent positions in Singapore, but

W W W. B R I T C H A M . O R G . S G

there is no limit on how long employees can remain in Singapore under this route.

Other exemptions from the advertising requirement include companies that employ fewer than 25 people, Employment Pass renewal applications and individuals switching from an S Pass or Personalised Employment Pass, provided that they are working for the same company. These carve-outs are welcome, but—according to a survey

by JobStreet.com last year—54% of the employers who were surveyed did not believe that the new Jobs Bank will help them in their recruitment process, and a third of respondents believe that the new advertising requirement will cause a delay in hiring. The survey also revealed that SMEs and companies in the Construction, Service, and Manufacturing industries—

About the Authors James Clemence is a Partner and Rekha Husbands a Manager in the Global Mobility practice of PwC International Assignment Services (Singapore) Pte Ltd.

Most industries will be affected by the introduction of the Fair Consideration Framework if they hire foreign nationals under Employment Passes, and includes manufacturing, finance, IT, tourism and

where jobs are not popular with locals— expect to be affected, as companies that require immediate staff placement will have to wait an extra two weeks.

In practice, the delay in hiring could be longer than two weeks. If employers are expected to carry out a fair test of the labour market, it follows that companies will need to conduct interviews over a period of time if local candidates have applied for positions via the Jobs Bank. There have been complaints from members of the public in recent months regarding advertisements that appeared to be discriminatory towards Singaporeans, and which resulted in the companies concerned to be fined and forced to make a public apology. These companies were also barred from hiring foreign nationals for 30 days. Employers

retail, healthcare and construction.

need to be mindful of this when advertising a position as there may not be any specific guidance from the MOM as to what documents an employer should produce as evidence that a proper labour market test had been carried out. It is inevitable that companies will come under scrutiny if there is a complaint from a member of the public or a local candidate who was not successful in getting a job.

While this mandatory advertising requirement may lead to delays in hiring and the curbs on the number of foreign workers will hit certain industries in Singapore, it is questionnable whether these measures will create a fair or fairer employment market for Singaporeans.

Building Networks Connecting Business Creating Opportunities

20

In Focus

Panel Discussion on Diversity & Inclusion Globalisation has caused everything to change. Businesses and professionals are competing with their counterparts on the other side of the globe, not just in their own city, state or country. Diversity & Inclusion (D&I) can help organisations rise to these challenges.

John McGuinness and Vipanchi speak with D&I champions within Barclays, Ernst & Young and Singapore Management University to explore this further.

W W W. B R I T C H A M . O R G . S G

Let’s begin with the question, ‘Why now?’ Why is D&I coming to the forefront arguably somewhat late in the game?

Dr Tanvi Gautam (TG), Singapore Management University: D&I has always been at the forefront for forward-looking organisations; it is some organisations that are late in recognising the social, economic and innovation potential of D&I. The issue will remain in the forefront given the talent management imperative of D&I. Mark McLane (MM), Barclays: I agree.

One thing to keep in mind, however, is diversity in isolation of inclusion does not have the intended impact most organisations are searching for, where inclusion can unlock the rich value of a diverse workforce.

How can D&I be a priority for companies when businesses have other big issues to deal with, such as market risks, tightening budgets and highly competitive industries?

TG: We are living in volatile and uncertain times. While risks, budgets and competition are symptoms of this environment, a successful response is going to be influenced by how well a firm can harness the potential of diversity internally. A problem cannot be solved by the same mind that created it; therefore, when we have to respond to a complex environment,

that response cannot come from an undifferentiated, monolithic internal culture, where one person looks, thinks and acts like the next person.

Beth Brooke-Marciniak (BB), Ernst & Young: We recently conducted a global survey, The Power of Many: How Companies Use Teams to Drive Superior Corporate Performance, which clearly showed that an organisation’s ability to develop and manage diverse teams is essential for future competitiveness. Those who rated their companies as ‘excellent’ at building diverse teams were much more likely to have achieved greater growth. However, the problem that the survey unveiled was that companies lack leaders with the ability to manage and motivate these teams. As a result, there must be a focus on developing leaders who embrace differences and are eager to engage a wide pool of talent. To achieve superior performance, tapping into the full range of diverse skills and expertise at their disposal is essential. The war for talent in the professional services sector is incredibly fierce; attracting and retaining diverse talents is critical to our success.

MM: If an organisation clearly understands the connection of D&I to talent management and customers, I would ask that organisation, “How can D&I not be a priority?”

Building Networks Connecting Business Creating Opportunities

22

In Focus: Panel Discussion on Diversity & Inclusion

Staff members at all levels should be encouraged to develop the habits of inclusive leaders: to look for and value different viewpoints, and to make sure that team members feel comfortable speaking and knowing that their voices are heard.

Are there strands of D&I that are easier to facilitate than others? Why?

TG: It is important to differentiate between surface-level diversity and deep-level diversity. Surface-level diversity looks at gender or colour, but deeplevel diversity—non-apparent things such as thinking style—matters quite a lot. For instance, you could have a group of British men who, while been identical in surface-level diversity (all-men or all-British) may be very different in their approach and background when it comes to thought diversity (deep-level).

Ultimately, we want to move beyond surface-level diversity to harness the power of deep-level diversity. Meeting diversity numbers is the easier thing to do; harnessing synergistic thinking is more difficult. I would caution against confounding surface-level diversity as a sign of deep-level diversity.

Sounds like D&I can only work as a top-down policy. Can a junior staff member get his organisation to implement D&I?

BB: While written policies may be implemented from the top down, the actions and interactions that reflect who we are as an organisation can—and do—begin at any level. Staff members at all levels should be encouraged to develop the habits of inclusive leaders: to look for and value different viewpoints, and to make sure that team members feel comfortable speaking and knowing that their voices are heard.

At Ernst & Young, working inclusively is a practical way for all of us, regardless of rank, to manage change and capitalise on our global reach. It can transform how we interact across service lines, cultures and geographic boundaries, and how we respond to personal differences and to the needs of our clients.

W W W. B R I T C H A M . O R G . S G

In Focus: Panel Discussion on Diversity & Inclusion

>

24

>

Building Networks Connecting Business Creating Opportunities

Beth Brooke-Marciniak, Ernst & Young

Can you share some examples of how a D&I policy affected your company in a positive way?

MM: Barclays has seen some great impact as a result of our global strategy: award-winning talking ATMs, a gay couple in a retail bank advert, 2013 Disability Standard Award from the Business Disability Forum, recognised as TIME’s top-50 places to work for women in the UK. TG: We ensure that regular updates and recommendations are shared with the university’s leaders by a committee comprising representatives from faculty and staff. Our students, staff and faculty are drawn from some 50 countries across six continents, comprising a range of groups, generations, identities and backgrounds.

Mark McLane, Barclays

We believe that diversity expands our capacity to (i) expand our hearts and minds, (ii) harness multiple talents and perspectives, (iii) foster innovation, (iv) engage more effectively with our community and (v) better appreciate business and social complexities. Indeed, there are many opportunities for interand multicultural interactions on campus.

What challenges did you face implementing it?

MM: Barclays established a D&I strategy addressing five pillars: gender, LGBT (lesbian, gay, bisexual, transgender),

disability, multicultural and multigenerational. It focused on improving the percentage of diversity at the VP-and-above levels, continuing to improve our inclusion index as measured by our employee opinion survey, and maintaining our position as an employer of choice as reflected in external benchmarks.

The future for diversity in financial services holds multiple opportunities; the first being continued focus on attracting an ever-more diverse talent pool into the industry; the second is improving leadership talent management skills as it relates to building an inclusive and bias-free work environment; and the third is commercialisation of the diversity business case.

>

W W W. B R I T C H A M . O R G . S G

Dr Tanvi Gautam, Singapore Management University

Generational difference in the workplace is no different from gender, ethnic or other differences in the workplace. Recognising and addressing these differences improve your brand equity with colleagues.

Does a generation gap pose a significant challenge?

MM: Generational difference in the workplace is no different from gender, ethnic or other differences in the workplace. Recognising and addressing these differences improve your brand equity with colleagues.

Do you think the current education system should include this as a part of the curriculum?

TG: Absolutely! D&I initiatives at the corporate level are often too little, too late. We must make sure that frameworks of D&I are included as early as the primary school years so that it becomes a part of future citizens and leaders. Dialogues, conferences and

events are organised at SMU throughout the year to encourage thinking around diversity issues. The university also provides workshops, in- and out-of-classroom support, counselling services and grievance handling frameworks to reinforce inclusion across schools, groups and offices on campus. We launched a Women & Leadership programme as part of executive education. It’s had a great response and continues to keep the topic at the forefront.

By keeping such dialogues going, D&I ideas are kept top of mind.

How far along the diversity journey do you feel the Singapore business community is at?

BB: Speaking to our Ernst & Young leaders and the business community in Singapore, I observed that we’ve made good progress

Building Networks Connecting Business Creating Opportunities

26

In Focus: Panel Discussion on Diversity & Inclusion

W W W. B R I T C H A M . O R G . S G

Government- and industry-led task forces have been established to promote gender diversity on corporate boards in Singapore. The Singapore business community is also realising the merits of leveraging diverse talent as a competitive advantage in the current environment.

compared with 10 or even five years ago, when D&I were relatively unheard of in some circles. Having said that, Singapore lags behind other developed countries in fully understanding and embracing D&I, and the reasons are multifaceted and interlinked. However, it’s a journey that has gained great momentum. Government- and industryled task forces have been established to promote gender diversity on corporate boards in Singapore. The Singapore business community is also realising the merits of leveraging diverse talent as a competitive advantage in the current environment. While multinational and global clients value the innovative solutions and holistic perspectives that a diverse team can bring, talent shortages are driving the need to tap into a more diverse pool of candidates. There is also

greater awareness of the importance of inclusive leadership, which helps to define and shape an internal culture of highly engaged, empowered and high-performing talent. This will challenge us to adapt our mindset and behaviours. As an advocate of D&I, Ernst & Young is also influencing the external market through memberships into D&I programmes, dialogues and thought leadership in this area. Our organisation is also making significant investments in D&I education and creating a workplace of the future that offers flexibility.

On a personal level, what impact does D&I have on you?

BB: I believe deeply that differences matter. I’ve experienced that personally in my life and in my career, and I advocate for that message authentically

in my role as the global executive sponsor of D&I at Ernst & Young. In doing so, I often talk very openly about the differences I’ve brought to my role at Ernst & Young as a gay woman, a democrat, an introvert and a collegiate athlete, as just a few examples. I’ll be the first to admit that embracing and talking about all those differences hasn’t always come naturally to me. I can tell you without hesitation today that the key to making me comfortable was working in such inclusive and progressive environments and teams that really challenged me to see the value my differences can bring to business and beyond. I now recognise that those differences can make me a better leader, too. By being who they are, leaders give those reporting to them permission to be themselves.

About the Panel Beth Brooke-Marciniak, Ernst & Young Beth is responsible for shaping EY’s positions on public policy. She engages with regulators, policy makers, business leaders, investors and other stakeholders around the world to address the critical issues facing our profession and global capital markets. She is also the global sponsor of EY’s Diversity & Inclusiveness efforts and a prominent advocate for the benefits of inclusive leadership.

Dr Tanvi Gautam, Singapore Management University Dr. Tanvi Gautam works with organisations for creating highly engaged and inclusive workplaces. She is on the board of ARTDO International and is the only Asian woman leader in the prestigious Leadership Transitions Institute (DC).

Mark McLane, Barclays Mark McLane is the Global Head of Diversity and Inclusion (D&I) for Barclays. Mark is responsible for driving the global D&I strategy through strategic lead business plans, embedding global agendas to drive effective results, and aligning business metrics to the goal of becoming the ‘Go-To’ bank.

John McGuinness, Vice President, Corporate Communications, South East Asia, Barclays Based in Singapore, John is responsible for managing communications for Barclays Corporate and Investment Banking in the region, as well as supporting the bank’s relationship with the Singapore British Chamber of Commerce. Prior to Singapore, John spent five years with Barclays at their head office in London.

Building Networks Connecting Business Creating Opportunities

28

Feature

Developing the Next Generation of Leaders

By Prof Sattar Bawany Strategies for developing a sustainable leadership pipeline for succession planning.

W W W. B R I T C H A M . O R G . S G

A

company’s leadership pipeline is expected to deliver its next generation of ready-now leaders.

The payoff is a supply of leadership talent that simultaneously achieves targets, bolsters and protects ethical reputation, and navigates transformational change in pursuit of a bright, competitive future. Unfortunately, some Boards and CEOs neglect their talent management accountability; consequently, their pipelines run dry. When this occurs, the downward spiral of competitive capability becomes discernable, the edge is lost, and the magic disappears. The competition begins to outwit, outflank and outperform these companies.

The biggest trap new leaders fall into is believing they will continue to be successful by doing what has made them successful in the past. There is an old saying, “To a person who has a hammer, everything looks like a nail.” New leaders should focus first on discovering what it will take to be successful in the new role, then discipline themselves to do the things that don’t come naturally if the situation demands it.

Strategies for developing the next generation of leaders

New leaders are expected to hit the ground running. They must produce results quickly while simultaneously assimilating into the organisation. The result is that a large number of newly recruited or promoted managers fail within the first year of starting new jobs.

A longitudinal research undertaken by the author over the past 15 years found that there are three main areas where leadership transitions derail:

Building Networks Connecting Business Creating Opportunities

30

• Alignment with Strategic Direction: Individual expectations of the leader as well as the functions are not aligned with organisational goals and strategic direction. More importantly, there is no dialogue to create alignment.

• Expanding Leadership Competence: The organisation lacks clarity on requirements, the emotional intelligence competencies and leadership capabilities best suited for the role. Building their own leadership expertise, including ontological humility, high level of self-awareness, learning to build an effective leadership team, to manage

About the Author Prof Sattar Bawany is the Senior Advisor at Cegos Asia Pacific and also CEO & C-Suite Master Executive Coach of Centre for Executive Education (CEE Global).

Cegos Asia Pacific, in

Feature: Developing the Next Generation of Leaders

the performance of others and develop others with managerial coaching skills.

• Expanding Organisation Competence: Leaders have to understand the business processes that create economic value for the organisation. Higher levels of leadership have to understand when and how to redesign these processes to accomplish the strategy as well as understand the capabilities needed to operate these processes.

In times of transition there is a very short window in which a leader has to learn about the business, the function or divisions, his

partnership with CEE Global, offers talent management and executive development solutions, including executive coaching and leadership development programmes that help professionals develop

the skills and knowledge to embrace change and catalyse success in their industries. E-mail: sattar. bawany@cee-global.com

team and employee capabilities, etc.

This learning is more complicated when the leader encounters a geographical or organisational culture that is different from past experiences.

Organisations may offer executive coaching to leaders in transition as this will achieve three overall goals: to accelerate the transition process by providing justin-time advice and counsel, to prevent mistakes that may harm the business and the leader’s career, and to assist the leader in developing and implementing a targeted, actionable transition plan that delivers business results.

Building Networks Connecting Business Creating Opportunities

31

Feature

Bridging the Strategy Implementation Skills Gap

By Robin Speculand Leaders of organisations are already involved in crafting strategy, but they should not neglect the implementation of these policies, which involve a whole different skills set.

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

32

T

oday’s leaders need both the ability to craft the right strategy and the skills to implement it. There is, however, a precarious skills gap among leaders. They have been taught how to craft strategy, but not how to implement it. This is a major reason as to why nine out 10 implementations fail.

Major corporations around the world recognise that their current leaders who attended university to earn a business degree were taught strategy, but not strategy implementation. Every business school, for example, has a strategy professor but not an implementation professor. Students may have attended a module on operations management or change management, but this is different from strategy implementation. As a result, a critical skills gap exists today.

Change management, which is frequently the default approach for implementation,

Feature: Bridging the Strategy Implementation Skills Gap

works well for projects and initiatives inside departments and divisions. It doesn’t work, however, for strategy implementation. If it did, then organisations as a whole would not have such a high implementation failure rate. Change management is a subset of strategy implementation.

When leaders are asked to implement strategy, they do not know what to do!

After launching their new strategy, leaders return to their offices and repeat the same mistakes from previous implementation efforts. Sadly, they get the same poor results. To break the pattern of so many past failures, leaders need to be taught how to implement strategy. It’s a specific skills set.

And when it is missing, they underestimate the implementation challenge they face.

As a result of underestimating the implementation challenge, leaders delegate the implementation responsibility and take their attention off it. But that doesn’t mean

the implementation is a fait accompli.

When they stop paying attention to the implementation, so do their staff. This is a recipe for failure. Implementing is every bit as tough as crafting the right strategy.

The only way to know if it’s the right strategy is after it’s been executed. At the launch of the implementation, it’s assumed that it was a good strategy, but it is not yet proven. It’s assumed the strategy is good as no leadership team walks into a conference room and declares, ‘‘Let’s create a bad strategy!’’ At the launch, every member of that team thinks the strategy is great. But only when a successful implementation follows can this team be proven right. Thus, leaders must oversee the implementation.

Competitive advantage

It’s critical for organisations to bridge this current strategy implementation skills gap because it provides a competitive advantage. Oracle, for example, has made

W W W. B R I T C H A M . O R G . S G

100 acquisitions in the last five years. To support the company’s leaders to implement the strategy, a programme called ‘‘Leading to Win’’ is run. This programme focuses on collaboration and learning the skills of implementation. As a result, leaders at Oracle now have the knowledge and skills to execute strategies well.

Universities such as Singapore Management and Duke now offer modules on strategy implementation. In addition, Bridges Business Consultancy Int runs a one-day seminar called ‘‘Strategy Implementation for Leaders’’ all around the world.

Everyone knows IKEA in Singapore and their strategy, yet they have no global competitor.

Why? Because no one else can execute the strategy as well as IKEA. When leaders are able to craft and execute the strategy, they have a competitive advantage.

Reduced life span

Because leaders are being called on more frequently than at any other time in history to craft and implement new strategies, it’s essential to resolve this skills gap. Not long ago, strategies had a life span of 10–15 years, a timeframe that has shrunk to between three and five years today. As a result, leaders must craft and implement new strategies more quickly and frequently than ever before.

The global recession placed even more pressure on leaders to execute their strategies right the first time. In the past, when strategy implementation was failing, more money or people would be thrown at the implementation, or a new strategy would be crafted. These options are no longer viable. Once board members sign off on the new strategy, they place everincreasing pressure on the organisation’s leaders to implement it. Board members and leaders alike feel pressure to deliver

on their strategy promises to the shareholders.

Strategy is about making the right choices; implementation is about taking the right actions. Successful implementation depends on people taking the right actions. It follows then that leaders must ensure their employees are taking the right actions. But does that actually happen? Because staff are always busy, the key question becomes, “Are the actions that staff take today driving the implementation forward?” If not, they’re not the right actions.

Certainly, staff are assigned more work than they have hours in the day to complete. Still, successful implementation depends on employees taking the right actions. And leaders are responsible for overseeing that activity happening in a way that meets the objectives of the strategy.

Building Networks Connecting Business Creating Opportunities

34

Feature: Bridging the Strategy Implementation Skills Gap

Five recommendations for leaders To conduct a successful implementation, here are five recommendations for leaders:

1. Focus on both crafting and implementing strategy – pay equal attention to both 2. Oversee and stay committed to the implementation – constantly be involved by sharing information, communicating with employees and checking the current status often 3. Adapt and amend the strategy and implementation as required – whatever was agreed on in the boardroom rarely happens in the implementation, so adjustments must be made 4. Create the right conditions for the implementation – ensure you have set up a culture that supports the execution of the strategy 5. Follow up – to achieve a successful implementation, follow up is the No. 1 best practice for leaders to focus on

About the Author Robin Speculand is Chief Executive of Bridges Business Consultancy Int and a best-selling author. His latest book is Beyond Strategy – The Leader’s Role in Successful Implementation. He is

also the founder of the first portal dedicated to implementation, The Implementation HUB, www.implementationhub.com Robin is a masterful event facilitator and an engaging keynote speaker.

Building Networks Connecting Business Creating Opportunities

35

Feature

W W W. B R I T C H A M . O R G . S G

Made in Provenance

By Uri Baruchin Brands should try to leverage the land from which they originate and take advantage of characteristics unique to that place.

W

here do great brands come from? Iconic brands often seem as if they’ve always been great. That myth is propagated by both companies and agencies. It’s the branding equivalent of the dying myth that success stories come from nowhere and are largely led by individuals rather than communities.

An often overlooked part of the answer is hidden in plain sight within the question: Where?

One of the earliest roles of a brand was to signify origin. To this day, provenance plays a vital role in many brand narratives.

In categories such as food, fashion and

pretty much anything with a design angle, provenance is always a fundamental ingredient these brands use to engage consumers and position themselves among their peers. When it comes to Italian Gelato, French Champagne (from Champagne, naturally) and Savile Row suits, provenance is used as shorthand for the authenticity and heritage those products herald.

It’s tempting—but naïve—to think that, in a globally networked market, the question of origin is no longer as important as it once was. However, with people having more access than ever to information about brands, it has arguably become even

more important. It can still signify quality, authenticity and character; additionally, it now relates to new selection drivers such as environmental sustainability, social responsibility and ideological compatibility.

The global, cosmopolitan consumer may still seek international superstar brands, but these brands are successful because their provenance equity is built in.

Globalisation is actually one of the main drivers of the importance of provenance.

That could be why Apple has started adding “Designed in California by Apple” so prominently to its communications.

Building Networks Connecting Business Creating Opportunities

36

Feature: Made in Provenance

Some brands may appear to rely on provenance less, especially if they have already made it. However, those successful brands have hardly jumped, Athena-style, out of someone’s forehead fully formed and armed to the teeth with equity. We all come from somewhere and brands are no exception.

You may think strong brands don’t rely on their nationality for their sense of identity, but you’d be wrong. For example, Paul Smith became a quintessential British brand by accentuating a certain set of British traits. While it has become bigger than its own provenance, it still maintains that connection with collection names such as ‘The British Collection’ and ‘Paul Smith London,’ or by using British iconography on various items and accessories. You could say that while Paul Smith flies its own striped flag high, its family crest certainly includes a prominent Union Jack. The Japanese, who have a soft spot for Britain, can’t get enough of Paul Smith and are a major market for the brand.

Something interesting happens when a brand with strong provenance becomes that big. Now, it seems Paul Smith is feeding back into Brand Britain by advancing our nation’s reputation for design excellence and a style that combines the classic with the quirky.

When that happens, many British-aligned brands in effect tap into Paul Smith’s global success.

Although still made in Cowley, Oxford, it’s no secret that the Mini is owned by BMW. There’s even a certain poetry in the fact that the Mini is now giving back to German engineering, which inspired many of the original features of this British Volkswagen. However, the reason Mini was seen as an asset for BMW to begin with is that it’s always been a retro-cool British icon with starring roles in quintessential British films such as The Italian Job (talk about classic and quirky combined, even just in that title).

Unsurprisingly, the re-launch included whole model lines with a Union Jack livery scheme. Furthermore, when BMW first launched the new Mini, it went as far as investing in a new 2003 production of The Italian Job, resulting in what Pulitzer

Prize-winning film critic Joe Mogentern called “the best car commercial ever.”

As recently as 2013, when that year’s new Mini was released, it was launched with the reference to provenance literally written into the background.

The crucial role of provenance in the story of a brand—its past, present or future— makes federated provenance brands, such as ‘Made in’ and ‘Product of’ brands quite interesting. They let brands of all sizes come together to share, discuss and celebrate their common strengths and communicate them to the world.

Once some of those brands pass a certain level of notoriety, the power shift described above may occur, and they then give back into that collective power-association pool.

So ‘Made in Britain’ is at once an asset to many brands and a way for them to engage with the changing definition of what it means to be British.

When we were approached to create a new brand for the ‘Made in Britain’ campaign, we felt privileged to get such a rare opportunity to support both today’s and tomorrow’s British success stories. We knew using the flag wasn’t enough and risked looking dated, which is why our use of it is highly untraditional—controversial, even. The brand is inspired by the flag, but through the flexibility of colour and cropping, its functional use as a directional device and the ability of the system to adapt the marque to live across every imaginable application or context, it also sends a contemporary and progressive

W W W. B R I T C H A M . O R G . S G

message—all the while being crystal-clear about provenance.

The brands joining the campaign don’t do it because they feel their own identity is too weak; they do it because they realise Britishness plays a strong part in their identity, just as it plays a part in our own identities as individuals. It’s part of the ongoing dialogue we’re having as a nation. It’s a debate of both our similarities and differences, of where we are headed and how far we’ve come.

About the Author Uri Baruchin is Strategy Director at The Partners. Outside work, he is also an associate lecturer at the London College of Communications’ MA in Graphic Branding & Identity, and blogs on marketingbabylon.com.

Commerce plays a part in that definition.

Companies and their customers are looking for something to rally around—not in order to relinquish their individuality or to dwell on the past, but as one of the many ways they embrace forming an identity, connecting it to a rich tapestry of community and history.

Today’s networked consumers are empowered. They don’t care less; they care more about everything. So, brands

also start caring and realising that they are not merely labels or communication platforms; rather, they are jointly conceived cultural metaphors and engagement interfaces. They are part of the cultural ecosystem. They help define it, engage with it, are influenced by it and come together to make the most of it.

So no brand is an island, certainly not those from our own island nation.

Building Networks Connecting Business Creating Opportunities

38

Feature

W W W. B R I T C H A M . O R G . S G

Foreign Investors to be Hit by Change to Capital Gains Tax on UK Properties

By Alan Lester The UK property market has had a bumpy ride over the past few years.

London recovered earlier than most, but many other regions look like they have turned a corner.

T

he capital’s property market, particularly prime residential, remains attractive to overseas investors. Areas such as Kensington and Chelsea remain hugely popular with foreign investors, while new developments in the more upmarket areas of the capital are being snapped up by overseas buyers.

Tax advantage closed

In the last Autumn Statement, the Chancellor announced a change to capital gains tax (CGT) rules for overseas investors buying UK residential property, designed to close a tax advantage where such overseas investors are treated more favourably from a tax perspective than British based landlords.

From Apr 2015, foreign investors will also pay tax on gains in value on UK residential properties they own. They don’t currently.

This move will bring those overseas investors broadly in line with similar UK landlords, help raise money for the Treasury, and maybe splash a little cold water on London’s constantly rising property market.

Currently, UK citizens and residents pay CGT on the profits of the sale of a property that is not their main home. Basic-rate taxpayers pay 18% of the profits while high-rate taxpayers have to stump up 28%.

The rule change may only apply to future increases in value and not previous growth. A consultative document was recently released and the exact details will be known later in the year. The change will also apply to UK expats selling properties while based overseas.

To the extent there is exposure for nonUK resident taxpayers in respect of these

Building Networks Connecting Business Creating Opportunities

40

From Apr 2014, the taxfree period enjoyed by anyone who turns their former home into an investment property will be halved from the final three years of ownership to just the last 18 months.

About the Author HW Fisher & Company is a UK top-30 chartered accountancy firm. Alan Lester heads the firm’s property group and deals with the affairs of overseas investors in UK residential property. Alan

Feature: Foreign Investors to be Hit by Change to Capital Gains Tax on UK Properties

investment gains, they can usually offset the UK tax they have to pay against any additional domestic liability.

The Budget also announced changes to the Annual Tax on Enveloped Dwellings (ATED) charge paid by overseas businesses on residential properties held for non-commercial purposes.

The threshold has been lowered from £2m to £500,000, so ATED charges (and the associated CGT) will become payable on more properties. These extra ATED annual charges on the lower property levels are being phased in from either Apr 2015 or Apr 2016.

is predominantly involved with clients in South East Asia, and also assists businesses that wish to establish themselves in the UK.

UK landlords

Mr Osborne announced he is cutting the capital gains tax break on former homes that have been rented out or kept as second homes.

From Apr 2014, the tax-free period enjoyed by anyone who turns their former home into an investment property will be halved from the final three years of ownership to just the last 18 months.

For tax purposes, any gain made on these properties will be divided equally among the years of ownership. Estimates are that this tax rule change might bring in more than £350m in extra tax revenue for the government between 2015 and 2019.

Building Networks Connecting Business Creating Opportunities

41

Feature

W W W. B R I T C H A M . O R G . S G

Mitigating the Effects of Resource Nationalism

By Damian Adams, Amanda Lees & Katie Cheng Businesses in the extractive industries must familiarise themselves with treaties that offer them some form of protection when they deal with countries that are displaying increasingly strident resource nationalism.

R

esource nationalism refers to national policy changes that have the effect of reducing an economic investor’s benefit, particularly in the extractive industries such as oil & gas and mining. Although 2012 was described by the Financial Times as the “year of resource nationalism,” it is a feature of doing business in many markets, emerging and developed, that has remained consistently high on the list of risks and issues for companies and investors engaged in natural resources during the past decade.

Resource nationalism manifests in a number of ways: through direct measures, whereby

foreign investors are required to divest a portion of their ownership interest to local government, government-linked companies or native commercial interests, or through indirect or ‘creeping’ expropriation through state imposition of royalties, taxes and exchange controls or suspension, termination or non-renewal of licences and permits.

Recent developments in Indonesia’s mining sector are regarded by many to be prime examples of resource nationalism, including the implementation of progressive divestment obligations and maximum foreign ownership restrictions, requirements to deposit

export proceeds in Indonesian banks and, most recently, bans on the export of raw, unprocessed minerals. Conversely, others comment that such measures are legitimate to ensure that, to a greater extent than in the past, the economic benefits of Indonesia’s natural resources remain in Indonesia. Such measures are also an unsurprising response to overreaching and sometimes exploitative structures and approaches used by foreign investors to comply with the letter, but not the spirit, of the law.

Whatever one’s view may be regarding the situation in Indonesia or elsewhere, there can

Building Networks Connecting Business Creating Opportunities

42

be no doubt that, in a climate where securing resources features more highly than before on the priority list for many governments, resource nationalism is and will continue to be a feature of doing business in extractive resources industries.

A key consideration then becomes how best to address and mitigate the effects of resource nationalism. There are a number of ways.

Beyond measures such as contractual protection or political risk insurance coverage, one way is to structure investments to take advantage of protections offered by existing multi-lateral investment treaties (MITs) or bilateral investment treaties (BITs). Focusing on South East Asia in particular, in 2012 the Member States of ASEAN entered into the ASEAN Comprehensive Investment Agreement (ACIA), which has the stated aim of creating a “free and open investment regime in ASEAN” through investment liberalisation, protection, facilitation and promotion.

Feature: Mitigating the Effects of Resource Nationalism

The ACIA applies to measures taken by an ASEAN Member State in relation to investors of any other ASEAN Member State and their investments in the first Member State. The broad definition of ‘investors’ is significant for many in the region as it applies to individuals and so-called juridical persons (companies, corporations and the like) from outside ASEAN as well as from within, provided that those from outside ASEAN structure their investments with substantive business operations in an ASEAN Member State. This would allow, for example, a company from outside ASEAN to establish operations in Singapore, from which to invest in another ASEAN Member State and enjoy the protections of the ACIA. The similarly broad scope of ‘investments,’ which includes “every kind of asset, owned and controlled,” makes the ACIA highly applicable to many investor situations.

In terms of the protections themselves, the ACIA has provisions similar to those seen in BITs between two sovereign nations, including treatment of non-nationals no

less favourably than nationals, equality of treatment of all non-national investors (socalled “most favoured nation treatment”), guarantees of fair and equitable treatment rather than arbitrary decision-making and freedom to transfer funds. In the context of resource nationalism, there are protections against unlawful expropriation and guarantees on proper compensation for direct or indirect expropriation or nationalisation.

If and when the host State breaches such investor protections, MITs and BITs, in general, allow an investor to bring a claim in international arbitration against the host State, usually with a choice as to the forum, the most popular being the International Centre for Settlement of Investment Disputes (ICSID), ICSID Additional Facility Rule and ad hoc arbitration under UNCITRAL Rules.

However, it is important to note that, before initiating arbitration proceedings under an investment treaty, there is

W W W. B R I T C H A M . O R G . S G

If and when the host State breaches such investor protections, MITs and BITs, in general, allow an investor to bring a claim in international arbitration against the host State, usually with a choice as to the forum.

Simmons & Simmons is a leading international legal practice with more than 1,000 legal staff in 22 offices across Europe, the Middle East and Asia.

Simmons & Simmons focuses on specific

sectors, including asset management & investment funds, energy & infrastructure, financial institutions, life sciences and technology, media & telecommunications.

typically a mandatory negotiation period and, in some cases, investors must first exhaust local remedies in national courts before resorting to arbitration. Thinking ahead when structuring investments to take advantage of BIT protection, investors should familiarise themselves with the dispute mechanisms.

In terms of enforcement, the ICSID Convention binds each of its contracting states to enforce an ICSID award as if it were a judgment of a court in that State.

While seemingly straightforward, an investor’s ability to enforce an award may be restricted by the sovereign immunity of states. Encouragingly, most states do

honour awards made against them and pay without enforcement action.

If one assumes that resource nationalism will be a continuing trend, then investors need to consider full range of protective measures that exist and structure their investments to make best use of these.

Only by doing this can one hope to mitigate the unpredictability sometimes brought about by the host nation’s policy shifts.

Building Networks Connecting Business Creating Opportunities

44

At the Chamber

BritCham Annual General Meeting 2014 Now that the British Chamber of Commerce in Singapore has been accredited by the British Chambers of Commerce, UK, it can now become an even more trusted partner in the business-to-business network.

T

raditionally held within the elegant surroundings of Eden Hall, the residence of HE Antony Phillipson, British High Commissioner to Singapore, the British Chamber of Commerce AGM kicked off on 8 May 2014 (Thursday) with 182 members and guests in attendance.

In his welcome address, HE Antony Phillipson congratulated the Chamber for being awarded the first overseas network accreditation and highlighted that the strong partnership between the Chamber and the High Commission/UKTI is key to the success of the Overseas Business Network Initiative.

W W W. B R I T C H A M . O R G . S G

Chamber President Hugo Walkinshaw launched the new Chamber website, which is robust with content and responsive to both mobile and desktop platforms. He also presented highlights and achievements of 2013 in his President’s Report, leaving members with the key message that the Chamber continues to develop, grow and enjoy success. Treasurer Dominic Nixon gave his summary report of the Chamber’s financial position as at the end of 2013. The Chamber is in excellent financial health, with a strong cash position and multiple revenue sources.

For all members who were unable to join the AGM, here is a summary of the President’s Report: Key Developments & Achievements 2013: • Continuous and sustainable membership growth • Network up by 37% to 2,231 • Number of corporates up by 6% to 380 • Launch of Business Services now offering support for UK SMEs • Grant letter signed in May • Business Services Manager on board

• First chargeable work delivered in November • Launch of a Diversity Committee and a Women in Business Group with the support of Gold/Diversity sponsor Barclays • Further strengthening of member engagement through active business groups • Successful 14th Annual Business Awards further advancing our connection to Singapore Inc and increasing profile through press coverage Lessons Learnt: • Cost-conscious environment, lower appetite for big ticket events • No Golf Day due to lack of sponsorship • Only very limited sponsorship support for the Rugby Dinner • Required great joint effort to get healthy attendance for the Rugby Dinner and the BritCham Ball • Needed to be flexible and shift focus to affordable Business events such as Breakfast Clubs and Evening Networkings

• Leadership in Asia Business Group not yet visible with events The Road Ahead - 2014: • 60th Anniversary initiatives • Cocktail reception in Eden Hall on 23 Apr • Jubilee Orient in August • Upscaled Business Awards in October • Jubilee Ball in December • Further growth of Business Services team • Business Service Advisor Tina joined in April • Business Services Advisor Jared Sim to join in July • Full utilisation of the potential of the new website • Knowledge bank: service beyond meetings • Integration of social media • Office relocation to bigger space in November The presentation, full set of accounts and minutes of the meeting are available in the membership section of the website www. britcham.org.sg

Building Networks Connecting Business Creating Opportunities

46

At the Chamber

BritCham Board Members 2014/15

Hugo Walkinshaw Executive Director Deloitte Consulting SE Asia

PRESIDENT

Damian Adams Partner Simmons & Simmons

Mark Buchan Partner Ernst & Young Solutions LLP

VICE PRESIDENT

VICE PRESIDENT

Dominic Nixon Senior Partner & Head of Financial Services Industry Practice PricewaterhouseCoopers

Andrew Vine Managing Director The Insight Bureau Pte Ltd

TREASURER Peter Hatt Regional Head of HR, Singapore & South East Asia Standard Chartered Bank

Robert Williams Regional Commercial Manager, South East Asia British Airways

Chris Davie Chief Executive Officer Rolls-Royce Singapore Pte Ltd

Ian Williams Chief Risk Officer, Singapore Asia Pacific Risk HSBC Bank

Terence Yuen Regional Head of Tax, Asia Pacific BP Singapore

Tim Harris CEO South East Asia, BT Global Services BT Singapore

W W W. B R I T C H A M . O R G . S G

Sian Brown Regional Head of Programme Execution Group Barclays Bank PLC

Rudi Geerdink Country Manager The Royal Bank of Scotland

David Macdonald CEO Portfolio Builders

Andrew Thomas Managing Director, Public Relations Ogilvy & Mather Singapore Pte Ltd

David Pugh General Manager The Fry Group

Richard Warburton Partner/Asia Head of Infrastructure, Industry & Utilities EC Harris

Annabel Moore General Counsel, Asia Pacific Diageo Singapore Pte Ltd

Judith Slater Deputy High Commissioner British High Commission

Roland Davies Director British Council

EX-OFFICIO

EX-OFFICIO

Building Networks Connecting Business Creating Opportunities

48

At the Chamber

W W W. B R I T C H A M . O R G . S G

BCCS First to Get Global Accreditation Now that the British Chamber of Commerce in Singapore has been accredited by the British Chambers of Commerce, UK, it can now become an even more trusted partner in the business-to-business network.

T

he British Chamber of Commerce in Singapore has achieved another key milestone in its 60 years of existence by becoming the first Overseas Chamber of Commerce to receive a full accreditation from the British Chambers of Commerce (BCC), UK, under the Overseas Business Network initiative (OBNi) programme launched by the British Prime Minister the Rt Hon David Cameron MP in Nov 2012.

Congratulating the team, British High Commissioner to Singapore HE Mr Antony Phillipson, said, “I am delighted that the British Chamber of Commerce has achieved the distinction of being the first overseas Chamber to be awarded accreditation by the BCC. This is testament to an enormous amount of work by Brigitte Holtschneider and Judith Slater and their respective teams at the Chamber and here at the High Commission. It further reinforces the partnership between us, and the real winners will be UK exporters looking to find success in this exciting and dynamic market.”

The programme aims to transform the support available for British SMEs seeking to do business in high-growth, hard-to-access

markets across the world. Chambers and business groups in a further 20 markets are expected to achieve accreditation in this financial year alone, meaning that UK exporters can be confident in finding a high-quality first point of contact for their business in these markets.

The British Prime Minister has set an ambitious target of increasing exports from the UK to £1 trillion by 2020. As part of an ongoing partnership between the BCC, UKTI and the Foreign and Commonwealth Office, this target will be driven forward by a new global network of accredited chambers and business groups, providing in-market, practical help and advice for UK exporters.

Companies in Singapore can now further benefit from this initiative via Chamber membership and events to identify new opportunities and expand their businesses.

John Longworth, Director General of the BCC, said, “We are delighted to welcome Singapore into our network and look forward to many more accreditations in the months ahead. It is crucial that business people have a single approved provider in new markets, and

are confident that, as they step off the plane, they can easily be connected with new exporting opportunities.

“With the right attitude and sheer determination, there is no reason why the UK can’t meet the huge challenge set by the Prime Minister of increasing exports to £1 trillion by 2020.

“The BCC is delighted to be working with the UK government to create a strong, global business-to-business network for British business, giving companies that haven’t exported before the tools and the confidence to seek out opportunities in new markets across the world.”

The services on offer by the British Chamber of Commerce in Singapore are on par with those offered by the UK’s international competitors, and are available to all British businesses looking to take advantage of the array of opportunities in this fast-growing market. Now, UK companies will be able to get in-market advice and support on how to export their goods and services in Singapore, provided by a trusted and accredited business-to-business network.

Building Networks Connecting Business Creating Opportunities

50

Business Services News

Accredited, Active and Achieving Success for UK Businesses

By Jennifer Hainsworth A report from the Business Services team.

W W W. B R I T C H A M . O R G . S G

T

he British Chamber of Commerce (BritCham) is the first overseas chamber to receive full accreditation. We are a growing team with our first Business Services Advisor UK Tina now in place, and our next starting at the beginning of July. We are also being supported for a couple of months by Benny, an intern who joined just this week. As a team, we have now delivered 12 Business Services projects, including two inward missions, one company launch and one trade show.

In April, we hosted the UK Pavilion at Cards Payments Asia, supporting five UK companies to do business in Singapore. You can find out more at http://britcham.org. sg/files/images/pdfs/BCCS-at-TerrapinCards-Payments-Asia.pdf We are now working with the IP Specialist at the British High Commission to make IP Week a great opportunity for UK companies based in Singapore or the UK to participate in activities, preparing their businesses for the IP issues they are likely to face when doing business in South East Asia. If you would like to learn more or get involved, please contact Jennifer@britcham.org.sg Tina was at the EuroCham Europe Day Luncheon http://news.asiaone.com/ news/singapore/singapores-strategygiving-value-money. With Singapore’s Trade & Industry Minister Lim Hng Kiang in attendance, the event aimed to address the concerns of SMEs about rising business costs in Singapore. “Singapore will continue

to move towards higher value-added activities and, at the same time, develop greater innovative capabilities,” said Mr Lim. This could be a great opportunity for UK companies to share the expertise they developed as a result of the recession and the drive to create a knowledgebased, innovative economy.

The Business Services team were also pleased to be a part of two of the Chambers’ flagship events: ‘60th BCC Anniversary,’ with special guest Minister Baroness Warsi, and our AGM. At both events, the UK Government committed again to the importance of export, trade and OBNI, setting a challenging but exciting platform of work over the next few months and years. There will be plenty of opportunities for member engagement. We are pleased to have already worked with several members to deliver services to UK companies, but are very keen to work with others. To discuss these opportunities further, please contact Jennifer@britcham.org.sg The Chamber is currently working to establish Memorandums of Understanding with each UK Chamber of Commerce, and is now working with the UK Regional Coordinators to begin programmes of work with Chambers that we previously had little to do with.

Jennifer will spend one week in June and one week in July to work with the chamber network and build a pipeline of work for business services and closer connections with UK Chambers.

Building Networks Connecting Business Creating Opportunities

52

Diversity Committee News

Supporting Talent, Developing Diversity

By Simon Croxford Simon Croxford, Head of the British Chamber of Commerce Singapore’s Diversity Committee, reflects on why Diversity and Inclusion is now a driving force in shaping the workplace in a growing number of businesses, and what this recently created Committee has planned as it finds its voice.

D

iversity and Inclusion (D&I) is widely recognised today as a key tool for the recruitment and retention of talent in the business world.

However, diversity in the workplace means very different things to different groups, and is normally driven by wider societal attitudes. From the accession of women in business to accepting and respecting differences in age, culture, sexual orientation and ability in the office, the concept of diversity is one that is now being widely debated and, in many cases, fostered around the globe.

So what does diversity mean in a Singapore business context? As a starting point, cultural diversity is recognised as a founding principle of the Republic and a key tenet of the nation’s character.

As the island nation approaches its 50th anniversary, the question of what diversity in the workplace means in Singapore today is one that is being looked at in detail by

the recently established British Chamber of Commerce Diversity Committee.

The first task of the Committee, which is itself made up of a variety of institutions, from multinational corporations and professional services firms through to governmental and local education institutions, has been to decide on how to approach what can often be a sensitive area for business leaders and communities alike. Respecting those sensitivities, the Committee decided to primarily foster debate about diversity as a general concept, approaching it holistically and in relation to the workplace. Rather than breaking down into subcommittees to actively advocate on the specific components of diversity, such as age discrimination, the focus is more in encouraging a richer debate, raising awareness around issues and identifying and sharing best practices in diversity across the board.

Many businesses are getting better at capturing data around diversity and using this information to enable a greater understanding of how the levers of hiring, promotion and attrition materially change representation in a workforce, and the impact they can have. But introducing the concept of diversity is not just about new hires; it is also about rethinking behaviours in the workplace among existing employees. A crucial starting point is therefore the culture and values of an organisation and how diversity is viewed in this framework.

In keeping with this, one of the most widely subscribed events organised by the Committee thus far has been a session examining unconscious bias in the workplace, led by an expert in her field, Connie Wong. The session used role playing techniques to focus on real life examples of diversity situations, with the objective being to emphasise and

W W W. B R I T C H A M . O R G . S G

explore the correlation between diversity and talent management. The Committee has also been working alongside the well established Women in Business group, which is a frontrunner in the Diversity & Inclusion space.

The Diversity Committee has brought energy and passion to the task of encouraging a wider diversity debate, and is looking to partner with businesses, diversity networks and other Commerce Chambers to generate greater awareness of Diversity & Inclusion concepts and issues. The goal is not to impose views on diversity, but rather to enable the wider

About the Author Simon Croxford is Managing Director and General Counsel, Barclays Asia Pacific

business community to choose from and implement a variety of practical ideas in the workplace that will improve both their businesses and, in many cases, the lives of their employees.

In the end, this is the fundamental reason for championing diversity in business: improving the wellbeing of people and therefore bringing out their best in the workplace.

In terms of our own involvement in the Diversity Committee here at Barclays, as a business with diversity at the heart of its value structure, we are proud both to lead

the Committee as well as to become the British Chamber’s first ever Diversity Sponsor in the region. It is a real privilege to be able to support the cause of diversity in this way, and we would very much encourage other members of the Chamber to participate in this valuable initiative. Watch this space for future events, information and ideas!

If you are interested in finding out more about the Diversity Committee or Women in Business Groups, please visit the BritCham website at www.britcham.org.sg

Building Networks Connecting Business Creating Opportunities

54

At the Chamber: Business Group News

Sustainability & Responsibility Group Chairperson: Rosie Danyluk, Communications & Executive Office Manager

T

his year, the Sustainability & Responsibility Group is making sure the Chamber practises what it preaches in terms of responsibility by launching a new initiative to make it easier for Chamber members and staff to get involved in volunteering in Singapore.

‘Networking with a Difference,’ which was launched in March, is a commitment to hold a variety of different group volunteering sessions throughout the calendar year.

There is an increasing desire among corporations, employees and individuals to give back to the local community and those who are less fortunate. However, it can often be hard for members, particularly those new to Singapore, to find local causes to support through volunteering.

This initiative addresses this through sourcing and organising the volunteering

events that members can then attend.

Not only do members get the chance to help much needed charities, but they also have the opportunity through the ‘taster’ sessions to learn about different organisations that are in need of assistance, which they may then wish to engage with on a longer term.

The initiative also enables members to network with each other in a very different environment to the usual breakfast seminar or after-hours drinks, which don’t always work for everyone.

In this respect, we are deliberately running events with different start times (early morning or late afternoon or even the weekend) in order to offer variety and different opportunities for people to attend. Not all times and sessions will work for everyone, of course, but through offering some alternatives we hope to appeal to a wider audience over

the course of the year. Each session runs for two to three hours, which is a very small time commitment to try something different, help out and have fun at the same time!

Our first Networking with a Difference event was held at Apex Harmony Lodge, Singapore’s only residential dementia home. Attendees worked alongside residents to pot herbs and plants and prepare the soil in the garden. It was a really lovely event, with attendees learning more about Singapore’s health issues, perceptions around dementia and, of course, local plants while also giving residents exposure to new activity and contact.

The next event will be held at Willing Hearts soup kitchen, helping to prepare meals for the needy.

Author: Elle Todd, Partner, Olswang

W W W. B R I T C H A M . O R G . S G

IT & Communications Technology Group Chairperson: Henry Farahar —Sales Director, CloudFX

T

he confluence of technology with every aspect of our business lives is something we continually reflect on through the ICT Business Group events, and we continue to see the frenetic developments of technology and how the empowerment of our business continues and is enhanced by technology. In the latter part of 2014, we will further focus on the functions being evolved and the technology that enables that evolution. We will hear from businesses that have transformed their customer service engagement, HR functions and strategy, marketing and several other fascinating areas, so watch this space. This evolution of the event focus is a shift from looking at the specifics of

what is being done with things like Big Data, Cloud or the Internet of Things, moving from the conceptual to the practical. We hope you are able to support and enjoy the series. We welcome your suggestions of topics applicable to you.

The ICT group believe that technological concepts are nothing more than science fiction unless we can integrate them seamlessly and usefully into our professional and personal lives and use them to enhance the delivery of our services or our personal experiences. An example such as Cloud has released us from the conventional infrastructure-led IT

delivery and enabled us to embrace apps for every function available on a plethora of devices without worrying about the computer or the platform, but we need to attempt to actually quantify and translate the value potential this brings to us into reality in order to understand the real impact this has on the world today.

It’s a big task, but we’ll do our best.

Going into autumn, we will be arranging some site visits and hands-on events to make sure the ICT calendar is engaging and diverse, and we hope that you will continue supporting our activities and initiatives as we continue to bring ICT to the membership.

Building Networks Connecting Business Creating Opportunities

56

At the Chamber: Business Group News

Property & Construction Group Chairperson: Richard Warburton —EC Harris Singapore Pte Ltd

W

hat proportion of Singapore’s national GDP can be attributed to its real estate and infrastructure assets? How does this figure compare with other markets in Asia and across the globe? And how will this picture evolve over the coming decade?

These are just three of the central themes examined in a landmark study recently completed by EC Harris’ parent company ARCADIS. The Global Built Asset Performance Index reveals that among 30 countries across the globe, the combined total income generated from built assets, including infrastructure, residential, commercial and manufacturing facilities, is a staggering US$27.2 trillion.

The findings of the report also paint a very positive picture for Singapore, with

the country emerging as the global leader based on the level of income its built assets generate on a per capita basis. In 2013, the contribution that Singapore’s built assets made to the country’s GDP was estimated at US$29,500 for each member of the population, a figure that’s expected to remain broadly unchanged in 2014.

To put this in context, this figure is significantly higher than Qatar and the United Arab Emirates, which were ranked No. 2 and No. 3 when the 30 countries were ranked on an income return per capita basis. It is almost 80% greater than traditional rival Hong Kong!

While both markets are service-driven economies, Singapore also maintains a strong industrial output, including

high-end manufacturing, aerospace and pharmaceutical R&D. This is due to the healthy balance the government has struck in terms of prioritising the development of its service economy and implementing the right incentives to attract and retain high-end industrial output.

Looking to the future, the biggest challenge facing Singapore may be around maintaining this level of excellence, particularly as the population continues to grow and the demand placed on the country’s assets begins to increase. In that respect, we can expect to see asset management expertise and operational excellence capability become increasingly important differentiators within our industry over the coming years.

Building Networks Connecting Business Creating Opportunities

57

At the Chamber: Sterling News

W W W. B R I T C H A M . O R G . S G

Comprising 769 rooms, Fairmont Singapore is located at the crossroads of Singapore’s business, cultural, entertainment and shopping districts. The brand is synonymous with luxury, boasting several global awards for the highest standards of quality and service.

To maintain its reputation for excellence, Fairmont Singapore embarked on a comprehensive, multi-million dollar refurbishment of various spaces in the hotel.

Faithful+Gould provided project management, cost management and programming expertise, delivering all aspects of the live refurbishment from design development, procurement, construction up to handover. Through our integrated approach, our team established an efficient phasing and sequencing of works programme to ensure minimal disruption to the hotel’s day-to-day operations and the comfort of their guests.

Fairmont Singapore now boasts a vibrant new lobby, a new collection of Fairmont Premier Rooms located within the hotel’s North Tower, and Anti:dote, a modern and stylish bar with a progressive menu of cocktails and modern tapas.

Allied Pickfords Singapore is pleased to announce the appointment of Kevin Dowling as Customer Service Manager, replacing John Simon, who recently moved to Malaysia to take up the role of General Manager in our KL office.

Kevin and his young family have relocated to Singapore from Seoul, South Korea, where he has held the position of Corporate Manager for another FIDI-accredited international mover for the last three years.

Kevin is an American citizen who holds a BSc degree from Johnson State College, and a MBA in Transportation. Allied Pickfords believe Kevin will be a genuine asset and make valuable contributions to our business.

Deloitte Singapore employees took part in the recent JP Morgan Corporate Challenge and raised $30,000 for HCA Hospice Care, Deloitte Singapore’s appointed beneficiary for this run. With 892 registered participants, Deloitte Singapore also won this year’s ‘largest participation’ award.

Deloitte Singapore has been participating in the JP Morgan Corporate Challenge since its inauguration in 2004. This event is one of the key highlights in Deloitte’s social and sporting calendar. It is a unique social experience, allowing Deloitte employees to not only lead a healthy lifestyle, but also come together and bond outside of work.

This year, the funds raised by Deloitte will be channeled to HCA Hospice Care and its Star PALS programme, which provides home palliative care for children.

Supporting children under 19, HCA’s teams visit their homes to care for them and their families both medically and emotionally.

Building Networks Connecting Business Creating Opportunities

58

At the Chamber: Corporate News Rolls-Royce Motor Cars debuted the first touring exhibition of the brand in Asia on 22 Apr 2014 at the Flower Dome, Gardens by the Bay. It was opened by HE Antony Phillipson, British High Commissioner to Singapore, and Paul Harris, Rolls-Royce Motor Cars’ Asia Pacific Regional Director.

The large open-plan space in the Flower Dome is home to the first, interactive RollsRoyce exhibition in Asia, which celebrates the brand’s contemporary, super-luxury status.

It brings together the brand’s unique history, which spans more than a century, and modern-day developments. The exhibition also showcases a selection of the brand’s latest cars, bespoke samples and lifestyle accessories.

British FDI Consulting Firm Dezan Shira & Associates Expands into ASEAN The British-owned foreign investment consulting practice Dezan Shira & Associates have created a Dezan Shira Asian Alliance with participating firms from some of Asia’s largest countries. The Alliance brings together each of Dezan Shira’s offices throughout Singapore, China, Hong Kong, India and Vietnam with four other firms in Indonesia, Malaysia, Philippines and Thailand. Dezan Shira & Associates also have representation in Europe and the United States. The new Alliance brings with it a wealth of expertise, including local Managing Partners with multiple local and international accounting and law qualifications with decades of experience. The Alliance brings together 26 offices throughout Asia, eight Regional Managing Partners and about 800 professional staff.

“We are very pleased to welcome our Alliance Partner Firms as part of our growing family,“ said Chris Devonshire-Ellis, Founding Partner of Dezan Shira & Associates based in Singapore. “This Alliance allows us to provide full intra-Asian legal and tax structuring solutions to multinational investors throughout ASEAN, China and India.”

See more at: www.dezshira.com

Frasers Hospitality Pte Ltd (Frasers) is a world leader in premium service apartments and hotel residences, with properties across Europe, North Asia, South East Asia, Middle East and Australia. It is committed to meeting the evolving needs of corporate travellers through its branded lifestyle offerings: Frasers Gold-Standard serviced residences (Fraser Suites, Fraser Place and Fraser Residence), Modena second-tier serviced residences targeted at the ‘road warrior,’ and Capri by Fraser, design-led hotel residences for e-generation travellers.

Since its inception in 1998, Frasers has won numerous awards. Frasers continues to make its mark on the international hospitality scene with a strong vision for growth and exceptional service offerings. www.frasershospitality.com

W W W. B R I T C H A M . O R G . S G

The Signature range has won the prestigious Red Dot Design Award, an internationally recognised product quality seal for achieving product design excellence. Adding to the collection with the recent attainment of the President*s Design Award, Signature range was among the 4,815 entries from over 53 countries to be evaluated by a panel of 40 international experts. Conferred by the Design Zentrum Nordrhein Westfalen in Essen, Germany, the Signature range is privileged to be awarded for its quality and innovative strength.

Page Personnel Singapore EA of the Year 2014 Launched in 2013 and now in its second year, the Page Personnel Singapore Executive Assistant of the Year competition aims to uncover the best Executive Assistant, Personal Assistant or Secretary in Singapore. This year’s winner will receive a return trip for two to London, along with other attractive prizes, including an online advertising package for their employer. Besides uncovering the best Executive Assistant in Singapore, the competition plays a key role in raising the awareness of the important work Executive Assistants do.

Applications and nominations for the Page Personnel Singapore EA of the Year 2014 can be made at www.ealife.asia

We are a Singapore-based content and communications company offering editorial, design, digital and a range of publishing services to companies around the world.

Working across platforms and with multi-lingual skills, we will develop the right solution for your specific communications and content requirements. Talk to us.

WWW.NOVUSASIA.COM Telephone +65 6223 7149

Building Networks Connecting Business Creating Opportunities

60

At the Chamber: Corporate News Injecting new design Cutting-edge design that puts the patient first is at the heart of a new drug delivery device for multiple sclerosis (MS) sufferers. Product design and development firm Cambridge Consultants has worked with leading pharmaceutical company Novartis and medical device manufacturer Owen Mumford—plus hundreds of MS patients—to come up with the ExtaviPro 30G autoinjector.

From its attractive visual design and ergonomic shape to its easy-to-read adjustable needle depth control, the ExtaviPro 30G has been designed with the needs of the patient in mind. More than 500 MS patients and healthcare professionals were involved in the development process.

Icon Gallery presents ‘Icons,’ an exhibition launching on Tuesday 10 Jun in the gallery, located at 476 River Valley Road, with British artist Horace Panter in attendance. Horace, bassist with British ska band The Specials, will be introducing his latest series of original works. The exhibition will also feature new works from artists Morgan Howell, Nikki Douthwaite, Paul Oz and Colin Brown. In keeping with the theme of the gallery, the artworks will showcase icons from the worlds of music, sport, film and the stage, from The Beatles to Marilyn Monroe, Mick Jagger to Ayrton Senna. The exhibition will run in the gallery until Saturday 28 Jun.

Building Networks Connecting Business Creating Opportunities

61

At the Chamber: Members’ Offers

W W W. B R I T C H A M . O R G . S G

Members’ Offers

To find out more about our members’ offers, visit our website under Membership -> Members Offers.

Please visit www.britcham.org.sg for terms and conditions

Enjoy a 6-week Complimentary Trial Membership at Tower Club Up to 15% off F&B at Quayside Isle Enjoy Complimentary Membership at Regus Business Lounges Reduction of 10% from Yearly Subscription Package at Gateway Guides The World in 2015 Gala Dinner: Singapore

Discounts at the new Vanda Boxing Club in the heart of the CBD

Building Networks Connecting Business Creating Opportunities

62

At the Chamber: Special Event

BritCham 60th Anniversary Celebration Evening 23 Apr 2014

Baroness Warsi with HE Antony Phillipson, Chamber President Hugo Walkinshaw, Executive Director Brigitte Holtschneider, former Chamber Presidents and sponsors of 60th Anniversary event

>

2014 marks a significant milestone for the British Chamber as we celebrate our 60th Anniversary. This evening celebration at Eden Hall, the British High Commissioner’s residence, was the first of many events lined up to commemorate our special year. External partners and supporters as well as Chamber office bearers from the Board, Committees and Business Group were invited to a cocktail reception. In addition, we welcomed Baroness Warsi, Minister of State for Faith and Communities as our Guest of Honour from the UK. Overall, it was an evening of celebration as we looked back at the history and development of the Chamber and looked forward to more exciting and eventful years to come.

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

64

At the Chamber: Special Event

Leadership Panel: Developing a Global Mindset: The Leadership Profile for Tomorrow?

17 Apr 2014

>

Bettina Büchel and Zsuzsanna Tungli shared the findings of their research on how participants perceive their individual and organisation’s global mindsets. Participants learnt about IMD’s latest research and thinking about the importance of having a global mindset, and how to develop this for both individuals and organisations. A panel discussion further enabled participants to think about the importance of having a global mindset in their organisations.

>

The moderator was Charles Ross, Senior Editor, Asia Thought Leadership

Bettina Büchel, Professor of Strategy & Organisation, IMD, and Zsuzsanna Tungli, Founder & Managing Partner, Developing Global Leaders Asia

Building Networks Connecting Business Creating Opportunities

65

At the Chamber: Women in Business

Progressing to Leadership: The Power of Sponsorship 29 Apr 2014

>

In this interactive dialogue, participants learnt about the critical role that sponsorship relationship played in the phenomenal career that Christine Lee has had. The Financial Services Partner at Ernst & Young was sponsored by Winston Ngan, Head of Financial Services in the same organisation. The dialogue shed light on the dynamics of that relationship, critical elements of finding a sponsor, building trust and authenticity, value of feedback, their respective roles and more. This was followed by an active Q&A session, during which many related questions were answered.

The moderator was Anne-Marie Balfe (left), Talent Leader Financial Services, Asia Pacific, and Diversity & Inclusiveness Leader, Asia Pacific, with Christine Lee (centre), Financial Services Partner, and Winston Ngan (right), Partner & Head of Financial Services. All three are from Ernst & Young

Women in Business is proudly sponsored by:

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

66

How are Banking CEOs Priming Their Business for Market Transformation?

3 Apr 2014

>

This session sought to answer the question of how Banking and Capital Markets CEOs are searching for growth in a still-challenging environment. Speakers Antony Eldridge and Karen Loon from PwC presented some key findings from their interviews with 133 CEOs in 50 countries across the world. In addition, they shared insights on the future of the Retail Banking industry based on the opinions of senior Retail Banking leaders gathered during their Banking 2020 Survey.

Karen Loon, Singapore Banking & Capital Markets Leader, PwC

At the Chamber: Breakfast Clubs

W W W. B R I T C H A M . O R G . S G

Stumbling Giant: The Threats to China’s Future. Can Growth Continue?

9 Apr 2014 At this talk, Timothy Beardson, author of Stumbling Giant: The Threats to China’s Future, elaborated on his book, which examines whether China will replace the US as the next superpower and the challenges China will face in the 21st century. His research and definition of ‘superpower’ have a broad focus on not only China’s economics, but also demography, research and development, domestic politics, foreign policies and environment.

>

Timothy Beardson, author and chairman of the China Oxford Scholarship Fund

UK Budget Briefing and Capital Gains Tax Update 10 Apr 2014 This session gave an update on the latest developments and announcements from the UK Government on Capital Gains Tax, and any relevant announcements in the budget that would affect British expatriates in Singapore.

>

Martin J Rimmer, Senior Tax Manager, The Fry Group

The BritCham Breakfast Club is proudly sponsored by:

Building Networks Connecting Business Creating Opportunities

At the Chamber: Breakfast Clubs

68

Customer Experience: How to Survive in the 21st Century?

7 May 2014 This session looked at practical exercises that organisations can take to evaluate their current UX and provide first-step recommendations on how to improve it company-wide. The session also drew on current examples of great organisations as well as failed ones.

>

Tom Voirol, Global Head of User Engagement, Reading Room

Building Networks Connecting Business Creating Opportunities

69

At the Chamber: YBC

Meet Sir Vernon Ellis 1 Apr 2014 It was an honour to have Sir Vernon Ellis, Chair of the British Council, speak to members and guests of the Chamber at the Young British Chamber mentoring discussion. Attendees learnt about Sir Vernon’s life when he opened up about his work at Accenture and his work with music, which earned him his knighthood.

>

Sir Vernon Ellis, Chair, British Council

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

70

Making Your Mark: How to Differentiate Yourself 4 Apr 2014

>

This lunchtime session looked at the various steps one can take to make an impression, establish and build those points of differentiation, such as communicating for influence. Participants also learnt about their preferred communication styles, questions that make people think, active listening, and building an influence platform.

Ray Bigger, Managing Director, Think 8

At the Chamber: Business Lunch

Building Networks Connecting Business Creating Opportunities

71

Apex Harmony Lodge Garden Build 2 Apr 2014 Members were invited to participate in an exciting new volunteering initiative from the Chamber. This event involved helping to build and install a garden with social enterprise Edible Gardens at Apex Harmony Lodge, a home for dementia sufferers primarily funded by the government and donations.

At the Chamber: Networking

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

72

Shakespeare in the Park: The Merchant of Venice 7 May 2014 The British Chamber of Commerce organised a gathering of members and friends for an unforgettable evening at Fort Canning Park on Wednesday 7 May to watch one of Shakespeare’s most beloved play: The Merchant of Venice.

At the Chamber: Shakespeare in the Park Networking

Building Networks Connecting Business Creating Opportunities

73

At the Chamber: Evening Presentation / Networking

Financial Services: Network after Work 3 Apr 2014 Members and guests of the Chamber were invited to an evening of networking to meet fellow professionals in the Financial Services Industry, build relationships and create opportunities.

How Can You Make LinkedIn Work for You and Your Company in Singapore 9 Apr 2014 This was an interactive session that helped members make the most of LinkedIn to connect with the right people to generate new businesses. Attendees learnt how to enhance their personal and company brand on LinkedIn, use groups, connections and InMails to develop and generate new business, as well as use content to engage on LinkedIn.

>

Chris J Reed, CEO & Founder, Black Marketing

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

74

ICT Exchange with FCCS and SiTF Members 10 Apr 2014 This inter-chamber event—organised jointly with the French Chamber of Commerce in Singapore (FCCS) and the Singapore infocomm Technology Federation (SiTF)—saw many ICT-focused business professionals coming together to exchange and share ideas on technology and business at the lively District 10 Bar and Restaurant in Clarke Quay.

Afternoon Tea with UK Cards Payments and E-Commerce Specialists 22 Apr 2014 During this networking event, attendees were given the opportunity to meet delegates from UK companies and specialists from the e-commerce and cards payment sector, learn about the UK capabilities, and network with other members. Attendees also listened to presentations from the visiting delegates and had the opportunity to pick up their literature and contact details.

At the Chamber: Networking

Building Networks Connecting Business Creating Opportunities

75

2014 BritCham Events: Mark Your Diary

At the Chamber: Events Calendar

W W W. B R I T C H A M . O R G . S G

Evening Presentation/Networking Thursday 10 Jul 2014 Making the emotional connection with your clients

F1 Networking Thursday 18 Sep 2014 Tower Club, Republic Plaza

BritCham Annual Business Awards 2014 Wednesday 1 Oct 2014 Shangri-La Hotel, Singapore

BritCham Ball 2014 Saturday 6 Dec 2014 Shangri-La Hotel, Singapore

P R E S E N T S

15TH ANNUAL BUSINESS AWARDS NOMINATE NOW!

If you are a Singapore registered company and have implemented successful initiatives within Singapore, nominate your company in any of the nine categories to win.

Visit our website at www.bccbusinessawards.com or call us at +65 6222-3552 for more information * THE LIFETIME ACHIEVEMENT AWARD IS NOT AVAILABLE FOR SELF-NOMINATION.

TITLE SPONSOR

CATEGORY SPONSORS

EXCLUSIVE MEDIA PARTNER

SUPPORTING ORGANISATIONS

Building Networks Connecting Business Creating Opportunities

77

Culture & Lifestyle

Her City

By Stephen Pimbley Can architects of the future escape the Bilbao Effect and move away from “hollow gestures of function swallowed by form�? Perhaps the movie Her can provide some inspiration.

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

78

Culture & Lifestyle: Her City

W W W. B R I T C H A M . O R G . S G

T

oday, the most celebrated examples of architecture are inescapably spectacular; exuberant shapes driven by the sophisticated software algorithms of the architectural difference engine. When shaped by the right hand, a thing of beauty can emerge from the digital realm. But when the button is pressed by one of the many ewes following the singular ram, the results are hollow gestures of function swallowed by form—will the demand for this Bilbao Effect unsound city regeneration practice fuelled by image over content ever reach its terminus?

I am no advocate for the routine rejection of creativity in favour of predictability and conventionality, but I support a move away from insular, self-referential architecture toward a focus on the more humanistic contribution that buildings can make to the quality of the city. Buildings can be striking landmarks for a city and, at the same time, engage with the urban realm.

Witness Richard Rogers’ Cheese Grater in the City of London: an extraordinary addition to the London skyline, its difference from the more shape-thancontent lumpen Walkie Talkie building by Rafael Viñoly a few blocks away is telling.

Architecture is, without doubt, like what Ray Davies and The Kinks pop song says—a keen “follower of fashion.” Today’s modish graduates are beguiled by notions of generative bio-mimicry, buildings that are coded by a manufactured DNA, then dressed with aeroponic vegetation that is presumed to make this fictional manga architecture sustainable. We must question if this type of form-driven building makes a meaningful contribution to the city in the same way that the iconic Rockefeller Center assisted Manhattan through the Great Depression.

The architect, armed only with fastshooting computing technology, misses out on the journey of learning by looking, getting outside ones preconceptions and giving something of yourself. Having dived straight into the virtual world, our wouldbe star architect of the future travels from zero to 100km/h in four seconds; he or she is catapulted toward a pervasive media in the spirit of the next American Idol rather than as someone who has learnt how to contribute to the future of a city that is in balance with nature and the various demands and needs of its inhabitants.

Building Networks Connecting Business Creating Opportunities

80

Her city has evolved naturally across time, and owes as much to serendipitous juxtaposition as it does to wilful design; its armature is reinforced with new layers determined by utility, technology, fashion.

The future is not necessarily as dystopian as these Dan Dare, Pilot of the Future architects would perhaps like to believe.

Our future cities will be a continuum of the simultaneously familiar and unfamiliar folded into the everyday life of our citizen hero, Winston Smith.

The latest film by Spike Jonze provided a stirring expression of such a half-known future city. Her is set in Los Angeles in an undefined and not-too-distant future. The city here is not dramatically reinvented with the technological conceit of Blade Runner’s film noir science fiction, where our fears of the future have been realised and drenched in acid rain. In Her, the future Los Angeles is only modestly embellished.

The Her city seamlessly interweaves Los Angeles and Shanghai’s Pudong into a known and unknown mega-city, dense with skyscrapers and well serviced by a railway network. Cars have been eliminated and the pedestrian is given space to breathe and walk, to meander and dine alfresco between buildings on landscaped elevated streets that have an enchanting futuristic vernacular quality.

It’s as though the genus of British postwar brutalism has been softened into the urban grid by the genius of the Brazilian landscape architect Roberto Burle Marx.

The low-key future sensibility of Jonze’s film extends to his protagonist’s attire as well as the building interiors, which

Culture & Lifestyle: Her City

W W W. B R I T C H A M . O R G . S G

Chinese street signage (suggestive of China’s expanding influence on the world), CCTV cameras are in full view and eerily suggest the reality of Big Brother surveillance and the price to be paid for a type of Singaporean urban utopia.

after Ayn Rand’s leading man Howard Roark, proclaiming without any tentativeness, “The first right is the right of the ego.” They are indifferent to the circumstances of their socially deficient buildings.

Her city has evolved naturally across time, and owes as much to serendipitous juxtaposition as it does to wilful design; its armature is reinforced with new layers determined by utility, technology, fashion.

The Her city is a Bitches Brew of improvisational jazz, of interwoven networks, of different uses, of different historic styles existing cheek by jowl. It is not the protectorate of the masters of taste and decency; the architecture fits in not stylistically, but it connects, it functions as an appropriate cog in Chaplin’s Modern Times machine.

We must demand more from our buildings rather than allow them to turn their solid reflective glass façades to the city, fulfilling only their internal commercial obligation and the caprice of the developer.

Yet, Jonze’s Her city is a place of intense surveillance: along with the retained

Those that fail the Her city are those egotistic individuals who model themselves

radiate muted tones. The characters’ corporeal real-world experience is not dominated by ego-driven architecture or technology. The city of Her celebrates bottom-up design rather than radical intervention; it’s a place for people projects such as New York’s High Line. Her city displays the power of creativity and thoughtfulness over sensationalism and the curse of Bilbao bambino.

About the Author Stephen Pimbley is a Founding Director of SPARK; he graduated in 1984 from the Royal College of Art London, where he was a Gulbenkian scholar. In 2000, Stephen led the rejuvenation of Clarke Quay in Singapore for CapitaLand, a project that has

won many awards and achieved much public acclaim; it was also the springboard for his move from Europe to Asia and the eventual founding of SPARK. Stephen’s notable projects in addition to Clarke Quay include Raffles City Beijing, Rihan Heights in Abu Dhabi, Raffles

City in Ningbo, Starhill Gallery in Kuala Lumpur, Paragon City in Central Java, Fai-Fah in Bangkok, Bukit Gambir in Penang and the Shekou Financial Centre Shenzhen.

Stephen is a chartered architect in the UK and a fellow of the Royal Society of Arts.

Venerate Steven Holl’s Raffles City Chengdu and see how a skilled contemporary architect makes a building work and contribute to the city.

SPARK

British Chamber of Commerce Singapore, 138 Cecil Street, #13-03 Cecil Court, Singapore 069538, Phone: +65 6222-3552 | Fax: +65 6222-3556 | Email: katie@britcham.org.sg