January/February 2013 Vol 27 No 1

8 22 BeijingHK Hosts Regional Logistics Conference Hong Kong Cleanup20

Not For Sale

www.bri tcham.com

HONG KONGBritainIN

10

Lifestyle : Beijing22 3 Chairman’s Message

4 A Change in the Air

6 Finding A Financial Advisor

8 HK Hosts Regional Logistics Conference

10 QROPS – Good, Bad or Ugly

12 An Interview with Dame Joan Stringer

14 The Changing Face of Corporate Governance in Hong Kong: Diversity on Boards

16 2013: A Year of Action for Gender Imbalance in the Boardroom

18 A Million Steps for Kids

20 Hong Kong Cleanup

22 Lifestyle : Beijing

24 The British Chamber Christmas Drinks

26 Member Get Member

28 Member Discounts

32 Recent Events

33 News & New Appointments

34 New Members

35 Shaken Not Stirred

A Change in the Air4QROPS – Good, Bad or Ugly

Contents

EditorSam Powney

DesignWinnie LiLilian YuSteve MokKen Ng

Advertising ContactCharles Zimmerman

Project ManagementVincent Foe

Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: sam.powney@speedfl ex.com.hk Advertising: charles@speedfl ex.com.hk

British Chamber of Commerce SecretariatExecutive DirectorCJA Hammerbeck CB, CBE

General ManagerCynthia Wang

Marketing and Communications ManagerEmily Ferrary

Special Events ManagerBecky Roberts

Events ExecutiveMandy Cheng

Business Development ManagerPhillippa Cook

Membership ExecutiveLucy Jenkins

AccountantMichelle Cheung

Executive AssistantJessie Yip

SecretaryYammie Yuen

Offi ce AssistantSam Chan

© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are

not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com

Britain in Hong Kong

A belated Happy New Year to you. One of the problems with the timelines on publishing

the magazine is that it is easy to get confused about the context when it will be read. But

take my greetings as either Western New Year or Chinese New Year, whichever fi ts.

Even though you are reading this in February, I am writing it just after the Chief

Executive’s maiden policy address. Reflecting on what this means for a business

chamber, it strikes me there are a number of fundamental elements about it that we have

not seen in previous policy addresses since the handover. First, it is a programme where

the parts connect with the whole. The aim is a thriving community. This can only

be achieved if the economy develops, if sufficient decent housing is built, if the

environment is improved, if poverty is addressed, and so on. While one can disagree

with individual policies for addressing these issues, I believe we will all welcome a coherent attempt to do so. The

second characteristic follows from the fi rst. Instead of analysing it to see if it is “business friendly”, as we have been

inclined to do in the past, I would think of it as “community friendly” where the key issue for us is the recognition by

the Administration that a successful private sector is an essential part of this. This acceptance that business is part

of the solution, not part of the problem, is very important.

My second takeaway from the address is that it sets out the groundwork, through the committees and consultation

elements, to attempt to build community support for the direction, as the individual policies are worked out. This

makes good tactical sense, since there will always be criticism of particular policy elements, but if the direction is

supported, getting these measures in place may be easier. Of course those who seek to divide will see a threat

in this attempt to draw together. The battle between the dividers and the healers is now set. From the Chamber’s

point of view, our interest at a business level is in seeing solid progress rather then inertia. And while there will be

policies with which we disagree, the general direction is one which I believe the international business community

generally supports. 

One final point emerges from this about the stance the Chamber should take as these policy priorities are

developed. All the international chambers have been encouraged by the administration to contribute to the public

debate where the issues impinge on our members. Over the months and years ahead, we will do so on your behalf

and will need equally to ensure we consult with you, our members, as we do so.

Britain in Hong Kong 3

Nick Sallnow-Smith

Chairs of Specialist Committees

Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited

Business Policy UnitTim Peirson-SmithExecutive Counsel

China CommitteeTim Summers

Construction Industry GroupDerek SmythGammon Construction

Education CommitteeStephen EnoBaker & McKenzie

Environment CommitteeAnne KerrMott MacDonald Hong Kong Limited

Financial Markets CommitteeRichard WinterQuam Limited

HR Advisory GroupBrian RenwickBoyden Search Global Executive

ICT IT CommitteeCraig ArmstrongStandard Chartered

Logistics CommitteeMark MillarM Power Associates

Marketing & Communications CommitteeAdam O’ConorOgilvy & Mather Group

Real Estate CommitteeJeremy SheldonJones Lang LaSalle

Scottish Business GroupJohn BruceHill & Associates

Small & Medium Enterprises CommitteeKate KellyK2PR

Strategic Supply Chain ForumDominic JephcottVendigital Limited

Women in Business CommitteeSheila DickinsonThe Fry Group

YNetwork CommitteeAlison Asome

MessageChairman’s

2

Despite the general mood of anticipation building

up to CY Leung’s big speech, the policy address didn’t

give very much away. Housing, the hot-button issue of

the day, came top of the agenda, and will likely remain

so for public and government alike. Another issue, Hong

Kong’s ongoing battle with air pollution, was also raised.

Besides being overshadowed by other issues, air

pollution is also a difficult area to argue about when

comparing Hong Kong’s situation to that of other

cities in China. The US embassy in Beijing has recently

recorded pollution levels of 526 micrograms per cubic

metre, more than 20 times higher than World Health

Organisation (WHO) safety levels over a 24-hour

period. This level is so high that it is “beyond index”

and not surprisingly also ‘hazardous’ according to the

embassy. The local meteorology department frequently

disputes the embassy findings, but this time the

government has ordered over a hundred of the most

polluting factories near the city to temporarily cease

operations. Meanwhile, flights have been grounded in

Beijing because of low visibility and other complications

associated with high pollution levels.

Set against these Dantean levels, Hong Kong’s pollution

does not seem so bad. Having said that, pollution

in Hong Kong is not officially measured according to

either the UN or the European systems. The Hong

Kong Environment Department’s own Air Pollution

Index, which measures air and roadside pollution has

been derided by several leading academics. The Civic

A Change in the

Exchange estimates that high pollution levels lead to

3,200 premature deaths annually. In 2011, the city

recorded 175 days of ‘very high’ pollution, at which level

the government warns people with heart and respiratory

illnesses to avoid areas with heavy traffic. This is more

than double the figure in 2007, at which time the

University of Hong Kong’s Professor Anthony Hedley

said that the city’s readings would be “absolutely sky

high” for most of the year if Hong Kong’s Air Pollution

Index was based on WHO recommended levels.

Appoint ing Chr ist ine Loh to take charge of the

Environment Bureau seems to signal the Hong Kong

government’s genuine desire for change in improving air

quality. Loh has stated that air quality will be one of the

bureau’s major initiatives in the coming years, and that a

new standard of measuring air quality will be introduced.

‘In the past, Hong Kong was quite passive in tightening

air quality standards,’ she commented to the Legislative

Council’s public accounts committee in December,

apparently making no excuses for past intransigence.

The policy address’s most concrete initiative in terms

of reducing air pollution was to set aside HK$10 billion

as subsidies for owners of over 80,000 heavily polluting

vehicle to either give them up or convert them to use

cleaner fuel. The aim is to phase out these vehicles in

stages, and thereby to reduce the overall emission of

particulates by 80% and nitrogen oxides by 30%. There

has already been some resistance by those who drive

such vehicles for a living, especially delivery van owners,

C ove r S t o r y

but overall the policy seems feasible and apparently has

broad support. It is what Christine Loh called ‘the low

hanging fruit’.

But the new Under Secretary for the Environment has

indicated on numerous occasions that air pollution can

be tackled in several ways. Another key method (after

fuel quality), which will undoubtedly prove contentious

to implement but could have wider benef i ts, is

pedestrianisation. By removing or limiting vehicle access

to certain areas, roadside pollution can be immediately

reduced, and it also serves as a further discouragement

to private car use as a whole. However, the Transport

Department’s own website warns that when considering

pedestrianisation schemes it is ‘imperative’ that traffic

flow does not simply build up in other areas. Besides this

objection, the webpage also implies that there needs

to be a strong and pressing case for pedestrianisation,

including attractive shops and businesses for tourists.

In fact, Hong Kong’s few existing pedestrian areas are

so popular that they have become congested with

people and, counterintuitively, Mongkok in particular

is now sometimes held up as an example of where

pedestrianisation went wrong. The broader attraction of

public space and livability seems to be catching on very

slowly in Hong Kong, despite a 2008 study which found

that pedestrianisation in Hong Kong gave real estate

values in those areas a net gain of 17%.

A third manner of reducing air pollution, electronic

road pricing, has found widespread public support in

recent years, but understandably some vehicle owners

are vociferously opposed to the idea. Under such a

scheme, roads could be electronically monitored and

drivers taxed according to which roads they used

and how frequently they used them. In addition to the

rising import and registration taxes, this tax would not

only discourage people from buying a car, but would

also discourage car owners from making unnecessary

journeys. As the government have admitted that car-

ownership is on the rise, measures l ike this may

become inevitable. Despite the already considerable

taxes, during 2010 the number of private cars first

registered surged to more than 41,000, a 5.3% increase

from 2009.

Looking in another direction, Eddie Yau, the former

Environment Secretary, was adamant that a large part

of Hong Kong’s air pollution came in from the Pearl

River Delta. Therefore, establishing a joint policy with

Guangdong Province for reducing pollution appears

to remain a key goal of our Environment Bureau. The

fifteenth plenum of the Hong Kong/Guangdong Co-

operation Joint Conference was held in Guangzhou

in September last year, and did cover environmental

concerns among other issues. The joint statement

declared that ‘notable progress has been made

in improving regional air quality’, but success will

presumably have to be measured over a long time.

Housing may be the major concern, but the government’s

new housing policy will see many if not most of its results

until after 2020. Now is probably the best window Hong

Kong has had in many decades to deal with air pollution

at home, and thereby improve its citizens’ general

quality of life. Whether it will succeed, and how broadly

environmental measures will be allowed to affect other

areas of life, will soon become apparent.

Britain in Hong Kong 54

Speak to any expatriate about their “end game”, and

you’ll fi nd a common thread tying them all together. Moving

goal posts.

Many expatriates arrive in Hong Kong with an idea of

how long they want to stay before returning home, but

inevitably, that period is extended… and extended, and

often times, extended again. The obligatory cocktail

conversations about how long someone’s been in Hong

Kong usually involves “originally a year, but it’s been 10

already…”.

Many expatriates are lured here by the prospect of lower

taxes and higher earnings but the reality is, few make

the most of those benefits. Without a financial roadmap,

expatriates can easily slip into a transient year-to-year

holding pattern. Creating a solid financial future can

sometimes be daunting. Then, add to that the minefield

of investments options, tax efficient savings and pension

planning, and it’s easy to see how people defer these big

decisions till another time.

Navigating your way towards a secure fi scal future starts

with fi nding a fi nancial advisor who suits your needs. This

crucial fi rst step as you embark on your fi nancial planning

journey requires research and careful consideration. So

before capitulating to the barrage of cold calls from pushy

fi nancial sales people, ask yourself: Who should you trust?

Who is the right fit for your needs? Who has your best

interests at heart? These are all important questions and

to guide you in the right direction. We have put together

some tips and advice for you to consider when doing your

research.

Finding A Financial AdvisorFinding A Financial AdvisorTheThe Do’sDo’s andand Don’tsDon’ts of of

the selection processthe selection process

1. Regulated & professionally qualifi ed

Both the company and the individual fi nancial advisor

should be licensed and regulated in Hong Kong

by the Securities and Futures Commission (SFC)

to provide Investment Advice. If advisors are not

regulated and / or licensed by the SFC they should

not be providing advice on the sale of regulated

investment funds.

Licensing by the Professional Insurance Brokers

Association (PIBA) or the Confederation of Insurance

Brokers (CIB) allows brokers to offer advice on

Insurance based products.

For UK expatriates, or anyone with links, or with

intentions to possibly live in the UK in the future,

seeking advice from a global company with a UK-

regulated and authorised parent is advisable.

2. Independent, with appropriate experience

Your advisor should be able to look at all possible

investment and savings opportunities and ideally should

not be contractually linked to any particular bank or

insurance company. They should have the necessary

local and international knowledge to fully understand

your financial planning and investment needs. This

may also require linking to a network of professionals,

both national and international, within the tax and

accountancy fi elds.

James Sutton, James Sutton, Director of The Fry Group (HK) LtdDirector of The Fry Group (HK) Ltd

B u s i n e s s

A basic level of qualification is required by the SFC

for individual financial advisors to gain a license to

provide investment advice in Hong Kong. Additional

qualifications, over and above the minimum required,

such as the Certified Financial Planner (CFP), the

Investment Management Certificate (IMC) clearly

differentiate one advisor from the next. If your situation

requires UK-related advice (such as on UK assets or

a UK return), advisers with high-level UK qualifi cations

may prove invaluable to ensure you receive UK-standard

quality advice. Checking your advisor’s relevant

qualifications and how long he/she has provided

fi nancial advice, is an essential part of your research.

3. Holistic fi nancial planning and Investment advice

There is a big difference between a financial planner

and a financial salesperson. Many less qualified

“advisors” will already have in mind what he/she

would like to sell you before they know about your

circumstances. Therefore, it is important that you look

for companies and advisors who are prepared to listen

to your fi nancial objectives, and are interested in gaining

a good understanding of your short, medium and long

term plans. If your advisor tries to sell you an off-the-

shelf plan at your first meeting, you should perhaps

get a second opinion. Your advisor must have a clear

understanding of your needs and prepare advice in

writing according to those needs. They should clearly

set out why a specific investment or savings plan is

appropriate for your circumstances.

Also bear in mind: the availability of services such as

taxation advice, will writing, and the establishment of

trusts, which will also allow for a successful and holistic

fi nancial plan to be established.

4. Transparency of fees, commission and charges

The basis of your advisor’s remuneration for their

services, be it commission, fees or a combination of

both, should be clearly explained in writing. There will

also be charges associated with any recommended

investment platform or insurance provider which

should also be clearly explained in writing, including

commissions, exit costs and lock-in periods. If

someone recommends a contract requiring a fixed

payment and time period, do a little research. You will

undoubtedly discover there are cheaper and more

flexible vehicles available. And of course, there is a

strong correlation between the advisor’s commission

and the investment provider’s costs. Unfortunately, the

amount of commission paid to the advisor will often

influence less scrupulous advisors’ recommendations

so be sure to check these before you sign.

5. Choose companies that are well established with good administrativesupport:

Do your research on the company and make sure it

has a reliable track record for providing quality fi nancial

planning advice. A website showing the offi ce address,

contact details and the advisors’ names, including a

short biography, supports the fact that the company

is regulated and advisors are likely to be based in

Hong Kong for the longer term. When the company

was founded, and how long they have been providing

advice in Hong Kong, is also important to know.

A company with global exposure will provide continuity

of advice and services if you move on from Hong Kong,

or return to the UK.

6. Quantifying Investment risk

The risks associated with investing should be clearly

explained to you. Any investment decision being made

should be on the basis of identifying the appropriate

level of risk, taking into account the timeframe of

investment, including when, how, and where you

require the proceeds of your investment to be made.

7. Accessibility and Information fl ows

Your advisor should be proactive in contacting you

at least annually to review your portfolio, and update

your personal circumstances and financial goals. You

should expect good administrative support with timely

responses to enquiries.

Alongside this, a financial advisor should provide a

good fl ow of information, keeping you up to date with

the financial markets and general investment issues.

This may be either electronically or by way of seminars

or review meetings.

8. Recommendations

Speak to friends, families, or anyone else you trust to

help you fi nd a fi nancial advisor. Don’t feel pushed or

forced into making an investment decision until you are

ready and able to make an informed decision.

Fo r mo re i n f o rma t i on p l ease con tac t James

Sutton, Director, The Fry Group (HK) Ltd of james.

sutton@thefrygrouphk.com or call (852) 2526 9488

James Sutton has been living and working in Hong Kong

since 2003. The Fry Group (HK) Ltd, part of The Fry

Group, consists of tax, fi nancial planning, estate and trust

companies and has been in operation since 1898.

Britain in Hong Kong 76

HKHosts Regional

Logistics Conference

Hong Kong hosted the

second Asian Logistics and

Maritime conference at the

Convention and Exhibit ion

C e n t re — o r g a n i s e d b y

HKTDC with sponsorship from

leading industry providers

Orient Overseas Container

Lines (OOCL), Hutchison Port

Holdings (HPH), Cathay Pacifi c

Airways and Kerry Logistics.

In his opening keynote address, Financial Secretary

John Tsang reinforced Hong Kong’s strategic role as the

leading epicenter of global supply chains whilst economic

gravity increasingly shifts to the east. He spoke of more

goods fl owing into, out of, as well as within Asia, not just

in absolute terms but also in relative terms, refl ecting both

the rising consumption power of Asian economies as

well as the changing production patterns in a globalised

world, reinforcing my view that the world is fi rmly in ‘The

Asia Era’ — and will remain so until at least 2050.

Mr Tsang remarked that Hong Kong is well placed to

facilitate the myriad of global supply chains and the

growing consumption markets in Asia. “Our prime

location, world-class infrastructure and extensive multi-

modal transport network make Hong Kong an efficient

logistics hub for the region”.

Hong Kong’s leadership position is well established,

having the world’s busiest cargo airport with air freight

throughput of four million tons; the container port is the

third busiest in the world, handling over 24 million TEU

containers (twenty-foot equivalent units); and Hong

Kong is also the international gateway into and out of the

mainland Chinese market, with direct cross-boundary

links to the economic powerhouse of the Pearl River

Delta region.

The morning plenary session entitled ‘Staying ahead of

the Eastward Curve’ explored the shifts in global patterns

of production and consumption, again reinforcing my

Asia Era philosophy. Panel speaker Mr Joseph Phi,

President of LF Logistics, identified the ‘Stars of Asia’

being China, India and Indonesia — together representing

a golden triangle of emerging and exciting opportunities

for businesses to benefit from their rapidly expanding

consumer markets. Mr Phi identified that Hong Kong

has a unique opportunity to become a super-hub for the

Asia-Pacific region, being strategically located between

Singapore in south east Asia and Shanghai in north

east Asia. He called for three specific actions including

government policy initiatives whereby Hong Kong

becomes integrated within the free-trade agreements

being implemented around the Asia region. Secondly

he called for tighter logistics integration between Hong

Kong and the Chinese mainland and thirdly for local

logistics industry developments to specifi cally establish a

world-class logistics park and create avenues to nurture

logistics talents.

Scott Price, Chief Executive Officer of Wal-Mart Asia

explained that their collaborative approach to working

with more than 20,000 local suppliers is what enables

Wal-Mart to offer low prices every day for consumers

Mark Millar, Logistics Committee Chairman

B u s i n e s s

around the region. He mentioned how the most

successful global brands adapt effectively to local

market conditions, whilst maintaining and protecting their

international brand equity.

In the context of the burgeoning e-commerce sector,

Mr Price commented that web-based internet platforms

enable retailers to exponentially increase the assortment

of i tems for sale, quot ing an example of onl ine

consumers having choice of over one million products

available through a single e-commerce retail platform.

Increasingly deployed on hand-held mobile devices,

technology is now the key enabler, empowering savvy

consumers to conduct price comparisons in real time.

Challenges in the e-commerce space involve how to

effi ciently execute the fulfi lment and logistics operations

to satisfy the increasingly complex B2C expectations

with speed and convenience, whilst cost effectively

managing the last-mile delivery — AND making money

for the company. In mainland China, many companies

are investing large amounts of capital into e-commerce

retail platforms and it will be interesting to see how this

evolves during the next couple of years. On the topic

of technology, Joseph Phi commented that within the

increasingly complex world, businesses have to leverage

technology to enable and provide the visibility that is

critical to empowering successful supply chain execution.

Regarding third-party logistics and approaches to

outsourcing, the discussion reinforced that the principle

of outsourcing is based on the ability to access and

leverage a third party’s scale and capabilities — but

also with the appropriate economic justification. Three

keys to successful outsourcing were cited — first that

it is a strategic decision whether to outsource or not;

secondly, for outsourcing to be successful both parties

need to be fully committed, including an open approach

to appropriate information sharing, and thirdly, it is

imperative to measure the success of the outsourcing

partnership through a combination of key performance

indicators and business metrics.

The afternoon maritime session specifi cally explored the

ocean freight sector with Eric Ip, Deputy Group Managing

Director of Hutchison Port Holdings questioning the

economic and business benefits from the latest mega-

size container ships. The latest 12,000+ TEU vessels,

and soon-to-arrive 18,000 TEU ships, present challenges

for terminal operators who need larger berths, bigger

cranes and deeper water in order to accommodate these

increasingly large container ships — “bigger ships will

make fewer port calls”.

According to Andy Tung, CEO of OOCL, the intra-Asia

trade is now the world’s largest ocean freight segment,

representing some 62% of global total container volumes.

He commented that for each single long haul container

move, for example Asia to USA or Asia to Europe, there

are likely two-to-three short haul intra-Asia container

moves. Mr Nazery Khalid, senior fellow at the Maritime

Institute of Malaysia gave a lively presentation on

maritime mega trends, reinforcing that the containerised

shipping sector is dependent on derived demand.

Volume fluctuations are primarily driven by external

drivers such as population growth, outsourcing trends,

emerging new economic powerhouses, factory locations,

global recession and fi nancial crisis, rising awareness of

climate change, need for environmental protection and

fl uctuations in the oil price. The shipping sector therefore

needs to respond and react to these macro-economic

drivers, whilst balancing the supply and demand of

vessel capacity and related port capabilities.

Overall, the conference confi rmed Hong Kong’s leading

role as a world-class logistics hub that empowers global

supply chain ecosystems. In addition to being blessed

with its strategically significant geographic location,

Hong Kong’s long history as an international trading

hub and maritime centre has resulted in best-in-class

capabilities in logistics and supply chain management,

based around enviable competencies in people, facilities

and technology. However, Hong Kong cannot rest on

its laurels and must continue to develop and improve

— in order to avoid becoming left behind. Logistics

and Maritime practitioners and communities must work

together to further evolve Hong Kong’s leadership role

through the Asia Era and solve how best to collaborate

with the emerging and developing economies in the

region — in particular ASEAN and China.

Industry thought leader Mark Millar has been engaged

by clients as Speaker, MC, Moderator or Conference

Chairman at more than 250 events in 20 countries

and is recognised by the Global Institute of Logistics

as “One of the most Progressive People in World

Logistics”; Mark serves as Chairman of the Logistics

Committee at the British Chamber of Commerce in

Hong Kong. mark@markmillar.com

Britain in Hong Kong 98

GOOD, BADGOOD, BADor UGLY?or UGLY?

Since April 2006, Her Majesty’s

Revenue and Customs has

allowed individuals to transfer UK

employer pensions into a Qualifying

Recognised Overseas Pensions

Scheme (QROPS). This has spawned

an industry of ‘specialists’ dedicated

to selling QROPS transfers but the

benefi ts can sometimes be marginal.

Jonathan van Smit,Private Client Advisor of

The Henley Group

QROPS QROPS This is not a comprehensive article, just a few short

notes, so you should always take advice before

making any decision to transfer your UK pension.

So what are some of the benefi ts and pitfalls?

A key attribute of pensions for many professionals is the

benefi t payable on death. With most UK pensions, when

you die your spouse will only receive half the pension

money, while your children may receive none at all. In

contrast, your pension money in a QROPS can be left to

your spouse or estate.

You will pay UK income tax on a UK-based pension when

you eventually retire, and this will apply regardless of your

retirement destination. If you intend to retire in a low-tax

area such as Hong Kong then paying UK tax on your

pension is simply ineffi cient, and transferring into a QROPS

held in a low tax jurisdiction outside the UK can often

make sense.

Most UK pensions are invested in a restricted range

of asset classes — bonds, property and equities —

while a QROPS can provide access to a wider range of

investments. In technical terms, investing your money

across multiple asset classes will improve the Sharpe

ratio, i.e. the ratio between risk and reward. This means

your money could theoretically target the same return as

your UK pension at lower risk. I say ‘theoretically’ because

QROPS have extra costs compared to a UK employer

pension, and these costs will dilute investment returns.

At the risk of over-simplifying what can be quite a complex

topic, I’ve listed some typical questions below. Taking

advice is essential so on no account should you take the

answers below as a basis for a decision.

Everyone seems to be talking about QROPS

but what are the major disadvantages?

First, there is the cost. The charges for a QROPS are

higher than for UK pensions so higher investment returns

are needed to compensate. It’s vital to understand these

charges as they can be signifi cant. It’s also important to

understand if your advisor takes commissions from funds

as these can have a significant impact on investment

returns.

Second, there is the investment risk. If you have a

‘defi ned benefi t’ or ‘fi nal salary’ pension then the pension

trustees will manage the investments on your behalf. With

a QROPS, you have full control of where your pension

is invested supported by your investment advisor. If

B u s i n e s s

you already have a QROPS and are unhappy with the

investment advice you’re receiving then you’re able to

change advisor fairly easily.

Someone told me that the Isle of Man is the

best jurisdiction to transfer a QROPS to. Is that

correct if I intend to retire in Hong Kong?

You may be better off choosing a Hong Kong QROPS.

A pension income in the Isle of Man is subject to 20%

income tax and a 7.5% death tax. As there is currently no

double-taxation treaty between the Isle of Man and Hong

Kong, you may end up paying this tax needlessly. 

Are there any circumstances in which I

shouldn’t transfer my pension into a QROPS?

If your pension is in a well-funded ‘defi ned benefi t’ or ‘fi nal

salary’ scheme with good pre-retirement death benefits,

and you intend to retire in the UK, then you probably

shouldn’t transfer to a QROPS. 

Can you briefl y explain the main tax benefi ts to

me?

This is a complex area so always take advice before

making any decision.

If you retire abroad but your pension is in the UK, it will

usually be paid net of UK tax.  If you are living in a country

that has a double taxation treaty with the UK then it may

be possible to have the pension paid gross, and you

then account for the pension income in your country of

residence, paying any tax due which hopefully will be at a

lower rate than UK income tax. 

However, there are some countries, for example Hong

Kong, Thailand and Indonesia, that have a double taxation

treaty with the UK but pension income is excluded so you

could potentially have to pay tax twice on your pension.  In

these cases, it may be possible to move your UK pension

to a QROPS that either pays pension income gross or at a

lower tax rate than the UK.

UK pensions are subject to a Lifetime Allowance (LTA).  If

the value of your pension is over £1.5 million when you

retire, you will be subject to a recovery charge tax on the

amount that is over the LTA.  QROPS are not subject

to the LTA, so if you have, or are likely to have a large

pension, the recovery charge can be avoided.

If I move back to the UK, is a QROPS still

potentially worthwhile?

A QROPS is still potentially worthwhile in respect of the

tax upon the death of the member.  Although the QROPS

would be subject to the 55% death tax if you are resident

in the UK, the actual amount that would be taxed could

be substantially lower. It would not be the whole of the

residual fund as it would be with a UK personal pension

but rather the amount that was originally transferred into

the QROPS minus any benefi ts drawn.

For further information please contact Jonathan van Smit

on jvs@thehenleygroup.com.hk or +852 2824 1083

Important Note:  The Henley Group Limited is a licensed investment

advisor and authorized insurance broker in Hong Kong.  The purpose

of the contents herein is to provide you with general information

in relation to financial product(s).  Prior to making any investment

decision, you should consult with a licensed investment advisor for

obtaining professional investment advice that is tailored to suit your

specifi c needs and situation.

Britain in Hong Kong 1110

How do you defi ne transnational education? It’s education that’s delivered to students in a different country from that of the host institution (usually a university).

How did you get involved in the fi eld?I’ve been involved in international education for a long time. I became increasingly aware of the importance and the value

of international experience and exposure for students and consequently for their future employers too. I also realised that

there were many students who would like the opportunity to study overseas but who couldn’t do so. That might be for

all sorts of reasons — fi nancial, family, etc., but they nevertheless wanted an exposure to an international education and

qualifi cation. One of the ways they could obtain this is if foreign universities provided it to them closer to where they live. I’m

a great believer in widening access and widening participation in education. Economies need an educated workforce and

it’s really important that there’s choice available.

Now that we’re all part of a global educational network we can certainly make that greater choice available by delivering

overseas. My university, Edinburgh Napier, has been delivering such education in Hong Kong for over twenty years. We

began in Life Sciences and then extended that into Business and business-related studies.

What are your predictions about how TNE will develop in this region?I’ve no doubt that it will continue to grow and continue to develop in several ways. It has already been through several

stages. It’s grown from about the late 1980s, but we’ve seen a signifi cant expansion in the last fi ve years or so. I expect

that expansion to continue. Everyone can see more universities around the world setting up campuses overseas. We

currently operate by working with partners here, for instance with Hong Kong University and City University. We work with

them to use their facilities and sometimes their staff tutorial support. They also market programmes for us. At the same

time, our staff come over to deliver courses — it’s our programme, our curriculum and our external quality assurance. We

now have around 3,000 students here and are the largest UK provider in Hong Kong. That’s not infi nitely scaleable, and I

think to expand any further we would probably need to have our own premises.

Hong Kong has a serious dearth of places at international schools, but the government has promised to set aside more land for educational facilities. Is Edinburgh Napier looking at that?This situation is certainly on our radar. If the right opportunity comes up we will certainly look very seriously at it. Here in

Hong Kong there’s the Queen’s Hill Site and various other land that the government is looking to make available to pursue

its stated objective of becoming an international education hub.

In contrast to the international school situation, Hong Kong has a relatively small number of international students in its universities. Why is that and what can be done to change it?Hong Kong should be a fantastically attractive destination for international students. And yet we’re not seeing enough

pull for students to come and study here. One of the things I’m doing in my own university is putting in place scholarships

and initiatives to get our students studying overseas. It’s not just a question of delivering overseas, it’s also getting our

own students overseas exposure to other cultures and other systems. That’s crucially important because employers are

increasingly putting a premium on graduates who have had that kind of exposure. They return with increased confi dence

and with skills and understanding that many employers are now looking for.

Most expatriates with families in Hong Kong are well aware of the benefi ts that an overseas education can afford. But when it comes to higher education, many Hong Kong families still send their children abroad.

Dame Joan Stringer, Principal & Vice Chancellor of Edinburgh Napier University, has been deeply involved in the field of transnational education for several decades. Challenging government and academic leaders to recognise the economic opportunities that it can create, she also believes that a transnational education gives students an indispensable sense of global issues.

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DDaamUUnnivedduucleadaddshe inininininnnnniniiiiindidid s

An Interview with

Dame Joan Stringer

B u s i n e s s

There are ten times as many international students in the UK as there are UK citizens studying overseas. You’ve said before that an ‘imbalance of trade’ is unhealthy. What can be done to alleviate that problem?I think there are different reasons why institutions or even countries undertake transnational education. Many universities

have seen transnational education as a way of diversifying their revenue and decreasing their reliance on state funding.

Over the last year or so, the UK government has imposed tighter immigration constraints so universities feel that may have

an impact on their recruitment. If that’s affecting their business, they may think about taking their business overseas too.

But I believe that the experience and the value to be gained from the international experience equips students to be global

citizens and to have that crucial wider understanding. I’m not sure exactly why, but the UK as a whole has been relatively

poor at getting its students to study abroad, although Scotland has a better record in this regard. I think that situation is

beginning to change though. I have students now who are undertaking exchange programmes in China, including crash

courses in Mandarin. For example, some of our creative industry students are doing three month exchanges in Zhengzhou in

Henan, and are coming back extremely enthusiastic about all the things they have seen and all the misconceptions they have

dispelled.

I know you’ve said before that the ‘competitive nature of international education is unsustainable’. Why is that a problem?I assume there will always be some element of competitiveness in this area. What institutions

need to do to be sustainable, is to make sure that what they’re delivering isn’t just a transplant

of their own institutions and systems in another country. It has to be adaptable and relevant to

the needs of the country in which they are operating. Meanwhile, governments that want to

attract foreign universities to provide breadth and choice need to facilitate the infl ux.

I’ve come to the view that there is still huge unsatisfi ed demand for higher education. In Asia

that is growing, and it is assumed to grow for the next twenty years at least. Of course there will

be competition, but there’s also space for a lot of institutions within that global market place.

What are the most common challenges that business and industry leaders come across when hiring university graduates, and what kind of things are they looking for?I have to say that the business people we come across are very complimentary about the skills of Edinburgh Napier

University graduates because we work very closely with them to make sure that we’re providing the right courses and that

our curricula are developed in conjunction with employers. They tell us what’s relevant and what kind of skills they want

to see in our students. We work very hard to make sure that our students have the knowledge (which is obviously crucial)

but also that they’re able to apply that knowledge as critical, problem-solving individuals. We base a lot of our work around

case studies or placements with companies, and get employers to come in to talk to our students. That’s probably why

we have one of the best rates of graduate employability in the UK.

It’s often said that one of the aims of TNE is to guide students towards becoming global citizens. What does that really mean?I think it means having an understanding of different societies, understanding those differences and respecting them. It’s

about enhancing that broader tolerance and understanding. Also, people want to work in a global market place, so it’s

important to understand that what works in one setting won’t work in another. That’s a question of sensitisation.

Without going into the local debate about national education, is there sometimes a tension between the fundamental aim of national education systems and that of transnational education?There oughtn’t to be. A national education system has certain goals, and any university providing transnational education

needs to work alongside that. It shouldn’t be trying to impose a particular way of doing things unless that diversity is what

the national education policy calls for. One has to be sensitive to local objectives and shouldn’t come on a mission to tell

people ‘we have a better way of doing things’. That’s very arrogant and is not at all what we’re about.

We should probably mention the Observatory on Borderless Higher Education here. What is their role?They have been undertaking research into transnational and other types of international education for the last fifteen

years or so and produce very useful reports on trends and information. If you look at their latest report, there had been a

signifi cant increase in TNE. In the last two or three years there has been a signifi cant increase in the number of overseas

campuses for instance. The UK accounts for a large part of that but not surprisingly the highest number of universities with

overseas campuses are from the US. A lot of campuses have been established in the Middle East, but the trend is now

shifting eastwards. I think TNE will increasingly be seen less as an import and more as part of the local education structure.

The Observatory is very useful because it allows you to see many of those trends emerging.

Britain in Hong Kong 1312

As Asia’s world city and a leading global fi nancial centre

that is predicting an upturn in initial public offerings as we

move into 2013, Hong Kong is also keeping up with global

trends to enhance board effectiveness and promote the

development of stronger corporate governance — through

more diversity in the city’s boardrooms. 

Hong Kong Exchanges and Clearing (HKEx) has taken

an explicit step to encourage all listed companies in

Hong Kong to have a diversity of perspectives  in the

boardroom, above and beyond the traditional board

selection criteria of skills, experience and independence.

A new code provision to the corporate governance code

was announced on 14 December 2012 and comes into

force on 1 September 2013. It follows a 2-month public

consultation that drew a high number of submissions

from across Hong Kong’s business sector, 139 in all.

Market support for the change was overwhelming,

according to Mark Dickens, HKEx’s Head of Listing

Division. Together with the former chair of the Listing

Committee, Teresa Ko (Chairman China, Freshfields

Bruckhaus Deringer), Mark has been instrumental in

bringing Hong Kong more in line with other countries

around the world who are recognising the value that

diversity brings into boardrooms and corporations more

generally. The UK is very active in the fi eld too, although

the focus has mainly been on women on boards. (Gender

diversity was a topic featured in the November edition of

Britain in Hong Kong).

At Community Business, we have been researching

and advocating for more diversity and inclusion in the

workplace in Asia for a number of years and we see the

new code as a signifi cant step forward for Hong Kong.

It is worth noting the speed at which the change was

identified, proposed and then enacted. The impetus

came in early April 2012 linked to the HKEx consultation

about a proposed ESG Reporting Guide (which was

released in September) and a series of events that

non-profits Community Business and The Women’s

Foundation co-organised in March to bring attention to

the issue of the under-representation of women in Hong

Kong’s boardrooms. Market response to the consultation

highlighted the lack of any reference to diversity in the

proposed Guide. HKEx acknowledged this and decided

to address the issue separately, not through a voluntary

reporting guide, but through a new ‘comply or explain’

code provision.

The changing face of corporategovernance in Hong Kong:

DIVERSITY ON BOARDSA report from Community Business

Rosie Halfhead, Project Director, Community Business

B u s i n e s s

In preparing its recommendation, HKEx researched

what was happening in other countries and drew on

experiences where change was being market-driven

rather than imposed through legislation. The new code

provision means that all 1,500+ companies listed in

Hong Kong will need to have a policy on boardroom

diversity and report on it as of September 1, 2013. If they

do not have a policy, they will need to explain why not.

HKEx will monitor and report on compliance to ensure

transparency.

In terms of defi ning diversity, HKEx based its approach

on that of the US Securities and Exchange Commission

which allows companies to defi ne what diversity means

for them, rather than imposing a specific definition or

providing samples of board diversity policies which could

encourage a box-ticking exercise rather a healthy debate

at the board level.

Some of Hong Kong’s companies are already practicing

diversity within their organisations and can now extend

this enlightened thinking into their boardrooms, so we will

hope to see some early adopters reporting ahead of the

September deadline and creating positive peer pressure

for others to follow suit.

Others may need more help in getting started, and there

are ample opportunities for Hong Kong’s associations,

institutes, chambers, executive search firms, specialist

consulting companies and non-profits to offer and

provide support — starting from basic education on the

topic to more specifi c initiatives that will help to increase

the visibility and ‘supply’ of new potential directors as well

as changing mindsets and behaviours on the ‘demand’

side related to board nominations and appointments.

There is plenty to do between now and September 2013

but Hong Kong doesn’t need to start from scratch – as

there is also much to learn from other countries on how

the face of corporate governance is changing through

boardroom diversity.

About Community Business

Community Business is a unique

char i ty in Hong Kong whose

mission is to lead, inspire and

support businesses to continuously

improve their positive impact on

people and communities. www.

communitybusiness.org

Britain in Hong Kong 1514

Board members face

new chal lenges and an

increase in responsibility

s ince the recent wave

o f gove r nance re fo rm

swept in. Directors need

to be better prepared —

beyond just compliance

— to best represent the

interests of shareholders

and stakeholders. Gender-balanced boards are proven

to result in greater business success but women are

still hugely underrepresented in boardrooms across the

world. A great deal of talk has focussed on tackling the

gender imbalance on boards but little action has taken

place as a result.

2013 is the year to act, which is why Harvey Nash and

The University of Hong Kong, Executive Education of the

Faculty of Business and Economics have joined forces

to introduce a world first, the Women’s Directorship

Programme, for cross industry, internationally focused

women executives.

Gender imbalance is a global trend

Currently, women are represented in less than 10% of

all board level positions, even though they make up over

45% of the workforce across the world. Women in China

are on only approximately 9% of executive committees

and 8% of all boards. We see similar fi gures for Taiwan,

and 5% in Malaysia and Indonesia. In Japan and Korea,

the figures are less than 2%. In Hong Kong, as much

as 42% of Hang Seng Index-listed companies have no

women on their boards.

This imbalance is globally recognised and a number of

organisations, such as the 30% Club, are rallying the

business community to make a change. The quota

debate is raging around the world and initiatives are being

put in place to address the issue. For instance Hong

Kong Exchanges and Clearing Ltd recently announced

2013: 2013: A Year of Action for Gender Imbalance in the Boardroom

Nick Marsh, Managing Director of Harvey Nash Asia Pacifi c

B u s i n e s s

a new code for 2013 where all listed companies must

report their board diversity policy.

Gender imbalance is costly

The existing gender imbalance in the boardroom costs

firms money, and those who fail to retain and promote

women to top leadership posit ions experience a

significant drain on resources and talent. A McKinsey

study found that companies with the highest female

representation in top management positions achieved

return on equity of 35% higher than companies with

the lowest female representation. This clearly highlights

the importance of gender diversity as good business

practice.

Lack of female talent vs. untapped potential

I f i t makes such good

b u s i n e s s s e n s e , w h y

i s t h e r e s u c h g e n d e r

imbalance? Oftent imes,

companies bemoan the lack

of a skilled talent pool of

women. However, research

consistently demonstrates

this is not the case. Female

leaders are simply more

hidden and less inclined

to put themselves forward

due to lack of confidence.

Statistics show women will

only put themselves forward

for a role if they feel they

fulf i l at least 80% of the

stated criteria, while men

wil l pursue a role if they

only fulf i l 50-60% of the

requirements.

W o m e n n e e d t o f e e l

empowered and supported

by t he i r compan i es i n

order to put themselves forward for senior positions.

Without this commitment and backing from the business

community, the current imbalanced situation we are

facing won’t change.

World’s first board preparedness programme for c ross indust ry, international female executives

In view of this, Harvey Nash and The University of Hong

Kong, Executive Education of the Faculty of Business

and Economics will be launching the world’s fi rst cross

industry, certificated board preparedness programme

in Asia this April (Session 1: 11-13th April and Session

2: 6-8th June), exclusively for internationally focused

women executives. The programme aims to address

contemporary issues to help participants become more

effective at managing boards, equipping them with the

skills and knowledge required to serve as directors or

non-executive directors. It also serves women already

on boards who want to ensure they are performing at a

world-class level.

The Women’s Directorship Programme will enable

participants to develop their own set of strategies

tai lored to their career ambit ions, situat ion and

personality, recognising that these factors will evolve

overtime as new challenges arise and their lives change.

Programme content includes board governance,

persuasive communications

and conf l ic t resolut ion,

eth ics and compl iance,

and strategic leadership.

The programme will be led

by a number of esteemed

internat ional professors

and involve real life case

s t u d i e s a n d t h o u g h t

leadership del ivered by

industry leaders who are

champions of diversity in

the boardroom, such as Sir

Martin Sorrell, CEO of WPP;

Sir Roger Carr, Chairman of

Centrica and President of

the Confederation of British

Industry; Donald Brydon,

Chairman of Smiths Group

/ S a g e G ro u p ; Te re s a

K o , C h i n a C h a i r m a n

o f F resh f ie lds ; Char les

L i , CEO o f Hong Kong

Exchanges and Clearing

Ltd; Kevin Taylor, President

APAC, BT Group; R ick

Haythornthwaite, Chairman, MasterCard and Umran

Beba, APAC Regional President of PepsiCo.

The winning way

Business success hinges on a gender-balanced

boardroom for continued growth. Not only does it

improve performance and create a strong talent pipeline

by accessing a wider talent pool, a balanced boardroom

also serves to leverage broader perspectives and

leadership styles, bringing the best out of a business.

Britain in Hong Kong 1716

There is a perennial

c h a l l e n g e f o r a n y

company contemplating

commun i t y - re l a ted

projects, whether that

company be a one-man

band or an organisation

with many hundreds of

employees. How to fi nd

the perfect vehicle to

satisfy multiple criteria?

Is there such a thing?

Among the considerations to be taken into account are:

• Can this be a bonding opportunity, available to the

CEO and to the wider offi ce employees? Does it have

that universality of appeal?

• Is there an opportunity for the company to match staff

donations?

• Can families and friends be drawn in to support the

event, either through sponsorship of an individual, or

by participation?

• Is there a competitive element within the event that

can motivate different individuals or departments

to compete with each other, as well as with other

companies, leading to friendly rivalry and ultimately

more staff participation?

• Is there a healthy side to the event, not strenuous

enough to warrant ser ious training, but that

incorporates some exercise beneficial to those who

generally might pursue a more sedentary lifestyle? And

will it be fun too?

• Last, but most important, will the benefi ciary appeal to

the emotions and desire to help raise funds?

It’s a recurring desire for most companies, but happily,

a solution is at hand in the shape of Plan International

Hong Kong’s annual “Walk for Children”. The 2013 event

will take place on Sunday, March 17, at Ocean Park; the

minimum donation of HK$450 for adults and HK$350 for

children aged 3 – 11 years includes a day ticket to Ocean

Park’s attractions, following completion of the Walk itself.

A A MillionMillion StepsSteps for for KidsKids

C o m m u n i t y

The 3.3km route will take walkers past established and

new attractions through the Park, and will culminate with

the prize-giving for the Highest Participation Team Award

and the Best Dressed Award, the latter on the themes

of “ocean” or “kids”. Imagination knows no bounds, so

companies can unleash their inner creativity to bid for the

top award.

In addition to individual or team sponsorship, other levels

of corporate sponsorship are available, in cash or in kind.

For more details about the event, visit the website at www.

plan.org.hk or call Mark Cheung, Corporate Relations

Manager of Plan International Hong Kong at 3405-5308 &

e-mail: mark.cheung@plan.org.hk. Registration date is by

20 February 2013.

Funds raised will be used to benefit pre-school age

children in JinPing County, Yunnan Province, in China.

Currently, only 15% of children aged 3-6 years have

access to pre-school education in JinPing County. Of

these, many are drawn from ethnic minorities whose own

parents are illiterate, or with minimal education levels.

To break that cycle, quality pre-school education is

essential in preparing children to integrate smoothly into

primary school, to be able to make the most of the next

level of education. Without that effort, many of these

children will drop out of primary school

within the first two years and will be

doomed to repeat the poverty cycle

that challenges their parents.

Donations will support the construction

of 3 pre-school buildings and provision

of classroom facilities, including furniture

and equipment for 300 children per

year. In addition, in a poverty-stricken

area where good nutrition is vital,

kitchens will be built and a school

nutrition programme implemented. The

quality of the teaching staff will also be

raised by providing 3-months of full-

time training on early childhood care &

development for 30 teachers each year.

Key also, will be the installation

of water-heating devices that

will provide safe drinking water

for teachers and pupils.

W h i l s t t h e s e m a y s e e m

modest goals to people in

Hong Kong, they represent

a major improvement in the

current living and educational

conditions of the children in

JinPing County.

Paul Chow, Chairman of the

Board of Directors for Plan

International in Hong Kong, commented, “Plan has a long

history of involvement in Hong Kong, having helped some

12,000 of its poorest citizens, in the years between 1959

and 1973, and set their feet on the path to future success.

“This is a call to action to Hong Kong’s generous

population, corporate and individual, to return some of

that help to people who do not have the means to help

themselves.”

Plan’s “Walk for Children 2013” ticks all the boxes. One

small step in Hong Kong equals a giant leap forward in

JinPing County. It’s an opportunity for everyone to put their

best foot forward in support of a worthy cause and have

fun along the way with family, friends and colleagues.

Just do it!

Established in 1937 and headquartered in the UK,

Plan International is one of the world’s oldest and

largest development organisations, specifically

focussed on improving the lives of children in the

developing world. Today, Plan aids some 10 million

children and their families in the world’s poorest

communities in 50 developing countries across Asia,

Africa and Latin America. Website: plan.org.hk

Britain in Hong Kong 1918Britain in Hong Kong 19

On Tuesday 16th October the team at the British

Chamber of Commerce took part in the 12th Annual Hong

Kong Cleanup, organised by Ecovision Asia and formally

known as the Hong Kong International Coastal Challenge.

The Chamber decided to again support Ecovision’s

campaign to clean up Hong Kong’s beaches as part of our

corporate social responsibility strategy especially as last

year’s Coastal Cleanup had been such a success.

The Hong Kong Cleanup 2012 involved three team

challenges: the Coastal Cleanup Challenge, the Country

Cleanup Challenge and the City Cleanup Challenge.

The addition of two more challenges created more ways

for people to participate and ensured that the cleanup

covered even more areas in Hong Kong. As last year we

managed to collect over 120kg worth of waste materials,

it seemed sensible to return to the same location, Waterfall

Bay in Wah Fu, which is in the Southern District of Hong

Kong Island, to take part in the Coastal Cleanup element

of the Hong Kong Cleanup. This way we could ensure that

the condition of the beach was maintained by cleaning it

up once again.

After a hearty lunch, we headed to Wah Fu and climbed

over the locked gates leading down to Waterfall Bay, as

the beach is shut off from the public. The beach was

thankfully in better condition than it had been when we

cleaned it last year; however it soon became evident that

there was still much litter to be picked up! We split into

two groups and energetically started clearing as much

waste material as we could, whilst meticulously recording

what we found on data cards. Whilst we thought we were

clearing a lot of the mess off the beach, it was only when

we went round the corner to the rocks that we discovered

there was still a lot more to be taken!

After about four hours of clearing we had accumulated

a large number of waste materials and decided that we

Hong Kong Cleanup

Phillippa Cook, Business Development Manager,British Chamber of Commerce

E nv i ro n m e n t

ought to start moving the rubbish up to the main road.

Amongst other items, we came across car tyres, old

banners and an extraordinary amount of polystyrene. The

polystyrene is particularly troublesome to clean up as it

breaks into such tiny pieces, however we defi nitely made

a signifi cant dent in clearing as much of it as possible. In

total we picked up over 76kgs of rubbish including the

following:

• 28 shoes or bits of clothing; • 77 food wrappers / containers;• 79 bits of building material;• 7.25kg of broken glass;• 100 plastic bottles (and recycled around 40 of

them);• 650 bits of polystyrene!

In spite of it being a tiring afternoon, we all left Waterfall

Bay feeling satisfied with the impact that we had made

on the beach and pleased to have left it in even better

condition than it was in last year.

As a gesture of Ecovision’s appreciation for everyone’s

commitment and hard work, on Tuesday 13th November

Ecovision held an Awards Ceremony and Wrap Party

at Shore Restaurant and Bar in Central, to celebrate

the results of the 2012 Cleanup. The expansion of the

cleanup to incorporate country parks and urban areas,

as well as coastal areas has resulted in the cleanup

experiencing significant growth in 2012. The figures for

the Cleanup throughout 2012 are very impressive: nearly

40,000 volunteers collected and counted over 100,000kg

of waste, cleaning almost 640km of Hong Kong’s

coastlines, Country Park hiking trails and urban areas.

This total represents an increase in participation of nearly

four times more than in 2011. The British Chamber team

are once again proud of our small contribution towards

the total and we would strongly encourage our members

to get involved next year. It is extremely rewarding and

very accessible for any member to become involved,

either through work, with friends or with family, to help

contribute towards ensuring Hong Kong stays clean and

beautiful!

About the Hong Kong Cleanup

The Hong Kong Cleanup is a year-long education

platform to empower Hong Kong citizens to keep our

beautiful coastal areas, country parks and city streets

safe, clean and free from waste. The event aims to

increase awareness and instil a level of understanding that

communities are pivotal to changing attitudes towards

environmental protection. The Hong Kong Cleanup is

organised annually by Ecovision Asia, and in 2012 was

co-organised by National Geographic Channel (HK) and

sponsored by Nomura, Nikon, Ecozine, FOX International

Channel, amongst others. In Hong Kong we generate a

shocking 6 MILLION TONNES of waste every year, but

only a small portion is recycled. Our landfills are almost

full, and a vast amount ends up in nature. The Hong Kong

Cleanup aims to address this situation.

Results

2012 Hong Kong Cleanup Results & Findings: Overview

2012 Top Ten Debris Items: Hong Kong

(excluding pellets from the pellet disaster incident)

• Plastic bags – 12.09%• Caps / Lids – 10.92%• Plastic Beverage Bottles – 10.78%• Food Wrappers / Containers – 9.57%• Cigarettes / Cigarette Filters – 8.14%• Glass Beverage Bottles – 7.84%• Straws, Stirrers – 6.60%• Cups, Plates, Forks, Knives, Spoons – 5.85%

Number of participants: 39,038

Kilograms of trash collected: 105,507

Kilometres cleaned: 637

The key fi ndings from the 2012 Cleanup were in line with

previous years, in that the most predominant debris items

were primarily made of plastic and disposable in nature,

with plastic bags and beverage bottles alone comprising

over 23% of all the trash reported. It is worth noting that

there were very high numbers of cigarette butts in both

urban and rural areas, as well as a high quantity of glass.

Some of the most striking numbers in this year’s cleanup

included:

17,194 plastic bags

15,323 plastic bottles

11,573 cigarette butts

13,611 food wrappers

15,529 caps

9,378 straws

The vast majority of waste consists of post-consumer-

use disposable plastic products and packaging therefore

it is vital both individuals and communities become

engaged in reducing trash and ensuring that far less

rubbish falls into the ocean, city streets and country

parks of Hong Kong.

Britain in Hong Kong 2120

Beijing: a mega city of 28 million permanent residents and migrant workers; China’s political and cultural center for much of the past 700 years; site of some of the most beautiful temples, palaces, gardens and tombs in the world; and as the song goes, it could very well be home to nine million bicycles, but they are fast disappearing as the preferred mode of transport.

Beijing is a city of contrast, from its weather to its infrastructure, all the way down to its people. Tinted-window Audis drive alongside wobbling, 3-wheeled motorcycle taxis; choking smog is blown away to reveal the clearest of skies in mere hours; the friendly old woman who stands chatting with you at the bus stop, will elbow you out of the way once the bus arrives. You can’t generalise this city, because it will always surprise you, and you’ll never come away without a good story.

For anyone living in Hong Kong, Beijing is somewhere that should be visited at least once. And with citizens of 45 approved countries (that include the U.S., Canada, Australia and most of Europe) now able to travel to Beijing visa-free for up to 72 hours, it just got that much easier.

Here is a selection of our favourite places to stay, eat, and things to do around Beijing.

Opposite HouseThe naming of The Opposite House corresponds with our theme

of contrast, which is exactly what you find in this elegant, 99-room

boutique hotel located in the heart of Beijing’s shopping, dining and

nightlife district. Housed in a striking, emerald-green glass building,

the hotel’s style and design is an eclectic mix of old and new —

traditional wooden doors open into a large atrium featuring a giant,

modern version of a Chinese medicine cabinet.

Standouts:

Bathtubs – Gloriously oversized with designer bath products and bubbles.

Breakfast – Think Eggs Royale, cheeses and an endless array of croissants and fresh fruit.

Service – Like its sister property, The Upper House in Hong Kong, the staff here are superb. Wherever we

went, they made sure we had a hotel card with our destination written in Chinese – vitally necessary for non-

Chinese speakers in Beijing as drivers often do not speak a word of English.

The Schoolhouse & Brickyard at MutianyuBeginning as a restaurant and art glass studio in a converted old primary school, The

Schoolhouse has grown into a comprehensive lodging and dining destination located in a

quaint little township at the base of the Great Wall. The Schoolhouse consists of eight self-

catering, beautifully designed, custom homes that each house between fi ve and ten people

and is perfect for large groups. Its sister property, the Brickyard Eco-Retreat, is located just

down the road and has 25 fully-serviced guest rooms making it a better fi t for smaller families

and couples.

Brickyard Standouts:

Rooms – Cosy and comfortable with exposed brick walls, outdoor terraces, and views

of the Mutianyu section of the Great Wall.

Noodles – Take a walk to Xiaolumian Noodle Shop down the road for a bowl of fresh,

hand-pulled noodles with your choice of toppings. Delectable.

The Wall – A short walk away, the Great Wall of China is literally at your doorstep. Go for

a morning run through the village and be the fi rst person up on the wall at dawn.

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Nikki Pang, Marketing Manager, Lightfoot Travel

BeijingL i f e s t y l e

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

Hutong and Cricket TourNo other city in the entire world has a system of hutongs like Beijing. Ancient, labyrinthine and

utterly charming, this is where ‘real’ Beijing life happens. One of our favourite ways to navigate

some of the most interesting bits is with Frank, an old Beijinger who’s lived in the hutongs his

entire life. After a visit to the ancient Drum Tower, a local market and a whizz through the hutongs

on rickshaws, Frank will take you to meet a local cricket trainer.

Yes you read that correctly, and no, not that type of cricket. This colourful local character actually trains

crickets and grasshoppers to fi ght in local competitions.

Standouts:

Local Beijingers — Watching groups of friends display that fi ery northern temper over games of

Chinese chess set up on makeshift tables in the street.

Snacks — Some of the best Beijing street food can be found in these narrow little alleyways.

Mr. Liu — Our favourite bit of the tour was when Cricket Trainer Mr. Liu explained, in all seriousness, that the little metal case he

was holding was actually the crickets’ ‘marriage bed’.

Signature Great Wall Experience with a Great Wall ExpertThis is your opportunity to hike one of the wonders of the world with an actual Wall historian, ask any questions, and dispel any myths

that have multiplied over its 5,000-year history. I.e. No, you can’t see it from space. Our handpicked expert is a British historian, author

and TV personality and is regarded as the world’s leading educator in Great Wall studies. He’ll bring to life the sheer scale of the Wall,

the human effort that went into it, and even help you uncover on-site clues that offer a fascinating insight into its creation.

Standouts:

Adventure — After a day of walking, exploring, and overturning rocks, you’ll

feel nothing short of Indiana Jones.

Family — Kids will fi nd plenty to keep them busy while parents dive into the

details. It’s a great day out for the whole family.

Toboggan — Think a toboggan run on the Great Wall of China sounds

slightly incongruous? Well, it is. But that doesn’t stop it from being a great

deal of fun.

Temple Restaurant BeijingLocated at the end of a winding hutong in a stunning 600-year-old temple

complex, the minute you enter Temple Restaurant Beijing, or TRB, you know you

are in for a special evening. The dining space itself is chic and minimalist, with

high ceilings making it very open and airy. The service is superb starting with the

immaculately dressed porter donning a bowler hat who greets you at the door,

and ending with the waiter who calls you a taxi at the end of the meal.

Standouts:

Cocktails — Created with homemade syrups and Chinese-infl uenced infusions by talented bartender Frankie.

Food — The seemingly endless parade of amuse bouche and petit fours.

Tableware — The best cutlery and glasses (Riedel) in town. Just don’t drop one!

Dali CourtyardWith outdoor seating in a gorgeous tree lined courtyard house, Dali is charming, romantic, and one of Beijing’s most popular

restaurants during the warmer months. Dali Courtyard serves Yunnan cuisine and there is no menu - waiters bring your dishes

based on how many people you have at your table. The food is delicious and often includes ribbons of tofu with mint, crispy prawns

with crunchy leaves, and an array of delicious mushrooms and vegetables that Yunnan province is famous for.

Standouts:

Ambiance — Down a narrow alleyway marked with a red lantern, the courtyard setting of

Dali is one of the best in town.

Yak Cheese — Many are reluctant to try this pan fried Yunnanese specialty sprinkled with

fi ve-spice powder, but most end up clamoring for seconds.

Surrounds — Located in the city’s buzzing Dongcheng District, there is plenty to do after

your meal including massages, late-night shopping, or a nightcap at any of the dozens of

bars in the area.

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Britain in Hong Kong 2322Britain in Hong Kong 23

The British Chamber Christmas Drinks11th December 2012, Jardine House

Sponsored By

E ve n t s

Britain in Hong Kong 2524Britain in Hong Kong 25

To enter:• Consider who among your contacts might be interested in joining the Chamber

• Email phillippa@britcham.com with the name and contact details of your suggested company

• If appropriate, contact your suggested company and let them know that the Chamber will be in touch

• The Chamber will follow up with each suggestion directly

• If your referral is successful, the Chamber will contact you with details of how to book your dinner. Your name will also go into

the prize draw which will be drawn in March 2013.

Make a successful referral to the

British Chamber of Commerce

and enjoy a fantastic meal for two!

AND if you happen to refer the most new members to the Chamber, you are in for a real

treat for you and your friends! A complimentary dinner for four at Watermark, courtesy of

Café Deco Group.

WatermarkWatermark offers unparalleled waterfront dining with an airy, 270-degree beautiful backdrop of

Victoria Harbor. An elegant stone entranceway and water features lead the way to the restaurants

sleek interior of teak, marble and glass. The high ceilings, ample natural light, floor to ceiling

windows and picturesque view make this eatery a perfect choice for both daytime and evening

meals. Watermark’s team of skilled

chefs create the perfect modern

continental cuisine. One of the house specialties is dry-aged beef

from the restaurants own dry-aging cabinet, which is offered by only

a handful of restaurants in Hong Kong. The impressive steak menu

features renowned cuts from all around the world. Succulent seafood

dishes are also on offer featuring everything from lobster to fresh

prawns and oysters. The beverage menu also offers fi ne wines as well

as special concoctions and tasty cocktails.

The British Chamber is delighted to announce that the

Member Get Member 2012 campaign is well underway! If

you successfully introduce a company that results in them

becoming a member of the Chamber, you will receive a

fantastic dinner for two courtesy of one of our top member

restaurants in Hong Kong.

Not only that, all referring members will be entered into a

prize draw to win a $2,000 voucher to go towards your holiday

provided by Flight Centre!

MEMBER GETMEMBER 2012

Terms & Conditions• You must be a member of the British Chamber to be eligible for this offer

• The dining vouchers will only be provided if your referral results in a new member for the Chamber

• This offer is valid for all members whose referral results in a new Corporate, Overseas or Startup member of the Chamber. It

does not apply to Additional members or additional YNetwork members

• The Chamber will allocate the restaurant vouchers. Members will not be able to choose which restaurant they visit and must

adhere to the terms and conditions

The Bostonian, The Langham, Hong KongThis well-established restaurant has been a Hong Kong favourite

for well over a decade. Located at the lower lobby level of

The Langham, Hong Kong, The Bostonian has an excellent

reputation for its superb steaks, and more recently its fully sustainable seafood menu. Featured

by one of Hong Kong’s infl uential restaurant bibles, “The Hong Kong Best Restaurant Guide”

since 2000 and recommended by The Michelin guide, the Bostonian is a hallmark for impeccable

service and exceptional food. Guests can indulge in a tantalising array of fresh seafood from

around the world at the “Raw Bar”, including home-made smoked salmon, prawns, crabs and

freshly shucked oysters. The enticing menu also includes gourmet favourites such as maine

crab cakes, sautéed foie gras, clam chowder, as well as separate menus for the restaurant’s

specialties – the Boston lobster galore, seafood sharing platters and Bostonian grill.

Lobby Lounge, Conrad Hong KongFeatu r ing the spectacu la r v iews

of the Hong Kong skyl ine and l ive

entertainment, the Lobby Lounge is the ideal venue for private

meetings or relaxed gatherings with friends. From salad bar to noodle

station, and delectable hot dishes to exquisite desserts, the Southeast

Asian themed supper buffet showcases an impressive range of more

than 50 scrumptious all-time favourites.

So what are you waiting for? Spread the word throughout your network to enjoy a complimentary meal for two at one of these fantastic member restaurants:

cafe TOO, Island Shangri-La, Hong KongThe innovative cafe TOO brings casual dining

to a higher level of creativity. Their ten cooking

theatres, each featuring a different culinary style, are

showcases for the best of international cuisine as well as stages for their

chefs' engaging performances.

T

Café Renaissance, Renaissance Harbour View Hotel Hong KongCafé Renaissance is the perfect place for all day dining. Located on the

Mezzanine fl oor, the 210-seat all-day dining café serves a wide variety

of dishes from all over the world. Café Renaissance serves wholesome

breakfasts, chef crafted lunches and dinner buffets plus à la carte menu daily and brunch

on weekends, in a warm and welcoming atmosphere. In addition to the great array of fresh

seafood delights using the freshest ingredients, guests can also enjoy a tantalizing array of

international favourites and local specialties from live cooking stations.

KITCHEN, W Hong KongKitchen is a modern bistro with a capacity of 200,

reflective of W’s signature stylish and fun design. Upon arrival to KITCHEN, the

mad hatter’s tea party in “Alice in Wonderland” brings guests to a world of fantasy.

Cats play and jump around the stacks of plates, inviting guests to join their games

too. KITCHEN’s modern interpretation of timeless classics and equally innovative

original masterpieces fi ll a menu that’s designed to tantalize and satisfy even the

most discerning gourmands. Guest can indulge in the fun world of kitchen, while relaxing in the pleasant and interactive dining

experience, sampling the delicate cuisine on offer from all over the world.

Britain in Hong Kong 2726Britain in Hong Kong 27

Member DiscountsFood and Beverage and Accommodation

Accor | Members will receive 10% discount on top of the lowest rates that Accor’s

Asian hotels are offering on the day. This applies to over 1600 Sofi tel, Pullman, MGallery,

Novotel, Mercure, Thalassa & Orbis hotels worldwide. You will also receive 5% discount

on top of the best unrestricted rates for hotels including ibis (in specifi c countries), All

Seasons & Hôtel Barrière. For more information please contact Regina Yip on 2868

1171 or email regina.yip@accor.com

Alfie’s | Members of the British Chamber of Commerce can benefit from a 10%

discount at this chic restaurant in Hong Kong. To make a reservation please call 2530

4422 or email booking.alfi es@keeclub.com

Berry Bros. & Rudd | Members can benefi t from a 10% discount on all retail prices as

well as receiving invitations to free tastings and other wine events during promotional

period. For more information please call 2907 2112

Courtyard by Marriott Hong Kong | Members will receive a 10% discount on food

only in MoMo Café. To make a reservation please call 3717 8888

Dot Cod | All members of the British Chamber of Commerce of Hong Kong will receive

a 10% discount on the bill. For more information please call 2810 6988 or email

dotcod@hkcc.org

Grand Hyatt Hong Kong | 15% discount on food and beverage at The Grill and

10% discount on treatments upon spending HK$1,000 at Plateau Spa. To make a

reservation please contact The Grill on 2584 7722 or the Plateau Spa on 2584 7688

Hyatt Regency Hong Kong, Tsim Sha Tsui | 10% discount at The Chinese

Restaurant, Hugo’s, Cafe and Chin Chin Bar (except during happy hour). To make a

reservation please call 2311 1234

JW Marriott Hotel Hong Kong | Members will receive a 10% discount on the total

bill at Man Ho Chinese Restaurant, JW’s California, Marriott Cafe, The Lounge, Riedel

Room @ Q88, and the Fish Bar & Grill. To make a reservation please call 2810 8366

Le Méridien Cyberport | Members can book a Smart Room at the special rate of

HKD1,600 including a daily eye-opening buffet breakfast (subject to availability). You

will also receive 20% discount at 5 of the hip restaurants and bars that the hotel has to

offer. Furthermore, when you book the 21-day long room package at HKD23,100 you

will receive a ‘Round Trip Limousine Service’. For more details please call 2980 7785

Hong Kong Skycity Marriott Hotel | Members will receive a 10% discount on the total

bill at Man Ho Chinese Restaurant, SkyCity Bistro, Velocity Bar & Grill, and The Lounge

(Promotion does not apply to alcoholic beverages). To make a reservation please call

3969 1888

Renaissance Harbour View Hotel | Members will receive a 10% discount on the total

bill at Michelin Star Dynasty Chinese Restaurant, all day dining at Cafe Renaissance, Scala

Italian Restaurant and the Lobby Lounge. To make a reservation please call 2802 8888

The Mira Hong Kong | Members will be given special room rates, a complimentary

upgrade and fantastic discounted rates on the Spa suite package (subject to availability).

For more information please contact Connie Kwan on 2315 5666 or email connie.

kwan@themirahotel.com

W Hong Kong | Members will receive fantastic offers at Kitchen and Sing Ying. Dine at

either of these restaurants and receive complimentary discount vouchers to use at your

next meal. For more information or to make a reservation please call 3717 2222

There are many great benefits of being a member of The British Chamber of Commerce. One of those is the Member Discounts programme which is an exclusive package of discounts that range from discounted car rental, reduced hotel accommodation, airfares and even relocation costs.

Every six months we invite members to prepare a tailor made offer to all the members of the British Chamber. You can fi nd these benefi ts listed below and for more details please visit our website www.britcham.com

Home

Allied Pickfords Hong Kong | Allied Pickfords will extend a free local move for any Home Search completed by SIRVA Real Estate. For more information please call 2823 2089 or email olivier.jourdan@sirva.com.hk

Bowers & Wilkins | B & W are offering members a 10% discount on all listed price items in the B&W Showrooms in Tsim Sha Tsui and Central. For more information please call 3472 9388 or 2869 9916

Colourliving | As a member of the British Chamber of Commerce, you can enjoy a 10% discount on all normal price merchandise when shopping at Colourliving in Wanchai. Please call 2510 2666 or visit www.colourliving.com

Travel & others

Avis | Members can receive up to 20% discount off standard rates on car rental bookings. To make a booking please call 2882 2927 or visit www.avis.com.hk

British Airways | As a member of the British Chamber of Commerce you can enjoy an exclusive offer of 7% discount from British Airways. To make a booking please visit www.britcham.com/memberdiscount/british-airways

Compass Offi ces | Compass Offi ces, Hong Kong’s largest Serviced Offi ce provider, offers members a 10% year round discount on meeting rooms, a free one hour Telepresence or Video Conferencing session and a 3 month complimentary Virtual Offi ce package. For more information please call 3796 7188 or email hksales@compassoffi ces.com

Flight Centre | Members will receive HKD150 off the fi rst booking made as well as a complimentary Airport Express ticket per booking. For all holiday and fl ight enquiries please call Paul Jeffels on 2830 2793 or email paul.jeffels@fl ightcentre.com.hk

Lightfoot Travel | British Chamber members will receive 5% off all holidays booked with Lightfoot Travel. Please call +852 2815 0068 or visit www.lightfoottravel.com for further details

Regus | Britcham members will receive a complimentary six-month Businessworld Gold card that gets you access to 1,200 business lounges in prime central city business locations in Asia and around the world. For more information or to accept this offer please visit www.regus.hk/localpartnership and enter the activation code APHKBCC in the Promotional Code box.

sense of touch | Britcham members will receive 20% off all treatments on their fi rst visit upon a total spend of $1,000, 10% off facials and massages in all subsequent visit as well as a $1,000 treatment coupon when purchasing a $10,000 cash package. For more information please call 2201 4547

The Hive | The Hive is offering one additional month’s membership at no extra charge for any member who signs up for 6 months. For further details, please visit www.thehive.com.hk

Virgin Atlantic Airways | Special offers to London are available exclusively for members of the British Chamber of Commerce. Please call 2532 6060 for more details or to make a reservation

VisitBritain | British Chamber members can get 5% on all purchases from VisitBritain’s online shop by entering the code TR7DE67! at the checkout. Please visit www.visitbritaindirect.com/world for further details.

Terms and Conditions apply. All member discounts are subject to availability. If you are interested in providing a tailored

offer to our members or for more information please contact Emily Ferrary on 2824 1972 or email emily@britcham.com

Britain in Hong Kong 2928

AGS Four Winds sponsors Shaken Not Stirred Networking Drinks for Eleventh Consecutive Year!The British Chamber of Commerce is delighted to announce AGS Four Winds International Movers will continue with the highly successful partnership as sponsors of our monthly Shaken Not Stirred networking drinks event for the eleventh consecutive year in 2013!

Held on the last Thursday of every month, Shaken Not Stirred is a perfect opportunity to meet Chamber staff and members, to make new valuable contacts and form collaborations over a glass of wine. Relaxed and informal, our networking event attracts business owners, senior management, directors and executives from a wide range of business sectors for peer to peer business networking.

An event which regularly sells out – hurry and book quickly to be sure you secure a place! Start 2013 on the right path and join us for our fi rst networking drinks of the year. Please visit www.britcham.com for more information.

Our Sponsors: AGS Four Winds International Movers

AGS Four Winds International Movers in Hong Kong is proud to continue its sponsorship of Shaken not Stirred events organised by the British Chamber of Commerce.

AGS Four Winds International Movers are specialists in providing world class household goods and personal effects removals services to corporate employees and private individuals to and from any city in the world. The AGS Group has over 126 offi ces throughout Europe, Africa, Asia and the Middle East, and has also developed an extensive network of professional agents globally. With 39 years’ experience, we have built our reputation through our commitment to providing consistent high quality in our complete range of world-class turnkey solutions. At AGS Four Winds International Movers, we use our expertise to make each and every move a positive experience, for your complete peace of mind.

Please contact us for any moving, storage or relocation services on 2885 9666or visit our website: www.agsfourwinds.com

i ith th hi hl f l

Take your businessto

new heights

The Baker Tilly Hong Kong Business Angels Programme is gearing up for the next round after the Chinese New Year! If you’re an entrepreneur looking for investment, a potential investor who would like to see what’s on offer, or someone just looking for more information about the programme, please visit the dedicated website, angel.britcham.com. There you can get a full picture of the programme and even register as an angel investor or an entrepreneur looking for investment.

The British Chamber of Commerce’s Business Angel Programme, sponsored by Baker Tilly Hong Kong was launched in late 2007 and was the fi rst such initiative to be launched in Hong Kong. The programme was introduced to create a platform to bring together entrepreneurs and investors to create exciting new partnerships. After 5 years of operation, the British Chamber’s Angel Investment Committee is a well respected and leading source of advice and conduit to funding for young Hong Kong enterprises looking for initial or growth investment from our ever growing network of Angel investors. Since its inception, the committee has reviewed applications from hundreds of enthusiastic Hong Kong entrepreneurs, introducing many of them to a wealth of Angel Investors and Professional Advisors.

Building upon the success of previous events, the British Chamber is pleased to announce the details for the next event.

It will be taking place at the Hong Kong Club on Tuesday 19th March 2013 and the deadline for applications is Friday 15th February 2013.

Applicants, who do not need to be members of the British Chamber of Commerce, should be seeking to raise between USD100,000 to USD2,000,000. Short-listed applicants will be given advice and assistance by a sub-committee of experienced professionals.

If you’re an SME or an entrepreneur looking for investment and would like more information about the programme, please visit angel.britcham.com or email emily@britcham.com

Baker Tilly Hong Kong Business Angel Programme

Sponsored by:

Thank you for your continued support

The British Chamber’s Sterling Members

sponsored by“The Tyranny of Real Time”— Nik Gowing, Award-winning BBC World News Presenter

Wednesday 5th December 2012, The Hong Kong Bankers Club

Recent Events

URS/Scott Wilson announces senior management appointments and promotionsURS/Scott Wilson has announced the retirement of its Asia Pacifi c Chairman, Simon Davies with effect from mid-March. As the Asia Pacifi c Chairman, based in Hong Kong since 2002, Davies has directed the expansion of the company throughout China and the Asia Pacifi c region and overseen the integration of Scott Wilson into URS Corporation.

Dr. Mark Raiss has been appointed Managing Director for Hong Kong and South East Asia. Prior to relocating to Hong Kong, Dr. Raiss was programme director responsible for all of URS/Scott Wilson’s consultancies on London’s Crossrail project.

Additional changes to senior management include the appointment of Anthony Pearson to lead URS/Scott Wilson’s Infrastructure business. Pearson has transferred from Benaim in Hong Kong, where he was one of the directors, as well as being Project Director on numerous projects.

Wong Koi-hou has been promoted as Director responsible for URS/Scott Wilson’s Building Structures practice in Hong Kong and South East Asia. He has served as Project Director for aviation-related projects at Hong Kong International Airport, Shangri-La hotels and mixed-use commercial developments in China and Mongolia.

The company has also announced the promotion of Dr. Lee Kuan-hong to Director, Building Structures; Peter Tai Sheung-nung to Director, Infrastructure; Brad Chan to Associate Director of URS/Scott Wilson’s maritime business; and Marshall Tsoi to Associate Director, leading the company’s Business Consultancy practice. In addition, Robert Hennessy has been appointed as Director, Maritime.

Clifford Chance’s Mark Shipman appointed to Hong Kong Government’s Financial Services Development CouncilLeading international law firm Clifford Chance has announced that Mark Shipman, Head of the Global Funds and Investment Management sector, has been appointed to the Hong Kong Government’s Financial Services Development Council for a two year term.

“I am honoured to have been named a member of the Hong Kong Government’s Financial Services Development Council,” said Shipman. “After working in Hong Kong and in the region for the past 15 years, I’m passionate about Hong Kong as a leading global fi nancial centre. I look forward to contributing my fi rst-hand knowledge of the fi nancial and regulatory markets.”

The Council is made up of 20 non-offi cial members, plus the Chairman and the Secretary for Financial Services and the Treasury. It will provide a platform to explore ways to help facilitate the further development of Hong Kong’s fi nancial services industry. This includes advising the Government on areas related to diversifying the fi nancial services industry and enhancing Hong Kong’s position and functions as an international fi nancial centre.

Foreign business and investment in China more vital than ever, according to new PwC business guidebookAs China’s new leaders move to embrace foreign direct investment to revive the global economy, market entrants and investors can fi nd a path to sustainable success in China with an open mind and fl exible strategy, according to PwC’s latest edition of Doing Business and Investing in China.

The guidebook compiles insights and perspectives through interviews with dozens of PwC’s leading China-based practitioners who offer a wealth of on-the-ground experience in dealing with top business issues in China, such as sustainable supply chains, risk resilience, JV and M&A deals, and government relations.

“With the current economic situation and change in leadership, we’re seeing an increasing liberalisation of the China market to foreign investment,” said Frank Lyn, PwC China and Hong Kong Managing Partner. “As multinational businesses shift their focus from China’s ‘emerging labour pool’ to its ‘emerging middle class,’ now is the time to step up your China strategy and capitalise on new market reforms.”

The 10 chapters of the book cover topics which have been developed in response to issues that China investors and corporate leaders have told PwC are of importance to them.

Life insurance premiums growth is expected to rebound in Emerging Asia in 2013According to the Swiss Re study “Global re/insurance review 2012 and outlook 2013/14”, life insurance premiums in emerging Asia will rebound in 2013, growing by about 10% in real terms.

Life insurance growth will increasingly focus on risk protection products such as term life insurance, because regulatory changes and low investment yields will continue to dampen savings product growth.

Huge health protection gaps that exist in many key emerging Asian markets, including India and China, will further drive consumers towards risk protection products.

Despite the challenges posed by an uncertain economic condition, low interest rates and tightening regulations, the insurance outlook for 2013 in emerging markets remains favourable.

British Consulate General closing Regional Passport Processing Centre countersThe British Consulate General has announced that is changing the way it handles passport applications. The passport counters in the Regional Passport Processing Centre (RPPC) at the Consulate General will close permanently from 28 February 2013.

After this date all applications for new passports must be sent to the RPCC by secure means such as registered post or by courier. The RPPC remains open but, in order to maintain consistency with other passport centres around the world, is having to close this time consuming operation.

The closure of the counters will not affect the time taken to process passport applications. In fact, closing the public counter will help the consulate maintain a speedy and effi cient service.

Many countries require passports to have at least six months validity, however, passports can be renewed up to nine months before they expire and any used period will be added to the new passport.

For all information about passport application, please visit: http://ukinhongkong.fco.gov.uk/en/help-for-british-nationals/passports/how-to-apply.

PwC: Asia remains main growth driver of global retail sales Asia Pacifi c’s retail sales growth volume is forecast to grow 5.8% in 2012 and 6% in 2013, with an upward trajectory expected for the industry until 2016 when the market is estimated to be worth US$11.8 trillion. These fi ndings are revealed in PwC’s 2013 Outlook for the Retail and Consumer Products Sector in Asia report, produced in cooperation with the Economist Intelligence Unit.

Refl ecting the global economic slowdown, the growth targets are signifi cantly lower than the 9.6% growth recorded in 2010. However as in most industries, Asia Pacifi c remains a top destination for global retail chains. But the path ahead is expected to be fraught with challenges, including slowing regional economies, high infl ation and interest rates.

“Like everywhere else, Asia is affected by the global economy. And this will affect the retail industry in one way or other. Having said that, Asia still holds out the best opportunity for growth and profi ts for retailers, big and small. International retailers, however, will fi nd it diffi cult to implement any large scale expansions as sluggish markets at home is likely to constrain their investment resources,” says Carrie Yu, PwC’s Retail and Consumer Leader for China and Asia Pacifi c.

Britain in Hong Kong 3332

New Appointments

News

INDIVIDUALAgee LeungTel 5181 0371agee.leung@apm.org.uk35/F, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Ben DeloTel 9824 6693bendelo@gmail.comFlat A, 16/F, Block 5, Wonderland Villas Kwai Chung, Hong Kong

OVERSEASShrewsbury International SchoolsStephen HolroydPrincipalTel +662 675 3603stephen.h@shrewsbury.ac.th1922 Charoen Krung Road, Wat Prayakrai, Bang Khloare, Bangkok, 10120, ThailandEducation

Maybourne Hotel GroupJasmine WangRegional Director of Sales – Greater ChinaTel 6629 6087jwang@maybourne.com30 Old Burlington Street, Mayfair, London, W1S 3AR, United KingdomHospitality

DP World London GatewayCharles MeabyCommercial DirectorTel +44 (0)1375 648300charles.meaby@dpworld.comThe Manorway, Stanford-le-Hope, Essex, SS17 9PD, United KingdomShipping

YNETWORKnbi Human Capital LtdNathalie BlackburnConsultantTel 2106 9345nathalie.blackburn@nbiconsulting.com36/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong KongConsultancy

JP Morgan Private BankTimothy Evans  Private BankerTel 6468 5841timothy.d.evans@jpmorgan.com29/F, Chater House, 8 Connaught Road, Central, Hong KongBanking

STARTUPMini HotelRonnie TungDirector of SalesTel 3979 1122ronnietung@minihotel.hkBasement 2, Sun Wei Road, Causeway Bay, Hong KongHospitality

Shipping HK Forum LtdFerdi StolzenbergCEOTel 2840 0224info@shippinghkforum.comUnit B, 9/F, Greatmany Centre, 111 Queen’s Road East, Wan Chai, Hong KongShipping

INFO/NATION International LimitedRoger SearlManaging DirectorTel 3620 3157roger@infonation-asia.com16/F, Chao’s Building, 143-145 Bonham Strand, Sheung Wan, Hong KongPR & Marketing

Energenz ConsultingGilbert Lennox-King  Business Development ManagerTel 6908 5083gilbertlk@energenz.com.hk26/F, Asia-Pac Commercial Centre, 10 North Point Road, Hong KongConsultancy

CORPORATEnbi Human Capital LtdLouisa HainingDirectorTel 2106 9346louisa.haining@nbiconsulting.com36/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong KongConsultancy

FF Group – Links of LondonFelicity TuenAssistant PR & Marketing ManagerTel 2973 6228felicitytuen@linksofl ondon.hk18/F, The Centrium, 60 Wyndham Street, Central, Hong KongFashion & Jewellery

Functioneight LimitedPhil AldridgeTechnical DirectorTel 2868 2855phil@functioneight.com2801, 28/F, Kingfi eld Centre, 18 Shell Street, Tin Hau, Hong KongComputer / Technology / IT

ADDITIONALRegus Business Centre LtdAnita MartinArea Sales ManagerTel 6014 1327anita.martin@regus.comUnit 6601, 66/F, The Center, 99 Queen’s Road Central, Central, Hong KongBusiness Services

Berkeley HK LtdKath WongBusiness Development ExecutiveTel 3753 6901kath.wong@berkeleygroup.hk3203, Edinburgh Tower, The Landmark, Central, Hong KongProperty / Real Estate Services

Cathay Pacifi c Airways LtdOdette UmaliLearning and Development ExecutiveTel 9014 6686odetteaaa@gmail.com9/F Central Tower, Cathay Pacifi c City, 8 Scenic Road, Hong Kong International Airport, Hong KongAviation & Aerospace

EC Harris (HK) LtdHelen GalerakisBusiness Manager – AsiaTel 2263 7324helen.galerakis@echarris.com27/F, Millennium City 6, 392 Kwun Tong Road, Kwun Tong, Kowloon, Hong KongConsultancy

New Members

We Collect and deliver your carFREE OF CHARGE

(subject to distance)We provide good, quick repair service at

reasonable prices

ALL REPAIRS WITH THREE MONTHS GUARANTEE

Our Business Hours8am-6pm, Mon-Sat & Public Holiday

Our 24hrs. Emergency Towing Agent“Firstone Towing Services” 8203 3411

Please call us at 2565 6166 or Fax: 2856 1047E-mail Address: fookie@netvigator.com

Our competitive Labour charges: From

Lubrication Service $ 110

Tune Up Engine $ 220

Engine Decoke & Grind Valves $ 1,500

Engine Overhaul $ 4,000

Brake System Overhaul $ 900

Clutch Mechanical Overhaul $ 1,000

Air Condition Freon Recharge $ 400

Alternator Overhaul $ 400

Starter Motor Overhaul $ 400

FOOKIE MOTORS CO. LTD.Shop 7, G/F, Paramount Bldg.,12 Ka Yip Street, Chai Wan, Hong Kong.

22 November 2012, PuLP, Central

Nigel Denty (HP Enterprise Services), Eddie O’Neill (itpm consulting)

Zoe Chan (Maclaren (HK) Limited), Fletcher Ng (Maclaren (HK) Limited)

Emma Dodwell-Groves (Pricoa Red Estate & Relocation Services), Angus Southey (Financial Partners)

Stephen Sheppard (PTS Consulting), Bruce Fox (AGS Four Winds)

Jules Fisher (Advocates Pharmaceutical and Healthcare), Candice Chan (BILI)

Celia Leung (Katterwall), Gavin Wyborn (GCP Asia), Steve Hodson (LGS Matrix)

Celia Leung (Katterwall), Bruce Fox (AGS Four Winds)

Anita Martin (Regus), Phillippa Cook (British Chamber of Commerce in Hong Kong), Jason White (Financial Partners)

Martin Lavoo (Riverbed Technology), Jonathan Martin (LexisNexis), Peter Elsey (Riverbed)

Aris Galiotos, Rhys Davies (Bank of America Merrill Lynch)

Britain in Hong Kong 35

Sponsored By

Shaken Not Stirred

34

We’re rewarding you

Enjoy a fabulous gift when you choose to fly Virgin Atlantic Upper Class.

Book Upper Class flights to London or Sydney, and you will receive gift vouchers to the value of HK$1,500, so you can shop till you drop at ELEMENTS.

Each round trip Upper Class ticket you booked, paid, and issued between 14 December 2012 and 28 February 2013 on J, C, D, I classes will earn you the gift vouchers. Travel from Hong Kong must commence between 14 December 2012 and 28 February 2013 and return trip to Hong Kong must be completed by 20 April 2013.

To redeem your vouchers, you just need to complete redemption form and submit along with the copy of ticket receipt and relevant original boarding passes (round trip) by mail to Virgin Atlantic Hong Kong Sales Department by 30 April 2013.

Please visit www.virginatlantic.com.hk for full details or call 2532 6060.

Book Upper Class flights to London or Sydney and you’ll receive ELEMENTS gift vouchers to the value of HK$1,500

Upper Class– Complimentary chauffeur driven car* to and from the airport.

– Dedicated Upper Class Check In, and priority boarding.

– Preflight access to the award winning Virgin Atlantic Clubhouse in Heathrow, Hong Kong, and our shared lounge facilities in Sydney.

– One of the longest fully flat beds in business class.

– Innovative, new Upper Class meal experience.

– Onboard bar.

– Fast track immigration and priority baggage reclaim.

* Chauffeur driven car service available at most destinations with selected Upper Class fares (J, D, I & C class). Radius restrictions apply.