Monthly Archives: June 2010

Blog, Programme

The NANYANG MBA Associate Dean talks about CSR in roundtable discussion : Sustainability can boost profits

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Businesses are facing increasing global pressure to pursue sustainable growth by managing stakeholders’ interests and the social, environmental and economic impact of their products, services, processes and other activities to achieve both financial and sustainable success. In fact, businesses can turn this into an opportunity to boost their bottom line.

In a Business Times-Nanyang Business School Roundtable discussion series, senior professors at Nanyang Business School and a visiting professor at the school who is a global authority on the subject, examine how businesses can promote sustainability and suggest some ways of integrating it into their operations to achieve a better bottom line.

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Blog, Living in Singapore

Singapore Millionaire Club The Fastest Growing

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[Extracted from cover story of The Straits Times, Saturday, 12 June 2010]

Author: Gabriel Chen, The Straits Times – Singapore Press Holdings

Singapore added millionaires at a faster rate than anywhere else in the world last year, despite a recession that decimated wealth in many nations.

The millionaire club grew by 35 per cent here, putting Singapore just ahead of second-placed Malaysia with a 33 per cent gain, and Slovakia on 32 per cent and China on 31 per cent.

In absolute numbers, the United States still has by far the most millionaire households at 4.7million, followed by Japan and China. But you are more likely to bump into a millionaire here.

An annual study by Boston Consulting Group (BCG) showed that Singapore had the highest concentration of millionaires, as in 2008. A total of 11.4 per cent of households here own more than US$1million (S$1.4million) – defined as those with investable assets of over US$1million, exclusive of property and items like art. BCG did not provide the number of millionaire households in Singapore.

Hong Kong was next in terms of concentration, followed by Switzerland, Kuwait, Qatar, the United Arab Emirates and the US.

Singaporean T.J Thang, who belongs to the elite group, did not fare too badly during the downturn. “Some of my stocks fell in value during the recession, but I was getting attractive property rental yields, and hence my cash grew.” said the 49-year-old businessman.

Economists and wealth managers cite a number of factors as to why Singapore is leading the way in the growth of millionaire households. One is Singapore’s “liberal admissions policy” to attract talent and the well-heeled, said CIMB Research economist Song Seng Wun.

Today, virtually every big-name private bank which caters to the well-heeled has made Singapore its regional hub.

What this latest reports means is, “for all the private bankers who are here, it confirms that Singapore is the right spot to be”, said Mr Rolf Gerber, chief executive of LGT Bank in Liechtenstein (Singapore).

BCG believes that another factor of this rise could be the strength of the Singapore dollar currency against the US dollar.

BCG’s study reviewed the assets under management covering 62 markets representing around 99 per cent of global economic output.

Top of the list
[Country growth in millionaire households]

Singapore: 35%
Malaysia: 33%
Slovakia: 32%
China: 31%
Morocco: 28%
South Korea: 28%
United Arab Emirates: 23%
Germany: 23%
Indonesia: 21%
Algeria: 21%

Blog, Life After MBA

Will You Take The MBA Oath?

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Author: Cynthea Lam, Marketing Manager

The MBA Oath

The MBA Oath. Hot topic and centre of heated debates. What is your take towards it? Do you think that it is necessary for the change this world badly needs or do you think it is just a meaningless piece of paper? After all, myriad oaths are taken every day and broken just as quickly. What is the significance of another oath, presumably taken by business minds who only have the bottom line to take care of? The creation of the MBA oath began in the spring of 2009, when two MBA students at the Harvard Business School, Max Anderson and Peter Escher, wondered what the future of MBAs should be, and in consideration with the recent spate of world events, if a kind of pledge could be put in place as a guiding philosophy or in a heavier sense, a lifetime vow to set higher standards for business leaders in view of profits, people and planet.

The goals of the MBA oath are to:
1. to make a difference in the lives of the individual students who take the oath,
2. to challenge other classmates to work towards a higher professional standard, whether they sign the oath or not, and
3.to create a public conversation in the press about professionalizing and improving management Like a doctor would take the Hippocratic oath before his practice of medicine, the MBA oath assigns public accountability for the inherent obligations to society of which MBAs as future leaders are bound to. Not everyone would agree, or think an oath like this is necessary to guide his or her actions, but it would certainly allow the MBA to precisely and publicly declare his or her convictions.

We take a look at the MBA oath.
As a business leader I recognize my role in society.
• My purpose is to lead people and manage resources to create value that no single individual can create alone.
• My decisions affect the well-being of individuals inside and outside my enterprise, today and tomorrow. Therefore, I promise that:
• I will manage my enterprise with loyalty and care, and will not advance my personal interests at the expense of my enterprise or society.
• I will understand and uphold, in letter and spirit, the laws and contracts governing my conduct and that of my enterprise.
• I will refrain from corruption, unfair competition, or business practices harmful to society.
• I will protect the human rights and dignity of all people affected by my enterprise, and I will oppose discrimination and exploitation.
• I will protect the right of future generations to advance their standard of living and enjoy a healthy planet.
• I will report the performance and risks of my enterprise accurately and honestly.
• I will invest in developing myself and others, helping the management profession continue to advance and create sustainable and inclusive prosperity.

In exercising my professional duties according to these principles, I recognize that my behavior must set an example of integrity, eliciting trust and esteem from those I serve. I will remain accountable to my peers and to society for my actions and for upholding these standards.

This oath I make freely, and upon my honor. [source: http://mbaoath.org/]