C H A R G I N G F O R W R D LEE KONG CHIAN SCHOOL OF BUSINESS Year In Review 2021-2022
C H A R G I N G F O R W R D PROGRESSING ONWARD Making Airports More Efficient by Tracking Passenger Movement 34 How to Cope When Your Authority Fluctuates at Work 36 Exploring Trust, Innovation and Sustainability in Business Families 38 Measuring Customer Satisfaction and Raising Standards 40 No Simple Formula for Marketing Strategy 42 Being Attuned to East-West Perspectives 45 Cooking Up Deals in the Banking Sector 48 Uncovering the Mysteries of Retail 50 LOOKING OUTWARD Creating Narratives in the Language of Opportunity 54 Next-Generation Leaders Immerse in Asian Business Practices 56 Crowdfunding Proves Rewarding for Singapore Firms in a Pandemic 58 Learning from Those Who had Forged Ahead 60 Youth Ecosperity Dialogue 2021 Goes Virtual, Sees Healthy Participation 62 Taking Pride in Research and Teaching 65 Making Sense of Psychology at Work 68 Understanding the Value of Money 70
CONTENTS MESSAGE FROMTHE CHAIRMAN 4 MESSAGE FROMTHE DEAN 8 ADVISORY BOARD 12 ORGANISATION STRUCTURE 20 THE YEAR IN REVIEW 22 DEAN’S FELLOWS 27 ADVANCING TOWARD Highly Cited Child Labour Research Wins M&SOM Best Paper Award 2022 74 Hedge Funds Underperform After Managers’ Divorce 76 Researchers Develop Tool to Predict Adoption of Vigilante Identity 77 Effective Pandemic Communication Can Reassure, Help Prevent Spread 79 Greater Acceptance of Lab-Grown Meat in Singapore than the US 80 Research/Postdoctoral Fellows 81 First Proper In-Person Commencement in 3 Years 84 New LKCSB Awards Celebrate Teaching Excellence 86 National Day Honours for LKCSB Duo 87 Inaugural Excellence in Professional Services Award Winners 88 LKCSB Faculty Lauded Among SMU’s Outstanding Teachers 89 Cultivating the Next-Generation of Academics 90 From Trust to Tweets and Innovation 92 Putting all her Energy into Sustainability Research 94 Having a Laser Focus on Quant Finance 96 CURATING KNOWLEDGE “Hot” and “Highly Cited” for Three LKCSB Papers 100 Open Resources Aid Teaching and Learning 101 Meeting the Development Needs of PhD Students 101 Digital Literacy for Learning Success 102 In Pursuit of Sustainability, SMU Libraries Can Help 102 Events 103 YEAR IN REVIEW 2021 - 2022 page 1
OUR PLEDGE SMU 2025 VISION To be a great and iconic global-city university in Asia that excels in tackling the world’s complexities and impacting humanity positively and producing leaders of tomorrow through its transformative education and multi-disciplinary research to provide insights in solving these problems. OUR MISSION We create business knowledge, and nurture keen minds to lead organisations and serve society. OUR VALUES Commitment Integrity Responsibility Collegiality Leadership Excellence LEE KONG CHIAN SCHOOL OF BUSINESS page 2
ACCREDITATIONS AND INTERNATIONAL MEMBERSHIPS YEAR IN REVIEW 2021 - 2022 page 3
MESSAGE FROM THE CHAIRMAN EDMUND LIN CHAIRMAN, ADVISORY BOARD LEE KONG CHIAN SCHOOL OF BUSINESS page 4
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Both the school, and indeed, Singapore are in a better place today compared to 12 months ago when I last wrote to you. The Covid-19 pandemic is not over by any means, but we have learned to live with the virus. The malls are busy, restaurants are full, and a sense of normalcy prevails in the school, as well as in society. Moreover, our school has demonstrated remarkable resiliency during the pandemic and our faculty, staff and students have emerged stronger following this experience. As Singapore and the world reopens, this has led to changes, especially as people feel safe to travel abroad again. This has impacted us of course. We have seen an 8.9 percent drop in undergraduate applications from our 2022 high. This decline is due in no small part to the relaxation of travel restrictions. However, despite the drop, the quality of applications this year is similar or maybe even slightly better than the year before. In the end, we matriculated 884 students, above our target. This includes 38 scholarship recipients who accepted our offer, representing a record yield. We have also done wel l in our postgraduate recruitment. In fact, some of our programmes have done brilliantly and have exceeded our targets. These include our Master in Management, our part-time MBA, our full-time Master in Applied Finance and our Executive MBA. LEE KONG CHIAN SCHOOL OF BUSINESS page 6 MESSAGE FROM THE CHAIRMAN LKCSB’s best years still lie ahead and I look forward to witnessing its future success.
A survey of BBM graduates from 2022 also showed good news on the employment front. Just over 90 percent of respondents were employed, an 11-percentage point increase compared with the batch before. Many of themare working in leading firms such as PwC, Ernst & Young, DBS and JP Morgan. We’ve had similar success with our placement of postgraduate students. The employment rate has gone up for graduates from almost all courses, with the 2021 graduates from the Master in Wealth Management doing exceptionally well, with a 96 percent employment rate. We are fortunate that our new Dean, Bert De Reyck, has made a smooth transition and we are set to thrive under his leadership in the years to come. My own journey with LKCSB, however, has come to an end. After serving nine years as Chairman, I am passing the baton to Simon Cooper, the Chief Executive of Corporate, Commercial and Institutional Banking at Standard Chartered. Since joining the Advisory Board in 2016, Simon has demonstrated the utmost commitment to our school and LCKSB is in remarkably good hands with Simon now leading the way. I would like to thank all the board members of the school, as well as the faculty and the administration, for their remarkable commitment to the success of LKCSB. It’s been a true privilege to serve the school and to play a small role in helping LKCSB make remarkable progress towards our ambition of becoming a world-leading business school. LKCSB’s best years still lie ahead and I look forward to witnessing its future success. EDMUND LIN CHAIRMAN, ADVISORY BOARD YEAR IN REVIEW 2021 - 2022 page 7
MESSAGE FROM THE DEAN BERT DE REYCK DEAN, LEE KONG CHIAN SCHOOL OF BUSINESS LEE KONG CHIAN SCHOOL OF BUSINESS page 8
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It has now been over a year since I’ve joined our School, and what a year it has been! I couldn’t be more pleased about my decision to join SMU, and my ambition is that every single student, faculty member, and member of our professional services teams feel exactly the same way. Therefore, since coming on board, I have made it a priority to listen to all of our stakeholders, and to hear from them about what they feel makes us great, and where we could improve even further. Based on the many conversations I have had, I think it is safe to say that LKCSB is in a great place. It has firmly established itself as one of the leading business schools in the world, evidenced by its excellent position in the numerous global rankings, and high student satisfaction and employment. However, there is always room for us to do even better. That is why I developed a strategic plan, consisting of six major strategic initiatives that I’d like to see come to fruition during my (first?) tenure at Dean. These initiatives range from creating strategic research focus areas in areas of global and local importance, further intensifying our research performance and impact, rejuvenating our postgraduate education portfolio, reviewing our research institutes and centers, and transforming our leadership and financial management. Allow me to share some examples of what we are currently developing to realize these initiatives. In terms of research, focusing our already intense research activity on a few LEE KONG CHIAN SCHOOL OF BUSINESS page 10 MESSAGE FROM THE THE DEAN As a young business school, we have become really good at starting new things; but to become great, we also need to be good at stopping things when the time is right.
key areas will allow us to really make a difference in areas such as sustainability, innovation & entrepreneurship, and digitalization & business analytics, all with a global approach but a focus on Asia. To enable this, I am putting in place the mechanisms that will allow us to grow our research capacity, and increase its impact. Concer n i ng our pos tgraduate education, we are working on an exciting new Masters programme in Entrepreneurship & Innovation, with a focus on supporting the ent repreneurship ecosystem in Singapore. In this venture we are working with Vertex Holdings and the Temasek Life Sciences Laboratory to firmly embed the programme in Singapore’s entrepreneurship scene. Participants in the programme will also get the opportunity to visit and work in San Francisco, Tel Aviv and also in London, where an exchange opportunity will be provided with the UCL School of Management’s Masters in Entrepreneurship programme, one of the leading such programmes in the UK that I helped to set up during my tenure as Dean there. At the same time, however, we will also have to have a hard look at our current postgraduate portfolio, and see whether we need reconsider some of our current offerings in the light of a strategic re-focussing or increased local competition. As a young business school, we have become really good at starting new things; but to become great, we also need to be good at stopping things when the time is right. These might not be easy decisions, but they are as crucial as developing new initiatives, to help us in our ambition to become the leading business school in Asia. But it is clear that the future of LKCSB looks bright. With the support of our students, alumni, faculty, professional services colleagues, industry partners, Advisory Board, and friends everywhere, I am confident we will succeed in our ambitions, and I hope you will join me on this exciting journey. One final word before I sign off — I would like to offer my sincere thanks to Edmund Lin, the outgoing Chair of the School’s Advisory Board. I count myself lucky to have had the chance to work closely with Ed during the last 12 months or so, and it is clear that the School has benefited greatly by all of his contributions to LKCSB and SMU. I will be sorry to see him go. At the same time, I am looking forward to working closely with Simon Cooper, our incoming Chair. Simon has always been a very active Board member, and his numerous valuable suggestions and wise counsel have helped us enormously. I am eager to work with him and the rest of the Board in the years to come. BERT DE REYCK DEAN, LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2021 - 2022 page 11
ADVISORY BOARD EFFECTIVE 1 JULY 2022 EdmundLin joinedBain&Company’s San Francisco office in 1990 and relocated to Singapore in 1994 to help found the global consultancy’s Southeast Asian practice. From 2010 to 2019, he served as Bain’s Global Head of Financial Services, and had led the firm’s practice area, advising the world’s leading financial institutions on their most critical business issues. Under his leadership, Financial Services has been one of the largest and fastest growing practices within the firm. Ed now serves as Bain’s Chairman of Southeast Asia. Ed serves on the John has 35 years of experience in consumer products, technology and retail. He recently retired from his role as CEO of ekaterra, Unilever’s $3bn tea division, following the successful carve-out & sale of the business to CVC Capital Partners. Prior to joining ekaterra, John was CEO of leading healthcare services provider Zuellig Pharma, where he drove a major transformation by redefining its mission to make hea l thcare more access ible through world-class distribution, CHAIRPERSON EDMUND LIN CHAIRMAN OF SOUTHEAST ASIA BAIN & COMPANY JOHN DAVISON FORMER CEO OF EKATERRA & ZUELLIG PHARMA Singapore Management University Board of Trustees and is Chairman of the Finance and Remuneration Committee. He is also Chairman of the SMU Lee Kong Chian School of Business Advisory Board and SMU College of Integrative Studies Advisory Board. Ed has an M.B.A. from the Kellogg Graduate School of Management (Distinction, Beta Gamma Sigma) and a B.S. degree in Business Administration from the University of California at Berkeley (High Honours, University of California Regents Scholar, National Merit Scholar). commercial solutions and digital technology. Prior to this, John was President of Danone’s Dairy Division in Asia, Middle East and Africa, building teams in 20 countries and opening new factories in Korea, Australia, Thailand, Iran and Iraq. A graduate of Cambridge University and Harvard Business School, John spent his early career with McKinsey, before being appointed Head of Strategy at leading drinks company Diageo. John is British, based in Singapore. LEE KONG CHIAN SCHOOL OF BUSINESS page 12
Patrick Cao, currently serves as President of GoTo. He is respons ibl e for over see i ng corporate development, investor relations, investments, strategic partnerships, synergy integration and ESG activities of the Company. Patrick has been a member of the leadership team at Tokopedia since 2016 and was responsible for the finance department, investments, financial technology business and Yasmin Aladad Khan is the Executive Vice President, Commercial for Asia Pacific, DHL Express. She has been a member of the Asia Pacific Management Board since January 2005 and joined DHL in PATRICK CAO PRESIDENT GOTO YASMIN ALADAD KHAN EXECUTIVE VICE PRESIDENT, COMMERCIAL DHL EXPRESS ASIA PACIFIC partnerships for Tokopedia and its subsidiaries. Before joining Tokopedia, Patrick was a Principal at Formation 8. In this role, he focused on diversified technology investments in Southeast Asia. Prior to Formation 8, Patrick was an Executive Director at UBS Investment Bank, specializing in mergers, acquisitions, and capital markets advisory. Malaysia in 2001. She was previously Vice President at Chase Bank and Chief Operating Officer of General Electric International Operations Inc. Thailand. YEAR IN REVIEW 2021 - 2022 page 13
Ong Ai Hua joined Johnson & Johnson nearly 30 years ago with the desire to make a difference to the lives of people in need. This passion and drive continue today in her role as Head of Government Affairs & Policy for pharmaceuticals, medical devices, and consumer health at Johnson & Johnson in Asia Pacific. She also chairs the Global Community Impact program for J&J in the region. Ai Hua was the Company Group Chair for Janssen, the Pharmaceutical Companies of Johnson & Johnson 2017-2020, and led a team of more than 7000 employees across Asia Pacific with responsibility for regionwide pharmaceut i ca l operat i ons , including in the key markets of Japan and China. She previously served as President of One J&J Ms Poh was appointed Managing Director of the Singapore Economic Development Board (EDB). She was previously Deputy Secretary in the Prime Minister’s Office Strategy Group, which leads and organises the Public Service to develop and implement the strategic priorities of the Government. She also oversaw the National Population and Talent Division and the Centre for Strategic Futures. Ms Poh was the founding Chief Executive of the Government Technology Agency of Singapore (GovTech), and was previously the Managing Director of the Infocommunications Development ONG AI HUA HEAD OF GOVERNMENT AFFAIRS & POLICY JOHNSON & JOHNSON, ASIA PACIFIC JACQUELINE POH MANAGING DIRECTOR SINGAPORE ECONOMIC DEVELOPMENT BOARD Southeast Asia, where she helped pioneer and implement J&J’s firstever, one-company enterprise business model encompassing pharmaceuticals, medical devices, and consumer health. She also led the medical devices business for J&J Medical China to high growth, pioneered an incubator model for market appropriate products and led a team to make J&J’s first acquisition for medical devices in China. Ai Hua is a strong advocate for women in leadership and provides guidance and support through local universities and the Young Women’s Leadership Connection Mentorship Program. Ai Hua holds a BSc in Microbiology and Biochemistry and an MBA from the National University of Singapore. She is an advocate for Authority (IDA). She has also held key positions in the Ministry of Manpower, the Ministry of Finance and the Ministry of Defence. Ms Poh is an alumnus of Oxford, Cambridge, INSEAD (MBA) and Stanford. She has three teenagers and more patience than before she had them. She currently sits on the Boards of SingHealth, the Singapore Institute of Technology and the Agency for Science, Technology and Research. She is the Chairperson of the Design Singapore Advisory Board and is amember of the Young Presidents’ Organisation. ADVISORY BOARD women in leadership, a committed volunteer and council member at the Dover Park Hospice, and an advisory boardmember of Lee Kong Chian School of Business and Design Singapore Council. LEE KONG CHIAN SCHOOL OF BUSINESS page 14
Ari Sarker joinedMastercard in 2011 and has held an array of leadership roles across geographies. He is currently President of Asia Pacific, overseeing all of the company’s activities in the region. He is also a member of the Global Management Commi ttee. Ar i is an act ive proponent of Mastercard’s financial inclusion commitments, and a dedicated champion of inclusive growth efforts across a number of Asia’s emerging economies. He also spearheads identifying and managing new equity investment opportunities designed to establish Singapore-based Simon Cooper is chief executive of Standard Chartered’s global wholesale and investment banking division, which serves multinationals and mid-size corporates and financial institutions across more than 50 markets, and CEO of the Group’s Europe & Americas region. He previously spent many years at HSBC, where his roles included CEO of Commercial Banking, CEO of HSBC Middle East and North Africa and ARI SARKER PRESIDENT, ASIA PACIFIC MASTERCARD ASIA/PACIFIC PTE LTD SIMON COOPER CHIEF EXECUTIVE, CORPORATE, COMMERCIAL & INSTITUTIONAL BANKING AND CHIEF EXECUTIVE, EUROPE & AMERICAS STANDARD CHARTERED BANK Mastercard as a natural partner of choice for firms in the dynamically evol v ing f intech landscape. Prior to his current role, Ari was Co-President of the Asia Pacific region for six years. Before that, he helmed Mastercard’s business for South Asia, including India. He started his journey with the company as Head of Network Processing for AP & MEA. Before joining Mastercard, Ari spent over 12 years with GE in a number of sen i or ro l es ac ross key markets in the Americas, Europe and Asia Pacific. Head of Corporate and Investment Banking, Singapore. A strong believer in the value of diversity, he chairs Standard Chartered’s Global Diversity & Inclusion Council. Following the Covid-19 outbreak, Simon was instrumental in Standard Chartered’s commitment to provide US$1bn of financing on a non-profit basis to companies across the bank’s network that provide equipment and services on the frontline fight against the virus. YEAR IN REVIEW 2021 - 2022 page 15
Arthur was appointed Group Chief Financial Officer on 1 April 2021. He also oversees the management of the Group’s regional associates and its portfolio of strategic telecom investments. He also spearheads Singtel’s efforts in GXS, the regional digital bank joint venture with Grab. Arthur joined Singtel in January 2017 as CEO, International. Before joining singtel, he was Group CFO of CapitaLand, where he also ran CapitaLand’s real estate investment management business. He was awarded the Best CFO (Large Cap) at the 2015 Singapore Corporate Awards. Prior to CapitaLand, Arthur was at Morgan Stanley where ARTHUR LANG GROUP CHIEF FINANCIAL OFFICER SINGAPORE TELECOMMUNICATIONS LIMITED he was Co-head of the Southeast Asia investment banking division and Chief Operating Officer of the Asia Pacific investment banking divi s ion. Ar thur was named Chairman of the National Kidney Foundation in November 2020. He is also a board member of Bharti Airtel, Intouch Holdings, AIS, GXS Bank, the Straits Time School Pocket Money Fund, Singapore Tourism Board. Arthur is appointed as Justice of Peace in Singapore since 2020. Arthur has an MBA from the Harvard Business School and a BA in Economics (magna cum laude) from Harvard University. ADVISORY BOARD LEE KONG CHIAN SCHOOL OF BUSINESS page 16
Lynet te i s Ch i ef Execut i ve Officer, Environmental, Social and Governance (ESG) Funds & Stewardship, responsible for leading the development and growth of CLI ’s ESG- l inked investment management business. She is a member of CapitaLand Investment’s senior leadership council. Prior to this role, Lynette was Capi taLand’s f i rst Chief Sustainability Officer, and elevated the Group’s ESG leadership including the launch of the 2030 CapitaLand Sustainability Master Plan and CapitaLand Sustainability X Challenge, and embedding of ESG best practices into CLI’s business. She served as CEO, Commercial and Chief Business Innovation Officer since 2017 and co-led the integration of CapitaLand and Ascendas-Singbridge when they merged in 2019. As CEO of CapitaLand Commercial Trust f rom 2007 to 2017, Lynette led the profitable growth of its LYNETTE LEONG CHIEF EXECUTIVE OFFICER, ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) FUNDS & STEWARDSHIP CAPITALAND INVESTMENT assets to about 3 times to over S$10 billion, and to becoming the largest commercial REIT and office landlord in Singapore with high sustainabi l ity standards. Before joining CapitaLand in 2007, Lynette held leadership roles in international private equity real estate investment management for over 15 years, including as CEO, Korea at Ascendas, and as Director at the London, New York, Chicago and Asian offices of LaSalle Investment Management. Lynette currently serves on the board of the Singapore Green Building Council and the advisory board of SingaporeManagement University’s Lee Kong Chian School of Business. She holds a Bachelor of Science in Estate Management and a Master of Science in Real Estate from the National University of Singapore. She was conferred The Public Service Medal, 2021 by the Prime Minister’s Office, Singapore for her contributions to the public service. YEAR IN REVIEW 2021 - 2022 page 17
Ms Elaine Heng is both Deputy Group Chief Executive Officer of FairPrice Group (FPG) and Chief Executive Officer for Retail Business at FairPrice Group (FPG). FPG comprises NTUC FairPrice, NTUC Foodfare, Kopitiam, andNTUC Link. As Deputy Group CEO of FPG, Ms Heng supports the Group CEO in driving key strategic initiatives across the group to leverage and synergise the different business units and functions. Currently, FPG has a footprint of close to 570 stores, employs over 14,000 staff with an annual turnover of over $4.5 billion. In her role as CEO of Retail Business, she oversees overall business, strategy, management and success of the Co-operative’s retail business comprising FairPrice supermarkets, hypermarkets, pharmacies and convenience stores across eight banners. Adopting customer-centricity, operational excellence and datadriven performance in rethinking retail, she has been instrumental in transforming FairPrice and in ensuring its leadership position. ELAINE HENG DEPUTY GROUP CHIEF EXECUTIVE OFFICER CHIEF EXECUTIVE OFFICER FOR RETAIL BUSINESS FAIRPRICE GROUP (FPG) Under her l eader sh i p, she reinvented retail with new blended concepts of cooked food and grocery at FairPrice Xtra outlets in Vivocity and Parkway Parade. She also introduced many firsts, including FairPrice on Wheels to bring groceries to the community during the pandemic, Freshmart and Finest Gourmet to cater to different segments of the markets, and Cheers unmanned store that leverages Artificial Intelligence to provide enhanced convenience to customers. In addition, Elaine led the milestone project on behalf of FPG and NTUC Enterprise to bring digital banking into the suite of offerings for the group. Prior to joining FairPrice Group in 2017, Elaine was responsible for the performance of the sales and service force across Branch Banking business in thirteen countries. She has 20 years of retail banking experience. ADVISORY BOARD LEE KONG CHIAN SCHOOL OF BUSINESS page 18
Pearlyn Phau is Group Chief Executive Officer and Executive Director of leading homegrown financial services company Singlife with Aviva, formed by the merger of Singlife and Aviva Singapore. Pearlyn leads Singlife’s strategy, innovation and business efforts to deliver a better way to financial freedom for customers and the financial services industry. Pearlyn cut her teeth inwealthmanagement, digital and retail banking and has amassed over three decades of experience in the financial services Surendra Rosha i s Co-Chief Executive of The Hongkong and Shanghai Banking Corporation Limited alongside David Liao. Mr Rosha is a member of HSBC’s Group Executive Committee and serves as an Executive Director on the Board of The Hongkong and Shanghai Banking Corporation Limited. He sits on the board of other entities with the HSBCGroup, including Non-Executive Director of HSBC Global Asset Management Limited. Mr Rosha joined HSBC as a graduate trainee in 1991 PEARLYN PHAU GROUP CHIEF EXECUTIVE OFFICER SINGLIFE WITH AVIVA SURENDRA ROSHA GROUP EXECUTIVE, HSBC GROUP AND CO-CHIEF EXECUTIVE THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED field. She is well-respected amongst industry peers for being a strong leader with a digital-first mindset and having an exceptional track record of leading key strategies and business transformation initiatives. Prior to her current appointment, she held several senior executive roles in DBS Singapore and the region. Pearlyn is a Chartered Financial Analyst and holds a BA in Economics and Statistics from the National University of Singapore. She sits on the board of the Housing and Development Board. and has since held several senior positions within the Global Banking and Markets, including Head of Global Markets in Indonesia in 2005 and Head of Institutional Sales, Asia-Pacific in 2007. He was appointed Chief Executive, HSBC India from 2018 to 2021. Prior to that, he was Head of Financial Institutions Group (FIG) for Asia-Pacific. Mr Rosha holds a Master’s degree in Business Administration from the Indian I n s t i t u t e o f Managemen t , Ahmedabad. YEAR IN REVIEW 2021 - 2022 page 19
PA TO THE DEAN DORASEN KHOO RESEARCH INSTITUTES AND CENTRES BUSINESS FAMILIES INSTITUTE KENNETH GOH INSTITUTE OF SERVICE EXCELLENCE NEETA LACHMANDAS INTERNATIONAL TRADING INSTITUTE PATRICK TAN RETAIL CENTRE OF EXCELLENCE KAPIL TULI SIM KEE BOON INSTITUTE FOR FINANCIAL ECONOMICS DAVID FERNANDEZ UOB-SMU ASIAN ENTERPRISE INSTITUTE ANG SER KENG AREA COORDINATORS COMMUNICATION MANAGEMENT MARK CHONG FINANCE JOE ZHANG MARKETING JIN KYUNG HAN OPERATIONS MANAGEMENT DANIEL ZHENG ORGANISATIONAL BEHAVIOUR AND HUMAN RESOURCES ABHIJEET VADERA STRATEGY AND ORGANISATION ILYA CUYPERS QUANTITATIVE FINANCE SHIRLEY HUANG LKCSB ADVISORY BOARD LKCSB ALUMNI BOARD DEAN BERT DE REYCK ORGANISATION STRUCTURE AS OF 1 JULY 2022 LEE KONG CHIAN SCHOOL OF BUSINESS page 20
ANG SER KENG MICHAEL BASHSHUR SHANTANU BHATTACHARYA CHAN SOON HUAT TERENCE FAN DAVID GOMULYA LIM YUN FONG AUGUSTINE PANG JOHN SEQUEIRA TAN HWEE HOON TEE CHYNG WEN MANDY THAM ASSOCIATE DEANS UNDERGRADUATE PROGRAMMES ROGER LOH DIRECTOR UNDERGRADUATE ADMISSIONS MA KHENG MIN ACADEMIC DIRECTORS FACULTY & RESEARCH SHELLY LI PROGRAMME DIRECTOR HANNAH CHANG POSTGRADUATE PROGRAMMES ROY CHUA BENEDICT KOH PARTNERSHIPS AND ENGAGEMENT AUGUSTINE PANG CORPORATE SERVICES & AREA ADMINISTRATION LENA LEE ASSISTANT DEAN (ADMINISTRATION) ANDERSON LIM DEPUTY DEAN (EDUCATION) SHANTANU BHATTACHARYA UNDERGRADUATE PROGRAMMES RACHEL ONG POSTGRADUATE PROGRAMMES & OPERATIONS YEO LAY YAN DEPUTY DEAN (FACULTY & RESEARCH) MELVYN TEO YEAR IN REVIEW 2021 - 2022 page 21
THE YEAR IN REVIEW STUDENT ENROLMENT AS OF 13 SEPTEMBER 2021 ENROLMENT NUMBERS FOR FY 2020 UNDERGRADUATE PROGRAMMES INCLUDING SUTD-SMU DUAL DEGREE PROGRAMME POSTGRADUATE RESEARCH PROGRAMMES 3,475 96.6% CUM LAUDE AND ABOVE $4,855 CUM LAUDE AND ABOVE $5,043 CUM LAUDE AND ABOVE 90.3% CUM LAUDE AND ABOVE 96.6% BUSINESS MANAGEMENT $4,371 BUSINESS MANAGEMENT $4,650 BUSINESS MANAGEMENT 86.0% BUSINESS MANAGEMENT POSTGRADUATE PROFESSIONAL PROGRAMMES INCLUDING PROFESSIONAL DOCTORATE PROGRAMMES 865 38 OVERALL EMPLOYMENT RATE (%) FULL-TIME PERMANENT EMPLOYMENT RATE (%) GROSS MONTHLY SALARY 75TH PERCENTILE MEAN GRADUATE EMPLOYMENT SURVEY 2021 FOR BACHELOR OF BUSINESS MANAGEMENT LEE KONG CHIAN SCHOOL OF BUSINESS page 22
POSTGRADUATE INTERNSHIPS (2021 - 2022 COHORT) POSTGRADUATE EMPLOYMENT DATA FOR GRADUATION YEAR 2021 % OF OFFERS ACCEPTED WITHIN 6 MONTHS OF GRADUATION POSTGRADUATE JOB OFFERS BY INDUSTRY GRADUATION YEAR 2021 MBA 100% MiM 100% MAF 97% MHCL 91% MWM 83% MCM 71% MI 50% MWM 96% MAF 89% MiM 86% MQF 86% MBA 79% FINANCIAL SERVICES 30% TECHNOLOGY 26% CONSULTING 9% AUDIT / ACCOUNTING 3% MEDIA / ADVERTISING / ENTERTAINMENT 3% TRANSPORTATION & LOGISTICS 2% RETAIL 4% MANUFACTURING 3% CONSUMER GOODS 3% GOVERNMENT 2% HEALTHCARE 5% OTHERS 10% YEAR IN REVIEW 2021 - 2022 page 23
FINANCIAL TIMESMASTERS IN FINANCE POST-EXPERIENCE RANKING 2022 MASTER OF SCIENCE INWEALTH MANAGEMENT 3rd FINANCIAL TIMESMASTERS IN FINANCE PRE-EXPERIENCE RANKING 2022 MASTER OF SCIENCE IN APPLIED FINANCE 40th FINANCIAL TIMES EXECUTIVE MBARANKING 2022 EXECUTIVE MASTER OF BUSINESS ADMINISTRATION 33rd 2022 QS RANKING FOR BUSINESS &MANAGEMENT 36th UTD RESEARCH RANKINGS 2021 42nd FINANCIAL TIMES GLOBALMBA RANKING 2022 MASTER OF BUSINESS ADMINISTRATION 51 st THE YEAR IN REVIEW LEE KONG CHIAN SCHOOL OF BUSINESS page 24 WORLD RANKINGS
FACULTY PROFILE AS OF 1 JULY 2022 ADMINISTRATIVE STAFF (%) AS OF 15 JULY 2022 DEPARTMENT/AREA TOTAL ADMINISTRATIVE STAFF 119 DEAN’S OFFICE QUALITYASSURANCE CORPORATE SERVICES AND AREAADMINISTRATION POSTGRADUATE RECRUITMENTANDADMISSIONS RESEARCH CENTRES AND INSTITUTES 1% 2% 11% 11% 38% POSTGRADUATE OPERATIONS AND POSTGRADUATE PROGRAMMES 21% UNDERGRADUATE PROGRAMMES 7% FACULTYAND RESEARCH 6% BUSINESS PARTNERSHIP 3% 66% TRACKS PRACTICE 12% 8% 10% 4% EDUCATION TENURE SUPPORT SPECIAL* TOTAL FACULTYMEMBERS 121 LECTURERS 1% PRINCIPAL LECTURERS 1% ASSISTANT PROFESSORS 42% ASSOCIATE PROFESSORS 20% PROFESSORS 10% SENIOR LECTURERS 26% DEPARTMENT/AREA COMMUNICATION MANAGEMENT 15% 7% 25% 15% 17% 3% 18% FINANCE MARKETING OPERATIONS MANAGEMENT ORGANISATIONAL BEHAVIOUR & HUMAN RESOURCES QUANTITATIVE FINANCE STRATEGY & ORGANISATION * “Special track” refers to the following categories: Endowed Chair Professor, Distinguished Term Professor, Research Professor/Scholar and Post-Retirement YEAR IN REVIEW 2021 - 2022 page 25
THE YEAR IN REVIEW 8% EXTERNAL DONATIONS/ OTHERS 2% CONFERENCES, RESEARCH, DISCRETIONARY ACCOUNT FOR RESEARCH AND TEACHING 17% OTHER OPERATING EXPENSES 13% FACILITIES AND DEPRECIATION 37% MOE GRANTS 54% TUITION FEES 67% FACULTY AND ADMINISTRATIVE STAFF COSTS FINANCES FOR FINANCIAL YEAR 2021 REVENUE $153M EXPENDITURE $95M LEE KONG CHIAN SCHOOL OF BUSINESS page 26
DEAN’S FELLOWS PROVIDE COUNSEL, MENTORSHIP The Lee Kong Chian School of Business (LKCSB) is constantly seeking new ways to enhance the quality of its education, research and community engagement efforts, that LKCSB can grow and become even more distinctive, influential and relevant to all its stakeholders. The Dean of LKCSB and the management of the School assume the responsibility for setting the direction of such efforts. And when counsel is needed, the Dean’s Fellows can be called upon to act as a sounding board for strategic matters, to advise the Dean and to recommend lines of action based on information received from the management team. Dean’s Fellows provide advice and feedback on ongoing programmes and activities, strategies and plans for the future. Such inputs could enhance fundraising, postgraduate recruitment, student placements, curriculum review and other related areas. The Fellows could also provide insights on relevant emerging trends. Other areas under the purview of Dean’s Fellows include developing strategic relationships and networks with business, government and the communi ty, to help secure student projects, internships and employment opportunities. The Fellows are also expected to generate more opportunities for research and innovation collaborations, to mentor and coach students, and to be ambassadors and advocates for the School. In addition, their help would also be much appreciated in securing resources for scholarships, awards and prizes to acknowledge outstanding and innovative efforts of students and faculty, and in securing significant contributions and financial support to st rengthen and ensure the long-term sustainabi l i ty of the School’s foundation. Dean’s Fellows are appointed based on the wealth of experience they possess from having performed a variety of roles with distinction, across different fields and industries. Their advice and recommendations contribute greatly to the School’s thinking about policy, procedure or strategy, even as the final responsibility for all decisions lies with the School’s management. DEAN’S FELLOWS YEAR IN REVIEW 2021 - 2022 page 27
MAUREEN DEROOIJ CHIEF EXECUTIVE OFFICER THE EXECUTIVE FORUM SINGAPORE Maureen is theCEOof TheExecutive Forum Singapore. The Forum provides senior regional leaders and non-executive directors the opportunity to actively engage with key thought-leaders and experts on strategic, geo-political and economic developments relevant to their businesses. A career corporate banker of 30 years, her most recent position was CEO Asia-Pacific of ABN AMRO Bank. She served on the boards of ABN AMRO Asia Fund Services, its Hong Kong Clearing business and its Asia Security Services. Externally she served on the Corporate Advisory Council of the Hong Kong Securities and Investment Institute, the Singapore Banking Council, the European ASEAN Business Alliance Board, and the Board and Investment Committee of the Singapore International Chamber of Commerce. Maureen previously worked for Standard Chartered Bank as Global Head of Natural Resources and Commodities, and later as Group Chief Operating Officer for the Wholesale bank’s Client Business. Prior to this she worked for over 10 years in the United States based in Chicago and New York for ABN AMRO and Citigroup Maureen served nine years on the Advisory Board of Singapore Management Universi ty’s Lee Kong Chian School of Business and is currently a Dean’s Fellow collaboratingon abook onCorporate Environmental Sustainability in Southeast Asia. Periodically she works with CEOs and boards on their journey towards balancing increasing sustainability demands wi th the cont inued need for prof i tabi l i ty and shareholder value. In addition, she serves on the International Council (NIC) of the NUS Yong Loo Lin School of Medicine and is an elected Council Member of the Singapore Economic Society. A recognized speaker on topics at the cross section of Finance, Sustainability and Asia she speaks at Bloomberg, Financial Times and The Economist events and guest lectures at various universities in Singapore. Maureen holds a master’s degree in Corporate Law (LLM) f rom the Ri jksuniversiteit Leiden in the Netherlands and an MBA degree from the University of Chicago (Booth). She completed the Cambridge Prince of Wales Bus i nes s and Sus t a i nab i l i t y Programme in 2006. Dean’s Fellows LEE KONG CHIAN SCHOOL OF BUSINESS page 28
JEFF TUNG EXECUTIVE DIRECTOR & CHAIRMAN SY HOLDINGS GROUP LIMITED TEE FONG SENG CHIEF EXECUTIVE OFFICER PICTET WEALTH MANAGEMENT ASIA BANK PICTET & CIE (ASIA) LTD, SINGAPORE Jeff Tung is the founder and Chairman of SY Holdings (6069.HK), a leading supply chain technology platform based in China. Jeff is responsible for the company’s overall strategic planning, business development and operations. Since its inception in 2013, Jeff has grown SY Holdings, listing it on the HKEx in less than four years and Tee Fong Seng is a private-banking veteran with in-depth knowledge of the wealth management business across Asia. Before joining Pictet, he was Chairman of EFG Bank’s Asia Advisory Board and a member of its Global Board. He spent most of his career with Credit Suisse as Vice Chairman for Asia, CEOHong Kong Branch and Head of Private Banking Singapore; and at UBS, where he was Head of Wealth Management South East Asia and Deputy Branch Manager for UBS Singapore. He is achieving a market capitalisation exceeding SGD 1 bi l l ion. Jeff has served as a Dean’s Fellow since July 2020, Chairman and Executive Director of the Institute of Innovation & Entrepreneurship of SMU, a committee member of the Enterprise Board of SMU and a member of the SMU International Advisory Council (China). also Dean’s Fellow at the Singapore Management Universi ty’s Lee Kong Chian School of Business; a Board member of apVentures, a non-profit venture philanthropic organisation; and a Distinguished Fellow (Wealth Management) of the Institute of Banking and Finance Singapore. He is a Chartered Management Accountant (ACMA, London) and holds a Bachelor of Business Administration from National University of Singapore. YEAR IN REVIEW 2021 - 2022 page 29
GOH SWEE CHEN PRESIDENT GLOBAL COMPACT NETWORK SINGAPORE Swee Chen is currently Chairman, National Arts Council, andChairman, Nanyang Technological University (NTU). She joined Shell in 2003 and retired as Chairman, Shell Companies in Singapore in January 2019. She was previously with Procter &Gamble and IBM. A global leader, she has lived and worked in Singapore, Malaysia, Netherlands, Australia, USA, Japan and China. SweeChen has a diverseprofessional background, having led significant businesses in Oil & Gas, Consumer Goods and IT sectors. Swee Chen serves on the Boards of Singapore Airlines, SPGroup, JTCCorporation, Woodside Petroleum (Australia), Carbon Solutions Holdings, Carbon Solutions Platform, Carbon Solutions Investments, Carbon Solutions Services and Resilience Collective. She is President - Global Compact Network Singapore, a UNGC Local Network and chairs the Institute HR Professional. She is also a member of the Legal Services Commission, Singapore Research, Innovation and Enterprise Council and Centre for Livable Cities Advisory Panel. Swee Chen had previously chaired/served in the Boards of Shell Joint Ventures in China, Korea and Saudi Arabia, as well as CapitaLand Investment and Centre for Liveable Cities Ltd. Swee Chen graduated with B.Sc. - Victoria University and MBA - Chicago Booth, University of Chicago. She was named Distinguished Alumni, Chicago Booth, in 2018. She is married with three children. Dean’s Fellows WONG MUN HOONG REGIONAL CHIEF EXECUTIVE OFFICER, AUSTRALIA & NORTH ASIA MAPLETREE INVESTMENTS PTE LTD Wong Mun Hoong is Mapletree’s Regional CEO for Australia and North Asia, responsible for its non-REIT businesses in these regions. He is also a Non-Executive Director of Mapletree Logistics Trust Management. Mr Wong brought along 14 years of investment banking experience in Asia including 10 years at Merrill Lynch & Co in Singapore, Tokyo, and Hong Kong SAR, before he joined Mapletree as the Group Chief Financial Officer in 2006, a position he held till 2019. Mr Wong graduated with a Bachelor of Accountancy (Honours) degree from the National University of Singapore and holds the professional designation of Chartered Financial Analyst. He attended the Advanced Management Programme at INSEAD Business School. LEE KONG CHIAN SCHOOL OF BUSINESS page 30
PRADEEP PANT PRESIDENT PANT CONSULTING PTE LTD Pradeep is a highly experienced senior business leader. Post his retirement from corporate roles he is now involved in business consulting, education and serves on several board positions. Pradeep has over 37 years of experience in the FMCG industry. He is an expert in building businesses in both mature and emergingmarkets. He has managed a wide range of iconic brands across some of the world’s fastest-growing and complex emerging markets including China, India, Russia, Turkey, Middle East and ASEAN as well as developedmarkets like ANZ, Japan, Korea. Pradeep has a deep understanding of market dynamics and cultural diversity. He has a proven track record and passion for turning organizations around. In his last corporate role Pradeep served as Executive Vice President and President of Asia Pacific (AP) and Eastern Europe, Middle East and Africa (EEMEA) for Mondelēz International till end 2013. Mondelēz International consists of the global snacking and food brands of the former Kraft Foods Inc and Cadbury. Pradeep served as President, Asia Pacific, since 2008 and then he assumed responsibility for the EEMEA region as well in 2012. Previously, Pradeep was Regional Managing Director for Asia, Africa, and the Middle East for Fonterra Brands. He was a member of the Fonterra leadership team as well as the company’s global brands marketing group. Prior to Fonterra, he spent 19 years with The Gillette Company working in India, Russia, Turkey and as President Asia Pacific. Pradeep has also worked with Nestle, J Walter Thompson and the Tata group. Pradeep is the Founding President of Food Industry Asia (FIA) and now serves as Honorary Advisor to the Council. He was an Advisory Board Member of SMU Lee Kong Chian School of Business 2010-2018 and currently is an Affiliated Faculty, Centre for Marketing Excellence and Dean’s Fellow. He sits on the Supervisory Boards of Royal DSM N.V. Netherlands, Max Li fe Insurance Company India, Niva BUPA Health Insurance India, Max India and Antara Senior Living India. He is also Chairman of Clyde Investments which is the Asia Sustainable Foods platform at Temasek as well as its holding company Blaine Investments. In his Business Advisory role he has done work with a host of organizations including McKinsey & Co, Kerry Foods Limited, Universal Robina, Korn Ferry Hay Group, Ajinomoto, Olam, Aptar Group among others. He has been a Keynote Speaker at several events internationally. P r adeep ho l ds a Mas t e r o f Management Studies degree from Jamnalal Bajaj Institute of Management, Bombay University and a BA with Honours degree from Shri Ram College of Commerce, Delhi University. YEAR IN REVIEW 2021 - 2022 page 31
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Research that predicts passenger flow in airports has the potential to increase airport efficiency and make mass travel a smoother affair. The research is highlighted in the paper, “Forecasting airport transfer passenger flow using real-time data and machine learning” which was published in the Manufacturing and Service Operations Management journal in 2021. Co-authored by Bert De Reyck, Professor of Operations Management and Dean of the Lee Kong Chian School of Business, Xiaojia Guo of the University of Maryland and Yael Grushka-Cockayne of the University of Virginia, the paper detailed a method for airport operations managers to solve The research is said to be the first of its kind to help improve decision-making in airport operations by producing accurate, real-time traveller forecasts, thanks to the application of machine learning with passenger-level data. FEATURE STORY MAKING AIRPORTS MORE EFFICIENT BY TRACKING PASSENGER MOVEMENT LEE KONG CHIAN SCHOOL OF BUSINESS page 34
problems such as airport congestion and airport bottlenecks. The research is said to be the first of its kind to help improve decision-making in airport operations by producing accurate, real-time traveller forecasts, thanks to the application of machine learning with passenger-level data. The paper won the 2022 INFORMS Aviation Applications Best Paper Award and was rated as a WorldLeading Impact Case Study by the 2021 Research Evaluation Framework (REF) in the UK. According to the researchers, the predictive system is a two-phase system that first anticipates the distribution of individual connection times, then forecasts the potential number of passengers arriving at immigration and security areas. The first connection time predictions consist of the time difference between a passenger’s arrival at the airport and when he or she approach the airlines’ conformance desk. The system then samples from the distribution of connection times to determine peak and trough passenger flow throughout the airport. Apar t f rom accurate t rave l l er forecasts, the system can help an airport’s operations staff identify late passengers and assist them to make their connections. An airport can also update its resourcing plans based on the prediction of passenger flows. As of January 2022, the system was being trialled at London’s Heathrow Airport, where it was outperforming the airport’s legacy systems. The researchers added that their system could be adapted to other operations management domains, such as hospitals or theme parks, and could also address other decisionmaking problems that make use of distributional forecasts. Scan here to read more YEAR IN REVIEW 2021 - 2022 page 35
It is not uncommon for many workers to experience a fluctuation in their authority at work, oftentimes even during the course of a day, research has found. The experience of shifting between psychological states of high or low power (or vice versa) across situations has less to do with official titles or formal positions, but more to a subjective understanding of power, in relation to others, at the workplace. And such fluctuations can result in a surprising increase in stress, somatic symptoms and a decrease in well-being of the worker. These were some of the findings of research conducted by Eric Anicich of the University of Southern California; Michael Schaerer, Associate Professor The experience of shifting between psychological states of high or low power (or vice versa) across situations has less to do with official titles or formal positions, but more to a subjective understanding of power, in relation to others, at the workplace. LEE KONG CHIAN SCHOOL OF BUSINESS page 36 HOW TO COPE WHEN YOUR AUTHORITY FLUCTUATES ATWORK
of Organisational Behaviour & Human Resources at LKCSB; Jake Gale, a doctoral student at the University of Florida; and Trevor Foulk from the University of Maryland. Their research was highlighted in a paper, “A fluctuating sense of power is associated with reduced well-being”, published in the Journal of Experimental Social Psychology in 2021. As part of the research, the investigators conducted four studies, including one study involving 616 undergraduate students going through a computerbased organisational simulation, and another asking 100 employees about their daily experiences at work over a 10-day period. Across these studies, the researchers found that participants experienced psychological distress and somatic symptoms such as headache or eye strain. Such signs of stress were attributed to the fact that most jobs comprise a bundle of roles, with differing responsibi l i t ies and associated professional behaviours. When the various behaviours begin to feel incompatible, or the amount of time one has to fulfil all of the rolebased demands is insufficient, workers are likely to feel stressed. In an article for the Harvard Business Review, “When Your Author i ty Fluctuates Throughout the Day”, the four researchers suggest a number of strategies to help reduce the frequency of power fluctuations at the workplace, and to cope with the fluctuations that do inevitably crop up on a daily basis. First, be deliberate in scheduling your tasks to cluster activities with similar levels of power together. This can help to make power imbalances more manageable. Second, give your work a routine and consider “theming” together days with similar activities. This is because power fluctuation could be particularly harmful when employees are working on novel and unfamiliar tasks. Third, create a role-transcendent identity to embrace your different levels of power. Instead of thinking of being a “boss” or “subordinate”, consider being a “problem solver”, “relationship builder” or “change enabler”. And finally, work to actively manage your well-being. This means utilising easy, cheap or even free interventions that can help deal with the stress of power fluctuations, including writing exercises, social sharing, short work breaks and mindfulness exercises. Scan here to read more YEAR IN REVIEW 2021 - 2022 page 37
LEE KONG CHIAN SCHOOL OF BUSINESS page 38 EXPLORING TRUST, INNOVATION AND SUSTAINABILITY IN BUSINESS FAMILIES In response to the growing needs for Asian-centric family business research and education, the Singapore Management Uni ver s i ty (SMU) established the Business Families Institute (BFI) in August 2012 to help business families build sustainable, impa c t f u l en t e r p r i s e s a c ros s generations. Leveraging on SMU’s core competence as a thought leader, BFI has been delivering a series of transformative programmes, events and research to help strengthen the ecosystem of entrepreneurial business families and stakeholders in their creation of sustainable impact. Notably in 2021, BFI launched i t s i naugur a l f i ve-day Fami l y En t rep reneu r sh i p P rog r amme (FEP) in October. The bespoke programme was supported by the V3 Group Professorship in Family Entrepreneurship initiative, which was established in 2018 to support thought leadership and programmes on family entrepreneurship. The flagship programme was carefully curated to equip next-gen family leaders and members with critical tools, frameworks and the right mindset to undertake the challenges of family entrepreneurship. Other major events organised by BFI included a webinar on “Building Growth Enterprises: Harnessing the Power of Trust, Innovation and Entrepreneurship” in May 2021, which was held in conjunction with the launch of the book, Succession and Innovation
YEAR IN REVIEW 2021 - 2022 page 39 in Asia’s Small-and-Medium-Sized Enterprises. In September 2021, BFI also organised a virtual conference titled “Building a Sustainable World – the Role Business Families Can Play” in partnership with Federated Hermes, to enrich the conversation on adopting a responsible approach to ESG and building sustainability. In early 2022, BFI deepened the learning on the sustainability topic and organised the masterclass “Improving ESG Through an Active Engagement Approach”. Other events included Postgraduate Professional Development Workshops on “Understanding Families in Business” and a Future Series company visit to gaming lifestyle brand Razer on the theme of “Keeping Innovat ion at the Forefront for Continued Success”. All three initiatives were well received by the participants. In strengthening the ecosystem, BFI launched the BFI@SMU Research Report on “The Growing Ecosystem of Wealth Management in Singapore: Lenses on the External Asset Manager” in January 2022. The report, believed to be the first of its kind, was supported by a research grant from Sino Suisse Capi tal Pte Ltd. It focusses on emerging investment strategies of business families targeted at building capabilities for the external asset management industry in Singapore. The study aimed to deepen the knowledge and skills of the asset management industry and enhance the serv i ce and suppor t that investment managers can give to their family business clients in Asia. This was complementary to the Institute of Banking and Finance Singapore’s accredi ted training courses on family offices that BFI conducted for industry practitioners. Going into 2022, BFI continued to be forward-looking in supporting the ecosystem of entrepreneurial business families and stakeholders in their creation of sustainable impact by addressing business family-specific issues such as succession, family governance, entrepreneurship and wealth management.
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