CREATING BUSINESS LEADERS LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023
CREATING BUSINESS LEADERS CONTENTS 4 MESSAGE FROM THE CHAIRMAN 8 MESSAGE FROM THE DEAN 12 ADVISORY BOARD 20 ORGANISATION STRUCTURE 22 THE YEAR IN REVIEW 27 DEAN’S FELLOWS DEVELOPING SUSTAINABILITY IN BUSINESS 34 Simon Says – Be Green 38 Research Into Sustainable Finance Pays Dividends 40 Closing The Gender Gap, Sooner Rather Than Later 42 Studying The Powerless For The Sake Of Social Sustainability 45 Sustainability And Entrepreneurship Research Gets Commendation 46 Sustainable Finance, A New Twist On Finance Fundamentals 48 MWM Students Excel In Sustainability Investing Competition 50 SKBI Renews Focus On Sustainability And Financial Education
94 Making Good Choices 96 Supplying A Commitment To Real World Relevance 98 Dual Track In Business And Computational Science Pays Off For Valedictorian 101 Back To School To Realise Boss Goals 104 First In-Person Open House Since 2019 Breaks Records 107 SMU’s Team Cognitare Triumphed Over 19 Teams To Become 26th Global Champion At The Thammasat Undergraduate Business Challenge 2023 108 Recognising LKCSB’s Best Instructors 109 Teaching Excellence Awards 109 National Day Award For Staff 110 SMU Graduates Its Largest Batch Ever CURATING KNOWLEDGE TO EXCEL 114 Deal With Cambridge University Press For Open Access 115 Visual Abstracts On Demand 116 Most Cited Papers 117 Covid-19 Implications – Book Launch 117 SMU’s Strategy – Book Launch 118 Sustainability Efforts 119 Research Consultations 119 Embedded Librarianship Services @LKCSB Lounge 120 New University Librarian 120 Meet The Business Librarians’ Team DRIVING THE DIGITAL IN BUSINESS 62 Academic, Editor And Cricket Fan 65 AR Technology Helps Retailers Sell More Niche, Pricier Products 66 The Accidental Academic Who Does Deep Dives Into Digital Ecosystems 68 Journeying From Physics To The Economics Of Uber 70 Money Makes The World Go Around, And Also Makes Research Interesting 72 Driven By Numbers To Tackle Real-World Issues 74 Optimising Decisions For Patients And Physicians With Data 76 Three New Electives For Work-Study Opportunities 77 Preparing For A Career In Private Banking With A Work-Study Degree 77 Taking The Fast Track Through The BBM-MQF Programme 78 Research/Postdoctoral Fellows ENABLING INNOVATION AND ENTREPRENEURSHIP IN BUSINESS 84 Examining The Impact Of Culture And Gender On Creativity And Innovation 88 Design Flaw In Healthcare Programme Prioritises More Profitable Patients 89 Risk Versus Reward With Dual-Class Stock Listings 90 An ‘Eye’ On The World Of Finance 92 Striking The Optimal Balance Between Theory And Practice 1
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 OUR PLEDGE LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 2
ACCREDITATIONS AND INTERNATIONAL MEMBERSHIPS 3
LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 4
MESSAGE FROM THE CHAIRMAN SIMON COOPER CHAIRMAN, ADVISORY BOARD 5
It gives me great pleasure to pen this note to you as the new chairman of the Advisory Board of the Lee Kong Chian School of Business. I would like to thank my predecessor, Edmund Lin, for his years of service as the previous chairman. He has set a high bar and the entire school owes him a debt of gratitude. One of Edmund’s many achievements has been to guide the school on its rise in the global rankings. By some measures, we are now among the top 50 business schools in the world, a remarkable achievement given the school’s relative youth. We cannot rest on our laurels though; if we stand still, we will be overtaken by our rivals, who are constantly improving. I am happy to report that the Dean has outlined an exciting plan to take the school to the next level. Our efforts will take place amidst a backdrop of great uncertainty. After enduring the Covid years, we face a world shaken by geopolitical instability in places such as Eastern Europe and the Middle East, and economic headwinds — from slowing growth to high interest rates and inflation — in large markets including China and North America. MESSAGE FROM THE CHAIRMAN LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 6
All of this makes it even more imperative that the school doubles down on its prime objective — to produce research that makes a difference and develop nimblefooted graduates who are well equipped for the future. The challenges ahead are daunting but not insurmountable, and we have the resources and the team in place to tackle them. I look forward to working with the Dean and all the faculty and staff of the school to build on our strong foundations in 2024. SIMON COOPER CHAIRMAN, ADVISORY BOARD We cannot rest on our laurels though; if we stand still, we will be overtaken by our rivals, who are constantly improving. I am happy to report that the Dean has outlined an exciting plan to take the school to the next level.” “ 7
MESSAGE FROM THE DEAN BERT DE REYCK DEAN, LEE KONG CHIAN SCHOOL OF BUSINESS LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 8
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As I enter into my third year as Dean of the Lee Kong Chian School of Business, I am happy to report that the School continues to do well. This year, we welcomed our biggest intake of students yet, both in our undergraduate as well as postgraduate programmes. In our undergraduate programme, the yield on the offers we made increased from 44 to 58 percent, which means that the majority of students who get an offer from us indeed decide to join us, which means we have very much become the first choice for many prospective students. And as a result we are now home to more than 5,000 students! Last year, our faculty produced the highest-ever number of publications in top-tier academic journals. And global rankings continue to recognise our achievements in research and education, placing us in the top 50 in almost everything we do. The School as a whole was ranked 43rd in the world in business & management by the influential QS ranking, our Financial Times research ranking was 37th globally, and all of our postgraduate programmes remain highly ranked, with our third place globally in the post-experience Masters of Finance programmes a real highlight. We also retained our exclusive status as a tripleaccredited business school after our recent re-accreditation by AMBA. In addition, we welcomed 11 new faculty members last summer, a record amount in the history of the School, of whom six are women. In last year’s edition of this yearbook, I mentioned the strategic plan we developed for the School, comprising six major strategic initiatives. 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 MESSAGE FROM THE DEAN LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 10
the impact that our research has on industry and policy makers, in an effort to produce insights that really make a difference to the world around us, or in our President’s words, to create a meaningful impact. As I write this, I have just returned from a full-day strategic retreat with various colleagues from SMU’s senior management and our Board of Trustees to discuss how we can best achieve this. We will crystallise the ideas generated from this meeting into action plans, and I will present progress in this area in next year’s yearbook. But in the meantime, I hope you will enjoy this one! postgraduate education portfolio, reviewing our research institutes and centres, and transforming our leadership and financial management. I am pleased to report that over the last year we have made considerable progress in all of these areas. We have established three research focus areas: sustainable business, digital business, and entrepreneurship and innovation. As you look through this yearbook, you will see numerous examples of research in these areas conducted by our faculty. We have also completed our re-organisation of the School’s portfolio of postgraduate programmes, and launched a brand new Masters of Entrepreneurship and Innovation. All these developments make me very optimistic about the future of our School, and the impact that we are making. In fact, going forward, one of my areas of focus will be exactly that, i.e. further intensifying We have established three research focus areas on sustainable business, digital business and entrepreneurship & innovation, and as you look through this yearbook, you will see numerous examples of research in these areas conducted by our faculty.” “ BERT DE REYCK DEAN, LEE KONG CHIAN SCHOOL OF BUSINESS 11
ADVISORY BOARD EFFECTIVE 1 JULY 2023 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. In 2023, he orchestrated the bank joining The Earthshot Prize’s Global Alliance as a Founding Partner. CHAIRPERSON SIMON COOPER CHIEF EXECUTIVE, CORPORATE, COMMERCIAL & INSTITUTIONAL BANKING AND CHIEF EXECUTIVE, EUROPE & AMERICAS STANDARD CHARTERED BANK Singapore-based Simon Cooper is chief executive of Standard Chartered’s global wholesale and investment banking division — serving leading multinationals, mid-size companies and financial institutions across more than 50 countries — and CEO of the Group’s Europe & Americas region. He previously spent more than 20 years at HSBC, where he variously led the bank’s global Commercial Banking division, its Middle East and North Africa operations, and its corporate and investment banking business in Singapore. A strong believer in the value of diversity, he chairs Standard Chartered’s Global Diversity & LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 12
Patrick Cao is a Co-Founder of GoTo. As President, he was responsible for overseeing corporate development, investor relations, investments, strategic partnerships, synergies, merger integration and ESG/ DEI activities of the Company. PATRICK CAO CO-FOUNDER GOTO Patrick was also CFO and President of Tokopedia. Before GoTo and Tokopedia, Patrick was a Principal at Formation 8. In this role, he focused on diversified technology investments in Southeast Asia. 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 its’ successful carve-out & sale 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 healthcare more accessible through world-class distribution, commercial solutions and JOHN DAVISON FORMER CEO EKATERRA & ZUELLIG PHARMA 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, and based in Singapore. 13
Elaine Heng is both Chief Executive Officer for Retail Business and Deputy Group Chief Executive Officer at FairPrice Group (FPG). FPG comprises NTUC FairPrice, NTUC Foodfare, Kopitiam, and NTUC Link. As Deputy Group CEO of FPG, Elaine 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 consumer touchpoints, employs over 14,000 staff and has 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, e-commerce platforms, pharmacies and convenience stores across ten banners. Adopting customer-centricity, operational excellence and data driven performance in rethinking retail, she has been instrumental in transforming FairPrice’s business model and ensuring its pole position in the industry. Under her leadership, she introduced new and relevant retail concepts, blending cooked food and groceries at FairPrice Xtra outlets in Vivocity, Parkway Parade and a few other heartland stores. 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 customer segments. Fairprice also introduced an unmanned Cheers convenience 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 launch digital banking (Trust Bank) into the suite of offerings for the group. Trust now banks more than 10 percent of Singapore’s population within 9 months of launch. Prior to joining FairPrice Group in 2017, Elaine was a banker, with more than 20 years of retail banking and wealth management experience. For her contributions to the industry over the last few years, Elaine was named CEO of the Year (Asia Pacific) 2023 by Retail Asia. ELAINE HENG CHIEF EXECUTIVE OFFICER FOR RETAIL BUSINESS AND DEPUTY GROUP CHIEF EXECUTIVE OFFICER FAIRPRICE GROUP (FPG) LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 14
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 Malaysia in 2001. She was previously Vice President at Chase Bank and Chief Operating Officer of General Electric International Operations Inc. Thailand. YASMIN ALADAD KHAN EXECUTIVE VICE PRESIDENT, COMMERCIAL DHL EXPRESS ASIA PACIFIC 15
Lynette was Chief Executive Officer, Environmental, Social and Governance (ESG) Funds & Stewardship of CapitaLand Investment (CLI) and a member of CLI’s senior leadership council until 31 March 2023. In that role, Lynette was responsible for leading the development and growth of CLI’s ESG-linked investment management business. Prior to this role, Lynette was CapitaLand’s first 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 from 2017 to 2019 and co-led the integration of CapitaLand and Ascendas-Singbridge when they merged in 2019. Under Lynette’s leadership as CEO of CapitaLand Commercial Trust from 2007 to 2017, the assets under management of this real estate investment trust (REIT) tripled its size to over S$10 billion and became the largest commercial REIT and office landlord in Singapore with high sustainability 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 advisory board of Singapore Management University’s Lee Kong Chian School of Business. She has previously served on the boards of Singapore’s National Environment Agency, the Singapore Green Building Council, the National University of Singapore’s School of Design & Environment and the Singapore International Chamber of Commerce. She holds a Bachelor of Science in Estate Management and a Master of Science in Real Estate from the National University of Singapore. In 2021, she was conferred the Public Service Medal by the Prime Minister’s Office, Singapore for her contributions to the public service. LYNETTE LEONG FORMER CHIEF EXECUTIVE OFFICER, ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) FUNDS & STEWARDSHIP CAPITALAND INVESTMENT LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 16
Ong Ai Hua is currently the Deputy Secretary (Family and Society) in the Ministry of Social and Family Development. After more than 30 years of dedicated service, Ai Hua recently retired from Johnson & Johnson. She served as the Asia Pacific business leader for more than 2 decades in both Pharmaceuticals and MedTech segments of Johnson & Johnson (J&J). Her last role before retirement from J&J was head of Government Affairs and Policy for Pharmaceuticals, MedTech, and Consumer Health in Asia Pacific. An effective advocate with government stakeholders, Ai Hua was instrumental in partnering with government to support access to innovative medicines and medical technology solutions for this region. Ai Hua was the Company Group Chair for Janssen, the Pharmaceutical Companies of Johnson & Johnson 20172020, and led a team of more than 7000 employees across Asia Pacific with responsibility for regionwide pharmaceutical operations, including in the key markets of Japan and China. She previously served as President of One J&J 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 the incubator model for market appropriate products and led a team to make J&J’s first acquisition for the MedTech segment in China. A champion for talent, Ai Hua mentored many employees in the region and globally. She worked closely with the APAC Regional Diversity, Equity & Inclusion (DE&I) Council to develop a strategy that connected DEI to innovation and business growth. Ai Hua is a strong advocate for women in leadership and she mentors young adults from local universities and the Young Women’s Leadership Connection Mentorship Programme. She co-founded a not-for-profit initiative Asia Mentor Circle to mentor next generation of healthcare leaders from the region. Ai Hua also served as Chair of Global Community Impact for J&J for 8 years. During her time, she created a unified strategy across APAC, mobilised a skill-based employee volunteering programme and piloted an impact investment programme. She is also a committed volunteer in the pet therapy programme and council member at the Dover Park Hospice, and an advisory board member of Lee Kong Chian School of Business. ONG AI HUA DEPUTY SECRETARY (FAMILY AND SOCIETY) MINISTRY OF SOCIAL AND FAMILY DEVELOPMENT 17
Pearlyn was appointed Group Chief Executive Officer and Executive Director of Singapore Life Holdings Pte. Ltd. and Singapore Life Ltd. in August 2021. 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 in wealth management, digital and retail banking and has amassed over three decades of experience in the financial services field. She is wellrespected 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 sits on the board of the Housing and Development Board. She is a Chartered Financial Analyst and holds a BA in Economics and Statistics from the National University of Singapore. Ms Poh is the Managing Director of the Singapore Economic Development Board (EDB). She was previously Deputy Secretary in the Prime Minister’s Office Strategy Group. Ms Poh was also the founding Chief Executive of the Government Technology Agency of Singapore (GovTech), and Managing Director of the Infocommunications Development 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 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 DesignSingapore Advisory Board and a member of the Young Presidents’ Organisation. PEARLYN PHAU GROUP CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR SINGAPORE LIFE HOLDINGS PTE. LTD. AND SINGAPORE LIFE LTD. JACQUELINE POH MANAGING DIRECTOR SINGAPORE ECONOMIC DEVELOPMENT BOARD LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 18
Surendra Rosha is a Group Executive of the HSBC Group and Co-Chief Executive of the Hongkong and Shanghai Banking Corporation Limited along with Co-Chief Executive David Liao. He 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 HSBC Group, including Non-Executive Director of HSBC Global Asset Management Limited and an Executive Director of HSBC Bank Malaysia Berhad. Rosha joined HSBC as a graduate trainee in 1991 and has since held several senior positions within the Global Banking and Markets business, including Head of Global Markets in Indonesia in 2005 and Head of Institutional Sales, Asia-Pacific in 2007. He was appointed Chief Executive for HSBC India between 2018 and 2021, and prior to that, he was Head of HSBC’s Financial Institutions Group (FIG) for Asia-Pacific. He holds a Master’s degree in Business Administration from the Indian Institute of Management, Ahmedabad. SURENDRA ROSHA GROUP EXECUTIVE, HSBC GROUP AND CO-CHIEF EXECUTIVE THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED Ari Sarker joined Mastercard 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 Committee. Ari is an active 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 Mastercard as a natural partner of choice for firms in the dynamically evolving fintech 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 senior roles across key markets in the Americas, Europe and Asia Pacific. ARI SARKER PRESIDENT, ASIA PACIFIC MASTERCARD ASIA/PACIFIC PTE LTD 19
PA TO THE DEAN DORASEN KHOO RESEARCH INSTITUTES AND CENTRES BUSINESS FAMILIES INSTITUTE KENNETH GOH INTERNATIONAL TRADING INSTITUTE PATRICK TAN SIM KEE BOON INSTITUTE FOR FINANCIAL ECONOMICS ZHANG HONG UOB-SMU ASIAN ENTERPRISE INSTITUTE ANG SER KENG AREA COORDINATORS COMMUNICATION MANAGEMENT MARK CHONG FINANCE JOE ZHANG MARKETING JIN KYUNG HAN OPERATIONS MANAGEMENT PASCALE CRAMA ORGANISATIONAL BEHAVIOUR AND HUMAN RESOURCES GARY GREGURAS STRATEGY AND ENTREPRENEURSHIP ILYA CUYPERS QUANTITATIVE FINANCE TEE CHYNG WEN LKCSB ADVISORY BOARD LKCSB ALUMNI BOARD ORGANISATION STRUCTURE AS OF 1 AUGUST 2023 DEAN BERT DE REYCK LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 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 FANG XIN POSTGRADUATE PROGRAMMES ROY CHUA BENEDICT KOH PARTNERSHIPS AND ENGAGEMENT AUGUSTINE PANG CORPORATE SERVICES & AREA ADMINISTRATION LENA LEE UNDERGRADUATE PROGRAMMES RACHEL ONG POSTGRADUATE PROGRAMMES & OPERATIONS YEO LAY YAN DEPUTY DEAN (FACULTY & RESEARCH) MELVYN TEO DEPUTY DEAN (EDUCATION) SHANTANU BHATTACHARYA ASSISTANT DEAN (ADMINISTRATION) ANDERSON LIM 21
THE YEAR IN REVIEW STUDENT ENROLMENT AS OF 12 SEPTEMBER 2023 UNDERGRADUATE PROGRAMMES INCLUDING SUTD-SMU DUAL DEGREE PROGRAMME POSTGRADUATE RESEARCH PROGRAMMES INCLUDING PROFESSIONAL DOCTORATE PROGRAMMES 3,761 POSTGRADUATE PROFESSIONAL PROGRAMMES 337 1,355 GRADUATE EMPLOYMENT SURVEY 2022 FOR BACHELOR OF BUSINESS MANAGEMENT 97.4% CUM LAUDE AND ABOVE 94.3% BUSINESS MANAGEMENT OVERALL EMPLOYMENT RATE (%) 93.1% CUM LAUDE AND ABOVE 86.5% BUSINESS MANAGEMENT FULL-TIME PERMANENT EMPLOYMENT RATE (%) $6,084 CUM LAUDE AND ABOVE $5,200 BUSINESS MANAGEMENT 75TH PERCENTILE $5,409 CUM LAUDE AND ABOVE $4,744 BUSINESS MANAGEMENT GROSS MONTHLY SALARY MEAN LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 22
POSTGRADUATE INTERNSHIPS POSTGRADUATE EMPLOYMENT DATA FOR GRADUATION YEAR 2022 (2022 - 2023 COHORT) % OF OFFERS ACCEPTED WITHIN 6 MONTHS OF GRADUATION POSTGRADUATE JOB OFFERS BY INDUSTRY GRADUATION YEAR 2022 MWM 93% MQF 87% MBA 86% MI 83% MIM 83% MAF 80% MHCL 80% MCM 75% MBA 100% MAF 96% MIM 90% MHCL 80% MCM 79% MWM 73% MI 67% FINANCIAL SERVICES 35% TECHNOLOGY 21% CONSULTING 9% AUDIT / ACCOUNTING 7% MEDIA / ADVERTISING / ENTERTAINMENT 2.5% TRANSPORTATION & LOGISTICS 2.5% RETAIL 2.5% MANUFACTURING 2.5% CONSUMER GOODS 2.5% REAL ESTATE 2.5% OTHERS 13% 23
FINANCIAL TIMES MASTERS IN FINANCE POST-EXPERIENCE RANKING 2022 MASTER OF SCIENCE IN WEALTH MANAGEMENT 3rd QS EXECUTIVE MBA RANKINGS 2023 EXECUTIVE MASTER OF BUSINESS ADMINISTRATION 31st 2023 QS RANKING FOR BUSINESS & MANAGEMENT 43rd FINANCIAL TIMES RESEARCH RANKINGS 2023 48th UTD RESEARCH RANKINGS 2023 49th FINANCIAL TIMES MASTERS IN MANAGEMENT 2023 MASTER OF SCIENCE IN MANAGEMENT 41st QS GLOBAL MBA RANKINGS 2024 MASTER OF BUSINESS ADMINISTRATION 43rd FINANCIAL TIMES MASTERS IN FINANCE PRE-EXPERIENCE RANKING 2023 MASTER OF SCIENCE IN APPLIED FINANCE 41st WORLD RANKINGS LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 24
FACULTY PROFILE AS OF 1 AUGUST 2023 * “Special track” refers to the following categories: Endowed Chair Professor, Distinguished Term Professor, Research Professor/Scholar and Post-Retirement TOTAL FACULTY MEMBERS PRINCIPAL LECTURERS ASSISTANT PROFESSORS ASSOCIATE PROFESSORS PROFESSORS 9% SENIOR LECTURERS 123 2% 30% 20% 39% TRACKS EDUCATION TENURE SUPPORT SPECIAL* 7% PRACTICE 12% 68% 4% 9% DEPARTMENT/AREA FINANCE MARKETING OPERATIONS MANAGEMENT ORGANISATIONAL BEHAVIOUR & HUMAN RESOURCES 7% COMMUNICATION MANAGEMENT 27% 15% 16% 15% QUANTITATIVE FINANCE STRATEGY & ENTREPRENEURSHIP 3% 17% ADMINISTRATIVE STAFF AS OF 1 AUGUST 2023 TOTAL ADMINISTRATIVE STAFF QUALITY ASSURANCE BUSINESS PARTNERSHIPS FACULTY AND RESEARCH UNDERGRADUATE PROGRAMMES 1% DEAN’S OFFICE 120 2% 3% 7% 7% 11% 11% 38% 20% DEPARTMENT/AREA CORPORATE SERVICES AND AREA ADMINISTRATION POSTGRADUATE RECRUITMENT AND ADMISSIONS POSTGRADUATE OPERATIONS AND POSTGRADUATE PROGRAMMES RESEARCH CENTRES AND INSTITUTES 25
FINANCES FOR FINANCIAL YEAR 2022 EXPENDITURE $100M 2% CONFERENCES, RESEARCH, DISCRETIONARY ACCOUNT FOR RESEARCH AND TEACHING 21% OTHER OPERATING EXPENSES 12% FACILITIES AND DEPRECIATION 65% FACULTY AND ADMINISTRATIVE STAFF COSTS 7% EXTERNAL DONATIONS/ OTHERS 55% TUITION FEES 38% MOE GRANTS REVENUE $156M LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 26
DEAN’S FELLOWS 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 so 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 community, 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 strengthen and ensure the long-term sustainability 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 PROVIDE COUNSEL, MENTORSHIP 27
MAUREEN DEROOIJ CHIEF EXECUTIVE OFFICER THE EXECUTIVE FORUM SINGAPORE Maureen is the CEO of The Executive Forum Singapore. The Forum provides senior regional leaders and nonexecutive 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 governing Council of The Association of Banks in Singapore (ABS), the European ASEAN Business Alliance Board, and the 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 University’s Lee Kong Chian School of Business and is currently a Dean’s Fellow collaborating on a book on Corporate Environmental Sustainability in Southeast Asia. Periodically she works with CEOs and boards on strategic leadership issues including the transition towards balancing increasing sustainability demands with the continued need for profitability and shareholder value. In addition she serves on the Board of BBP and the Advisory Board of ADI as well as 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 recognised speaker on topics at the cross section of Finance, Sustainability and Asia she speaks at Bloomberg, Financial Times and Economist events and guest lectures at various universities in Singapore. Maureen holds a master’s degree in Corporate Law (LLM) from the Rijksuniversiteit Leiden in the Netherlands and an MBA from the University of Chicago (Booth). She completed the Cambridge Prince of Wales Business and Sustainability Programme in 2006. LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 28
JEFF TUNG EXECUTIVE DIRECTOR & CHAIRMAN SY HOLDINGS GROUP LIMITED TEE FONG SENG SENIOR ADVISOR, VICE CHAIRMAN BOARD OF DIRECTORS OF BANK PICTET & CIE (ASIA) LTD Fong Seng is a private-banking veteran with in-depth knowledge of the wealth management business across Asia. He was appointed Senior Advisor, Vice Chairman Board of Directors of Bank Pictet & Cie (Asia) Ltd in April 2023. He joined Pictet in 2019 as CEO for Pictet Wealth Management Asia to lead the development of the wealth management business in an important growth region for Pictet. 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, CEO Hong Kong Branch, and as Head of Private Banking Singapore. Prior to Credit Suisse, he was at UBS, where he was Head of Wealth Management South East Asia and Deputy Branch Manager for UBS Singapore. Fong Seng is also Dean’s Fellow at the Singapore Management University’s Lee Kong Chian School of Business; a Board member of apVentures, a nonprofit venture philanthropic organisation; and a Distinguished Fellow (Wealth Management) of the Institute of Banking and Finance Singapore. Fong Seng is a Chartered Management Accountant (ACMA, London) and holds a Bachelor of Business Administration from National University of 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 achieving a market capitalisation exceeding S$1 billion. 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). 29
WONG MUN HOONG REGIONAL CHIEF EXECUTIVE OFFICER, AUSTRALIA & NORTH ASIA MAPLETREE INVESTMENTS PTE LTD 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. 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 NonExecutive 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 LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 30
PRADEEP PANT PRESIDENT PANT CONSULTING PTE LTD 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 was on the Supervisory Boards of Royal DSM N.V. Netherlands and continues on the Board of DSM-Firmenich after the merger of the two companies. He is a Board member at Max Life Insurance Company India, Niva BUPA Health Insurance India, Max India and Antara Senior Living India. He is also Chairman of Nurasa Pte Ltd, the Asia Sustainable Foods platform wholly owned by Temasek as well as its holding company Nurasa Holdings Pte Ltd. In his Business Advisory role he has done work with a host of organisations 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. Pradeep holds a Master of 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. Pradeep is a highly experienced senior business leader. Following 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 emerging markets. 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 developed markets 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 organisations 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 31
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SIMON SAYS – BE GREEN INTERVIEW WITH SIMON SCHILLEBEECKX Where does Simon Schillebeeckx find the time? The Assistant Professor of Strategy and Entrepreneurship not only teaches at LKCSB, he writes articles and books on digital sustainability and on top of this, he is an entrepreneur with two start-ups (Handprint and Global Mangrove Trust) under his belt. Global Mangrove Trust develops and manages large-scale mangrove conservation and reforestation projects to ensure families and businesses are empowered and engaged in community-based mangrove forestry. Handprint provides regeneration as a service and enables corporations to automate contributions to a range of curated and verified impact projects aligned with the United Nations’ Sustainable Development Goals. Juggling all these different demands on his time is hard work but Assistant Professor Schillebeeckx says that both start-ups have inspired him to think about the challenges the LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 34
world faces and how to address them. All this, in turn, influences his research. His research focus includes Digital Sustainability and Disruptive Technologies, Strategic Natural Resource Management, and what drives innovation in teams and young ventures. He has looked into how people’s behaviour can be nudged into action such as incentivising savings behaviour in developing countries like Malawi or Kenya by rewarding saving through positive impact projects in the environmental and social space. “It’s an interesting area to study and we are still in the midst of collecting data to gauge how to employ the information for our corporate clients such as banks, utilities and telecom companies. We are trying to learn what sort of business benefits can be created by doing good,” he said. “We use the data to carry out experiments on what are the incentives or factors that may trigger a switch in customer loyalty from, say, a bank other than offering higher interest rates. We are also looking at how advertising and other click-to-action features that incorporate impact pledges affect the behavior of the person viewing the advertisement, which in turn can help improve brand affiliation.” The degree of influence can vary according to localities and culture, he notes. He found that the willingness to financially support mangrove regeneration is lower in Singapore compared to Hong Kong. “We did a field experiment with a Handprint client to find out if retail customers in Singapore could be swayed to contribute to mangrove restoration based on two sets of information. The results were rather disappointing,” he said. In other words, he’s found that there is often a gap between the talk of buying sustainably and making a positive impact and walking that talk when consumers make their choices. It’s an interesting area to study and we are still in the midst of collecting data to gauge how to employ the information for our corporate clients such as banks, utilities and telecom companies. We are trying to learn what sort of business benefits can be created by doing good. “ ” 35
He is currently working on two projects that are at the intersection of fintech and reforestation. The research question is whether user behaviour can change if an extrinsic, environmental reward is connected to a financial transaction. “Both projects are in the early stages but if they work out, they will surely inspire future academic work,” he added. On his ventures, he said that he is fortunate in that they have grown and have received funding from investors such as Thunes and SingTel, as well as philanthropic bodies such as Personio Foundation and UBS Optimus Foundation, as well as a grant from the Monetary Authority of Singapore (MAS) for the Global Mangrove Trust project. That both Global Mangrove Trust and Handprint are in the environmental sustainability space reflects his deep commitment to LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 36
the natural world. The company, ‘Handprint’, was named thus partly as a way to challenge the popular concept of “carbon footprint”. “The footprint narrative has become so dominant that every single company is now suddenly tasked with measuring their footprint, and this, in my opinion, is not sensible. Firstly, footprints were popularised by fossil companies to shift responsibility to consumers. That should give us pause. “Secondly, footprints are a bit archaic because they are rooted in a manufacturing paradigm. In a report published by Handprint, we highlight that footprints are useful for companies in the business of making (manufacturing and energy production), moving (people, goods, and energy distribution), and mining (extractive processes). These are the industries with large footprints. “Yet, the majority of people in the developed world do not work in those industries. Instead, they work in tech, digital, public relations, marketing, consulting, law, accounting and other service industries. For those companies, the narrative of footprint is largely out of place.” What is certainly not out of place is Assistant Professor Schillebeeckx himself, who has been in Singapore for about nine years. He joined LKCSB in 2015 after getting his PhD in Management in 2014 from the Imperial College London Business School. He did his Bachelors and Masters in Science in Commercial Engineering at the Catholic University of Leuven in Belgium. This was followed by a Masters in Corporate Social Responsibility from the University of Nottingham’s Business School. At LKCSB, he teaches several courses: The Design of Business at the undergraduate level for which he is also the course coordinator; Sustainable Operations at both undergraduate and postgraduate levels and Introduction to Sustainability & Environmental, Social and Governance (ESG) for post-graduates. “I try to make classes interactive and to keep the students engaged,” he says. “I think becoming a dad (of twins, age two) has made me a bit softer. Also, by working in a start-up with people from various walks of life from 10 different countries, I have also become more understanding of the complexities of learning new things and the realisation that everyone absorbs knowledge at a different pace.” Global Mangrove Trust develops and manages large scale mangrove and conservation and reforestation projects leading, to ensure families and businesses are empowered and engaged in community-based mangrove forestry.” “ 37
an undergraduate pursuing a degree in business administration at Nankai University in China. At the time, the financial world was in the throes of the global financial crisis triggered by US subprime loans going awry. The aftermath of the crisis had tipped the global economy into a worldwide recession. It also prompted Associate Professor Liang to switch to academia and look into how to not only navigate and avoid potential financial reefs and wreckage, but also how to better Associate Professor of Finance Hao Liang has been studying sustainable finance almost from the start of his academic career. Since obtaining his PhD in 2015, he has published more than 10 articles in refereed journals on various topics related to sustainable finance. In July 2023, that focus paid off when Associate Professor Liang received the Ho Bee Professorship in Sustainability Management. The award recognises Associate Professor Liang’s research expertise and contributions in the area of Sustainability Management. The award was instituted by Ho Bee Land Limited in 2007 and amended in March 2023. Sustainable finance is a field of finance whose goals are investing for long-term social and environmental sustainability, eschewing diversification in undesirable and unsustainable industries, and maximising the welfare of stakeholders, the environment, and society, while achieving financial value. Associate Professor Liang’s interest in this field dates back to his days as Associate Professor Liang has proposed three criteria for assessment – intentionality, return and measurability – to determine the true overall sustainability impact by striking a balance between financial returns and positive social and environmental impacts.” “ RESEARCH INTO SUSTAINABLE FINANCE PAYS DIVIDENDS INTERVIEW WITH HAO LIANG LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 38
employ financial tools to invest and enhance economic sustainability. “I began to think deeper about the role of finance and consider how finance can be a tool to serve society and how it can play a role in promoting sustainability,” Associate Professor Liang recalled. That led him on a journey to obtaining a doctorate in Finance at Tilburg University in the Netherlands and eventually to joining LKCSB in 2015. Because of his expertise in sustainable finance, he has consulted for a number of financial institutions and companies, including those in Singapore and China. Among other things, he has helped a bank to establish a framework for measuring the environmental and social impact of its loans. He does all this while continuing to do research and to publish. His most recent paper “Responsible Hedge Funds”, published in the Review of Finance in 2022, examines the performances of hedge funds managed by signatories of the United Nation’s Principles for Responsible Investment (PRI). The paper found that while funds that endorse PRI often attract substantially larger investor inflows, driven in part by a distortion in supply and demand conditions for ‘green stocks’, most of them actually underperform traditional hedge funds by 2.45 percent per annum despite holding fairly similar portfolios. This paper was co-authored with Associate Professor Lin Sun of the Fanhai International School of Finance at Fudan University and LKCSB Deputy Dean Melvyn Teo, who is also the Lee Kong Chian Professor of Finance. Associate Professor Liang is currently working on a paper related to “greenwashing”. This is a practice where businesses claim to be, or appear to be, complying with domestic emission standards in their own country. In reality, they are actually achieving this by offshoring or outsourcing production (and hence actual cumulative emissions) to suppliers in their supply chains. He also talks about the importance of evaluating environmental, social, and economic impacts comprehensively, and cites the examples of electric vehicles (EV) and palm oil companies. He says it is imperative for lenders, investors and consumers to assess if the combined economic, financial and non-financial (such as labourrelated issues) impacts are net positive or negative. Overall, if all factors are assessed, are collective substantially reduced? He also feels that companies need a better way to measure their performance. “While there are numerous ESG ratings and metrics, they have often been criticised for been insufficient in transparency as well as not reflecting stakeholders’ welfare,” he said. Associate Professor Liang has proposed three criteria for assessment – intentionality, return and measurability – to determine the true overall sustainability impact by striking a balance between financial returns and positive social and environmental impacts. He is now looking at ways to integrate the various existing frameworks into a more coherent and overarching one, which he calls it the Impact-Weighted Accounts framework (IWAF). This framework has been codeveloped and fine-tuned by the Singapore Green Finance Centre (SGFC), where Associate Professor Liang is Co-Director, together with Harvard Business School, and the Impact Institute in Amsterdam. The IWAF co-opts the key ingredients from existing frameworks and Associate Professor Liang hopes it will provide companies with the incentive and ability to quantify or, in other words, monetise the overall ESG impact of their businesses alongside their balance sheets. This will allow others to compare and assess the net impact in monetary terms and help to better facilitate the decision-making process when investing or giving out loans. Due to his increasing workload at SGFC, Associate Professor Liang will soon be stepping down from teaching undergraduate students. However, he will continue to oversee and supervise doctoral candidates and recruit research fellows for green finance. Meanwhile, he continues to conduct executive training in sustainability and finance. 39
The Global Gender Gap Report 2022, which benchmarked the gender gap index across different countries, projected that it would take another 132 years to achieve global gender parity. “ ” Despite decades of advancement for women, the gender gap, where women lag behind men in critical areas such as remuneration, career progression and representation in leadership roles, still exists today. In fact, according to a recent study that encompasses 146 countries, this gap could take well over a century to close. Three researchers seeking to help speed up the path towards gender parity, including two faculty from SMU, are embarking on three studies to discover what leads to gender discrimination and biases at the workplace, as well as why female negotiators fare worse than male negotiators. The findings from these studies could shed new light on gender gap CLOSING THE GENDER GAP, SOONER RATHER THAN LATER LEE KONG CHIAN SCHOOL OF BUSINESS YEAR IN REVIEW 2022 - 2023 40
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