Advertisement
Advertisement
HSBC
Get more with myNEWS
A personalised news feed of stories that matter to you
Learn more

Lai See

HSBC
Ben Kwok

Executives tough it out to see how the other half lives

In a wealthy city such as Hong Kong, which boasts the highest concentration of tycoons per capita, it is hard to get a taste of what it is like to be living in poverty.

Perhaps that explains why a group of 20 executives, including KPMG's China and Hong Kong chairman John Harrison and investment bankers from Goldman Sachs, BNP Paribas and Macquarie, had to go all the way to Tuen Mun yesterday to join a 24-hour simulated poverty battle.

Branded a charity event, 'Slum Survivor' kept these executives in an outdoor environment surrounded by simulated gunfire, 'refugees' and HIV/Aids 'patients'.

We were told they would rummage in garbage to look for anything of value to turn a buck for food.

That begs a question: Don't they have anything better to do on Friday night?

'Haha, I ask myself too, especially since I just came back from Frankfurt with jet lag,' said Mr Harrison.

'But at KPMG, we have taken corporate social responsibility very seriously. This exercise helps me understand what poverty is all about.'

Last year, Securities and Futures Commission chief executive Martin Wheatley also joined this event.

'It's hard to put into words how big an impact it has had on me and my family,' said Mr Wheatley.

'It has given me a way to discuss with many senior business figures I meet serious issues that I never would have touched on in the past.'

CLSA bound for health

Still with charity, CLSA chairman Rob Morrison is looking to defend his title in an Outward Bound adventure race tomorrow.

Mr Morrison will take 40 of his staff, including director of investment banking Stuart Wilson and head of resource research Andrew Driscoll, to the corporate 20-kilometre challenge that includes running, kayaking and swimming.

CLSA also sponsors triathlons throughout Asia.

'It is critical to the success of a company to have a happy and healthy workforce,' Mr Morrison said.

HSBC bigwigs cash in

HSBC's two newly appointed directors sold HK$17.7 million worth of shares after the bank released results this week.

Stuart Gulliver, who is widely tipped to become HSBC's next chief executive, sold 120,755 shares at GBP 7.66 (HK$120) each on Monday, hours after the results announcement in Hong Kong.

Apart from meeting his tax liability, Mr Gulliver used the proceeds to exercise his 294,528 awarded share options.

Mr Gulliver now owns 2.02 million HSBC shares, and 1.16 million share options. He made GBP 600,000 plus discretionary bonus last year.

Sandy Flockhart, chief executive of Hongkong and Shanghai Banking Corp, sold 18,515 shares at GBP 7.77 each on Tuesday.

Mr Flockhart made a gain of HK$433,000, deduced from his exercise price of GBP 6.27. He owns 131,571 shares, plus 349,511 share options.

Housing no grudges

We can't help but appreciate how Liu Chong Hing Investment takes good care of its senior management.

In a non-exempt connected transaction, the firm leased a property at 92 Repulse Bay Road for a senior executive at HK$330,000 a month.

Not surprisingly, the landlord is managing director Liu Lit-mo.

The firm said it was an incentive to retain quality staff so it provides accommodation to certain senior people (without specifying if it is Mr Liu).

It added that this is in line with the firm's remuneration policy.

Ma pulls family back

There's probably little fun in changing from chief executive to non-executive.

Joyce Boutique founder Joyce Ma called it quits yesterday after four months of serving in a non-executive role; ditto for her husband Walter Ma, and her two daughters Adrienne and Yvette, who withdrew from the listed company.

According to Joyce Boutique, the four members considered it would now be appropriate for them to quit together, after good progress in the transition for the takeover of management responsibilities by the new team.

As such, the Ma family is finally tasting retirement joy after as many as 38 years in the business.

Post