bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Honoured HSBC chairman David Eldon is quick to pass on the credit to his employees

When asked for his initial reaction to being named the DHL/SCMP Hong Kong Business Awards Business Person of the Year, HSBC chairman David Eldon  reveals the definitive company man.

'I am delighted. However, we don't operate on star cultures in this organisation.  This award is seriously the result of the work of everyone in the organisation,' he replies modestly.

Born in Scotland in 1945, Mr Eldon's banking career has spanned nearly four decades, mostly in Asia and the Middle East.

Returning to Hong Kong for the third time in 1992, Mr Eldon became general manager of HSBC's International department before becoming an executive director in January 1994, chief executive in 1996 and chairman in 1999.

He also sits on a number of boards,  including Swire Pacific and the Mass Transit Railway Corporation, is deputy chairman of the Hong Kong General Chamber of Commerce, a steward of the Hong Kong Jockey Club and a Justice of the Peace.

So what is the secret to such success, leading to being named the 2003 Business Person of the Year?

'You surround yourself with the best people you possibly can and you communicate, and I don't think it's much more complicated than that, quite honestly,' Mr Eldon says.

'For instance, take a football team, or any team. You don't put your second team with your first team, you put your first team out, and unless you are willing to have the best people around you, you're not going to get the best results for the organisation, and the organisation is bigger than the individual.'

Commenting on  negative developments in the international business community in the past year, especially in relation to corporate governance, Mr Eldon acknowledges the need for greater transparency and accountability.

'There is a call for greater transparency, and as a culture here at HSBC it is something we have tended to practise,' he says.

'At HSBC we have won awards for the amount of transparency we have demonstrated and the fact that people see us as a company that is strong on corporate governance.

'For young people embarking on a career, it must be stressed that there are no shortcuts and this is where people go wrong. We are beset with an immediacy of information, probably too much at times, and we are driven very often by short-term results, although I think that this is probably truer of the west than in Asia, where a longer-term view is taken.

'And as long as you are not seduced by the fact that every quarter you are going to have to tell the analyst that your figures have gone up again, and that you are actually spending money on the future, I think you are less likely to take shortcuts as a culture. There's always a line and you've got regulations.

'There are many corporations these days, I think, which have one foot on either side of the line.  It's not just a question of the regulation but the spirit of the regulation that is important to us.

'I think that the Asian business model was viewed with some scepticism some years ago, and I think we have to accept the fact that in some quarters there is still an element of corruption you will not see in some of the western cultures. However, there have been great improvements in Asia in that regard, and given revelations regarding some large western corporations in the last year, we must now ask, is the west really any better?'

Having returned to Hong Kong for the third time in 1992, Mr Eldon views its prospects  as a little better than they were, especially from an economic perspective.

'We still have things we need to address, like the budget deficit, but I think the business community is doing quite well, and I am cautiously optimistic,' he says. 'I think the companies that were affected by Sars are starting to do well again, so prospects are looking not too bad.' For university students, the business executives of the future, Mr Eldon has a few words of  advice.

'Don't think  you will get to the top by taking shortcuts,' he emphasises.

'To get to the top takes diligence and application. Never be afraid to ask questions. Just because you have been to university does not mean that you know all the answers, but most importantly, listen to the answers. I still ask questions and I don't think this makes me look foolish. If I, or someone else, asks the same question twice, though, it does make me wonder how much they are actually taking in.

'There is a real dilemma facing students today as well, and it is one regarding the lack of jobs. When I left school people were never wanting for jobs, there was always something to do. However, I also now accept that sometimes you must take a job that is not what you want to do, but take it for the experience anyway. Also, ideally, take something that plays to your strengths. Recognise your strengths and your weaknesses.'

And regarding Hong Kong and its future?

'What truly fascinates me is that despite all the difficulties Hong Kong has experienced over the last few years with the economy, Sars and other things, it simply refuses to lie down and die,' Mr Eldon enthuses.

'People who come to visit still say  this place has such a buzz. When we are here, we forget this, but to hear it from people visiting really does give you hope and encouragement for the future of this wonderful international city,' he says.



Alibaba reaffirms open-source AI commitment as tech giant hails Qwen achievements

Expect no ‘systemic shock’ from Chinese developer Vanke’s ‘technical default’: HSBC

Which stocks will Hang Seng Bank shareholders consider with their US$14 billion windfall?

What does HSBC’s buyout of Hang Seng Bank mean for its future and investors?

HSBC

Triumph founded on great teamwork