Welcome to the March 2019 NBAS Newsletter
We will be sending out quarterly updates about events that we have hosted, upcoming events, details about current and new members, and information that we feel our members would find interesting.
Please let us know if you would like to feature in the next edition!
Nordic Ambassador’s lunch focusing on sustainability
Together with DABS - Danish Business Association Singapore, Finnish Business Council Singapore and SwedCham Singapore, we organised a Nordic Ambassadors' Sustainability Luncheon in December last year.
We would like to thank the four Nordic Ambassadors for sharing their sustainability priorities and how they are working to achieve their goals in a panel discussion; Mr Dalson Chung from National Environment Agency for his presentation on Singapore’s Sustainability Agenda and Commitment to the UN SDGs; the four Nordic companies for their inspiring presentations on environmental, social and economic sustainability; the participants from all the Nordic countries for coming and last, but not least DNB, Nordea, Danfoss and Nöjdhs Elektronik for sponsoring the event.
Upcoming changes to the Employment Act
On 10 January, TSMP Law Corporation hosted a lunch seminar about the upcoming changes to the Employment Act in Singapore. Ian Lim, who heads TSMP’s Employment and Labour team, gave us an excellent summary of the amendments to the 50-year-old Employment Act. These changes are a huge shift for Singapore which gives more rights back to workers/employees than previously. Detailed information about the specific changes can be found in the presentation, please contact us if you would like us to send you the slides.
Norges Bank Investment Management (NBIM) and the Norwegian oil fund seminar
In January, we had the pleasure of hearing from Sigmund Kyrdalen, the Global Head of Special Mandates and Head of the Singapore Office, about how the Norwegian Oil Fund is managed with a focus on their activities in Asia. Operating in 72 countries, in 49 currencies and with approximately 9,150 companies, the Fund has quadrupled in the past ten years. Their investment strategy is to invest globally, diversify investments, and exploit the funds characteristics. The current market value of the Fund is 8,458 billion NOK (29.01.19).
Within Asia, NBIM has offices in Singapore, Tokyo and Shanghai with Japan being their largest market followed by China and Australia. NBIM’s global presence has brought them closer to markets they invest in, allowing them to form stronger ties with partners in different parts of the world.
The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.
INTERPOL and the Emergence of Global Policing
Thanks to Steffen Ousdal, Head of the Adaptive Policing Lab at INTERPOL’s Innovation Centre Directorate for inviting us to INTERPOL’s office and introducing our members to the international world of policing. With 194-member countries, INTERPOL is the world’s largest international police organisation. Their role is to enable police from around the world to work together to make the world a safer place.
Our guests learned about INTERPOL and how they are trying to emerge as the leading entity that law enforcement agencies around the world engage with to complement their strategic planning and technical innovation. Steffen presented INTERPOL’s Innovation Centre in Singapore, which brings together experts from a wide range of public, private and academic backgrounds to research, develop and implement contemporary solutions to challenges in policing. They have implemented an Adaptive Policing Lab looking at all technological possibilities to use within law enforcement, produce white papers for members countries, and provide expert meetings.
In conclusion, Steffen noted that it is about identifying and sharing the best of what INTERPOL’s global network has to offer and making it available to the world’s police.
Women on Boards: changing the gender divide
We were very fortunate to be co-organizers of the FutureBoards Cross-Border Dialogue lunch seminar with presentations from Professor Mervyn E. King Chair King Committee on Corporate Governance for South Africa and Honarary Member FutureBoards Advisory Board, Chua Sock Koong, CEO Singtel and Member of the Council of Presidential Advisors, Leonard Opitz Stornes, Managin Director, NHST Media and President of NBAS, Dr Lily Phan, Manager of Research at Human Capital Leadership Institute and Goh Swee Chen, member of BOD of CapitaLand and SIA and Member of Council for Board Diversity, Former Chairman of Shell Singapore.
These leaders exchanged ideas and shared their own experiences about why women should be board directors and how Singaporean companies can achieve the Diversity Action Committee’s recommendation of a 20 per cent share of board seats for women within the largest 100 SGX-listed companies by 2020. Turid Elisabeth Solvang, Founder and CEO of Future Boards, who facilitated this event in Singapore for the past three years, shared some best practice from Norway stating that Norway took two years to go from 10% to 40% of women on boards following the 60/40 ratios set in place but the Norwegian Government for all listed companies. We need to use our platforms and opportunities, and learn from each other by sharing best practice.
Oh, what a night! The 2019 Norwegian Seafood Dinner was a grand success with our members, sponsors and guests making it a night to remember. An evening of delicious seafood flown in from Norway by Snorre Food, the best chefs from Norway and Singapore, wine from Odfjell, Dag Rommen winning the (truly deserved) NBAS prize, and over 1000 multicultural guests. We hope to see you again next year for the Norwegian event of the year in Singapore.
2019 NBAS Prize winner – Dag Rommen
The 2019 NBAS Prize winner is Mr. Dag Rommen. Over the past twenty years, Dag has played an instrumental role in helping Norwegian owned businesses enter the Singapore market. Dag has developed a deep understanding of what Norwegian businesses need to succeed in Singapore and he has brought this knowledge forward to policymakers, which has helped form stronger ties between Singapore and Norway. Dag has been a very important contributor within Team Norway in Singapore and he has played a key role in developing NBAS, where he has served as both President and Treasurer. We would like to thank Dag for an excellent job!
28 March - AGM and Tax Talk
24 April – Nordic event about Singaporean Employment Pass (more information to follow shortly)
In addition, the Norwegian Seaman's Mission organises a weekly 'Thursday lunch' where they serve a variety of the delicious Norwegian dishes you have been missing from home, from 12:00pm onwards. This is a great meeting place for Norwegian companies to bring their clients. Click here for more information, dates and menus.
New ordinary members
All the best,
Silje Kalsaas and Emilie Baekken