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Factsheet A: Judging panel
- Wong Ngit Liong
Chairman and CEO
Venture Corporation Ltd
Ernst & Young EOY 2002 Singapore
- Dr. Robert Yap
Chairman and CEO
YCH Group Pte Ltd
Ernst & Young EOY 2007 Singapore
- Richard Eu
Eu Yan Sang International Ltd
Ernst & Young EOY 2011 Singapore
- John Lim
ARA Asset Management Ltd
Ernst & Young EOY 2012 Singapore
- Simon Griffiths
- Teo Eng Cheong
- Jennie Chua
Immediate Past Chairman
Singapore International Chamber of Commerce
Factsheet B: Judging criteria
The following six judging criteria sets the global standard adhered to by each and every country participating in the Ernst & Young Entrepreneur Of The Year awards.
- Entrepreneurial spirit
The individual is a risk-taker who sets very high standards and demonstrates an unflinching desire and determination to succeed despite significant obstacles.
- Financial performance
The business has demonstrated strong financial performance and maintains a good track record in raising finance. Coupled with quality investments, the business has the potential for long-term sustainability.
- Strategic direction
The individual not only creates and turns business visions into realities, but also builds strategic alliances and empowers talents to achieve common goals.
- Global/community impact
The business has expanded or plans to expand into international markets and has made global impact in terms of job creation and improved living economics.
The individual has pioneered a new approach or technology, embraces changes and continuously innovates.
- Personal integrity/influence
The individual earns great respect and is able to communicate ideas and influence the wider community. The individual’s enforcement of socially responsible practices seeks to improve the quality of life.
Factsheet C: Ernst & Young - Barclays Family Business Award of Excellence
This honorary award will be conferred by an independent Ernst & Young EOY judging panel comprising past award winners and business leaders.
- Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership. (i.e., one individual and first generation would not qualify for the award).
- The family still has a significant ownership and voting stake and is primarily responsible for setting the strategic direction and values for the firm.
- The legal form of the company or group of companies is not relevant.
- Companies may be private or publicly traded.
- If the shares and voting rights have been transferred to a trust, it will remain to be considered as family business if the family has dominant influence on the trust in a way described above.
- The business or headquarter of the business is located in Singapore.
- Company shows evidence of a successful, sustainable and long term-oriented strategy.
- Company has adopted an effective and transparent corporate governance approach, enabling the execution of the desired strategy and living out of family values.
- Company governance enables unity among the ownership family (i.e., little evidence of significant family disputes impacting the business).
- Demonstrated the ability of the family to preserve company culture, tradition and values and maintain the entrepreneurial spirit and continued innovation over generations.
- Evidence shown of exceptional personnel management.
- Commitment to philanthropic causes or corporate social responsibility.
- Other exceptional achievements such as business awards, public service or philanthropic awards etc.
Singapore, 5 March 2013 – Leading professional services firm, Ernst & Young, today launched the nominations for its 12th annual Ernst & Young Entrepreneur Of The Year (EOY) awards.
From now till 31 May 2013, members of the public can nominate outstanding entrepreneurs who have demonstrated strong entrepreneurial spirit, innovation, sound strategic direction and financial track record, and built successful businesses that have global and/or community impact.
The nominees will be assessed by an independent judging panel (see factsheet A) across the six globally benchmarked criteria (see factsheet B). Entrepreneurs who excel across the six criteria will be honored as winners of award titles that are designed to reflect their unique quality or achievements. The Ernst & Young Entrepreneur Of The Year 2013 Singapore will be presented to the individual who ranks the highest across all six criteria.
Mr. Max Loh, Country Managing Partner at Ernst & Young LLP highlights the economic impact that entrepreneurs make as he calls for the public to nominate actively. “Despite continued economic uncertainty globally, many of the world’s most successful entrepreneurs continue to grow their business and create new jobs.” According to new research from Ernst & Young, Global jobs creation, more than half of the over 600 major entrepreneurs surveyed across the world expect to increase their workforce in 2013, while 74% reported they had raised headcount in 2012.
“With the EOY awards, we hope to drive stronger entrepreneurial awareness and action in Singapore by celebrating the achievements of exceptional entrepreneurs, and inspiring future generations with their success stories.”
New honorary award to recognize family businesses
This year, Ernst & Young is also introducing the Ernst & Young - Barclays Family Business Award of Excellence, an honorary award that is presented on board the EOY platform (award recipient does not compete for the Ernst & Young EOY Singapore 2013 title).
The Top 50 Global Challengers 2012 report produced by Campden FB, in association with Ernst & Young, revealed that the 50 fastest-growing family businesses in the world had achieved an average growth of 65% between 2009 and 2011, despite the volatile economic conditions during the period.
“Worldwide, family businesses are increasingly becoming cornerstones of economies. In Singapore, family businesses make up about half of SGX-listed firms. There are many more SME family businesses, and if you put into perspective that SMEs contribute to more than 50% of Singapore’s GDP, it’s hard to ignore the economic significance of family businesses,” Loh explains.
The award recipient will be selected by the EOY 2013 judging panel and presented to outstanding family businesses that demonstrate the ability to successfully balance business and family issues, grow the business and show responsibility for others through philanthropic or social engagements (see factsheet C for eligibility and judging criteria).
Loh adds: “Family businesses often tread fine lines as they try to operate with the demands of modern societies while at the same time, keep tradition alive. Growing a business is hard; add to that the challenges of keeping the family harmoniously together to succeed for generations, makes it all the more complex.”
John Lim to compete at the World Entrepreneur Of The Year award
From 5 to 9 June 2013, Mr. John Lim, Group CEO of ARA Asset Management Ltd, who was named Ernst & Young EOY 2012 Singapore, will represent the country at the Ernst & Young World Entrepreneur Of The Year (WEOY) 2013 in Monte Carlo, Monaco. He will be competing against other country winners such as China’s Ma Wei Hua of China Merchants Bank Co., Ltd, Hong Kong’s Michael Wu of Maxim’s Group, Korea’s Gene Yoon of FILA Global, Malaysia’s Dr. Chia Song Kun of QL Resources, UK’s Lance Uggla of Markit Group and US’ Hamdi Ulukaya of Chobani Inc.
On representing Singapore at the pinnacle event, John Lim comments: “Representing Singapore at the WEOY is an honor and will be a memorable milestone in my entrepreneurial journey. As an entrepreneur, I believe in seizing every opportunity, dealing with every challenge that come along, and making sure I enjoy doing it. I bring this same mindset to WEOY, as I anticipate very tough competition, but a rewarding experience networking with top business leaders no less."
The Ernst & Young EOY awards program continues to receive strong support from its major sponsor, Barclays. “The entrepreneurial culture in Singapore continues to grow, and more entrepreneurs are starting out at a younger age. Initiatives such as the Ernst & Young Entrepreneur of the Year Awards play an important role in inspiring each generation to fulfil their dreams, by showcasing the successes of those that have gone ahead of them. At Barclays, many of our clients run family businesses and we understand how important it is to keep the flame of entrepreneurism burning. We are privileged therefore to be sponsoring the awards for the fifth year running, and to be launching the inaugural Ernst & Young - Barclays Family Business Award of Excellence which celebrates exceptional family businesses," says Mr. Didier von Daeniken, Head of Wealth Management, Asia Pacific, Middle East and Africa, Barclays.
“Family businesses are an integral part of the economy and Barclays has a long history of partnering with families as they grow and develop their business empires. Over the years, Barclays has provided many of its clients with the expertise and solutions for their wealth management, corporate and investment banking needs. It also supports clients in ensuring the smooth transfer of wealth through succession planning and multi-generation workshops preparing the next generation to take over the reins,” adds von Daeniken.
Other sponsors and supporters include new official cognac, Martell; The Business Times (official newspaper); The Peak (official luxury lifestyle magazine); The Action Community for Entrepreneurship (ACE); International Enterprise Singapore (IE Singapore), Singapore Business Federation and SPRING Singapore. For more information, please visit www.ey.com/sg/eoy.
About Ernst & Young Entrepreneur Of The Year
Ernst & Young Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.
This news release has been issued by Ernst & Young Solutions LLP, a member of the global Ernst & Young organization that also does not provide any services to clients.
Barclays is a leading global wealth and investment manager providing international and private banking, wealth planning, trust and fiduciary services, investment management, brokerage services and research to private and intermediary clients across the world. Additionally our clients benefit from access to the breadth of personal, corporate and investment banking expertise across Barclays, one of the largest financial services groups in the world.
For further information about Barclays, please visit our website www.barclays.com.
About Martell XO
With its distinctive arch-shaped bottle, Martell XO is a powerful symbol of vision and inspiration, which is a testimony to Jean Martell’s will to connect the best of things.
A unique combination of the elegance of the Borderies and the power of the Grande Champagne, Martell XO is an outstanding XO which bears the hallmark of the Martell Style.
Golden amber with dark copper and mahogany highlights, Martell XO starts with the elegance of the Borderies, which is rounded and fruity on the palate, followed by the characteristic power and finesse of eaux-de-vie from Grande Champagne leading to a long and silken finish.
Enjoy Martell cognac responsibly.