PARTNER global Guide to raising private equity Important factors and steps Working faster and smarter with IT Software solutions for company-wide productivity improvement Putting the oomph back into retail A uniquely Singapore experience Chartered Institute of Management Accountants (Singapore) July - September 2007 Volume 12 Number 4 Management President’s Committee President message ERNEST WONG ACMA Vice President HOON TAI MENG FCMA Dear Members of CIMA Singapore Honorary Secretary KOH SWEE TIAN ACMA Warm greetings from London! Assistant Honorary Secretary VERA LIM FCMA I am here for a few months for Honorary Treasurer business and family reasons. I will also LEE CHEAU JEN ACMA take the opportunity to touch base Ex-Offi cio EUGENE LIM FCMA with our CIMA headquarters during my trip and look forward to sharing Members ANG LEE NAH FCMA, the latest news with you in future ARNSTEIN PETER FJELD ACMA DAVID PHUA FCMA, Ernest Wong issues. LORINA LAW FCMA, ONG ENG JOO ACMA, P J SMITH ACMA, Singapore’s economy has seen its strongest growth in recent years yet and QUEK TUN YANG FCMA, this has led to an increased demand for management accountants who have R DHINAKARAN FCMA, a strong grasp of fi nancial management to drive business growth. We are all S V ESWAR ACMA, well placed to show how CIMA is the most relevant fi nancial qualifi cation for YEO SIANG CHER FCMA, business. LOW SWEE HENG ACMA, WAYNE SOO FCMA As members, we all have a very important role to play as CIMA ambassadors Student Representatives in the education and promotion of CIMA to the industry. I strongly encourage WONG WAI HON, ANDY KAN you to support this endeavour. There are many ways of doing this and Sub-Committee these may include article contribution and advertisement including staff EUGENE LIM (Business Development) recruitment in our CIMA Singapore publication and sharing of your expertise LORINA LAW (Membership-Chairman) and experiences as guest speaker at our regular CPD talks. You may also be QUEK TUN YANG (Communication-Newsletter) interested in getting involved in the local committee’s activities. DAVID PHUA (Social-Chairman) VERA LIM (Social) YEO SIANG CHER (Social) As you know, we are intensifying our efforts to grow our membership and LOW SWEE HENG (Student & Social) drive employer focused student recruitment in Singapore and look forward to WONG WAI HON (Student & Social) your continuing support. ARNSTEIN PETER FJELD (Student-Chairman) ONG ENG JOO (Student) I hope you enjoy this edition of ‘Global Partner’ and before I go, I would like ANDY KAN (Student) to highlight the new CIMA online courses website - providing you with ‘CPD at Branch Administrator your fi ngertips’. CHRISTINA HO The launch of CIMA online courses means that a range of courses are Design & Print accessible to our worldwide membership base for the fi rst time. They also Golden City Colour Printing Co. (Pte.) Ltd. provide users with a cost effective and interactive CPD training tool which Global Partner is the offi cial newsletter can be viewed at the user’s convenience – around the clock, anywhere in the of the Chartered Institute of world. Go to www.cimaonlinecourses.com to see our brand new microsite. Management Accountants Singapore 16 Raffl es Quay #33-03B Hong Leong Building Singapore 048581 T +65 6535 6822 F +65 6534 3992 Yours in CIMA, E [email protected] www.cimaglobal.com Ernest Wong President, CIMA Singapore The views expressed in the Global Partner do not necessarily represent those of CIMA. All rights reserved MICA (P) No 293/06/2007 2 UPDATES Contents CIMA at SSON’s 10th UPDATES Annual Shared Services Asia Summit 2007 INVESTMENT 6 Guide to raising private equity The Shared Services TECHNICAL MATTERS & Outsourcing Network (SSON), 8 Deemed taxation of employee stock options a division of IQPC, 10 Working faster and smarter with IT held its 10th Annual 12 Outsourcing the fi nance function Shared Services 14 What is whistleblowing? Asia Summit 2007 (SSAS) on August LIFESTYLE 21-22 at Raffl es City 16 A balanced, healthy body Convention Centre. 18 Putting the oomph back into retail SSAS focused on how shared services 20 The philosophy of successful failing Dr Martin Fahy organisations can 22 Singapore: International Financial Centre achieve business transformation and move up the value chain with effective client relationship management and process excellence. Letter from editor The summit, a focal meeting ground for shared services Dear readers controllers, attracted 200 delegates from Asia Pacifi c and Europe, and provided an excellent opportunity for CIMA A big welcome to our second refreshed magazine to network with business contacts who were interested that chartered management accountants can be in CIMA’s employer programmes which help in their proud of. It is full of interesting technical, professional staff recruitment and retention, as well as training & and inspiring articles to help open up our minds in development, particularly as they move up the value the spirit of continuous learning in an ever changing and dynamic world with tremendous opportunities for chain. everyone. We also took the initiative to appoint a new printer cum design house to improve and enhance CIMA was the Offi cial Finance & Accounting Association our magazine. Partner. Dr. Martin Fahy, Director of Development, Asia Pacifi c, CIMA, was co-chairman with Michael Tran, Thank you for your nice comments some of which are Director-Finance Operations of Google. printed herewith. The keynote presentation was ‘A very practical analysis We have our fi rst advertisements in years which is an on identifying the danger signs of a failing Shared endorsement of our magazine. Please try to circulate Service Operation and avoiding costly mistakes and it to your offi ce colleagues and spread the word to publicise our magazine and our institute. Better still turning things around’ by Phil Searle, the former if you have articles to contribute and even advertise. Group VP & CFO of Cendant. Next, Dr. Fahy delivered a Do not forget that our circulation extends to most presentation on ‘What would a successful cross-border of the major chambers of commerce, key bodies and shared services organisation look like?’ which was well associations, both regulatory and non-regulatory. received. He covered topics such as overcoming the challenges companies face when operating in a number Happy reading! of different regions as well as the challenges of remote Yours in CIMA management, changing technology and processes in multi-national shared service areas, and winning the Quek Tun Yang talent war. Chief Editor Speakers at the Summit included Lenovo, Alcatel- Lucent, BASF Asia Pacifi c Shared Service Centre, Cadbury Tell us what you think.. Schweppes Business Services, DHL Asia Pacifi c, Google, Symantec Asia Pacifi c, Mastercard, Morgan Stanley, If you have any comments or would like to Orange Business Services, Diageo Business Services, make a contribution, we’d like to hear from Telekom Malaysia, Cadbury Schweppes Business Services, you. Contact: [email protected] Agilent Technologies and TPI to name a few. 3 UPDATES FIRST IDC MEETS IN LONDON If you have associates who are keen on Mr Eugene Lim was recently appointed training and would like us to contact to CIMA's International Development the key personnel, do drop us an email Committee (IDC) and attended its fi rst at [email protected] for meeting on 5 July at CIMA's Head more information. Offi ce in London . Eugene said ‘The Committee comprised of members STUDENT AFFAIRS from various parts of the world and I Ms Ross Kamaruddin found the meeting most interesting as we discussed various topics relating to Ms Ross Kamaruddin was appointed issues in different parts of the world. Of Regional Business Development particular interest to me was the set up Manager in July to oversee the of the Shanghai offi ce and the plan to development training by employers for capitalise on the growing demand for Malaysia and Singapore. professional accountants in China. I am glad to report also that the proposal Members would certainly be excited to for the formation of the Asia Pacifi c see greater development and growth Regional Group is in its fi nal stage and for the CIMA brand. The Student Affairs Committee Head Offi ce will advise us of this in due organised the fi rst Managerial course.’ VISITORS TO SINGAPORE Level networking session to discuss examination techniques focusing Ms Tam Kam Peng and Ms Judy Vulker on the module P02 Management Accounting Decision Making. It was a lively session facilitated by Mr Wong Wai Hon and we were pleased to have a student who came from Johor to attend this session. ANNOUNCEMENT Lifestyle benefi ts - fi nancial Eugene was a member of the We are pleased to have Ms Tam Kam advisory services CIMA Project Team that had deliberated Peng visiting Singapore. She is Head at several meetings on the Asia Pacifi c of CIMA Learning Partnership and We are pleased to inform you that Regional Governance structure. To a joined CIMA Education Directorate in CIMA, Singapore has established a great extent, the fi nal proposed structure September 2005. She has been heading partnership with Alpha to introduce is modelled along the lines of the South CIMA higher learning strategy in this a range of fi nancial benefi ts and African Regional Body. Eugene has region and has revisited us twice this privileges to its members. This been serving on the CIMA Singapore August to dialogue with key offi cials of offer is also extended to members' Committee for the last 8 years and institutions on the CIMA professional families. The services offered under served as President from 2004 to 2007. programme. the partnership include business risk mitigation and liability planning, We are proud to announce that Eugene We are very fortunate to have Peng and corporate pension scheme, corporate was awarded the Public Service Medal as Ms Judy Vulker spearhead new plans for investments and employee benefi ts a member of Kampong Chai Chee CCC Singapore.