Enduring Principles in Changing Times - STEWARDSHIP ASIA ROUNDTABLE 2017 - Stewardship Asia Centre
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Enduring Principles in Changing Times STEWARDSHIP ASIA ROUNDTABLE 2017
CONTENTS ABOUT
01 Stewardship Asia Roundtable 2017
STEWARDSHIP
02 Our Stewardship Journey ASIA CENTRE
03 Enduring Principles in
Stewardship Asia Centre is a non-profit organisation
Changing Times
supported by Temasek, committed to working with partners
04 Business: Taking the Lead to to uplift stewardship and foster effective governance across
Solve the World’s Problems Asia. The annual Stewardship Asia Roundtable brings
together the region’s influential business leaders and
06 The Stewardship Role of the thinkers for a dynamic exchange of ideas on advocating
Investment Industry sound stewardship and governance in their organisations
08 Making Social Benefit Bankable and businesses.
09 Rooted in Community, For and
About People
10 Inspiring Stewardship:
The Ayala Story
12 Meeting of Minds: Stewardship
Codes and Principles
13 Singapore Stewardship
Principles (SSP) for
Responsible Investors
STEWARDSHIP ASIA ROUNDTABLE 2017 On 6 June 2017, the third Stewardship Asia Roundtable brought together 202 participants from 154 organisations across 22 countries. Themed “Enduring Principles in Changing Times”, the Roundtable was held in conjunction with the Temasek cluster of sustainability and stewardship events for the first time. The three-hour conversation was rich and engaging, with diverse perspectives from various parts of the value chain. Participants – including some 20 companies which have been in business for more than a century – discussed the principles that help a business endure and contribute to its sound stewardship, and how these principles can translate into tangible action in the form of well-stewarded investment decisions that make the world better. This report summarises the highlights of the conversation and the insights that were surfaced.
02 |
OUR STEWARDSHIP JOURNEY
Themes for the Stewardship Asia Roundtable from 2015 – 2017
2015 STEWARDSHIP: BUILDING
ON ASIA’S STRENGTH
Exploring the ways in which stewardship is a
strong fit with Asian business and leadership
culture. Being the inaugural year, the intent was
to raise awareness concerning the concepts and
relevance of stewardship, and the need to develop
and foster stewardship with the emphasis on
businesses as well as on the difference that
capable and committed steward-leaders could
make to their organisations.
THE STEWARDSHIP EDGE 2016
Focusing on well-stewarded organisations and
examining how stewardship is essential for
businesses and could be a source of competitive
edge. The discussion delved deeper into
innovation and practices, as well as disruptions,
dilemmas and pitfalls.
2017 ENDURING PRINCIPLES IN
CHANGING TIMES
Highlighting the stewardship principles and
practices that are important to the entire business
value chain, with particular focus on the investors’
perspectives. The discussion was shaped around
the interactions of and the relationship between
asset-owners and asset-managers, and also that of
the investors (especially given the rising
significance of institutional investors) and the
business managers (board and management),
especially enduring businesses – surfacing their
common and respective principles, practices,
issues, concerns and interests.
Enduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 03
ENDURING PRINCIPLES
IN CHANGING TIMES
Mr Lim Boon Heng, Chairman of Temasek, shared at the Roundtable
five principles of stewardship that are close to him personally.
A sense of purpose
An organisation’s identity is underpinned by three
factors: a sense of purpose, a sense of ownership, and
a sense of accountability. In particular, if it has a strong
sense of purpose, its orientation will naturally gravitate
towards the future.
Taking a long-term view
Today, many people tend to think of the long term
as five or ten years down the road. However, a well- Building people
stewarded company can last far longer than that,
and its impact on the community may last longer Success is determined and sustained by committed
still. There were a number of companies that were and capable people. In order to build value, we must
over 100 years old at the Roundtable this year. build people – not just financially, but by equipping
Regardless of whether we deliberately strategise them with the capabilities to secure their own future, so
for the long term, or having internalised the need that they are not left behind by change and progress.
to plan for the future, we factor it in unconsciously.
Therefore it is important to have a healthy regard for Being inclusive of all stakeholders
what we, our organisations and our communities will
look like in years to come. The fruits of productivity should be fairly shared
among all stakeholders – not simply because this
Doing good and doing well motivates everyone to do their parts in exchange, but
also because it is the right thing to do. Those who
Many of today’s most enduring companies conduct have played a part in helping a business to succeed
themselves as part of a broader community. They should in all fairness receive what is due to them.
invest in the development of the community around
them, contribute to projects that benefit society both Furthermore, the definition of stakeholders should
now and in the long term, and indeed strive to make not be confined to the shareholders and employees
their business decisions such that the community of a business. It should include the suppliers and
gains and grows together with them. subcontractors who provide necessary services, the
customers and clients who support it, and, indeed,
This is a fundamental aspect of stewardship: to do the community in which the business operates. It is
well and to do good at the same time, the two being because of these people that the business can do
halves of an integrated and inseparable whole. An well and prosper, and it is for these people that the
organisation does well because it does good, and business should benefit inclusively, allowing them to
vice versa. prosper fairly. n
“We choose to uphold our principles because that
is right and a good thing to do, and much of the
time, success, whether financial, reputational or in
other forms will follow as a natural consequence.”
— Mr Lim Boon Heng, Chairman, Temasek
04 |
BUSINESS:
TAKING THE LEAD TO SOLVE
THE WORLD’S PROBLEMS
“Stewardship is actually the business community’s
attempt to take leadership of some of the
problems that we face. The sort of problems
that are coming are more regional and global in
nature now than national.”
— Mr Stephen Lee, Chairman, SIA Engineering Company
For some years now, there has been a growing global This is crucial, because today’s large corporations
recognition that business as usual is not working – have great influence over the future of critical
not for the environment, not for society, not for the industries, and thereby over the direction that society
communities in which businesses operate, and, as the takes. They have the resources to address regional
financial crisis of 2008-2009 demonstrated, not even and global issues that transcend individual companies
for the economy. Businesses now face challenges and individual nations, possibly even to a greater
such as extreme short-termism, rising nationalism, and extent than the government. With this power comes
increasingly intrusive government presence. And, as commensurate responsibility. Business needs to
recent political upheavals in the Western hemisphere step forward and take the lead in finding solutions
have shown, society at large is increasingly less willing to present-day problems, especially achieving major
to accept the status quo. objectives that cannot be met by the efforts of
government alone. At the very least, businesses must
At the same time, stewardship – including elements make a conscious evolution to move with the times,
such as responsible governance, sustainable which includes exercising good stewardship.
development, inclusive progress as well as purpose,
principles and values related to business – has
gradually begun to enter the mainstream discourse
on business.
Enduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 05
The Sustainable Development Goals – the 17 global
goals towards ending poverty, protecting the planet and
ensuring prosperity for all – are the most outstanding
examples of long-term global objectives that can only
be attained with the participation of private business.
Not incidentally, these goals also represent massive
business opportunities for those with the resources to
invest in them.
On a smaller scale, within the company itself, it is
important to align management with top leadership.
There needs to be a sense of ownership and motivation
running deeper than stock compensation.
However, such value percolation takes a long time
and may not be practical in a market that currently
encourages short tenure and accompanying short-
term attitudes. Business leaders need to look beyond
short-term transactional measurements such as share
prices, and focus instead on areas such as impact
and sustainability. At the very least, key performance
indicators must change. Management behaviour
towards stakeholders could be incorporated into
internal KPIs and incentives, accountability for
externalities could also be implemented through
initiatives such as sustainability reporting. n
06 |
THE STEWARDSHIP ROLE
OF THE INVESTMENT INDUSTRY
“From my point of view, stewarding investment is about how we
in the investment business can contribute to social well-being.
The aspiration is to achieve social returns alongside financial
returns. The slogan is ‘Doing good while doing well’. And the first
step for the investment industry to do good is not to do harm.”
– Mr Ng Kok Song, Chairman, Avanda Investment Management and
Former Group Chief Investment Officer, GIC
Financial capital plays a very significant role in shaping and investments have an obligation to fulfil the
the alignment of individual companies and in fact entire objectives of their clients or beneficiaries in the way
industries. This has already been demonstrated in the most suited to the clients’ or beneficiaries’ principles.
prevailing market inclination towards short-termism.
Long-term investors such as pension funds and An example is pension funds, whose objective is to
sovereign wealth funds therefore need to show greater provide beneficiaries with adequate financial security
leadership in influencing how companies manage for retirement. Investments made by the fund or on its
environmental and social issues. These investors behalf must therefore be aimed towards getting the
are large and have prominent market positioning, best returns financially. At the same time, however,
and they typically remain in the market for a long there must be a recognition that financial objectives
time. The demands they make can affect prevailing are not achieved in a vacuum. Environmental and
attitudes towards what is acceptable and desirable, social issues have a way of becoming negative
and their behaviour may also serve as a guide for financial issues if left poorly managed. Furthermore,
smaller shareholders to follow. As such, they have a clients or beneficiaries may have a wide range of
responsibility to ensure both returns to shareholders needs and objectives, including a stake in certain
and contributions to the community. environmental or social concerns. Investment and
asset managers need to align themselves with these
Asset managers, being the stewards of entrusted non-financial interests as well.
funds and the interface between the owners and the
portfolio businesses, have a particularly strong and
needed role to play in influencing and fostering sound
stewardship. However, stewardship of clients’ assets
has not been well practised in recent years. More
weight has been placed on commercial interest than
on client interest, giving rise to many of the issues
associated with the global financial crisis, including
poor ethical behaviour and misalignment of interests,
which in turn led to the public having a low level of
trust in the industry.
There is a need to re-emphasise the importance of
governance and organisational capital, improve the
culture of investment organisations, and balance
the tensions between professional values and
business profitability. This may involve increased
acknowledgement that those who manage assets
Enduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 07
Improving engagement with Giving weight to community interests
investee companies
Besides considering the quality of a business’s
One key issue with the current approach to investment financial and operational management, investors
is insufficient engagement between investors and should also look at whether it carries out active
investee companies. Investors frequently do not community engagement, and whether it makes the
make a strong attempt to understand companies’ effort to work with the community for a longer term –
strategic vision and direction. In particular, there is bearing in mind that businesses which do not behave
no engagement with top decision makers such as as members of a community will eventually lose their
the chairman and board of directors, or with other ability to operate within the community.
shareholders. Instead, engagement with companies
consists mainly of communicating sporadically with a At the same time, investors themselves may need
small group of individuals within the management, on to consider their own position in the community: the
issues of limited and short-term importance. role they themselves play, the objectives they seek,
and how they themselves can establish a presence
Some approaches that might improve the level of that enables them to be in the community over the
engagement and lead to better outcomes are: long term.
• Making an additional effort to understand the
culture of companies, especially those which In time to come, it may be beneficial to expand and
are longer-established and/or family-owned, enhance the concept of fiduciary duty to take into
and communicating with them the importance account the interests of the broader community,
of protecting their interests; beginning with and not limited to employees, suppliers,
• Focusing on issues with more long-term and creditors, the environment, the general community,
governance implications, such as the pegging of and so on. Preliminary work is already being done in a
remuneration to short-term performance; number of countries on the integration of ESG issues
• Encouraging companies to articulate their long- into fiduciary duty, and wider community interests
term strategy; may be a reasonable follow-up. n
• Encouraging management to invest in long-
term intangibles as a better guarantee of
stability and success; “Blackstone has funds under investment of some
• Engaging companies on ESG matters as a way
of gauging their operational excellence, bearing S$360 billion and this money has come from
in mind that the way non-financial issues are pension funds, from sovereign wealth funds, from
managed can be an indicator of how well future
financial issues are handled. endowments. And stewardship of this money is very
important, because it affects the lives of so many
Indeed, the long-term custodians of investee
companies, such as the chairman and board of people. It affects large educational institutions. It
directors, would often appreciate a sensible external affects countries.”
perspective from investors. On the other hand,
management may be reluctant to accept some of the – Mr Gautam Banerjee, Chairman, Blackstone Singapore
approaches mentioned, especially if there is an impact
on short-term performance. However, over the long
term, engagement that builds mutual understanding
and improves clarity and transparency can be the
most effective way to influence the behaviours of
particular companies.
08 |
MAKING SOCIAL
BENEFIT BANKABLE
“10 years ago, I started a company to protect the
peatland forest in Central Kalimantan. And the first
thing everyone said was ‘Definitely not bankable.’
But we were lucky, we got a lot of traction from
philanthropic donors. And now, 10 years later, a lot
has changed in the way we in Indonesia manage
our peatland and our environment. So I want to
say to all the private sector people, especially the
Stewardship is about engaged, responsible and asset owners, if you have a steward purpose, if you
meaningful value creation over the long term, for
an organisation’s stakeholders and for the wider have a certain project that will be of great good
community that it is part of. In the narrower business to everyone, but it’s not bankable, you have to
context, stewardship is about preserving the ability
of a business to responsibly create wealth for its find ways to make it bankable. Because we are the
stakeholders over the long term. stewards of this planet, for the people.”
– Mr Dharsono Hartono, CEO, PT Rimba Makmur Utama
This objective is not at odds with the need to create
social benefit. The preservation of value extends
well beyond financial value alone, and indeed it is
pointless to make profits, however large, if we do not
have a good environment to enjoy those profits in.
On the other hand, there are understandable
concerns about how businesses can compete
effectively while meeting a social and environmental
agenda. While stakeholders, including customers
and business partners, are increasingly aware of the
value inherent in sustainable behaviour, this does
not always translate into financial value – which is
still required for a business to survive. Projects that
create social and environmental benefit can only be
executed if they are bankable.
Asset owners — whether business owners or investors
– have a significant role here. If they place emphasis
on sustainability, this decreases short-term pressures
and makes it easier for management to implement
sustainability measures. Examples of such measures
include adding sustainability-related metrics, and
making green and socially responsible commitments
that have the potential to drive innovation and create
tangible value for shareholders. nEnduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 09
ROOTED IN COMMUNITY,
FOR AND ABOUT PEOPLE
At this year’s Roundtable, participants repeatedly
touched on and returned to the point that the “In the very first issue of Forbes, the founder
objective of business is to improve the lives of people,
and stewardship is a means of fulfilling that objective. B.C. Forbes said, ‘The purpose of business is not
Conversely, the support of people is what makes to pile up riches. It is to produce happiness.’
stewardship possible, by allowing organisations to
implement the principles and processes that are And he didn’t just mean happiness for the
needed to derive long-term value. entrepreneur in the business, the person
Good stewardship is fundamentally about bringing building the successful company, but happiness
purpose to people so that they can do their best in the community.”
– for themselves, for the organisation, and for
the community at large. It requires companies to – Mr Rich Karlgaard, Editor-at-Large and Global Futurist,
acknowledge the importance of human capital, by Forbes Media
taking steps to ensure that the people in the company
benefit from its stewardship activities in tangible ways.
The Roundtable discussion surfaced a variety of Beyond ensuring the well-being of their own
suggestions for doing so, including: employees, businesses need to extend their reach
to the wider community. They need to establish a
o Adjusting corporate KPIs to place greater focus presence in the community, to share the wider benefits
on human resource management; of their operations, to work with the community, and to
o Offering employees a tangible ownership stake in communicate with the community – bearing in mind
the company, possibly through investments whose that the trust of the public is an important factor in
outcomes address the company’s stewardship- driving business growth and innovation.
related KPIs;
o Providing the opportunity, expectation and interest This aspect of stewardship also closely fits with the
for employees’ professional growth; concept of communitarianism as practised in the
o Providing employees with the means to have Asian context: making decisions based not just on the
adequate financial security upon retirement; company’s singular needs, but in the larger framework
o Optimising diversity in the company’s human of the community, and supported by the idea of trust
capital strategy. and reciprocity. n
“I have heard from so many illustrious speakers this morning
that stewardship means humanity. So what do we invest in? We
invest in people. Our employees are people, our clients are people,
and so are our shareholders, our board. Everything is centred on
people, mankind, humanity. When you talk to someone about
stewardship, how does that person feel? What do they relate to?
At the end of the day, they too have to gain something from that.”
– Dato’ Anne Eu, Chairman, Eu Yan Sang Malaysia10 |
INSPIRING STEWARDSHIP:
THE AYALA STORY
Each year at the lunch session, the Stewardship Asia Roundtable hosts an “Inspiring
Stewardship” segment featuring a distinguished guest speaker who brings unique
experiences and perspectives to the discussion. At the 2017 Roundtable, Mr Jaime
Augusto Zobel de Ayala, the seventh-generation leader of the Ayala Group, shared
his experiences with leading a company nearly three centuries old to uphold the
social contract with the community it operates in.
On sensitivity to social issues to get in touch with a society that was increasingly
distrustful of the private sector. And I was trying to
“I went to business school in the US and came back grapple with how to bridge that gap and how to recreate
in 1987. The whole concept of emerging markets in trust that was beginning to be lost.
the ’80s was not a big thing in academic circles and in
business schools. There was a significant component of “That period of time gave me a feel for a whole realm of
what I believed is needed in the Philippines that was not issues that traditionally I would have not touched base
discussed in an academic setting at business school. with. From that sensitivity, I began to then reposition
our corporate foundation to start getting more involved
“So I made a fairly radical decision for myself. I decided in social development issues, but in parallel to the
that the needs of our country were so different in business. And then as we moved on to the ’90s, I began
many ways to the tools that I had learnt, that I would to start saying, ‘Instead of working on separate fronts,
spend about 20 to 25 percent of my time in non-profit why don’t we start meshing our business agenda with
institutions as part of my private sector role. I wanted the social development needs of the country?’”Enduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 11
On being relevant to the community
“The capitalist model is vitally important to all of us and
to the world we live in, but it has to adjust to having a
greater responsibility to the way the world works. Today,
there has been a lot of discussion about longevity and
engagement with society in different ways. And in our
particular case in the Philippines, the big insight that
I got was the need for our institution to be far more
inclusive than it was.
“As we moved into the year 2000, the Ayala Group that
I represented was really dealing with the top end of the
market. And I asked, how do we grow and how do we
be relevant in our society if we don’t start to address
the needs of the greater mass of customers in the
Philippines that were at a whole different price point?
We have to transform our business model to become
relevant to a greater percentage of our population.
“We moved into infrastructure, water distribution and
the like, that started to deal with communities at whole
different price points, and we had to change all our
business models to adjust to that world. We created,
I like to think, a philosophy of inclusiveness that “I think that the private sector has
fundamentally changed our business model, changed an inordinately strong capacity to
the trust that was developed with that customer base
and really built a lot of goodwill with the communities help address many of the social
that we were serving, just by beginning to adjust to issues that countries face, and can
those needs.”
be harnessed usefully for that, if
On sustainability you can align some of the business
“We have, for the first time, just this year incorporated directives of the corporation to the
formally our financial report and our full sustainability needs of society.”
report into one report. There were two reasons for
this. I do believe that we must align ourselves to the - Mr Jaime Augusto Zobel de Ayala,
sustainable goals of the United Nations and incorporate Chairman & CEO, Ayala Corporation
them into the way we do things. I also feel it’s important
for the public at large and for the stockholders and
stakeholders to see that the corporation is more than
just its numbers. And I have found that the sustainability
report really paints a far richer picture of how the
institution is contributing to the environment around it,
including the social environment.
“And I think the richness of that report goes far more
than just aligning ourselves to some of the social
development needs of the country. It also gives
everyone a deeper appreciation of how our institution
can contribute to the welfare of our country. I think there
is sometimes a lack of appreciation of what institutions
that are serious with the right governance standards
can do for employment, for innovation, for new products
and services.” n12 |
MEETING OF MINDS:
STEWARDSHIP CODES
AND PRINCIPLES
Following on the Stewardship Asia Roundtable 2017, 26 participants from 8
countries, representing industry groups, individual asset managers and consultants,
professional associations, non-profit organisations and regulators, gathered for
an international conversation on how stewardship codes and principles have been
developed and implemented in various parts of the world.
Challenges still remain
Stewardship codes and principles have gained
traction regionally and globally, with various countries
launching their own codes or sets of principles
tailored to the needs of their individual investment
environments. However, implementation often
remains challenging.
One commonly encountered issue is collective
engagement. Although many stewardship codes and
principles recommend collective engagement as a
more effective way for investors to get their concerns
heard, it can be a prickly topic with regulators due
to concerns about market abuse. The discussion
surfaced some key points: it is important to be clear
about where the boundaries are, especially with A common thread in the discussion was the idea
regard to information and concerned or related parties. that corporate governance is reaching the end of
Investors who work together need to be mindful about its usefulness, and a more effective instrument –
making their votes and representations individually. A possibly along the lines of a principles-based system
strong legal background can be very useful. – is needed.
Conflict of interest is another problem. In jurisdictions Historically, corporate governance has been driven
where investee companies are themselves investors, through codification, which is intended to provide
asset managers and asset owners themselves certainty and flexibility. In practice, however, participants
can find that their engagement disrupts their suggested that the compliance approach may have
own benefits from the investment. In other cases, hit the point of diminishing returns due to increasing
business relationships may affect engagement and complexity and inefficiency. They cited examples such
voting. Some investee companies may also retaliate as board members spending so much time keeping up
against investors who press them, by withholding to date with governance that strategic decision making
information or other investment benefits. becomes marginalised.
Participants also highlighted several challenges Participants also speculated that as corporate
common across Asia, including funding – the issue governance codes around the world come up for
being that investors are unwilling to pay to become revision in their own jurisdictions, the next step should
signatories to stewardship codes or principles, but be to simplify them, instead of adding more rules with
without a membership fee, the initiative may not be each revision. The ultimate endpoint should be to
sustainable. There is also the problem that investors move from “I should comply” to “I will comply” - at that
in Asia typically choose to sell their shares instead of point, markets would ideally be able to self-regulate,
making the effort to engage. with regulators acting as a failsafe to the system andEnduring Principles in Changing Times Stewardship Asia Roundtable 2017 | 13
SINGAPORE
STEWARDSHIP
PRINCIPLES (SSP)
FOR RESPONSIBLE
INVESTORS
The Singapore Stewardship Principles aim to
enable investors to be active and responsible
shareholders. They provide a view on the activities
intervening only when absolutely necessary. However, and functions that stewards should carry out, and
the difficulty of removing existing rules is likely to be a how these should relate to boards and management
barrier to this evolution. of investee companies.
Similarly, the discussion repeatedly underscored that The following seven Principles provide useful
stewardship must be practised in spirit as well as in guidance to responsible investors towards
form. If companies adopt a check-the-box attitude fostering good stewardship in discharging their
towards governance, this not only creates no benefit responsibilities and creating sustainable long-term
for company or stakeholders, it even encourages the value for all stakeholders.
perpetuation of negative practices.
The need for better communication
Take a stand on stewardship
Responsible investors establish and
Many misunderstandings and misalignment of interests
articulate their policies on their
arise from poor communication and a tendency to
stewardship responsibilities.
engage on short-term issues rather than addressing
long-term considerations. The discussion touched on
Know your investment
a variety of suggestions for improving communication
Responsible investors communicate
between investors and investee companies, in particular
regularly and effectively with their
the need for institutionalised frameworks with some
investee companies.
form of baseline standard for engagement.
Stay active and informed
At the very least, engagement must be continuous
Responsible investors actively monitor
and consistent; it should also cover the company’s
their investee companies.
high level long-term strategy, where there tends to be
greater commonality between shareholders, board and
Uphold transparency in managing
management. For example, investors might deliberately
conflicts of interest
raise the question of what constitutes present and
Responsible investors make known
future value, and what the best use of a company’s
their approach to managing conflicts
profits might be. Investors should also avoid blindly
of interest.
opposing or supporting the company’s management,
rather evaluating issues on their own merit.
Vote responsibly
Responsible investors establish clear
On the companies’ part, they need to be mindful that
policies on voting and exercise their
if there is a difference of views between shareholders,
voting rights in a responsible fashion.
it may be due to issues with the company’s own
communication. There needs to be a consistent and
Set a good example
clear message that will attract and retain shareholders of
Responsible investors document and
similar mindset. Companies should also look into giving
provide relevant updates on their
all stakeholders, not just shareholders, the opportunity
stewardship activities.
to embrace different voices, not just shareholder input.
Technology can be a key enabler here. n
Work together
Responsible investors are willing to
engage responsibly with one another
where appropriate.Stewardship Asia Centre 60B Orchard Road, #06-18, Tower 2, The Atrium@Orchard, Singapore 238891 No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the copyright owner. The views expressed here are those of some participants involved in the discussion of the Stewardship Asia Roundtable 2017 and do not necessarily reflect the views of all participants or of Stewardship Asia Centre. Copyright © 2017 Stewardship Asia Centre This report is printed on Grandeur Zen White paper, which is environmentally friendly and contains wood pulp from well managed forests. Twenty percent of the pulp is sourced from pre-consumer waste and is bleached using an elemental chlorine-free process. Grandeur Zen White conforms to ISO9706 standards.
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