MAL AYSIA NE WS
4Q 2014 Dec 2014 Malaysia
CONFIDENCE AT A LOW EBBCEOs appeared to be watching the Malaysian economy and prospects of their �rms more closely now than before with lower expectations going forward.
While all six components comprising the Index registered lower this time, the latest reading is driven mainly by the expected economic conditions index which, at 57, plummeted eighteen points from 3Q2014. Of the 373 respondents, 52% expect economic conditions to deteriorate further soon, up from 40% and 37% in 3Q2014 and 4Q2013, respectively.
CEOs are also portending a less robust near-term outlook for their businesses. The expected pro�tability index lost thirteen points from last quarter’s 124, with 39% of the respondents forecasting higher pro�ts in the near term, down from 44% in both 3Q2014 and 4Q2013. Hirings are also expected to be less ambitious with fewer (35%) respondents planning to beef up their employee headcount soon, compared to 42% and 37% in 3Q2014 and 4Q2013, respectively. The index for expected revenue retreated eight points from 3Q2014 to 135 currently, with 49% looking forward to reaping higher sales revenue in early 2015, compared to 54% and 53% in 3Q2014 and 4Q2013, respectively. Fixed invest-ment expenditure is also expected to cool in the months ahead, with those contemplating on cutting back on such investment having increased to 16% from 11% a quarter ago.
REGISTRATION FOR THE GOODS AND SERVICES TAX (GST)CEOs are generally gearing up for the implementation of the Goods and Services Tax (GST) which was opened for registration to companies recently. 64% of the respondents said that they have already registered, while 21% are in the process of registering and 15% noted that they are aware of it.
CHALLENGES FACED IN THE IMPLEMENTATION PROCESS OF THE GST Notwithstanding the registration of the GST by majority of the respondents, 60% are still unclear about the operational guide-lines issued by the authorities. While 40% are facing a shortage of adequately trained sta� for the implementation of the GST, 33% �nd the accounting software a challenge. Another 7% cited, among others, challenges such as ambiguity in the actual proce-dures involved, billing to meet the 21-day closing period for tax refund, unavailability of a complete list of non-GST-related items, cash �ow and credit control concerns, and the costly consultancy fees and set-up to GST readiness.
LENDING PROBLEMS WITH LOCAL AND/OR FOREIGN BANKSCEOs are generally not a�ected by the recent tightening of lending by banks. 98% said they have no lending problems with local banks, while 59% noted the same with foreign banks, indicating that local banks are likely more �exible than their foreign counterparts on business lending. Of those with lending experiences with local banks, rejection of new applications and credit limit cut-back were the main problems faced, with 30% and
The Vistage-MIER CEO Con�dence Index fell to its �ve-quarter low of 80.6 in 4Q2014, ebbing almost nine points quarter-on-quarter. Only 5% of the respondents opined that overall current economic conditions in the country have improved, the lowest proportion polled since 1Q2009.
39% of CEOs expected pro�ts to increase, down from 46% in both 3Q2014 and 4Q2013.
49% of CEOs forecasted higher revenues, down from 54% in 3Q2014 and 53% in 4Q2013.
64% of CEOs have already registered themselves for the Goods and Services Tax (GST).
40% of CEOs faced a shortage of adequately trained sta� for GST implemen-tation.
98% of CEOs have no lending problems with local banks.
68% of CEOs opined that the govern-ment should revisit regulations governing the property sector.
32% of CEOs believed that the fuel price hike would have signi�cant impact on their cost of doing business.
74% of all CEOs ranked their level of competitiveness over the last 12 months as “reasonably competitive”.
71% of CEOs use Facebook and 66% use Google.
99.7104.4
100.9
87.3 85.6
92.289.4
80.6
60
70
80
90
100
110
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
C EO CO NF I D ENC E I ND EX 1 Q 2 0 1 3 -4 Q 2 01 4
0
1
2
3
4
5
6
7
70
80
90
100
110
120
130
2010
:3Q 4
2011
:1Q 2 3 4
2012
:1Q 2 3 4
2013
:1Q 2 3 4
2014
:1Q 2 3 4
Vistage-MIER CEO Confidence Indexand Year-to-Year Changes in GDP CCI GDP
UPDATES• WelcomeNew
VISTAGEMembers• LongTenureMembers• VEE-23Inaugural
Meeting
TrANSforMATIoN - A
JoUrNEY of ChANgE
VISTAgE-MIEr CEo
CoNfIDENCE INDEX
NEWSrooM• LaunchofFranchising
Book• ConfermentofDato’
Title• CheckingOut
Cambodia• Redevelopmentof
PenangButterflyFarm• RANContractfor
REDtone• ScientexJVWith
FutamuraChemical• VISTAGEJBGroup
turnsone• VisittoWEILHotel
ANNoUNCEMENTS• VistageAwareness
Events2015
EVENTS• VISTAGECEOSUMMIT
2014• VistageChairMeet• VistageGolf
Challenge2014• VistageTeamAnnual
Retreat-SouthKorea
CEo AChIEVEMENTS• BreakthroughSuccess
AWArDS• VistageMember
TenureAwards• StarSupporterAward
2013• Speaker-Of-The-Year
Award2013• StarBusinessAwards
2014• Enterprise50Award
2014• GoldenPhoenix
Award2014• SMEInnovation
ExcellenceAward2014
Vistage Malaysia Sdn Bhd (296405-U)
Suite B-19-2, Wisma Pantai, No 5, Jalan 4/83A, Off Jalan Pantai Baru, 59200 Kuala Lumpur
Phone : (603) 2284 2126 / 2127 Fax : (603) 2284 2100 / 2139 E-mail : [email protected] Website : www.vistage.com.my/
Published by
SEPTEMBER - DECEMBER 2014
Private advisory boards for CEOs,executives and business owners.
CREATIVE INNOVATIVE THINKING BEYOND
A J O U R N E Y O F C H A N G ETRANSFORMATION
7 November 2014, FridaySunway Resort Hotel & Spa
Petaling Jaya, Selangor, Malaysia
VISTAGE CEO SUMMIT
Registration & Breakfast
Welcoming Remarks by Richard C.M. WongChairman & Chief Listener, Vistage Malaysia
Speaker:Topic:
Break
Speaker:
Topic:
Lunch
Presentation of Awards
Keynote Address by Y.B. Datuk Paul Low Seng KuanMinister in the Prime Minister's Department, Governance & Integrity
Break
Panel Session: “RETAINING TALENT TO STAY AHEAD OF THE COMPETITION”
CEO Panel:
Fellowship and Cocktail
Eduardo Garza T. Junco, CEO, Frisa Industries, MexicoL.C. Chin, Managing Director, Jabil Circuit Sdn Bhd, Malaysia Lim Chin Han, Managing Director, Towers Watson, Malaysia
Douglas Abrams, Founder & CEO, Expara SingaporeChairman of BANSEA (Business Angel Network of S.E.A.) “THE NEW WAVE OF SCALABLE ENTREPRENEURSHIP IN S.E.A.”
Eduardo Garza T. Junco, CEO, Frisa Industries, Mexico“HOW FRISA HAS TRANSFORMED ITS BUSINESS”
VISTAGE MALAYSIA SDN BHD (296405-U)5 Jalan 4/83A, Off Jalan Pantai Baru, 59200 Kuala Lumpur, Wilayah Persekutuan, MalaysiaTel: 603-2284 2126 / 2284 2176 Email: [email protected] www.vistage.com.my
8.00am - 9.00am
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2VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
LEADEr
VistageCEOSummit,basedonthethemeTransformation: A Journey of
Change,wasasuccessbasedonthefeedbackfrom300attendeeson
7November2014.
IliketoreiteratesomeofmyopeningremarksfortheSummitto
bring2014toawelcomingclose.
Nations around the world are continuously trying to transform
or reinvent themselves to increase the living standards of their
citizens; and companies in every industry are doing the same to
createmorevaluefortheiremployeesandcustomers.Butnotmany
have translated their efforts into impactful results and growth. For
nations,politicalwillisoftenfoundlackinginnationaltransformation
initiatives.Incommercialenterprises,thestyleofleadershipformajor
changeshasfounddifficulties.
Accordingtothe2013Strategy&KatzenbachCenterSurveyofChangeManagement,thesuccessrateofmajor
changeinitiativesisonlyalow54%.Thecostsarehighwheneffortsgowrong-financially,causedconfusion,lost
opportunity,wastedresourcesanddecliningmorale.TheexperienceoftheCenterindicatesthreemajorhurdles:
(i) “ChangeFatigue”-exhaustionsetsinwhenpeoplefeelpressuredtomaketoomanychangesatonce.About
65%oftherespondentsidentifiedthisasaproblem
(ii) 48%inthesamesurveysaid“lackofskills”toensurethatchangescanbesustainedovertimeastheanother
reason. Leaders often fail to give the cultural and knowledge support their people need for the desired
changes
(iii) “Topknows itall”mindset- transformationeffortsaretypicallydecidedupon,planned,and implemented
from the top,with little input from those at lower levels,without getting the frontline ownership of the
changeinitiatives.
In the same Katzenbach Center survey, 44% of participants said they did not understand the changes they
wereexpected tomake, and38%said theydidn’t agreewith thechanges.Without thepeople involvementand
commitment,anysuccess,ifatall,islimited.
Foranymajortransformationinitiativetobringquantumleapinvaluecreationfortheorganisation,it’semployees
andcustomers,theleadermustthinkofhisorherroleofCEOanewasfollows:
C - CULTUrE-workontheculturefirst.LouGerstnerhasthiswonderfulpassageinhisbookthatsays“WhenI
cametoIBMIwasaguywhobelievedinstrategyandanalysis.Whatllearnedwasthatcorporatecultureisnotpart
ofthegame:ItistheGame.”
Astrategythatisatoddswithacompany’scultureisdoomed.Culturetrumpsstrategyeverytime.
TransformaTion - a Journey of Change
WIShINg ALL oUr rEADErS A hAPPY AND
ProSPEroUS 2015!
3VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
Alltoooften,leadersseeculturalinitiativesasalastresort,exceptfortop-downexhortationstochange.Bythe
timetheygetaroundtoculture,they’reconvincedthatacomprehensiveoverhaulofthecultureistheonlywayto
overcomethecompany’sresistancetomajorchange.Culturethusbecomesanexcuseandadiversion,ratherthan
anacceleratorandanenergizer.
Culturalinterventioncanandshouldbeanearlypriority—awaytoclarifywhatyourcompanyiscapableof,even
asyourefineyourstrategy.Targetedculturalinterventions,designedaroundchangingafewcriticalbehavioursata
time,canalsoenergizeandengageyourmosttalentedpeopleandenablethemtocollaboratemoreeffectivelyand
efficiently.
Someof the shiningexamplesof companieswithgreat culture are SouthWestAirlines,AirAsia, Zara,Zappos,
SuperCell(USgamesdeveloper)andclosertoVistage,FeruniwhichrecentlywonthreeoutoftheSTAR’sfivePlatinum
Awards.OnewasforBESTEMPLOYER!
E - ENgAgE & EMPoWEryourpeoplebygettingtheirinputonmajorchangetoelicitsupportandcommitment.
Theemployeesshouldbeempoweredandencouragedtoworksmoothlyacrossfunctionsandbusinessunitsand
theycollaboratewithvendorsandstrategicpartners.Employeesshouldbeencouragedtoworkwithcustomersto
co-createnewofferings,andhelpthemusetheproductsandservices.
o - oUTSoUrCEmoreyournon-coreprocessessothatyouandyourteamcanfocusonwhatyoudoBEST(i.e.
playtoourstrengths)tobecomingmoreUNTOUCHABLE!
WhetheryouarealeaderofacountryoraCEOofacompany,yourmajortaskforleadingistohelpthepeople
underyoureallydevelopandmakeworkaplacewhichisenergetic,excitingandagrowthopportunity.Changeis
aboutrecruitingalliesandworkingwitheveryonetohavethegutstotrythenextbigthing.Businessisreallyateam
sportwhereeveryonemustplayhisorherpart!
WishingallmembersHappy New Yearandmay2015usherinabetterandmoreprofitableyearforyou.
HappyVistaging,
richard CM Wong,Chairman & Chief Listener
LEADEr
4VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
VCE VISTAgE ChIEf EXECUTIVE MEMBErS
●● Billy goh Soo Wee (Dato’),CEO&Director,
OneAutoGroupofCompanies●● Chong Yeow Yang,GeneralManager,
NumacMachinerySdnBhd●● Choy Siew hoong,Owner,
EnvironHoldingsSdnBhd●● Dirk Van Der Ven,CountryManager,
TebodinMalaysiaSdnBhd●● heng Ji Keng (Dato’),ExecutiveChairman,
BakerTillyMonteiroHeng●● Lim Tze Thean,ExecutiveDirector,
TSMGlobalBhd●● rozina Mat rani,ManagingDirector,
MetrixResearchSdnBhd●● Yong Tian Chee,AsstGeneralManager,
MegaliftSdnBhd
VEE VISTAgE EMErgINg ENTrEPrENEUr MEMBErS
●● Bryan Yan,CEO,
1977IpohChickenRice●● Chuah Chong foo,ManagingDirector,
CBMTechnologySdnBhd●● Eric goh Ka han,RegionalSalesDirector,
PcomPacificSdnBhd●● Jeremy Lim,Director,
GeneralTechnologySdnBhd●● Mahreey Yap,Founder,
PusatTuisyenSeriPuncakSdnBhd●● Moon Chong Siew Yueh,UnitManager,
KLDestinyAgency●● Sam Liew hoo Yen,CEO,
PPARSCenturySdnBhd●● Satish Naidu,ProcurementManager,
RentwiseSdnBhd
UPDATES
Welcome new VisTaGE membersVistageextendsawarmwelcometoCEOs,entrepreneursandkeystaffwhojoinedustoimprovetheirleadershipand
managementskills.
●● Sean Tay Choon hui,CEO,
MatrixConnexionSdnBhd●● William Chin Wee Lim,Director,
WCWLCommunicationsSdnBhd
KEY VISTAgE KEY MEMBErS
●● Andrew Lai Kun hing,Director,
MajuAntaraSdnBhd●● Barry Nandy,HeadofOperations,
ConnexionGroupofCompanies●● Dan Loh Sen Yee,Head,BizDivision,
MetrixResearchSdnBhd●● Deryck Eng Jian hung,Manager,
QualityPrintCentreSdnBhd●● Khairil fithri,GeneralManager,
FLIRAsiaSdnBhd●● Khoo Seng Chee,BusinessDevelopment,
HPMTIndustriesSdnBhd●● Ng Kar Mei,GroupFinancialController,
NiroCeramic(M)SdnBhd●● Sofia Leong Abdullah,ConsultantDirector,
BusinessEvolutionEnterprise
5VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
UPDATES
Long Tenure membersCongratulationstoourloyalVISTAGEmembers!!
20 YEArS ●● Mok Sew Wah,CEO,
SunwayTechnologySdnBhd
15 YEArS ●● Deloke Charas Virojna,GroupManager/
Director,Jusprint(Penang)SdnBhd●● foo Sen Chin,ManagingDirector,
ECSICTBerhad●● Lim Chin Ming,ManagingDirector,
DyechemAlliance(M)SdnBhd●● Ng Wai Kee, ExecutiveDirector,
SMISCorporationBerhad●● rodney Yee, ManagingDirector,
PanweldSdnBhd●● V Jeyaratnam,Consultant,
MarkmoreGroupofCompanies
10 YEArS ●● Adrian Ding,ManagingDirector,
Green&NaturalSdnBhd●● Cheah Sun Chuang,ManagingDirector,
IntracoHardware(M)SdnBhd●● Khoo Boo Yeang,Director,
KBYNetwork●● Lim Ee Young,ExecutiveDirector,
YeeLeeCorporationBhd●● Lim Peng Jin,ManagingDirector,
ScientexBerhad●● Lim Say Soon,ManagingDirector,
AmlexTechnologySdnBhd●● Lisa Yong,Director,
Sogo(KL)DepartmentStoreSdnBhd●● Teh Teong Ei,ManagingDirector,
PinangMedicalSuppliesSdnBhd●● Teoh Weng Chai,ExecutiveDirector,
WorldwideResins&ChemicalsSdnBhd
5 YEArS ●● gidget Lim,Director,
FeruniCeramicheSdnBhd●● Ng Chee Mun,Director,
AdeqresHoldingsSdnBhd●● Ngei Chee Chau,ManagingDirector,
FeruniCeramicheSdnBhd●● roger ong,Director,
FeruniCeramicheSdnBhd●● Simon Teoh,ManagingDirector,
GoodPoint(Asia)SdnBhd●● Tan Kee Choong,ManagingDirector,
SignatureManufacturingSdnBhd
VEE-23 inaugural mEEtingVEE-23 had their inauguralmeeting on 27November
2014atthePullmanHotel,KualaLumpur.Thegroupis
chairedbyBernardChong.
L-R: Sherine Cheng, Sam Liew, Jeremy Lim, Bryan Yan, Bernard Chong (Chair), Lim Kah Hooi (Resident Chair), Eric Goh, Sean Tay & Joseph Lim
6VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
Instead of staying small and profitable, group CEo of Melorita healthcare, Armand Abdullah chose to break out of the comfort zone and focus on growth in new markets and new products.
Group CEO ofMelorita Healthcare Sdn Bhd, Armand
Abdullah recalls reading thebook “TheBreakthrough
Company” by Keith McFarland, wanting to find out
howSMEscouldbreak throughtheirglassceilingand
growbigger.This ledhimtosearchforpeergroupsto
get external feedback and advice. He found Vistage
andjoinedin2009. Learningfrommentorsandpeers,
Armandsayshehaschangedhismanagementstyleand
takenMelorita, ahealthcare recruitment specialist, to
greaterheightsinthelastthreeyears.
“Comingfromacorporatefinancebackground,Iused
tofocus70%onknowledgeand30%onleadership.Now
Iam70%focusedonleadershipand30%onknowledge,”
he expresses as tohowVistagehashelpedhim tobe a
better CEO. Together with a finance background and
entrepreneurial spirit, Armand instituted many changes
tomoderniseandexpandbusinessatMelorita,thelargest
healthcarerecruitmentcompanyinMalaysia.Revenuehas
doubledsincehetookovertoaroundRM8million.
Healthcare recruitment is a very niche business
and not one that Armand had planned to be in. After
graduating inaccountingandgettinganMBA,Armand
worked in the corporate finance sector. The fitness
enthusiastinhimsurfacedwhenheestablishedthefirst
indoor sports centre in the country called The Sports
Barnin2004.Heleftthesportsbusinesswhenhebought
amajorstake inMelorita in2010whenthefounder,his
father-in-law,waslookingforsomeonetotakeover.
Melorita was started 35 years old and had built a
strongnicheas ahealthcare talentprovider, notably in
SaudiArabia.Whilethecompanywasprofitable,Armand
wanted to move out of the comfort zone and grow
the company. He realised that there were weaknesses
CEo AChIEVEMENTS
BrEaKtHrOugH SuCCESS
Armand Abdullah, Group CEO, Melorita Healthcare Sdn Bhd
that had to be addressed to move forward. His focus
was on growing new markets and new products, as
well as transforming the company using information
technology,systemsandhumancapital
Melorita recruits healthcare personnel across-the-
board—nurses,doctors,andalliedhealthstaff.Asnurses
form the bulk of hospital staff, this group is the most
soughtafterbyemployers.Foralongtime,Meloritahad
reliedonasinglemarket,SaudiArabia,whichtraditionally
hadalargepercentageofforeignmanpower.Malaysian
nurseswerewellreceivedinthatcountry,commanding
lucrativesalariesinannualcontracts.
7VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
Armand, together with his partner Mary Elizabeth
who had been in the company from day one, worked
to widen their client base. Today, the company has
expanded its business to Singapore, Bahrain, UAE and
Brunei,on topof the localmarket.Clients includeboth
Governmentandprivatehospitals.
For operational excellence, systems and information
technology were introduced. Armand initiated the
company’s ISO 9001 Quality Management Systems
certification. The company also invested in their own
customized recruitment software and servers for easy
accessby staff in fivebranches inMalaysia. IThelped to
modernise and cope with rising demand and changing
demographics. In the past applicants were older, aged
between35and45,butthegroupnowisyoungerat25-30.
Asmanyas80%ofapplicationsarriveviathecompany’s
website. “Weusedtohave800applicants,nowwehave
2,000applicantsperyear,”Armandadds. Hesupportsa
hybridsystem,usingbothonlineandofflineprocedures,
to screen, interviewand recommendapplicants soas to
maintain quality standards. The challenge for Melorita
is not gauging the technical skills of the applicants but
gettingdeeperintopersonalityandattitude.“Wewantto
knowwhetherthepersonwepickcancommunicatewell
andhasgoodpersonality,”Armandsays.
The international recruitment process is a lengthy
one from sourcing to pre-departure orientation and
finalrelocationoftherecruitabroad.Armandattracted
new talent into Melorita to cope with the increased
demand. He offered attractive incentives like flexible
workinghours,acreditof14hoursayearfor“timeoff”,
training and incentive trips. As a result, workforce was
strengthenedfrom25in2010to60in2014.
Working on the company’s strengths, Armand saw
opportunities for Melorita to start a training academy
related to healthcare professionals. He set up Asia
Pacific Healthcare Academy (APHA) in 2012, which
offers various courses in technical and soft skills.APHA
provides Continuing Professional Development (CPD)
programmes that are accredited by the Ministry of
Health.Thebulkofprofessionalswhocomefortraining
arenursesastheMalaysianNursingBoardrequiresthem
toaccumulateCPDpointsintheirannuallicencerenewal.
CEo AChIEVEMENTS
In2013,Meloritaintroducedanewproductinhome
healthserviceswhichprovidesnursingandrehabilitation
services to patients in their homes in the Klang Valley.
Thecompanyhasitsownpoolofnurses,physiotherapist
and occupational therapist who are trained in elderly
care, post-surgical care, physiotherapy and other types
ofhomecare.This isarelativelynewbusinesssegment
inMalaysia. Armandnotes that there are still issues on
financinghomecarebutthereisdemandforcaregivers,
notnecessarilynurses,whocanhelppeoplewithdaily
activitiesaswellascompanionship.
Lookingahead,Armand foreseespromisinggrowth
potentialforMelorita.Intheglobalscenario,hebelieves
that international healthcare recruitment will intensify
as more cross-border movement of employees are
expected arising from the growing number of new
hospitals and shortage inhealthcareprofessionals. On
the local front, training of healthcare professional will
continuetobeindemandas8,000to10,000newnurses
enter the market every year in Malaysia. In the home
care business, Armand discloses that Melorita plans to
offer a caregiver service andexpandoutside theKlang
Valley, toplaces likePenang, JohorBaru,KotaKinabalu
andKuching.Basedonthesepositiveprospects,Armand
projects20-25%growthincompanyturnoverperannum
between2015and2018.
The40-somethingCEOisoptimisticthathisVistage
ChairandGroupwillkeephimfocusedasheseizesmore
growthopportunitiesforMelorita.Armand,however,is
carefulnottoover-stretchthecompanyandemphasizes
work-lifebalance.“Bigisnotalwaysbetter,”hesays,“It’s
aboutprofitabilityandenjoyingthejourney.”
Armand with staff at Melorita Healthcare office
8VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
AWArDS
Vistage member Tenure awardsMemberswhohavebeenwithVistagefor20yearsand15yearswererecognisedwithTenureAwardsattheVistage
CEOSummiton7November2014.VistageMalaysiaResidentChair,LimKahHooipresentedtheawards.Respective
ChairspresentedtheawardformemberswhowerenotpresentattheCEOSummit.
DELOKE CHARASChief Operation Officer, Jusprint (Penang) Sdn Bhd
NG WAI KEE Executive Director, SMIS Corporation Bhd
FOO SEN CHINManaging Director, ECS ICT Berhad
RODNEY YEEManaging Director, Panweld Sdn Bhd
LIM CHIN MINGManaging Director, Dyechem Alliance (M) Sdn Bhd
Star Supporter award 2013TheStarSupporterAwardispresentedinrecognitionofthecompany’sbeliefincontinuallyeducatinganddeveloping
itshumancapitalandsponsoringitsCEOandseniormanagers(min.offourormore)toparticipateintheVistage
programmes.
CARYN CHENSales & Marketing ManagerLH Plus Sdn Bhd
MOK SEW WAHChief Executive Officer, Sunway Technology Sdn Bhd
SUSAN CHEAHExecutive DirectorSunway Management Sdn Bhd
C.C. NGEI Managing DirectorFeruni Ceramiche Sdn Bhd
PETER WEE COO Ricoh Malaysia
TENG BENG LEEManaging DirectorMedispec (M) Sdn Bhd
ANDREW LIMManaging DirectorPernas Sogo Sdn Bhd
KENNY LIMGroup GMChuan Sin Sdn Bhd
IVAN TAN General ManagerOne Gasmaster Sdn Bhd
BOH BOON CHIANGGroup COOKhind Holdings Berhad
RICHARD GOHManaging DirectorKL Maritime (M) Sdn Bhd
9VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
AWArDS
VCE-9 Member Datuk
Danel Abong received
the Enterprise 50 Award
forhis companyFlirAsia
Sdn Bhd. The Award
recognizes50outstanding
Malaysian SMEs. Flir Asia
pioneered condition-
basedmonitoring (CBM)
scanning for electricity
s u b - s t a t i o n s a n d
overheadlines.
EntErPriSE 50 aWarD 2014
Star BuSinESS aWarDS 2014FeruniCeramicheSdnBhdwasthegrandwinnersof
fiveprizesatTheStarBusinessAwards2014.Managing
Director,CCNgei(VCE-22Member)receivedtheawards
attheceremony.HisVistageChairLeeLaiKeongwas
theretosharethespecialmoment.LaiKeonghasbeen
hiscoachsince2010.
VCE-610 Member Tan Hock Kheng, Managing
DirectorofSkyResourcesSdnBhd, collected theStar
BusinessAwardforoneofhiscompany’ssubsidiaries,
SkyThomasFoodIndustriesSdnBhd.
Datuk Danel Abong (R ) at the Award ceremony
Tan Hock Kheng holding up the
prestigious award
TheSpeaker-of-the-Year
AwardwenttoChristophe
Morin. This award is
presented in recognition
ofaspeaker’scommitment
to Vistage and having
achieved a minimum of
10 presentations in 2013
and scoring higher than
8intermsofcontentand
delivery.
CHRISTOPHE MORIN Chief Pain Officer, Marketing Guru, SalesBrain, USA
sPEaKEr-of-THE-YEar aWarD 2013
GoLDEn PHoEniX aWarD 2014
VEE-17 Member Tung
Xin Ning, Director of
Clazroom Academy of
Media Art received an
award for outstanding
entrepreneurship at The
Golden Phoenix Award
2014 ceremony. The
awardrecogniseswomen
of exce l lence f rom
Malaysia, China, Korea,
Japan, Philippines, India
andNepal.
SmE innovation Excellence award 2014
VCE-26 Member Jason
Tan, Executive Director
of Inovar FloorMalaysia,
won the SME Innovation
ExcellenceAward2014.The
award was given during
the SME Recognition
Award2014function.
Tung Xin Ning, Director of Clazroom Academy of Media Art receiving The Golden Phoenix Award.L-R: Dato Sri’ Paduka Jenny Hoon, YB Datuk A.Kohilan Pillay, Tung Xin Ning
Jason Tan, centre, gives the thumbs up for the special award
CC Ngei (R ) with his Vistage Chair, Lee Lai Keong at the awards Ceremony
ANNoUNCEMENTS
CallBeeLay/Kareena/Anne@0322842176orclickhere
foronlineregistration:http://www.vistage.com.my/
vistage-awareness-event-2-0/
ViStagE aWarEnESS EVEntS 2015
mth KL PG
Jan-15 10th (Sat) 22nd (Thu) 14th (Wed)
Feb-15 - 11th (Wed) 4th (Wed)
Mar-15 7th (Sat) 25th (Wed) 4th (Wed)
Venue SDCC SDCC The CEO
Time 9.30am 11.30am 2.30pm
C
M
Y
CM
MY
CY
CMY
K
idea_06(new size)_final(OL).pdf 1 12/19/14 9:53 AM
11VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
EVENTS
ViStagE CEO Summit 2014
The Vistage CEO Summit, held on 7 November 2014,
carrying the theme of “Transformation – A Journey
ofChange” attractedmore than300CEOsand senior
managers.RichardCMWong,Chairman&ChiefListener
ofVistageMalaysia, inhisopeningspeechmentioned
thatcreatingarobustchangeplatformisneitherquick
noreasy.Thechallenge lies in shifting the roleof the
leader fromChangeAgent-in-Chief to thatofChange
Enabler-in-Chief. This means focusing leadership
attentiontothecreationofanenvironmentwheredeep
andproactivechangecanhappenanywhereatanytime
by anyone and inspiring your whole organization to
tacklethemostpressingissues.
12VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
The highlight of the CEO Summit was the keynote
address by YB Senator Datuk Paul Low,Minister in the
Prime Minister’s Department, Governance & Integrity.
Hisaddresstouchedon“TransformationalLeadership is
theQuestforSustainableChange”.DatukPaulindicated
that sustainable transformation inMalaysia requires an
ecosystem underpinned by a creation tension where
there is always a willingness to challenge established
waysandtoconsidernewoptions.
Eduardo Garza T. Junco, CEO of Frisa Industries
from Mexico, with moderator Sunil Dovedy, President,
Adizes Institute, Professional services, USA started the
sessionwithan inspiringvideoentitled“Frisa Industries
- Forging Ahead". Eduardo shared his experiences on
howhehasbeenabletorealizesignificantbenefitsand
growth through its diligent application of the Adizes
methodology.
DouglasAbrams,Founder&CEOofExparaSingapore,
Chairman of BANSEA (Business Angel Network of SEA)
voiced his optimism about the potential in Malaysia’s
enterprise ecosystem, start-ups and the quality for
scalablebusinessplansinMalaysiaHealsotouchedon
thenewwaveofscalableentrepreneurshipinSouthEast
Asia.
AsaCSRinitiativeforthe3rdconsecutiveyear,Vistage
continued its support of Stop Hunger Now (SHN). We
pledgedasumofmoniestopackmeals,especiallyforthe
victimsoftherecentTyphoonHaiyaninthePhilippines.
SHN is an international hunger relief organization that
coordinatesthedistributionoffoodandotherlife-saving
aidaroundtheworld.
The Corporate Sponsors and Partners of the CEO
Summit, namely CNS Corporate Network Solutions,
GlenmarieProperties,HPMalaysia, ICT&RMCSdnBhd,
Medispec,SunwayGroup,TimBodyCareandWineShop
set up booths to provide value added products and
servicestotheparticipants.
EVENTS
YB Senator Datuk Paul Low with participants
Richard Wong and Speakers
Stop Hunger Now food packing in progress
EVENTS
Vistage Chair meet On6December2014,VistageChairshadtheiryear-end
meetatPullmanKualaLumpurBangsarHotel.Master
Chairandfacilitator,LimKahHooistartedthemeeting
with its 2015 theme: “A YEAR OF UNCERTAINTY”?
Quoting R.I. Fitzhenry, he noted that “Uncertainty
andmysteryareenergiesof life.Don’t let themscare
youunduly, for theykeepboredomatbayandspark
creativity”.
The morning session started with Vistage Office
Update led by Executive Director, Sherine Cheng
touching on Membership Growth & Retention and
congratulating all the six Chairs that had started their
group in 2014. Sherine also provided updates onMy
VistageandGSTimpactonChairsandMembers.
Chairs were divided into four groups to discuss
Talent Acquisition and Retention before lunch. In the
afternoon, theChairswere separated into twogroups
ledbyLimKahHooiandRichardWongrespectively.Pic 1 & 2: Vistage Chairs in deep discussion and exchange of ideas at the year end Chair Meet
1
2
14VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
EVENTS
Vistage golf Challenge 2014VistageMalaysiahostedtheVistageGolfChallenge2014attheGlenmarieGolf&CountryClubattheGardenCourse
on6November2014.Atotalof67golfers,plusfourmembersfromVistageSingapore,hadafundayofrelaxation
withnetworking,goodfood,luckydrawsandprizes.
Champion Team Winners – VCE-16 (A Team)Aggregate scores: 133BrandonTay
LCChin
LimPengJin
PangTseMing
2nd Team Winners – VCE-1 (Drive 4 Show) Aggregate scores: 129HeahKokSoon
DennisTanSH
DavidLee
MokSewWah
3rd Team Winners – VCE-23 Aggregate scores: 128SivanathanKrishnan
AlbertTan
DatukAzlanAbdulKarim
MohdHishamAbHalim
Individual Category1stGarethNg(VEE-4)Hcp:15Score:36
2ndDelokeCharasVirojna(VEE-37)Hcp:18Score:36
3rdJoeLing(VCE-27)Hcp:22Score:36
Novelty WinnersNearest to Pin # Hole 2
-AdrianDing(VCE-16)Distance2.10m
Nearest to Line # hole 6
-NgKeanThong(VEE-20)Distance7m
Longest Drive # Hole 6
-DennisTanSH(VCE-1)Distance226m
Group photo of the participants
Champion Team Winners (VCE-16 A Team)L-R: Brandon Tay, Pang Tse Ming, Richard Wong,
Lim Peng Jin and LC Chin
EVENTS
Vistage Team annual retreat - south KoreaTheVistageteamwentonaseven-dayannualretreatto
SouthKoreabetween13and19September2014.The
tripwasorganizedbyWorldTravellers(WorldTravellers’
Managing Director, Soh Swee Kim is Vistage VCE-26
member).
Vistage team and Richard Wong’s family toured
famoussitessuchas:●● MysteryRockwherecarsrolluphillwiththe
engineturnedoff●● YongduamRockorDragonHeadRocklocated
onthebeautifulcoast●● SeongsanSunrisePeak,SeongeupFolkVillage,
asmalltownthatholdsavastamountofculture●● SeopjikojiHillslocatedattheendoftheeastern
shoreofJeju-doIsland."Seopji"istheoldnameforthearea,and"Koji"isJejudialectmeaningasudden
bumponland.●● TeddyBearMuseumwhichlivesuptoitsname,boastinganimpressivevarietyofbearsthathavebeenloved
theworldover
ThegroupgaveRichardWongasurprisebirthdaycelebrationwitheveryonedressedinKoreantraditionalattire
calledthe“Hanbok”.
The Vistage team in Korean traditional “Hanbok” at their annual retreat and Birthday celebration of Richard Wong
16VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
NEWSrooM
launCH OF FranCHiSing BOOKSofia Leong Abdullah, Vistage KEY-12 member,
Consultant Director, Business Evolution Enterprise
launchedherbookon“GuidetoFranchisinginMalaysia”
on15October2014 inKualaLumpur. Itwasofficiated
by the Minister of Domestic Trade, Cooperative and
Consumerism,Dato’SriHasanMalek.HenotedthatSofia
wasthefirst ladyauthorwhopublishedabookabout
franchising.
CHECKing Out CamBODiaVCE-1Group,ledbyMasterChairHeahKokSoon,chose
Cambodia for theirRetreaton25-26September2014.
TheyheldamonthlyGroupMeetingaswellasmetwith
variousCambodiancorporateleadersandGovernment
Ministers in Phnom Penh. Their trip, including visits
to industrial and land sites in PhnomPenh, were all
arranged by the month’s Host, Gilbert Foong (CEO
of theUAAerospaceGroup), a long-timemember of
VCE-1Group,whohas,forseveralyears,beeninvolved
withvariousbusinesspursuitsandinterestsinCambodia.
Lunch at Topaz, the leading French restaurant in Phnom Penh
Meeting of VCE-1 Group with Oknha Lim Chhiv Ho, Chairwoman of LCH Investment Group (seated in centre)
Meeting of VCE-1 Group with General Neang Phat, Deputy Defence Minister of Cambodia (in orange long-sleeves)
VCE-1 Group meeting in session in Phnom Penh
ConfErmEnT of DaTo’ TiTLEVCE-29 (VIM) Group member, Teoh Boon Thong,
ManagingDirectorofSiangHengPlasticWareSdnBhd
wasconferredtheD.I.M.PDato’titlebySultanofPahang.
Sophia at the book launch ceremony
17VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
NEWSrooM
SCiEntEX JV WitH Futamura CHEmiCaL Co.
rEDEVELoPmEnT of PEnanG ButtErFlY Farm Penang Chief Minister, Lim Guan Eng launched the
ground-breaking ceremony at Penang Butterfly Farm
(PBF)tomarkthecommencementoftheredevelopment
projectinTelukBahangon18October2014.
VCE-610MemberJosephGoh,ManagingDirectorof
PenangButterflyFarmsaidPBFwillbe spendingRM53
milliontoimplementitstwo-phaseredevelopmentplan
tobecometheworld’sfirstbutterfly,dragonflyandfirefly
sanctuaryparkexpandingfrom29,000sqftto130,000sq
ft.TheprojectwillserveasacentreinMalaysiaforinsect
educationormoreofficiallyknownasentomology,with
possiblecollaborationswithNGOs,universities,schools,
teachersandstudents.
Kazuo Unno, President of the Society of Scientific Photography in Japan & one of the world’s leading insect and
nature photographer (4th from left) flanked by VCE-610 members in the PBF groundbreaking ceremony: C E
Tan, Joseph Goh, Saw Hai Earn, Chew Soon Jin, Lim Chin Ming
Joseph Goh showing Penang Chief Minister, Lim Guan Eng and Danny Law, Exco of Penang Tourism the expansion models of PBF.
Scientex Bhd’s unit Scientex Packaging Film Sdn Bhd
(SPFSB)enteredintoacorporateexercisewithFutamura
ChemicalCoLtdon24September2014withanofficial
signingceremony.
ThiswouldenableScientexGreatWalltobuildanew
worldclassbiaxiallyorientedpolypropylene(BOPP)film
manufacturing plant adhering to stringent Japanese
standardsandquality inMalaysiawith lowerSoutheast
Asianmanufacturingcosts.
VCE-16 Member PJ Lim, Managing Director of Scientex Bhd at the signing ceremony.
ran ConTraCT for rEDtoneVCE-16 Member, Lau Bik Soon, CEO of Redtone
TelecommunicationsSdnBhdannouncedthatREDtone
Marketing Sdn Bhd (RMSB) has been awarded a
RM88.57millionjobbyMalaysianCommunicationsand
MultimediaCommission(MCMC)tobuild,operateand
maintain radio accessnetwork (RAN) infrastructure in
ruralareasinSarawakandJohor.Lau Bik Soon, CEO of Redtone Telecommunications Sdn Bhd
18VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
NEWSrooM
ViStagE JB grOuP turnS OnE
VisiT To WEiL HotelVTA-1GroupmemberspaidavisittoWEILhotelinIpoh,
the latest iconic landmark in Ipoh.Thenewhotelwas
openedbythegroup’smemberDato’LiewSeeYee.WEIL
Hotel is developed andmanaged byWEIL Resources
SdnBhd,amemberoftheThongFookGroup,withan
estimatedinvestmentofRM100million.
ThepioneerVistageGroup
in Johore Baru, led by
Vistage Chair, Leong Yoke
Weng, celebrated its first
anniversaryon3December
2014. All eight members
received their one-year
MembershipAwards.
Onthisspecialoccasion,
the VEE-19 group also
celebrated the birthdays
of 3 members — Michael
Liew of Marrybrown, Lee
Kong Lian of Optosem
TechnologiesandJasTeoof
RuiSinPlasticsIndustries.
VEE-19 Group 1st Year Anniversary celebration on 3 Dec 2014
Lee Kong Lian, Operations Manager of Optosem Technologies Sdn Bhd
KM Tan, Executive Director of Lima Bintang Logistics Sdn Bhd
Liu Yeow Lee, Operations Manager of Angenet Sdn Bhd
Michael Liew, Director of Marrybrown Sdn Bhd
Eric San, Managing Director of Santeclink Resources Sdn Bhd
Aida Mok, General Manager of Khind System (Singapore) Pte Ltd
Jas Teo Kae Shyong, Director of Rui Sin Plastic Industries Sdn Bhd
Joy Tuw, Director of QTC Transformers Marketing Sdn Bhd
Dato’ Liew See Yee with VTA-1 members enjoying refreshments at the new hotel, WEIL Hotel at Ipoh
WEIL Hotel
19VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
SPoTLIghTYour Voice In The Community September 16-30, 2014IPOH ECHO 9
URL: www. bioresonancetherapy.com.sg and email: [email protected]
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side effects from chemotherapy. Bioresonance Therapy (BRT) has helped to reduce the side effects of chemotherapy and reduce the degenerated cells
sessions of BRT. I strongly recommend other patients who suffer from a similar health issue as me to undergo BRT treatment."
FIRST IN IPOHBioresonance Therapy (BRT)German technology used by Doctors in Europe, China, and as complementary therapy in Singapore and China.
Wisma MFCB, A-2-01A Second Floor, #1 Persiaran Greentown 2, Greentown Business Centre, 30450 Ipoh, Perak.Tel: +605 2415 122CM Wong: 012 5102555
Tabout the sins of immoral activities.
“We want more youths to join our organised rides. This is to remind them the
reporters.
helmets and would travel at a much slower speed.
Charity Bike Ride
I asked Liew Yu-Wei the Executive Director of the soon-to-open WEIL Hotel whether in this age of mass production, anyone understands the meaning of the
as ‘made to order’. For that is what they are calling the newest hotel to come on the Ipoh scene in their advertising: ‘A bespoke hotel – fuelled by the desire to provide a unique experience for today’s traveller’.
hardware as in our product but also in software as in our people,” he replied. “Hence the description of ‘Bespoke’. We are putting in the best of the best in decor, furnishings
service professionals in the hospitality industry,” he added.
Scheduled for a soft opening at the end of October, the WEIL Hotel will be giving all other hotels in Ipoh some stiff competition when it opens. The WEIL hotel will be managed by WEIL Resources Sdn Bhd, a member of the Thong Fook Group under the chairmanship of Dato’ Liew Sew Yee, whose late father started the Thong Thye Groundnut Factory under the popular Pagoda brand in
venture into the hospitality business
grow into a chain. Thong Fook whose historical
roots are in the manufacturing of plastics and electronic components and best known for their Pagoda brand of peanuts and nuts, has
the manufacturing arm was sold. Coincidentally at the same time, younger son of the family, Yu-Wei decided to leave his management
Lumpur to return to the family business in Ipoh.During their manufacturing days when their German
partners came to Ipoh for meetings, they would have so many complaints about the hotels in Ipoh that many
evening rather than to spend a night here. It was then that the seed for venturing into the hospitality business was sown in Dato Liew’s mind when he made a promise
‘Bespoke’ Arrives in IpohAdvertorial
to his German friends of “in the future I’ll build an hotel where you’ll be happy to stay”. This promise accounts for the development of the WEIL Hotel and their branding of ‘A Bespoke Hotel’.
Yu-Wei’s decision to return to Ipoh came at an opportune time and the decision to develop the WEIL Hotel was made. A Mechanical Engineering graduate from
Imperial College in London, Yu-Wei has been involved with the family business in various capacities. During his time as a Consultant with Accenture (Malaysia) he had been exposed to various consulting
process re-engineering, system integration and outsourcing. But hotel management expertise was missing. That was when Yu-Wei decided to take a year off to do his Masters in hospitality management at EHL in Lausanne,Switzerland. This he did with alacrity and returned
The name ‘WEIL’ is an ananym (real name written backwards) of the family name. The
and all carpeting, wallpaper and many other items will be
32sq m (344sq ft) to a maximum of 65sq m (699sq ft) will all have complimentary mini-bars, tea and coffee-making
facilities and all bathrooms will have standalone shower stalls with handheld as well as rainforest showers as well as bathtubs. A Presidential Suite of 303sq m (3272sq ft) offers the epitome in accommodation.
Food and Beverage venues spanning two levels and the rooftop offers a tantalising selection of international and local cuisine. Eight wining and dining experiences await guests with a Chinese, Japanese, Western restaurant, rooftop Gastro Bar, All-Day Dining & Alfresco, Tea Lounge, Delicatessen and a Cuisine Academy take on an elevated experience where cooking demonstrations and Chef’s Table dining soirees will be held. The WEIL Ballroom on Level 6 will be the ideal venue for banquets and momentous occasions while their Conference Centre
located at Level 2 compliments events catered towards industry leaders and aspiring entrepreneurs.
The WEIL Hotel will be raising the bar on leisure and relaxation with extensive facilities which includes a gym,
convenience of their strategic location with a dedicated connection to Ipoh Parade Shopping Centre makes WEIL Hotel a distinguished landmark, a preferred address – the quintessential destination for business and leisure. 296 dedicated parking bays plus the ones available for Ipoh Parade will make the WEIL Hotel a convenient and attractive magnet for leisure and pleasure.
Other enticing and exciting developments in the pipeline include a Members Town Club whose details are
Ipoh’s latest ‘Bespoke’ hotel and its team of dedicated hospitality professionals.
News
Nazrin hassan, CEo,Cradle fund Sdn Bhd (VCE-23 Member since 2012)
richard Wong, Chairman & Chief Listener, Vistage Malaysia Sdn Bhd (current President MBAN 2014/2015)
Dato’ Liew Sew Yee, Chairman & Chief Executive Director, Thong fook Corporation Sdn Bhd(VTA-1 Member since 1994)
Tan Kee Choong, Managing Director,Signature Manufacturing Sdn Bhd(VCE-22 Member since 2009)
CC Ngei, Managing Director,feruni Ceramiche Sdn Bhd(VCE-22 Member since 2009)
Looi Kok Loon, Managing Director, MBM resources Berhad
(VCE-1 Member since 2007)
20VISTAGE MALAYSIA NEWS • SEPTEMBER - DECEMBER 2014
VISTAgE-MIEr CEo CoNfIDENCE INDEX
LoW ConfiDEnCEExpectations of a weaker
economycontributedtoalower
Vistage-Mier CEO Confidence
Index.Ofthe373respondents,
52% expec t e conomic
conditions to deteriorate
furthersoon,upfrom40%and
37% in 3Q2014 and 4Q2013,
respectively.CEOsforseealess
robust near-term outlook for
theirbusinesses.Theexpected
profitabilityindexlost13points
from last quarter’s 124, with
only 39% of the respondents
forecastinghigherprofitsinthe
near term, down from 44% in
both3Q2014and4Q2013.
Salary increments for
managerialandnon-managerial
positions are expected to be
mainly in the range of 0-10%
for financial year ending 31
December 2014. New staff
recruitment is expected to be
lessambitiouswithfewer(35%)
respondents planning to beef
up their employee headcount
soon, compared to 42% and
37% in 3Q2014 and 4Q2013,
respectively.
For the full report, pleasevisit
the link http://www.vistage.
com.my/ceo-confidence-index/
4Q 2014 Dec 2014 Malaysia
CONFIDENCE AT A LOW EBBCEOs appeared to be watching the Malaysian economy and prospects of their �rms more closely now than before with lower expectations going forward.
While all six components comprising the Index registered lower this time, the latest reading is driven mainly by the expected economic conditions index which, at 57, plummeted eighteen points from 3Q2014. Of the 373 respondents, 52% expect economic conditions to deteriorate further soon, up from 40% and 37% in 3Q2014 and 4Q2013, respectively.
CEOs are also portending a less robust near-term outlook for their businesses. The expected pro�tability index lost thirteen points from last quarter’s 124, with 39% of the respondents forecasting higher pro�ts in the near term, down from 44% in both 3Q2014 and 4Q2013. Hirings are also expected to be less ambitious with fewer (35%) respondents planning to beef up their employee headcount soon, compared to 42% and 37% in 3Q2014 and 4Q2013, respectively. The index for expected revenue retreated eight points from 3Q2014 to 135 currently, with 49% looking forward to reaping higher sales revenue in early 2015, compared to 54% and 53% in 3Q2014 and 4Q2013, respectively. Fixed invest-ment expenditure is also expected to cool in the months ahead, with those contemplating on cutting back on such investment having increased to 16% from 11% a quarter ago.
REGISTRATION FOR THE GOODS AND SERVICES TAX (GST)CEOs are generally gearing up for the implementation of the Goods and Services Tax (GST) which was opened for registration to companies recently. 64% of the respondents said that they have already registered, while 21% are in the process of registering and 15% noted that they are aware of it.
CHALLENGES FACED IN THE IMPLEMENTATION PROCESS OF THE GST Notwithstanding the registration of the GST by majority of the respondents, 60% are still unclear about the operational guide-lines issued by the authorities. While 40% are facing a shortage of adequately trained sta� for the implementation of the GST, 33% �nd the accounting software a challenge. Another 7% cited, among others, challenges such as ambiguity in the actual proce-dures involved, billing to meet the 21-day closing period for tax refund, unavailability of a complete list of non-GST-related items, cash �ow and credit control concerns, and the costly consultancy fees and set-up to GST readiness.
LENDING PROBLEMS WITH LOCAL AND/OR FOREIGN BANKSCEOs are generally not a�ected by the recent tightening of lending by banks. 98% said they have no lending problems with local banks, while 59% noted the same with foreign banks, indicating that local banks are likely more �exible than their foreign counterparts on business lending. Of those with lending experiences with local banks, rejection of new applications and credit limit cut-back were the main problems faced, with 30% and
The Vistage-MIER CEO Con�dence Index fell to its �ve-quarter low of 80.6 in 4Q2014, ebbing almost nine points quarter-on-quarter. Only 5% of the respondents opined that overall current economic conditions in the country have improved, the lowest proportion polled since 1Q2009.
39% of CEOs expected pro�ts to increase, down from 46% in both 3Q2014 and 4Q2013.
49% of CEOs forecasted higher revenues, down from 54% in 3Q2014 and 53% in 4Q2013.
64% of CEOs have already registered themselves for the Goods and Services Tax (GST).
40% of CEOs faced a shortage of adequately trained sta� for GST implemen-tation.
98% of CEOs have no lending problems with local banks.
68% of CEOs opined that the govern-ment should revisit regulations governing the property sector.
32% of CEOs believed that the fuel price hike would have signi�cant impact on their cost of doing business.
74% of all CEOs ranked their level of competitiveness over the last 12 months as “reasonably competitive”.
71% of CEOs use Facebook and 66% use Google.
99.7104.4
100.9
87.3 85.6
92.289.4
80.6
60
70
80
90
100
110
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
C EO CO NF I D ENC E I ND EX 1 Q 2 0 1 3 -4 Q 2 01 4
0
1
2
3
4
5
6
7
70
80
90
100
110
120
130
2010
:3Q 4
2011
:1Q 2 3 4
2012
:1Q 2 3 4
2013
:1Q 2 3 4
2014
:1Q 2 3 4
Vistage-MIER CEO Confidence Indexand Year-to-Year Changes in GDP CCI GDP