ACGA Council

Douglas Henck
Chairman, ACGA

Douglas Henck has spent over 30 years in international insurance with a particular focus on Asia. He was appointed CEO of Aegon Asia and Chairman of Aegon Asia’s Executive Committee on January 1, 2011, and served in that role until his retirement on September 30, 2016.  He also served on Aegon’s Global Management Committee. 

Educated in the US, Douglas began his career at Aetna, Inc in 1974 and qualified as a Fellow of the Society of Actuaries in 1978. Over his long career, Douglas has held executive positions at Aetna, AIG and Sun Life Financial, as well as Aegon.

From 2006 to 2009, Douglas was based in Haifa, Israel, where he was Chief Financial Officer for the Bahá’í World Center, the global administrative headquarters of the Bahá’í Faith.

In November 2014, Douglas was elected Chairman of the Asian Corporate Governance Association, after serving as Vice Chairman since 2004. He is also a Past Chairman of the American Chamber of Commerce in Hong Kong (having led the organisation during the historic 1997 calendar year, when Hong Kong returned to Chinese rule) and served two terms as Chairman of the Asia Pacific Council of American Chambers of Commerce from 1993-1995. He is a member of the Board of Directors of the Harmony Program, a New York-based charity providing music lessons to economically disadvantaged children, and the Tahirih Justice Center, a Washington, DC-based charity that provides legal and other services to immigrant women and girls fleeing gender-based violence.

Douglas joined the ACGA Council in 2001.

Vice Chairman
Anthony Muh Yi-tong
Executive Director and CEO Asia, H.R.L. Morrison & Co, and Chairman, JIDA Capital Partners

Anthony Muh Yi-tong  holds dual roles as Executive Director and CEO Asia of H.R.L. Morrison & Co and Chairman of JIDA Capital Partners, a specialist investment manager and operator of infrastructure assets focussed on China. He has more than 25 years of experience working on both traditional and alternative investment assets. Anthony is responsible for expanding H.R.L. Morrison & Co’s investment capabilities outside of its core markets of Australia/New Zealand and also oversees the development of JIDA Capital Partners’ infrastructure assets.

Prior to his current roles, Anthony spent more than a decade with Citigroup Global Asset Management and Salomon Brothers Asset Management as regional Chief Investment Officer. He was a member of its global assset management committee and a member of Citigroup’s Hong Kong country board. Anthony also spent a period of time managing proprietry investments in Asia with Alliance Trust PLC.

Anthony is the current Vice Chairman of the Asian Corporate Governance Association and an Advisory Board member of Euromoney Institutional Investor Plc. He is a Non-Executive Director of London-listed Utilico Emerging Markets Limited and was on the Board of Directors of New Zealand-listed company Infratil. He is a past Chairman and Fellow of Hong Kong Securities and Investments Institute and a past Chairman and Fellow of the New Zealand Society of Investment Analysts (now known as INFINZ).

Anthony joined the ACGA Council in 2005.

Stephen Fuller
Head of International Government Affairs & Senior Vice President, TCI Global, The Travelers Companies, Inc.

In October 2015, Stephen Fuller joined The Travelers Companies, Inc, responsible for managing Travelers’ International Government Affairs presence, focussing on regulatory, trade and investment issues. In this role, Stephen concentrates on deepening Travelers’ relationships with international regulators, government officials, legislative oversight committees, and international trade associations. He is helping to develop and implement strategies to build Travelers’ international network and presence in key foreign markets. Stephen is also involved in the ongoing international regulatory reform and capital standards dialogue with US and international regulators. He also works closely with Travelers’ US Government Relations team to coordinate strategies on key topics, such as market conduct, credit scores, broker compensation, and sales practice issues. 

Based in Washington, DC, Stephen joined Travelers from Chubb, where he was the International External Affairs Officer responsible for the firm’s global government relations team. He was previously Chubb’s China Country Manager, Asia-Pacific Zone Manager for Marketing and External Affairs, and interim India Country Manager. He also spent over a decade with The Asia Foundation as Representative for Malaysia, Singapore and Brunei, and Assistant Representative for Indonesia and Korea.

Stephen is an Asian Corporate Governance Association Council Member and Chair of its Membership Committee. He is also Chair of the American Insurance Association’s International Committee and an Advisory Board Member of the RAND Corporation’s Center for Asia Pacific Policy.

He holds an MA degree from the Johns Hopkins School of Advanced International Studies (SAIS) and a BA (with honors) in Chinese Language and Asian History from the University of Maryland.

Stephen joined the ACGA Council in 2010.

Ka Shi Lau, BBS
Managing Director & CEO of BCT Group

Ka Shi Lau is Managing Director and CEO of BCT Group, comprising BCT Financial Limited (BCTF) and Bank Consortium Trust Company Limited (BCTC), a major provider of MPF/ORSO products and asset servicing for investment funds and pensions, with BCTC being one of the largest trust companies in Hong Kong. She is a strong advocate of corporate governance, social inclusion and diversity, health care, and retirement protection through active participation in industry dialogues. 

Apart from her current role as Vice Chairman of the Hong Kong Trustees’ Association, she serves on various statutory and professional bodies including Asia-Pacific Financial Forum (APFF) – Retirement and Long-Term Investment Working Group, Asian Corporate Governance Association, Mandatory Provident Fund Schemes Authority, Securities and Futures Commission, Hong Kong Trade Development Council, Hong Kong Retirement Schemes Association, Hong Kong Institute of Certified Public Accountants, and Investor Education Centre. Her public service roles include the Independent Commission (on Remuneration for Members of the Executive Council and the Legislature, and Officials under the Political Appointment System of the HKSAR), Pamela Youde Nethersole Eastern Hospital, and Our Hong Kong Foundation’s “Business for Social Good” Platform. Her previous public service includes the Minimum Wage Commission, Hospital Authority, Women’s Commission, and Community Investment & Inclusion Fund.

She was bestowed the Bronze Bauhinia Star (BBS) by the Government of Hong Kong. She is the first woman to win the “Director of the Year Award” in the “Private Companies, Executive Director” category from The Hong Kong Institute of Directors. She was named “Professional of the Year” in the “Women of Influence Awards 2010” co-organised by the American Chamber of Commerce in Hong Kong and the South China Morning Post.

Ms Lau holds an MBA from Cornell University. She also completed an Executive Leadership Programme in Global Finance of the “Institute of Global Economics and Finance” at the Chinese University of Hong Kong. She possesses extensive banking and finance experience in the pension and funds industry; mortgage securitisation; global investment, trust/custody services and securities operations; risk management and compliance; and investment banking.

Ka Shi joined the ACGA Council in 2016.

Stan Shih
Chairman, Stans Foundation, and Co-founder and Honorary Chairman, Acer Group

Stan Shih is Chairman of Stans Foundation, Co-founder and Honorary Chairman of the Acer Group, and Acer BYOC Chief Architect. In January 2017, Stan was appointed Honorary Chairman of Major League IoT, an agency launched in late 2016 to promote the transformation and upgrade of Taiwan industry to face the challenges of the future. He also serves on the Boards of Acer, Qisda (Benq), Wistronn, Taiwan Semiconductor Manufacturing Co, Nan Shan Life Insurance, Taiwan Public Television Service Foundation, and Chinese Television System.

A social entrepreneur throughout his stellar career, Stan is a former Chairman of the Asia Business Council, a Governor of the Asian Institute of Management, and Honorary Chairman of the Taiwan Excellent Brand Association. He sits on the International Advisory Board of the China Europe International Business School. He retired from Acer in 2004, and from 2011 to 2016 he was Chairman of the National Culture and Arts Foundation that is a bridge between the arts and business.

Stan was featured in Time’s 2006 article, “60 Years of Asian Heroes”, for turning Taiwan into a PC-manufacturing powerhouse. As Taiwan’s Special Envoy, Stan attended the Asia-Pacific Economic Cooperation Economic Leaders’ Summit in Sydney, Australia in 2007. For his outstanding contributions to Taiwan, the President bestowed him with the Order of Brilliant Start with Grand Cordon in 2011. He also received the inaugural Industrial Technology Research Institute (ITRI) Laureate in 2012.

Earlier in his career, BusinessWeek named Stan one of its 25 Top Managers of the Year in 1996. He has been One of the 10 Most Outstanding Young Persons in Taiwan in 1976, The Most Outstanding Young Engineer in Taiwan in 1981, and One of the 10 Most Outstanding Young Persons in the World in 1983.

Stan holds a Bachelor’s, Master’s and an honorary PhD in electronic engineering from National Chiao Tung University, Taiwan. He has an Honorary Doctorate of Technology from the Hong Kong Polytechnic University, and is an Honorary Doctor of International Law of the Thunderbird School of Global Management.

Stan joined the ACGA Council in 2009.

Elizabeth Sun
Senior Director of Corporate Communications, Taiwan Semiconductor Manufacturing Company

Dr Elizabeth Sun is Senior Director of TSMC’s Corporate Communications Division, with responsibility over Investor Relations, Public Relations and Customer Communications. She joined TSMC as Deputy Director of Finance in March 2003, became Head of Investor Relations in July 2003, and expanded her responsibilities to also lead the Public Relations function since August 2010.

She has been a recipient of many awards, including the National Management Excellence Award in Finance (2007) from the Chinese Professional Management Association, IR Magazine’s Best Investor Relations Officer (eight times in the last 11 years), Best IRO in the Institutional Investors survey in six consecutive years (2011-2016), and the Excellence Award for Business Spokesperson (2016) from the Public Relations Foundation of Taiwan. In December 2012, IR Magazine named her as one of the world’s “top 25 IROs in the last 25 years”. Under her leadership, TSMC’s IR Team has consistently achieved high rankings in IR Magazine’s Global Top 50 Awards in the last few years, and garnered the number one ranking globally in 2016.
Prior to joining TSMC, Elizabeth held various positions in the investment field, including Partner and CFO at InveStar Capital, a high-tech venture capital management company, Head of Research and General Manager at HSBC Securities in Taiwan, and VP and Spokesperson for the NYSE-listed ROC Taiwan Fund.

From 1989 to 1994, Elizabeth was a professor of Finance at the San Jose State University in San Jose, California. She holds a PhD in Finance and an MBA from the University of Cincinnati, and a BA in Philosophy from National Taiwan University.

Elizabeth joined the ACGA Council in 2014.

Steven Watson
Partner, Capital International Investors

Steven Watson is an equity portfolio manager at Capital Group. He has 29 years of investment experience and has been with Capital Group for 27 years.

Steven is a member of Capital’s Global Portfolio Oversight Committee (GPOC), a team of experienced investment professionals responsible for guiding the portfolio construction and ongoing monitoring of the company’s multi-asset solutions. He serves as chairman of the company’s China Group, which is responsible for fostering Capital’s long-term interests in China.

In additional to serving on Capital Group’s leadership committees, Steven is a portfolio manager for American Funds International Growth and Income Fund, American Funds New Perspective Fund, New Perspective Fund (LUX), American Funds Capital Income Builder, World Dividend Growers, World Dividend Growers (LUX) and World Dividend Growers SMA. He is also a global equity portfolio manager at Capital Group Private Client Services.
Earlier in his career, as an equity investment analyst at Capital, Steven covered Asian property and transportation, as well as European transportation and utilities companies. Before joining Capital, he was a buy-side research analyst for Sanford C. Bernstein & Co in New York.

Steven holds an MBA in finance from New York University Graduate School of Business Administration, a master’s degree in French studies from New York University Institute of French Studies and a bachelor’s degree in French from the University of Massachusetts graduating cum laude. He also studied Mandarin Chinese at Wuhan University and the Shanghai Foreign Language Institute in China. Steven is based in Hong Kong.

Steven  joined the ACGA Council in 2007.

Peter Yam
Retired President, Greater China, Emerson

Peter Yam joined Emerson (NYSE: EMR) in 1986 and retired as president of Emerson Greater China and chairman of Emerson Electric (China) Holdings Co, Ltd in April 2008. He played a key role in leading Emerson’s investments in China for more than two decades.

Peter holds a bachelor degree in electrical engineering from the University of Hong Kong and an Executive MBA from the University of Chicago. He is currently an adjunct professor of the Chinese University of Hong Kong’s Faculty of Business Administration Department of Management, a council member of the Asian Corporation Governance Association, and vice-chairman of the Board of Governors of Centennial College, Hong Kong, (an independent college established by the University of Hong Kong).

Previously, Peter was a member of the Suzhou Industrial Park International Advisory Committee, a director of the Executive Committee of Foreign Investment Companies in Beijing (part of the China Association of Enterprises with Foreign Investment), a visiting professor of Nanjing University’s School of Business and a visiting professor of Jiangmen Polytechnic in China, a non-executive director of Sun Life Hong Kong Limited, a non-executive director of ISG Asia Investment (HK) Ltd, a non-executive director of Global Sources Ltd (NASDAQ: GSOL), a member of the Board of Directors of the Hong Kong Science & Technology Parks Corporation and a vice-president of the American Chamber of Commerce in Hong Kong.

Peter joined the ACGA Council in 2013.

Yuelin Yang
Deputy Group Managing Director, IMC Industrial Group

As Deputy Group Managing Director of IMC Industrial Group, Yuelin Yang manages Industrial corporate and business relationships. He is also responsible for the multi-family office, Family Business Network program committee and investments for IMC Group.

He is a Member of the Boards of IMC’s joint ventures with Chevron (NYSE: CVX) for offshore oil and gas fabrication and installation services in Thailand. He is a non-executive director on the Asian board of Verlinvest, a family firm for the Belgium families with major shareholdings in AB InBev.

Yuelin has worked in Silicon Valley, Taipei, Hong Kong and Singapore. After practicing law at two well-known Silicon Valley firms, he has spent over 20 years in senior management of an Asian multinational and an Asian family company. As Associate General Counsel at Acer Computers, he reported directly to Acer co-founder Stan Shih, negotiating global commercial contracts as Acer’s revenue grew from US$1 billion in 1991 to US$5.7 billion in 1995. Since then, he has held senior management roles at IMC Group, founded by his uncle after World War II, whose business lines include shipping, shipyards, ports and logistics and a diversified portfolio including natural resources. 

Yuelin has been on the World Economic Forum’s Global Agenda Council for ASEAN, the Family Business Advisory Committee of Insead and the OECD Roundtable on Asian Corporate Governance. He is currently a member of the Pacific Pension Institute, is on the Council of the Asian Corporate Governance Association and on the Board of Directors of NUS Business School’s Centre for Governance, Institutions & Organizations.

A Bachelor of Science in Industrial Engineering from Stanford University and a JD from Stanford Law, Yuelin speaks and writes frequently on Asian family businesses and family offices.

Yuelin joined the ACGA Council in 2015.

Emeritus Chair
Linda Tsao Yang
Ambassador - Asian Corporate Governance Association

Ambassador Yang retired from the Asian Corporate Governance Association (ACGA) in November 2014 after serving as Chair from 2001 to 2014. It is a non-profit, member-supported organisation chartered under the laws of Hong Kong to conduct research, education activities, and advocacy to improve corporate governance practices in Asian capital markets. During her 13-year tenure, global membership of ACGA grew to over 100. Among its members are major sovereign wealth and public pension funds. Assets under management by ACGA's institutional investor members exceed US$25 trillion.

She served as the US Ambassador and Executive Director to the Board of Directors of The Asian Development Bank from 1993 to 1999. She was the first woman appointed by the United States Government to the board of a multilateral financial institution and the first Executive Director appointed by President Clinton and confirmed by the US Senate.

At her retirement in December 1999, US Treasury awarded her the Distinguished Service Medal of the department. The award citation stated, “She has made a significant contribution to the advancement of US policy objectives at the Bank. She also spearheaded the adoption of important new Bank policies on reduction of poverty, good governance, anti-corruption, disclosure of information, and collaboration with non-governmental organizations, among many others. Ambassador Yang has also been one of the main forces behind the strengthening of the Bank's private sector operations and she has led the effort to put in place a Bank-wide approach to private sector development. Ambassador Yang played a key role in defining the Bank’s participation in the international response to the Asian economic crisis, including pushing for early and expanded attention to social impacts and social development. She has provided strong fiduciary and operational oversight of Bank operations and has worked to make the Bank more transparent and accountable.”

Ambassador Yang was an independent non-executive director on the board of the Bank of China (Hong Kong) 2003-2010. The Founding Chair of Strategy and Budget Committee of the board, she led the preparation of the first and second 5-year growth and development plans for the bank. In 2008, Hong Kong Institute of Directors honored her with its Director of the Year Award (Hang Seng Index -Independent Non-Executive Director), and she was awarded Honorary Citizen of Shanghai in September 2016.

She was the first woman to serve as California's Savings and Loan Commissioner and the first minority appointed to the Board of Administration of the California Public Employees’ Retirement System (CalPERS) where she served as Vice-President and Vice-Chairman of its Investment Committee. She was an invited panelist on international economy at the Economic Summit hosted by then President-Elect Bill Clinton in December 1992 in Little Rock, Arkansas.

Ambassador Yang is a member of the International Council of the Bretton Woods Committee in Washington DC, the Council on Foreign Relations in New York, and an advisory board member of the Center on Asia Pacific Policy, RAND Corporation in Santa Monica, California. She co-chairs the Chang-Lin Tien Committee of The Asia Foundation in San Francisco. She serves as Co-chair of the Membership Committee of The Committee of 100, a non-profit, national organisation of Chinese Americans dedicated to promoting constructive, mutually beneficial relations between the United States and China and full participation of Chinese Americans in all aspects of life in the United States.

She was a delegate to the Democratic National Convention in 1984, 1988, and 1992 and a member of the Fairness Commission of the Democratic National Committee in Washington DC, A graduate of St John’s University in Shanghai and Columbia Business School in New York, Ambassador Yang was married to the late Professor An Tzu Yang of the University of California in Davis, California. She is the mother of two sons.

Advisory Board
Tse Sze-wing, Edmund, GBS
Non-executive Chairman and a Non-executive Director of AIA Group Limited

Edmund is the Non-Executive Chairman and a Non-Executive Director of AIA Group Limited. From 1996 until June 2009, he was a Director of American International Group, Inc. (AIG) and from 2001 until June 2009, he was Senior Vice Chairman – Life Insurance of AIG. From 2000 until June 2009, he was also Chairman and Chief Executive Officer of American International Assurance Company, Limited. Edmund has held various senior positions and directorships in other AIG companies. He is a Non-Executive Director of PCCW Limited. Edmund also holds the position of Non-Executive Chairman of PineBridge Investments Asia Limited and a Director of Bridge Holdings Company Limited.

The Government of the Hong Kong Special Administrative Region bestowed the Gold Bauhinia Star (GBS) upon him in 2001 in recognition of his outstanding efforts in respect of the development of Hong Kong’s insurance industry. He graduated with a Bachelor of Arts degree in Mathematics from the University of Hong Kong (HKU) in 1960. HKU conferred an Honorary Fellowship and an Honorary Doctorate in Social Sciences on him in 1998 and 2002, respectively. He also obtained diplomas from the College of Insurance and the Graduate School of Business of Stanford University. He has extensive management experience in the insurance market, both in Asia and globally. In 2003, he was elected to the Insurance Hall of Fame, a highly prestigious award in the global insurance industry. 

Advisory Board
Marjorie Yang Mun-tak, GBS
Chairman of Esquel Group

Marjorie Yang is Chairman of Esquel Group, a leading Hong Kong-based textile and apparel manufacturer with operations throughout the world.

Marjorie has a Bachelor of Science degree from Massachusetts Institute of Technology and an MBA from Harvard Business School.

Marjorie has been a Member of the National Committee of the Chinese People’s Political Consultative Conference since 2003. She also serves as Deputy Chairman of the Seoul International Business Advisory Council (SIBAC), with the purpose of providing advice to the Mayor of Seoul.

Marjorie is dedicated to promoting education and innovative technologies, she is the Co-chairman of the advisory board of CSAIL (Computer Science and Artificial Intelligence Lab) at MIT. She is also the Chairperson of the Steering Committee of the Coding and Computational Thinking Education at The Hong Kong Jockey Club Charities Trust. She also serves as Member of various advisory boards including Harvard University, Harvard Business School, MIT Sloan and Tsinghua University’s School of Economics and Management. She was the Chairman of the Council of the Hong Kong Polytechnic University from 2009 to 2015.

Marjorie is a strong believer in sustainable development and environmental conservation and holds membership in the Advisory Council of Natural Resources Defense Council in China.

The Government of the Hong Kong bestowed the Gold Bauhinia Star on Marjorie in 2013 her distinguished public and community service, particularly her significant contributions to the higher education sector.

Marjorie is an Independent Non-executive Director for both HSBC and Swire Pacific.