ACGA Council

Anthony Muh Yi-tong
Partner and Asia Chairman, H.R.L. Morrison & Co

Anthony Muh is a partner and Asia chairman of H.R.L. Morrison & Co, a global investor and operator of infrastructure assets. He is an investment professional with more than 30 years of experience in both traditional and alternative investments. 

Mr Muh is a non-executive director of London-listed Utilico Emerging Markets Trust and is a former director of the board of Infratil. He is an Advisory Board member of Euromoney Institutional Investor. 

He is a past chairman and fellow of the Hong Kong Securities and Investments Institute and a past chairman and fellow of the New Zealand Society of Investment Analysts (now known as INFINZ). 

Mr Muh joined the ACGA Council in 2005. He served as vice chairman of the ACGA Council from 2014 until mid-2018, when he was elected as chairman on 1 June 2018.

Vice Chairman
Steven Watson
Partner, Capital International Investors

Based in the Capital Group’s Hong Kong office, Steven Watson is a portfolio manager in The International Growth and Income Fund, Capital Income Builder and the New Perspective Fund, among other funds and mandates. He is also Chairman of Capital’s China Group.

Prior to joining Capital in 1990, Mr Watson was a research analyst for Sanford C. Bernstein & Co and a vice president of China Communications, a marketing consulting firm. 

He received a bachelor’s degree in French from the University of Massachusetts, a master’s degree in French studies from New York University and an MBA from New York University and l' Universitè de Paris. Additionally, he studied Chinese at Wuhan University and the Shanghai Foreign Language Institute, China.

Mr Watson joined the ACGA Council in 2007. He was elected as Vice Chairman on 1 June 2018.

Pru Bennett
Principal, Tawarri Consulting

Pru Bennett is an independent corporate governance consultant assisting Australian corporate clients on issues relating to stakeholder management, ESG strategies and stakeholder communications. She is a Senior Advisor to the Brunswick Group in Hong Kong and Sydney-based Morrow Sodali.

Ms Bennett is a director of Global Compact Network Australia, a Council member of the Asian Corporate Governance Association (ACGA) and an Advisory Council member of Hong Kong-based investment management firm, Oasis Capital. 

She joined BlackRock’s Hong Kong office in 2010, where she was a Managing Director and head of BlackRock’s Investment Stewardship team for the APAC region until January 2019. In that role she led the team responsible for engagement and proxy voting activities of companies in which BlackRock invests on behalf of clients. 

Ms Bennett is an active participant in the public debate on corporate governance, stewardship and responsible investment and as such regularly speaks and writes on the importance of these issues for company performance and investment decisions. In 2018, she received the Asia Industry Leadership Award from 100 Women in Finance. In 2013, she was named as one of Australia’s top 10 Women of Influence in Corporate Governance. 

She is also a member of a number of industry and regulatory bodies including the Public Shareholder Group of the Securities and Futures Commission of Hong Kong, the Monetary Authority of Singapore's Corporate Governance Advisory Committee, a director of the International Integrated Reporting Council and a member of the Deakin University Integrated Reporting Centre Advisory Board.

Ms Bennett is a champion of diversity and inclusion of all kinds. She is a member of steering groups for the Australian and Hong Kong chapters of the 30% club, a market initiative to increase the number of women on boards and in senior management. She has published a number of papers on board diversity.

Before joining BlackRock in August 2010, Ms Bennett was head of Corporate Governance at institutional advisor Regnan Governance and Research. From 1998 to 2009 she was a director of Australian proxy advisor Corporate Governance International, which is now known as CGI Glass Lewis. Prior to working in the area of corporate governance, she was Investor Relations Manager for Qantas Airways.

Ms Bennett holds a Bachelor of Commerce from the University of New South Wales, is a member of the Institute of Chartered Accountants Australia and New Zealand, and is a graduate of the Australian Institute of Corporate Directors.

She joined the ACGA Council in 2018.

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

Stephen Fuller joined The Travelers Companies, Inc, in October 2015, and he is responsible for managing Travelers’ International Government Affairs presence, focussing on regulatory, trade and investment issues. In this role Mr Fuller 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 the company’s presence in key foreign markets. He also is involved in the ongoing international regulatory reform and capital standards dialogue with US and international regulators. Mr Fuller 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, D.C., he joined Travelers from Chubb, where he held the role of International External Affairs Officer responsible for Chubb’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.

Mr Fuller 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 from the Johns Hopkins School of Advanced International Studies (SAIS) and a BA (with honours) in Chinese Language and Asian History from the University of Maryland. 

Mr Fuller joined the ACGA Council in 2010.

Ka Shi Lau
Managing Director and CEO, BCT Group

Ka Shi Lau is the Managing Director and CEO of BCT Group, comprising BCT Financial Limited (“BCTF”) and Bank Consortium Trust Company Limited (“BCTC”), a key provider of MPF/ORSO products and best-in-class asset servicing for investment funds and pensions with BCTC being one of the largest trust companies in Hong Kong. 

Graduated with an MBA from Cornell University in the US, Ms Lau possesses extensive banking and finance experience in the pension and funds industry. She is a strong advocate of corporate governance (including ESG), retirement protection, social inclusion and diversity, and health care through active participation in government consultations and industry dialogues. 

Apart from her current role as an ACGA council member and Vice Chairman of the Hong Kong Trustees’ Association, she serves on various statutory and professional bodies including the Mandatory Provident Fund Schemes Authority, Securities and Futures Commission, Hong Kong Retirement Schemes Association, Hong Kong Securities and Investment Institute, Hong Kong Institute of Certified Public Accountants, and the Investor and Financial Education Council. Her public service roles include Our Hong Kong Foundation, the Independent Commission (on Remuneration for Members of the Executive Council and the Legislature, and Officials under the Political Appointment System of the HKSAR), and the Pamela Youde Nethersole Eastern Hospital. Her previous public service duties include the Minimum Wage Commission, Hospital Authority, Women’s Commission, Financial Services Development Council and Hong Kong Trade Development Council. 

For her dedicated public and community service in Hong Kong, Ms Lau was awarded the Bronze Bauhinia Star (BBS) by the Hong Kong Government in 2013. She was 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 also 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 newspaper. In 2018 she was selected by AsianInvestor magazine as one of the “AI 20 Leading Pension Executives” in the region.

She joined the ACGA Council in 2016.

Ronnie Lim
Senior Engagement Specialist, Robeco Asia-Pacific

Ronnie Lim is the Senior Engagement Specialist at Robeco Asia-Pacific, responsible for active ownership and sustainable investment in the Asia Pacific region. His role in active ownership includes ESG engagement with portfolio companies to improve their performance, with a focus on corporate governance and shareholder value creation. This includes corporate actions and special situations.

Mr Lim works closely with the investment and governance teams, to catalyse corporate change by influencing governance, strategy and capital management. He conducts constructive engagement with an escalation process that is aligned with fundamental investment combined with sensitivity to cultural norms.

He represents Robeco in public fora, advocating for good corporate governance with regulators and other key stakeholders, especially other asset managers. He is an active ACGA member, participating in the annual conferences, seminars, and the Japan and Korea Working Groups.

Prior to joining Robeco in 2014 as a product specialist for sustainable investment, he held a number of global investment roles based in Asia and London. From 2003 to 2007, he was Head of Sustainable Investment Research at Aviva Global Investors London, where its SRI team was ranked Number 1 by Extel for four years. He later joined an investment boutique firm, Climate Change Capital, in London (2007 to 2010) as portfolio manager for the Global Environmental Opportunities Fund, where his team raised capital, structured funds, and managed both absolute return and long-only portfolios.

Mr Lim has 17 years’ experience of institutional Asian equities at Cazenove, CLSA and RBS, where he held several senior roles, including leading equity sales teams in Singapore and Hong Kong. He has also contributed to non-profit boards as a director of the Association of Sustainable and Responsible Investment Asia (ASRIA) from 2014 to 2017.

He was educated in England and holds a BSc in Economics from the University of Salford and an MSc in Environmental Science from the University of East Anglia. He is also an associate of CFA UK.

Mr Lim joined the ACGA Council in 2019.

Stan Shih
Chairman, StanShih Foundation | Co-Founder and Honorary Chairman, Acer Group

Stan Shih is chairman of the StanShih Foundation and co-founder and honorary chairman of the Acer Group. He has been a social entrepreneur throughout his life, and since January 2017 has served as honorary chairman of the Major League IoT, which promotes the rapid transformation of Taiwan industry to face critical challenges in the future. 

Mr Shih serves on the boards of Acer, Taiwan Semiconductor Manufacturing Co, Nan Shan Life Insurance, Taiwan Public Television Service Foundation, and the Chinese Television System. He is chairman of the Cloud Gate Culture and Arts Foundation, heads the Taiwan Connection Fun Club and the One Song Orchestra Fun Club, and is convener of the Cultural Tech Alliance, Taiwan.

He is a former chairman of the Asia Business Council and a former International Advisory Board member of the China Europe International Business School. He is a governor of the Asian Institute of Management, and an honorary chairman of the Taiwan Excellent Brand Association. After retiring from Acer in 2004, he served as chairman of the National Culture and Arts Foundation from 2011 to 2016 and actively worked to build a bridge between the arts and business. 

BusinessWeek magazine named him one of its 25 Top Managers of the Year in 1996. Time magazine featured him in its 2006 article, “60 years of Asian Heroes”, for turning Taiwan into a PC-manufacturing powerhouse. In 2007, as Taiwan’s Special Envoy, Mr Shih attended the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Summit in Sydney, Australia. For his outstanding, long-term contributions to Taiwan, he was awarded the Order of Brilliant Star with Grand Cordon in October 2011 and the 1st Industrial Technology Research Institute (ITRI) Laureate in 2012. In his youth, Mr Shih was named One of the 10 Most Outstanding Young Persons in Taiwan in 1976, The Most Outstanding Young Engineer in Taiwan in 1981 and the 1st One of the 10 Most Outstanding Young Persons in the World in 1983.

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

He joined the ACGA Council in 2009.

Elizabeth Sun
Honorary Chairperson, Taiwan Investor Relations Institute | Former Senior Director of Corporate Communications, Taiwan Semiconductor Manufacturing Company (TSMC)

Elizabeth Sun has been a well-recognised and highly respected investor relations professional in Asia and in the global semiconductor industry. Prior to her retirement from Taiwan Semiconductor Manufacturing Company (TSMC) at the end of 2019, she was the company’s acting spokesperson and senior director of the Corporate Communications Division, which covers investor relations, public relations, and customer communications.

Ms Sun has been a recipient of many awards, including the National Management Excellence Award in Finance (2007) from the Chinese Professional Management Association, Excellence Award for Business Spokesperson (2016) from the Public Relations Foundation of Taiwan, and Best IRO in the Institutional Investors survey for nine consecutive years (2011 to 2019). An eight-time winner of the Best IR Officer Award from IR Magazine, she was also recognised by the same magazine as one of the world’s “Top 25 IROs in the last 25 years” in 2012, one of the world’s top IROs in 2016, and received the “Life Time Achievement Award” in 2018. Under her leadership, TSMC’s IR team has consistently achieved high rankings in IR Magazine’s “Global Top 50 Awards” since the award’s inception and garnered the number one ranking globally in 2016.

Prior to joining TSMC in 2003, Ms Sun 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 then NYSE-listed ROC Taiwan Fund. 

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

She has been an ACGA Council Member since 2014 and is chair of its Audit Committee.

Jeffrey R. Williams
Director, UBS SDIC Fund Management, UBS Asset Management (China)

Jeffrey Williams (韦杰夫) is a corporate director and independent consultant with over 30 years of experience in the  financial services and education industries in Greater China. He has extensive experience at the board level in private and listed companies as well as non-profit organisations in Greater China and globally.  

Currently, he is an advisor to UBS Asset Management in Hong Kong and China, and a director of UBS SDIC Fund Management and of UBS Asset Management (China). He is a trustee of the China Medical Board and a foundation board member of the UBS Optimus Foundation. He was formerly chairman of the American Chamber of Commerce in Taipei and chairman of the Taipei American School. He has been the president of the Harvard alumni clubs of Taiwan and Hong Kong.

In 2004, Mr Williams became the first foreigner to lead a Chinese bank, Shenzhen Development Bank, since the founding of the People’s Republic of China. Previously, he held various roles for Citibank in Taiwan, Hong Kong and Shenzhen, including as the Taiwan general manager for American Express and Standard Chartered Bank. Most recently, he was the inaugural executive director and general manager of Harvard Center (Shanghai), Harvard University’s base of operations in China.   

From 1979 to 1980 he taught at Peking University, shortly after the resumption of diplomatic relations between China and the US.  

Mr Williams graduated magna cum laude in East Asian Languages and Civilizations from Harvard College in 1978 and obtained his MBA from Harvard Business School in 1982. He is currently a Senior Fellow at the Ash Center of Harvard Kennedy School of Government and an associate at the Harvard Fairbank Center for Chinese Studies. He is fluent in Mandarin Chinese. 

Mr Williams joined the ACGA Council in 2018.

Yuelin T. Yang
Deputy Group Managing Director, IMC Industrial Group

Yuelin Yang is Deputy Group Managing Director of IMC Industrial Group and manages its corporate and business relationships. He is a Member of the Boards of IMC’s joint ventures with Chevron and Mitsui and Modec, and is a non-executive director on the Asian board of Verlinvest, a family firm for the Belgium families with major shareholdings in AB InBev. 

After practicing law at well-known Silicon Valley firms, he has spent over 20 years in senior management at an Asian multinational and an Asian family company. As Associate General Counsel at Acer Computers in Taipei, he reported to 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 roles at the family-owned IMC Group in Singapore. 

He 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 a member of the Pacific Pension Institute and is on the board of NUS Business School’s Centre for Governance, Institutions & Organizations. 

Mr Yang holds a Bachelor of Science in Industrial Engineering from Stanford University and a JD from Stanford Law. He speaks and writes frequently on Asian family businesses and family offices. 

He joined the ACGA Council in 2015.

Emeritus Chair
Linda Tsao Yang
Ambassador - Asian Corporate Governance Association

Linda Tsao Yang retired from the Asian Corporate Governance Association (ACGA) in November 2014 after serving as Chair from 2001 to 2014. 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.”

Linda 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.

Linda 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.