 STEPPING UP - ISSUE 16 (29 FEBRUARY 2012) |
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| COMMITTEE NEWS: | |||||||||
| STEP Singapore Branch President Goh Seow Chee reports on her attendance to STEP Council Meeting & Branch Chairs Assembly held in London |
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 With multiple meetings ongoing throughout the gathering happening at the same time or overlapping, below you shall find a summary of the meetings attended by our branch president that would be of interest to our region.STEP Council Seow Chee attended as an observer. The Council representative serves to relay message/information between Branch and STEP. Representatives are also involved in projects involving STEP in a wider context e.g. “membership categories and admission rules review committee”, “STEP Governance” and others. At this meeting, the issue of Singapore´s representative was discussed as an agenda item together with Canada’s appointment of their representative. STEP was of the view that for good governance, it should be an elected position. For the next Council Representative, we could deviate from the 3 year term, but STEP expects Singapore to elect its Council Representative as other branches. Our President´s proposal to the Committee is that it elects the next Council Rep to take office for year 2012 (3 meetings for 2012 in April, Sept and Nov) and at the STEP Singapore AGM on 28th June, the branch will go through nominations and voting for the person to take office for 2 years from 2013 to 2014. |
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| Branch Chairs Assembly | |||||||||
| The full day event approved accounts and received information on development of STEP worldwide. It was interesting to note that membership increased by 6.5 % worldwide. Total revenue increased by 16% and expenses increased by 13%, so overall the surplus is up for the financial year ended 31.3.11. A big chunk of their revenue came from international conferences namely HK and Malta. Singapore was featured as one of the Top 10 Branch Reserves. Seow Chee participated on the panel dealing with the Asian clients’ perspective/requirement on issue such as transparency and compliance. | |||||||||
| Meeting on Membership Categories and Admission Rules: | |||||||||
| STEP is considering a review of the current categories. For instance, doing away with the category of “students” to be replaced by “associates”. Other areas of discussion where considering awarding TEP qualification to people who completed the STEP Diploma only after 2 to 3 years of post qualification working experience. The same consideration is being proposed for those who wish to apply for TEP via the “qualified professional” route. | |||||||||
| Upcoming Major Events | |||||||||
| Given that STEP has grown and that many of STEP conferences around the world have been very successful and well attended, STEP has a project group looking into STEP Global Congress in 2013. Contributed by Goh Seow Chee - President, STEP (Singapore Chapter) |
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| Update to Members - Council Meeting in London on 3 December 2011 |
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| Angelo Venardos attended the Council Meeting in London on 3 December 2011 on behalf of the Singapore branch. His report to Members is as follows:
i. Macro: Increasing regulation - Coping with compliance & reporting burdens ii. Advice: Independent versus affiliated model - Advisors adapting to the changed environment iii. Administration: Industry growth - Adapting to changing types & sources of wealth from around the world iv. Clients: Increasing complexity - Challenges & risks of managing complexity v. Products & Services: Trust products - How the industry adapts trusts to modern wealth planning B: STEP Worldwide - Performance i. Membership up 6.5% ii. 92% satisfied or better iii. 97% would recommend STEP membership iv. Student numbers up to 4,253, growth of 3.3% v. Group reserves up by 11% to Pound 3.4m vi. Approaching 800 STEP events worldwide vii. Successful representations to OECD < FATF & EU bodies viii. 72% of members think the STEP journal is improved ix. New branches / chapters, Austria, Seychelles, Long Island, San Diego x. Five new qualifications in 2011 Contributed by Angelo Venardos, Council Member for South East Asia |
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INDUSTRY NEWS: |
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| “Up Close & Personal” – Interview with Linda Wong | |||||||||
Getting to know Linda Wong The book I am currently reading is ... Short stories of Roald Dahl The persons who have been my biggest influence are ... my parents. What I like most about my job is ... that it is a growing industry and ever changing. We come across different challenges all the time, which makes the job interesting. My golden rule is ... Honesty is the best policy! The business expression I hate most is ... Have not come across any expression that I would loathe….. |
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UPDATES & DEVELOPMENTS: |
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| Upcoming Events | |||||||||
Discretions In Trust Administration - Financial Abuse Risk And Management Right Succession (27 April 2012, SGX Auditorium, Level 2, SGX Centre, 2 Shenton Way) |
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Trustee discretions are granted under the trust deed and apply normally irrespective of the type of trust property. Family Business equity is of course one type of trust property that can be affected. The purpose of a fully discretionary trust is a function of the policy of the trustee rather than the language of the trust instrument. This can lead to a substantial lack of predictability in the operation of the trust as decision making shifts across generations. It is in this context that financial abuse risk is often first introduced to trust operations. |
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| Post-Event Updates | |||||||||
Wills Boot Camp 2012 (10 January 2012, FTSE Room, Level 9, Capital Tower, 168 Robinson Road) |
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  January´s STEP event centered on the use of wills as a first step to develop an estate planning strategy for clients and families. Presented by Lee Chiwi, CEO of Rockwills Trustee Ltd., the event proved to be a great opportunity for members and guests to brush up on the main concepts related to wills in Singapore. A diverse mix of representatives from law firms, banks, trust companies and the public sector benefited from the presentation and Q and A session. Contributed by Alexis Medina - Morgan & Morgan Corporate Services Pte. Ltd |
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| Founder's Award ceremony and Lo Hei Celebration (2 February 2012, Guild Rooms, NUSS Suntec City Guild House, 3 Temasek Boulevard, #05-001 Suntec City Mall) |
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  The STEP Singapore branch's February presentation featured Todd Beutler and Stephen Nelson on the topic of "Use of Trusts in Pre-IPO Planning". Due to the great response from our members and guests, the venue selected was the Oasis Theatre at Park Mall. Over 120 participants registered to get a glimpse of the main issues concerning client`s needs once they decide to structure and IPO.    Chaired by Ms. Seema Bhayat, our speakers provided a thorough analysis of Singapore, Hong Kong and China perspectives, with an emphasis in solutions using trust structures geared for US connections and their own experiences in this field. The use of tools such as IDGT and GRAT as well as the upcoming reduction on the US gift/estate tax drew the attention of the participants. Contributed by Alexis Medina - Morgan & Morgan Corporate Services Pte. Ltd |
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