Four leading entrepreneurs named winners of the EY Entrepreneur Of The Year™ 2023 Singapore awards

• Asean Entrepreneurial Excellence award for Tan Sri Sir Jeffrey Cheah KBE AO of Sunway Group
• Honorary Family Enterprise Award of Excellence for Ho Bee Land

Professional services organization EY today announced the four recipients of its 22nd EY Entrepreneur Of The Year (EOY) 2023 Singapore awards:

• EY Entrepreneur Of The Year – Advanced Manufacturing 
  Ms. Phyllis Ong, Group CEO, Armstrong Industrial Corporation Limited
• EY Entrepreneur Of The Year – New Media and Entertainment
  Ms. Althea Lim, Cofounder and Group CEO, Gushcloud International
• EY Entrepreneur Of The Year – Consumer Products
  Ms. Yvon Bock, Founder and CEO, Hegen Pte Ltd
• EY Entrepreneur Of The Year – E-commerce Services
  Ms. Olive Tai, Cofounder and Managing Director, Synagie Group Asia and Europe

One of the winners will be named the EY Entrepreneur Of The Year 2023 Singapore, and represent Singapore at the annual EY World Entrepreneur Of The Year™ (WEOY) award in 2024 to compete with contenders from over 60 jurisdictions.

Singapore’s representative to the WEOY award will be announced at the EY EOY Awards Gala to be held on 27 November 2023. Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, will be the Guest-of-honor at the awards gala.

The winners were selected from close to 100 nominations by an independent judging panel, based on their merits in fulfilling the four globally benchmarked criteria, namely entrepreneurial spirit, growth, purpose and impact. 

Please refer to Fact sheet B for members of the judging panel and details of the judging criteria.

Chairperson of the judging panel, Dr. Shi Xu, Founder and Executive Chairman of Nanofilm Technologies International Ltd, comments on the winners this year:

“The four winners this year clearly demonstrate strong business acumen and innovation paired with passion and purpose. Whether it is breaking new grounds in traditional industries or charting unknown territories in emerging sectors, the winners have been bold with their vision in growing a business that not only responds to but creates new market demands locally and abroad, while making an impact on the wider communities that they serve or operate in.”

Mr. Liew Nam Soon, EY Asean Regional Managing Partner and Singapore and Brunei Managing Partner, Ernst & Young Solutions LLP, explains how the winning entrepreneurs embody this year’s theme of “The Art of Entrepreneurship”.

He says:

“It is noteworthy that the entire class of EOY award winners this year are women entrepreneurs. Women make up half the world’s population and therefore must – and can be – a vital part of the solutions that address the needs and demands in the marketplace for a better working world. This year’s outstanding entrepreneurs demonstrate the artful balance of passion, tenacity and courage to continually push the boundaries of status quo in their fields, taking the Singapore brand beyond our shores. As we celebrate their exceptional achievements as entrepreneurs, let us also acknowledge their lifelong roles as daughters, mothers and sisters, and the inspiration they bring to breaking gender barriers and advancing gender equity.”

The winning entrepreneurs share their thoughts on winning the award and balancing the demands of building a successful business and corporate responsibility in Fact sheet A.

Two other honorary awards conferred for Asean entrepreneurial excellence and family enterprise excellence

Tan Sri Sir Jeffrey Cheah KBE AO, Founder and Chairman of Sunway Group in Malaysia, is named the winner of this year’s EY Asean Entrepreneurial Excellence award. The award is an honorary award that is presented on board the EOY platform (the award recipient does not compete for the EOY Singapore 2023 title) and recognizes successful Southeast Asian businesses that contribute to the economy and community in the region.

Please refer to Fact sheet C for winner’s quote and profile. 

Mr. Liew says:

"Tan Sri Sir Jeffrey Cheah KBE AO’s story exemplifies how sustainability and profitability are complementary, evidenced by how he transformed Sunway City Kuala Lumpur, which was previously an 800-acre tin mine, into Malaysia’s first integrated green township. Under his astute leadership, Sunway Group continues to integrate technology and sustainable innovations into its business and is today a leading conglomerate with diverse businesses. Beyond building a successful business, Tan Sri Sir makes quality education and world-class expertise affordable and accessible in Malaysia through the Jeffrey Cheah Foundation, which has disbursed education scholarships and grants exceeding RM670m in 2023.”

In another honorary award, Ho Bee Land is named recipient of the EY Family Enterprise Award of Excellence. The award recipient is jointly selected by knowledge partners, Business Families Institute @ Singapore Management University and the INSEAD Wendel International Centre for Family Enterprise.

Mr. Liew says:

“Ho Bee Land is widely recognized as a developer of luxury homes and a creator of sustainable sanctuaries that elevate how communities live, work and innovate for the future. As a second-generation property developer and investor, Ho Bee Land has successfully preserved its company and family values while maintaining the innovative and entrepreneurial spirit over generations. Its core belief – ‘built to last’ – not just in the real estates that they develop but also in nurturing a family enterprise that will last through generations, is admirable. Beyond building a high-performing business, Ho Bee Land is also committed to various charitable causes that uplift communities and create a caring and inclusive society.”

Please refer to Fact sheet D for winner’s quote, winner profile, eligibility and selection criteria.

Partners and supporters of the awards

The Singapore Exchange (SGX Group) is a partner of the EOY awards. Pol de Win, Senior Managing Director and Head of Global Sales and Origination, SGX Group says:

“We extend our heartfelt congratulations to the winners of this year’s EY Entrepreneur Of The Year awards. It is truly inspiring to see these remarkable female entrepreneurs being recognized for their exceptional talent and dedication to their visions. At SGX Group, we believe that entrepreneurship is a powerful force that drives innovation and economic growth, and these winners embody this spirit. Their success not only contributes to their respective industries but also strengthens our local business community, fostering a culture of innovation and resilience that we are proud to be a part of.”

The official media partners of the awards are The Business Times, The Edge Singapore and Portfolio magazine. The supporters are Action Community for Entrepreneurship; Enterprise Singapore; Singapore Business Federation; and SkillsFuture Singapore.

The EY EOY awards program was launched in Singapore in 2002 to honor entrepreneurs who have created and sustained successful business ventures, as well as to coincide with the government’s focus on fostering entrepreneurship and grooming local entrepreneurs. Now in its 22nd year, the awards has evolved into a leading business award in Singapore with an international presence and footprint. For more information about the EY EOY program, please visit ey.com/sg/eoy.

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About EY

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This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.

About EY Entrepreneur Of The Year™ 

EY Entrepreneur Of The Year™ is the world’s most prestigious business awards program for entrepreneurs. The program makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global awards program of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries. ey.com/eoy

Fact sheet A: EY Entrepreneur Of The Year winner and company profiles

(Information provided by winners’ companies)

a)     EY Entrepreneur Of The Year – Advanced Manufacturing

Ms. Phyllis Ong

Group CEO

Armstrong Industrial Corporation Limited

Quote on receiving the category award

“I am honored to be named EY Entrepreneur Of The Year – Advanced Manufacturing. The vision to be the most innovative industry leader in digitalization, environmental sustainability, customer-centricity and talent management will continue to differentiate us and drive us to stay highly relevant and valued by both our external and internal stakeholders.”

Quote on balancing the demands of building a successful business and corporate responsibility

“Our customers are mostly market leaders who are expected to champion sustainability and corporate responsibility. So, we adopt a pragmatic view to prioritize the urgent areas to address first while working on long-term resource management strategies so that many of these investments will also help to build up our capabilities and intangible assets as a future-ready organization.

We are also investing in corporate communications to weave this important area into our company culture so that the entire organization can better appreciate and embrace sustainability.” 

About Ms. Phyllis Ong

Ms. Phyllis Ong is the second-generation family business leader of Armstrong Group. Her vision is for the company to become a scalable world-class manufacturing gateway, partnering diverse talents and organizations from all over the world.

Partnerships with quality enterprises have always formed the cornerstone of Armstrong Group’s 50-year journey and this continues to be in their DNA and growth strategy.

She started her entrepreneurial journey 20 years ago in 2003, cofounding Whole Earth, Singapore’s first and only Michelin-awarded (Bib Gourmand) plant-based restaurant.

In 2017, she founded CORI Innolab, a biotechnology company that invests in the development of advanced biologically active collagen used in skin healing and anti-ageing for medical and beauty care.

Ms. Ong has been a board member of Enterprise Singapore since 2022 and a committee member for the E50 Association since 2021. She is also a council member of the Singapore Manufacturing Federation. She is passionate about encouraging more collaborations between international and Singapore enterprises.

Ms. Ong is 47 years old.

About Armstrong Industrial Corporation Limited

Armstrong Group, headquartered in Singapore, currently operates at 19 sites across seven countries in Southeast Asia and China, with 16 factories and two sales offices. Since 1974, Armstrong Group has been operating as a B2B precision engineering manufacturer where they customize foam, film and elastomeric solutions for noise, vibration, heat and safety management. They are also the only one-stop solution provider in the world, offering more than 10 precision engineering technologies for both 2D and 3D material converting services in the industry segment.

Armstrong Group serves diverse industries including automotive, consumer electronics, industrial as well as medical and health care. Customers and partners value Armstrong Group’s strong technical capabilities and unique footprint across Asia. They have more than 2,500 customers including market-leading European, American and Japanese brands such as Mercedes Benz, BMW, Audi, Volkswagen, Toyota, Honda, Nissan, Ford, Dyson, Panasonic, Lexmark, Roland, Yamaha, Shimano, Peters Surgical, Bio-Rad and Molnlycke.

armstrongasia.com

b)     EY Entrepreneur Of The Year – New Media and Entertainment

Ms. Althea Lim

Cofounder and Group CEO

Gushcloud International

Quote on receiving the category award

“Being awarded as EY Entrepreneur Of The Year – New Media and Entertainment means that I have done a job well enough to have solved some soft problems in the world (values formation – keeping society in balance; promoting joy, peace, hope, and positivity, which are all very important to the nation). Most importantly, we have also stood our case to create sustainable jobs in this new creator economy that we really care about.”

Quote on balancing the demands of building a successful business and corporate responsibility

“Someone taught me that ethics is ethics. Your professional ethics should align, and not differ from your personal ethics.

We have to care about how we are giving back to society, even in small little ways, but we cannot think about giving to charities before taking care of colleagues who live in poorer countries. We first need to think about improving their lives. before we can even think about external CSR projects. 

If we think of ourselves as a company that creates positive impact, then naturally we would be creating sustainability internally with our colleagues first, and then getting our colleagues to think of sustainability with our talent, and further influencing our talent to think about sustainability in the industry.”

About Ms. Althea Lim

Ms. Althea Lim started operating within the creator, influencer and entertainment scene as early as 2010. She later on cofounded Gushcloud International with business partner, Vincent Ha.

As Group CEO since 2017, Ms. Lim has redefined Gushcloud International as a content and commerce company powered by the creator economy. The company is now based in 11 countries including Australia, China, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Thailand, the US, and Vietnam, and has over 300 full-time staff.

With Ms. Lim’s contribution to the creator, entertainment and commerce industries in Asia-Pacific and the US, she was cited as the overall winner for the SME category at Women Entrepreneur Awards 2023. She was also included in the 2021 Tatler's "Asia's Most Influential” Singapore list. Gushcloud International has also been recognized as one of “Singapore's Fastest Growing Companies” by The Straits Times in 2021 and 2022.

Ms. Lim is 39 years old.

About Gushcloud International

Gushcloud International is a global creator and entertainment company, focused on influencer marketing, entertainment and commerce. They connect audiences and brands to influencers and content creators through representation and management, brand strategy, marketing and activation services, media production sales and distribution, licensing and co-creating significant IP in the content, media and event spaces.

gushcloud.com

c)     EY Entrepreneur Of The Year – Consumer Products

Ms. Yvon Bock

Founder and CEO

Hegen Pte Ltd

Quote on receiving the category award

“Thank you for allowing me to stand among fellow recognized entrepreneurs, each bright in their own right. This award is more than a culmination; it encourages me to exceed limits and create positive changes. Witnessing the shared passion and perseverance that have anchored us to our relentless pursuit for excellence, this will continue to inspire me to keep innovating for the betterment of mothers.”

Quote on balancing the demands of building a successful business and corporate responsibility

“As parents, their missions revolve around forging a strong future for their children to flourish in. Hegen deeply grasps the necessity of safeguarding our planet home to accomplish their aspirations. Therefore, our unwavering dedication to this ethos is consistently reflected in our design processes and innovative ventures.

This year, our brand campaign set out to unveil novel applications for Hegen bottles. It showcases the seamless integration of Hegen bottles into the diverse facets of everyday life for parents and non-parents alike.

Additionally, Hegen is always on the lookout to adopt more ecologically mindful materials, embodying our enduring commitment to sustainability.

We aspire to make sustainability and corporate responsibility pillars of our business operations, dispelling any notion of them being an afterthought. Hegen’s commitment echoes in every endeavor we undertake.”

About Ms. Yvon Bock

Ms. Yvon Bock is the founder and CEO of Hegen, a successful mother and baby care brand that seeks to empower mothers in their breastfeeding and motherhood journey.

As a working mother who breastfed for a decade, Ms. Bock understands the challenges that come with balancing work and parenthood. Hegen is a testament to her dedication to providing innovative solutions that make parenthood more fulfilling.

Yvon strives to provide the gold standard perinatal lactation support to parents and babies through education and consultation services via the Hegen Lactation Centre. Ultimately, Yvon's goal is to serve 100 million mothers globally and to continually pay it forward.

Her steadfast dedication to the empowerment of working mothers eventually led her to become an International Board-Certified Lactation Consultant and also a member of the Alliance for Family and Marriage, an organization under the Ministry of Social and Family Development that empowers and supports families at different stages of life.

Ms. Bock is 44 years old.

About Hegen Pte Ltd

To enhance and create a positive breastfeeding journey for parents, Hegen was established in Singapore in 2015 by its founder and CEO, Yvon Bock, whose vision was to modernize a feeding system that advocates breastfeeding, protects the integrity of breastmilk, and simplifies the way mothers express, store and feed.

As a global brand thoughtfully designed by a mother for mothers, Hegen champions sustainability through innovative, practical and high-quality breastfeeding products that can be easily converted and repurposed to meet the evolving needs of a child, hence extending the product lifespan to beyond a bottle.

The iconic ergonomically shaped Hegen Sqround™ (square-round) bottles are modular, multifunctional and designed with patented Press-to-Close, Twist-to-Open™ (PCTO™) no screw thread closure for easy handling and assembling across the Hegen express-store-feed ecosystem.

Hegen is currently available in 24 international markets.

hegen.com

d)     EY Entrepreneur Of The Year – E-commerce Services

Ms. Olive Tai

Cofounder and Managing Director

Synagie Group Asia and Europe

Quote on receiving the category award

“This award helps me celebrate my 10th year as an entrepreneur, a journey that has been difficult and challenging but also immensely satisfying and rewarding. I could not have done this alone.”

Quote on balancing the demands of building a successful business and corporate responsibility

“First, to be clear and consistent on the purpose behind your business and all that you do. Having a purpose is important because it gives you the courage and motivation to press on during tough times and acts as a compass to guide you through difficult decisions. For myself and Synagie, our purpose is centered on three big ‘Ps’ –to make a sustained and sustainable positive impact to people, partners and planet through digital commerce.

Second, to have strong values to help you achieve your purpose. I call them my CARE values. To collaborate, knowing that if we want to do things well and fast, we need to seek like-minded partners, whether internally or externally. When we help each other, we are stronger and better together. To be agile and deeply aware that especially in digital commerce, quickness to learn and adaptability are essential for success. To be resilient enduring uncertainties and setbacks as an individual and together as a team, to overcome seemingly impossible odds. Lastly, to always pursue excellence, where you strive to do even the most ordinary things, extraordinarily well.”

About Ms. Olive Tai

Ms. Olive Tai is Cofounder and Managing Director of Synagie Group Asia and Europe, responsible for the group’s operations, growth and profitability across eight markets.

Prior to Synagie, Ms. Tai spent 20 years in the FMCG and retail industry, in leadership positions at Johnson & Johnson, Bausch & Lomb and Watsons.

Since 2022, Ms. Tai has successfully transformed Synagie to become a regional digital commerce institution, launching the group’s digital commerce management system and new retail models, as well as championing environmental sustainability, upskilling and learning, and support for women business owners in the sector.

Ms. Tai is the founding and executive committee member of the Singapore Women Entrepreneurs Network established by the Singapore Business Federation (SBF) in 2021. She is also an active member of the SBF’s SME committee and mentor to its Young Business Leaders Network.

Ms. Tai is her in 40s.

About Synagie Group Asia and Europe

Synagie Group Asia and Europe is the leading, multiple award-winning Southeast Asia ecommerce enabler, powering digital commerce across all major channels and platforms across the region and Spain.

Managing over 1,000 digital stores in the region, for 600 brand partners, Synagie is the winner of Lazada Regional Partner of Year 2021-2022. It is Lazada 3-star certified and a Shopee- accredited enabler regionally.

In 2022, Synagie took top honors for “Best eCommerce Fulfilment and Customer Service” in Marketing Interactive’s Asia eCommerce Awards.

Synagie's digital commerce platform and technology solutions are ISO/IEC 27001:2013 certified for information security. Synagie is certified carbon neutral (TUV 2023-CNT-P002) and offers eco-friendly packaging and fulfillment options to its working partners across the region.

Employing 450 digital commerce professionals across Southeast Asia, Synagie advocates for fair, safe, inclusive and progressive workspaces. Synagie Commerce Academy was established in 2021 to promote continuous digital commerce learning and upskilling for Synagie and the public.

synagie.com

Fact sheet B: EY Entrepreneur Of The Year judging panel and criteria

Judging panel

Dr. Shi Xu (Chairperson of judging panel)

Founder and Executive Chairman

Nanofilm Technologies International Ltd

EY Entrepreneur Of The Year 2017 Singapore

EY Entrepreneur Of The Year – Advanced Manufacturing

Dr. Zhou Lihan

Cofounder and CEO

MiRXES

EY Entrepreneur Of The Year 2021 Singapore

EY Entrepreneur Of The Year – Biotechnology

Prof. Christina Soh

Dean, College of Business (Nanyang Business School), Goh Tjoei Kok Professor in Business

Nanyang Technological University

Fang Ai Lian

Chairman, Board of Trustees

Singapore Business Federation

Png Cheong Boon

Chairman

Singapore Economic Development Board

Tan Kok Yam

Chief Executive

SkillsFuture Singapore

Chris Lee 

Partner, Asia

Softbank Vision Fund

Judging criteria

The following four judging criteria sets the global standard adhered to by each and every country participating in the EY Entrepreneur Of The Year awards.

Entrepreneurial spirit

Identifies opportunities to innovate and create a better world.

Takes risks to realize their vision.

Demonstrates courage, perseverance and resilience to overcome significant obstacles.

Growth

Increases market share and expands into new markets.

Drives positive financial performance.

Invests in attracting, developing and retaining a diverse mix of talent.

Builds a culture of innovation that pioneers new approaches or technologies.

Purpose

Commits themselves and their organization to an inspiring purpose and vision.

Drives strategies for a sustainable future business.

Creates and protects value in the long term, across a broad group of stakeholders and ecosystems (e.g., consumers, employees, suppliers, government, communities, investors and shareholders).

Impact

Positively impacts the customers they serve.

ntegrates sustainable Environmental, Social and Governance (ESG) practices in their strategy, with robust commitments and execution plans.

Focuses on diversity and inclusion across multiple dimensions.

Factsheet C: EY Asean Entrepreneurial Excellence Award winner profile

(Information provided by winners’ companies)

EY Asean Entrepreneurial Excellence Award

Tan Sri Sir Jeffrey Cheah KBE AO

Founder and Chairman

Sunway Group

Quote by Tan Sri Sir Jeffrey Cheah KBE AO, Founder and Chairman, Sunway Group, Founder and Trustee, Jeffrey Cheah Foundation 

“This award is for my Sunway and Jeffrey Cheah Foundation colleagues whose dedication, resilience and hard work have made a positive impact and a lasting difference on Malaysia and society.

Sunway Group will be celebrating our 50th Anniversary next year -- and this award serves as an early ‘birthday present’ for everyone affiliated with the brand and the foundation.”

About Sunway Group

Established in 1974, Sunway Group is one of Southeast Asia’s leading conglomerates with 13 business divisions across more than 50 locations primarily in Asia. The 16,000-strong team is committed to sustainable development and socioeconomic progress through diverse businesses including core interests in real estate, construction, education, health care, retail and hospitality.

Sunway is committed to advancing the United Nations Sustainable Development Goals and continues to align them with the group’s environmental, social and governance targets as part of its corporate strategy and social responsibility toward driving long-term success and deepening commitment to nation-building. 

Sunway’s three public-listed companies — Sunway Berhad, Sunway Construction Group and Sunway REIT, with a combined market capitalization of RM15b form a real-estate value chain that exemplifies socially responsible business practices.

sunway.com.my

About Tan Sri Sir Jeffrey Cheah KBE AO

Tan Sri Sir Jeffrey Cheah KBE AO is a stalwart entrepreneur and philanthropist recognized for his selfless contribution to nation-building and bold commitment to the sustainability agenda.

He established his entrepreneurship credentials by founding Sunway Group, one of Southeast Asia’s leading conglomerates.

In the realm of philanthropy, Tan Sri Sir is the founder and trustee of the Jeffrey Cheah Foundation, which has disbursed RM670m in scholarships and grants in 2023. Adopting a social enterprise model, the foundation is the largest of its kind in advancing education in Malaysia. It is Tan Sri Sir’s goal to give out several billion ringgit in scholarships in his lifetime.

Tan Sri Sir has been conferred 12 honorary doctorates by world-renowned institutions and is an Honorary Fellow of Cambridge and Oxford universities as well as a member of Harvard University's Global Advisory Council. He is the first Malaysian recipient of the Lifetime Achievement Luminary Award by Singapore-based Channel NewsAsia and was named four times as “Forbes Asia’s Hero of Philanthropy”. His honors include Order of Australia, conferred by the Australian Prime Minister.

Tan Sri Sir is 78 years old.

Factsheet D: EY Family Enterprise Award of Excellence

Winner profile, eligibility and selection criteria

(Information provided by winners’ companies)

EY Family Enterprise Award of Excellence

Ho Bee Land

Quote by Dr. Chua Thian Poh, Executive Chairman, Ho Bee Land

“I’m humbled and honored to receive this award, as this is not only an acknowledgment of our corporate achievements, but also a validation of our enduring family values and principles that have guided us on this remarkable journey. We focus not only on doing well in our business, but also on the well-being of our stakeholders, employees and the communities we serve, building a culture of care, inclusivity and sustainable growth.”

About Ho Bee Land

Ho Bee Land Limited (HBL) is a Singapore-based property developer and investor founded in 1987. Listed on the mainboard of the Singapore Exchange in 1999, HBL has a global footprint spanning Singapore, Australia, China, the UK and Europe.

In Singapore, HBL is widely recognized as the pioneer developer of luxury homes in the exclusive residential enclave of Sentosa Cove. Other notable developments include The Metropolis at one-north, the largest Grade A office development outside the Central Business District to date, and Elementum, a cutting-edge biomedical sciences development slated to be completed by end 2023.

In London, the company has a portfolio of eight investment properties, including The Scalpel, Ropemaker Place and 1 St Martin’s Le Grand.

HBL is committed towards delivering quality homes and workspaces for its stakeholders and contributing to a sustainable built environment.

About the award

The EY Family Enterprise Award of Excellence was launched in 2013 to recognize family enterprises that have made significant socioeconomic contributions and demonstrated the ability to harmonize between business and family matters. It is jointly selected by knowledge partners, Business Families Institute @ Singapore Management University and the INSEAD Wendel International Centre for Family Enterprise.

Family enterprises that have been honored include Goldbell Group, Hong Leong Group, Far East Organization, Sing Lun Holdings Pte Ltd, Tolaram Group, Jebsen & Jessen (SEA), Eu Yan Sang International, B.P. de Silva Holdings, and the Kewalram Chanrai Group.

Eligibility

Leadership of the company includes family member(s) from second or subsequent generations, or has multiple branches of a family involved in leadership. (i.e., one individual and first generation would not qualify for the award).

The family still has a significant ownership and voting stake and is primarily responsible for setting the strategic direction and values for the firm.

The legal form of the company or group of companies is not relevant.

Companies may be private or publicly traded.

If the shares and voting rights have been transferred to a trust, it will remain to be considered as family enterprise if the family has dominant influence on the trust in a way described above.

The business or headquarter of the business is located in Singapore.

Judging criteria

Company shows evidence of a successful, sustainable and long term-oriented strategy.

Company has adopted an effective and transparent corporate governance approach, enabling the execution of the desired strategy and living out of family values.

Company governance enables unity among the ownership family (i.e., little evidence of significant family disputes impacting the business).

Demonstrated the ability of the family to preserve company culture, tradition and values and maintain the entrepreneurial spirit and continued innovation over generations.

Evidence shown of exceptional personnel management.

Commitment to philanthropic causes or corporate social responsibility.

Other exceptional achievements such as business awards, public service etc.