ACGA Council

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

Anthony Muh is a Partner of H.R.L. Morrison & Co and Chairman of JIDA Capital Partners, specialist investment managers and operators of infrastructure assets. He is an investment professional with more than 30 years of experience in both traditional and alternative investment assets. He is responsible for expanding Morrison & Co’s investment capabilities outside of its core markets of Australia/New Zealand and also oversees the development of JIDA Capital Partners, an infrastructure investor and asset operator focussed on China. 

Anthony previously 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 asset management committee and a member of Citigroup’s Hong Kong country board. He has also managed proprietary investments in Asia with Alliance Trust.

He is a Non-Executive Director of London listed Utilico Emerging Markets and was a former Director of the Board at Infratil. Mr Muh is an Advisory Board member of Euromoney Institutional Investor. 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. He was elected as Chairman on 1 June 2018.

Vice Chairman
Steven Watson
Partner, Capital International Investors

Steven Watson is based in the Capital Group's Hong Kong office as 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, Steven 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 Shanghai Foreign Language Institute, both in China.

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

Pru Bennett
Managing Director, BlackRock

Pru Bennett is a Managing Director at BlackRock and is based in Hong Kong. In that role she leads a team that is responsible for engagement and proxy voting activities in relation to the companies in which BlackRock invests on behalf of clients. Her team is located in Hong Kong and Tokyo.

She 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 2013, Pru was named as one of Australia’s top 10 Women of Influence in Corporate Governance. She represents BlackRock on a number of industry and regulatory bodies including the ESG Working Group of the Australian Financial Services Council and the Public Shareholder Group of Hong Kong’s Securities and Futures Commission.

In April 2017 she was appointed by the Government of Hong Kong to the Advisory Board to the Securities and Futures Commission.

Pru is a champion of diversity and inclusion of all kinds. She is an alumna of BlackRock’s Women’s Leadership Forum. 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 taking on her current role in August 2010, she was head of Corporate Governance at institutional advisor Regnan Governance and Research until July 2010. From 1998 to 2009 she was a director of Australian proxy advisor Corporate Governance International, which was acquired by Glass Lewis & Co in 2006 and is now known as CGI Glass Lewis. Prior to working in the area of corporate governance she was Investor Relations Manager for Qantas Airways.

Pru has a Bachelor of Commerce from the University of New South Wales and is a member of the Institute of Chartered Accountants Australia and New Zealand.

Pru joined the ACGA Council in 2018.

Stephen 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 is responsible for managing Travelers’ International Government Affairs presence, focusing on regulatory, trade and investment issues. In this role he concentrates on deepening Travelers’ relationships with international regulators, government officials, legislative oversight committees, and international trade associations. Stephen 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. Stephen 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.

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 received an MA degree 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.

Stephen joined the ACGA Council in 2010.

Ka Shi Lau BBS
Managing Director & CEO of BCT Group

Ka Shi Lau BBS is the Managing Director & 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. BCTC is one of the largest trust companies in Hong Kong. Ka Shi is a strong advocate of corporate governance (including ESG), social inclusion and diversity, health care, and retirement protection through active participation in government consultations and 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 the Mandatory Provident Fund Schemes Authority, Securities and Futures Commission, Hong Kong Retirement Schemes Association, Asia-Pacific Financial Forum – Retirement and Long-Term Investment Working Group, Asian Corporate Governance 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 roles include the Minimum Wage Commission, Hospital Authority, Women’s Commission, and Community Investment & Inclusion Fund.

She was bestowed with the Bronze Bauhinia Star (BBS) by the Hong Kong government. 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. In addition, 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, and selected by AsianInvestor in 2018 as one of the “AI 20 Leading Pension Executives” in the region.

Ka Shi 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.

Ka Shi joined the ACGA Council in 2016.

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

Stan Shih is the Chairman of StanShih Foundation, Co-founder & Honorary Chairman of the Acer Group. Throughout his career, he has been a social entrepreneur. From January 2017 he served as Honorary Chairman of the Major League IoT, which actively promotes the transformation and upgrading of Taiwan industry to face critical challenges in the future.

Stan serves on the Boards of Acer, Taiwan Semiconductor Manufacturing, Nan Shan Life Insurance, Taiwan Public Television Service Foundation, and Chinese Television System, and is Chairman of the Cloud Gate Culture and Arts Foundation.

Stan was recognised as one of the 10 Most Outstanding Young Persons in Taiwan in 1976, The Most Outstanding Young Engineer in Taiwan in 1981, and the first to be named One of the 10 most Outstanding Young Persons in the World in 1983. He is a former Chairman of the Asia Business Council, a Governor of the Asian Institute of Management, and an Honorary Chairman of the Taiwan Excellent Brand Association. He also serves as an International Advisory Board member of the China Europe International Business School. After retiring from Acer in 2004, he was the Chairman of the National Culture and Arts Foundation between 2011 and 2016, and helped to build the platform between the Arts and Business.

BusinessWeek named Stan one of its 25 Top Managers of the Year in 1996. Time featured him in its article “60 years of Asian Heroes” for turning Taiwan into a PC-manufacturing powerhouse. In 2007, as Taiwan’s Special Envoy, he attended the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Summit in Sydney, Australia. For his long-term outstanding contributions, the President honoured him the Order of Brilliant Start with Grand Cordon in October 2011 and the first Industrial Technology Research Institute (ITRI) Laureate in 2012. 

Stan holds a Bachelor, Master’s, and honorary doctorate in electronics engineering from the National Chiao Tung University in Taiwan. He holds 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.

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

Dr Elizabeth Sun is Senior Director of TSMC’s Corporate Communications Division, an organisation that covers Investor Relations, Public Relations, and Customer Communications. She joined TSMC as a 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 council member of the Asian Corporate Governance Association (ACGA) since 2014 and chairs its audit committee. Elizabeth has been a recipient of many awards, including the National Management Excellence Award in Finance (2007) from the Chinese Professional Management Association, Best IRO in the Institutional Investors survey in the last seven consecutive years (2011-2017), and the Excellence Award for Business Spokesperson (2016) from the Public Relations Foundation of Taiwan. 

An eight-time winner of Best IR Officer Award, she was recognised as one of the world’s “top 25 IROs in the last 25 years” in December 2012, and one of the world’s top IROs in 2016 by IR Magazine. Under her leadership, TSMC’s IR Team has consistently achieved high rankings in IR Magazine’s “Global Top 50 Awards” since the inception of the award, and garnered the number one ranking globally in 2016.

Prior to joining TSMC, Elizabeth has 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, she 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.

Jeffrey R Williams
Independent Director, China Universal Asset Management

Jeffrey R Williams (韦杰夫) is a corporate director and independent consultant with over 30 years 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. 

He is currently an independent director at China Universal Asset Management, a Shanghai-based mutual fund company, and an Advisory Board member at Vastsea Consultants, a Chengdu-based HR consulting firm. He is a trustee of the China Medical Board, and a foundation board member of UBS Optimus Foundation. Jeffrey formerly served as chairman of the American Chamber of Commerce in Taipei and chairman of Taipei American School. He has been the President of the Harvard alumni clubs of Taiwan and Hong Kong.

In 2004, Jeffrey 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, and as the Taiwan general manager for American Express and Standard Chartered Bank. Most recently, Jeffrey 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. 

Jeffrey graduated magna cum laude in East Asian Languages and Civilizations from Harvard College in 1978 and received his MBA from Harvard Business School in 1982. He is currently a Rajawali 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.

Jeffrey joined the ACGA Council in 2018.

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 in April 2008. He played a key role in leading Emerson’s investments in China for more than two decades. 

Previously, he 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, a non-executive director of ISG Asia Investment (HK), a non-executive director of Global Sources Ltd (NASDAQ: GSOL), a member of the Board of Directors of the Hong Kong Science and Technology Parks Corporation and a vice-president of the American Chamber of Commerce in Hong Kong.

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 professorship at 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).

Peter joined the ACGA Council in 2013.

Yuelin Yang
Deputy Group Managing Director, IMC Industrial Group

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

He is a Member of the Boards of IMC’s joint ventures with: a) Chevron (NYSE: CVX) for offshore oil and gas fabrication and installation services in Thailand; and b) Mitsui and Modec for a floating production, storage and offloading (FPSO) unit.

Yuelin is a non-executive director on the Asian board of Verlinvest, a family firm for the Belgium families with major shareholdings in AB InBev.

He 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.  

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 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.

Yuelin 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.

Yuelin 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.