Karen Loon

ABSTRACT - As globalization accelerated in the second half of the 20th century and companies grew beyond their home markets, accounting firms have expanded to meet their clients’ needs. At the same time, the accounting profession attracted many people to work in it, particularly those from culturally diverse backgrounds in the US, UK, Canada, and Australia, as it supported their upward mobility. Further, national accounting bodies signed mutual recognition agreements, which allow accountants to… Show more

ABSTRACT - As globalization accelerated in the second half of the 20th century and companies grew beyond their home markets, accounting firms have expanded to meet their clients’ needs. At the same time, the accounting profession attracted many people to work in it, particularly those from culturally diverse backgrounds in the US, UK, Canada, and Australia, as it supported their upward mobility. Further, national accounting bodies signed mutual recognition agreements, which allow accountants to work in another country without completely re-credentialing, supporting the mobility of qualified accountants globally further. The diversity strategies of many accounting firms have traditionally focused on ensuring they have the right people to meet client demands. Creating inclusive environments has become increasingly important for accounting firms over the past 20 years, given rising client expectations for innovative solutions. Like other professions, accounting firms have faced challenges in attracting and retaining talent in recent years. Many firms do not have proportionate cultural diversity in their senior leadership teams and partnership levels, and culturally diverse accountants frequently face challenges in reaching leadership positions. Due to colonial legacies, institutional logics, and institutional illogics, their firms’ initiatives have not led many people with culturally diverse backgrounds to reach their highest echelons in some markets. Leading firms create environments of psychological safety in their teams and support culturally diverse talent through access to sponsors, mentors, coaches, and leadership programs as they negotiate their leadership journeys. Future research suggestions are proposed. Show less

ABSTRACT - As global multinational organizations have embraced diversity, equity, and inclusion (DEI) over the past decade, so has the accounting profession in the Asia Pacific, given its importance to their clients and to support their talent management. In addition, many global and national accounting professional bodies which operate in the region now champion the importance of DEI with their members. Today, female accountants are well represented in partnership ranks in some Asia-Pacific… Show more

ABSTRACT - As global multinational organizations have embraced diversity, equity, and inclusion (DEI) over the past decade, so has the accounting profession in the Asia Pacific, given its importance to their clients and to support their talent management. In addition, many global and national accounting professional bodies which operate in the region now champion the importance of DEI with their members. Today, female accountants are well represented in partnership ranks in some Asia-Pacific countries compared to other jurisdictions, although less so in senior leadership teams. While accounting firms in the Asia Pacific embrace greater gender diversity, their attention to other diversity focus areas and approaches in the countries where they operate vary depending on the societal and organizational contexts. As DEI programs are generally voluntary initiatives in most Asia-Pacific markets, implementing them can be challenging, given the region’s diversity and each country’s unique cultural values. Many firms face a dilemma: roll out global initiatives in their markets, develop local initiatives, or adopt a hybrid model. Further, many leaders traditionally view diversity as a Western concept. Some DEI concepts, such as individualism vs. collectivism, do not resonate well in local markets. When developing strategies and initiatives, leading firms tailor their initiatives to the complexities of their local markets. Examples of initiatives adopted are shared. Show less

Diverse teams often underperform because people of dissimilar backgrounds clash. Singapore employers need to attract, retain and groom talent from all backgrounds fairly and equitably.

Why do some people from diverse backgrounds appear to lack confidence in the workplace?

Leveraging academic research and case studies, knowledge as a business leader and diversity practitioner, and personal experience, Karen Loon examines how successful culturally diverse leaders at work resolve the contradictions and tensions of their identities within organisations. What can we learn from those leaders who have thrived and smashed the ‘bamboo ceiling?’ Moreover, are there other factors holding organisational change back?

The book proposes research-based recommendations… Show more

Leveraging academic research and case studies, knowledge as a business leader and diversity practitioner, and personal experience, Karen Loon examines how successful culturally diverse leaders at work resolve the contradictions and tensions of their identities within organisations. What can we learn from those leaders who have thrived and smashed the ‘bamboo ceiling?’ Moreover, are there other factors holding organisational change back?

The book proposes research-based recommendations for aspiring leaders and corporate practitioners whilst revealing the potential inhibitors to progress. Split into three sections, Loon examines current research on identities in multicultural nations and organisations, delves into the career progression of successful Asian-Australian leaders to explore how they negotiate identity in the workplace, and provides a roadmap of actions for business leaders looking to create more inclusive and diverse cultures in their organisations.

Written for both people new to diversity and those keen on new perspectives, the book is well-suited for aspiring leaders at any stage of their careers looking to accelerate their careers, as well as C-Suite, HR and Diversity leads. Show less

The executive committee member of BoardAgender believes that aspiring female directors should find more diverse mentors.

We need a different lens to identify the barriers to improving cultural diversity in senior leadership positions.

Asian-Australians hold fewer than 3% of leadership positions in Australia but make up 15% of the population. How can ambitious, culturally diverse CAs break the biases that trap them beneath a bamboo ceiling?

This Discussion Paper has been prepared as part of a series of short reports on specific topics identified by the Business Council of Australia and Asia Society Australia Asia Taskforce (with PwC Australia and The University of Sydney Business School as knowledge partners) to supplement the findings and recommendations contained in the Taskforce Interim Report.

The paper is intended to contribute to a discussion about how Australia can better engage its Asian-Australian and diaspora… Show more

This Discussion Paper has been prepared as part of a series of short reports on specific topics identified by the Business Council of Australia and Asia Society Australia Asia Taskforce (with PwC Australia and The University of Sydney Business School as knowledge partners) to supplement the findings and recommendations contained in the Taskforce Interim Report.

The paper is intended to contribute to a discussion about how Australia can better engage its Asian-Australian and diaspora communities and talent more effectively in pursuing economic engagement with Asia. Show less

COVID-19 has been a catalyst for many boards and management to focus more on the well-being of their people and their corporate cultures. What could this mean for risk management and controls?

Critical board skills in the future will include an ability to solve problems in periods of great uncertainty on an urgent basis.

Summary of survey results on behalf of BoardAgender.

Karen, Jieh Yung and Anne presented a summary of the discussions from the inaugural Asian-Australian Leadership summit helps in Melbourne.

Directors need to continually look for better ways to monitor corporate culture, understand potential cultural risks, and address problems, if any before they get out of control.

Read about the recent lessons learnt from the banking industry, and find questions all boards should be asking themselves.

Since PwC Singapore published its “Board diversity disclosures in Singapore – A good practice guide” in November 2016, stakeholders have become more aware of the importance of diversity for an effective board and for the sustainability of their businesses.

Today, the business case for board diversity, in particular a gender diverse board in Singapore, is clear. The increase in the proportion of women on boards is encouraging, however there is more work to be done.

The recent… Show more

Since PwC Singapore published its “Board diversity disclosures in Singapore – A good practice guide” in November 2016, stakeholders have become more aware of the importance of diversity for an effective board and for the sustainability of their businesses.

Today, the business case for board diversity, in particular a gender diverse board in Singapore, is clear. The increase in the proportion of women on boards is encouraging, however there is more work to be done.

The recent revision of the Code of Corporate Governance will encourage boards to be more diverse by requiring companies to have a board diversity policy, disclose it and show progress made. Listed companies will need to comply with these new requirements for financial years commencing on or after 1 January 2019. The guide is designed to help companies take the necessary steps to comply with the requirements. Show less

Asian employers need to take action if they’re to win this fight for female talent. The successful organisations of tomorrow will be those that “walk the diversity talk” – and bridge the female expectation gaps today.

On 5 October 2016, the Diversity Action Committee (DAC) made certain recommendations to the Monetary Authority of Singapore (MAS) to strengthen the Code of Corporate Governance (Code) including requiring that listed companies disclose their diversity policy (including gender), self-set measureable objectives, and progress made in achieving them. DAC also recommended that companies should implement their disclosure policy straight away and disclose it in their annual reports, even before the… Show more

On 5 October 2016, the Diversity Action Committee (DAC) made certain recommendations to the Monetary Authority of Singapore (MAS) to strengthen the Code of Corporate Governance (Code) including requiring that listed companies disclose their diversity policy (including gender), self-set measureable objectives, and progress made in achieving them. DAC also recommended that companies should implement their disclosure policy straight away and disclose it in their annual reports, even before the Code is strengthened.

In line with their efforts, our latest guide studies the gender diversity disclosure of Boards across selected companies in Singapore and overseas, and shows how disclosure can be used as a strategic lever for competitive advantage and long-term value. Show less

Lead author of research together with Women in Mining and Resources in Singapore of their members and their perceptions of the mining and resources industry in Singapore, as well as selected employers.

Blog contribution to Asialink Echo.

The Asialink Echo is published by Asialink Diplomacy. Asialink is Australia’s leading centre for building Asia capability, public understanding of Asia, and appreciation of Australia’s role in the Asian region. Asialink is an affiliate of The University of Melbourne and an initiative of the Myer Foundation.

A company's value is much more than its reported "dollars" - leveraging its talent diversity makes business sense.

Strategies to attract and retain talent, and why it is important to hire people of different profiles and abilities (see page 26)

Article in Britcham Orient magazine #54 page 25

A look at the current state of women in the business and the role all of us can play to improve gender equality and opportunities in the workplace.

There has been increasing discussion in recent times around the importance of building talent diversity and inclusiveness in the workplace. PwC Singapore partners, Karen Loon and Lim Maan Huey share their views on how diversity is critical in driving growth.

Also see http://www.themalaymailonline.com/what-you-think/article/a-diverse-workforce-critical-in-driving-growth-karen-loon-and-lim-maan-huey

The need for greater gender diversity of boards in Singapore has emerged as a topic of debate. Karen Loon, Territory Diversity Leader of PwC Singapore, shares how gender diversity on boards has its economic value.

Companies have to be cognizant of culture and open to accepting that people come with different values and backgrounds. Companies that continue to focus with just a western lens will be at a disadvantage. Those who understand different types of clients and environments will be the successful ones.

Despite the challenges facing the industry, bank CEOs globally are surprisingly bullish. Based on our annual Global CEO Survey, 56 per cent of CEOs polled believe the global economy will improve over the coming 12 months. More than half are planning to increase their headcount over this period, most by at least 5 per cent. The writers are Karen Loon, Banking Leader and Paul Lau, Banking Tax Leader respectively at PwC Singapore.

Member of editorial board

Singapore, 23 May 2007 - The surge of M&A activity seen in 2006 in the Asian financial services industry will continue over the next five years. High levels of economic growth across the region will continue to attract investment, boosting demand for a limited supply of quality assets, thereby increasing the risk of overpaying, according to the findings of ‘Financial Services M&A: Going for growth in Asia’ , an annual survey from PricewaterhouseCoopers… Show more

Member of editorial board

Singapore, 23 May 2007 - The surge of M&A activity seen in 2006 in the Asian financial services industry will continue over the next five years. High levels of economic growth across the region will continue to attract investment, boosting demand for a limited supply of quality assets, thereby increasing the risk of overpaying, according to the findings of ‘Financial Services M&A: Going for growth in Asia’ , an annual survey from PricewaterhouseCoopers, conducted in association with the Economist Intelligence Unit. Show less

Member of global editorial board

Member of editorial board/key project manager.

Financial services firms in Australia, Hong Kong, Japan, New Zealand and Singapore believe that Asia as a whole is further away from reaching international best practice in market reporting, compared to their counterparts in China, India, Indonesia, Malaysia, Pakistan, Taiwan, Thailand and South Korea, according to the latest survey by PricewaterhouseCoopers (PwC) and the Economist Intelligence Unit (EIU).

Spurred by the promise of market liberalisation Mergers & Acquisitions (M&A) among financial institutions in Asia is expected to gain momentum. Many financial institutions in the region are now hunting for deals within Asia, particularly in China and India.

A rise in business confidence has seen an increase in the level of restructuring activity in the financial services industry over the past twelve months in a number of Asia Pacific countries, including China, Indonesia and Japan. The increasing importance of other stakeholders, and their expectations, means that financial institutions can no longer focus solely on obtaining acceptable shareholder returns when entering into transactions...