New president of E50 Association aims to develop existing initiatives, launch fresh ideas

AT THE Enterprise 50 (E50) Association for past award winners, a smooth passing of the baton will pave the way for extended ambitions, from overseas trips to learning about listing, the association’s new and outgoing presidents told The Business Times (BT) in a joint interview.

“I’m not planning to reinvent the wheel,” said new president Yeah Lee Ching. Rather than revolution, the aim is evolution: expanding upon initiatives from her predecessor’s tenure, while also launching new ideas.

Yeah, who is chief marketing officer and executive director at mainboard-listed ValueMax Group , took over the reins of the E50 Awards’ alumni association from outgoing president Susan Chong on Sep 1.

Established in 1995, the awards are jointly organised by BT and KPMG, sponsored by OCBC, and supported by Enterprise Singapore, the Singapore Business Federation, and the Singapore Exchange (SGX).

The association’s main aim is to provide a networking and leadership development platform for its members. One key initiative from Chong’s tenure that Yeah intends to develop further, she said, is overseas retreats that combine networking and skills development opportunities.

“Developing business leaders is multifaceted, which is why we have a lot of different programmes – leadership, mentorship – and we also get consultants like McKinsey & Company to come in,” said Chong, who is founder and group chief executive of sustainable packaging company Greenpac.

Chong became the association’s first female president in 2016, and stepped down this year ahead of the expiry of her second four-year term in 2024.

When the Covid-19 pandemic hit in 2020, movement restrictions curtailed many of the association’s planned activities. But with borders having finally reopened, trips are resuming. Last November, the E50 Association organised a week-long trip to Tuscany, Italy, where an external coach was engaged to help sharpen members’ leadership skills.

More trips abroad are in the works, Yeah said. In October, a fintech delegation will head to Hong Kong to attend this year’s edition of the Hong Kong-Asean Summit.

Another initiative, which began before Chong’s term and is set to continue, quarterly ministerial dialogues. In these closed-door sessions, policymakers meet the association’s members to discuss topics relevant to their respective ministries.

In August, the association hosted Minister in the Prime Minister’s Office Indranee Rajah, who is also Second Minister for Finance and for National Development. The session featured conversations about how to navigate the turbulent business environment, Yeah said.

That the ministers make time for the dialogues is testament to the association’s credibility and scale, added Chong.

As for new initiatives, Yeah intends to introduce opportunities for companies to learn how to prepare for an initial public offering and adapt to being a listed entity.

In her estimation, some 20 per cent to 25 per cent of E50 winners eventually list on the SGX or other stock exchanges. ValueMax itself, an E50 Award winner in 2010, made its debut on the local bourse in 2013.

“I know the path forward after listing,” Yeah said. “This allows me to organise activities that are relevant to members, which they will be interested in.”

Yeah was elected unopposed for the top job at the association’s annual general meeting in August, after being nominated by Chong.

The lack of challengers signalled that Yeah commanded the confidence of the association’s members, said Chong.

As part of the second-generation leadership at ValueMax, Yeah also serves as a role model for other multi-generational leaders, or for members from family businesses looking to finalise their succession plans, she added.

The association, launched in 1999 for past winners of the annual E50 Awards, has 321 members. The awards recognise the 50 most enterprising local, privately held companies who have contributed to the economic development of Singapore, both locally and abroad.

Nominations for the 29th edition of the awards closed in June, and the winners will be announced in November.

Navigating a male-dominated space

Like most other trade associations in Singapore, the E50 Association’s members are predominantly men, Chong acknowledged.

However, she stressed that gender was not an issue in her presidential term: “It was never a challenge managing the association, and I think there’s a mutual respect going on (among) the existing members.”

Instead of gender, what matters is “how you carry yourself and the things that you’re doing”, she added.

Yeah told BT: “It is like any other trade association in Singapore – you get more male-dominated committee members and members. Even worldwide, there are fewer women in leadership positions compared to men, and so that’s why it’s nothing out of the norm.”

Yet the “exclusive” nature of the association – which admits only past winners of the E50 Awards into its ranks – has brought its own unique challenges, Chong said.

With the members all being successful business leaders who helm multimillion-dollar corporations, clashes of egos are hard to avoid – and it is up to the president to navigate such situations.

“There are a lot of ‘alpha males’, in order for them to be where they are,” said Chong. “You just have to be very tactful. Sometimes it’s okay for them to have some ego, but you need to know how to set the stage for them to sit down.”

Beyond tact, it is also about mutual respect, Yeah said: “We give them respect, and they give us respect. We also give convincing reasons, because people buy (that), rather than it being about whose voice is louder.”