Christine Amour-Levar (Global FWN100™ '16) Talks Singapore's Restaurants' Stand Against Shark Fin Consumption
In 2017, Singapore was identified as the world's second-largest trader of shark fins after Hong Kong. Between 2012 and 2013, Singapore exported $40 million worth of shark fins and imported $51.4 million worth of fins. In February, 89 Singapore-based establishments committed to phasing out shark fin in 2018. These include brands such as Crystal Jade, Pan Pacific Hotels, AccorHotels and Foodpanda, whose policy applies across its 3,800 partner restaurants
Shark's fin soup. Photo credit: Shuttershock
Shark fin soup has been a tradition at Chinese festive celebrations and wedding banquets, but growing demand of shark fin soup is pushing sharks to extinction and disrupting the balance of our oceans. Without sharks, the entire ocean ecosystem could be altered, negatively impacting humans and ocean dwellers alike.
According to the World Wildlife Fund (WWF), a quarter of sharks and rays are facing extinction in the coming years. Today, 100 million sharks are killed annually around the world, driven by demand for their fins and meat. Hong Kong, China, Malaysia, Singapore and Taiwan are the top importers of shark fins globally. The fins are supplied by Indonesia, Spain, India, the United States and Argentina, which account for almost half of all shark landings in the world.
In 2017, Singapore was identified as the world's second-largest trader of shark fins after Hong Kong. Between 2012 and 2013, Singapore exported $40 million worth of shark fins, closely following Hong Kong’s $45 million, and imported $51.4 million worth of fins, compared to Hong Kong’s $170 million.
Nevertheless, Singaporeans are increasingly aware of this grave problem, and according to a recent survey by WWF, nine out of ten people in the island state care about sharks going extinct, while eight out of ten have stopped consuming shark fin over the past year. Despite this, there is still a significant group of people who believe sharks can be grown in fisheries. Many fisheries across the world have tried this but to-date, only one has been able to farm one species: the spiny dogfish. All sharks sold in Singapore today are caught in the wild.
Furthermore, some countries have regulations that only allow shark fishing if the whole animal is brought to land. Yet, this does not make the practice sustainable.
Thanks to the growing awareness of the impact sharks’ extinction could have on our environment, the #NoSharkFin movement is gaining momentum around the world and particularly in Singapore. And as the island celebrates the Lunar New Year, businesses across the country are taking action against serving shark products.
Last week, 89 Singapore-based establishments committed to phasing out shark fin in 2018. These include brands such as Crystal Jade, Pan Pacific Hotels, AccorHotels and Foodpanda, whose policy applies across its 3,800 partner restaurants.
Chinese restaurant group, Crystal Jade Culinary Holdings, has committed to removing shark fin dishes from the Chinese New Year set menus across all restaurants in Singapore under its portfolio. From 31 July 2018, shark fin will no longer feature on the menus of its 28 restaurants. “Seafood remains a prominent part of Chinese cuisine. This decision to phase out shark fin, a long-established traditional dish, is our first step towards protecting oceans and seafood supplies as a socially-responsible business. We will continue to offer premium alternatives in place of shark fin,” said Cynthia Yee, Senior Vice President, Marcom, Crystal Jade Culinary Holdings. The company is confident that the move will improve customers' perceptions and lead them to patronize its restaurants more often.
The Pan Pacific Hotels Group, which is headquartered in Singapore, has stopped serving shark fin across its 34 properties and 7 restaurants around the world as of 1 January 2018. F&B delivery service, Foodpanda will also remove shark-related dishes from the menus of the restaurants listed on its platform starting 5 March 2018. Its head of marketing and sustainability lead Laura Kantor said that currently, just 93 out of 3,800 restaurants on the platform serve shark fin and less than 1% of total orders include shark fin.
This move signals a collective effort by the F&B industry to address the serious threat that shark fishing poses. “As sustainable options do not exist for sharks, halting consumer demand is the only solution today.” said Elaine Tan, Chief Executive Officer of WWF Singapore.
This is WWF's largest collective pledge by the F&B industry in Singapore to date. Establishments will phase out shark fin in one of three ways; by completely removing shark fin from their menus, by not serving shark fin for a trial period of time or by removing shark fin from menus and serving it only upon request or on a case-by-case basis.
Environmental issues related to consumption of shark meat and fins are not new among consumers in Singapore and abroad. Over the last five years, about 18,000 hotels worldwide have removed and banned shark's fin from their menus.
Consumption of shark fin soup in China has fallen by around 80% since 2011, thanks to a celebrity-driven public awareness campaign and a government crackdown on extravagant banquets. But the good news is offset by an alarming rise in the consumption of this prestige dish in places like Thailand, Vietnam, Indonesia and Macao, according to a new report by WildAid, a San Francisco-based group that campaigns to curb demand for wildlife products.
Continued public awareness, effective legislation and ongoing scientific research remain essential to the future safeguarding of many shark species, even as conservation efforts continue.
Nina D. Aguas (Global FWN100™ '13) and Mona Lisa Dela Cruz (Global FWN100™ '16) appointed as Board of Trustees Executive Chairman and CEO of Insular Life
The Board of Trustees of Insular Life approved several appointments to its top management post and in the membership of the Board of Trustees, effective January 1, 2018. Nina D. Aguas (Global FWN100™ '13) was appointed Executive Chairman of the Board of Trustees. She was Chief Executive Officer from January 2016 to December 2017. Succeeding Aguas as CEO is Mona Lisa B. de la Cruz (Global FWN100™ '16), formerly President and Chief Operating Officer.
The Board of Trustees of Insular Life approved several appointments to its top management post and in the membership of the Board of Trustees, effective January 1, 2018.
Nina D. Aguas (Global FWN100™ '13) is the newly appointed Executive Chairman of the Board of Trustees of Insular Life
Nina D. Aguas was appointed Executive Chairman of the Board of Trustees. She was Chief Executive Officer from January 2016 to December 2017. Aguas is likewise the Chairman of Insular Health Care, Inc., and Home Credit Mutual Building & Loan Association, and the Insular Foundation, Inc. She is on the board of the Philippine Life Insurance Association. Prior to joining Insular Life, Aguas held various senior management positions in multi-national financial institutions across Asia and in the United States, leading widely diverse teams in Wealth Management, Private Banking, Consumer and Retail, Audit, Compliance and Risk Management. Nina was President and CEO of PBCOM from 2012-2015. She is a recipient of FWN 100 Most Influential Filipina Women Leaders in the World 2013, San Francisco, USA.
Luis C. la Ó, is now the Vice Chairman after the retirement of Delfin A. Lazaro. La Ó has been a member of the Board of Trustees since 2015, and has served in various capacities, including Chairman in 2017. He is also a Director of Mapfre Insular.
Aguas spearheaded Insular Life’s move toward redefining the institution’s strategic directions, which is now restructuring the 107-year-old institution into embracing innovation and digital transformation to better reach new markets and address the changing needs of the insuring public.
She led the company’s business transformation initiatives such as the bancassurance partnership with leading universal bank, Union Bank of the Philippines. She has taken the challenge for Insular Life to be in the forefront of insurance for women in the Philippines through the partnership with World Bank’s International Finance Corporation. She created new roles and piloted innovation initiatives geared to build the business model of the company in the digital age.
During her first year in office in 2016, Insular Life delivered the highest financial performance, achieving double, and even triple digit growth rates. As result, Insular ranked number two in net worth and net income, and number 3 in terms of assets. It was also during her term as CEO that the company was recognized many times over by international award giving bodies for their digital capabilities and trusted brand.
Mona Lisa Dela Cruz (Global FWN100™ '16), the newly appointed CEO of Insular Life
Succeeding Aguas as CEO is Mona Lisa B. de la Cruz, formerly president and chief operating officer. De la Cruz is presently a director of Pilipinas Shell, Mapfre Insular, and of other Insular Life affiliates. She is a homegrown talent and a seasoned life insurance professional across various disciplines within the company. Among many, she was Chief Operating Officer, Chief Actuary and Treasurer. She was awarded the UPAA Distinguished Alumni Award in 2017, and also recognized as one of the FWN 100 Most Influential Filipina Women Leaders in the World 2016, Cebu City. She is a graduate of the University of Michigan, MS Actuarial Science, and the University of the Philippines, BS Statistics (cum laude). She is a fellow of the Actuarial Society of the Philippines and an Associate of the US Society of Actuaries.
Meanwhile, the board also approved the appointment of Justo A. Ortiz and Gil B. Genio, to replace Delfin A. Lazaro and Jesus Alfonso G. Hofilena who both retired recently.
Ortiz is currently the Chairman of the Board of Union Bank of the Philippines. He brings with him over 25 years of experience in leading one of the top 10 and multi-awarded banks in the country. It was his vision as chairman and CEO to lead the company to be at the forefront of technology based banking in the Philippines.
Today Union Bank is one of the few highly digitally connected bank, offering delivery of online, real time, and highly-secured business solutions to its customers. Ortiz is also chairman of Union Properties, and Philippine Payments Management, Inc. He is also a director of Aboitiz Property Ventures. Prior to Union Bank, he was the Managing Partner – Global Finance, and Country Executive – Investment Banking of Citibank, N.A.
Genio is currently the Chief Technology and Information Officer and Chief Strategy Officer of Globe Telecom, Inc. He has been leading the overall corporate strategy and business development of the telecom giant since 2010. He is also the CEO of Globe Capital Venture Holdings, and Director of Globe Telehealth, Inc., among others. He is a Managing Director of Ayala Corporation. Prior to joining Globe and Ayala, Genio spent more than 11 years with Citibank in the Philippines, Singapore, Japan, and Hong Kong with stints in financial control, risk management, product development, audit, and market risk management.