The Asia Pacific Headhunter

Passion Vs. Size

New Zealand has won the rights to host the 2011 Rugby World Cup, beating out Japan in the final vote in Dublin this morning! As a Kiwi in NZ I can tell you the whole country is both shocked and proud that we have been chosen. It is truly a victory for passion because I don't think that logically NZ had as much to offer as Japan financially and also in other areas. I personally expected NZ not to win so I was shocked when I woke this morning to the news. The media certainly thought we were in third place and the argument that choosing NZ over Japan was a step back for the game itself seemed to resonate well with the British media at least.

I thought Japan would have been a great host, having been there for the build up to the Soccer World Cup and seeing what a fantastic job they did then. But NZ will also be a great host and we will bring a passion for the game and for all the visitors who intend to come that I think many will appreciate. NZ Rugby Writer Phil Gifford gives his point of view from the the UK, it really does seem the British press love giving it to the AB's so I not surprised to see Phil put the boot in.

BTW, I don't think the AB's will score 50 against England, I think it'll be in the 40's...

Is Executive Pay Excessive?

Peter Drucker tells it like it is today, 28 years ago (read this on a post from Andy Lark who credits the WSJ):

In an essay entitled, "Is Executive Pay Excessive?" (5/23/77), Mr. Drucker wrote: "Economically, [the] very few large executive salaries are quite unimportant. Socially, they do enormous damage ... These very few large salaries are being explained by the 'need' to pay the 'market price' for executives. But this is nonsense. Every executive knows perfectly well that it is the internal logic of a hierarchical structure that explains them (i.e., status symbols) ... If and when the attack on the 'excessive compensation of executives' is launched ... business will ... bemoan the public's 'hostility to business.' But business will have only itself to blame. It is a business responsibility, but also a business self-interest, to develop a sensible executive compensation structure that portrays economic reality and asserts and codifies the achievement of U.S. business in this century: the steady narrowing of the income gap between the 'boss man' and the 'working man.'"

Food for thought INDEED. Peter Drucker died last weekend but he will be remembered for a very long time. His writing is of such clarity that it never fails to give me food for thought. I bought (earlier this year) a book by him called The Daily Drucker and I recommend it highly. Each day of the year is represented with not just his thoughts on business but on life itself. It is definitely worth picking up.

No Blame Game Here

In today's status quo of shrugging off accountability and playing the blame game for mishaps, blunders and serious offenses, here is a refreshingly different example of how the Japanese are still instilled with their traditional value of integrity and honor in taking accountability and doin' something about it.

The Tokyo Stock Exchange , the busiest in Japan with 2,300 listed companies and a market cap of US$3.2 trillion, had  a systems failure that shut down trading on November 1st for several hours (yes, during peak trading hours - and the most serious systems failure to date). Imagine, all the mayhem and cursing going on with all traders, stockholders and corporations involved.

Once the system recovered and the exchange had returned to normality, what did the senior executives of the Tokyo Stock Exchange do? Sure, they figured out it was Fujitsu's blunder in mishandling an upgrade of the trading system. But furthermore: the CEO, CFO, and other senior managers decided to own up for their mistake in "letting this all happen", and cut their OWN pay by 30% - 50% for six months! Fujitsu President Hiroaki Kurokawa soon followed suit with a public apology announcing his own, along with other Fujitsu senior executive's, disciplinary or punitive actions.

There is certainly a lesson here not just for corporations but also for bureaucrats and politicians. And it is refreshing to see them take some accountability in their own pockets. It impresses me when Executives are willing to take the bad with the good nowadays because the media takes great pleasure in bagging them for being "overpaid" and "greedy". When was the last time you saw a politician suggest a pay cut for themselves for not meeting their election promises?

New Cheap Cure for Asian Bird Flu Discovered

With this news I now feel much safer. With the number of Korean restaurants in Auckland we should be able to have a 100% coverage with Kimchi supply. Can't say the same for Tamiflu or face masks. I think this makes complete sense, the Japanese have a saying that the best medicine tastes the bitterest. In this case they would be exactly right. I am not a big Kimchi fan but it looks like it will become a staple in the diet for the rest of the planet. Although there seem to be some supply concerns as well.

Asia Sleeps Less, Wakes Earlier

For years people have been saying that Asia burns the candle at both ends. More proof from AC Nielsen who found 40% of Asia still awake after midnight. But at the other end of the scale 60% of Asia is awake before 7am. Countries of note, Taiwan and Korea where close to 70% of the population is still awake after midnight. In the morning a shocking 91% of Indonesians are up by 7am. More detail here.

Asia I think has this affect on you. Japan is very friendly at night with bars, restaurants and convenience stores open till whenever you want them to be. My local video store in Tokyo was open 24/7 which is pretty handy when you are hanging out for an X-files fix.