Adeline Sim, the Executive Director and Chief Corporate Officer of HRnet was recently interviewed by the Securities Investor Association of Singapore (SIAS). Three things stood out to me: Co-ownership driving growth and cost controlResilient but not recession proofConsistent organic and M&A growth Co-ownership First, HRnet’s co-ownership plans has helped to make the company resilient and cost-conscious. 77% of HRnet shares are owned by employees so everyone is focused on growing profits. Unlike most listed companies, 10-15% of many HRNet subsidiaries are owned by employees. There are 37 co-owners now. The personal income of these 37 leaders are mainly driven by dividends from their equity stakes in the subsidiaries rather than their salary and they invest at least SGD300,000 each for the shares. This co-ownership culture leads to tight cost control.  There are no receptionists. Employees are happy to fly economy class and share hotel rooms because they are incentivised to...