Man of Many Becomes First Australian Publisher to Achieve 100% Carbon Neutral Status

Man of Many — Climate Active Certified

Man of Many — Climate Active Certified

SYDNEY, Sept. 28, 2022 (GLOBE NEWSWIRE) — Australia’s Largest Men’s Lifestyle publication Man of Manyhttps://manofmany.com — has become the first dedicated digital publisher in the country to achieve a 100% carbon neutral certification under the Federal Government’s Climate Active standard.

Man of Many achieved the certification by establishing a carbon offsetting strategy while further cementing its commitment to reduce emissions in future years with the support of independent consultants Pangolin Associates.

The Climate Active certification is a partnership between the Australian Federal Government and Australian businesses that supports voluntary climate action. According to Climate Active, certification is awarded to businesses that “have credibly reached net zero emissions” by independently calculating their greenhouse gas emissions, reduced these emissions “as much as possible” and have “offset any remaining emissions by purchasing carbon offset units.”

Commenting on the announcement, Man of Many’s co-founder Scott Purcell said, “As we regularly feature and promote sustainable practices, conscious consumption and ethical businesses as part of our news coverage, we felt it was important for Man of Many to stand by these values ourselves and ‘walk the talk.’ We’re extremely proud to be the first digital publisher in the country to be 100% carbon neutral in contributing to a more sustainable future.

“We also felt it was important that we chose a local carbon project that aligns with our values and supports environmental, economic, cultural and social benefits here in Australia.”

As part of the strategy, Man of Many selected a local indigenous carbon project to offset its emissions. The Merepah Fire Project is run through the Aboriginal Carbon Foundation which catalyses life-changing, community prosperity, through carbon farming. The Merepah Fire Project involves strategic fire management, including aerial and ground burning as well as fire suppression to reduce late dry-season wildfires, in turn decreasing carbon emissions. Through the project, Traditional Owners have established sound management and governance and have improved job prospects with career pathways, whether as workers in the cattle industry, as rangers protecting cultural or natural assets, or as fire management operators.

In early 2022, Man of Many conducted a brand rediscovery project to reaffirm its purpose statement, vision, and values. An outcome of this exercise was a renewed emphasis on making positive investments in the community. As a result, Man of Many has made a commitment to significantly raise its environmental, social, and governance standards through active involvement in initiatives that affect real change.

The carbon neutral certification follows the announcement of Man of Many’s partnership with Australian mental health surf therapy charity Waves of Wellness Foundation and an impressive period for the media company, which received Highly Commended recognition in the Media Brand of the Year category at the 2022 Mumbrella Awards, alongside receiving eight nominations for the Mumbrella Publish Awards in 2022.

Purcell commented, “By being part of the collective solution to climate change, which is an important issue for our readers, we are staying true to our values — backing up everything we do with substance and consideration.”

Contact Information:
Scott Purcell
Co-Founder
scott@manofmany.com
+61403496680

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AGF Management Limited Reports Third Quarter 2022 Financial Results

TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) —

  • Reported diluted earnings per share of $0.32
  • Mutual fund net sales of $51.0 million for the quarter
  • Announces intention to launch a substantial issuer bid
  • Announced quarterly dividend of $0.10 per share

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2022.

AGF reported total assets under management and fee-earning assets1 of $39.6 billion compared to $40.3 billion as at May 31, 2022 and $43.4 billion as at August 31, 2021. “Through another quarter of heightened market uncertainty, we continued to deliver strong investment performance that can be attributed to our disciplined processes and focus on risk management and saw the benefits of our unique liquid alternative strategies,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.

“Additionally, we have continued to execute against our strategic imperatives, while looking for opportunities to redeploy capital to deliver continued value to our shareholders and are committed to doing this by considering small acquisitions and partnerships, and returning value to our shareholders through funding share buybacks,” added McCreadie.

The Board has authorized AGF to use up to $40 million of cash in order to return capital to its shareholders through a substantial issuer bid made to all holders of AGF’s Class B non-voting shares (the “Offer”). The Offer may be at a premium to the then-current market price of the Company’s Class B non-voting shares. Holders of the Company’s Class A voting shares and insiders of AGF are not expected to participate in the Offer. Subject to market and other conditions, AGF anticipates that the terms of the Offer will be finalized in early October, with the Offer expected to be completed in November 2022.

AGF’s mutual fund gross sales were $594 million for the quarter compared to $790 million in the comparative period, while net sales were $51 million compared to $288 million in the comparative period. AGF’s sales have continued to outpace the industry. During the quarter the industry2 reported net redemptions, while AGF mutual funds remained in net sales.

“As we marked our eighth consecutive quarter of mutual fund net sales, we focused on our strong performance, advancing discussions with key clients and partners and diversifying our relationships across channels,” said, Judy Goldring, President and Head of Global Distribution, AGF. “At the same time, we reconnected with our employees as we transitioned to our new home at CIBC SQUARE and committed to a hybrid model that supports work-life balance. We believe the energy we gain from collaboration and being together in person will serve as a catalyst for our continued success.”

AGF also announced today that Adrian Basaraba, Senior Vice President and Chief Financial Officer, has informed the Company of his decision to leave his position as AGF’s Chief Financial Officer to pursue other opportunities; and that Jenny Quinn has been appointed Interim Chief Financial Officer (CFO), effective September 29th, following AGF’s third quarter reporting cycle.

During his tenure, Adrian contributed to major advances in AGF’s business operations and the successful management of AGF’s capital and liquidity. Coming out of the pandemic with AGF’s finances in solid, stable position, and with strategic priorities progressing positively against plan, Mr. Basaraba felt the timing was right for him to make this career change. Mr. Basaraba and AGF have agreed that he will remain with the Company in an advisory capacity to facilitate the transition of his responsibilities through November 30, 2022.

Mr. Basaraba joined AGF in 2004 and was appointed Chief Financial Officer of AGF Management Limited in July 2016. Ms. Quinn has been with AGF for 15 years and currently serves as the organization’s Chief Accounting Officer. A search process for the new CFO has been initiated.

1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
2 Long-term funds.

Key Business Highlights:

  • AGF appointed Cybele Negris, CEO and Co-Founder of Webnames.ca Inc., to the AGF Board of Directors effective September 27, 2022. As an accomplished tech entrepreneur and seasoned board member, she further diversifies the collective experience, expertise and perspective of AGF’s Board.
  • AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship. This stands as a testament to the rigor of AGF’s responsible investing practices.
  • As of August, AGF has successfully onboarded its SMA strategies on Vestmark, SMArtX Advisory Solutions LLC and Envestnet, three of the leading U.S. turnkey asset management platforms.
  • As AGF’s business continues to evolve, AGF has launched an enhanced brand architecture to better reflect the diversity and reach of its three distinct business lines across the public and private markets: AGF Investments, AGF Private Capital and AGF Private Wealth.
  • During the quarter, AGF moved to its new head office at CIBC SQUARE. The state of the art building has provided employees with a flexible workspace, enhanced collaboration and greater communication, while continuing to advance the reduction of the firm’s office footprint by approximately 22%.
  • As at August 31, 2022, AGF outperformed its one-year and three-year investment targets with average percentiles of 39% (target 50%) and 34% (target 40%), respectively, with 1st percentile being best possible performance.
  • The firm remained active under its Normal Course Issuer Bid (NCIB). During the quarter, AGF repurchased 726,400 AGF.B shares for cancellation.
  • On September 27, 2022, AGF’s Board of Directors approved a quarterly dividend of $0.10 for shareholders of record on October 12, 2022.

Financial Highlights:

  • Management, advisory, administration fees and deferred sales charges were $105.6 million for the three months ended August 31, 2022, compared to $112.4 million in 2021. The decrease in revenue is attributable to a 3.9% decrease in average mutual fund assets under management as a result of market volatility.
  • Selling, general and administrative costs were $46.4 million for the three months ended August 31, 2022, compared to $50.1 million in 2021.
  • EBITDA before commissions for the three months ended August 31, 2022 was $33.2 million, compared to $37.5 million in the prior year comparative period.
  • Effective June 1, 2022, the elimination of the payment of upfront sales commissions, including deferred sales charge options, took effect. During the three and nine months ended August 31, 2022, AGF paid commissions of nil and $37.1 million, respectively.
  • Net income for the three months ended August 31, 2022 was $22.1 million ($0.32 diluted EPS), compared to $14.9 million ($0.21 diluted EPS) in the prior year comparative period. Diluted EPS in the quarter of $0.32 reflects the impact of the elimination of  DSCs.
Three months ended Nine months ended
August 31, May 31, August 31, August 31, August 31,
(in millions of Canadian dollars, except per share data) 2022 2022 2021 2022 2021
Income
Management, advisory, administration fees and deferred sales charges $ 105.6 $ 113.1 $ 112.4 $ 332.8 $ 323.9
Share of profit (loss) of joint ventures (0.2) 2.2 (0.9) 3.1
Other income from fee-earning arrangements 0.7 0.7 0.7 2.2 1.1
Fair value adjustments and other income 6.2 3.9 7.8 20.7 11.7
Total Income $ 112.5 $ 117.5 $ 123.1 $ 354.8 $ 339.8
Selling, general and administrative 46.4 47.3 50.1 143.0 145.2
Deferred selling commissions 17.8 14.1 37.1 47.4
EBITDA before commissions1 33.2 35.4 37.5 108.5 92.2
EBITDA 33.2 17.6 23.4 71.4 44.8
Net income 22.1 10.1 14.9 45.1 25.5
Diluted earnings per share 0.32 0.14 0.21 0.64 0.35
Free cash flow1 20.6 12.3 21.5 46.2 42.4
Dividends per share 0.10 0.10 0.09 0.29 0.25
(end of period) Three months ended
August 31, May 31, February 28, November 30, August 31,
(in millions of Canadian dollars) 2022 2022 2022 2021 2021
Mutual fund assets under management (AUM)2 $ 22,496 $ 22,849 $ 23,625 $ 24,006 $ 23,792
Institutional, sub-advisory and ETF accounts AUM 7,932 8,114 8,751 9,082 10,041
Total AGF Investments AUM 30,428 30,963 32,376 33,088 33,833
AGF Private Wealth AUM 7,000 7,204 7,410 7,366 7,334
AGF Private Capital AUM 60 58 69 73 99
Total AUM $ 37,488 $ 38,225 $ 39,855 $ 40,527 $ 41,266
AGF Private Capital fee-earning assets3 2,067 2,052 2,100 2,108 2,094
Total AUM and fee-earning assets3 $ 39,555 $ 40,277 $ 41,955 $ 42,635 $ 43,360
Net mutual fund sales2 51 132 330 352 288
Average daily mutual fund AUM2 22,207 23,183 24,075 23,896 23,104

EBITDA before commissions (earnings before interest, taxes, depreciation, amortization and deferred selling commissions), adjusted EBITDA before commissions, adjusted net income, adjusted diluted earnings per share and Free Cash Flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
2 Mutual fund AUM includes retail AUM, pooled fund AUM and institutional client AUM invested in customized series offered within mutual funds.
3 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

For further information and detailed financial statements for the third quarter ended August 31, 2022, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedar.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/vxofe4c8. Alternatively, the call can be accessed toll-free in Canada by dialing 1 (866) 455-3403 (PIN: 96087375#), or in the United States by dialing 1 (866) 374-5140 (PIN: 96087375#).

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm delivering excellence in investing in the public and private markets through its three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.

AGF brings a disciplined approach focused on providing an exceptional client experience and incorporating sound responsible and sustainable practices. The firm’s investment solutions, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams spanning on the ground in North America, Europe and Asia. With approximately $40 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Courtney Learmont
Vice-President, Finance
647-253-6804, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition, and its intention to launch a substantial issuer bid. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies (such as COVID-19), natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2021 Annual MD&A.

Community Screening for Dementia

​A variety of important information on dementia such as risk factors, symptoms or warning signs and cognitive assessment of dementia were shared with the senior citizens in Temburong District during the Community Screening for Dementia Programme, 28th September morning. The programme organised by Dementia Brunei in collaboration with the Ministry of Culture, Youth and Sports and the Temburong Senior Citizens Activity Centre, was held at the Bumiputera Building in Bangar Town.

 

20 members of the Temburong Senior Citizens Activity Centre attended the session. Dr. Jian Yu Lei, a Geriatric Medical Officer among other things, explained that Dementia is often misunderstood and its awareness need to be enhanced at every level of society in the country.

 

Source: Radio Television Brunei

 

Prize Presentation for Drawing Contest

 

​Persatuan Basmi Dadah or Anti-Drugs Association, BASMIDA in cooperation with Yayasan Sultan Haji Hassanal Bolkiah and the Ministry of Culture, Youth and Sports held a prize presentation for the Family Drawing Competition in conjunction with National Family Day Celebration 2022.

 

35 students from Sultan Omar ‘Ali Saifuddien College won in various categories of the competition. Prizes were handed over by Awang Mohamed Santra bin Haji Bolhassan, Principal of the college. Apart from supporting the National Family Day Campaign and Whole of Nation Approach, the programme also hoped to inculcate a sense of responsibility and desire to realise the aspiration of Wawasan Brunei 2035.

 

 

Source: Radio Television Brunei

 

Teachers’ Day Activity

​Various activities were held in conjunction with Teachers’ Day Celebration 2022.

 

At Sengkurong Sixth Form Centre, the activity included a performance by the students and appreciation ceremony for two teachers who received the Excellent Teacher Award. Such an activity aimed to appreciate the teachers as well as their good deeds and sacrifices made for education.

 

In Temburong District, the activity included the nationwide religious programme for September at Piasau-Piasau Religious School in Mukim Labu. Also held was a short talk on the celebration’s theme Quality Teachers Spur Education Transformation.

 

 

Source: Radio Television Brunei

The Meritorious Teacher Award and Excellent Teacher Award Recipients

 

​Teachers or educators face numerous challenges in providing effective and quality education in the era of globalisation. Challenges such as the COVID-19 outbreak allow teachers to be more creative and dynamic in teaching and learning. The recipients of the Meritorious Teacher Award and Excellent Teacher Award shared these in an interview at the 32nd Teachers’ Day Celebration.

 

Source: Radio Television Brunei

 

Strategies and Techniques of Formative Assessment

In the afternoon, the conference was filled with a workshop themed “Strategies and Techniques of Formative Assessment”. It was held at the Chancellor’s Hall, Universiti Brunei Darussalam.

 

Among those present was Dr. Shamsiah Zuraini Kanchanawati binti Haji Tajuddin, Permanent Secretary for Core Education at the Ministry of Education. The workshop was delivered by Professor Emeritus Dylan Wiliam, a leading education expert in the field of Formative Assessment from London, which among others touched on sharing learning intentions to help teachers develop their daily assessments that is one of the most powerful ways to improve student learning. The conference will continue on 29th September.

 

 

Source: Radio Television Brunei

 

State Funeral

 

​Her Royal Highness Princess Hajah Masna binti Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Ambassador-at-Large at the Ministry of Foreign Affairs on behalf of the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam attended the State Funeral of the late former Prime Minister of Japan Shinzo Abe at Nippon Budokan, Tokyo.

 

After the State Funeral, Her Royal Highness attended the Greeting Occasion with His Excellency Fumio Kishida, Prime Minister of Japan; His Excellency Hirokazu Matsuno, Chief Cabinet Secretary of Japan; His Excellency Yoshimasa Hayashi, Minister of Foreign Affairs of Japan; and Madam Akie Abe, spouse of the late former Prime Minister Shinzo Abe. The Greeting Occasion was held at Akasaka Palace.

 

During the meeting, Her Royal Highness conveyed condolences on behalf of the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam to His Excellency Fumio Kishida, Prime Minister of Japan and Madam Akie Abe on the passing of former Prime Minister Shinzo Abe on 8 July 2022. His Excellency Fumio Kishida expressed the Government of Japan’s appreciation to Her Royal Highness for attending the State Funeral of the late Prime Minister. Brunei Darussalam and Japan established diplomatic relations in 1984.

 

Since then, both countries enjoy warm friendship and close bilateral relations, and have continued to work closely in various areas of mutual benefit, including trade, energy, education and connectivity. Accompanying Her Royal Highness was Yang Amat Mulia Pengiran Lela Cheteria Sahibun Najabah Pengiran Anak Haji Abdul Aziz bin Pengiran Jaya Negara Pengiran Haji Abu Bakar.

 

 

Source: Radio Television Brunei

Presentation of Capital Tithe Distribution

​The poor and destitute asnaf in the country continue to receive attention from the Brunei Islamic Religious Council, MUIB towards alleviating their life burdens. A presentation of Capital Tithe Distribution was held for the purchase of a boat, engine and trailer for 5 asnaf.

 

The presentation was made by Awang Haji Abdul Aziz bin Haji Akop, Acting Secretary of MUIB. The $40,610 for the purchase of the equipment was from the MUIB Poor and Destitute Asnaf Tithe Money Collection. The function took place at Salar Industrial Site in Jalan Muara. It is hoped to boost the spirits and efforts of the recipients to be more determined in improving their living standards for the better.

 

 

Source: Radio Television Brunei

Teachers’ Day Conference 2022

Economic and environmental changes occurring around the world today, has the potential to and is already affecting many aspects of education landscape. These have raised serious concerns that these changes will adversely affect education. Therefore, teachers should continue the momentum of transforming education to ensure schools, teachers and students are well-prepared for any eventuality. Speaking during the Teachers’ Day Conference 2022 in conjunction with the 32nd Teachers’ Day Celebration, Yang Berhormat Datin Seri Setia Doctor Dayang Hajah Romaizah binti Haji Mohd. Salleh, the Minister of Education emphasized that teachers also need to be resilient and stay committed for the future of students and youths.

 

Yang Berhormat added, the transformation and innovation are mutually inclusive; they need to go hand in hand and be evident at every level. While schools are putting more emphasis on blended teaching and learning these recent years, the ministry, among many others, has developed and successfully administered the Student Learning Survey.

 

The highlight of the conference was the presentation of a Keynote Address entitled: “Why Formative Assessment Should Be a Priority for Every Teacher and Every School” by Professor Emeritus Dylan Wiliam from University College London, United Kingdom. With the theme, “Building a Resilient Education Ecosystem”, the conference is joined by some 500 teachers and educators from various levels of education. The conference acts as a platform for academics and researchers to discuss research findings as well as best practices in all aspects to build the capacity of the education system.

 

 

Source: Radio Television Brunei

Dikir Ceremony

​Dikir recitations continue to resound at all mosques, suraus and religious halls nationwide to express love towards Prophet Muhammad Sallallahu ‘Alaihi Wasalam. The Ministry of Culture, Youth and Sports and its departments held a Dikir Ceremony in conjunction with the Maulidur Rasul Celebration. The ceremony was held on 27th September night, at Ar-Rahman Mosque, Kampong Tanjung Bunut.

 

Present was Yang Berhormat Dato Seri Setia Awang Haji Nazmi bin Haji Mohamad, Minister of Culture, Youth and Sports. The ceremony continued with the presentation of endowment for the mosque.

 

The Prime Minister’s Office and its departments also held a similar ceremony. Among those present was Awang Haji Azman bin Haji Abdul Rahim, Acting Director of Radio Televisyen Brunei. It was held at Masjid Universiti Brunei Darussalam.

 

A similar ceremony was also held by the Tutong District Religious Affairs Office at Kampung Kupang Mosque. The delegation was led by Awang Haji Azman bin Haji Musa, Chief Religious Officer of Tutong District.

 

 

Source: Radio Television Brunei

ASEAN tells the US it welcomes opportunities not interference

The Association of Southeast Asian Nations (ASEAN) says it welcomes the U.S.’s role as an important partner but Washington should respect the existing regional architecture.

Bruneian Lim Jock Hoi, the bloc’s current secretary-general, said at a recent event at the Center for Strategic and International Studies (CSIS) in Washington D.C., that while the U.S.’s presence in the ASEAN region is important, it “should complement existing regional architecture that is open and inclusive.”

Its most senior official took part in a special discussion about the U.S-ASEAN partnership, hosted by the CSIS on Monday as its “inaugural” ASEAN Leadership Forum.

ASEAN is marking the 45th anniversary of its relationship with Washington this year.

“Peace and stability has always been a primordial concern of ASEAN since it was founded in 1967,” Lim emphasized.

U.S.-led initiatives such as the Indo-Pacific Economic Framework (IPEF) could provide opportunities to ASEAN countries, he said, but they “have to be in line with ASEAN’s outlook [on the] Indo-Pacific.”

“We stress, among others, ASEAN centrality, openness, transparency, inclusivity, making sure that all relevant actors in the region are included,” Lim said.

U.S. President Joe Biden announced in May the launch of the IPEF which comprises 13 nations but not China and which has been criticized by Beijing as a U.S. tool “to coerce regional countries.”

The U.S. continues to be the largest source of foreign direct investment in ASEAN and the second largest trading partner, with bilateral trade reaching U.S.$364 billion last year.

China’s has remained ASEAN’s number one trading partner for 13 consecutive years, according to the Chinese government’s Information Office. Trade between China and ASEAN reached U.S. $544.9 billion in the first seven months of this year.

“We see both are important for ASEAN. We hope that both major powers discuss constructively in order to make the region more conducive to trade and investment and create opportunity for all of us,” the senior official said.

ASEAN’s neutrality

ASEAN’s leadership so far has been careful not to take sides in the U.S.-China rivalry in their backyard, said Kasit Piromya, former foreign minister of Thailand who has been active in ASEAN political circles.

“ASEAN should continue to maintain dialogue partnerships with both, reflecting that ASEAN is friendly and cooperative with all,” he said.

Officials from both ASEAN and the U.S. are working on the establishment of a so-called Comprehensive Strategic Partnership later this year. It is unclear how far-reaching the new form of partnership will become but the U.S. “needs to think more and do more” in terms of working with ASEAN, in Kasit Piromya’s opinion.

“I don’t think that the U.S.-ASEAN relations have matured because there is no common base or foundation as such, unlike the U.S. relations with Japan, South Korea and Taiwan which are based on democracy,” he said.

“There seems to be no sense of real purpose and enthusiasm on the part of the U.S. side to really forge a more intensive and robust relationship with ASEAN in spite of the Indo-Pacific strategy and IPEF,” the former top Thai diplomat said.

Critics say that the ASEAN’s centrality was overlooked and bypassed when the U.S. put more efforts into other regional groupings such as the Quadrilateral Security Dialogue, or the Quad, that also includes Australia, India and Japan.

ASEAN was also not alerted or informed in advance of the setting up of AUKUS, the trilateral security pact between Australia, the United Kingdom, and the United States.

These Indo-Pacific security groupings are widely seen as countering China’s rising influence and assertiveness in the region.

“The U.S. has not fully utilized the inherent belief and desires of many of the ASEAN member states for its continued presence in the region,” Kasit said, adding: “Washington cannot fail to realize that all the countries in the region are afraid of China.”

South China Sea disputes

The U.S. has provided over U.S. $12.1 billion in development, economic, health, and security assistance to Southeast Asian allies and partners, including the members of ASEAN, since 2002, according to a U.S. State Department fact sheet.

“The United States supports the international rules-based order in the South China Sea, and in close cooperation with our allies and partners, the United States promotes a free and open Indo-Pacific in which the freedoms of navigation and overflight are enjoyed and respected by all states in accordance with international law,” the fact sheet reads.

China and several ASEAN member states hold conflicting claims over parts of the South China Sea but Beijing’s claims are the most expansive, up to 90% of the sea.

There was only a brief reference to the South China Sea disputes in the ASEAN secretary-general’s speech at CSIS on Monday, when Lim Jock Hoi listed maritime security as one of the challenges that the region has been facing “for the longest time.”

“Efforts towards the conclusion of the Code of Conduct on South China Sea, one [that] is mutually acceptable to all parties concerned, [have] effectively and consistently been pursued,” said Lim without mentioning the United States.

Some analysts believe that policy differences between ASEAN members in dealing with South China Sea issues led to a divisive approach to the role the U.S. could play.

The U.S. Navy, and maritime forces from the ten ASEAN countries held the first ASEAN-U.S. Maritime Exercise in Thailand in 2019 but the drills have not occurred again.

China has been warning against what it sees as “interference by external actors” in South China Sea disputes.

“Sometimes, the U.S. has come across as a little too keen to help, prompting concern among some claimants that it might inadvertently trigger an escalation of tensions or an unwanted incident in the South China Sea that Southeast Asian countries will have to bear the brunt of,” said Elina Noor, Director of Political-Security Affairs at the Asia Society Policy Institute in Washington D.C.

Noor said that the U.S. side could try to “have more effective communication and coordination with Southeast Asian partners so that their presence and shows of force don’t trigger misunderstanding.”

“ASEAN does not have common foreign policy goals, so member states have their own say regarding maritime cooperation,” said Nguyen The Phuong, a Vietnamese defense analyst.

“Some want more cooperation [with the U.S.], some want less.”

“There are also opinions that those countries which wish to cooperate more with the U.S. in the field of maritime security could set up a smaller group, unofficial of course, within ASEAN to bolster their cooperation,” he said.

In May, President Biden announced a new Indo-Pacific Partnership for Maritime Domain Awareness (IPMDA) that would provide better access to space-based, maritime domain awareness to countries across the region.

“It’s new, but a rising cooperation area,” said the Vietnamese analyst.

 

 

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