DLA Piper > Shanghai, China > Firm Profile

DLA Piper
36/F SHANGHAI WORLD FINANCIAL CENTRE
100 CENTURY AVENUE, PUDONG
SHANGHAI 200120
China

China > Intellectual property: foreign firms Tier 1

DLA Piper‘s Greater China team has enviable sector expertise in media, sports, entertainment, consumer goods, food, retail, life sciences and technology. The group manages the IP portfolios of major global brands, while its IP advice covers cross-border anti-piracy operations, global trade mark clearances and disputes, acquisitions, and IP tax restructuring. The Asia IP practice is co-led by Beijing-based Horace Lam, whose practice covers pan-Asia brand protection strategies, cross-border IP litigation, infringement and enforcement work, technology and knowhow transfer and licensing, and IP structuring and transactions; and brand protection and enforcement specialist Edward Chatterton in Hong Kong. The mainland group also features recently promoted partner Ting Xiao, the leader of the firm’s patent practice in China; and senior IP team consultants Allen Xu and Asher Yan. In late 2021, William (Skip) Fisher relocated from Shanghai to the firm’s Seattle office, while Reking Chen left the firm in November 2022.

Practice head(s):

Horace Lam; Edward Chatterton

Other key lawyers:

Testimonials

‘DLA is highly appreciated for its approach to problem solving, which is based on clear, thorough reasoning and practicality.’

Great contacts all over the world, providing solid professional legal services in various places.

The team members are all highly educated and have rich IP experience, and strong professional and technical backgrounds. They can provide clients with cross-jurisdictional and barrier-free professional advice and support alongside high levels of business sense.

‘Horace Lam and senior consultant Allen Xu are greatly appreciated. Their legal opinions are grounded in clear and thorough reasoning, as well as a sophisticated understanding of local industry protocols and, most importantly, the value of clients’ brands.’

Ting Xiao efficiently coordinates different jurisdictions and different professional departments.

Key clients

Beijing E-Town Biomedical Sciences Park

Hyatt

Papa John’s

Work highlights

  • Acted for Beijing E-Town Biomedical Sciences Park on the conclusion of an exclusive strategic alliance, which included providing training on global patent protection, licensing, and trade mark protection to companies within the park.
  • Advising Hyatt on a wide range of branding matters, from prosecution and infringement to domain name and commercial IP issues.
  • Advising Papa John’s (fast food brand) on a wide range of IP matters in the PRC, Hong Kong and Macau.

China > Labour and employment: foreign firms Tier 1

DLA Piper‘s ‘functional‘ and ‘client-centric‘ employment law practice comes well recommended by its peers in the market and continues to attract clients, including several businesses requiring advice on matters that encompass multiple jurisdictions. It is also praised for its ‘flexibility and availability despite time zone differences‘ and for its ‘responsiveness and consistency‘. Johnny Choi‘s areas of particular expertise include the contentious removal of company executives, investigations into senior-level corruption and the defence of clients from intellectual property theft by departing employees. Associates Ying Li and Zhou Xu work closely with Choi and together advise on matters from restructuring to international secondments to employee misconduct.

Practice head(s):

Johnny Choi

Other key lawyers:

Testimonials

‘The team is well-experienced and provides prompt commercially-sound advice’.

‘Johnny Choi and Ying Li are amazing partners’.

‘The team’s approach is functional and practical.’

‘On the most recent project, we worked with Johnny Choi and Ying Li. Ying Li did the majority of the work. Both are stand-out lawyers. We were particularly pleased with their flexibility and availability, even though the different time zones often meant they were working/on calls late into their evenings and even during their overnight hours.’

‘Overall a great and client-centric team who consistently delivers and provides excellent service’.

‘Johnny Choi is consistently excellent – providing high-quality advice that is relevant and commercial; he has a good understanding of our context and our environment; he is very responsive – treating us like a priority client: his work ethic, commitment and client centricity are superb’.

China > Real estate and construction: foreign firms Tier 1

DLA Piper‘s presence in the real estate sector extends across Greater China and Hong Kong, with an offering tailored towards end-users, developers and funds seeking advice on a variety of corporate real estate issues. Leading the practice from Hong Kong is ‘very experiencedSusheela Rivers, noted for her advice on real estate matters concerning the hospitality and leisure sectors, having recently acted for Crane Capital in a joint venture investment designed for the acquisition of a portfolio relating to industrial buildings in Shanghai. Acting alongside her in this matter was Ed Sheremeta, with notable expertise in transactional work, including with regard to private equity investments. Lillian Duan, who divides her time between Shanghai and Beijing is another key contact, bolstering the firm’s ability to handle a range of transactional work in relation to the real estate sector for major investment institutions and property funds.

Practice head(s):

Other key lawyers:

Key clients

PGIM Real Estate

Crane Capital

Work highlights

  • Advised PGIM Real Estate on a joint venture with New Ease.
  • Advised Crane Capital on its joint venture investment with regard to its acquisition of a portfolio of an industrial building in Shanghai, and the onshore/offshore financing thereof.

China > Corporate and M&A: foreign firms Tier 2

Active across sectors including insurance, life sciences, semiconductors, automobiles and logistics, DLA Piper advises on an equally broad range of transactions, acting on mandates for acquisitions, disposals, mergers and investments. The team is particularly noted for its work with investment funds, including private equity houses, where its clients include Chinese private and state-owned funds as well as international sponsors. The group is jointly led from Shanghai by Roy Chan, a specialist in the insurance and financial services sectors, and Qiang Li, who handles both strategic M&A and private equity transactions. Stewart Wang and Beijing-based James Chang are also key figures in the practice with substantial experience in cross-border M&A.

Testimonials

‘You get what you paid for; high-quality, professional service. The team is helpful in every way and there is no unreasonable billing.’

‘I worked with Roy Chan, Asia Co-Country Managing Partner, China. He understands our needs very clearly. Aside from excellent legal advice, he has always been able to think outside the box and find pragmatic solutions for us. Knowledgeable, hardworking and trustworthy.’

Key clients

Ping An Life Insurance

Wise Road Capital

Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership (limited partnership) – “Yingpeng Fund”

BorgWarner Inc.

MC Hologram Inc.

Stillfront Group AB

VIYI Algorithm Inc.

Kunlun Energy Company Limited

Arlington Capital Partners

New Enterprise Associates, Inc.

Auster Capital

Charles River Laboratories International Inc.

Work highlights

  • Representing Ping An Life Insurance in its participation of RMB50.75 billion restructuring investment in relation to Peking University Founder Group restructuring.
  • Advising Wise Road Capital on its USD1.46 billion acquisition of ASE Technology Co., Ltd.
  • Advising Yingpeng Fund, as a majority shareholder, on its proxy contest regarding Global Cord Blood Corporation, a life sciences enterprise in the business of storage of umbilical cord blood stem cells listed on the New York Stock Exchange and seeking to enjoin the Board of GCBC from an acquisition of a US-based start-up that would disenfranchise existing shareholders of their control.

China > Dispute resolution: Litigation: foreign firms Tier 2

DLA Piper fields a team of dedicated practitioners with deep knowledge in a range of proceedings. Apart from shareholder and director disputes, the practice also handles private client litigation at a domestic and international level. Led by Kevin Chan in Hong Kong, who has more than 20 years of experience representing international companies in complex commercial disputes, the team has considerable expertise in multi-jurisdictional work, benefitting from the support of members based in Shanghai and Beijing in addition to the firm’s offshore presence. Also noted at the partner level are Harris Chan, who has a broad disputes practice covering issues between shareholders and directors, construction disputes and internet fraud, and Satpal Gobindpuri, well regarded for his extensive knowledge of commercial disputes involving product liability, trade mark, fraud and trade.

Practice head(s):

Other key lawyers:

Key clients

Dymocks Franchise Systems (China) Limited

Everwill Industrial

Haitong

Huarong

Huatai Financial Holdings (Hong Kong) Limited

Industrial and Commercial Bank of China

Industrial Bank

MHK Restaurants Limited

Sand Aire Limited

China > Fintech: foreign firms Tier 2

DLA Piper‘s Hong Kong-based fintech practice is ‘very familiar with blockchain technology, decentralised finance and cryptocurrency‘. The group acts across a range of matters, including payments, robo advisory, alternative payments, security and digital assets, and the operation of crypto-currency exchanges and other online platforms. In late 2021, Kristi Swartz, instrumental in developing Hong Kong’s fintech ecosystem, joined from now-closed Swartz, Binnersley & Associates, to head the fintech practice; and within the associate pool, Winson Lau is a fintech and digital assets practitioner, whose workload frequently involves analysing regulatory licensing and compliance requirements and Angele Lok‘s experience includes advising on tokenisation and related blockchain matters. During 2022, of counsel Alice Li, an emerging and disruptive technologies expert, was recruited from Deacons, while former Asia head of the firm’s global technology and fintech sector initiative, Scott Thiel , moved to lead TOKO, the firm’s digital asset creation engine.

Practice head(s):

Kristi Swartz

Other key lawyers:

Testimonials

‘The team is very familiar with blockchain technology, decentralised finance and cryptocurrency, as well as their application to current securities law in different countries.’

‘Relevant knowledge in this area, saving clients a lot of time and effort.’

‘Kristi Swartz is very responsive and able to guide us properly, while connecting with the right people to get the legal work done within the time frame.’

Key clients

Calcite

Zheng He Capital Management

Shyft Network

LORA Technologies

Firework Games Entertainment

MV Art

Dentsu UK

MOBOX Digital Co

Work highlights

  • Advised Calcite on one of Asia’s first tokenisations of private debt.
  • Acted for Zheng He Capital Management on the creation and structuring of a new fund to facilitate the tokenisation of real-world assets, namely an art collection.
  • Assisting Shyft Network, in collaboration with TOKO, with on-chain due diligence verification for virtual asset service providers.

China > Private equity: foreign firms Tier 2

Delivering ‘great technical excellence and business acumen with real- world solutions‘, DLA Piper‘s Greater China private equity practice advises on the legal and commercial issues that arise at all stages of the private equity life cycle (both within and out of China). The group acts for high-profile private equity funds, established investment firms, and family offices and other equity financial investors, on buyouts, M&A, cross-border transactions, joint ventures, and control and minority investments. Other key areas range from venture and growth capital, to distressed investments, fund formation and limited partner investments. In Shanghai, the recent track record of ‘practicalStewart Wang and Qiang Li includes advising Wise Road Capital on its $1.46bn acquisition of Taiwanese semiconductor giant, ASE Technology Co. Over in Beijing, James Chang is a transactional and regulatory specialist, while Hong Kong-based Luke Gannon is the firm’s highly regarded Asia corporate head.

Practice head(s):

Luke Gannon

Other key lawyers:

Testimonials

‘Great technical excellence and business acumen with real-world solutions.’

‘Stewart Wang – solid for technical aspects and high-level skills. Mastery of market norms and trends, and communication and interpersonal skills -practical, balanced and problem-solving oriented.

Key clients

Wise Road Capital

Silk Road Fund Co

Arlington Capital Partners

New Enterprise Associates

Zhongze Therapeutics

Auster Capital

Macquarie Asia Pacific Infrastructure Fund 3

Work highlights

  • Advised Wise Road Capital on the $1.46bn acquisition of ASE Technology Co, the Taiwanese semiconductor giant.
  • Advised Silk Road Fund on the HK$919m investment in Kerry Logistics Network, a global provider of logistics services.
  • Advised Auster Capital on an investment in Rise Up Fashion (OceansApart).

China > Shipping: foreign firms Tier 2

The ‘client-orientedDLA Piper provides a range of shipping law advice and related services to its global client base, which includes insurance companies, banks and maritime developers. Ernest Yang and Kevin Chan oversee the China practice from Hong Kong, while Xiaoshan Chen, with his extensive experience in international arbitration, represents the firm in Shanghai. Chen has considerable experience in handling international disputes covering areas such as charterparties, shipbuilding, sale of goods, trade, commodities, ship sale and purchase and marine insurance. Clients praise the practice for its commercial risk assessment work and for its ‘sound judgment in planning and managing dispute resolution matters’.

Practice head(s):

Ernest Yang; Kevin Chan

Other key lawyers:

Testimonials

‘We are satisfied with the overall services of DLA Piper.’

‘The legal services provided by the team are client-oriented and best suit our needs.’

‘The firm stands out in providing assessment on the degree of legal and commercial risks against certain circumstances in a timely manner and was able to demonstrate sound judgment in planning and managing the dispute resolution matters for our company.’

‘DLA Piper impressed us by giving practical recommendations in solving the dispute cases and in formulating strategies in arbitration cases in the shipping industry.’

‘The team as a whole demonstrated outstanding efforts of professionalism in analyzing the merits and demerits of the current arbitration case.’

Key clients

Third Eye Capital

China > Tax: foreign firms Tier 2

DLA Piper‘s extensive tax practice advises clients on a wide range of international and domestic tax issues from corporate and individual tax planning to dispute resolution. Its lawyers have extensive experience in M&A tax matters, including post-acquisition integration and supply chain management. They also work on structuring inbound and outbound investment and contractual relationships. Windson Li has almost two decades of experience in Chinese and cross-border tax services. He specialises in combined tax and corporate planning services for foreign investment in China. Tina Xia leads China tax matters from Hong Kong and was appointed Head of China Tax in May 2022. Daniel Chan retired and Doris Ho left the firm.

Practice head(s):

Windson Li; Tina Xia; Anderson Lam (Hong Kong)

China > Investment funds: foreign firms Tier 3

With a range of specialists, DLA Piper‘s investment fund practice is distinguishable for its geographical spread, advising clients on Hong Kong, UK, US, Australia and PRC law, while covering China-based hedge, real estate, and private equity fund formation issues. Leading the Asia funds and investment management practice is Hong Kong-based Luke Gannon, noted for his vast experience handling high-profile fund deals.

Practice head(s):

Key clients

UBS Asset Management Switzerland

Tianyan Capital

CLSA Asset Management

Phoenix Property Investors

Avataar

Sylebra HK Company Limited

Work highlights

  • Advising on UBS Asset Management Switzerland’s investment in $2.5 billion PAG Real Estate Partners III.
  • Advising on Tianyan Capital’s formation and launch of two hedge funds through single-legged master feeder fund structures.
  • Advising on UBS Asset Management Switzerland’s investment in $4 billion Blackstone Real Estate Partners Asia III LP.

China > Life sciences and healthcare: foreign firms Tier 3

Acting for both foreign multinational corporations and China-based clients, DLA Piper‘s active and sizeable Greater China team fields specialists in corporate law, IP, regulatory and compliance, investigations, capital markets, employment and tax. The China life sciences practice is co-led by Hong Kong-based compliance and investigations specialist, Sammy Fang; and recently promoted partner Ting Xiao in Shanghai, who focuses on life sciences-related regulatory and IP work. Also on the mainland, Qiang Li‘s broad corporate practice includes advising Chinese life science companies, while Christine Liu in Hong Kong represents pharmaceutical and medical device companies in internal investigations.

Practice head(s):

Sammy Fang; Ting Xiao

Other key lawyers:

Qiang Li; Arthur Tso; Christine Liu

Key clients

Beijing E-Town Biomedical Park

Aesthetic Medical International Holding Group

Arlington Capital Partners

Charles River Laboratories

EDDA Healthcare and Technology Holding

Lilly Asia Ventures

Nanjing Yingpeng Huikang Medical Industry Investment Partnership

Zhongze Therapeutics

 

Work highlights

  • Acted for Beijing E-town Biomedical Park on the successful conclusion of an exclusive strategic alliance .
  • Advising Yingpeng Fund on its proxy contest regarding GCBC, a life sciences enterprise operating in the field of storage of umbilical cord blood stem cells.
  • Acting as US counsel to EDDA Healthcare and Technology Holding on its proposed IPO and listing on the main board of the Hong Kong Stock Exchange.

China > Projects and energy: foreign firms Tier 3

Benefiting from a ‘highly knowledgeable‘ team, DLA Piper draws from its combined international and Greater China presence, handling outbound investments for major Chinese clients with respect to South East Asia. Matthias Schemuth heads the team with over 16 years of experience handling infrastructure financing matters in relation to the energy, mining, and metal sectors, regularly acting for sponsors, developers and multilateral lending agencies. Also a key contact, Carolyn Dong acts as the firm’s China energy head, specializing in major project mandates as well as acquisition financing and Sino-foreign joint ventures. Acting out of the Shanghai office, senior associate Simin Yu is noted for his greenfield project development, construction, financing and M&A experience. Key changes to the team include the arrival of Crystal Chen from Linklaters in May 2022. All named lawyers are based in Hong Kong unless otherwise stated.

Practice head(s):

Other key lawyers:

Testimonials

‘Very knowledgeable team covering our needs.’

‘Constant good performance and advice’

‘Highly knowledgeable and with diverse specialities.’

‘Simin Yu is excellent.’

Key clients

Asian Development Bank

ACO Investments

ANZ

Arctic Green Energy Corporation

Barito Pacific

BBVA

China Energy Investment

China Huadian

DBS Bank Ltd

Ditrolic Solar

DZ Bank

HSBC

Hutchison

ICBC Asia

Indonesia Power

KEPCO

Natixis

PAG Assets (Real Estate) Ltd.

Rabobank

Shenhua Guohua Lion Power Indonesia

Societe Generale

Sojitz Corporation

Medco

Supreme Trading

TTCL Public Company

UniCredit

Veolia

Zhefu Holdings

Work highlights

  • Advised BBVA on a $150 million CLP synthetic and $150 million USD term loan facility to the Chilean subsidiary of State Grid Corporation of China in respect of its acquisition of a large power distribution network in Chile.
  • Advised Natixis regarding a payable finance facility to Yanggu Xiangguang Copper as borrower, in respect of a copper production with Minera Escondida Limitada (BHP’s Chilean subsidiary).
  • Advised ICBC Asia with respect to the financing of a 2 x 350 MW coal fired power plant project in Cambodia’s Preah Sihanouk (Sihanoukville) Province.

China > Regulatory/compliance: foreign firms Tier 3

DLA Piper has a dedicated regulatory and investigations team, focusing primarily on compliance reviews, regulatory advice, and internal and regulatory investigations for both international and China-based MNCs. Due to the firm’s wide global network, it also has a strong focus on cross-border mandates. Whilst it has a busy practice handling traditional white-collar crime, internal fraud, anti-bribery, and anti-corruption investigations, it also has a growing practice in relation to cybercrime-related reviews and investigations in recent years. The team is co-led by Sammy Fang and Nathan Bush from Hong Kong and Singapore, respectively. Also notable is Christine Liu whose practice focuses on corporate investigations and compliance.

Practice head(s):

Sammy Fang; Nathan Bush

Other key lawyers:

Testimonials

‘The litigation and regulatory team of DLA Piper is a fully-integrated team that can tap on Global network as well as local solutions.’

‘Sammy Fang’s team helped us handle our company’s internal investigation cases. The team is quite professional and experienced in handling compliance cases.’

‘Sammy Fang has tremendous experience navigating complex regulatory and compliance environment between China and the US.’

China > Restructuring and insolvency: foreign firms Tier 3

DLA Piper‘s Hong Kong-based restructuring and insolvency practice covers formal insolvencies, bank workouts, bond/note restructurings, and other special situations. The experience of energy sector head for China, Carolyn Dong, includes representing insolvency practitioners and special situations investors, while former restructuring and insolvency head, Mark Fairbairn, recently left the firm.

Other key lawyers:

China > TMT: foreign firms Tier 3

DLA Piper‘s Hong Kong-based APAC privacy and cyber practices are led by Carolyn Bigg, who assists with implementing and managing data privacy compliance programmes, as well as managing cyber incidents across Asia. In May 2022, Lauren Hurcombe, who advises e-commerce and technology sector clients on market entry strategies and expansion projects, was made partner, while fintech lawyer Alice Li joined as of counsel from Deacons. Other recent developments included the late 2021 recruitment of fintech head Kristi Swartz from now-closed Swartz, Binnersley & Associates, while former practice head Scott Thiel moved to lead TOKO, the firm’s digital asset creation engine.

Practice head(s):

Carolyn Bigg

Other key lawyers:

Lauren Hurcombe; Alice Li; Kristi Swartz; Yue Lin Lee; Amanda Ge

Key clients

Olympus Corporation

InterContinental Hotels Group

Levi Strauss & Co

The Hut Group

Lightricks

Science 37

Work highlights

  • Advised Olympus Corporation on the first-generation global business process outsourcing of its APAC, EU and Americas business to Genpact.
  • Acting as InterContinental Hotels Group’s legal counsel for privacy and cybersecurity-related work in Greater China.
  • Advising LS&Co on the full spectrum of privacy matters across the Asia Pacific region, including the implementation of new or revamped privacy compliance programmes in China.

China > Banking and finance: foreign firms Tier 4

DLA Piper's Hong Kong-based team is regularly instructed on a range of banking and finance matters, including margin lending, structured finance, multilateral lending agency financings and acquisition finance. Practice head Matthias Schemuth focuses on international banking, structured commodity and trade finance, asset finance and leasing finance across the Asia region. Adding to the firm’s transactional expertise is Paul Lee, handling cross-border financings, acquisition finance and share-backed financing matters, while Crystal Chen, who joined the firm from Linklaters in May 2022, strengthens the team’s inbound and outbound transaction capabilities. Of counsel Tom Van Hoof is recommended for acquisition and leveraged finance.

Practice head(s):

Other key lawyers:

Key clients

BBVA

DBS Bank

DZ Bank

Rabobank

Deutsche Bank

Société Générale

ANZ

ICBC Asia

Hang Seng Bank

Standard Chartered Bank

Sumitomo Mitsui Trust Bank

HSBC

China Merchants Bank

Natixis

Asian Development Bank

Bank of Communications

Bank of China

ICBC Standard Bank

Macquarie

ING

UOB

Hutchison/CKH Holdings

UniCredit

Tongcheng Travel Holdings Limited

Mashreq Bank

Work highlights

  • Acting for Mashreq Bank PSC on its revolving and letter of credit facilities of up to $100m to COFCO.|
  • Advising BBVA as mandated lead arranger and lender in connection with a Hong Kong law governed $150m synthetic Chilean Peso financing for a Chilean subsidiary of State Grid International Development and the current refinancing of this facility.
  • Advising Société Générale in relation to an ESG-linked, USD Sinosure-covered export financing to be made available to Jinko Solar.

Global co-chairs: Frank W. Ryan and Jon Hayes
Co-chief executive officers: Simon Levine and Frank W. Ryan
Languages: The firm speaks over 60 languages
Offices: Lawyers located in more than 60 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific.

Please see https://www.dlapiper.com for further information about the firm.


DLA Piper has a leading pro bono practice, providing over 200,000 hours’ worth of legal support annually to charities, NGOs, governments in least developed countries and vulnerable individuals around the world. We are one of the largest providers of pro bono legal services globally. Our thriving practice provides support for aforementioned organisations on a wide range of areas that are critical to their missions. This includes research, legal advice and strategic counsel. The global team works collaboratively to ensure a global impact on our key strategic focus areas including: forcible displacement, statelessness, gender-based violence, climate justice, and good governance.

In the Asia Pacific region, we deliver cutting edge pro bono programs. This includes our Know Your Rights Program, focused on fostering legal empowerment for migrants and refugees, and delivering practical legal skills programs to students in developing Pacific Island Nations. We also advise on gender based violence through our partnership with the RainLily Clinic (Hong Kong) and the Refugee Legal Family Violence Clinic (Australia).

Our Pro Bono program is led by a dedicated team of pro bono lawyers who sit within the international Responsible Business Team. As a team we are committed to looking for opportunities to use our strength as a leading global law firm to make a positive contribution to the world around us. We are focused on being a truly sustainable business, makes a positive social and environmental impact. This commitment exists at every level within the firm and is part of our culture.

Our Responsible Business team works internationally on a vast array of ESG topics, aligning to the firm’s ESG strategic priorities. This includes advising on key environmental and conservation matters, working on projects relating to illegal wildlife trafficking, climate and conservation. We also work to promote and invest in projects that advance sustainable development and the rule of law in developing nations.

DLA Piper’s pro bono work forms part of the firm’s wider Sustainability & ESG Strategy, focused on understanding, measuring and managing the firm’s impact in four key areas – our people, clients and suppliers, environment, and society. These focus areas are identified through a formal materiality assessment. We also report on our progress annually via our Sustainability Report. Our ambitions and actions align with globally accepted standards and frameworks (e.g. the UN Global Compact, Business Ambition for 1.5, Science Based Targets initiative, Mindful Business Charter, and others).

We are firmly committed to diversity and inclusion. For us, diversity isn’t just about visible differences, it’s the unique blend of talents, skills, experiences and perspectives that makes each of us an individual and we know it’s crucial to have a culture and environment where those differences are genuinely valued. In 2021, we launched our global diversity and inclusions goals, including ensuring that at least 30% of our partnership is made up of women by 2025 (and 40% by 2030). Our employee networks play a crucial part in helping us learn, reflect and share our experiences in diversity and inclusion.