By Karen Cheung
I had the pleasure of attending the last public event of David Webb, a well-respected investor. He spoke to more than 230 guests at Hong Kong’s iconic Foreign Correspondent’s Club (FCC) last week. It could be his final appearance due to his terminal illness.
I have always admired Webb, who has advocated for corporate governance, transparency, and shareholder rights. He has made significant contributions to the financial landscape of Hong Kong, particularly in promoting ethical business practices and accountability among corporations. Many investors will know him as the founder of the webpage webb-site.com which he established in 1998, when he retired at 32. His work has not only influenced the corporate sector but has also resonated with broader societal values, including the principles of wholesome karma in Buddhism.
Courage in the face of impermanence
In June 2020, David revealed that he was diagnosed with metastatic prostate cancer at 54. This news came as a shock to the public. In previous talks and statements, Webb had hoped that he could see his grandchildren and his children grow into adults. However, everything changed since his diagnosis. Webb’s courage in the face of life’s impermanence and uncertainty has been absolutely inspiring and touching to me.
In the face of mortal adversity, he has shown the community what true courage looks like. He faces his illness with a grace that moves us all. Even in his toughest moments, and despite he managed to try to end the things on his own terms and fought the illness as hard as he could.
Five years on, he revealed that his condition has deteriorated to the point that it would be fortunate if he can reach 60 this August. All he wishes for his birthday is another one. With this simple wish, he affirms the preciousness and fragility of human life. Life itself is the most precious gift of all, and we must live as mindfully as we can in order not to waste the priceless time we’ve been allotted on this planet.
Born in the 1960s, David was adopted as an infant by a loving family. He graduated from Exeter College at the University of Oxford with a degree in Mathematics in 1986. In the early 80s when he was still at college, he was also an author of books and games for early home computers particularly the ZX Spectrum and a Pac Man type game, Spookyman. He then worked as an investment banker for Barclays and moved to Barclays’ Hong Kong branch in 1991 until 1994, when he moved to Wheelock as an in-house adviser until 1998.
In the same year, he retired early at 32 and he founded the website webb-site.com (no pun intended, a platform that provides analysis and commentary on corporate governance issues, financial markets, and public policy. His insights often challenge the status quo, advocating for greater transparency and accountability in corporate practices.
Upon David’s early retirement, he said: “I could have gone on investing and died a rich man. That is what they would put on my grave: ‘a rich man’.” Instead, he decided to make good use of his accumulated skills in law and accounting. “I wanted to reform the system and stop things getting worse.”
A lifetime of contributions
Over his life, Webb was actively engaged in shareholder activism, pushing for reforms that benefit not only investors but also the broader community. His efforts have included advocating for better disclosure practices, fair treatment of minority shareholders, and the need for companies to prioritize long-term sustainability over short-term profits. One of his notable contributions was a work titled The Enigma Network: 50 stocks not to own (2017), which revealed the overlapping network of 50 listed Hong Kong companies that were involved in a large and complex stock manipulation scam.
In the context of Webb’s work, ethical conduct (sila) can be seen in his commitment to advocating for transparency and fairness in corporate governance.
Mental Discipline (samadhi) focuses on developing concentration and mindfulness, allowing individuals to act thoughtfully rather than impulsively. Webb’s analytical approach to corporate governance reflects this discipline, as he carefully evaluates the implications of corporate actions and policies.
Wisdom (prajna) involves understanding the nature of reality and the interconnectedness of all beings. Webb’s advocacy for sustainable business practices aligns with this principle, as he recognizes that corporate actions have far-reaching effects on society and the environment.
Wholesome karma
In Buddhism, karma refers to the law of moral causation, where every action has consequences that affect an individual’s future experiences. Wholesome karma, specifically, refers to actions that are rooted in positive intentions and ethical conduct, leading to beneficial outcomes for oneself and others. The concept emphasizes the importance of acting with compassion, integrity, and mindfulness.
Wholesome karma can be understood through the lens of the Threefold Training in Buddhism, which consists of ethical conduct (sila), mental discipline (samadhi), and wisdom (prajna). Each of these components plays a crucial role in cultivating wholesome actions that contribute to positive karma.
Webb’s work exemplifies the principles of wholesome karma in several ways:
Advocacy for transparency and accountability
One of Webb’s primary contributions to Hong Kong’s corporate landscape, as noted above, is his relentless push for transparency and accountability. By advocating for better disclosure practices and corporate governance reforms, he promotes ethical conduct among companies. This aligns with the Buddhist principle of sila, as it encourages businesses to act responsibly and consider the impact of their actions on stakeholders.
For instance, Webb has been vocal about the need for companies to provide clear and accurate information to shareholders. This not only protects investors but also fosters trust within the broader community. When companies operate transparently, they contribute to a healthier business environment, which ultimately benefits society as a whole.
Businesses can adopt policies that prioritize transparency and accountability. This includes clear communication with stakeholders, regular reporting on financial and non-financial performance, and a commitment to ethical conduct. By fostering a culture of transparency, companies can build trust and credibility with their stakeholders.
Empowerment of minority shareholders
Webb has also focused on empowering minority shareholders, advocating for their rights and interests in corporate decision-making. This commitment to fairness and equity reflects the Buddhist value of compassion, as it seeks to protect those who may be vulnerable or marginalized in the corporate landscape.
By championing the rights of minority shareholders, Webb helps create a more equitable business environment where all voices are heard. This empowerment contributes to wholesome karma by promoting justice and fairness, ensuring that corporate actions do not disproportionately harm certain groups.
Organizations should actively engage with their stakeholders, including employees, customers, and minority shareholders. By creating channels for feedback and participation, businesses can ensure that diverse perspectives are considered in decision-making processes. This empowerment fosters a sense of community and shared responsibility.
Promoting sustainable business practices
In recent years, Webb has emphasized the importance of sustainability in business practices. He advocates for companies to consider their environmental and social impacts, aligning with the Buddhist principle of interconnectedness. By recognizing that corporate actions affect not only shareholders but also the broader community and the environment, Webb encourages businesses to adopt practices that promote long-term sustainability.
This focus on sustainability is crucial in today’s world, where environmental degradation and social inequality pose significant challenges. By promoting sustainable practices, Webb contributes to the creation of a more harmonious and balanced society, reflecting the essence of wholesome karma.
Companies can integrate sustainability into their core business strategies. This includes assessing the environmental and social impacts of their operations, setting measurable sustainability goals, and reporting progress transparently. By prioritizing sustainability, businesses contribute to the well-being of the planet and future generations.
Ethical investment
Webb’s insights and analyses encourage ethical investment practices among investors. By highlighting companies that prioritize good governance and ethical conduct, he helps investors make informed decisions that align with their values. This approach fosters a culture of responsible investing, where individuals consider the ethical implications of their financial choices.
In Buddhism, the concept of right livelihood emphasizes the importance of engaging in work that does not harm others and contributes positively to society. Webb’s advocacy for ethical investment aligns with this principle, encouraging investors to support companies that embody wholesome values.
Investors can adopt ethical investment strategies by considering the social and environmental impacts of their investments. This involves researching companies’ governance practices, sustainability initiatives, and overall ethical conduct. By supporting businesses that align with their values, investors can contribute to positive change in the corporate landscape.
Finally, individuals can apply the principles of mindfulness and compassion in their daily lives. This includes being aware of the impact of their actions on others, practicing empathy, and striving to make choices that promote the well-being of themselves and those around them. By cultivating these qualities, individuals can contribute to a more harmonious and compassionate society.
David Webb’s contributions to Hong Kong’s corporate governance landscape exemplify the principles of wholesome karma in Buddhism. Through his advocacy for transparency, accountability, and sustainability, Webb promotes ethical conduct and empowers stakeholders, fostering a more equitable and responsible business environment. By applying the principles of wholesome karma in business and life, individuals and organizations can contribute to positive change, creating a more just and compassionate society. In a world where corporate actions have far-reaching consequences, embracing these values is essential for building a sustainable future for all.
