Q&A with Malcolm Turnbull, Shirley Lin, and José Manuel Barroso, Founding Members of the Center for Asia-Pacific Resilience and Innovation (CAPRI)

Malcolm Turnbull, Shirley Lin, and José Manuel Barroso are founding members of the Center for Asia-Pacific Resilience and Innovation (CAPRI), a new non-partisan international public policy think tank headquartered in Taipei. Malcolm and Shirley worked at GS from 1997 to 2001 and from 1993 to 2003, respectively. Malcolm headed the Australian office and became partner in 1998, while Shirley headed the Principal Investment Area in Asia and was the youngest woman and the youngest Asian to become a partner in 2000. José Manuel has advised the firm since 2016, first as Chairman of GS International and currently as Chairman of International Advisors. Shirley has also been on the board of GS Asia Bank since 2014.

1. How did you start your careers at Goldman Sachs and what were your paths at the firm? What did you learn during your time here that helped you in the next phase(s) of your careers? 
Shirley: I started in investment banking right after college, and I chose to work at Morgan Stanley in New York for my first two years as an analyst. In my third year, I was sent to Hong Kong. I realized how well positioned GS was to become a global firm, so I joined in 1993 as an associate in investment banking, specializing in privatization, working with the Singapore, Chinese and Philippine governments. In 1997, I joined Principal Investment Area (PIA), where I led the firm’s investments in 12 countries in Asia-Pacific. I helped the firm found companies such as Alibaba and SMIC and met many colleagues who became lifelong friends, including Malcolm. As the firm expanded in the region, I played a role in setting up the Singapore office in 1994, setting up PIA in Japan in 1999 and made partner in 2000.

Malcolm: I joined the firm in 1997, when we effectively sold my 10-year-old investment banking firm, Turnbull & Partners, to GS and I became the Australian chairman. In 1998, I became a partner of the firm. GS went public a few years later and it was the perfect preparation for a political career.

José Manuel: I joined GS in 2016 after many years in politics, including 12 years in the Government of Portugal as Prime Minister and Foreign Minister and between 2004 and 2014 as President of the European Commission during two mandates. The first person to suggest to me this “switch” was a very good friend, whom I succeeded as Chairman of the Board of GS International in London. Since April this year, l have been Chairman of International Advisors at the firm. I particularly enjoy participating in GS conferences and sharing my analysis of European and global macro developments, notably on geopolitics (and trying to link them to major economic and financial trends and events), with many of our clients.

2. In 2022, you founded CAPRI, an international research organization that seeks to promote innovative public policy, improve governance, and build resilient societies in the Asia-Pacific and beyond. Tell us about what inspired you to start CAPRI and about your journey from the inception of the idea to now.
José Manuel: When Malcolm and I joined as Co-Chairs of the Reform for Resilience Commission, we could see the immense value in bringing together different perspectives on the topic, from academia, industry, and the public sector, as well as ensuring geographical diversity. Established in the UK, Reform for Resilience sought to demonstrate the interconnection of health, economy, and environment, using COVID-19 as a catalyst for change to build more resilient societies. My experiences leading the European Commission during the 2008 financial crisis had demonstrated very clearly to me the need for cross-border collaboration in tackling a truly global phenomenon such as the pandemic. Many countries in the Asia-Pacific responded strongly to the early waves of COVID-19, having learned from their experiences with SARS, by innovating their health systems and public communications to react quickly to combat the virus. With this in mind, we sought an Asia-Pacific perspective on the topic of resilience which led to the founding of CAPRI.

Malcolm: As we were building a global team of advisors and collaborators for Reform for Resilience, I reached out to Shirley. Her combination of energy, eloquence, intellect, and determination was unique. Calling her a “force of nature” doesn’t remotely do her justice. So I knew that if she became interested, we would secure a formidable partner. Shirley quickly assembled a small team in Taiwan, establishing the Reform for Resilience Asia-Pacific Hub in early 2021 which eventually became CAPRI. 

Shirley: After combining what I learned from my time in the private sector and academia, moving into the field of public policy was a natural progression. As a professor at the Miller Center at the University of Virginia, I was thrilled when Malcolm reached out to me regarding the Reform for Resilience Commission as he was building a global team of advisors and collaborators. In early 2022 and with Malcolm and José Manuel’s encouragement, I spoke with a few early supporters in Taiwan who agreed that the Asia-Pacific region should make a bigger contribution to global resilience and share the region’s experience with others. With supporters including Fubon Group, Acer, MediaTek, and TSMC on our founding board, we created CAPRI as an independent entity focused on enhancing resilience and promoting innovative governance, drawing on the experiences of the Asia-Pacific. We officially announced CAPRI’s establishment at the World Economic Forum Annual Meeting in Davos in May 2022 and have been busy putting together an international team for the last 16 months. Malcolm now chairs and José Manuel sits on the CAPRI International Advisory Council. We have hosted over a dozen events and have partnered with numerous institutions across the globe. Our core topics of governance, innovation, and resilience have resonated more widely than any of us imagined. 

3. On May 29, CAPRI hosted its first Annual Forum in Taipei. What did you set out to accomplish with this event and did you achieve your goals?
Shirley: The Annual Forum was an important milestone for CAPRI, showing how far it had come in only 12 months. While CAPRI had built a strong network in the research and public policy sectors, we felt it was still misunderstood by many, including in the media. Being the first international NGO to be founded in Taipei, we aim to create a network in the Asia-Pacific of organizations and individuals focused on public policy and good governance. Most importantly, the Annual Forum brought together experts from all over the world, including Australia, New Zealand, Malaysia, South Korea, the Philippines, and leaders from Europe and the United States with a strong focus on public health.
Malcolm: Resilience was of course the theme of the Annual Forum, and it is hard to think of any place where resilience is more engrained than in Taiwan. The proceedings were well received, and reported, at the time and continue to connect with audiences across the region—the recording had over 1,000 views in the first 24 hours after the Forum and has now been watched nearly 30,000 times. Measuring impact can sometimes be a challenge, but with numbers like these, we can clearly see that the work of CAPRI is of interest and value to a wide audience, cementing our belief in CAPRI’s goals. 

4. What are you most proud of accomplishing since founding CAPRI just last year? 
Shirley: Being on the ground in Taipei, I have enjoyed seeing my team grow month after month, attracting new talent. Having started with just four members of staff, we now have 16 from Australia, Brunei, Hong Kong, Taiwan, the United Kingdom, Europe and the United States, all drawn to CAPRI's mission. Similarly, we have assembled a stellar International Advisory Council of experts from across the world, including Malcolm and José Manuel, who have offered to give their time and support CAPRI pro bono. With a dedicated staff supported by leaders in their fields, CAPRI has quickly built a strong foundation on which its future growth can flourish. 

5. As you look to the future, what are your ambitions for CAPRI over the next few years?
Malcolm: To date, there has been a limited think tank tradition in our region of East and Southeast Asia, so CAPRI plays a leading role in that regard. While I was prime minister of Australia, I was determined to demonstrate that countries in the region could act cohesively and effectively without the superpowers, and the continuation of the Trans-Pacific Partnership as the CPTPP is a good example of that. CAPRI can help build awareness, trust, and stronger ties between countries in the region. There are so many examples of innovative policy in the region that are overlooked. By tapping into these nuggets, CAPRI can promote best practice from across the region, having an impact beyond its borders. And while many governments in the Asia-Pacific should be applauded for their response to the pandemic, I can’t help but reflect that if there had been more regional cohesion, the response could have been even better. Finally, CAPRI can add meaningful value by supporting international interaction and breaking down siloed thinking so that the best ideas reach policymakers wherever they are.

Shirley: Malcolm is right in that there is great demand for more collaboration within Asia-Pacific which can contribute to societal resilience all around the world. I am looking at the next few years for CAPRI as a period of further growth. We have bigger offices lined up, allowing us to grow our team and continue to attract top talent to Taipei. Building out our research to cover a broad range of topics will demonstrate CAPRI’s ambition to become the premier think tank in the region. Incubated at UVA, CAPRI will be registering as a 501(c)(3) in the United States to bolster our overseas ambitions. By having bases on both sides of the Pacific, CAPRI will be in an even stronger position to advocate for more resilient societies.

José Manuel: CAPRI’s ambition to place the Asia-Pacific voice at the heart of global dialogue is an important one. In addition to Shirley’s point on further growth, I would like to see the International Advisory Council expand further with more experts from the region who will strengthen CAPRI’s understanding of the challenges facing the Asia-Pacific and solutions to address them as it emerges from the pandemic. 

6. Have you leveraged your GS network to build CAPRI? If so, how?
Shirley: CAPRI’s first hire, our Director of Administration, worked at GS for two decades prior to joining CAPRI and was instrumental in our founding. My time at GS was also crucial to CAPRI’s success. It was there that I first encountered many of the Center’s supporters as leaders of forward looking, innovative companies and individuals seeking to make a difference in the Asia-Pacific.

Malcolm: CAPRI would not have happened without Goldman Sachs, because that is where Shirley and I first met! 

7. Have you leveraged your GS network since leaving the firm? If so, how? 
Shirley: I still serve on the board of the GS Asia Bank. My GS network of friends and experts, many of whom have devoted themselves to public service like José Manuel and Malcolm, has inspired me. The people I met at the firm, especially those who developed the firm’s international business, have become the foundation for the establishment of CAPRI. I met entrepreneurial people who bring innovative ideas to the Asia-Pacific region, and I recruited many talented bankers in the Asia-Pacific to join the firm. This has been immensely helpful to me in reaching out to people with diverse expertise in different countries and connecting the public and private sectors.

Malcolm: I am not sure you ever really leave the firm, or at least the GS community. The alumni network is so vast and represented so widely that GS alumni are found everywhere.