APAC Advisors’ CEO explains the shift to bilateral deals, tougher enforcement, and how smart due diligence protects value.
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Show Notes:
On Mission Matters, Adam Torres interviews Steven Okun, CEO of APAC Advisors, about operating at the collision of business and government. Okun breaks down America-first trade policy, forced-labor enforcement, and why supply-chain due diligence and responsible investing are essential for companies and investors navigating Asia today.
About Steven Okun
Steven Okun is an expert on geopolitics, working with clients at the nexus of business, policy, sustainability and stakeholder engagement to understand the complexities of international markets and navigate the strategic and operational challenges they face around the globe.
Living and working in Singapore for since 2003 years, he created and led public affairs in Asia for both UPS and KKR.
He is a Senior Advisor to BSR, the Global Private Capital Association and Kroll.
He served as Chair of AmCham Singapore for three years and Chair of the AmChams of Asia Pacific for five years.
A member of the Clinton Administration and a veteran of numerous presidential campaigns, he provides analysis on US politics and business on a regular basis for global media, authors commentary and provides keynote presentations on geopolitics in the Trump 2.0 era.
Full Unedited Transcript
Hey, I’d like to welcome you to another episode of Mission Matters. My name is Adam Torres, and if you’d like to apply to be a guest in the show, just head on over to mission matters.com and click on Be Our Guest to Apply. All right, so this episode is part of our Asia Summit series where we bring you the best of individuals that either attended, we’re featured.
Speakers, panelists, all of the above. At the Asia summit that took place in Singapore, hosted by the Milken Institute. It was my first time heading out there, and I’ll tell you, I will be going back for more. That was an amazing conference. And my next guest is Steven Okun, and he is the CEO over at APAC advisors.
Steve, welcome to the show. Adam, thanks for having me. All right, so, we got a lot to talk about here today. So we’re gonna talk about collision of business and government, and I also wanna get back into what you’re doing over at APAC Advisors. but just to get us kicked off here, we’ll start with what we like to call our mission matters minute.
So, Steve, at Mission Matters, our aim and our goal is to amplify stories for entrepreneurs, for executives, for experts. that’s our mission. Steve, what mission matters to you? You know, I, think it’s that I’ve always thought that people should make a difference. Whatever they do. How can you make a difference, a positive impact in whatever field is most important to you, that brings you the most passion, that you’ll be the most committed to.
And look, for me, it’s, always been. Government in the intersection of, of government and, business and politics and the media. And so that’s been, you know, my mission. How do I do that? And I’ve, done it in different ways and, now I do it through my firm working with, businesses, investors, NGOs, and the like.
Man. That’s amazing. Well, well, great to have you on the show. And I do wanna go further into your firm APAC advisors, but first the Asia Summit in Singapore. I know you were there. I mean, it was my first year. Have, have you been before? Was this your first time? Like what’s the connection to maybe the, conference, the Milken Institute?
Like, give us the backstory. Well, I’ve been to every one of them, I think. Oh, I love it. So, so I should have known you before I went the first time. That’s amazing. Go ahead. You know, and, and my connection to Milken is the woman who runs Milken Asia now mm-hmm. who is a, a very good friend and, she is just phenomenal at, at what she has done and what she has built.
And her name’s Laura Delacey. Mm-hmm. When Laura was coming to Singapore. Oh, I mean, 20 years ago, maybe not quite 20 years ago. Dozens, a dozen plus years ago. Yeah. I got connected to her, I was chair of, AmCham Singapore then and she was coming here and she had been at the World Economic Forum and a friend said, could you give her some, advice and tips on what’s happening in Singapore where she should be looking for a role.
We happen to be looking for an executive director of, AmCham Singapore, then, hmm. And so I talked to her. I’m like, you know, you would be great for this. Would you be interested? And she said, yes. And so, you know, we, hired her for that role. The, the board, you know, made her that offer and she accepted and she was amazing at, what she did in, in AmCham Singapore.
And helped. get into a, a direction. We’ve been great friends since. And when she left AmCham and she joined Milken I’ve just been involved with Milken. Through her and as, part of that from, the beginning of, of working, being here in, in Asia. Yeah. And I think I’ve been there, I could be off on this by the year, but I think it’s been like over 12 years or something like that.
I think somebody was telling me like over a decade, I believe. Yeah, it’s been a while. Yeah, it has been. It’s been more than 10 years. Yeah. Wow. That’s amazing. And obviously you have the connection there and you’ve been out in Asia just in general for a long time. What keeps you coming back to this conference?
Like what do you think makes it special or different or unique? Well, where, where this one the uniqueness here is really, it’s one, it’s the convening pal. Mm-hmm. So it’s, it’s who Milken can bring together and it’s bringing together, businesses and investors and government officials.
in media, and it’s bringing in that, that entire ecosystem and certainly where, I’m involved, you know, in public policy. Mm-hmm. In trade and international relations, you get everybody together in one place to have the discussions because mm-hmm. Especially now when we are in an era.
That we are rewriting the global rules-based trading system. Geopolitics is being redone before our eyes having us all there in one place. And, so it’s the convening power and then it is the, you know, it’s the content, it’s the, the subjects that are discussed. That really is it. For me, it’s, I’m just so grateful that I get to go every year and be part of it.
Yeah, I have to admit that it is quite a draw. I mean, I don’t leave very often in LA if I don’t have to, but I was like, I’ve been covering the global conference in Beverly Hills now for I think four or five years. I can’t remember the exact amount of years, but for a while now, and even before I was in media, I went when I was in finance and I, it’s just always been like my Super Bowl.
I love it. It’s the best. Thing and people coming from out of town that your friends, you know, new friends, old friends that you’ll never see. Everybody’s busy, right? Like everybody on a certain level, everybody’s busy, everybody’s working, right, doing, whatever they’re working on. So it’s kind of like my Super Bowl, ’cause everybody comes back into town.
So I kept hearing, you gotta go to the agent one, you gotta go to the agent one. It’s good at this, that, and I was like, I finally was like, okay, I’m going. And I, I, man, I was just. So pleasantly surprised. I, I’m so happy and I, I know, I know I’ll be making at least one trip out there a year. Going forward.
It’s just a amazing time. And then, then next year I’ll meet you in person there, Steve. So we’ll have some fun because you, you’ve been there a long time. Yep. I’ll be there. let’s switch it up a bit here. I wanna get into APAC advisors a bit. You mentioned a little bit, but let’s go further.
So, so tell us a little bit more about the firm. Well, you have to kind of have my backstory to, to where we, where the firm came from. So, please. My, my goal in life was always to be involved in, in government and in politics. And so college and law school, university of Virginia, I happened to graduate in, 91, which is right when Bill Clinton was, running for president.
So I got involved in the Clinton campaign working from a law firm. And so we won and yeah, I got to go to the White House and then. Five years at the Department of Transportation as the, and I was the political deputy general counsel there. And so that’s where I started really, my, whole career, which has been at that intersection, you know, of law policy, politics, press, business.
Mm. And, increasingly later on sustainability. And you know, that’s where I learned if I were just a lawyer, I’d be bored. If I were just a, yeah, a policy person, I’d be bored. If I were just a lobbyist, I’d be bored. If I were just a, mm-hmm. A PR comms person, I’d be bored. But when I get to work at that intersection is what is always excited me.
It’s also where I think I bring the most value. Mm-hmm. Can, can create the most impact. So. From government. I went to at the end of the administration, I went to United Parcel Service. So, so UPS’s, Washington office where I ran our international aviation negotiating team. Hmm. They sent me here to Singapore in oh three.
To build and lead public affairs for UPS in Asia, which was really government relations, public policy from UPSI went to KKR then really more of a private equity firm. Now, of course, a global investment firm. Yeah. Where I created public affairs in Asia for KKR and that was both government relations, public policy, comms, and ESG.
And so I was really the first global private equity person to do ESG in Asia. Mm. And I had to Google ESG when I was told I was gonna be in charge of it. Because I hadn’t heard of it in 2011. Yeah. That’s early. That’s early by the way. Yeah. Oh, but the first, I mean, yeah, that’s early. Early. Yeah. And this was K K’s foresight.
not mine. Mm-hmm. To get involved with it then. And then after 14 years of regional public affairs I wanted to do something a bit more entrepreneurial, so I created my own firm to answer your question. Now, APEC Advisors, and it’s really a platform approach, so it allows me. To still engage in, in geopolitics.
It allows me to, to engage in, in the sustainability responsible investing. Of course, we don’t call it ESG anymore. Mm-hmm. Even though it’s the same thing. And it, allows me to do, you know, wear different hats and, find ways to have fun, make a difference, of course.
Make a living at the same time. So that’s, so APAC advisors has, multiple clients. I work with the Global Private Capital Association. I work with BSR, which stands for Business Respon, so for social Responsibility. But then I have, I do work with Kroll on, the investigations, due diligence and, compliance.
That’s really where all of this geopolitics and, business our, coming together and I, I used to say I worked at the intersection of business and government. Now I say I work at the collision of business and government, and that’s what APEC Advisors Yeah. Allows me to do. Go further into geopolitics really, and just what you’re seeing, whether it’s in your area or otherwise, and really specifically like how it’s impacting business.
’cause you mentioned earlier like the, the rules are kind of being rewritten right now, right? Yeah. And that’s, and it’s really trying to, help businesses and investors understand what is happening now and mm-hmm. And you have to get, you know, behind the headlines. I mean, you know, Donald Trump is initiated and is executing, and his team is executing on this America First trade policy.
This America First trade policy changes the focus from the United States, from, the, the multilateral pl lateral. Arenas where you would work with partners and allies to have a global rule space system. And now everything is shifting to a bilateral. So it’s just what the US does deal by deal country by country.
Mm-hmm. It’s a lot more difficult to follow. you have to have the consequences of, moving to this bilateral system means you’re gonna have second, third, and fourth order effects that you. didn’t anticipate. And so all of this is what businesses are needing to follow and.
There is just such a flood of news and a lot of it is, not great that a lot of people are throwing their hands up saying, I don’t want to follow it. I don’t understand it. There’s mm-hmm. There’s so much risk now, and you can’t do that. You, still have to engage. And so that’s what we’re really, focusing on right now through, different groups that, I work on.
Either as an in, individually as APEC advisors mm-hmm. Or, or through associations. And so you mentioned what they need to be ready for. Maybe a, just a step further on, like what do you think is missing from just the general understanding? And rather you could take that question from the business standpoint, from the investor standpoint.
Like what, what are people missing here? I’ll give you just as an example. So, people would, say, oh, well, you know, Donald Trump and, you know, he’s, you could say he’s anti woke, you know? Mm-hmm. He’s anti ESG. He’s, look, he’s, he’s getting rid of the Foreign Corrupt Practices Act, which, where the US would take action to enforce those who engaged in corruption, globally.
And certainly often in this part of the world. Therefore, we don’t have to worry about that, and that’s just a. That’s not right. I mean, yeah. Donald Trump is actually, he’s gotta focus in different areas. And so one of the things the United States is really focusing on right now is forced labor. Now it’s not because the human rights is a, huge focus for the Trump administration, but when you think about an America first perspective mm-hmm.
Their view as US businesses, and it’s correct US businesses are disadvantaged because when businesses here use forced labor they have a cheaper. Cheaper cost. Therefore, they can compete unfairly when they export their products to the us. So now the US is doing more on forced labor with Donald Trump and the White House in Southeast Asia Yeah.
Than the Biden administration did. And it’s not because the Biden administration didn’t want to or didn’t believe in it, it’s just Trump’s able to do it through, this, you know, all sticks approach in a way. To his, engagement with countries here. So you’ve gotta be thinking very differently with than you might otherwise.
So you might say it’s ironic, I say it’s not ironic, it’s consistent when you understand what the Trump administration is, trying to accomplish. So those are kind of the types of things we’re working with clients now. Mm-hmm. to understand and. You now think, you know, everybody here would always focus on, the Foreign Corrupt Practices Act.
And that’s a US law that has been mm-hmm. Enforced for years now, where the US can take action pretty much against almost any, company when they engage in corrupt acts. But they’re not focused on that. But they’re now focused on something called the False Claims Act. They’re now looking at exporters from Asia and other markets too, but especially from Asia.
To the US we’re saying, well, the goods are made in one place and they’re really made, in China, which of course is the US focus, you have to be doing a lot more work in due diligence than you ever had to do before. Now with the Trump administration, you know so I always put a picture up of.
Benedict Cumberbatch is Sherlock Holmes. ’cause I love that show and say, oh that’s a good one. Go ahead. we gotta be Sherlock now, right? You, you gotta be. You gotta be Sherlock Holmes. You gotta find your Martin Freeman who plays Watson. Right? And do all this now. Yeah. So that’s kind of that, that I would say that’s just a kind of couple things that we’ve been been working on with our clients and, changing the mindset and understanding that, that, this is, just because it’s Trump doesn’t mean it’s, there’s no rules.
There’s a lot more rules in some ways now. Mm-hmm. what type of going a step further, when you talk about your clients, I’m curious. Just in general. A lot of people listen to this show and and our, audience in Asia’s growing, especially after doing this, after doing this segment, I think it’s gonna continue to grow.
Even though this is the first time I’ve done the Singapore, or this particular Asia summit, we’ve been covering like the Korea conference, I don’t know, four years or whatever, many years already. So our audience is growing there, and I’m just curious what types of clients, firms, organizations, governments, like, like who, who gets the most value out of working with you and your team?
Well, and, and again, it is both my team, but then it’s also the, groups we work with, like with the global private capital mm-hmm. Association. Mm-hmm. Or, BSR or a, large, you know, or like a mm-hmm. Where we partner with a, a global firm. You know, like like a, Kroll, mm-hmm.
And, and so it’s really, it’s kind of everybody, you know? And it used to say, you know, you may not care about geopolitics. Mm-hmm. But geopolitics cares about you. Oh yeah. And right. and so it’s everybody now. And it used to do well, that’s happens in Washington. It doesn’t affect us out here.
Well it does. And it may not affect what Washington does, may not affect you. But what Beijing does in reaction to Washington may affect you because when the US is, when people shift out of the US market, well, you know what? They’re coming to Asia now. And they might not have when the US market gets too expensive because of either export controls or investment restrictions or high tariff.
Hmm. And so what’s happening now is the whole playing field is, being redone and you’re getting new competitors that you didn’t realize you were gonna have before. You’ve gotta be thinking through how all of this is, is going to change. So I it’s really everybody. Yeah. And again, it’s, it’s either, what I do in terms of speaking engagements or, media or clients or working with others, but.
You know, working is, and I think it’s never been more important to, you know, to, go to those events like, a Milken mm-hmm. Or to be involved in associations could, and I’ve been very involved, you know, throughout my time here with AmCham as chair of the Yeah. You know, AmCham Singapore Chair, the AmCham s Aja Pacific.
The work I’m doing now with the American Association in the Indo-Pacific, it’s just so more important to be, to be involved multilaterally and in these types of associations. Perfect. Alright, and I’ll, I’ll timestamp this one. So it’s end of October. Might as well say we’re in the beginning of November, 2025, closing out the year.
what’s on your mind going as you’ll be going to the new year? You know, I mean, it’s, it’s, it’s, there’s never been a year from a geopolitical perspective in our lifetimes, really? Mm-hmm. Like, like 2025, and we just don’t know what 2026 is going to be. Yeah. Either. So it’s just you have to stay in engaged, you have to stay on top of things.
And the thing that I think a lot of people have been. Sitting on the sidelines a bit because there has been so much uncertainty. A lot of people have, have been, quiet. And that’s in, part because if you look at how the Trump administration has, frankly gone after, you know, those that disagrees with, could be media, could be universities, could be businesses, could be law firms whatever the case may be.
you can’t stay silent now, I’m not saying, you know? Mm-hmm. You have to do what’s in your business’s interest. You have to do what your fiduciary. Responsibility is, is an investor, but we can’t be on the sidelines anymore. We really have to find constructive ways to engage. I do think 2026 is gonna be a time where we’ve gotten through the first year of the Trump administration, we’re starting to see where the world is heading.
And it it’s time to, Engage constructively, engage in your interest. And I’ll just throw one thing, which of course will be another podcast that could take an hour or more is no, it throw it well, AI. AI could just, we don’t know where AI is going to go. And I’m very concerned from a responsible investment perspective of the, look I get the benefits that AI is gonna bring.
Mm-hmm. But AI is gonna bring a lot of harm. and how are we going to be positioning ourselves as responsible investors when, and we’re using ai, and AI is generating a lot of harm. In addition to the benefits that it’s bringing in. Mm-hmm. I’m not all doom and gloom, but I’m some doom and gloom. So I think that’s gonna be a big issue for 2026.
Steve, if somebody’s listening or watching this and they wanna follow up and they wanna connect with you and your team at APAC advisors, how do they do that? I. I’d say two ways. One, I mean, just, you know we have a website of course but I’d say LinkedIn as well. following me on LinkedIn, I’m, pretty prolific on LinkedIn.
I’m I post at least once or twice a day. I, I try and, and keep it as to be very substantive. Really try and under help people. Know what to follow. Yeah. With what’s happening here. So I keep it focused to really an Asia perspective. A regional you know, with a regional focus and a, a business and investment and responsible investment focus.
So, LinkedIn’s probably the best way to see what we’re up to. And of course you can contact me through LinkedIn, you can go to the website. All of those are fine. Wonderful. And for everybody listening, just so you know, we’ll definitely put some links in the show notes, so you can just click on the links and head right on over and check out Steve and his team.
And speaking of the audience, if this is your first time with Mission Matters and you haven’t done it yet, hit that subscribe or follow button. This is a daily show each and every day, bringing you new content, new ideas, and hopefully new inspiration to help you along the way on your journey as well. So again, hit that subscribe or follow button.
And Steve, thanks again for coming on. Appreciate it. Thank you so much, Adam, and I’ll see you in Singapore next year.
