Chris Spencer is the Asia CHRO, based in Hong Kong, of a multi-national conglomerate - Rowland - with a broad portfolio of businesses. Their regional headquarter is in Hong Kong. The range of business coverage include motor vehicles, property, food retailing, healthy and beauty. The conglomerate has on the ground teams in Hong Kong and Singapore. The Hong Kong office was set up in 1990 and has been offering a defined benefit (DB) scheme under the Occupational Retirement Schemes Ordinance. The DB scheme was 98% funded as of the latest funding valuations, the lowest since scheme launched, and company retirement age is 60 years old. Due to COVID, the business profitability has decreased from average 8% p.a. during 2014 2019 to 2% in 2020, 1.5% in 2021 and 1% in 2022.. As of 30 September 2022, the DB scheme has 1,100 members with age distribution as follow:

age	Number of members
21 30	380
31 40	230
41 50	120
51 - 60	370

The DB benefit formular is as follow and payout is in lump sum by retirement or leaving the company.

Final salary x years of service x 1.8 x vesting

The discount rate applied to the liabilities is 3.5%. The DB scheme invest in 60% equities (20% in HK equities) and 40% fixed income.

The following is the vesting schedule of the companys DB scheme:

Years of service	Vesting
1	10%
2	20%
3	30%
4	40%
5	50%
6	60%
7	70%
8	80%
9	90%
10	100%

Based on the information provided, discuss the Rowlands risk tolerance.