New capitalism is the new normal, says SID chairman

BUSINESSES and their boards will have to get used to a new normal, says Singapore Institute of Directors (SID) chairman Willie Cheng, as the world welcomes the advent of a new form of capitalism.

"New capitalism" - the basis for the theme of the SID Directors' Conference 2014 on Wednesday this week at Marina Bay Sands - can be loosely described as a more altruistic form of traditional capitalism: one that isn't just focused on maximising shareholder value for a business but on meeting the needs of all its stakeholders.

Speaking to The Business Times on this development, ahead of the conference, Mr Cheng noted that the drive for a new capitalism has come on many fronts, because "the current state of capitalism is increasingly unacceptable".