Rallying Singapore business leaders to join the corporate purpose movement

Singapore

WHY should businesses care, and how will having a corporate purpose benefit my business?

That was the overarching theme of the SG Together Alliance for Action on Corporate Purpose (AfA-CP) Leadership Dialogue with business leaders on Jan 13.

More than 40 organisations participated in the event, which was organised by Company of Good - a part of the National Volunteer & Philanthropy Centre (NVPC) - and supported by the Singapore Business Federation (SBF) Foundation.

AfA-CP, an industry-led coalition supported by the government, was established in 2021 to develop a shared, national framework to define corporate purpose in the Singapore context.

Minister for Culture, Community and Youth and Second Minister for Law, Edwin Tong, graced the event and said: "It is important that corporate purpose is truly embedded in the DNA of the company. We have to go beyond philanthropy & CSR to purpose becoming core to your business, to generate greater value."

Eight business leaders - including Lim Boon Heng, chairman of Temasek Holdings; Sunny Verghese, co-founder & Group CEO, Olam International; and En Lee, managing director, head of Sustainable & Impact Investments, LGT - also took part in panel discussions where they discussed corporate purpose and ecosystem change, as well as the role of leadership in putting purpose into practice.

Lee said: "Covid-19 has demonstrated the inter-dependence of people, planet and prosperity. Investors are seeking value-aligned business models where purpose and profit are complementary and create long-term value for all stakeholders."

Janet Ang, deputy chair of SBF Foundation and co-chair of AfA-CP, said: "We invite business leaders to come forward and join in the action of sharing their journey as they rally stakeholders to understand and co-create the corporate purpose of their business, the values of their organisations and the impact that their solutions create for people and the planet."

The dialogue, the third of 6 sessions in the AfA-CP initiative, highlights businesses' role in driving corporate purpose.

Seah Chin Siong, chairman of NVPC and AfA-CP's co-chair, said: "There is an urgency for Singapore firms to rethink existing business practices. We cannot continue to operate in the same manner - not at the expense of our environment, social cohesion, and personal well-being. Businesses must commit to creating positive impact on our society, and in all aspects for their stakeholders."

The first iteration of the National Framework and Blueprint on Corporate Purpose is expected to be completed by the end of 2022.