NOMINATIONS are now open for the 2020 Enterprise 50 (E50) Awards, which recognise the 50 most enterprising, privately-owned local companies in Singapore.

Organised by KPMG in Singapore and The Business Times (BT), the 26th edition of the annual awards was launched on Monday in a webinar attended by corporate leaders from more than 150 local enterprises.

The theme of this year's event is "Extraordinary Times, Exceptional Resilience", to recognise companies persevering amid the ongoing Covid-19 pandemic.

Jonathan Ho, head of private enterprise at KPMG in Singapore, said: "Businesses have been hard hit by Covid-19. With increasingly challenging and unexpected scenarios, it is imperative that companies stay resilient as they adopt a growth mindset, reshape business models and innovate to stay ahead of the curve."

BT editor Wong Wei Kong noted that the organisers felt it was important to continue with the awards, despite the business disruptions and delay of the launch due to the pandemic.

"The E50 (Awards) was started to encourage Singapore companies, especially SMEs, to grow and to develop," he said. "And we could even say that it is in times like this, that it is even more important to recognise and highlight the companies that encourage and inspire other companies to continue growing, even when conditions are tough. So like the companies around us, E50 will adapt and carry on."

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Widely recognised as a stamp of approval for enterprises, the E50 Awards have, for the winners, helped open doors to new business and access to financial backing. Award winners also benefit from joining a large network of businesses, which they can leverage for more opportunities.

Participants will be ranked on a set of qualitative criteria including their business model, management ideals and innovation, internationalisation, knowledge initiatives, market branding and presence, and risk management.

For the first time this year, the qualitative assessment will include an evaluation of the companies' sustainability practices.

Mr Ho said: "We do this, given the increased importance and emphasis, including expectations from both internal and external stakeholders, on sustainability practices in the strategies adopted by companies."

He noted that the Singapore government's recent renaming of the Ministry of Environment and Water Resources as the Ministry of Sustainability and Environment highlights the importance of sustainability as an issue.

A set of quantitative performance indicators over a three-year period is also taken into consideration.

All submissions are to be completed online through the E50 website at https://enterprise50.org.

Nominations for the 2020 E50 Awards close on Sept 15. The winners will be announced at an awards ceremony and gala dinner planned for January 2021.

Supporters of the awards include Enterprise Singapore, the Singapore Business Federation and the Singapore Exchange. OCBC Bank returned as the main sponsor of the E50 Awards for the 15th consecutive year.