- NVPC announced the refreshed Company of Good strategy and released the new framework and blueprint on corporate purpose for businesses in Singapore
- Local and regional speakers and guests from over 130 organisations gathered to pave a new way forward for businesses
- Mr Edwin Tong, Minster for Culture, Community and Youth & Second Minister for Law, exchanged insights with other distinguished speakers at a panel discussion
Singapore, 12 January 2023 – The National Volunteer & Philanthropy Centre (NVPC) announced the refreshed Company of Good (COG) strategy at the inaugural Company of Good Singapore Summit today. Since 2016, COG has connected over 2,400 organisations to do good strategically, sustainably, and impactfully. The refreshed strategy will focus on a transformational shift from corporate giving to one that is centred on corporate purpose.
NVPC also released Corporate Purpose: A Framework and Blueprint for Businesses in Singapore to provide clarity on the principles, practices and indicators pertaining to corporate purpose through tangible actions across five impact areas – People, Society, Governance, Environment and Economic.
Rallying companies to play a critical role to shape the future and contribute to strengthening Singapore’s social compact as part of the Forward SG movement, the summit saw over 500 distinguished guests and business leaders from the region in attendance, several of whom engaged in three panel discussions. These sessions explored how businesses can make the strategic shift in becoming a force for good in society by embracing corporate purpose and becoming Companies of Good.
Giving the keynote address, guest-of-Honour, Minister for Culture, Community and Youth & Second Minister for Law, Mr Edwin Tong shared that “corporate purpose is about companies that are not just profit-oriented but ensure their operations generate value for society across environmental, human, social and economic dimensions. I look forward to seeing companies that instead of just grafting CSR onto existing practice, redesign their business practices to go beyond what we traditionally know as corporate giving; to operate in ways that benefit our society and exemplify corporate citizenship envisaged under the SG Cares movement”.
Building Ecosystems, Strengthening Capabilities and Partnerships
To inspire more organisations to centre their business models on their purpose to be a force for good, NVPC will be transforming the Company of Good strategy to align with the recommendations identified in the framework and blueprint.
A new recognition model to validate companies’ efforts and progress in embracing purpose will be introduced. NVPC will be convening a new judging panel, which it will co-chair with the Singapore Business Federation (SBF).
Moving forward, Companies of Good in Singapore will go beyond giving to integrate corporate purpose in its business practices across five impact areas — People, Society, Governance, Environment, and Economic.
As part of the new Company of Good strategy, NVPC will be working closely with industry partners across the five impact areas given the pivotal role they play in connecting businesses to resources and networks in Singapore. These include strategic partners such as the Singapore Business Federation, as well as supporting partners like the UN Global Compact Network Singapore, Singapore Institute of Directors, Singapore National Employers Federation, and National Council of Social Service.
Mr Seah Chin Siong, Chairman of NVPC, said: “I am heartened and proud of what we have achieved as a nation over the last few years. We saw businesses stepping up during unprecedented times to help communities in need, and fostering collaborations between different entities to amplify their giving efforts. With more companies looking to create deeper, lasting impact in society that is aligned with their business objectives, I am confident that the Corporate Purpose framework and blueprint will serve as a guide for companies looking to progress on their journey in making Singapore the City of Good.”
Paving a New Way Forward with Corporate Purpose
Corporate Purpose: A Framework and Blueprint for Businesses in Singapore and its recommendations are the culmination of the SG Together Alliance for Action on Corporate Purpose (AfA-CP) established in October 2021. Arising from the SG Together Emerging Stronger Conversations, the industry-led AfA-CP provided a platform for over 40 government and community partners to collectively envision a business ecosystem that supports and enables corporates to effectively align purpose and profit to become a force for good in Singapore.
Corporate purpose is about a company’s raison d’etre, or reason for existence, and serves as the foundation upon which a company’s values, vision and mission are built. Today, there is an expectation for companies to shift from only generating returns for shareholders to embracing the needs of all stakeholders, including the community in which businesses operate. The framework and blueprint aims to guide businesses in Singapore to initiate and progress in their respective corporate purpose journeys, regardless of size. Doing this effectively helps to position the organisation for the future and contribute to strengthening the social compact in society.
To guide and enhance organisations’ understanding of corporate purpose post-summit, NVPC will be updating its service offerings to support companies through a series of expert-led clinics, workshops and learning journeys throughout the year to help Companies of Good progress in their purpose journey.
For more information on the refreshed Company of Good, visit www.thecompanyofgood.sg.
