Mr Benjamin Fok, Chairman of the Business and Philanthropy Forum Organising
Committee, Director of the Fok Ying Tung Foundation
Ms Natalie - Azia Munan, National Minister of Social Affairs, Humanitarian Action
and National Solidarity, Democratic Republic of Congo
Professor Joseph Sung, Senior Vice President of Nanyang Technological University,
Dean of Lee Kong Chian School of Medicine
Mr Chew Kwee San, Vice Chairman of Community Chest
Mr John Wei Zheng, Founder of Alliance for Good, Secretary General of the
Business and Philanthropy Forum Organising Committee
Distinguished Guests
Ladies and Gentlemen
1 I am pleased to join you today at the 2024 Business & Philanthropy Forum. This annual gathering brings together like-minded individuals, business owners, Family Offices, Foundation Principals, Investors, and many others who share a common interest in making a positive impact on our society.
Singapore's Social Compact
2 Singapore’s approach to creating social impact has evolved over the years, to keep pace with the changing context. In Singapore’s early years of independence, we emphasised self-reliance and individual responsibility. The Government focused its limited resources on improving living standards – basic housing, education, healthcare – and employment opportunities, which meant creating a business-friendly environment to create job opportunities.
3 Today, Singapore is a vibrant modern city-state with a much better standard of living than when we first started. Some describe the global environment in which all of us operate today as brittle, anxious, nonlinear and even incomprehensible. Likewise, the challenges in the social sector today are much more complex, multi-faceted, and often interlocking. We recognise that building a caring and inclusive society is not just the task of individuals, community organisations or corporates or the government alone, but a shared commitment that involves all sectors of our community. To stand any chance of tackling society’s challenges today, stronger collaboration between government agencies and social services and deeper partnerships with corporates, philanthropic organisations and the wider community is not just desirable, it is an absolute necessity.
a. The Government provides broad based social support, and coordinates resources and information sharing.
b. Community partners build close bonds with the community and know the needs of stakeholders best.
c. Corporates and philanthropic organisations contribute valuable time, talent and resources to make things work. There are many areas where the passion, innovation, and resources of the philanthropic sector can make a huge difference.
Businesses and Philanthropy
4 Businesses are an indispensable part of the very fabric of society. A business is fundamentally rooted in the context within which it operates, from its employees to suppliers and its customers. As businesses flourish, so does society. And as society thrives, businesses benefit. There is a logic of circularity for which why we are all part of the same team.
5 This is why we see that over the years, many businesses have affirmed that they want to do good in the community they operate in, in addition to doing well in terms of revenues and profits. Businesses for good. Conscious capitalism. Whatever name we give it, the roles that businesses play in addressing social issues cannot be overstated.
6 Consider, for example, our rapidly ageing population. Singapore will soon be super-aged, and by 2030, one in four amongst us, will be 65 years or older. But please don’t get me wrong. This is not a point that we need to or want to lament over. In fact, this demographic shift creates new demands for healthcare, senior care services, community support to solve aging issues and enhance the quality of life for our seniors. And new ways of looking at employment opportunities, during and beyond our retirement years. In essence, a different way of organising ourselves.
7 The seniors space is just an example, and there are many other areas where philanthropic efforts can complement and enhance government initiatives. By funding innovative programmes, supporting research, and driving awareness campaigns, philanthropy can help us address gaps in existing social services and provide targeted support to specific communities or causes.
Role of Community Chest
8 Leading this transformation is the Community Chest, the philanthropy arm of the National Council of Social Service (NCSS). As the social landscape evolves, so will Community Chest's role. Going beyond fundraising, Community Chest has adopted a long-term resourcing approach.
9 This involves forming multi-year partnerships with corporate partners in sustained giving, volunteerism and inclusive practices. This shift reflects the growing recognition that effective philanthropy requires a sustained, strategic approach.
The Sustainable Philanthropy Framework
10 In line with this evolution, we've seen a significant shift in corporate philanthropy from ad-hoc giving to sustained giving. This is where the NCSS has taken a crucial step with the launch of the Sustainable Philanthropy Framework in July this year.
11 The Framework is the result of a concerted effort by NCSS and the National Volunteer and Philanthropy Centre, in collaboration with businesses, federations, regulatory bodies, and ecosystem partners such as the Singapore Business Federation, Singapore Institute of Directors, Institute of Singapore Chartered Accountants, Singapore Exchange, raiSE, and SG Enable.
12 The Framework supports businesses in articulating your social impact. In distilling impact to a few elements, this Framework aims to guide businesses in crystallising your contributions and enable businesses to deepen these contributions over time. It encompasses three key areas: giving, volunteering, and socially responsible business practices. This approach allows companies to contribute in ways that best align with their strengths and values, regardless of where they are in their philanthropic journey. It includes broadly applicable core metrics, allowing businesses of all sizes to measure their social impact and continuously improve your philanthropic efforts.
13 I'm also delighted to share that the Early Adopters Programme has already seen participation from over 40 businesses. Their feedback has been overwhelmingly positive, with many indicating that the framework has helped them organise their philanthropic efforts more effectively.
14 Businesses like UOB that frequently engage in philanthropic efforts, have found the framework useful. They have made use of the metrics to activate their employees for higher-value volunteerism roles, moving beyond absolute volunteering hours to skills-based volunteerism hours. This allows the suggested metrics to shape its volunteer programmes, allowing their staff to contribute and augment the sector's manpower with their expertise.
15 The Sustainable Philanthropy Framework aims to drive philanthropy that is both impactful and sustained. The Framework will allow businesses to identify areas where they can leverage their expertise to drive greatest impact, and think further to deepen partnerships and longer-term commitments, embark on multi-year projects to generate wider impact. This not only benefits the social sector, but also enables businesses to share in the positive impact they have created, and be recognised for your contributions.
Conclusion
16 To conclude, I am confident that corporates that can clearly articulate not just a robust business case, but also a clear social purpose, and take tangible actions to create palpable social impact, are the ones that will set themselves apart from the competition.
17 Businesses can be responsible stakeholders in society. When we work together, this sense of collective responsibility will help build a Singapore where every individual thrives and feels valued, and I am confident that with your continued support, we will create a brighter, more inclusive future for all Singaporeans.
18 I look forward to more companies joining this ecosystem of doing well and doing good, so that we can broaden and deepen our collective positive impact to society.
19 Thank you, and I wish everyone a fruitful day ahead.