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10/9/2019 NVPC and Global Compact Network Singapore to develop national framework to guide companies on strategic, sustainable and

ble and imp…

Media Releases

MEDIA RELEASE

NVPC and Global Compact Network Singapore to


develop national framework to guide companies
on strategic, sustainable and impactful corporate
social responsibility and sustainability
 29 Aug 2017

NVPC and Global Compact Network Singapore (GCNS) entered into a


two-year MoU today that sets out to establish a national framework to
guide companies on practices in CSR and sustainability.

Singapore, 29 August 2017 - The National Volunteer & Philanthropy Centre (NVPC)
and Global Compact Network Singapore (GCNS) entered into a two-year Memorandum
of Understanding (MoU) today that sets out to establish a national framework to guide
companies on practices in corporate social responsibility and sustainability. The MoU
was signed by Ms Melissa Kwee, CEO of NVPC and Mr Wilson Ang, Executive Director
of GCNS.

Currently, companies in Singapore are guided by two frameworks – the *Company of


Good framework on corporate social responsibility and the *UN Global Compact
framework on sustainability. Following the introduction of mandatory sustainability
reporting for all listed companies by the Singapore Exchange (SGX) from FY2017, the
new integrated framework will be aimed at helping companies better align their CSR
efforts with sustainability investments for greater impact. The issue of sustainability is
signi cant for businesses as investors increasingly focus on such issues when making
their investment decisions. At the same time, companies are keen to continue to meet
community needs through their business operations and contributions.

On the new common framework, Mr Ang commented, “We are delighted to partner
with NVPC to integrate our respective frameworks and develop a Trustmark for
businesses in Singapore. Companies can expect to be guided by a recognised
roadmap in their journey towards becoming a sustainable and internationally
competitive enterprise."

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10/9/2019 NVPC and Global Compact Network Singapore to develop national framework to guide companies on strategic, sustainable and imp…

Ms Kwee said  that NVPC is aware that there are many companies in Singapore that
 already have a strong CSR programme and that might be concerned that they have to
scale back on CSR in order to meet the requirements for sustainability, “What we
would like to do is to show them how they can concurrently tick the boxes of their
sustainability requirements with their ongoing CSR programme. One of our Company
of Good members, BusAds, for instance, provides employment opportunities to the
autistic community. This initiative is in fact also ful lling requirements for inclusivity
and diversity in hiring practices.” 

By aligning corporate social responsibility with best sustainability practices,


companies can not only help the community, they will also have a positive impact on
their bottomline and corporate goals such as better brand recognition, increased sales
and customer loyalty, operational cost savings, and a greater ability to attract talent
and retain staff. The Deloitte Millennial Survey 2017 revealed that millennials, which
will make up half of the working population by 2020, intended to stay longer with
employers who engaged with social issues like education, unemployment, and
healthcare.

Andrew Buay, Vice President of Group Sustainability at Singtel, says the framework can
bene t companies by giving them a clearer focus, “The integrated framework creates
congruence between both corporate giving and sustainability. It will enable
organisations to better mobilise capabilities and resources on a more sustainable
basis in support of a social cause. For their people, it will deepen the raison d'etre
behind the giving.”

CEO of Maybank Singapore, Mr Lim Hong Tat, says sustainability and corporate giving
can co-exist, “Maybank’s sustainability strategy is connected to our mission of
humanising nancial services. Our sustainability plan not only de nes our focus areas,
it is also a framework to manage sustainability issues, meet stakeholder expectations,
and guide our corporate giving strategies.”

In the next two years, other areas of collaboration between NVPC and GCNS will
include:

Conducting a joint feasibility study on the establishment of a Trustmark for corporate


giving and sustainability: The Trustmark will provide assurance and recognition of
good standards and practices undertaken in CSR and sustainability

Co-developing an internship programme:  A programme will be developed to equip


students with skills for a career in CSR and sustainability, as well as to provide support
h f k

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10/9/2019 NVPC and Global Compact Network Singapore to develop national framework to guide companies on strategic, sustainable and imp…

to companies in these areas of work.

Co-organising events and activities: Companies will get to participate in events and
activities to exchange ideas and experiences, as well as network with like-minded
parties in CSR and sustainability.

Initiating the development of a professional development programme: Current and


potential practitioners  can  be trained with knowledge and skills in CSR and
sustainability. 

*Company of Good measures good and holistic giving through a framework comprising
4 ‘I’s (Investment, Integration, Institutionalisation and Impact). For more information on
Company of Good Framework, please visit https://companyofgood.sg/about

*The 10 principles of UN Global Compact guides companies in meeting fundamental


responsibilities in the areas of human rights, labour, environment and anti-corruption.
For more information on the 10 principles, please visit
https://www.unglobalcompact.org

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