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YTL PowerSeraya becomes signatory to the United Nations Global Compact’s 10 principles for corporate responsibility
(news release issued by Global Compact Network Singapore)
Top CSR and sustainability leaders share insights on the future of business sustainability at the 7th international CSR Summit by Global Compact Network Singapore
– Highlights include the United Nations’ new Sustainable Development Goals to be launched next month, and Singapore Exchange’s approach to sustainability reporting for listed companies
– Strong participation in the 2015 CDL-Compact Singapore Young CSR Leaders Awards
– Seven new Singapore-based organisations joined 66 signatories to United Nations Global Compact’s 10 principles for corporate responsibility
- More than 330 delegates and guests gathered at the Singapore Suntec Convention and Exhibition Centre this morning for the International CSR Summit by Global Compact Network Singapore, the premier Corporate Social Responsibility (CSR) event in Singapore and the region. The Summit was opened by Guest-of-Honour Ms Grace Fu, Minister, Prime Minister’s Office Second Minister for the Environment and Water Resources and Second Minister for Foreign Affairs.
- The theme of this year’s Summit is “Evolving and Evaluating CSR: Creating Value for a Sustainable Future”. As 2015 marks the 10th year since the CSR movement began in Singapore with the inception of the former Singapore Compact for CSR (rebranded Global Compact Network Singapore), it is timely to review and chart the future of Singapore’s sustainability agenda.
- Mr Kwek Leng Joo, President of the Global Compact Network Singapore, reiterated that business sustainability will go hand in hand with Singapore’s national agenda: “Our vision is to advance sustainability in Singapore for global good, and to do so by encouraging more companies to align their operations and strategies with the United Nations Global Compact’s (UNGC) 10 universally accepted principles in the areas of human rights, labour, anti-corruption and the environment. Our mission is to make sustainability mainstream amongst businesses in Singapore. To a large extent, such best practices will support the national goal of becoming a more liveable and sustainable global city.”
- In the first keynote address, Ms Ursula Wynhoven, General Counsel and Chief of Governance and Social Sustainability of the UNGC, reinforced that responsible business can be a force for good. Ms Wynhoven also spoke about the new Sustainable Development Goals (SDGs), a set of 17 wide-ranging targets relating to future international development which includes poverty eradication, gender equality, sustainable use of natural resources and sustainable economic growth. The SDGs were first discussed at the United Nations Conference on Sustainable Development held in Rio de Janeiro in June 2012 and these goals are to replace the Millennium Development Goals, the eight international development goals that were established following the United Nations Millennium Summit in 2000, which are due to expire at the end of 2015.
Nurturing Young CSR leaders for the Future
- At the opening, the winners of the CDL- Compact Singapore Young CSR Leaders Awards were also announced. This year’s case competition – the fifth – attracted very strong interest from various educational institutes in Singapore to work on CSR case studies of large companies. Apart from strong entries from the leading universities, the joint second runner-up team from Hwa Chong Institution was also the youngest winning team ever for this competition.
- For the first time, this year’s competition featured large and listed companies as business cases which posed a higher level of challenge for the participants. The winning teams are:
a. First prize: Team Impact Advisory (Singapore Management University) for StarHub;
b. Second prize: Team Grumpy Cat (Singapore University of Technology and Design) for Juhler Group Asia;
c. Third prize (joint winners):
i. Team Elevate (Nanyang Technological University) for Swire Pacific Offshore
ii. Team Ignite (Hwa Chong Institution) for Singtel.
7. Since the Young CSR Leaders Awards were launched in 2011, they have been nurturing a new generation of young leaders keenly aware of the CSR challenges faced by companies. In this CSR student case competition, the participants get a taste of putting CSR principles into practice by proposing feasible sustainability strategies for the companies. The winning team, Team Impact Advisory (Singapore Management University) said: “What initially started as “just a case competition” became much more than we expected or have ever experienced. There is certainly much more thought and rigour required in crafting a CSR strategy than meets the eye. We are certainly thankful for this experience – and will continue being active advocates for social good”. The team proposed three employee-focused strategies to engage telecommunications company StarHub’s entire ecosystem of stakeholders. The outcome is to create sustainable and meaningful employee engagement with a positive and long-term effect.
Top CSR experts and practitioners share insights on value creation for a sustainable future
- Besides the keynote address by UNGC’s Ms Wynhoven, well-known sustainability expert Dr. Professor Wayne Visser of Kaleidoscope Futures Lab. Ltd, United Kingdom, and the Singapore Exchange’s Special Advisor, Ms Yeo Lian Sim, will also deliver keynote addresses on both days of the Summit. Dr. Professor Visser will speak on creating Integrated Value beyond CSR and Creating Shared Value, while Ms Yeo will share SGX’s approach to Sustainability Reporting for listed companies here. Other top CSR and sustainability practitioners from organisations such as ABB Singapore, Bloomberg, Cargill, DHL Supply Chain, Interface Asia Pacific, Maritime Port Authority, National Environment Agency, Standard Chartered Bank and Unilever will share their insights and strategies for sustainable growth on topics as diverse as climate change, responsible investment, sustainability reporting, stakeholder engagement, human capital development, environmental stewardship and governance, while providing in-depth perspectives across various sectors.
New Singapore companies become UNGC signatories
- Seven Singapore-based companies – CapitaLand Limited, Facility Link Pte Ltd, Ghenni Pte Ltd, Greenpac (S) Pte Ltd, Qi Group of Companies, Sembcorp Industries Ltd and YTL PowerSeraya Ltd – became the latest signatories to the UNGC’s 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption. Representatives from these companies were presented special certificates by Ms Ursula Wynhoven of the UNGC at the opening ceremony of the Summit.
- The UNGC is a voluntary initiative by companies to adopt sustainable and responsible business practices. The movement was mooted by then United Nations Secretary-General Kofi Annan at the 1999 World Economic Forum.
- In 2005, Banyan Tree Holdings, City Developments Limited, Jason Marine, the National Trade Unions Congress, NTUC Fairprice and the Singapore National Employers Federation were the first organisations in Singapore to become signatories to UNGC principles. Ten years on, with seven new signatories on board, a total of 66 Singapore companies and organisations have pledged to uphold the UNGC principles.
About Global Compact Network Singapore
Formerly known as the Singapore Compact for CSR, the Global Compact Network Singapore (the Compact) encourages and facilitates the progress of companies that are committed to aligning their operations and strategies with the United Nations Global Compact’s (UNGC) 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption.
As the national society promoting CSR in Singapore, the Compact aims to encourage collaboration between CSR stakeholders in businesses, government and civil society to create long-lasting value for the community. Through various platforms for multi-stakeholder engagement and collective action, the national society aims to advance responsible business practices and Corporate Social Responsibility (CSR), supporting Singapore’s goal of becoming a sustainable nation.
The Compact has been raising the level of awareness and adoption of CSR amongst businesses since its inception in 2005, and has also expanded its mission to include nurturing the next generation of CSR leaders through its youth initiatives. It is also a stakeholder of the Global Reporting Initiative and a participating organisation of the ASEAN CSR Network.
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