How companies and SMEs are making holistic impact in Singapore

Some 290 organisations including 155 SMEs in diverse sectors such as finance, food and beverage, energy, retail, fashion, healthcare, and services were recognised for their efforts in their progress and impact in corporate purpose. Their efforts were lauded in a conferment ceremony held on 18 July 2024 at the Raffles City Convention Centre organised by the National Volunteer and Philanthropy Centre’s (NVPC’s) Company of Good.

NVPC is a national agency dedicated to promoting a culture of volunteerism and philanthropy through the engagement of individuals, organisations, communities and leaders across the people, private and public sectors.

The NVPC’s COG Recognition System aims to recognise the progress and impact of these organisations in its reason for being that guides the ethos, strategy and all functions as well as five impact areas — People, Society, Governance, Environment, and Economic.

This is part of their larger goal to create a more caring, inclusive, and compassionate society. The agency envisions Singapore as a City of Good, where everyone is able and willing to give their time, talent, treasure, ties and testimony every day and everywhere.

290 companies awarded for community initiatives

Through conferring the title "Company of Good" to various well-performing companies, NVPC encourages organisations to adopt or refine their Corporate Purpose and have a positive impact in the five impact areas mentioned above.

Deputy Prime Minister Heng Swee Keat, who graced the event as guest of honour, presented the Champions of Good Recognition to 78 organisations that exemplified influencing stakeholders with multiplied impact.

One recipient of this award was PacificLight Power which partnered with local educational institutions and social service agency APSN to present on STEM topics, and conduct learning journeys to the public on sustainable power plant operations.

Special guest Minister of State for Home Affairs & Social and Family Development, Sun Xueling, also presented the "Companies of Good 3 Hearts Recognition" to 92 organisations established with a clear purpose and plan to scale.

One recipient of the award was Ensign Infosecurity that specialises in safeguarding businesses across various sectors. It also partners with the Association of Information Security Professionals and SIT’s Work-Study Degree programme, to inspire young women to join the cybersecurity industry.

Another notable recipient is Push Pull Give, which offers strength and movement classes and personal training services that reinvests financial returns for a social cause. It aims to build community in Singapore by providing accessible and inclusive fitness programs for all. They have also partnered with local organisations to offer holistic support, providing skills training and social support networks alongside fitness programmes in their mission to create positive social change.

Wholesome Savour, which focuses on advancing food wellness, nutrition and innovation also received the Companies for Good award, due to the way they blend social responsibility and sustainable initiatives. More specifically, the company goes out of their way to hire those from marginalised individuals, such as inmates and persons with disabilities (PWDs).

They also went a step further with their plans to establish a socially automated plant with a partner to offer jobs to marginalised individuals, which showcases their strong commitment to social inclusion and empowerment. These initiatives show a dedication to social inclusion and to provide a space for everyone in Singapore.

Advancing corporate purpose adoption

The COG 2024 Cohort Report was also unveiled at the event. The report indicates that several Singaporean businesses have made significant advancements in adopting CSR initiatives.

Key findings include the Corporate Purpose Articulation whereby organisations such as the Ministry of Culture, Community and Youth and PwC Singapore are guided through the guiding principles of decision-making in supporting the Corporate Purpose Movement.

Part of the report was the Impact Areas, which recognised companies that demonstrated strong performance across the People, Society, Environment, Governance, and Economic impact areas.

Companies that put in effort to engage Singaporean citizens were also commended in this report, under the Public-Private Engagement sector. In particular, DBS Business for Impact Banking Package was commended for addressing the needs of purpose-driven businesses and supporting SMEs with sustainable business models.

Philanthropy on the rise

This ceremony appears to be part of a growing trend this year, where philanthropy is blossoming in Singapore, encouraged by national efforts.

Singapore has put in efforts in various spheres such as environmental efforts. In April this year, the Singapore Business Federation (SBF) in partnership with A*STAR, PwC, and Singtel launched a new localised emissions registry that aims to provide Singapore businesses with a crucial tool for accurate carbon emissions reporting.

Growth of the local community is also encouraged with Temasek Trust having launched a digital marketplace named Co-Axis that sought to connect funders to over 70 impactful projects and 40 countries in supporting meaningful projects with themes such as climate, health and employment.

“This is clear evidence that companies can indeed prosper and do well, by doing good and doing right,” said Mr Tony Soh, chief executive officer of National Volunteer and Philanthropy Centre.

He shared that since the launch of COG in 2016, businesses have been committing more resources in sustainable value creation. This noticeable trend is likely the reason behind Soh’s optimism in the future — Soh believes this trend will translate into a thriving community and environment for successful and competitive businesses.