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Profitability and corporate responsibility were recommended as twin targets by a United Nations official at a ceremony held last month to mark the start of the Singapore Compact for CSR, which will act as a focal point for those with an interest in corporate responsibility.
Dr Richard Leete, the UN Development Program Representative for Malaysia, Singapore and Brunei, told delegates: ‘The business of companies is to make money. But there are many ways of making money. Some practices help individuals, societies and countries grow and develop. Other practices exploit and debilitate the workforce and degrade the environment. CSR is about doing good even as companies seek to do well. It is about showing that the two goals are complementary rather than contradictory.’
He had particular praise for SingTel's Touching Lives Fund, which provides programmes to educate, train and treat children and young people with disabilities. Since the fund started in 2002 a total of $5.75million (£3.1m) has been raised, and last year SingTel's efforts were recognized with the President's Social Service Award.
He was impressed with City Developments, which in 1999 set up the City Sunshine Club, a staff volunteer group that helps needy people.
On the ecological front, Leete singled out Banyan Tree, whose activities extend from using biodegradable toiletries in refillable containers to fully treating and recycling its waste water.
Dr Richard Leete, the UN Development Program Representative for Malaysia, Singapore and Brunei, told delegates: ‘The business of companies is to make money. But there are many ways of making money. Some practices help individuals, societies and countries grow and develop. Other practices exploit and debilitate the workforce and degrade the environment. CSR is about doing good even as companies seek to do well. It is about showing that the two goals are complementary rather than contradictory.’
He had particular praise for SingTel's Touching Lives Fund, which provides programmes to educate, train and treat children and young people with disabilities. Since the fund started in 2002 a total of $5.75million (£3.1m) has been raised, and last year SingTel's efforts were recognized with the President's Social Service Award.
He was impressed with City Developments, which in 1999 set up the City Sunshine Club, a staff volunteer group that helps needy people.
On the ecological front, Leete singled out Banyan Tree, whose activities extend from using biodegradable toiletries in refillable containers to fully treating and recycling its waste water.
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