In the article “ECONOMIC RECESSION and CORPORATE SOCIAL RESPONSIBILITY (CSR) in Singapore”, Professor Peter Shergold identifies what he believes was the main cause of the financial recession then in 2009, greed. This greed stemmed from the emphasis placed on short-term profits that started a cyclical and disastrous trend of borrowing money to support artificially inflated investment returns. Shergold believes this highlights the wrong mind-set that most executives have about business - focusing on short-term profits. It may boost the company’s financial image, but this is a polar opposite of the essence of CSR. He believes that business should eradicate this myopic concept of short term profits and align the company’s profit motive with CSR,
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However, this is not very accurate as there are large local firms currently contributing huge monetary donation coupled with continuous follow-ups to ensure stakeholder and societal benefits. Great examples would be local firms like City Developments Limited (CDL) as mentioned in the article, who have met global International Organisation for Standardisation (ISO) in so many aspects of their CSR program ranging from environmental, supply chain and social contributions. [3] Another local firm blazing the trail of corporate social stewardship is Hyflux, who champions education and entrepreneurship. …show more content…
[5] Such tactics can also be classified as strategic corporate giving as it collaborates with the bright youths and thus attracting potential talent to the firm in the future.
CDL is actually a great example of a local firm with an impressive CSR track record. In fact, they are already levelled with Shergold’s proposal that companies should incorporate their CSR goals into strategic planning of the business. The CSR framework of CDL is such that the CSR departments oversee each department of business and reports directly to the deputy chairman, thus having great influence on the board of directors. [6] Hence, it is clear that most large firms in Singapore adhere to the iron law of responsibility and understand the importance of ensuring their actions are for the betterment of
However, this is not very accurate as there are large local firms currently contributing huge monetary donation coupled with continuous follow-ups to ensure stakeholder and societal benefits. Great examples would be local firms like City Developments Limited (CDL) as mentioned in the article, who have met global International Organisation for Standardisation (ISO) in so many aspects of their CSR program ranging from environmental, supply chain and social contributions. [3] Another local firm blazing the trail of corporate social stewardship is Hyflux, who champions education and entrepreneurship. …show more content…
[5] Such tactics can also be classified as strategic corporate giving as it collaborates with the bright youths and thus attracting potential talent to the firm in the future.
CDL is actually a great example of a local firm with an impressive CSR track record. In fact, they are already levelled with Shergold’s proposal that companies should incorporate their CSR goals into strategic planning of the business. The CSR framework of CDL is such that the CSR departments oversee each department of business and reports directly to the deputy chairman, thus having great influence on the board of directors. [6] Hence, it is clear that most large firms in Singapore adhere to the iron law of responsibility and understand the importance of ensuring their actions are for the betterment of