“The only way we will solve the problems that we face is if we can find a way to balance the power of the market with the power of inclusive institutions, and purpose-driven businesses committed to the health of the society could play an important role in making this happen.”
– Rebecca Henderson, Harvard Business School Professor & Author of “Reimagining Capitalism”
There is an urgent need for firms today to rethink existing business practices to continue creating value for stakeholders, including positive, long-lasting social and environmental impact. Against this backdrop, NVPC is embarking on a journey to define what corporate purpose means in the Singapore context and to build a purpose-driven business community.
What is the National Framework & Blueprint on Corporate Purpose?
Company of Good will be spearheading the co-design and co-development of the National Framework and Blueprint with the corporate community. The development of this framework and blueprint will be the next step in enabling Singapore-based firms to become more resilient, sustainable, and value-creating, cultivating a future where every organisation in Singapore is purpose-driven.
The proposed framework will provide clarity and consensus regarding the key principles, practices and indicators pertaining to corporate purpose while the blueprint will serve as a roadmap for companies to implement and track their progress as purpose-driven organisations.
What is the Alliance for Action on Corporate Purpose (AfA-CP)?
The AfA-CP will be the first step in bringing the corporate community together to develop a shared definition and vision of what corporate purpose is in the Singapore context. This conversation will take the form of six (6) facilitated engagement sessions starting in October 2021.
To date, more than 40 members representing various stakeholders in Singapore’s corporate ecosystem have confirmed their participation in the AfA-CP.
What does the AfA-CP intend to achieve?
With the framework in place, corporates – no matter how big or small – can then select the best option with which to begin their corporate purpose journey, accompanied by comparable metrics to demonstrate where they are at along the journey. By providing a common language, we hope that stakeholders from different parts of society, including businesses, shareholders and suppliers, etc. can harness the good within them as purpose-driven organisations.
It is our desire for a pioneer group of corporates to take this inaugural effort to the stage of implementation, an iterative process that will extend even beyond the duration of the AfA-CP, and which will in turn create the impetus and momentum for more firms to do the same over time.
For more details on the proposed National Framework and Blueprint, please e-mail us at [email protected].