Singapore Compact for Corporate Social Responsibility is now Global Compact Network Singapore [Press Release]
1. Singapore Compact for Corporate Social Responsibility, the national society promoting sustainable development for businesses and stakeholders, will be renamed ‘Global Compact Network Singapore’ (the Compact) to reflect the strengthening of ties with the United Nations Global Compact (UNGC).
2. The UNGC is a United Nations voluntary initiative formed in 2000 to encourage businesses to adopt sustainable and socially responsible policies. These policies are aligned with the UNGC’s 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption. With over 12,000 corporate participants and other stakeholders from over 145 countries, the UNGC is the largest voluntary corporate responsibility initiative in the world.
3. As the national society promoting sustainable development for businesses and stakeholders, Singapore Compact has been the focal point and network body for the UNGC since its inception in 2005. With the rebranding, it will become the Formal Network of the UNGC in Singapore. The Singapore National Employers Federation (SNEF) and the National Trade Union Congress (NTUC), which founded the Singapore Compact, will continue to support the renamed organisation.
4. Mr Kwek Leng Joo, the President of Singapore Compact, who has been re-elected for a second three-year term at the society’s annual general meeting today explained, “This rebranding is significant as it reflects our commitment to strengthen our ties with the UNGC and our adherence to its 10 principles of responsible business. This move will help the society leverage on the UNGC’s stronger brand name and allow us to tap on its global network, thought leadership and resources.”
5. “The new Compact will be in a better position to play a greater and more effective role in promoting CSR amongst businesses in Singapore. Alignment with best practices and global standards in responsible and sustainable practices will be appealing for many companies with international presence,” Mr Kwek added. To facilitate the Compact’s expansion in its role and operations, the Singapore Business Federation (SBF) will play a lead role in the Compact.
6. “This strategic move will provide the new Global Compact Network Singapore with the much needed resources to achieve its mission as the national society to promote the CSR agenda effectively.” Mr Kwek elaborated.
7. Mr Victor Tay, Chief Operating Officer of SBF, who is also Vice President at the Compact, commented on this collaboration, “Increasingly the business community cannot ignore the importance of being a good corporate citizen. It is with this essential principle in mind that SBF decided to play a greater role at Singapore Compact evolving the organisation with a greater and broader mandate aligned to the principles of the United Nation Global Compact”.
8. A formal signing ceremony between the Compact and the UNGC will take place at the upcoming International CSR Summit on 25 August. More details of this will be shared at a later date.
Source: Global Compact Network Singapore