[ad_1]
SINGAPORE – Businesses and governments must work together to create a sense of stewardship among citizens, Trade and Industry Minister Chan Chun Sing said on Saturday.
But he acknowledged that it would not be easy.
"How can we concretize this concept of stewardship and introduce it into the next generation where the definition of our success is not the quality of our success here and now, but the definition of our success next generation to do even better than us? "
"It's our challenge, and it's a daunting challenge."
Governments and businesses must first put in place a meritocratic system of talent and skills, Chan said in a speech at the Insead Alumni Forum Asia. The subject of the forum was "Business, a strength of good".
"How do we build a system that enables the human potential to flourish?" How do we build a meritocratic system of talents and trades in which the success of each individual is determined by his talent, his efforts and his commitment, and never by language, race, religion, descent or family ties, "Chan said.
This is fundamental because businesses and governments will never be able to convince people that they are here to do good if people can not hope to realize their potential without encountering obstacles while throughout the process, he said.
"We must speak to the individual aspirations of our people, regardless of the diversity of these aspirations," he added.
Addressing 700 international business leaders, many of whom are Insead graduates, Mr. Chan's 28-minute speech at Gardens of the Bay dealt with Corporate Social Responsibility (CSR). and challenges to overcome.
It is not easy to be a force for good, neither for companies nor for governments, because of the trap of the prisoner's dilemma, he said. The dilemma describes why two parties do not collaborate for the greater good, because of competing interests.
In some cases, a company concerned about its quarterly reporting may only engage in CSR if its competitors are doing so, while governments can not take action on climate change, for example if other countries do the same. "For governments, the usual democratic processes to try to survive the next elections are also important," Chan said.
He said that a school of thought views CSR as an oxymoron, as businesses should focus on creating wealth for their shareholders, who will decide to do good on their own.
A growing group of business executives today, however, subscribed to another theory, according to which companies are stakeholders in society and have a responsibility towards that company, did he declare. Such a state of mind would also help attract the brightest talents for them to join companies with a strong social mission.
"The verdict seems to be still open on which school of thought will prevail in the long run," Chan said.
With geopolitics fueling protectionist trade policies and increasing disruption caused by technological change, he said the quality and quantity of jobs is causing growing concern around the world.
The reality of a more integrated global economy today will mean winners and losers, he said. This means that countries will have to adapt at the national level.
How society will manage this disparity will have political implications, he said, referring to the fact that some countries in recent years have not managed their social divisions well as the world becomes more globalized. which caused repercussions.
At a roundtable discussion that followed Mr. Chan's speech, industry experts discussed the same problem regarding the challenges of CSR, adding to those raised by the minister.
Clara Barby, partner of Bridges Fund Management, explained that a major problem is to define how wealth and values are measured, as their definition varies across cultures.
Piyush Gupta, managing director of DBS Bank, said that palm oil producing countries, for example, were struggling with this problem as the world was ceasing to use palm oil to produce energy due to environmental concerns.
"If you ask them to turn off the palm oil tomorrow, what are you going to do to millions of people, whose governments will not be able to deal with it if the oil palm is their only means of livelihood, "said Gupta.
"Is it a feeling of colonial imperialism? Who should we play God with? There is no easy answer."
[ad_2]
Source link
