Leading industry voices gathered at the ESG forum for family business 2023, jointly organised by prominent institutions, highlighting family businesses' pivotal role in driving sustainable growth through ESG strategies
The recently held ESG Forum for Family Business 2023 was a highly successful gathering of prominent speakers, industry leaders, and enthusiastic participants. The event focused on the critical role that family businesses play in driving sustainable growth through Environmental, Social, and Governance (ESG) strategies.
The event was jointly organised by the Singapore Business Federation (SBF), SMU Business Families Institute (BFI@SMU), SkillsFuture Singapore Lifelong Learning Institute (SSG-LLI), and the International Association for Agricultural Sustainability (IAAS). It was a collaborative platform that facilitated the exchange of valuable insights and meaningful discussions towards achieving sustainable growth through ESG strategies.
The forum began with an inspiring opening remark by Andrew Kwan, the Vice Chairman and Honorary Secretary of the Singapore Business Federation and the Group Managing Director of the Commonwealth Capital Group.
Kwan emphasised the importance of integrating ESG practises into corporate strategies and mentioned that family businesses are particularly well-placed to champion sustainability because of their values-driven approach, commitment to legacy building, and close connections to local communities.
Key Themes and Discussions:
1. Harnessing ESG for Entrepreneurial Innovation:
During the forum, business leaders from the food and manufacturing sectors, including Michelle Cheo, Deputy Chairperson and Chief Executive Officer of Mewah International Inc., John Cheng, Founder and Managing Director of Innovate 360, and Cynthia Handriani Wijaya, Chief Corporate Officer and Board Director & Sustainability at Daya Selaras Group, discussed the critical role of family businesses in ESG strategies, with a focus on innovation. They shared valuable insights on leveraging ESG principles to drive innovation and transform businesses.
In the subsequent panel discussion, the distinguished Prof. Annie Koh, Professor Emeritus of Finance (Practise) and Senior Advisor at the Business Families Institute, Singapore Management University, skillfully took on the moderator role to engage in a dynamic discussion with the speakers above. Together, they explored the nuanced landscape of opportunities and challenges faced by family businesses in Asia, unravelling the key factors contributing to their sustained success over the long run.
2. ESG for Sustainable Growth and Development:
The Vital Wellspring Group has researched "Landscaping the ESG Space for Family Businesses" and is set to unveil its findings. Dr. Kenneth Goh, Academic Director at the Business Families Institute, SMU, and Associate Professor of Strategy and Entrepreneurship, presented the research results the same day.
The study acts as a comprehensive foundation, providing a strategic guide for the seamless integration of ESG practises for sustainable growth within family businesses.
During a live presentation, Prof. Anne Wu, Chair Professor of the Department of Accounting at the College of Commerce, National Chengchi University in Taiwan, shared her insights on "Management Accounting and ESG: Taiwan Experience." She discussed using AVM (Activity-Based Management) to measure ESG (Environmental, Social, and Governance) performance and demonstrate business continuity. Prof.
Wu's methodology provides business executives with valuable advice for their decision-making process and contributes to the wealth of knowledge about ESG.
Mr. Mark Lee, Deputy Honorary Treasurer of SBF and CEO of Sing Lun Holdings Limited, skillfully moderated the subsequent panel discussion. The panel included representatives from different generations of family businesses: Ms. Jamie Lim, CEO of Scanteak Singapore; Mr. Nicholas Ng, Director of X-Inc Pte Ltd; and Mr. Arthur Chua, CEO of Goldbell Group.
The discussion focused on identifying challenges and presenting viable solutions in the transformative journey of enterprises. This engaging session provided a unique perspective, combining academic insights with practical experiences from family business leaders. It contributed to a rich and comprehensive understanding of the enterprise transformation landscape.
The afternoon session shed light on the ESG-Driven Strategies for Resilient Agriculture Investment. Dr. Ravi Khetarpal, Executive Secretary of the Asia-Pacific Association of Agricultural Research Institutions (APAARI), shared valuable insights on incorporating impact investing as a long-term strategy for family businesses in the evolving landscape of global agricultural advancement.
The world's population is growing at an unprecedented rate, and with the changing climate and increasing environmental degradation, ensuring access to safe, nutritious, and sufficient food has become a global challenge.
Prof. Chew Fook Tim, from the Department of Biological Sciences at the National University of Singapore, introduced a ground-breaking solution: Unlocking Opportunities for Urban Farms through Seeds R&D, Deep Phenotyping, and In Silico Breeding. This approach focuses on enhancing food self-sufficiency by amplifying domestic supply instead of relying on potentially unstable international trade.
Prof. Paul Teng from the National Institute of Education International Pte. Ltd., Nanyang Technological University, challenged the traditional assessment norms. He advocated shifting from ESG to EES - Environment, Economics, and Social. This nuanced approach provides a more comprehensive sustainability evaluation in agri-food, especially for SMEs.
Dr. Tan Wee Liang, Vice Chairman of IAAS, shared his thoughts on the impact of ESG on agriculture and engaged the audience in discussing its potential benefits. As per the discussion, the influence of ESG on agriculture highly depends on factors such as the responder's position in the supply chain, the scale of the operation, and the state of ESG implementation.
It was recognised that embracing ESG will be a journey, not a quick fix, and the process may disrupt financial projections. Ultimately, progress will depend on collaborative efforts from businesses, government, and society, requiring responsible behaviours to navigate the complexities of sustainable agricultural practises.