Business in this new age and time are faced with challenges of resource constraints, climate change risks and an increasingly uncertain global economy. An increasing number of Asian business families are concerned with sustainability, both in spending the wealth responsibly as well as meeting the challenges of sustainability in an influential and meaningful way.
The BFI @ SMU Knowledge Series on "Leading the Change for A Sustainable Future" conducted on 9 May at the Li Ka Shing Library gave the participants who attended, some of whom were from business families, insight on the various long-term approaches for sustainability in influencing the succession process between one generation and the next. Sir Jonathon Porritt, co-founder of Forum for the Future, shared on the global sustainability movement and how it is affecting the Asian business families. Jonathon is an eminent writer, broadcaster and commentator on sustainable development. He shared how ‘sustainability should come much more easily to family businesses than to those businesses, big or small, where there is no family involvement’.
Ms Catherine Loh, the Chief Executive Officer of Community Foundation of Singapore also shared on the topic of philanthropy whereby families learnt how it strengthens the family and creates a family legacy for future generations. It was highlighted during the session that the commitment towards one’s family’s philanthropic platforms can go a long way towards ensuring the continuation of a stewardship mindset.
During the panel discussion with the speakers as well as Mr Dinesh Shahra, Founder & Managing Director of Ruchi Soya Industries Limited, Mr Ralph Dixon, Director of Environmental Investments at YTL Corporation Berhad as well as Mrs Catherine de Dietrich, Founder of Contemporary Artist Advisor, it was highlighted that parents would groom the next generation to be environmentally aware and innovative in their sustainable efforts whilst maintaining a strong business interest in the family. Various sustainable efforts have already been introduced in the Ruchi and YTL family in helping the future generation be good stewards of both the business and the Earth.
Professor Annie Koh moderated the discussion and was able to garner responses and opinions not only from the participants but also members from both the older and younger generations of the same family. This allowed for a diverse discussion from both the Asian and Western perspective on a subject matter that is dear to many around the world today.
The session provided a good platform for many participants from different walks of life to gather and learn how they could make sustainability and philanthropy a true way of life.
You may also read more on the session at the following website:
http://www.triplepundit.com/2014/06/families-futures-things-sustainable/