Singapore welcomes Brands for Good initiative

By Natasha Spencer

- Last updated on GMT

Singapore welcomes Brands for Good initiative

Related tags: Social responsibility

Positive impact organisation, CEO Asia, launches the first Brands for Good Awards in Singapore to support and encourage the development of sustainable enterprises.

The inaugural event will be sponsored by prominent banking group, Maybank, and leading e-commerce global trading platform, BBX.

The event has received support from other partners including IPOS Society and non-profit organisation The Rice Company. Other organisations including the Asia Pacific CSR Council and the Singapore International Foundation have also backed the sustainability drive.

Calling for corporate social responsibility

Brands for Good has been established in collaboration with non-profit organisation B Lab, which provides companies with a self-assessment toolkit on social responsibility commitment, as part of the nomination submission to be recognised as a Brand for Good.

Together, these three companies have partnered on the recognition programme with the aim of recognising Small and Medium-sized Enterprises (SMEs) and advocate corporate social responsibility (CSR). The awards will celebrate forward-looking businesses, particularly SMEs.

Announced in Singapore on 22nd January 2018, CEO Asia plans to introduce “a network of game-changers to motivate other businesses to move towards achieving a sustainable future”.

"Brands have the power to create shared value through purpose-driven strategies,"​ enthused Glenn Lim, founder of Brands for Good and director of CEO Asia.

"Through Brands for Good, we will recognise the top brands that have embedded the principles of sustainability throughout their organisations.”

Sustainability commitment

Brands for Good will also offer brand new businesses in Singapore that have yet to enter the market, in an effort to “kick-start and take small steps in making a difference in society”.

A report conducted by global information and measurement company, Nielsen, entitled ‘The Sustainability Imperative -- New Insights on Consumer Expectations' found that 66% of consumers are willing to pay more for sustainable brands. This figure has risen from 55% in 2014 and 50% in 2013.

Nielsen also commented that the "sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally — measured across 1,300+ brands in 13 categories in an average of 13 countries — in 2015, while those without grew less than 1%".

Careful and considered

With the “tightening labour supply”,​ CEO Asia believes that this focus on sustainability will help to develop customer appeal and help create a more socially conscious workforce.

“With more millennials and very soon Generation Z entering the workforce, businesses will be compelled to unite and motivate its employees with a greater sense of purpose,”​ CEO Asia commented in a recent press release.

As this next generation of employees displays a preference for “companies that care about creating a better world and who factor this in their business decisions”​, Brands for Good anticipates a stronger and productive future for brands that prioritise sustainability.

Partners and support

Chandran Dharmarajan, Head of Branding and Marketing, Maybank Singapore shared, "As a leading bank which helps SMEs to grow in the region, sponsoring the Brands for Good awards that commend companies with outstanding socially responsible business practices was a natural fit."

"At BBX, we believe in helping our entrepreneurs and SMEs to expand and grow their businesses, and we are committed to building a world of economic opportunities for our SMEs through our BBX platform,”​ highlighted Dr Lee Oi Kum, Director of BBX Holdings.

Award submissions

The Brands for Good award categories covers three core areas: the workplace, the community and the environment.

Recognition will be given to those companies that consider a range of factors including fair employment practices; workplace culture and communications; workplace safety, people development, diversity and inclusion; social giving and engagement; local market empowerment; responsible supply chains; sustainable resource; and environmental impact management.

Eight independent judges, comprised of business leaders across various industries, will assess the eligible applicants. Submissions for nominations opened on 22nd January 2018 and will close on 31st May 2018.

A Brands for Good award ceremony will be held on 26th July 2018 to celebrate the winners.

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