End of Day Reflections with Jean Sung and Iain Rawlinson (Talking Philanthropy 2021)

Philanthropy—well, first of all, thank you Ian, thank you Ben for inviting me to talk philanthropy here in Singapore. I have to add that you have hosted a great day with speakers on innovation, courage, and commitment to make a difference to others. Good evening, good morning everyone, sponsors, speakers, guests, and attendees. Corporate philanthropy is an expression of the company's values from top down. Companies are people; people make choices, choices that are 'we' rather than 'me.' Doing well and doing good goes hand in hand. 2020 has shown us that we are thrown together regardless of who we are. Businesses, corporations, boards, management are adopting a more empathetic behavior. We understand that to reduce risk and increase resiliency, we must work together. During the pandemic, we have seen many changes—companies and people are no longer reactive but proactive to help each other. For example, masks, sanitation resources, goods and services delivered to neighborhoods and marginalized communities regardless of distance. Folks with means are delivering foods. We have also seen changing work patterns, working from home. Companies are concerned with workforce well-being; health and safety becomes part of our policies. Never in our history have we been more aware of collective impact, delivering solutions rather than spreading negativity. The pandemic has built a foundation for corporations to step up and help solve pressing challenges. Business and philanthropic investments not only help communities but also spread to consumers, clients, employees. From community development to careers, skills, job mobility, business growth, entrepreneurship. We use the terms diversity and inclusion very often, but this also applies to an inclusive economy that is fair and works for everyone, especially those underserved for decades. When there is equal access to opportunity, it leads to a stronger, more resilient economy. When we engage in corporate responsibility, we help build an inclusive global economy. Now more than ever, consumers vote with their conscience and sense of value; they look beyond goods and services to the values of the company. What they buy becomes an expression of their values. Due to consumer pressure, businesses are demanded to step up. We've heard that corporate responsibility is no longer an afterthought; corporate social values become powerful messaging. Employees exert the same pressure; they look beyond the paycheck to the heart of their employers. We are in an era of great challenges, many of which may stay, but it presents unprecedented opportunities to rethink our modus operandi, to think outside the box and create a truly sustainable ecosystem. We need to adapt to survive. The commitment of giving back better has been reflected in how we do business every day. Boardroom conversations have evolved such as ESG compliance, and these principles have developed with purpose and intent. I'd add that long-term business success for corporations depends on the success of our people, customers, communities, employees in our own backyard, in the region, and across the globe. What I've also seen is people all over the world increase communications, singing from balconies on Facebook. We improved our connectivity by Zoom webinars, webcasts; we're doing one right now. We did not travel to other geographies, but we explore our own backyard. Things we took for granted became important. Education, online learning has been reimagined to reach children in urban and rural areas. Addressing challenges is the norm; if we don't, shame on us, and we'll never pass the finishing line.

Very interesting question. I think we should recognize that 80% of our businesses are owned by individuals or families. As ancient patriarchs and matriarchs pass the baton onto the next generation, generation two or even generation three, they don't necessarily work on historical gifts or loyalty to our native province but to the future. They support businesses that are more aware, for profit and purpose, to build rather than retaining the status quo. Younger donors are more interested in blending philanthropy with impact investing. Yes, some of them have inherited, some have also made their own wealth from their own entrepreneurship. We also see a surge with women in philanthropy; they are looking at women's issues, looking to uplift girls and women in education, in social entrepreneurism, to ensure transparency in the functioning of charity and philanthropic institutions. Women donors are opening the door for all girls to unleash their boundless potential and to make a positive, lasting impact wherever they go. By providing girls with education access—something I personally believe in—tech skills, mindset, and the inspiration to lead with confidence, women donors are equipping girls to make their own decisions, empowering them to become future leaders. Their philanthropy seems to be shifting away from something that perhaps we do when we retire or when you have wealth; they are doing it to reflect their own values and behavior, their journeys. From their knowledge, they are eager to build and to share their network of friends and families. They are innovative, thinking of blending their donations as community investments.

Well, let's talk about that. Whilst we may have public sector in the audience, private sector, as we all agree, is much more nimble, flexible. Checks and balances will engage with the public sector, and they can demonstrate achievements that can be scaled. Government is the only place that can add scale. Private and public partnerships can increase transparency and adoption. For the philanthropic ecosystem to work, it needs to be trusted. I've heard that word several times this morning: increasing trust between funders and social system will boost the philanthropic ecosystem. Let me just finish by saying that we have to ask the right conscious questions. If we are to make progress, we need to call things out. Many social issues have been in existence for decades; maybe we've been turning a blind eye for too long. We can't stay silent and keep turning blind eyes to problems, also in our own backyard. In the age of social networks, internet philanthropists and funders are exposed to so much information, but they also at the same time have responsibility to their own companies, to their employees. Necessity is important for the social sector to step up with evidence-based solutions, programs and services that can reach beneficiaries, recipients, help them to be independent, help them to look after themselves, their families, help them to attain jobs so that we can turn the pyramid. We can write policies, missions, mandates, but the true test is in our own governance, our own compliance. I think our Chinese audience will get this: it's a Chinese saying: 'What you do not want done to yourself, you do not do unto others.' So ultimately, it is the respect and harmony of self and community, the conscious conscience that will drive change—equitable, positive change. We need to become do tanks and not just think tanks. I think the time is up here. Thank you so much.