The COVID-19 crisis, while unprecedented, has simply amplified the weakest links in business activities during these volatile times. Now, as organisations shift gears and move towards recovery, at the heart of an ambiguous future lies the questions: to whom, or to what, are organisations responsible? And what should a company’s focus be when paving the way for sustainable growth beyond the crisis?
COVID-19 has dealt the world a severe double whammy – a pandemic and its consequential economic crisis. Economies and businesses alike, in varied ways and degrees, are encountering an existential crisis. In this context, beyond pondering about wealth creation at an inflexion point, it is pertinent to ask: how is stewardship relevant, and in what ways are stewardship actions important to business organisations and leaders under the circumstances?
Amidst this tremendous disruption, investors as always occupy an important position in the business landscape, and have a critical responsibility in the evolving situation. How investors respond and work together along the entire value chain to safeguard the viability of our wealth creation system, will not only influence the ability of businesses to survive, but also to recover and thrive. As an investor, how do you execute your responsibility as a trustee of funds in these tumultuous times?
Stewardship for Family Businesses: Enhancing Psychological Ownership for Resilience in the Time of COVID-19
How Family Business firms react to the COVID-19 crisis will determine their future growth and survival as well as the legacy they will leave. Now more than ever, Family Business owners need to cultivate resilience and re-evaluate their long-term strategies with a stewardship lens to survive and thrive. A key strategy to achieve this is to cultivate a sense of psychological ownership. The key question is: How do we make an intangible yet vital attribute like psychological ownership more tangible and harness it as a lynchpin in this dire climate?
Stewarding Our Global Commons -- an Urgent Call for Action
On June 6 2019, Stewardship Asia Centre and the Global Commons Alliance co-hosted the inaugural Stewardship Commons 2019 in Singapore as part of Temasek Ecosperity Week 2019, with the intent to mobilise private sector action to reverse negative trends in climate, biodiversity, oceans and other Earth ecosystems. This report distils the sharing from the session and adds additional insights to complement the conversation on how companies can act on their obligation to steward our global commons.
Published in Doing good in Singapore. Part 1: Adapting to the Future, 2019, pages 107–132, also available here.
This book chapter discusses the significance of ethics, accountability, and stewardship, and their application to Singapore’s social service organisations (SSOrgs). It provides SSOrgs with a framework to operationalise ethics, accountability, and stewardship, aimed at improving service delivery in the social service sector.
Ee, G., Ong, B. H. & Toh, Y. (2019). Ethics, Accountability and Stewardship in Social Service Organisations. In I. Sim, A. Loh & C. K. Teo (Eds.), Doing good in Singapore. Part 1: Adapting to the Future (pp. 107–132). Singapore: National University of Singapore, Centre for Social Development Asia (CSDA).
Published in Entrepreneurs' Digest, Issue 82 November/December 2018, Page 54-55
Stewardship Asia Centre (SAC) and the National Volunteer & Philanthropy Centre (NVPC) held a joint stewardship conversation on the topic of corporate giving in July 2018. The two-hour session brought together business leaders from different industries to discuss the roles of businesses in uplifting the community. Participants shared about their company's perspectives on stewardship, social impact, as well as their aspirations towards the corporate giving landscape within and beyond Singapore.
Fostering Success, Significance and Sustainability
The ‘Stewardship Principles for Family Businesses’ is a guide intended to help family businesses across (and beyond) Asia, to focus on stewardship. These broad principles aim to articulate the mindset and attitudes, as well as the behaviours and practices that would foster the success, significance and sustainability for family businesses (FBs).
Key Factors for Effective Steward Leadership in Business
A survey of 200 successful and enduring family businesses reveals the seven leadership and organisational traits that could serve as a model for stewardship. The insights help pave the way for future stewardship research and inform on the traits that have enabled businesses to achieve long-term wealth creation.
Published in Entrepreneurs' Digest, Issue 76 November/December 2017, Page 32
This report summarises the highlights of the conversation and the insights that were surfaced during the third Stewardship Asia Rountable that was held on 6 June in Singapore.
Published in Millionaire Asia, June 2017
Love, compassion, kindness, and equanimity: while these are principles often found in philosophy and religion, they are not common buzzwords in the world of business. However, according to Dr Harald Link, Chairman and CEO of Thai-based billion dollar conglomerate B. Grimm, these are some of the core tenants to corporate success.
Published in ISCA Journal, March 2017 Issue
As Singapore’s national accountancy body, it is natural and important for ISCA to play a role in the SSP Steering Committee. Accounting is, after all, the lingua franca of business and accountants and auditors are charged with the responsibility of providing the trustworthy financial information that is used to make critical resource-allocation decisions.
Published in SMU's Catalyst Asia issue 04, Page 50
If a business is to be a force for good, then its leadership must pave the way for people in the organisation to do good. Steward leaders do this by building trust – they engage employees through a consistent and long-term approach, and encourage mutually beneficial interactions with other stakeholders.
Published in Entrepreneurs' Digest, Issue 70 Nov/Dec 2016, Page 20
Stewardship is defined as taking care of that which has been entrusted over the long term, so that it can be passed on in better shape. To achieve this aim, individuals and organisations alike need to build on upon three key foundations: values, people, and leadership.
In partnership with the Business School of the National Economics University of Vietnam
The concept of stewardship has been present in many Asian cultures for a long time, but is difficult to discuss as no direct definition exists in most Asian languages. In Vietnamese business culture, the analogue for good stewardship is good leadership, and business leaders are considered extremely important in guiding an organisation’s direction.
Published in Millionaireasia (Issue 42 | Volume 12 | 2016)
Mr Ong Boon Hwee, CEO of SAC, shares the importance of ownership responsibility and the need for positive engagement.
Published in Entrepreneurs' Digest, Issue 67 May/Jun 2016, Page 38
How can a business thrive and sustain growth while enhancing the wealth of its stakeholders and the well-being of the societies in which it operates? Mr Ong Boon Hwee, CEO of SAC, gives his advice on how steward leaders can sustain long-term success in organisations.
Published in Business Times
What is the role of a company’s board? Why does a company need to have a board? From a purely legalistic perspective, the answer seems obvious: Since 2012, Singapore’s Code of Corporate Governance has stated that the board of a publicly listed company should bear responsibility for the company’s long-term success.
Published in Human Resources Director Magazine
The long-term success of a business rests upon the exercise of good stewardship by its stakeholders. This article was first published in HRD Singapore on March 30 2016. Reproduced with permission.
Published in The Edge Singapore
Good stewardship is fundementally inclusive concept, well within the grasp of any stakeholders who wish to practice it. This article was first published in The Edge on March 21 2016. Reproduced with permission.
Jointly Developed by Stewardship Asia Centre and IMD and principally authored by: Didier Cossin, IMD and Stewardship Asia Centre, Sophie Coughlan, IMD & Ong Boon Hwee, Stewardship Asia Centre
How can a business thrive and sustain growth while enhancing the wealth of its stakeholders and the well-being of the societies in which it operates?
Published in Business Times
This article was first published in The Business Times on May 22 2015. Source: The Business Times © Singapore Press Holdings Limited. Reproduced with permission.
Published in Business Times
This article was first published in The Business Times on May 17 2015. Source: The Business Times © Singapore Press Holdings Limited. Reproduced with permission.
Published in Business Times
This article was first published in The Business Times on May 16 2015. Source: The Business Times © Singapore Press Holdings Limited. Reproduced with permission.