Homepage
PR Newswire
03-09-2014, 07:07 AM
Must make honest money and be compassionate to all stakeholders...
PUBLISHED SEPTEMBER 03, 2014
New capitalism is the new normal, says SID chairman
The drive is for a more altruistic capitalism that meets the needs of all stakeholders. MICHELLE QUAH reports
'Corporate governance goes beyond mere conformance to cover a company's performance. Directors have a duty to ensure that companies perform - and not just keep out of trouble. Performance requires some risk-taking too.'
- Willie Cheng
- FILE PHOTO
BUSINESSES and their boards will have to get used to a new normal, says Singapore Institute of Directors (SID) chairman Willie Cheng, as the world welcomes the advent of a new form of capitalism.
"New capitalism" - the basis for the theme of the SID Directors' Conference 2014 on Wednesday this week at Marina Bay Sands - can be loosely described as a more altruistic form of traditional capitalism: one that isn't just focused on maximising shareholder value for a business but on meeting the needs of all its stakeholders.
Speaking to The Business Times on this development, ahead of the conference, Mr Cheng noted that the drive for a new capitalism has come on many fronts, because "the current state of capitalism is increasingly unacceptable".
He points out that capitalism, as we know it today, has had many unintended consequences: huge income inequalities, irreversible environmental damage, the global financial crisis, and so on.
PUBLISHED SEPTEMBER 03, 2014
New capitalism is the new normal, says SID chairman
The drive is for a more altruistic capitalism that meets the needs of all stakeholders. MICHELLE QUAH reports
'Corporate governance goes beyond mere conformance to cover a company's performance. Directors have a duty to ensure that companies perform - and not just keep out of trouble. Performance requires some risk-taking too.'
- Willie Cheng
- FILE PHOTO
BUSINESSES and their boards will have to get used to a new normal, says Singapore Institute of Directors (SID) chairman Willie Cheng, as the world welcomes the advent of a new form of capitalism.
"New capitalism" - the basis for the theme of the SID Directors' Conference 2014 on Wednesday this week at Marina Bay Sands - can be loosely described as a more altruistic form of traditional capitalism: one that isn't just focused on maximising shareholder value for a business but on meeting the needs of all its stakeholders.
Speaking to The Business Times on this development, ahead of the conference, Mr Cheng noted that the drive for a new capitalism has come on many fronts, because "the current state of capitalism is increasingly unacceptable".
He points out that capitalism, as we know it today, has had many unintended consequences: huge income inequalities, irreversible environmental damage, the global financial crisis, and so on.