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The 5 Impact Areas
Between October 2021 and September 2022, the AfA-CP came together to co-develop and co-design the principles, practices and indicators as part of the Corporate Purpose Framework and Blueprint and recommend actions to ecosystem actors to create an enabling environment, including policies that would help enhance Singapore’s economic competitiveness and future readiness through purpose-driven companies committed to making a positive impact across the people, society, environment, governance and economic dimensions.
Throughout the year-long endeavour, members of the AfA-CP engaged in:
(a)six (6) facilitated engagement sessions between October 2021 and July 2022;
(b)the Leadership Dialogue on Corporate Purpose held in January 2022;
(c)an online dialogue with the business community in May 2022
(d)regular consultation with project advisors and resource members. Outreach sessions with partners including the Singapore Business Federation (SBF) Young Business Leaders Network were also held to seek feedback from the larger business community.
Understanding the 5 Impact Areas
People
- Refers to individuals directlv affected by the company’s operations.
- Alignment of personal and corporate purpose will improve talent attraction and retention. Iabour productivity and business growth.
Society
- Refers to broader stakeholders who are indirectly impacted by company activities.
- Companies have to consider the impact of their activities on society, and how they can bridge the existing gaps in society.
E.g. Local communities in proximity of which the factories are located
Governance
- Refers to the rules, practices, and processes for directing and controlling an organisation.
- Key principles of good governance include accountability, transparency, fairness and responsibility.
E.g. Board oversight on corporate purpose
Environment
- Refers to sustainable use of natural resources and climate action.
- Companies can improve practices to manage their environmental impact, as well as the associated risks and opportunities to both businesses and society.
E.g. Greenhouse gas emissions and decarbonisation goals
Economic
- Refers to programmes, policies or activities that improve the economic well-being and quality of life for a community.
- Sustained and inclusive economic growth can drive progress, create decent jobs and improve living standards, building strong communities, industries, and markets.
E.g. Creating and sustaining jobs and enabling new businessess
