Close to 300 Purpose-Driven Businesses Honoured at NVPC’s Company of Good Conferment 2024

The National Volunteer and Philanthropy Centre (NVPC) hosted its Company of Good (COG) Conferment ceremony today at the Raffles City Convention Centre, recognizing 290 organizations for their commitment to holistic impact in Singapore. Over 400 distinguished guests attended the event, celebrating the milestone in NVPC’s enhanced COG Recognition System. This new framework evaluates companies beyond traditional metrics on corporate giving, assessing their progress and impact across Corporate Purpose and five key areas: People, Society, Governance, Environment, and Economic.

Deputy Prime Minister Heng Swee Keat graced the ceremony as the guest of honor, conferring the Champions of Good recognition to 78 organizations. Minister of State for the Ministry of Home Affairs & Ministry of Social and Family Development, Sun Xueling, also attended as a special guest, presenting the Companies of Good — 3 Hearts recognition to 92 organizations.

The event marked the unveiling of the Company of Good 2024 Cohort Report, showcasing significant advancements in the adoption and integration of Corporate Purpose. An impressive 99% of the cohort articulated a Corporate Purpose, demonstrating a strong collective impact.

Enhanced COG Recognition System

Under the Company of Good 2.0 strategy, NVPC has enhanced its national-level corporate recognition system to be more holistic and inclusive. The 2024 conferment is the first to acknowledge purpose-driven businesses, moving beyond corporate giving to recognize contributions across five impact areas. This system was designed with principles of harmonization, inclusivity, and progression, encouraging continuous improvement.

Input for the enhanced recognition system was gathered from a multisector panel, including academic experts and ecosystem partners like the National Council of Social Service (NCSS), Singapore Business Federation (SBF), Singapore Institute of Directors (SID), Singapore National Employers Federation (SNEF), and UN Global Compact Network Singapore (GCNS). This year saw a significant increase in recognized companies, with 290 organizations conferred, more than double the number in 2022. Among these, 78 were named Champions of Good, 92 received the Companies of Good — 3 Hearts recognition, 39 were awarded Companies of Good — 2 Hearts, and 81 earned Companies of Good — 1 Heart.

Highlighting Exemplary SMEs

This year’s conferment saw a notable rise in SME participation, with 155 SMEs recognized, nearly four times more than the previous model. These SMEs span diverse sectors, including finance, F&B, energy, retail, fashion, healthcare, and services.

One such SME is Social Gifting, a social enterprise redefining gift-giving through partnerships with organizations like SPD and SG Enable. They provide employment for at-risk individuals and people with special needs while promoting responsible consumption through upcycled gifts. Social Gifting presented mosaic art pieces to the guest of honor and special guest as tokens of appreciation, handcrafted by Gareth Ng, a talented teenager with autism.

Another exemplary SME, Wholesome Savour, blends social responsibility and sustainability with their healthy food business. They champion inclusivity by hiring inmates and persons with disabilities (PWDs) and contribute to community nutrition and health education programs. Their commitment extends to sustainable practices and partnerships with healthcare groups, aligning with broader societal goals for a more sustainable and healthy Singapore.

Unveiling the 2024 Cohort Report

The COG 2024 Cohort Report revealed key findings across Corporate Purpose and the five impact areas:

• Corporate Purpose: 99% of companies articulated or are in the process of articulating their Corporate Purpose.
• People: The cohort collectively invested 7.2 million hours in training and upskilling employees.
• Society: Combined donations totaled nearly $323 million, with close to 800,000 volunteer hours.
• Environment: 95 companies invested in research and development to reduce their environmental impact.
• Governance: On average, 65% of employees attended at least one form of governance training.
• Economic: The cohort’s financial investment in local businesses amounted to approximately $10 billion.

Extension of the DBS Business for Impact Banking Package

The event also announced the extension of the DBS Business for Impact (BFI) Banking Package to eligible SMEs recognized as Companies of Good and Champions of Good. This package addresses the banking needs of purpose-driven businesses, offering multi-currency accounts with fee waivers, preferential insurance rates, access to working capital loans, and programs in digitalization and skills development.

DBS, the first bank to introduce a dedicated banking package for social enterprises in 2009, continues to support purpose-driven businesses through the DBS Foundation. Established in 2014, the foundation has provided grants and support to over 140 social enterprises and SMEs, helping them scale their impact.

This extension is the result of collaboration between NVPC, the Singapore Business Federation, and DBS. The announcement was made alongside other NVPC initiatives aimed at propelling SMEs along their Corporate Purpose journey, such as the Grow with Purpose program with ABR Holdings and SaladStop!, and a sustainable procurement pilot with Sodexo.