The traditional definitions and methods of corporate social responsibility (CSR) and meeting social needs have been turned on their heads in the light of the past year’s global economic crisis. When even firms with CSR programmes slide into the red and file for bankruptcy, it is no wonder that a re-think is needed on social models, the method of meeting social needs and what it really means to be a socially responsible corporate citizen.
For Ho Kwon Ping, chairman of SMU and executive chairman of Banyan Tree Holdings, one thing is clear. If he had the chance to remodel Singapore society, he would re-write the fundamental mission of businesses. It is now time for businesses to change the way they define “value”, said Ho at Social Space Think Fest 2009, a conference organised by SMU’s Lien Centre for Social Innovation.
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