In an insightful panel discussion at the Global Compact Network Singapore (GCNS) Summit 2020, PSA International Group CEO Tan Chong Meng, alongside Temasek International CEO Dilhan Pillay Sandrasegara, shared insights on how companies can engage employees, board members and stakeholders amidst the increasing pressure on businesses to operate responsibly against the backdrop of the COVID-19 pandemic.

The GCNS is the local chapter of the United Nations Global Compact and this year’s virtual summit in October brought together distinguished leaders from Singapore’s Government and business leaders across various industry sectors to discuss how businesses, government and stakeholders can work together can forge a more sustainable future.

One key point that Chong Meng highlighted during his panel is that teamwork and concerted action are crucial to operating sustainability and building a better world. While organisations may have in place efforts to reduce greenhouse gas emissions within their company, single-handed endeavours will not be enough to move the needle.

“I think companies need to step back and say… what am I influencing? Where can I reach out and touch other stakeholders, other sectors who depend on me… and start to take ownership of broader change, because this is a team effort. It is not something where a single episodic change will move the needle… It requires concerted effort,” said Chong Meng.

In the era where businesses are moving away from the idea of maximising profits to achieving long-term sustainable returns instead, it is also important that all stakeholders are aligned with “the right perspective, the right pace and agreed outcomes” to effect sustainable change, said Chong Meng.

To that end, Chong Meng added it would be increasingly crucial for every party to move together towards a common shared goal – companies working in the B2C sphere must bridge the information gap so that consumers downstream can make better choices, while continuously taking up opportunities for recycling and circularity.

Said Chong Meng, “All stakeholders will have to move forward together.”

Businesses should view this journey towards sustainability as an extension of one’s business purpose, Chong Meng added. For PSA, he said, being sustainable goes beyond “building a good port and running a good marine business. It is about helping to build a better world”.