India’s most respected business tycoons attend The Economic Times Family Business Awards. At the second annual ceremony, those who received an award shed light on their family businesses’ key to success. Shekhar Bajaj, chairman and managing director of Bajaj Electricals, highlighted the importance of exercising leadership by example. Arun Bharat Ram, chairman of SRF, noted the importance of governance structure and cohesion. Vinati Saraf, managing director and CEO of Vinati Organics, brought attention to the need to recognize the role of women, and her message was echoed by Rafique Abdul Malik, chairman of Metro Shoes. At large, many agreed that giving back to society was a key element to their family businesses, as Yusuf Hamied, chairman of Cipla, stated, “Success doesn’t make a company, an individual, or a family great. What matters is the social contribution.”
China’s philanthropy booming alongside the growth of billionaires. From 2010 to 2016, donations from the top 100 philanthropists in China more than tripled, reaching US$4.6 billion. In 2016, the National People’s Congress (NPC) enacted the Charity Law, attempting to add transparency and accountability to the broader social sector. The article also notes that Chinese philanthropic foundations now function more like traditional for-profit enterprises with specialized management teams that operate under strict guidelines. The concept of philanthropy is a cornerstone to Chinese culture, revered throughout Confucian texts, and now, the growing number of billionaire philanthropists is trailblazing a new path for more impactful philanthropic giving by expanding the volumes and areas for charitable support.
President Arif Alvi calls on Pakistani businesses to engage in CSR work. At the 11th International Corporate Social Responsibility Summit and Awards organized by the National Forum for Environment and Health, Pakistan President Arif Alvi highlighted the need for legislating regulations that bind the local corporate sector to commit a minimum of 1% of annual profits to projects in health, education, and social development. Alvi’s message closely resembles and mirrors a trend first set by the Indian government, which requires large companies to spend at least 2% of their profits for CSR.
Bain report on digital philanthropy in China raises six questions for stakeholders to consider when developing digital strategies. Digital philanthropy has grown precipitously over the past decade, and online fundraising platforms have made individual giving easier and more accessible. Beyond the oft-reported Tencent and Alibaba and their control of 90% of China’s online fundraising, new players are diversifying the digital philanthropy landscape, including China’s two largest banks, Bank of China and Industrial and Commercial Bank of China, which obtained approval to operate online donation platforms last year. The report highlights the need to pursue digital opportunities and six key areas organizations should consider when developing their digital strategies.
Malaysian nonprofit opens “The Big Heart” learning center. The Dignity for Children Foundation (DFCF) was founded in 1998 by Elisha Satvinder and his wife Petrina to educate and train impoverished children and refugee youth in urban Kuala Lumpur. The Sharjah-based Big Heart Foundation, in collaboration with the United Nations High Commissioner for Refugees, organizes the annual Sharjah International Award for Refugee Advocacy and Support. In the 2018 edition last April, DFCF won and received an award of AED 500,000 (approximately US$136,000). At the awards ceremony, Sharjah ruler Sultan Bin Muhammad Al Qasimi donated an additional US$1 million to DFCF, which was used to expand its flagship project, the Urban Youth Education Village, into the organization’s newly opened learning center, “The Big Heart.”
Google set to fund a 10MW solar farm in Taiwan, its first renewable project in Asia. As the largest corporate buyer of renewable energy in the world, Google is funding a solar farm of 40,000 solar panels in Tainan City to compensate for the energy consumed by its nearby data center. Google has been lobbying the Taiwanese government for years, trying to permit non-utility companies to purchase renewable energy from producers directly. Ultimately, amendments in 2017 to the country’s energy regulations gave the green light for Google’s first renewable project in Asia. While the 10MW solar farm in Tainan City will not measure up to the full consumption of Google’s data center, this renewable project and its preceding lobbying efforts will pave the way for more clean energy projects to come in the region.
US$225 million raised from AC Energy’s maiden green bond issuance will bankroll renewable energy portfolio expansion. The energy platform of the Philippines’ Ayala conglomerate, AC Energy, issued its inaugural senior green bonds, a drawdown from the recently established US$1 billion medium-term note program. The bonds are certified by the Climate Bonds Initiative (CBI), and they will be the first publicly syndicated CBI-certified dollar-denominated green bond in Southeast Asia. On the US$225 million successfully raised, AC Energy chairman, Fernando Zobel de Ayala, expressed, “We are very pleased to see the success of our maiden green bond. This will enable AC Energy to scale up its renewable energy investments in the region.”
Tata Trusts and New America launch blueprint for blockchain and social innovation. New America’s Blockchain Trust Accelerator and the Tata Trusts publicly announced at the Global Blockchain Business Council their ambitious blueprint for blockchain and social innovation. The blueprint outlines practical examples of blockchain projects that can be translated to the social impact and government technology arena. It also brings attention to efforts on part of governments to embrace blockchain, highlighting ways in which blockchain can contribute to social good, social justice, broad-based economic participation, and enhanced trust in the public square. Blockchain was one of the most cited words at last year’s World Economic Forum, and projects like this blueprint are proving that blockchain is quickly gaining interest and support within the social innovation space as well.
“eMpowering Youths Across ASEAN” workshop fosters the growth of young regional entrepreneurs. The ASEAN Foundation and the Maybank Foundation held a five-day workshop to train 100 Southeast Asian entrepreneurs in program development and field-work. These young entrepreneurs will be implementing pilot programs that provide social and economic benefits and services in Cambodia, Indonesia, and Malaysia. This program was a result of Maybank’s efforts to scale its 2016 program that trained students from top universities in Singapore to a regional level with the goal of empowering the youth and fostering the growth of sustainable development innovation throughout Southeast Asia.