DECODED

Asia's social sector takes on Covid-19

Our DECODED series unpacks, explains and crystallizes issues critical for social investment in Asia. DECODED draws upon CAPS’ expertise in research, and access to an extensive network of sector experts and philanthropists in 18 Asian economies. This enables us to identify emerging trends in the region. Through DECODED, we translate these concepts into bite-sized, easy-to-understand insights.

This inaugural DECODED synthesizes how the social sector across Asia has risen to the occasion in responding to Covid-19, and what comes next. We end with recommendations for philanthropists, corporates and policymakers who want to invest in helping Asia’s social sectors thrive.

Global Philanthropy Report: Perspectives on the global foundation sector

John F. Kennedy School of Government, Harvard University

This report seeks to create a knowledge base for institutional philanthropy. Wealthy individuals, families and corporations are looking to invest more strategically and maximize impact. The report highlights how financial resources are being deployed to do good, identifies priority areas for investment and operational approaches of grant makers. Insights from Asian research partners in China, Hong Kong and India are provided. Read it here.

CAPS Spotlight: Who’s Doing Good

02 March 2021 - 15 March 2021

In the latest for South China Morning Post, CAPS explains how China achieved its poverty alleviation goal by seasoning its ‘stone soup’ strategy. On February 25th, Xi Jinping announced that his signature campaign to eliminate absolute poverty was a success. CAPS’ Chief Executive Ruth Shapiro and Deputy Director of Advisory Services Angel Lin give insight into the four strategies—a focused campaign, aligned incentives, tracking poverty, and mobilizing resources—that helped China achieve this audacious goal. Continue reading in the South China Morning Post →

Family philanthropy in India has tripled since 2019, according to latest India Philanthropy Report. While other sources of private funding—foreign, corporate, and retail—remained stagnant, funding from individual philanthropists grew to approximately INR 12,000 crore (approximately US$1.7 billion) in FY2020. This accounts for almost two-thirds of the increase in funding during the pandemic. This rise in individual giving is welcome, as foreign funding saw its share of overall funding fall to 25% and corporate funding is set to decline. Continue reading in the Business World →

Singapore’s Temasek Holdings commits US$500 million to impact investing specialist LeapFrog Investments. This allocation by Temasek, the US$214 billion Singapore state-backed investment company, is the largest single commitment to a specialist impact investment manager, according to the Global Impact Investing Network (GIIN). Temasek hopes its commitment will encourage other large institutional investors to move into impact investing. Continue reading in the Financial Times →

Newly published report estimates 1 million social enterprises across South East Asia. The State of Social Enterprise in South East Asia, launched earlier this month by the British Council, collates research on social enterprises from Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The report examines social enterprises’ activities, size and reach, as well as available government and financial support. CAPS also estimated there to be at least 1.2 million social enterprises in the six economies covered in Business for Good: Maximizing the Value of Social Enterprises in Asia. Continue reading in Pioneers Post →

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

18 January 2021 - 03 February 2021

BRAC, the world’s largest NGO, rethinks its future. As Covid-19 continues to restrict its ability to work outside of Bangladesh, BRAC is aiming to expand its partnerships and engage more in advocacy work to scale its impact. The NGO’s shift to focus on capacity building and policy shines light on what the future of development work may look like after Covid-19. Others in the space, such as Oxfam, also foresee a shift to a partnership model rather than a direct delivery model. Continue reading in Devex →

Companies ranging from global brands to small businesses are offering pandemic aid to Thailand’s migrant workers. After the country’s recent spike in coronavirus cases, companies have stepped up to provide immediate supplies for migrant workers, who are mostly from Myanmar. CP Foods, Thai Union Group, and Osotspa have donated food and drink supplies, alongside global brands like PepsiCo and Mars. True Corp also joined the effort by donating mobile phone SIM cards to provide internet access for the migrant worker community. Continue reading in Reuters →

For Indian companies, spending on vaccine campaigns will count as CSR. The Ministry of Corporate Affairs declared that expenditure by Indian companies on awareness campaigns around the Covid-19 vaccination rollout could be counted towards their mandated CSR. Corporate spending on vaccine research and development as well as medical devices will also qualify. With these new changes, corporates are now lobbying for the vaccination of employees to also be included under the umbrella of CSR spending. Continue reading in India CSR →

Chinese philanthropy takes new shape amidst the Covid-19 pandemic. During the first half of 2020, Chinese philanthropists contributed more than US$2.82 billion to fight Covid-19. According to the report, Pandemic Philanthropy: Exploring Chinese Donors’ Embrace of Covid-19 R&D Funding, the pandemic spurred a shift in philanthropic giving from providing physical goods to focusing on research and development. This report discusses this welcome trend of investing in longer-terms needs, as well as other notable shifts in Chinese philanthropy during the pandemic. Continue reading in The Nonprofit Times →

The Philippines’ PLDT is bridging the digital divide in education’s new normal. In 2016, Smart Communications, a subsidiary of PLDT, launched “School-in-a-Bag”, a portable digital classroom designed to facilitate learning in remote areas using mobile technology. Each kit contains a laptop for the teacher, 20 tablets for students that can access interactive apps offline, and a Smart LTE pocket WiFi for teachers to download additional content. As kids rely even more on digital technology to continue learning in the pandemic, PLDT has donated an additional 86 digital classroom kits to the Department of Education this school year. Since its launch, the “School-in-a-Bag” kits have reached 80,000 students and 2,000 teachers across the Philippines. Continue reading in the Manila Standard →

The Jennifer Yu Cheng Girls Impact Foundation was recently launched to educate and empower schoolgirls in Greater China to become leaders in a digitalized economy. The new charity was launched by Jennifer Yu Cheng, executive director of Chow Tai Fook and wife of Adrian Cheng, executive vice-chairman and chief executive of New World Development. The foundation will partner with NGOs and other institutions to extend scholarships to teenage girls in underprivileged communities, starting with China’s Guizhou province. The foundation will also work to empower girls in Hong Kong with improved tech skills and wider exposure to science, technology, engineering, and mathematics (STEM) programs. Continue reading in the South China Morning Post →

Azim Premji sells shares worth Rs 9,000 crore in buyback, benefitting his two philanthropic trusts. The Azim Premji Trust and Azim Premji Philanthropic Initiatives will earn Rs 7,807 crore (over US$1 billion) from this, making them one of the largest charitable trusts in the region. Both organizations focus on education, nutrition, and issues related to vulnerable groups including street children, people with disabilities, and survivors of domestic violence. Continue reading in the Times of India →

Have a story to share? Contact us at research@caps.org.

2021: Reflections and Outlook

13 January 2021

We welcome 2021 with hope, not only for successful vaccination programs, but also for a year of recovery and rebuilding.

The social sector—nonprofits, social enterprises, and private and corporate philanthropists—were critical partners as economies across Asia tried to contain the fallout from a multi-faceted crisis in 2020. In addition to the pandemic, Asia was hit with some of the worst natural disasters to date and saw waves of civil unrest from Hong Kong to Thailand to India. We summarize this response below. In a forthcoming paper, we will explore the impact Covid-19 had on social delivery organizations and how they responded. Meanwhile, we wanted to bring you a summary of the unprecedented corporate response to meet the urgent needs of society that the pandemic precipitated.

 

After the initial coronavirus outbreak in China, there was an immediate response from Chinese philanthropists and tech giants. Jack Ma was one of the first movers with a US$14.4 million donation for vaccine development, alongside donations from Alibaba, Baidu, Tencent, Huawei, and ByteDance. The Bill & Melinda Gates Foundation was also an early mover, escalating its contributions as the year went on.

As Covid spread to other countries in early March, donations and support ramped up across the region. Familiar names in philanthropy (Li Ka Shing, Ratan Tata and Azim Premji, to name a few) donated large sums. Some unfamiliar names cropped up, such as Kakao founder Kim Beom-su. And other Asian philanthropists began to send aid to the US and Europe as needs shifted.

When the coronavirus was declared a pandemic in March 2020, CSR quickly took new shape, and some companies set up their own Covid-19 relief funds, including Alibaba (US$144 million), Tencent (US$100 million), Sony (US$100 million), Bajaj Group (US$14 million), and Godrej Group (US$7 million).

A number of ‘Prime Minister Relief Funds’ or similar taskforces were set up—and in turn, companies were encouraged to donate to them. This includes India, Malaysia, Indonesia, Bangladesh, and Pakistan. India’s Ministry of Corporate Affairs announced that the spending of CSR funds towards Covid-19 initiatives would be counted as CSR activity under the Companies Act.

Donations were also channeled to public health research and vaccine development. China Vanke Co donated US$748 million to Tsinghua University to establish the Vanke School of Public Health. Uniqlo’s Tadashi Yanai donated US$93 million to Kyoto University for vaccine research.

Companies also took a “not business as usual” approach by pivoting their production lines or launching new operations to make medical supplies. This includes Japanese companies Sony, Toyota, Suntory, Mitsubishi Motors, Fast Retailing, and Shiseido, as well as Vingroup (Vietnam), Indorama Ventures (Thailand), Reliance (India), and New World Development (Hong Kong). Other companies donated their own F&B products to assuage food insecurity.

Major banks offered financial relief measures. Owners of major malls in the Philippines and Thailand offered rent relief for their tenants. Some companies diverted their advertising budgets for relief efforts or awareness-raising campaigns.

As the pandemic upended education globally, businesses stepped in to help bridge the digital divide. Companies provided digital tools (i.e., mobile phones and software), improved internet access for students, and offered digital literacy training. Mi India donated smartphones to students in under-resourced communities through Teach for India. PLDT teamed up with schools, Microsoft, and Google to make digital solutions more accessible for the education sector in the Philippines. Tencent leveraged their online learning platform to make online teaching accessible for 20 million students within a matter of days.

While these are just a few examples of how corporates rose to the occasion in 2020, it also underscores the need for even greater private social investment this year. But what might 2021 look like?

1.    Despite exacerbated CSR budgets, there will be growing political and social pressure on corporates to give more and do more.

2.    During Covid, many corporates leveraged the reach of and trust in nonprofits to distribute resources to those most in need. We expect this to continue as the social sector is well positioned to help maximize the reach and impact of CSR.

3.    Public-private partnerships (PPPs) will continue to grow in number and importance as economies focus on vaccine distribution and rebuilding. We also expect there to be an uptick in what we call “PPPs for social good” as the pandemic has exacerbated inequities in income, education, and other areas.

With increased corporate support in 2020, we are cautiously optimistic that they will continue to play a more active role alongside government and the social sector. As we monitor these developments, we will keep you apprised through our upcoming newsletters and research reports.

Best wishes for the year ahead!

The CAPS Team

China Social Enterprise and Social Investment Landscape Report 2019

Social Sciences Academic Press

This report, jointly launched by China Social Enterprise and Impact Investment Forum (CSEIF) and Narada Foundation, depicts the fast-growing social investment landscape in China. Findings are based on surveys and data collected on four key components of the ecosystem: social enterprises, social investors, supporting intermediaries, and enabling policies. The report discusses the challenges, opportunities and trends observed in this field. Read it here.

Who’s Doing Good

13 October 2020 - 26 October 2020

THE GIVERS

Ramon Ang recognized for Covid-19 response efforts at the Asia CEO Awards 2020. San Miguel Corporation (SMC) president and chief operating officer Ramon Ang was given the Lifetime Contributor Award at the Asia CEO Awards 2020, the largest business awards event in Southeast Asia. Ang was recognized for both his long-term contributions to the Philippines and his response to the Covid-19 pandemic. Ang has been at the helm of SMC’s outreach program, which has distributed over Php13.180 billion (approximately US$273 million) in aid during the pandemic. SMC also spearheaded blood donation drives, built temporary quarantine facilities, distributed RT-PCR machines and test kits, and donated food and medical equipment. In addition, the company pivoted its business by repurposing liquor plants to manufacture alcohol disinfectant, and has recently announced the creation of the RSA Foundation to build a hospital specializing in infectious disease research. Despite the economic downturn, SMC has committed to continuing its current infrastructure projects and environmental programs focused on rehabilitating the Tullahan-Tinajeros River and the mangroves around Bulacan and Central Luzon.

THE NONPROFITS

An analysis of Chinese charitable trusts in 2020: pandemic-driven development. In the first half of 2020, 142 new charitable trusts were established in China, surpassing the usual figures for a whole year. The total assets of these newcomers reached ¥263 million (approximately US$40 million). These new trusts have played an important role in aiding the prevention and control of Covid-19. Although most have been set up for short-term pandemic-relief, many are also working in poverty alleviation, education, and other development areas. This surge in trusts comes from organizations that want to contribute to pandemic relief establishing charitable trusts, since the trust structure offers greater flexibility and more robust supervision. Yet they also have shortcomings: charitable trusts have yet to receive any concrete, preferential tax policies. 

THE BUSINESSES

China recruits Korean conglomerate to advise on ESG. Bloomberg reports on Beijing’s recent efforts to push companies to make ESG disclosures. Beijing recently tapped SK Group to help accelerate these efforts, since the Korean conglomerate has been leading ESG adoption in Asia. SK said it will team up with China’s State-owned Assets Supervision and Administration Commission (SASAC), which oversees the country’s government-run companies, to jointly establish a lab in Beijing to study and develop rating methods for ESG practices. While China has pledged to make its nearly 4,000 listed corporates publish ESG metrics by the end of this year, progress has been lagging. But with Covid-19 spurring inflows into ESG-related assets, there is greater imperative for companies to improve their ESG practices in order to access a share of the trillions of dollars currently invested in the ESG arena.

Nando’s Malaysia launches food donation program to help those in need while tackling excess food issues. Last week we reported on companies and nonprofits in Singapore working to bridge the food waste and food insecurity gap. As food insecurity worsens amidst the Covid-19 pandemic, similar initiatives have emerged across the region. In Malaysia, Nando’s has launched a food donation program “No Chuckin Our Chicken”, in conjunction with its ongoing community outreach efforts. The program allows the company to eliminate food wastage, while continuing to improve food supply and security for communities in need. The program involves 11 Nando’s outlets across Malaysia that have partnered with Kechara Soup Kitchen, The Lost Food Project, Malaysia Relief Agency Sabah, and other organizations. Throughout the pandemic, Nando’s Malaysia has collectively delivered MYR135,000 (approximately US$33,000) worth of food and supplies to local communities with the help of 17 charity partners. The “No Chuckin Our Chicken” program will be a permanent ongoing effort.

Uniqlo helps over 10,000 people through partnership with charity: water. Japanese fashion company Uniqlo is helping more than 10,000 people across India, Cambodia, Malawi, and Madagascar attain clean and drinkable water through its partnership with nonprofit charity: water. Uniqlo agreed to donate the proceeds of its €0.10 fee for paper bags at its stores to raise funds for the charity and reduce single-use plastic bags. The partnership will fund four different clean water solutions, two of which are in Asia: rainwater harvesting tanks in the Thar Desert in India and bio-sand filters in homes and schools in Cambodia.

THE INNOVATORS

NGO People In Need Cambodia and ArrowDot partner to develop tech solutions for disaster prevention. In 2013, People In Need Cambodia launched its Early Warning System 1294, a mobile phone-based public alert system for natural disasters. The nonprofit recently came up with the idea for Tep Machcha, a solar-powered device that gauges water levels and monitors the data to make reliable predictions of weather events. It partnered with ArrowDot, an IoT solutions company, to design, manufacture, and install the device in flood-prone areas—so far, 43 Tep Machcha devices have been installed nationwide. If water levels reach a dangerous depth, the online server sends a warning to the Provincial Committee for Disaster Management (PCDM), which then sends mobile alerts to over 100,000 citizens enrolled in the Early Warning System 1294. The development and implementation of this tech-enabled solution offers an example of how the private sector can help accelerate innovation in the social sector.

Bridging the credit gap for India’s impact enterprises. Impact investors have committed around US$11 billion in impact capital in India in the past decade, and US$2.7 billion last year alone. However, more than 70% of these commitments are in the form of equity, and debt capital remains in short supply. For India’s two million social enterprises, this lack of access to credit and working capital is hindering the growth of the sector. In a new report, India Impact Investing Council and Bridgespan detail the barriers enterprises face in accessing credit, including perceived risk, unproven business models, and slim or no credit files. The report advocates for customizable tools including collateral-based senior debt, unsecured junior debt, quasi-equity, and grant-based finance to bridge the gap. The report also points out a strong need and opportunity for foundations to support the build out of debt financing, particularly for overlooked sectors like agriculture and healthcare. CAPS’ Business for Good study also speaks to the dearth of financing options for budding social enterprises, and urges impact investors to consider deploying their investment capital through a range of asset classes.

We’d also like to hear from you. How is your organization responding to Covid-19? Email us your stories at research@caps.org

Who’s Doing Good

15 September 2020 - 28 September 2020

THE GIVERS

Philanthropists in Indonesia rally to support arts during crisis. Indonesia’s philanthropists are calling upon their peers to support the arts during Covid-19, pointing to the creative industry’s role in propping up regional economies across the country. However, Indonesian Arts Coalition board executive Linda Hoemar Abidin points out that there are a number of regulatory bottlenecks that prevent corporate and individual philanthropists from donating to the sector. One example is that only up to 5% of corporate income is eligible for tax deductions for charitable donations. CAPS’ Doing Good Index 2020 found that Indonesia has one of the lowest limits on eligible income, virtually cancelling out the incentivizing effect of tax deductions. The former finance minister suggested allowing wider tax breaks as part of the government’s super deduction tax program—issued last year—to encourage businesses and philanthropists to fund the creative industry. The super tax deduction initiative offers a major tax cut of up to 300% aimed at boosting investment, research and development, and the participation of businesses in improving Indonesia’s human resources.

Hong Kong’s richest man steps up donations amid downturn. Li Ka-shing’s charity is donating HK$170 million (US$22 million) to four local universities to further aid the city, which has been battered by political turmoil, Covid-19, and an economic downturn. The donation will be used to help establish biochemistry, biomedical, and sustainable technology research facilities, as well as artificial intelligence learning and teaching solutions. In a statement from the charity, Li said that he made the donation “to advance education excellence amidst uncertainties.” Li has already given away at least US$206 million in the past year to local universities, small businesses, and medical services in Hong Kong amidst the Covid-19 pandemic.

Tencent co-founder Charles Chen’s Yidan Prize unveils 2020 award winners. The Yidan Prize Foundation, a global philanthropic education foundation set up by Charles Chen, announced the winners of its 2020 Yidan Prize. The prize recognizes individuals and teams who have contributed significantly to education research and education development. This year the Yidan Prize for Education Research will be awarded to Stanford University Professor Carl Weiman. The Yidan Prize for Education Development will be awarded to Lucy Lake and Angeline Murimirwa from the Campaign for Female Education. Charles Chen lauded the laureates in a statement, “The outstanding achievements and commitment of this year’s laureates demonstrate that in a post-pandemic world, education continues to be of vital importance to solving future problems and creating positive change in individuals, communities, and the environment.” 

THE BUSINESSES

Walmart Foundation announces two new grants to help India’s smallholder farmers. The philanthropy arm of retail giant Walmart announced two new grants totaling US$4.5 million to help improve farmer livelihoods in India. Specifically, the grants will help two NGOs, Tanager and PRADAN, to scale their efforts in helping farmers. Tanager will receiver over US$2.6 million to extend its Farmer Market Readiness Program and help farmers in Andhra Pradesh. PRADAN will receive US$1.9 million to launch its Livelihood Enhancement through Market Access and Women Empowerment (LEAP) program in West Bengal, Odisha, and Jharkhand in eastern India. These two grants are part of a commitment Walmart made in September 2018 to invest US$25 million over five years for improving farmer livelihoods in India. 

Citi steps up its commitment to youth employment, skills development, and innovation across Asia Pacific. Citi and the Citi Foundation will collectively invest US$35 million in philanthropic contributions and grants by 2023 to improve the employability of youth from low-income and underserved communities in Asia. The bank will also offer 6,000 jobs and 60,000 skills training opportunities for young people at Citi Asia over the next three years. This regional commitment is part of Citi’s expanded global “Pathways to Progress” initiative, which is designed to equip young people with the skills and confidence to improve their employment and entrepreneurship opportunities and make a positive impact in their communities.

Swire Group’s “TrustTomorrow” pledges HK$14 million (approximately US$2 million) for community funding. The TrustTomorrow initiative will fund relief support, benefitting over 100,000 people in Hong Kong through 85 organizations. The initiative aims to support vulnerable groups most affected by the pandemic through efforts focused on food, hygiene, family wellbeing, and social capital. The initiative will also focus on strengthening NGOs during the pandemic by offering in-depth auditing to evaluate where they stand in terms of their digital strategy and what gaps to fill to strengthen their services and operations. TrustTomorrow is larger than just pandemic relief efforts though: the long-term vision of the program is to bring lasting benefits and opportunities to “build a better tomorrow for Hong Kong”. This includes supporting areas such as education, marine conservation, and the arts.

Singapore sovereign wealth fund Temasek invests in sustainable water fund. A clean-water venture capital fund from clean technology investor Emerald Technology Ventures has attracted US$100 million in commitments. Singapore’s sovereign wealth fund Temasek is the cornerstone investor, joined by Microsoft, water technology firm SKion Water, water provider Ecolab, and others. The fund is also supported by Enterprise Singapore, a government agency. The fund will invest in early- to expansion-stage businesses that address water challenges around the world. This includes financing technologies that conserve water resources, support sustainable cities, improve resource efficiency, adapt to climate change, and reduce health risks. Emerald Technology Ventures is expanding in the Asia-Pacific region. It opened a Singapore office last year to house a water technology incubator to support local companies.

THE NONPROFITS

Singapore to help charities go digital, boost transparency. Singapore plans to roll out three initiatives later this year to help charities strengthen their digital capability, regulatory compliance, and transparency. First, the Charities GoDigital Kit will be launched to help charities build their digital capacity during the Covid-19 pandemic. Second, the Ministry of Culture, Community and Youth will revise and publish a new transparency framework that helps charities of different sizes define their policy and approach to transparency—ultimately helping them build trust with donors and stakeholders. Third, the Institute of Singapore Chartered Accountants, Law Society Pro Bono Services, and Shared Services for Charities have been added to a list of partners who help charities in Singapore access IT solutions, recruit talent, and file annual reports and financial statements at low or no cost. Offering these shared services will help enable charities to be more transparent and productive by allowing them to outsource this work and focus on their activities and programs.

IN OTHER NEWS…

Amnesty suspends India operations after accounts are frozen. Financial Times reports on how Amnesty International is suspending its operations in India after the government has frozen its bank account. Amnesty has had to halt its work and lay off 140 Indian staff members. The Enforcement Directorate, the agency responsible for freezing Amnesty’s bank accounts, has yet to make a statement.

FCRA amendments hurt India’s development and democracy. In her op-ed for Bloomberg, Ingrid Srinath, founding director of the Centre for Social Impact and Philanthropy at Ashoka University, discusses how amendments to India’s Foreign Contribution Regulation Act (FCRA) pose potential hazards to development and democracy in India. Srinath focuses on four of the proposed amendments: the ban on regranting FCRA funds to other FCRA registered organizations; the 20% cap on ‘overhead’ spending; the requirement to provide Aadhaar details of board members and senior functionaries; and the mandate to route all FCRA funds through the State Bank of India, New Delhi. She warns how these amendments could hinder collaboration—a cornerstone of India’s Covid-19 relief efforts—as well as talent recruitment, innovation, and impact measurement in the sector. These amendments will also increase the regulatory burden for social sector organizations, therefore disadvantaging smaller, rural, and grassroots nonprofits. Noshir Dadrawala at the Centre for Advancement of Philanthropy also explains the proposed changes in more detail in this article. CAPS’ Doing Good Index 2020 also found that growing oversight of nonprofits receiving foreign funding is having a dampening effect on the sector. 

We’d also like to hear from you. How is your organization responding to Covid-19? Email us your stories at research@caps.org

Step Back for Advancing: Exploration and Practices of Chinese Foundations in Childhood Education

China Global Philanthropy Institute

In 2017, over 2,000 foundations in China carried out nearly 6,800 philanthropic programs in the field of childhood education. This report provides background on the current situation and policy environment in this field, and analyzes the features of these programs, their impact and future development trends. It also includes 12 in-depth case studies of innovative programs. Read it here: English, Chinese.

China’s Most Generous: Examining Trends in Contemporary Chinese Philanthropy

Ash Center for Democratic Governance and Innovation, Harvard Kennedy School

This report is part of the Harvard Kennedy School Ash Center’s China Philanthropy Project series. It provides information on China’s philanthropic landscape by studying the makeup and giving choices of China’s most generous individuals and corporates. It reveals trends of large-scale giving, and highlights four ranked lists including the top 100 individual donors and top 100 donors from corporations and other organizations. Read it here.