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Businesses should "embrace stewardship to ensure sustainability"

Singapore's corporate sector should embrace the idea of stewardship to ensure sustainability and enhance corporate governance, said Senior Minister of State for Finance and Transport Josephine Teo.

SINGAPORE: Singapore's corporate sector should embrace the idea of stewardship to ensure sustainability and enhance corporate governance, said Senior Minister of State for Finance and Transport Josephine Teo.

Mrs Teo was speaking at the Singapore Corporate Awards Seminar on Monday.

She raised the idea as an extension to the call by President Tony Tan Keng Yam to honour the pioneering generation of Singaporeans by being "stewards of our pioneers' success".

Dr Tan was speaking at the opening of the second session of the 12th Parliament on Friday.

Mrs Teo said the idea of being "stewards of our pioneers' success" is a reminder for our society to continue to thrive.

"We have to see ourselves as some sort of a caretaker for the next generation, seeking benefits not only for ourselves, but also for the people around us and those who will come after us.

"Stewardship has to do with sustainability and its prolonged absence spells the end of any human enterprise," Mrs Teo added.

Company directors' pursuit of excellence in corporate governance signals their strong intent to be good stewards.

As a result, Mrs Teo said the business is more likely to be sustainable, bring benefits to society, and be more deserving of further resources.

She also said that businesses should not see corporate governance as a chore to satisfy the regulators and public.

Instead, they should see it "as part of a culture of doing right" as it will contribute to a well-functioning economic sector.  

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