Social Capital Key To Profits, Growth And Sustainability, Conference Told

SINGAPORE, Oct 3 (Bernama) -- Co-operatives (co-op) in Singapore form an integral part of the social safety net for the local society and more social and economic benefits can be delivered if their business model of resilience and sustainability is applied to wide-ranging industries and across platforms, be it social, charity or private enterprises.

Source from (Bernama): http://www.bernama.com/bernama/v6/newsbusiness.php?id=699424
Published: October 03, 2012

That is the message highlighted at the International Year of Co-operatives (IYC) Regional Conference 2012 held Wednesday.

Chan Chun Sing, Acting Minister, Ministry of Community Development, Youth and Sports, was the Guest of Honour.

Over 800 leaders from co-operative, charity and social enterprise sectors from across the region attended the one-day summit organised by the Singapore National Co-operative Federation (SNCF).

Themed 'How Social Capital drives profits, growth & sustainability', the dialogue was led by leaders of successful international and local co-ops such as NTUC FairPrice, Rabobank and Fonterra Group as they exemplified how businesses can accomplish social good and thrive commercially.

Leading the distinguished panel was Professor Rosabeth M. Kanter, Ernest L. Arbuckle Professor at Harvard Business School; and Chair & Director, Harvard University Advanced Leadership Initiative.

Kanter is regarded as one of the 50 most influential business thinkers in the world.

"What differentiates co-ops from other forms of social enterprises is that they are value-based organisations. In particular, the virtues of self and mutual help are so important in society, especially when faced with the challenges of increasing competition and stratification," said Chan Tee Seng, Chairman of SNCF.

"By nurturing the formation of co-op enterprises, we hope to offer more platforms to foster a more caring and resilient society. Co-operatives are formed not only to help and serve its members in an economically sustainable way, but for the wider good of society."

The Singapore Co-operative movement has come a long way since the first co-op, the Singapore Government Staff Credit Co-operative Society, was introduced in 1925 to encourage members to save for a brighter future and provide low-interest loans to those in financial need.

Over 1.4 million members are registered as co-operators, making it one in three Singapore residents.

From providing Singaporeans access to banking and credit services in the 1920s, the co-ops today have grown to become integral social pillars keeping market forces in check and providing benefits and services in housing, healthcare, retail, childcare, aged care, employment and training that serve the changing needs of the population while addressing key social issues.

Another panellist, Dolly Goh, SCNF chief executive, meanwhile said: "SNCF is mindful of the many social issues - an ageing population, rising cost of healthcare, low birth rates, creating an inclusive society for all people - can benefit from the formation of more co-operatives.

"Hence, she said over the years, SNCF has successfully nurtured more co-ops in Singapore such as the recently-formed Employment for People with Intellectual Disabilities Co-operative and Silver Horizon Travel Co-operative to better engage Singaporeans on all fronts."

According to the International Co-operative Alliance's (ICA) Global300 report in 2011, the world's largest 300 co-ops generated revenues totalling US$1.6 trillion.

This output is comparable to the gross domestic product of Spain, the world's ninth largest economy.

-- BERNAMA