A foundation working with the business community to promote corporate social responsibility and philanthropy has been launched on Tuesday with Prime Minister Lee Hsien Loong in attendance.
Called the SBF Foundation, it aims to spur businesses to become more actively involved in community development. It was mooted by Singapore Business Federation (SBF) chairman Tony Chew.
"It is no longer just the economic bottom line that companies are chasing, but the triple bottom line - economic, social and environmental, said Mr Chew.
"Through the SBF Foundation, we hope to spur corporate philanthropy amongst our members and the wider business community."
Property developer Far East Organization has donated of 22,000 square feet of space at the SBF Center to the Foundation, while a group of founding donors has given $18 million to kick start its programmes.