Corporate social responsibility (CSR) trend is burgeoning globally and it has become one of the top priorities of many

companies today due to the Iron Law of Responsibility and also because the public is increasingly looking at companies environmental and social responsibility, and more consumers are expecting companies to be ethical. In addition, companies are also beginning to understand that CSR can widen a companys understanding of potential risks and opportunities while securing the benefits that comes with enhanced reputation, improved relationships with key stakeholders, and better financial results through CSRs contribution. CSR is gaining traction among the companies in Singapore as we see a significant increase in companies joining the Singapore Compact for CSR, a tripartite body charged with promoting CSR in Singapore. The government in Singapore views CSR as a collaborative effort between labour, business and the state, and one that resonates well with the high standards of governance and social cohesion in Singapore. The government, however, does not legislate CSR in Singapore. Nevertheless, they strongly advocate, encourage and highlight CSRs best practices. Hence, the CSR movement in Singapore is an initiative of the state acting in partnership with the business sector. Yes, there may be an increase in companies participation in CSR. However, has their efforts been effective or promising? Are their intentions due to enlightened self-interest or I do not have a choice mentality? This paper will look into these areas by evaluating and focussing in depth of a property company in Singapore, City Developments Limited (CDL). CDL has been a corporate patron of China Exploration & Research Society (CERS), supporting their nature and cultural projects, promoting the protection and conservation of nature (City Developments Limited [CDL], 2009). China is, at the moment, in a conflicting position. On one hand, she is experiencing rapid growth. Yet on the other, she is also experiencing a loss of her traditional heritage and culture due to the rapid urban sprawl. CDL maintain their contributions both in-cash and in-kind to support the good work of CERS.

This, in my opinion, is an important CSR collaboration between CERS and CDL. In March 2007, Hongshui village, in China, was to be replaced with cement and brick houses in which the government encouraged as substitutes for the traditional makeshift architecture. Such a replacement, however, does not retain the traditional outlook of the village. CERS appealed and proposed to preserve the village by developing alternative uses and fortunately, was successful with their efforts. As a result, the village is preserved and non-market stakeholders (in this case the native population) were not displaced. CDL has showed its commitment towards both the environmental and culture conservation for it has actively supported CERS for the past decade or so. CDL has slowly moved towards the greening of management. In terms of its corporate environmental responsibility, CDL is at the most advanced stage of clean technology. CDL has been focussing and managing green buildings and its collective efforts in this aspect has resulted in an improved environmental performance in 2009. Energy, water and paper consumption in CDL has generally decreased since the year of 2006 (CDL, 2009). CDL has shown moral commitment towards ecological responsibility. For raising the environmental standards in its buildings, CDLs efforts were recognised and were subsequently awarded two top awards at the Global CSR Awards 2010 - CSR environmental excellence and leadership awards. CDLs actions have benefited both market and non-market stakeholders. Lower consumption of resources would mean lower expenses which would in turn translate to higher profits that are in accordance to the ownership theory of the firm. Similarly, lower consumption of energy will lead to a cleaner environment for non-market stakeholders. Information disclosure practiced by CDL will allow them to develop a reputation for environmental excellence as they will constantly strive to maintain, if not better, their carbon emissions and energy consumption levels.

Climate change is fast becoming a pertinent issue. CDL does its part in combating climate change when it doubled its efforts in 2009 in the global Earth Hour campaign organised by the World Wildlife Fund (WWF), with the inclusion of eleven CDL commercial properties as compared to five buildings the year before (CDL, 2009). This, without a doubt, is able to raise greater awareness about global warming and other environmental issues. However, being part of and doubling its efforts in an annual campaign may not be sufficient in justifying CDLs fight against climate change. The occurrence of these activities might seem to many as an one off event only and not done on a regular basis. CDL should attempt to make it a biannual or even a monthly effort so as to further substantiate its stand in fighting against climate change. In addition, one of the dynamic forces that powerfully shape the business and society relationship is dynamic natural environment. The relentless demands of human society, in many arenas, have already exceeded the carrying capacity of the earths ecosystem. Hence, in my opinion, in addition to raising awareness about the ramifications of global warming, CDL could aim to promote and educate the importance of sustainable development to market and non-market stakeholders since both issues concerns the society both at present and in the long run. CDL would then be able to further enhance its image for not just wanting to conduct sustainable business practices but also as a strong advocator of pragmatism and sustainable development. Despite the financial turmoil over the last few years, CDL, guided by its enlightened self-interest, remained dedicated to maintaining its CSR efforts, making progress in its financial, environmental and social performances (CDL, 2009), fulfilling the stake holder theory of the firm. Since the 1990s, CDL has successfully incorporated CSR as an integral part of its business strategies (CDL, 2009). CDLs CSR efforts covers a myriad of activities that includes community contributions, combating climate change and focuses on the social and economic development projects in Singapore (CDL, 2009). These aforementioned

actions by CDL exemplify both the stewardship principle and the charity principle. One of the many CSR philosophies of CDL states, to create a better place for all, especially caring for the less fortunate (CDL, 2009). This is indeed commendable for CDL as they are not only charitable towards the unfortunate, but also seek to ensure that everyone benefits from their actions. The many efforts by CDL are recognised regionally and globally and have won them many prestigious accolades. One of them, being listed on the London FTSE4Good Index Series a global benchmark for socially responsible investments and CDL remains the only property developer in Singapore to be listed in this series since 2002. A deserving award for CDL for all its CSR efforts regionally and globally. There is, in my opinion, no one common definition for the term CSR as it is interpreted in an all-encompassing manner. Beyond traditional corporate philanthropy, CSR embraces corporate governance, environmental protection, community engagement and labour issues such as work-life balance and employment of older workers. In addition, it is imperative to note that the level and scale of CSR vary across different companies, depending on the corporate power and of course, the financial abilities of each individual company. Due to globalisation, there is a constant and ever increasing international awareness among consumers and investors. As such, CSR has become a theme that Singapore-based companies can no longer ignore as Singapore work towards becoming a global business hub. CDL has definitely grown in leaps and bounds in terms of CSR. Other companies including the small and medium enterprises (SMEs) should consider working towards the CSR standards that CDL has attained as they have achieved the goal of a CSR management system. Companies who have yet to embrace CSR should consider the path for it can be considered a first step towards promoting CSR and work towards making the world a better place for everyone to live in. To sum this essay up, Confucius once said, if ones actions are motivated only by profit, one will have many enemies.

References City Developments Limited, Singapore: Annual report 2009. (2009) Retrieved from http://www.cdl.com.sg/annualreport2009/ PropertyGuru.com.sg. (2010). Retrieved from http://www.propertyguru.com.sg/propertywins-two-csr-awards City Developments Limited in Business Awards 2008. Retrieved from http://www.citydev.sg/CDL/abtus_awards_business.htm City Developments Limited in Corporate Social Responsibility. Retrieved from http://www.cdl.com.sg/app/cdl/social_responsibility/our_csr_philosophy.xml China Exploration and Research Society. Retrieved from http://www.cers.org.hk/ management-news/2010/7/28049/cdl-