Speech by President Halimah Yacob at The Owners Forum

Mr S S Teo, Chairman of the Singapore Business Federation and Executive Chairman of Pacific International Lines,

Mr Timm Tiller and Mr Paul Dietze, Co-Founders of the Owners Forum,

Distinguished Guests,

Ladies and Gentlemen,

Good afternoon. It is indeed my pleasure to join you here at the Owners Forum. This event marks the first time that Singapore is hosting the Forum. To those who have travelled from overseas to be with us today, I extend a very warm welcome to all of you.

Many of you are probably not strangers in Singapore.  The country has long been home to many family-owned businesses.  We have always worked hard to provide your businesses with a safe and secure business environment, strong and predictable regulatory framework and a gateway to the fast growing region. Singapore is also recognised as an important asset management centre in Asia with total assets under management of around S$3.3 trillion, and a critical mass of players and capabilities. Wealth planning solutions, such as family offices, along with related themes like philanthropy (in area such as healthcare and education) and impact investing, are fast gaining traction within the high net worth community. Ongoing efforts are being made to strengthen Singapore’s value proposition as a centre of excellence for managing family wealth. These include raising the level of sophistication and professionalism of our wealth management talent through targeted partnerships with institutes of higher learning, and reinforcing networks between family offices in Singapore, to facilitate peer learning and co-investments. 

In turn, family-owned businesses have played an integral role in our global economy, as they drive economic growth and employment across a variety of business sectors. This is particularly true in our region, where 85% of companies are family-owned and contribute 34% of Asia’s GDP. In Singapore, more than half of the companies listed on the Singapore Exchange are family-owned businesses.

Family-owned businesses have also been a key driver for innovation in Singapore.  Many family-owned businesses recognise the importance of innovation, and the need to embrace digital transformation to keep up with the rapid pace of change. For example, agribusiness company, Wilmar International, recently partnered Singapore Research Institutions to set up two R&D laboratories, including the recently-launched S$110 million Wilmar @ National University of Singapore (NUS) Corporate Laboratory. These collaborations drive Wilmar’s innovation efforts in food technologies and sustainable biochemicals, helping it to stay ahead of the curve in meeting changing consumer demand and developing new, commercially-viable solutions. 

Today, we find ourselves operating in an increasingly uncertain political and economic environment. The rise of trade protectionism and economic nationalism in different parts of the world threatens to undermine the open, free and rules-based multilateral trading system. Technological disruptions are constantly challenging the status quo, at times significantly altering the business landscape that we were used to. These developments have, without a doubt, created new business considerations for established businesses. Family-owned or otherwise, all businesses will face the same challenges, in dealing with the rapid change in technologies.

It is hence no coincidence that these themes will feature strongly in the course of the next two days, during which the Forum will provide a platform for guests and participants to share your experiences in addressing these challenges and opportunities.

While your backgrounds may be as varied as the different regions and business sectors that you operate in, the Owners Forum is a reflection of the similarity shared among its members: generations of ownership, entrepreneurial spirit and social integrity. As you focus your energies on addressing the challenges and opportunities to prepare for the future, I encourage you to also take a pause to reflect and share on the fundamental values that have been imbued into each and every one of your businesses by you or your forefathers. For very often, it is these values that will serve to define and preserve the unique heritage of your family business through the generations. 

As our economic and social realities evolve, how and what we give will necessarily also have to change. Today, doing good is not just a good business practice; but also an essential part of engaging stakeholders and inspiring employees. Family-owned enterprises can lead the way in shaping and driving how we give back to society.

One local example that I would like to cite is Far East Organisation, which is a family-owned establishment that was founded by the late Mr Ng Teng Fong in 1960. The company has consistently been giving back to the community through its corporate sponsorship programmes, as well as actively supporting community projects from charity and education programmes to activities that promote the appreciation of culture and the arts among Singaporeans. It also endorses causes and fundraising events for local charities such as the Movement for the Intellectually Disabled of Singapore (MINDS), Touch Home Care, and Children’s Aid Society. Far East Organisation is definitely not the only family-owned business in Singapore that promotes social causes, many family-owned businesses in Singapore also do that, and this is truly heartwarming.

Corporates that give back to society will improve the organisational culture and promote shared values within the organisation. Employees will be able to better identify with the organisation that they are working for, and they also become motivated with an added mission and a sense of purpose in what they do.

Over the next two days, I hope participants at the Forum will have the opportunity to connect and share your experiences. I also look forward to your continued efforts in giving back and creating an inclusive society together.

I wish everyone a successful Forum, and an enjoyable stay in Singapore.

Thank you.