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4 min readPHNOM PENH, CAMBODIA – Media OutReach – 8 December 2020 – COVID-19 has highlighted the great importance of surroundings, social and governance (“ESG”) techniques at providers throughout the environment. But there was converse of alter even before the outbreak of the pandemic. Last yr, the Small business Roundtable (a team symbolizing 181 CEOs of America’s most significant companies) outlined that organizations should “support the communities in which they operate”[1], upturning the longstanding emphasis on prosperity maximization for shareholders espoused by American economist Milton Friedman.
In 2020, moments have adjusted.
This 12 months, Prince Holding Group (“PHG”), a single of the most significant conglomerates in Cambodia, has recognized this and blazed a path for providers in the Kingdom searching to adhere to ESG principles. Since April, the Group has made various big-scale donations to help in the fight against the pandemic and help flood victims, and Neak Oknha Chen Zhi (陈志公爵), PHG chairman, has been the driving pressure powering the donations. For instance, in early December, Chen Zhi and PHG donated US$3,000,000 to Prime Minister Hun Sen to help Cambodia buy 1 million COVID-19 vaccines.
The notion of “doing good” in enterprise is not new, but in Cambodia, concentration on ESG ideas has only lately risen up the company agenda. According to the GRI Sustainability Disclosure Databases, the full range of sustainability reports in Cambodia have doubled given that 2015, generally in the economic providers sector.[2] A lot more corporations are envisioned to adhere to ESG principles thus strengthening the competitiveness of the Cambodian economic climate, which will not only entice foreign investment but also strengthen the enterprise natural environment.
As a enterprise with a strong foothold in Cambodia, Chen Zhi and PHG served in the struggle in opposition to the coronavirus previously in the year by donating US$500,000 and by providing pandemic prevention provides worth in excess of US$600,000. In October, Chen Zhi and the Team also furnished flood relief assist — this incorporated 100 tons of rice, 300 cartons of instant noodles and 1,000 cartons of drinking water, comprising a total benefit of US$75,000 — for flood-strike victims in Cambodia. Chen Zhi personally donated US$500,000 to help the victims. And, as talked about before, PHG built a big funds donation in December to assistance Cambodia with its COVID-19 response, which will aid the governing administration procure and distribute vaccines to Cambodians for cost-free.
Above the many years, Prince Real Estate Charitable Basis Firm, the Group’s philanthropic arm, has also launched extra than 240 charitable gatherings looking for to enhance Cambodian life by donations of money and materials worthy of above US$11 million, benefitting additional than 320,000 folks.
“As a enterprise invested in the potential of Cambodia, Prince Holding Team will often enable communities in their hour of require. In addition, the Group is frequently contributing to ESG initiatives to benefit Cambodia and uphold the company’s part as a accountable stakeholder in local affairs,” states Neak Oknha Chen Zhi, chairman of PHG.
The aim on sustainability in corporate exercise has come at an significant time, as the civil society sector in Cambodia is less than supported. Last calendar year, the Cooperation Committee for Cambodia, an umbrella human body for the nearby NGO sector, warned that its 208 associates need to “look at other funds from the personal sector” in the upcoming 5 decades.[3] In July, the Centre for Asian Philanthropy and Society (CAPS), a Hong Kong-headquartered feel tank, observed that corporate funding, on average, accounted for just 5%[4] of the spending plan of Cambodian social advancement companies, a third of the proportion common in other places in Asia.
Heading forward, CAPS also predicts that due to the pandemic, there is predicted to be a pullback in funding and assistance from international NGOs, traditionally the principal supporters of their local counterparts across developing international locations. With the arrest of funding and help from foreign NGOs, non-public sector enterprises and governmental models for that reason urgently want to fill the gap to make sure continuity of the excellent perform completed at developmental programmes and be ready to supply funding for crisis programmes in the region.
[1] Assertion on the Intent of a Company, Small business Roundtable, Oct 2020 (url)
[2]“Sustainability Reporting in Cambodia: The Concealed Champion of ASEAN Countries” by Boris Miethlich, Worldwide Journal of Current Know-how and Engineering (IJRTE), Oct 2019 (backlink)
[3] 2019 Yearly Report pp. 48 (url)
[4] Undertaking Superior Index 2020, Cambodia (backlink)
About Neak Oknha Chen Zhi
Neak Oknha Chen Zhi is the chairman of Prince Holding Group (“PHG”). As chairman, Neak Oknha Chen Zhi has turned PHG into a foremost conglomerate in Cambodia that adheres to global expectations, invests in the long run of the Kingdom and is committed to sustainable organization methods.
Neak Oknha Chen Zhi has expanded the business operations of PHG to encompass a variety of sectors, such as actual estate growth, banking, finance, aviation, tourism, logistics, know-how, foodstuff and drinks, and life-style sectors.
As perfectly as his business activities, Neak Oknha Chen Zhi engages in encouraging communities and philanthropy do the job.
About Prince Keeping Group Ltd.
Launched in 2015 in Cambodia, Prince Holding Group (“PHG”) is a single of the biggest corporate conglomerates in Cambodia, with enterprises spanning across a number of industries, including genuine estate enhancement, banking, finance, aviation, tourism, logistics, technologies, food stuff and beverages, and life style sectors. PHG adheres to its mission of “Building a Greater Life”, and the Group’s philosophy espouses the values of “Commitment, Obligation, Regard, Generosity and Innovation”.
