28 Oct '11, 4pm

Family businesses urged to do more social good

Family businesses urged to do more social good

SINGAPORE: Deputy Prime Minister Teo Chee Hean has urged family businesses to be more active in philanthropy. He was speaking at the 22nd Family Business Network International Summit in Singapore on Friday. Mr Teo said that studies have shown that a huge share of philanthropic giving is contributed by foundations set up by entrepreneurial families. "For example, in the United States, such foundations make up 13 of the 20 largest players," he said. "In Asia, we are also seeing more family businesses doing their part for society," he added. Mr Teo cited the Murugappa Group, headquartered in India's Chennai, as an example. He said: "The business conglomerate has a wide range of business interests including engineering, abrasives, finance, general insurance, sugar and fertilizers. "The Group, which had a turnover of US$3.8 billion in the last fiscal year, has invested one per ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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