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Giving through the generations
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Events

Giving through the generations

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Increasingly, individuals and family businesses are consciously looking at ways to create positive social impact through philanthropy – but in today’s world, what does creating a legacy mean from divergent perspectives, from individuals to families, from parent to child?

Last November, the CRIB x CFS Legacy and Impact cocktail event brought two prominent families, with extensive histories of giving, together with philanthropists and social capital investors to reflect upon these questions.

Moderated by Patsian Low, the panelists included Richard Eu, Chairman of Eu Yan Sang and his daughter Rebecca; and Keith Chua, Executive Chairman of ABR Holdings (and CFS board member), and his daughter Sharon.

To kick off the evening, Catherine Loh, CEO of the Community Foundation of Singapore (CFS), reflected upon the challenge facing families today. “When it comes to creating a family legacy, it’s about understanding how to bridge the different concerns and interests of each generation, and trying to align giving to key values,” she commented.

While members of the older generation might be more focused on passing on family values, Catherine observed, the younger generation is keen to explore new approaches to giving. “Many of our next generation donors have a strong social consciousness and feel they don’t need to wait until they’re richer, older and retired to start thinking about giving back,” she said.

Though her family has traditionally supported education and healthcare, Rebecca Eu struck a chord when she shared how she started social enterprise Love, Mei in a vastly different field, helping victims of human trafficking in the Phillipines. “I don’t think legacy is limited to your blood ties,” she proposed, “Instead, legacy moves on with the project you adopt and the people that you work with.”

Reflecting today’s shift towards strategic philanthropy, Sharon Chua shared how her professional experience with philanthropy advisory has empowered her to become a better steward of her family’s wealth. “I learnt how to evaluate impact, the sustainability of projects, and how to forage good partnerships, and that helps with my own family’s philanthropy. I’ve always believed philanthropy is something you need to be personally engaged and committed to,” she shared.

One audience member posed a question to both fathers on how they would manage their children’s future giving decisions to avoid conflict.

Richard espoused offering broad guidelines to one’s children and suggested “storytelling” as a way of passing on family values. “When your family is used to hearing stories, such as why your great grandfather did certain things, it becomes ingrained in your family’s DNA. The legacy you leave behind is not about having a building or place named after you, but the lives that you impact.”

Keith reflected on his role as a trustee for the giving of earlier generations, and proposed older family members play a key role in “setting mechanisms in place” for the next generation.

Keith said, “CFS provided us with an avenue to create a fund to leave something behind for the next generation and share it with our wider family. Under this structure, the funds will carry on for a certain period of time. Once you’ve set certain things in place, you can bring the next generation along for the ride, and trust them with the responsibility when it’s their turn.”

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News

Why billionaires are setting up family offices in Singapore

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Asia’s billionaires are getting ready to hand over to the next generation, and Singapore is benefiting from the rush to set up new or satellite family offices with an increased focus on philanthropy and impact investing.

In recent months, Horizon Ventures, a private investment firm associated with Hong Kong billionaire Li Ka-shing opened an outpost in Singapore.* Oppenheimer Generations, the family office of former De Beers chairman Nicky Oppenheimer, is also in Singapore while Bridgewater Associates founder Ray Dalio and Google co-founder Sergey Brin both set up shop in late 2020.

Singapore’s Economic Development Board is doing everything in its power to reel them in. It has enlisted the private banking sector to help family offices’ interest in philanthropy and impact investing, which seeks to generate a social or environmental impact as well as a financial return.

Two years ago, the Singapore government introduced variable capital companies (VCC), fund management vehicles with tax incentives and other benefits. These are appealing for family offices, particularly those with an interest in changing the world.

“Philanthropy is the new black in Asia,” said one private banker who advises the wealthy. “Singapore prides itself on being a financial hub and to keep that reputation, it needs to set the pace on new trends like green investing and impact investing.”

Asia is behind Europe and the United States, where philanthropy has long been a business that’s expected to generate measurable returns and the likes of the Bill and Melinda Gates Foundation have pioneered impact investing.

This is likely to shift with the looming generational change in wealth, said Peter Golovsky, managing director and head of family office services, Asia Pacific, at Alvarium, a global multi-family office.

“Some 85 per cent of Asia’s billionaires are first-generation wealth creators, founders of family businesses.

“Their average age is 65, so they are looking at succession strategies. Family office allocations in impact investments sit at around 12 per cent, but we expect that to double in the next few years, and it will be driven by the next generation.

“Singapore has attracted a lot of wealth through structures like VCCs and other tax incentives, including residency options and paths to citizenship.

“As global families and entrepreneurs, including philanthropists, think about where they want to set up and run their businesses, and where they want to live, I think there will be another step up,” he said.

One measure of interest in social investing is a sold-out conference on the topic, organised by industry group AVPN, that kicks off next Tuesday in Bali.

Despite this increased interest, impact investing structures have a long way to go, according to Mette Ekeroth, managing director and group head of philanthropy at the North-East Family Office, who will be at the conference.

NEFO was established by the founders of the Pandora jewellery brand, Winnie Liljeborg and Per Algot Enevoldsen, in Denmark in 2013. They opened a Singapore office three years later.

“Regulatory systems all over the world treat philanthropy and investment as very, very separate. Now everyone is realising there is an area between these two categories where a lot of the solutions lie to the problems the world faces,” Ms Ekeroth said.

“I have faith that Singapore is going to be the place that comes up with the structures we need. The authorities are engaging and consulting as they work multiple angles to try and address the gaps. We’ve seen in the past that when Singapore really wants to develop an ecosystem, it does, and it does it at high speed.”

*Clarification: After this story was published, CK Asset Holdings has advised Horizons Ventures is owned by Ms Solina Chau. Mr Li has collaborated with the firm on technology projects.

This article was originally published in The Australian Financial Review here.

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Stories Of Impact

Retired doctor donates $1m to start new donor-advised fund

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Dr Chua, a retired doctor, 80, gave $1 million to start the Bamboo Lotus Fund with the Community Foundation of Singapore (CFS) in July after being inspired by another retiree’s donation of $1 million to start a charitable trust that he did the same thing. 

Describing himself as an “ordinary” general practitioner, and not a “highly paid medical specialist”, Dr Chua said: “I hope (my example) dispels the myth that only prominent individuals or corporate organisations can make significant donations. “To me, $1 million is a significant amount that will get others to notice and start to consider how much they can give too.”

Dr Chua, who has a daughter, said that helping others comes “naturally” to him and his family. Over the years, they have given “small contributions” to charity. But when he turned 80 this year and felt he may not “have many years left”, he decided to help in a more substantial way.

He plans to help disadvantaged women and families, and the arts and heritage through his new fund.

The retired doctor says bamboo, which signifies resilience, is his favourite plant, while lotus is one of the characters of his wife’s Chinese name. Thus, the Bamboo Lotus Fund was born.

It is one of 165 donor-advised funds under the Community Foundation. Donors pledge at least $200,000 to set up a fund. The foundation manages the money, advises donors on the needs in the community and disburses the funds according to their wishes.

CFS chief executive officer Catherine Loh said the number of donor-advised funds started to grow exponentially several years ago. At the start of 2018, there were 110 such funds. The biggest donors have given more than $20 million to set up their funds.

It took 10 years for the CFS to attract $100 million in donations for all the donor-advised funds set up by various individuals or companies. But it took just the past three years for that sum to hit $200 million, Ms Loh said.

The CFS was ranked third in a report on the 10 largest philanthropic foundations here.

Ms Loh said: “Through times of crisis like the pandemic, individuals have become more open and willing to give more sustainably to make their giving more meaningful.”

A growing awareness of the CFS’ track record has also attracted more donors to set up such funds.

They include successful professionals, retirees or individuals who are semi-retired, and companies.

They give to a wide range of causes, with mental health and the environment among those growing in interest, Ms Loh said.

Since its formation in 2008, the CFS has given out $122 million in grants to a variety of needs.

Dr Chua said: “I hope that this will inspire others in my profession or people of my age, to also donate their money before we pass on.”

To find out more about Legacy Giving, visit us at Legacy Giving or contact us here.

This article was originally published in The Straits Times here. Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction.

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Opinion

How to tackle homelessness in Singapore? Try some empathy for a start

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A man sleeping on a bench in a subway station.

By Joyce Teo

Early last year, when a call for volunteers came for the first nationwide street count of the homeless in Singapore, I was probably one of the fastest to sign up.

As a grant-maker at the Community Foundation of Singapore, I often receive requests to fund research on social issues leading to the presentation of academic papers or journals. I find it hard to translate these into practical application towards solving critical social problems.

So I became a volunteer, partly to find out more on the state of homelessness in Singapore and partly, to figure out if philanthropy can play a role in making sense of research that enables us to do good in practice.

The study opened my eyes to a different side of Singapore. It drove home the point that the facts and statistics we read about the homeless from time to time are not mere digits but fellow persons in our shared space and humanity.

For the study, I had to cover downtown Singapore, thinking it would be an easy job as it did not seem that there would be many sleeping around buildings and shopping malls with security cameras.

But what was supposed to be a two-hour walk one night turned to five, due to the sheer number of people sleeping on the streets.

I could not keep up with having to type the individual description as required in the study and had to resort to grouping them in order to complete the area in time.

As indicated in the study, downtown Singapore is a hot zone with over 100 people found sleeping there.

Many were in work uniforms. In fact, they slept within close proximity to each other as if there’s safety in numbers.

These were the ones with the least comfort, usually with just a cap or towel covering their eyes.

Some, who are cleaners, even slept with their cleaning carts right in front of them as a guard for privacy.

The sheer number of people I found and the fact that most of them looked to be Singaporeans were a huge shock to me.

I wondered what led so many of them to sleep in the open instead of going home after work.

What is the impact of this on their health and mental well-being? Do they get to see their families and loved ones?

The results of the survey provide a clearer and better understanding of the definition of being homeless. It is more than home ownership, as some of the interviewees do own residential properties.

The results also provide some insights into the causes of homelessness here – unemployment, irregular work, low income and family relationship problems.

This is a good start. But more needs to be done.

The fact that half of those surveyed have been on the street for about five years shows that homelessness is a chronic and systemic issue that affect not only the 1,050 homeless people the study found, but also their families.

Homelessness today is no longer about begging or being a public nuisance. Many homeless people do have means of subsistence, however fragile.

Taking an enforcement approach towards homelessness will not address the deeper issues related to employment, income levels or family ties.

The homeless have a very real fear of the Destitute Persons Act and how it has been enforced.

They sleep in fear of losing their freedom. Under the Act, homeless people may be admitted into welfare homes as a last resort.

The Act defines a destitute person as one who is creating a nuisance due to begging, or who is found in a public place without means of subsistence or place of residence.

In practice, homeless people are usually persuaded to admit themselves voluntarily into the homes. But once admitted, they may not legally leave without permission.

This palpable fear can be clearly seen in one of the interviews I conducted with a homeless man.

Throughout the interview, he kept glancing around warily, as if someone would come and take him away despite my repeated assurance that I was a volunteer doing some research.

Once the interview ended, he immediately left and I felt quite regretful having robbed his sleeping place although I managed to score a data point for the research.

As part of the study questionnaire, we offered the homeless an opportunity for social workers to contact them for assistance if they are open to it. Perhaps not surprisingly, hardly anyone agreed, as they thought they would risk losing their ‘’freedom’’ if they did so.

Instead, the question most often asked when I approached them for requests to interview was – ‘Are you hock-lee-por eh lang?’ (Hokkien for social welfare department) and they would try to move away while asking.

How philanthropy can help

I hope that philanthropists can fund initiatives that help to change public perception of homelessness as well as more in-depth research that enables deeper understanding of the homeless issue.

The research could take an ethnographic approach similar to that taken by sociologist Teo You Yenn in her book “This is what inequality looks like’’.

In the book, she gave numerous case studies that demonstrated the different facets of inequality and poverty in a way that we can relate to. She also suggested that readers ask questions about poverty and how to overcome it in different ways, and to see themselves as part of the problems and potential solutions.

We need to better understand the different profiles of the homeless people, so as to appreciate their problems better and find different solutions for the different groups – those with employment, those without a home, those with broken family ties, and those who are senior and frail. We need to hear the voice of the rough sleepers themselves and co-create solutions with them. Not for them.

The homelessness issue in Singapore is complex and requires each of us to play our part if we want to resolve it.

For example, if you are a resident of a neighbourhood with a rough sleeper who is not a nuisance, you may want to think twice about calling the police. Instead, you could consider making an effort to speak to the person.

Empathy, rather than mere enforcement, is a good start to help identify root causes and solutions to the issue.

About the author

Joyce Teo is the Deputy CEO and Head of Philanthropy and Grants at the Community Foundation of Singapore, a non-profit organisation founded in 2008 to encourage and enable philanthropy in Singapore.

Source: TODAY

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The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

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Stories Of Impact

Giving back through art

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Woman standing next to a large flower painting.

When Lebanese painter Marie-jose Jed was looking to adopt a charity for her art exhibition, a chance conversation with a friend turned into an opportunity to collaborate with the Community Foundation of Singapore (CFS).

Having lived in Singapore since 2008, Marie-jose believes in giving back to the place she now calls home. “Singapore has given me so much. The least I can do is to give back in any way I can,” she said.

Imbued with a strong sense of social consciousness, the self-taught artist has also volunteered with the Red Cross in Lebanon, participated in charity auctions and collaborated with Deutsche Bank for their Dream Beyond charity programme in Singapore.

In seeking out a potential charity to collaborate with, CFS attracted her due to its understanding of community needs. “I love the fact that CFS is so diverse – that CFS doesn’t work with just one kind of charity but covers many needs,” said Marie-jose.

Reflecting her travels, memories and passion for the region, in late 2019, Marie-jose exhibited a collection of paintings, Symbols of Asia, featuring numerous iconic symbols found across Asia at the Fullerton Hotel, Singapore.

While discussing possible beneficiaries for her exhibition proceeds, CFS’s Outing for Seniors Community Impact Fund emerged as an appropriate fit – marrying Marie-jose’s artistic background and benefiting local communities through art.

10% of exhibition proceeds will go towards the Outing for Seniors Fund. The fund enables seniors and their caregivers to visit places around Singapore, including museums and other places of beauty such as Gardens by the Bay.

On giving back as a way of life, Marie-jose said, “I live life with a tiny objective. Every year, I look back and ask myself what I have done to make a difference to the lives of others. If every person lived with tiny habit, I believe the world will be a better place.”

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

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