In order for us to deliver on this, [businesses] must be able to generate profits and prosper, as our growth is directly linked to the growth of our country’s economy, which then ripples out to the region.
–Sabin M. Aboitiz, President and CEO, Aboitiz Group
Aboitiz Group President and Chief Executive Officer and ABAC Philippines Member Sabin M. Aboitiz joined business leaders at the APEC CEO Summit 2021 to tackle the themes surrounding the continuing impact of the global health crisis, leveraging digital disruption, and the future of energy and sustainability.
With the Group’s growing footprint in the Asia-Pacific, SMA was invited to share his unique perspective on how businesses can become a force for good as the region targets recovery in a post-pandemic world.
“In order for us to deliver on this, [businesses] must be able to generate profits and prosper, as our growth is directly linked to the growth of our country’s economy, which then ripples out to the region,” he emphasized in the panel discussion in which he was joined by Yumiko Murakami, General Partner of Japan’s MPower Partners, and Arihia Bennett, CEO of New Zealand-based Te Rūnanga o Ngāi Tahu.
As businesses start to implement ESG (environment, social, and governance) dimensions into their processes and operations, the panelists soundly expressed their support and gave insights into their best practices.
“In the past, there was this notion that ESG elements can be on the cost-side of the equation and not so much seen as drivers. Things have been changing and I think there is now a higher level of awareness, and a higher level of recognition in terms of what is really driving business growth,” explained Yumiko Murakami.
However, SMA stressed the importance of an equitable approach to global goals, highlighting the need to address the economic disparity between developed and developing economies in the pursuit of sustainable development.
“We cannot be dictated by other countries who are already developed to not be able to have, for example, the lowest possible cost of power as a basic infrastructure,” SMA suggested. “It seems like the capital is being constrained to these countries and what happens is that we will never develop if our power infrastructure is not correct…that balance is what we are seeking.”
This sentiment was echoed by his fellow panelists including moderator Tian Wei of China Global Television Network and Host of World Insight, who emphasized on the need to apply the practices on a case-to-case basis.
“While we are talking about ESG, we need to put the issues into context that it’s not just a one-size-fits-all [approach] and there’s also an issue of different development stages and an issue of common aspiration—that’s what we need to achieve,” she said.
Long before the establishment of the United Nations’ Sustainable Development Goals (SDGs) and the widespread adoption of ESG practices, the Aboitiz Group has pursued principles of creating shared value through its products and services that are vital to the communities who depend on them. Paying close attention to the needs of these communities enables the company to facilitate relevant and inclusive programs that create opportunities to uplift lives. “It has always been a natural instinct of ours to drive change for a better world by advancing business and communities,” SMA affirmed.
If each and every one of us here, representing our own companies and countries, are motivated by this business philosophy of ‘Doing Well by Doing Good’, then the societal needs of the community we all share – the APEC Region – will indeed be served and satisfied sustainably.
As the world recovers from the economic and societal consequences of the pandemic, SMA called for closer regional cooperation in order to fast-track economic development and inclusive growth in the Asia-Pacific.
“Affecting meaningful societal change in our region is a responsibility we all carry. We carry it not just because it is the right thing to do, but also because it is the smart thing to do. It makes common sense for us to cooperate and innovate towards sustainability, because that is the only way we can truly thrive and survive as companies and as countries. Our societies depend heavily on our ability to drive economic growth and lift people out of the quicksand of poverty,” he concluded.
The APEC CEO Summit is attended by the world’s top CEOs, business leaders, entrepreneurs, thought leaders, and government leaders. It is held in the lead up to the annual APEC Summit between the heads of state of APEC economies.
