\n<\/p>\n
PHNOM PENH, CAMBODIA\u00a0–\u00a0Media \u00a0<\/p>\n In 2020, times have changed. <\/p>\n \u00a0<\/p>\n This year, Prince Holding Group<\/a> (“PHG”), one of the largest \u00a0<\/p>\n The notion of “doing good” in business is not new, but in Cambodia, \u00a0<\/p>\n As a company with a strong foothold in Cambodia, Chen Zhi and PHG helped \u00a0<\/p>\n Over the years, Prince Real Estate “As a company invested in the future of The focus on sustainability in corporate activity has come at an \u00a0<\/p>\n Going forward, CAPS also predicts that due to the pandemic, there is \u00a0<\/p>\n [1]<\/sup> Statement on the Purpose of a Corporation, Business Roundtable, Oct [2]<\/sup>“Sustainability Reporting in Cambodia: The Hidden Champion of ASEAN
\nOutReach<\/a>\u00a0– 8 December 2020 –\u00a0COVID-19 has highlighted the importance of environment, social and
\ngovernance (“ESG”) practices at companies across the world. But there was talk
\nof change even before the outbreak of the pandemic. Last year, the Business
\nRoundtable (a group representing 181 CEOs of America’s largest corporations) outlined
\nthat companies must “support the communities in which they operate”[1]<\/sup>,
\nupturning the longstanding focus on wealth maximization for shareholders
\nespoused by American economist Milton Friedman. <\/p>\n
\nconglomerates in Cambodia, has realized this and blazed a trail for companies
\nin the Kingdom looking to follow ESG principles. Since April, \u00a0the Group has made several large-scale
\ndonations to help in the fight against the pandemic and assist flood victims,
\nand Neak Oknha Chen Zhi (<\/b>\u9648\u5fd7\u516c\u7235<\/b>), PHG chairman, has been the driving force behind the donations.
\nFor example, in early December, Chen Zhi and PHG donated US$3,000,000 to Prime
\nMinister Hun Sen to help Cambodia purchase 1 million COVID-19 vaccines.<\/p>\n
\nfocus on ESG principles has only recently risen up the corporate agenda.
\nAccording to the GRI Sustainability Disclosure Database, the total number of
\nsustainability reports in Cambodia have doubled since 2015, mostly in the
\nfinancial services sector.[2]<\/sup>
\nMore companies are expected to adhere to ESG principles thereby strengthening
\nthe competitiveness of the Cambodian economy, which will not only attract
\nforeign investment but also improve the business environment. \u00a0\u00a0<\/p>\n
\nin the fight against the coronavirus earlier in the year by donating US$500,000
\nand by providing pandemic prevention supplies worth over US$600,000. In
\nOctober, Chen Zhi and the Group also provided flood relief support — this
\nincluded 100 tons of rice, 300 cartons of instant noodles and 1,000 cartons of
\ndrinking water, comprising a total value of US$75,000 — for flood-hit victims in
\nCambodia. Chen Zhi personally donated US$500,000 to help the victims. And, as
\nmentioned earlier, PHG made a large cash donation in December to help Cambodia
\nwith its COVID-19 response, which will help the government procure and
\ndistribute vaccines to Cambodians for free. <\/p>\n
\nCharitable Foundation Organization, the Group’s philanthropic arm, has also
\nlaunched more than 240 charitable events seeking to improve Cambodian lives
\nthrough donations of funds and supplies worth over US$11 million, benefitting
\nmore than 320,000 people.<\/p>\n
\nCambodia, Prince Holding Group will always help communities in their hour of
\nneed. Furthermore, the Group is constantly contributing to ESG initiatives to benefit
\nCambodia and uphold the company’s role as a responsible stakeholder in local
\naffairs,” <\/b>states Neak Oknha Chen Zhi, chairman of PHG.
\n<\/b><\/p>\n
\nimportant time, as the civil society sector in Cambodia is under
\nsupported.\u00a0Last year, the Cooperation Committee for Cambodia, an umbrella
\nbody for the local NGO sector, warned that its 208 members need to “look
\nat other funds from the private sector” in the next five years.[3]<\/sup> In
\nJuly, the Centre for Asian Philanthropy and Society (CAPS), a Hong
\nKong-headquartered think tank, noted that\u00a0corporate funding, on average,
\naccounted for just 5%[4]<\/sup> of
\nthe budget of Cambodian social development organizations, a third of the
\nproportion common elsewhere in Asia.<\/p>\n
\nexpected to be a pullback in funding and support from foreign NGOs,
\nhistorically the main supporters of their local\u00a0counterparts across
\ndeveloping countries. With the arrest of funding and support from foreign NGOs,
\nprivate sector enterprises and governmental units therefore urgently need to
\nfill the gap to ensure continuity of the good work done at developmental
\nprogrammes and be ready to offer funding for emergency programmes in the
\ncountry.\u00a0\u00a0<\/p>\n
<\/p>\n
\n
\n2020 (link<\/a>)<\/p>\n<\/div>\n
\nCountries” by Boris Miethlich, International Journal of Recent Technology and
\nEngineering (IJRTE), Oct 2019 (link<\/a>) <\/p>\n<\/div>\n