Chen Zhi personally donated US$500,000 to help the victims. In October, Chen Zhi and the Group also provided flood relief support - this included 100 tons of rice, 300 cartons of instant noodles and 1,000 cartons of drinking water, comprising a total value of US$75,000 - for flood-hit victims in Cambodia.
More companies are expected to adhere to ESG principles thereby strengthening the competitiveness of the Cambodian economy, which will not only attract foreign investment but also improve the business environment.Īs a company with a strong foothold in Cambodia, Chen Zhi and PHG helped in the fight against the coronavirus earlier in the year by donating US$500,000 and by providing pandemic prevention supplies worth over US$600,000. According to the GRI Sustainability Disclosure Database, the total number of sustainability reports in Cambodia have doubled since 2015, mostly in the financial services sector. The notion of “doing good” in business is not new, but in Cambodia, focus on ESG principles has only recently risen up the corporate agenda. For example, in early December, Chen Zhi and PHG donated US$3,000,000 to Prime Minister Hun Sen to help Cambodia purchase 1 million COVID-19 vaccines.
Since April, the Group has made several large-scale donations to help in the fight against the pandemic and assist flood victims, and Neak Oknha Chen Zhi ( 陈志公爵), PHG chairman, has been the driving force behind the donations.
This year, Prince Holding Group (“PHG”), one of the largest conglomerates in Cambodia, has realized this and blazed a trail for companies in the Kingdom looking to follow ESG principles. Last year, the Business Roundtable (a group representing 181 CEOs of America’s largest corporations) outlined that companies must “support the communities in which they operate”, upturning the longstanding focus on wealth maximization for shareholders espoused by American economist Milton Friedman. But there was talk of change even before the outbreak of the pandemic. PHNOM PENH, CAMBODIA – 8 December 2020 – COVID-19 has highlighted the importance of environment, social and governance (“ESG”) practices at companies across the world.
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