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ENRICHING LIVES NTUC ENTERPRISE ANNUAL REPORT PERIOD ENDED 31 MARCH 2013 TABLE OF CONTENT P03. WHO WE ARE P06. MESSAGE FROM THE CHAIRMAN P10. BOARD OF DIRECTORS P12. GROUP MANAGEMENT COMMITTEE P14. WHY CO-OPERATIVES? P18. FAMILY OF NTUC SOCIAL ENTERPRISES P21. MAKING A DIFFERENCE P25. CARING FOR LIFE’S BASIC ESSENTIALS P35. OFFERING PEACE OF MIND P41. PROVIDING HOPE FOR THE FUTURE ENRICHING LIVES. P49. ENABLING FULFILLING LIVES P55. NTUC Enterprise was set up to sharpen the Do Good efforts of the Social THE NTUC SE DIFFERENCE Enterprises – to meet core and enduring needs of working families. Needs that are basic and fundamental, just like water is to the earth; enriching lives and P61. charting new paths of growth. SHAREHOLDERS’ LISTING WHO WE ARE NTUC Enterprise is the holding entity of the labour movement Social Enterprises (SEs). Collectively owned by the NTUC, SLF and their affiliated Unions, NTUC Enterprise guides the development of the SEs to meet the evolving needs and aspirations of working families in Singapore. NTUC ENTERPRISE ANNUAL REPORT WHO WE ARE 4 5 WHO WE ARE NTUC Enterprise was set up by the Labour Movement in July 2012 as the holding entity of the family of NTUC Social Enterprises (SEs). SLF NTUC Unions NTUC Enterprise was formed to sharpen the Do Good of the SEs and to support them to scale up sustainably. NTUC ENTERPRISE Collectively owned by the Holding entity and single Singapore Labour Foundation largest shareholder of the Set up on 13 July 2012. (SLF), NTUC and affiliated NTUC Enterprise was formed by a transfer of NTUC Social Enterprises unions representing over shares from NTUC, SLF and their affiliated (SEs). unions to NTUC Enterprise. With this share NTUC Enterprise Chairman, 700,000 members. swap, NTUC Enterprise institutionalises the Lim Boon Heng said, “When we strategic partnership between NTUC, SLF and the unions to support the NTUC SEs to do even started each SE, there was much more for working families. to be done. Now there is still much to be done because the NTUC SE FAMILY As the single largest shareholder of the 12 NTUC SEs, NTUC Enterprise will steward their core needs we set out to meet long-term development by focusing on two key are enduring ones.” MEETS UNDER-SERVED NEEDS areas. First, it will work closely with individual NTUC SEs to do more good in existing areas of IN AREAS SUCH AS: needs and to identify new areas. For instance, it will be looking closely at the area of health and Apart from health and community care, NTUC community care which is a concern for many Enterprise also seeks to do more to address working families. cost-of-living issues in the areas of cooked food and childcare services. A group-wide task force has been set up to explore how we can do more to support the Second, it will lead group-wide efforts to elderly, and also ensure that the rest of the increase financial resilience and develop talent, population is well cared for in the areas of essential for the long-term development of the primary care, chronic-condition management NTUC SEs. ANNUAL and rehabilitative care. REVENUE 13,000 $6.6b DAILY FINANCIAL EMPLOYEES ESSENTIALS SERVICES ASSETS WORTH 2million CUSTOMERS $35.1b PER YEAR HEALTH & CHILDCARE & COMMUNITY CARE EDUCATION NTUC ENTERPRISE ANNUAL REPORT MESSAGE FROM THE CHAIRMAN 6 7 MESSAGE FROM THE CHAIRMAN “Co-operatives are set up to help improve lives, and to achieve certain social goals. This gives us our right to exist, and our place in society. We must never forget that.” – Chairman of NTUC Enterprise It has been more than 40 years since the NTUC, more collective good. Further, while members in partnership with unions and the Singapore can withdraw from the co-operative at any time, Labour Foundation (SLF), embarked on the the value of the shares they can redeem is again journey of setting up co-operatives. Today the capped at what was originally invested (par NTUC Social Enterprises serve some 2 million value) or net asset value, whichever is lower. people a year. With the formation of NTUC Should the co-operative be wound up, residual Enterprise as the holding entity of the family assets are not distributed among the individual of 12 NTUC Social Enterprises, it is timely to members but are used to further the objectives reflect on our beginnings and our purpose. of the larger co-operative community. All this is obviously very different from commercial From the start, NTUC Social Enterprises companies where shareholders are entitled were meant to be economic ventures with to both dividends and surplus assets of the a difference. They were to serve as a social company, in proportion to how much has been leveller to protect workers from the excesses of invested. The co-operative structure continues to a free market economy, helping them to stretch be the best safeguard for the Do Good mission of their hard-earned dollar. Over the years, the the NTUC Social Enterprises. NTUC set up various social enterprises; each with a specific social role - a unique Do Good NTUC, SLF and the unions affiliated to NTUC mission to improve the lives of working families. and SLF have set up NTUC Enterprise Co- operative to steer the long term development of This Do Good mission is captured in the very the NTUC Social Enterprises. NTUC Enterprise structure of NTUC Social Enterprises as co- will focus on two key areas: First, it will work operatives designed to serve collective rather closely with individual NTUC Social Enterprises than individual interests. Unlike commercial to sharpen their Do Good. Second, we will companies whose main objective is to maximise lead group-wide efforts to increase financial profit, co-operative principles explicitly call for resilience and develop talent, essential for a cap on the gains distributed to members so sustainable, long-term development of the that these can instead be channelled towards Social Enterprises. First, NTUC Enterprise will work SHARPENING OUR DO GOOD closely with individual NTUC Since its formation, NTUC Enterprise has Social Enterprises to sharpen scaled up the work previously done in NTUC their Do Good. Second, we will to review and shape the portfolio to maximise our collective Do Good in the medium term, lead group-wide efforts to increase expanding in areas of new needs and exiting financial resilience and develop from areas where there is less relevance. talent, essential for sustainable, NTUC Enterprise has identified the health and long-term development of the community care sector as a key area where Social Enterprises. we will focus efforts to make a substantial difference in the years ahead, in view of needs by NTUC ENTERPRISE ANNUAL REPORT MESSAGE FROM THE CHAIRMAN 8 9 NTUC FairPrice continued to expand its to $6.6 billion with a net surplus of $306 million housebrand offerings, which include up to NTUC Enterprise will also focus for the financial year ended 31 March 2013. The NTUC Enterprise has scaled 2,600 products including fresh and processed Group’s total assets as at 31 March 2013 also up the work previously done foods, toiletries and household items. FairPrice on strengthening financial grew from $31.0 billion in the previous financial housebrand items are priced at least 10 percent resilience and talent development year, to $35.1 billion this year, contributed in NTUC to review and shape lower on average compared to national brands. in large part by NTUC FairPrice and NTUC the portfolio to maximise across the portfolio. Income. I am also heartened to share that our collective Do Good in the NTUC Unity Healthcare introduced its ‘Unity’ despite a challenging business environment, housebrand of essential supplements and the SEs in the health and community care, medium term, expanding in vitamins which are at least 20 per cent cheaper education and cooked food sectors delivered areas of new needs and exiting than national brands, to encourage more FINANCIAL RESILIENCE strong financial growth, doubling their revenues families to care for their health. NTUC Foodfare AND TALENT DEVELOPMENT from five years ago. from areas where there opened its first foodcourt in the city at the is less relevance. Marina Bay Financial Centre to offer more In order to scale up social impact and meet affordable meal options to workers in the area. needs over the long term, NTUC Enterprise will IN APPRECIATION also focus on strengthening financial resilience working families for affordable healthcare and and talent development across the portfolio. I would like to express my appreciation to my eldercare services. An NTUC Enterprise, NTUC INNOVATING IN NEW AREAS fellow board members, especially Bobby, Teck Eldercare and NTUC Unity Healthcare joint task OF SOCIAL IMPACT NTUC Enterprise has put in place policies on Koon and Chee How, who chair the Audit, force made up of independent directors and portfolio-wide asset allocation and return on Establishment and Nominating Committees management has mapped out our collective NTUC Income stepped up efforts to make equity that will enable us to invest boldly in Do respectively. I would like to thank the Group strategic direction and implementation plan to insurance simple, honest and different. Good initiatives, while maintaining financial Management Committee and pioneering team offer comprehensive and integrated health and Through their Honest Insurance initiative, they discipline. NTUC Enterprise has also developed in NTUC Enterprise for the hard work in the community care services. overhauled their contracts into plain English a group-wide framework on talent development, start-up phase of NTUC Enterprise. I would also to make it easier for customers to understand with the three strategic imperatives of like to thank the boards and management of As part of the overall portfolio review, NTUC their insurance policies and enable them to unleashing the potential of our existing talent the SEs, for their commitment to our collective Enterprise made the difficult decision to wind make informed decisions.

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