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Sunil Puri
Sunil Puri Verified Account
Senior Vice President, Research & Engagement @ Stewardship Asia Centre
Equality Governance Investment Stewardship Sustainability

As Senior Vice President of Research and Engagement (R&E) at Stewardship Asia Centre, Sunil Puri leads the R&E team, overseeing research, thought leadership, and the design of educational programs, events, toolkits, and frameworks. Before joining SAC, Sunil served as Senior Director of Research, Innovation, and Product Development at the Center for Creative Leadership (CCL) in Singapore and India. In this role, he led the development of new products based on research, collaborated with clients as a leadership expert, and worked with global stakeholders to shape and execute the annual research agenda. From 2014 to 2016, he was Head of Research & Insights at the Human Capital Leadership Institute (HCLI), where he led Pan-Asia research initiatives on "Asian leader development" and facilitated programs for senior business and HR leaders. Sunil’s career also includes experience as an Independent Consultant in India, as well as an eight-year tenure at CEB India (now Gartner) in India and the USA. Sunil holds a Master of Technology in Energy Studies from the Indian Institute of Technology Delhi, and an Executive MBA from the Indian Institute of Management Ahmedabad. He has authored several research studies and contributed articles to the Economic Times, The Business Times, and Harvard Business Review.

Sustainability needs to move high up the board agenda
Sustainability needs to move high up the board agenda
Recent developments in Singapore show that turning up the heat on companies to adopt environmental, social and governance (ESG) strategies for a sustainable future is well under way.Companies in the financial, agriculture, food and forest products, and energy sectors will be required to include climate-related disclosures in their sustainability reports under a phased-in scheme that kicked off in June. It will even become mandatory for large non-listed companies from the 2027 financial year – making Singapore the first country in Asia requiring such disclosures from non-listed companies. The push for a socially responsible business environment can also be seen by the fact that the three local banks – UOB, DBS and OCBC – have adopted a 2050 net zero carbon emissions target, along with Singapore Airlines (SIA) and Keppel Corporation. Then there’s the Singapore Green Plan 2030 strengthening the country’s commitments under the United Nations’ 2030 Sustainable Development Agenda and Paris Agreement, including the net zero emissions aspiration and the goal of growing a green economy.But these measures are no cause for resting on Singapore’s sustainability laurels just yet. Despite calls from investors, policymakers and the public for concrete action on the biggest challenge that humanity faces, sustainability often fails to secure a top spot on the agendas of corporate boards. In Singapore, as with the rest of South-east Asia, only a fraction of boards discusses sustainability in every meeting, with many addressing it infrequently or not at all throughout the year.In a survey by non-profit agency Stewardship Asia Centre (SAC) where I conduct research, 43 per cent of respondents in Singapore said that their boards either never discuss sustainability or do it once a year, often when the board brainstorms about strategy and planning for the subsequent year.The study, Boards As Stewards Of Sustainability, covered over 700 board directors in for-profit public, private, and state-owned enterprises in 11 countries in the Asia-Pacific, and evaluated the role of board directors in the region in driving the sustainability agenda. The Singapore sample set came in at under 10 per cent of the overall Asia-Pacific sample.There were further insights that showed boards focused on the details of risk and complying with regulations amid the business of maximising profit, rather than having a vision of accommodating people and profits. Overall, the data suggests that boards in the Pacific region (Australia, New Zealand and Japan) are further ahead in their intentionality and intrinsic motivation to drive decisive action on sustainability. On average, they spend more time discussing sustainability, and more boards consider it central to their overall agenda, as compared with boards in South Asia or South-east Asia.Boardroom blues over going greenBoards in Singapore spend most of their time looking at historical financial data, risk management and regulatory compliance. Little time is spent on discussing sustainability, talent/leadership, and culture, according to the SAC survey. Like the rest of the Asia-Pacific, while board directors in Singapore aspire to spend more time on new frontier responsibilities such as strategic innovation, sustainability and talent/leadership development, they are constrained by board agendas that are dominated by compliance and financial management matters.While 29 per cent of responding board directors in Singapore (and 33 per cent pan-Asia-Pacific) highlighted that organisational purpose is the No. 1 motivator for them to embrace sustainability, boards are rarely able to drive decisive action on that front. This is mainly owing to different ways in which intent and ability interplay in boards.Intent refers to the mindset, values and purpose that boards demonstrate in genuinely tackling global challenges while creating value for all stakeholders. Ability, on the other hand, entails the capability of boards to integrate sustainability into the business strategy while possessing the necessary skills, leadership, governance and processes to drive the sustainability agenda effectively.Boards with the right intent and ability prioritise sustainability as a core value, recognising the interconnectedness of ESG issues with long-term business success. Lack of collective intent is highlighted by the fact that 52 per cent, or over one in two respondents in Singapore, claimed their boards look outward towards the regulator as they decide on sustainability action.Also, boards in the region often wrestle with biases around short-termism, the urge to maximise profits, and a tendency to favour the interests and perspectives of specific stakeholder groups. Only one in five boards across the Asia-Pacific considers sustainability critical enough to make it a joint responsibility of the entire board. Sustainability is a permanent boardroom agenda item in such boards, and all discussions include consideration of sustainability implications. Singapore lags here compared with Australia, New Zealand and Japan, with 31 per cent of respondents sharing that they have no one tasked with the responsibility of sustainability on their board, and only 7 per cent – or less than one in 10 boards – sharing that sustainability is, in spirit, a full board responsibility.This lack of prioritising the environmental, social and governance framework needs to change.Unprecedented rainfall in Dubai, Oman and Brazil, record-breaking temperatures in India, forest fires in Australia, extreme heat in Europe, and floods in the Americas – all these events underscore the tangible impacts of climate change. Furthermore, the widening wealth gap exacerbates social tensions, with 60 per cent of the global population becoming poorer.Swopping risk focus for visionA good place for Asia-Pacific boards to start their journey towards greater sustainability is to adopt a different perspective.Typically, board directors perceive sustainability through a prism of risk, dedicating time and resources to fulfilling regulatory and compliance mandates related to sustainability. Yet, visionary boards transcend this narrow focus by empowering management to devise business strategies that not only address but also capitalise on pressing societal and environmental issues. A classic case in point being the rock-solid support Mr Paul Polman got from his board when he was CEO at Unilever and drove some rather unconventional business decisions during his tenure. For instance, the board backed him when he stopped the practice of providing quarterly earnings guidance to Wall Street, moving away from short-term decisions that focused on the stock price, and instead chose to focus on longer-term strategies that included sustainable living.Sustainability is also not just an ethical choice, but a business imperative. Maximising profits doesn’t exclude the responsibility of contributing to a better world for all. In fact, it can have a positive effect on companies in terms of value creation, as well as benefiting wider society. There is enough evidence to suggest that focusing on sustainability results in brand enhancement, better talent availability, access to comparatively cheaper capital, and incremental business opportunities. One of the reasons brands such as the Tata Group, Unilever and Patagonia are talent magnets and have been delivering encouraging financial performance is their sustainability-friendly image.The push towards sustainability is commonly triggered by external forces – regulatory bodies, consumers, civil society and the talent market.Indeed, shareholder action pushing organisations towards greater sustainability have been on the rise. Take the case involving environmental law charity ClientEarth. For the first time, a shareholder – a minority one at that – brought a claim against the directors of oil giant Shell, holding them personally liable for failing to adequately guide the company on its net-zero journey.Although an English court dismissed ClientEarth’s action, the case sent shockwaves through the boardroom community, highlighting the potential for personal liability when directors neglect their sustainability responsibilities. But the reality is, rarely are boards the principal drivers of an organisation’s sustainability actions. The management is the one driving strategy execution, including actioning on sustainability. Boards must collaborate with management to create a culture based on shared stewardship values and purpose anchored on sustainability and greater good. Instead of interpreting the sustainability agenda as a checklist of tasks, centred around ESG reporting, compliance measure and technological adoption, enlightened boards recognise sustainability as fundamentally a human issue. The tone at the top of the company – the board – can make a huge difference in the race to save the environment.First published on The Straits Times, 28 June 2024.
0 Comments   08/07/2024
How ESG-conscious HR leaders can approach inclusivity in the wake of anti-woke sentiment
How ESG-conscious HR leaders can approach inclusivity in the wake of anti-woke sentiment
Tech group Microsoft made headlines in July when it laid off its diversity, equity and inclusion (DEI) team, branding it as “no longer business-critical or smart”, according to media reports. Zoom took a similar stance earlier this year, shedding its DEI team in February.These moves are indicators of the fading prominence of DEI initiatives. The anti-woke narrative, which gained traction in the United States on the back of opposition to environmental, social and governance (ESG) investing, is now casting doubt on the relevance of DEI initiatives.Sustainability-conscious leaders – especially those in human resources (HR) – are now caught in a dilemma. Uncertain about how to advance the purpose and inclusivity agenda within their organisations, they also need to navigate this shifting landscape.Singapore, home to the regional headquarters of numerous global multinationals, is not immune to this evolution.Based on interviews with 20 business and HR leaders in Singapore, we identified three key aspects that HR executives must consider to realign their roles.1. Reimagining the strategic role of HRTraditionally, the sector has been seen as a people-centric function that is somewhat divorced from the broader business strategy. This limited professional identity often relegates HR to a reactive role, following the strategic direction set by senior management, rather than driving it.Tasks such as recruiting, onboarding, performance evaluation and compensation are essential, but they should not define the entirety of HR’s role. HR needs to take a stand on the sustainability agenda, shifting from “serving” business leaders to “driving” business success.After all, HR manages the most dynamic organisational asset: people. Japan’s Ricoh Group, a workplace technology provider, is a model for this approach.At Ricoh, HR is deeply integrated into the company’s business strategy – particularly in areas where ESG goals intersect with business objectives.The company’s ESG committee includes the chief human resources officer as well as the chief financial officer and chief technology officer.This committee has identified 16 ESG targets that align with 12 of the United Nations’ Sustainable Development Goals, and HR is responsible for advancing at least three of these targets.In organisations such as Ricoh, decisions to invest or disinvest in DEI are seen as critical to organisational success. HR’s involvement in these decisions underscores the significance of DEI – and sustainability more broadly – as integral to the agenda, business impact and stakeholder interests.2. Aligning sustainability with the people agendaHR functions often fail to appreciate the deep alignment between sustainability and the people agenda beyond obvious initiatives such as employee engagement, wellness, DEI, and safety.Many HR departments limit their role in sustainability to peripheral activities, such as promoting carbon-conscious travel, encouraging the use of reusable lunch boxes or reducing office energy consumption.While these efforts are commendable, they represent only the fringes of what the department can contribute to a sustainability-centric culture.Some organisations, however, are breaking this mould by merging the people and sustainability agendas. At Singapore’s largest telco Singtel, for instance, Aileen Tan carries the title of group chief people and sustainability officer – underscoring the synergy between these two crucial functions.Combining people and sustainability is a superpower for organisations that recognise the impact these elements have across all business operations.When integrated effectively, these functions can drive a culture in which sustainability and inclusivity are not seen as competing interests but as complementary forces. This integration is vital in countering the global anti-woke narrative that frames DEI as anti-meritocratic.3. Building an authentic organisational cultureStewardship Asia Centre defines steward leadership as a desire and persistence to create a collectively better future for stakeholders, society, future generations and the environment.This philosophy underscores the importance of embedding genuine purpose and values at the core of an organisation’s culture. DEI values cannot be superficial, confined to corporate slogans or annual reports. They must be deeply woven into the organisational fabric.The Tata Group exemplifies this approach. During the 2008 terrorist attack on the Taj Mahal Palace hotel in Mumbai, kitchen staff formed a human shield to protect guests – resulting in one-third of the total casualties being Taj employees.This extraordinary act of self-sacrifice wasn’t dictated by corporate policy; it was a natural expression of the deeply ingrained values that Tata fosters through its recruitment and organisational culture.The group’s HR function plays a pivotal role in curating a culture based on shared values, ensuring that these values are not just accepted but lived by every member of the organisation.HR’s role in curating, protecting and upholding an authentic organisational culture cannot be overstated. By making DEI a shared value, HR can ensure that these initiatives face less resistance and become integral to the organisation’s identity.The way forwardIn the face of rising scepticism and backlash against DEI and other people-centric sustainability initiatives, HR must redefine its role as a strategic partner that drives profit, people and sustainability agendas.By embedding DEI and sustainability into the core of corporate culture, HR can ensure these initiatives are preserved and become essential to the organisation’s future.First published on The Business Times, 15 September 2025.
0 Comments   03/10/2024
Environment versus profit: the sustainability dilemma in the boardroom
Environment versus profit: the sustainability dilemma in the boardroom
With the planet already in crisis and climate change causing the situation to deteriorate at an even faster pace, the adoption of sustainable practices has become more crucial than ever in ensuring our very existence. Yet despite regulatory pressures and increased environmental awareness, sustainability still fails to gain significant attention on corporate board agendas.Some stumbling blocks in getting companies to be more environmentally conscious are the lack of a deeper understanding of what sustainability means, the failure to integrate it into the organization’s operations, and prioritizing higher financial gains in the short-term over sustainability’s long-term benefits. That’s according to the non-profit organization Stewardship Asia Centre (SAC).“The fact that the Philippines ranked 90th out of 180 countries in the Global Sustainable Competitiveness Report illustrates the need for more proactive measures. However, the impetus for effective change must originate from the board level,” explains Sunil Puri, Stewardship Asia’s Vice President of Research and Engagement.Puri, along with SAC Assistant Manager Jane Ang, shared the results of their recent research and why sustainability should be a top priority in boardroom agendas:Why do boards struggle to turn intentions into tangible sustainability efforts?Our recent research study where we gathered data from over 700 board directors across 12 countries revealed several reasons why boards struggle to translate intentions into concrete sustainability actions:Intent is good, but not enough. Many boards with good intentions often struggle to translate them into action due to a lack of ability, which is influenced by factors such as board leadership, members’ knowledge, and their capability to weave sustainability into a broader business strategy.Boards with strong leadership and diverse expertise are better equipped to navigate sustainability complexities. The role of the chairperson is pivotal in driving sustainability- providing direction, ensuring goal alignment, and fostering a culture of psychological safety for productive discussions on sustainability.Board directors also need skills in compliance, reporting standards, and emerging sustainability trends to drive effective sustainability efforts. In today’s evolving landscape, “learning skills” are crucial to address new sustainability challenges and opportunities.Two-thirds of board directors believe integrating sustainability with business strategy is crucial for embedding it into core operations and decision making. Sustainability should not be a standalone initiative but integrated into every decision-making aspect. Understanding sustainability’s risks and opportunities helps align business and sustainability goals.What barriers hinder boards from aligning goals with actionable sustainability strategies?When asked, 73% of 637 board directors cited lack of information and knowledge as a major obstacle. Despite increased awareness, many directors lack a deep understanding of sustainability’s complexities and its impact on business operations. This knowledge gap hampers their grasp of sustainability’s role in long-term value creation and goal alignment. Additionally, 36% identified addressing diverse shareholder interests as a key challenge. Balancing shareholders who prioritize short-term returns with those advocating for social and environmental responsibility is tough.How can boards pivot from risk management to steward leadership?While risk management is essential, exemplary boards, known as steward leaders, see sustainability as both a risk and an opportunity. The WEF New Nature Economy Report II suggests that addressing sustainability challenges could unlock up to $10 trillion in business opportunities.Boards with steward leadership integrate stewardship values into their organizational ethos. These values include interdependence, long-term vision, an ownership mentality, and creative resilience.Why is now the time for a transformative shift in how boards prioritize sustainability?According to the World Risk Index (WRI) 2023, the Philippines is the most disaster-prone country globally. As climate change intensifies, climate-related disasters will increase, making sustainability a priority for Philippine businesses. New sustainability regulations also demand urgent attention. From 2023, all publicly listed companies in the Philippines must comply with the Sustainability Reporting Guidelines, or risk losing their social license to operate. Focusing on sustainability ensures compliance and business continuity.How would you rate the Philippines’ own compliance with sustainability mandates & requirements?Like many Asian countries, the Philippines is embracing sustainability, complying with the SEC’s 2023 Sustainability Reporting Guidelines for publicly listed companies.How does the Philippines fare versus its neighbors in compliance?Compliance levels vary by regulatory environment and readiness. Boards in mature jurisdictions with strong regulatory frameworks show greater sustainability intent, while those in emerging markets face more challenges.The Global Sustainable Competitiveness Report (2023) places the Philippines at the 50th percentile in the Sustainable Competitiveness Ranking, while countries like Japan, Australia, and Singapore are in the top quartile.What do you see as the challenges and areas for growth for SAC’s sustainability efforts?Stewardship Asia Centre (SAC) was set up 10 years ago to help businesses and government leaders, investors and individuals accelerate steward leadership action on environmental and social challenges through catalytic knowledge and advisory.The increasing complexities of existential challenges make them exponentially harder to address as time progresses. SAC is on a mission to make an impact and spur more businesses to demonstrate steward leadership and find innovative, profitable solutions to threats against humanity.What do you think are the repercussions of not stepping up sustainability efforts for the country?According to Statista, in 2023, roughly 12.06 million people were affected by major natural events and disasters in the Philippines. The Philippines is also Southeast Asia’s most typhoon-prone country, hit by a yearly average of 20 typhoons.In 2021, The Lancet study of 10,000 youth from 10 countries showed that the Philippines has the highest level of eco-anxiety or psychological distress due to the climate crisis.If we do not step up sustainability efforts, the Philippines will continue to suffer the consequences of climate change. As global warming worsens, such climate-related disasters could even get more severe. It is crucial that we become stewards of sustainability, and the best time is now. First published on The Business Manual, 1 August 2025.
0 Comments   10/08/2024
The real test for DEI is here. Many companies are failing
The real test for DEI is here. Many companies are failing
In his inaugural address in January, United States President Donald Trump declared: "We will forge a society that is colour blind and merit-based." Shortly after, his administration rolled back nearly 80 executive orders from the Biden era, many of which supported diversity, equity and inclusion (DEI).Major corporations like Pepsi, General Motors, Google, Disney, Intel and PayPal have responded by scaling back or removing DEI references in their 2024 annual reports to investors.According to a Financial Times report this month, 90 per cent of the top 400 companies in the S&P 500 index that have submitted annual reports since Mr Trump’s election have reduced references to DEI, with many ditching the term entirely.If organisations genuinely viewed DEI as critical to business success, would they so readily abandon it in response to external pressures? Or does this suggest that many DEI initiatives were primarily about risk management and branding rather than fundamental business change?Perhaps the real test of DEI is not when it is fashionable but when it is challenged.As newly minted DBS Group CEO Tan Su Shan noted at a thought leadership event on Mar 12, leadership is about being responsible and companies should stick to their DEI commitments regardless of political developments.“Don’t chop and change because you’re trying to ingratiate yourself with another administration,” she said. Ms Tan, who took over the top job on Mar 28 when Mr Piyush Gupta retired, is the bank’s first female CEO.FROM DIVERSITY TO INCLUSIVENESSA significant consequence of political and social shifts in the US is the decentralisation of DEI efforts within global organisations. As US-based firms face increasing pressure to scale back their DEI initiatives, regional offices are taking a more localised approach.In many cases, these international branches are expanding their DEI strategies to align with local cultural values, regulatory requirements and workforce expectations.For instance, while racial diversity has been a dominant DEI focus in the US, many Asian companies prioritise factors such as socioeconomic mobility, linguistic inclusion and interfaith accommodation. This localisation could suggest that one of the weaknesses of past DEI initiatives was their tendency to apply Western-centric frameworks globally without adapting to local realities.Consequently, while DEI efforts may be contracting in the US, they are evolving in Asia and other parts of the world, with a key shift being from diversity to inclusiveness.Diversity highlights and celebrates differences - such as race, gender and culture - while inclusiveness goes a step further, fostering a sense of belonging for all. Inclusiveness ensures that everyone, regardless of their background, feels valued and integral to the community. Many companies in Asia already take such an approach.For instance, Singapore is a highly diverse society with a mix of Chinese, Malay, Indian and Eurasian ethnic groups, along with a variety of religious communities - Buddhists, Christians, Muslims and Hindus, to name a few.Companies here often emphasise multicultural inclusivity, language policies and religious accommodations. Most local and even US firms operating in Singapore ensure that prayer rooms are available for Muslim employees and that company policies respect the diverse cultural festivals of different ethnic groups.This suggests that companies that take a more holistic, culturally attuned approach to DEI may be better positioned to sustain their commitments regardless of political pressure, because their efforts are seen as necessary to business rather than reactive branding exercises.Even if the DEI focus is on gender, Asian countries take a different approach to US firms. Japan, for example, has one of the lowest female workforce participation rates among developed countries. Still, instead of adopting Western-style gender quotas, companies there focus on work-life balance and parental leave policies to encourage women to stay in the workforce.Meanwhile, LGBTQ rights may be central DEI priorities in Europe and the US, but Asia’s more conservative approach necessitates that DEI strategies be adapted to align with local cultural and societal norms.MERIT-BASED SYSTEMS OR JUST A COURSE CORRECTION?The reversals in the US present an opportunity to move beyond so-called “bad DEI” - defined by ideological conformity and a “cancel” culture that focuses on enforcing a narrow set of beliefs, stifling open dialogue and prioritising groupthink over constructive disagreement and authentic engagement.This reframes the DEI conversation, making it less about political correctness and more about fair, merit-based systems that deliver real-world outcomes.Perhaps this backlash is the necessary stress test DEI needed.It has exposed the distinction between organisations that genuinely believe in DEI (the ones that have announced they will continue to pursue DEI despite the anti-woke narrative), and those that were doing it for optics. This is good for all stakeholders.For example, Apple shareholders last month rejected a proposal to end its DEI initiatives, although CEO Tim Cook has signalled potential adjustments amid legal pressure.  Meanwhile, cosmetics company Lush created three new bath bombs named Diversity, Equity and Inclusion. “We believe that diversity, equity and inclusion are essential in building justice and belonging in the workplace - and beyond,” the company said.If DEI is to survive, it must prove its value. Not in mission statements, but in measurable outcomes. That means moving beyond vague slogans and check-the-box exercises to demonstrate how diversity, when done right, fosters innovation, strengthens teams and improves long-term performance.First published on CNA, 31 March 2025.
0 Comments   10/04/2025
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