Dear Stakeholders,
Listed on the Singapore Exchange since 1969, Haw Par is one of the earliest established public companies in Singapore. Central to our management doctrine in the day-to-day running of our business, is our uncompromising preservation of trust that has been built and fortified over the years. The conduct of business in a proper, sustainable, accountable and ethical manner thus comes second nature to our Board and Management. We are pleased to share with our stakeholders a perspective of our sustainability efforts through our sustainability reports.
The largest contribution to the healthcare business comes from our brand Tiger Balm. With a wide range of products available in over 100 countries, Tiger Balm is arguably one of the world's leading and most versatile topical analgesic brands. Besides the consumer healthcare business, the Group also engages in the leisure business and holds significant investments in securities and properties.
Tiger Balm continues to gain popularity in its key markets while more products are being introduced across the geographies, as demand emanates from diverse segments of consumers experiencing muscular aches and pains for different reasons. Long trusted for its quality, safety and efficacy to our consumers, the trust in the equity of the brand is non-negotiable as we safeguard against any possible brand equity erosion in a growing global consumer healthcare market where competition is a given trait.
The pharmaceutical industry is regulated by health authorities, with increasing stringency imposed on product registrations, manufacturing, quality assurance and marketing authorisations. While these complicate processes, lengthen product development cycles, push back product launches and increase costs, we are closely guided by governance and compliance requirements that are inherent in the industry and our internal processes, e.g. GMP and ISO certifications. This ultimately translates to benefitting our consumers' health and wellbeing with superior products through our continual product development and efforts toward wider presence and deeper market penetration.
As Tiger Balm's brand equity is synonymous with the general health and wellbeing of our consumers, we promote sports as one of its health enablers as well as a means to serve the community. Tiger Balm partners distributors to bring sports to everyone through various sporting events across our markets. Across the Group, we have also been supporting charitable causes through sponsorships and donations of our trusted Tiger Balm products.
We are where we are today because of our staff. We recognise our employees as our most vital assets and a key stakeholder group. We are committed to fostering a fair and equal opportunity workplace, one that is built on merit and based on progressive HR practices, by hiring, assessing and rewarding employees on merit, skills, experience and ability to perform the job. Just as we promote health and wellbeing of our consumers, so too, we care for our employees' physical and mental wellbeing.
Looking forward, we seek to step up our reporting boundaries in the coming years to inform our stakeholders of our endeavours and commitments concerning the material issues the Board and Management have identified.
Wee Ee Lim
President and CEO
Haw Par Corporation Limited
If you have enquiries or feedback, please contact us at sustainability@hawpar.com