"Invest in Philanthropic Capitalism," Lord Hastings Urges

Published on 2nd June 2009

'The greatest lesson is that we should cultivate a mind of being active contributors to the world's economy and not just sit back and lament about Africa being a poor continent,' said Geoffrey Nyasimi, a SIFE Kenya student from Maseno University.  

His remarks came soon after Lord Michael Hastings' speech on corporate citizenship during a business breakfast meeting that was hosted by Students In Free Enterprise (SIFE Kenya), in Nairobi. Lord Michael Hastings of Scarisbrick is the former Commissioner of Racial Equality in United Kingdom, and currently the global head of Corporate Citizenship and Diversity, KPMG International. He spoke during the meeting organized by SIFE Kenya in partnership with KPMG that brought together national SIFE competition judges and the winning SIFE team.  

Maseno University SIFE team won this year's annual SIFE competition out of 14 Kenyan universities. The team will be representing SIFE Kenya in Berlin Germany for the SIFE World cup competition in October. The team boasts of six projects, including a chicken rearing project that was set up in to upgrade the lives of the local community. 

Lord Hastings urged the business community to invest in the future through young people. 'It is important for the business community and Africa at large to invest in productivity and put in mind philanthropic capitalism that will help mobilize resources in building the society for the future,' he said. 

He also emphasized on the issue of accountability as concerns creating wealth and profits. It is not bad for people to make profits as long as accountability and ethical concerns becomes core to operational values.  

The new SIFE Country Board Chair, Andy Watt (MD Syngenta East Africa Ltd) welcomed members of the business community in Kenya to join in assisting SIFE nurture the next generation of business leaders. 

Students In Free Enterprise (SIFE), Kenya was launched in 2003 following an M.O.U signed between SIFE International and Inter Region Economic Network (IREN Kenya). The Kenyan program has expanded from 5 universities in 2003 to the present 14. SIFE, founded in the United States in 1975, is the world's largest business and entrepreneurship organization that targets university students on over 1500 campuses in 47 countries.  

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