TODAY
05:55 AM Aug 10, 2010
Letter from Jennifer Lee
ABOUT two weeks ago, a concerned Hong Kong citizen saw a Citibank (Hong Kong) promotion advertising discounted shark's fins.
He started a Facebook group page demanding Citibank HK cease all promotions related to the sale of shark's fins.
Within a week, the group had gained 1,000 supporters and Citibank HK, to its credit, reacted almost immediately, ending the promotion early.
Then, the spotlight was turned on Citibank (Singapore), as people around the world found out about its promotion with a restaurant selling shark's fins here. Likewise, Citibank ended the promotion, which was set to run until Dec 31.
Citibank's efficient, "no-excuses" recovery from the environmental gaffe is admirable. However, there are still a number of well-known companies in Singapore that continue to harm the world's shark population, such as other banks running joint promotions boosting the sales of shark's fins, firms hosting business lunches with shark's fin on the menu, or giving shark's fin as gifts to corporate partners.
The Citibank saga can be a good learning point for all image-conscious companies seeking to be socially and environmentally responsible, that it is never too late to do the right thing.
Of the 100 million sharks killed annually, 73 million are killed for only their fins. This figure excludes unreported and illegal fishing. More often than not, the fins are removed while the shark is alive and the finless body is thrown back into the ocean. The bleeding shark suffers a slow death, unable to feed or breathe. It can sit on the seabed for days before finally dying from blood loss and suffocation.
Singapore, despite its size, is currently among the world's largest entrepot ports for the fin trade, as well as high on the list of consumers.
