DBS Sets up a Board Sustainability Committee to Oversee ESG Mattersby Fintech News Singapore March 7, 2022
DBS announced that it has established a Board Sustainability Committee (BSC) to provide added governance and oversight of material environmental, social and governance (ESG) matters.
The bank said in a statement that the move is the first of its kind by a Singaporean bank.
The BSC is chaired by DBS’ CEO Piyush Gupta and its members comprise current board members Chng Kai Fong, Judy Lee and Tham Sai Choy, all of whom have significant experience in sustainability matters.
BSC will oversee DBS’ sustainability strategies, climate-related matters, sustainability disclosures, stakeholder engagement, and governance on sustainability matters.
Previously, DBS’ Board Exco had oversight of sustainability matters.
When DBS joined the United Nations-convened Net-Zero Banking Alliance in 2021 and committed to be net zero by 2050 or sooner, the bank felt that having a BSC would allow for greater focus on the sustainability agenda which is one of its key strategic imperatives.
DBS has committed a total of SGD 20.5 billion in sustainable financing transactions in 2021, taking the bank’s cumulative efforts to SGD 39.4 billion to date – achieving almost 80% of the bank’s SGD 50 billion sustainability financing target by 2024.
To create impact beyond banking, DBS set aside SGD 100 million to enhance support for social enterprises and community causes.
The bank also doubled down on the DBS Foundation Grant programme, increasing its grant budget to SGD 3 million.
Piyush Gupta, CEO of DBS Bank, said,
“DBS takes our role in building a sustainable future very seriously. That is why our commitments to driving the transition to a net-zero world were made only after we had some line of sight towards a viable course of action that is constructive and impactful.
In line with these efforts, it was timely to establish a Board Sustainability Committee to oversee the complex and extensive work being done as we further weave ESG into the fabric of our business.”