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Association of Banks in Singapore issues guidelines on responsible financing
THE Association of Banks in Singapore on Thursday issued its guidelines on responsible financing.
Banks are to disclose senior management's commitment to responsible financing, and the policy framework that supports this.
They should also allocate resources to support the implementation of responsible financing, and raise staff awareness on responsible financing. This is typically built around environmental, social, and governance (ESG) issues.
Banks will publish their ESG policy framework in 12-18 months' time. Banks are also expected to implement "robust governance systems" through policies and procedures by 2017.