DBS sets up board sustainability committee

Michelle Zhu

Published Mon, Mar 7, 2022 · 10:01 AM

DBS has established a board sustainability committee (BSC) to provide added governance and oversight of material environmental, social and governance (ESG) matters.

Sustainability matters were previously overseen by DBS's board executive committee.

A BSC will allow for greater focus on its sustainability agenda which is one of the bank's key strategic imperatives, said DBS in a press statement on Monday (Mar 7).

DBS's sustainability agenda spans over 3 pillars: responsible banking, responsible business practices and creating impact beyond banking.

ESG matters governed and overseen by the new BSC include the bank's sustainability strategies, goals and targets; climate-related matters; sustainability disclosures; stakeholder engagement; and governance on sustainability matters.

The committee is chaired by DBS chief executive Piyush Gupta, and its members comprise current DBS board members Chng Kai Fong, Judy Lee and Tham Sai Choy - all of whom have significant experience in sustainability matters, said the bank.

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Highlighting the bank's commitment and efforts to "driving the transition to a net-zero world", Gupta said establishing a BSC was a timely move to oversee the "complex and extensive work being done as (the bank) further weaves ESG into the fabric of (its) business".

While DBS said the move is a first by a Singapore bank, it is not the first Singapore-Exchange (SGX) listed company to introduce a board-level sustainability committee. Other large-cap companies that have done so include City Developments, Wilmar and ComfortDelGro Corporation (CDG), while smaller SGX-listed peers include GYP Properties as well as CDG subsidiaries Vicom and SBS Transit.

As at 9.47 am, shares of DBS were trading S$0.12 or 0.4 per cent lower at S$32.48.

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