MAS forms Sustainability Group and appoints chief sustainability officer

THE Monetary Authority of Singapore (MAS) announced on Tuesday the formation of a new Sustainability Group to steer sustainability efforts across the organisation and help build deeper capabilities.

The Sustainability Group will coordinate MAS' green finance and sustainability agenda, aimed at strengthening the financial sector's resilience against environmental risks and developing a vibrant green finance ecosystem to support Asia's transition to a low-carbon future. It will also identify strategic green finance collaborations with regional and international counterparts and reduce MAS' own carbon and environmental footprint.

Heading the group as chief sustainability officer will be Darian McBain, to be effective from Oct 1, 2021.

Dr McBain, a sustainability veteran with more than 20 years of experience, was most recently chief sustainability officer in Thai Union Group, a leading seafood supplier conglomerate.

She will report to Ho Hern Shin, deputy managing director (financial supervision) and Leong Sing Chiong, deputy managing director (markets and development). Dr McBain will set the agenda for MAS' Green Finance Steering Committee chaired by Ravi Menon, managing director, MAS.

Dr McBain holds a PhD in social indicators for global supply chain analysis and a Masters in business strategy, politics and environment, and was recently named as a United Nations Sustainable Development Goal Pioneer for the environmental initiatives she has spearheaded.

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On MAS' latest move, Mr Menon said: "The formation of the Sustainability Group reflects MAS' commitment to embed climate change and environmental sustainability across its roles as a financial regulator, as a promoter of the financial sector, and as an organisation.

"Green finance and climate resilience are growing areas of priority for MAS and we are pleased to have Darian join us and lead our efforts in these areas."

MAS has been taking steps to push the sustainability agenda, with the launch of its inaugural Sustainability Report in June this year where it outlined the central bank's priorities and plans on this front. MAS is the second central bank in the world to release a standalone sustainability report after the Bank of England.