DBS Establishes Board Sustainability Committee to Supervise ESG Matters

Building on its sustainability agenda and net-zero commitment, DBS yesterday announced that it had recently established a Board Sustainability Committee (BSC) – the first by a Singapore bank.

Previously, DBS' Board Exco had oversight of sustainability matters. With DBS having become the first Singapore bank to join the United Nations-convened Net-Zero Banking Alliance in 2021, and committing to be net zero by 2050 or sooner, it was felt that having a BSC would allow for greater focus on the sustainability agenda which is one of the bank's key strategic imperatives.

In particular, the BSC will provide added governance and oversight of material environmental, social and governance (ESG) matters, including:

• DBS' strategies, goals and targets in relation to its sustainability pillars – namely, responsible banking, responsible business practices and creating impact beyond banking – as well as sustainable development goals;

• Climate-related matters;

• Sustainability disclosures;

• Stakeholder engagement; and

• Governance on sustainability matters.

The BSC is chaired by DBS CEO Piyush Gupta and its members comprise current DBS board members Chng Kai Fong, Judy Lee and Tham Sai Choy. All have significant experience in sustainability matters.

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. This included first establishing a clear handle on our financed emissions, mapping out viable transition pathways for different industry sectors, and developing a taxonomy that guides conversations with customers in their transition. 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."