DBS group chief executive Piyush Gupta said he was encouraged by the growing focus on issues like social inequity, gender diversity and more, lauding China’s common prosperity focus as «not a bad thing».
«We've created massive pools of inequality" globally in the last 15 to 20 years perpetuated by technology,» according to a «Bloomberg» report citing Piyush Gupta at a virtual event on Saturday organized by non-profit organization United Women Singapore.
«The focus on common prosperity, how you take care of the bottom of the pyramid, that's not a bad thing. It's the right time for that.»
The ’S' in ESG
According to Gupta, social-related issues – specifically, inequity – will become a growing point of focus amongst governments and corporates over the next decade.
Application of board diversity quotas as well as public condemnation of less progressive businesses may be necessary to push for outcomes across Asia, such as gender equality.
«Whether it's the European green fund, Xi's common prosperity agenda or our own focus on the social safety net for the bottom 20 percent, these are good things to do,» Gupta added.
Gender Gap at DBS
The broader Singapore market is already actively closing the gender gap within company boards, currently with 18 percent female representation in the first half of 2021, according to data from the Council for Board Diversity, with aims to reach 25 percent by 2025. Singapore Exchange's regulatory arm also proposed greater disclosure amongst listed companies on board diversity and governance plans, timelines and targets, starting in 2022.
At DBS, females represent 50 percent and 40 percent of its workforce and senior management, respectively as of January 2021. Two of its 10-member board – Punita Lai and Judy Lee – are female independent directors.
«Companies put targets for a whole bunch of things. We are now putting targets on carbon emissions. That focuses people's minds on the problem a lot more,» Gupta explained.
