Singapore’s largest bank DBS announced the establishment of a board sustainability committee, to further its net-zero commitments.
DBS has recently established a board sustainability committee (BSC), according to a statement, replacing the bank’s board executive committee as the overseer of related matters.
The BSC is chaired by DBS chief executive Piyush Gupta and its members include current board members Chng Kai Fong, Judy Lee and Tham Sai Choy.
BSC Duties
BSC will provide added oversight on related issues such as the bank’s sustainability strategy, climate change, sustainability disclosures, stakeholder engagement and governance.
«DBS takes our role in building a sustainable future very seriously,» said Gupta. «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.»
Climate Change Progress
DBS continues to make efforts to expand its sustainability program to meet various targets and objectives.
For example, it has stopped onboarding customers that derive more than a quarter of revenue from thermal coal since April last year with plans to further lower the threshold.
It has also committed a cumulative total of S$39.4 billion ($28.9 billion) in sustainable financing transactions – nearly 80 percent of its S$50 billion target by 2024.
