Strong Governance
Why this topic matters to UOB
Strong governance is crucial to organisational success, value creation and sustainability. We are committed to upholding the highest ethical and corporate governance standards. In establishing and maintaining a culture of accountability, responsibility and ethical behaviour and practices, we safeguard the long-term interests of and create value for our stakeholders.
How we approach this topic
Our corporate governance is based on a partnership between our Board and Management, supported by a system of frameworks, policies, guidelines and procedures by which we operate, make decisions and ensure accountability. We also regularly evaluate and revise our governance approach to ensure that it is relevant and aligned with best practices, and to respond to changes. Where there is the need, we do not hesitate to implement new policies and practices.
Board leadership
The Board provides strategic direction and leadership in promoting corporate governance, with the support of the Management. Among its roles, the Board sets the tone from the top and the desired organisational culture and values of the Bank, and inculcates an appropriate
risk culture. It also considers sustainability issues and material ESG factors in formulating the Bank’s strategies.

The Board delegates some of its duties to five Board Committees, namely, the Audit Committee (AC), Board Risk Management Committee, Executive Committee, Nominating Committee, and Remuneration and Human Capital Committee.

Comprising a majority of independent and non-executive Directors, the Board collectively has skillsets, expertise and experience across industries, professions, backgrounds and culture, providing diversity in thought and opinion. Succession planning is conducted for board renewal on an ongoing basis. Besides identifying new directors with complementary expertise and experience, the Board is guided by our Board Diversity Policy, which promotes diversity in various attributes including background, professional and industry experience, tenure, age and gender. Annually, each director is assessed on their independence, fitness and propriety to hold office and performance.

Directors receive regular training on topics ranging from the Bank’s initiatives, industry developments and trends to regulatory updates. Training sessions may be conducted by internal personnel or external specialists. Newly-appointed Directors are briefed by key senior management on the Bank’s business, risk management approach and other relevant topics. New Directors appointed to Board Committees receive additional specialised training depending on their roles.

The Board, assisted by the AC, works closely with the internal and external auditors and Management to ensure a strong Third Line of Defence. The AC meets internal auditor and external auditor separately in the absence of Management at least once every quarter.
The CEO leads Management in the execution of strategies and plans approved by the Board. He also leads Management in seeking out
new opportunities and in the day-to-day operations of the Bank. Assisting him are the following dedicated senior management committees that provide governance oversight on the day-to-day management of the Group:
  • Asset and Liability Committee: oversees the effectiveness of the Group’s market and liquidity risk management;
  • Credit Committee: oversees the Group’s credit and country risk management;
  • ESG Committee: sets the Group’s ESG strategy and roadmap;
  • Human Resources Committee: oversees the Group’s human resources strategy in support of business objectives and growth;
  • Information and Technology Committee: provides strategic oversight of the Group’s investment in technology, data and productivity;
  • Investment Committee: oversees the Group’s investment activities;
  • Management Committee: oversees the overall performance of the Group, country corporate functions and business segments;
  • Management Executive Committee: oversees the overall management of the Group, including the Group’s strategic direction and business activities as well as capital and resource allocation;
  • Operational Risk Management Committee: oversees the Group’s operational risk management, including approval of frameworks, policies, risk models and methodologies relating to operational and reputational risks; and
  • Risk and Capital Committee: oversees the management of risks and capital of the Group.
Go to pages 134 - 150 to see our Corporate Governance Report.
Our target
Increase total director training time by 10 per cent. [2020]
Our performance in 2019
The Board received 87 hours of training in 2019.
Regulatory Compliance
Preventing Corruption, Fraud and Money Laundering
Sustainable Procurement
Managing our Direct Environmental Impact
Community Development