Board Statement on Sustainability

The Board is committed to building on the Bank’s rich heritage to continue creating long-term value for all its stakeholders. Integral to the business direction UOB takes is its sustainability strategy. In formulating this strategy, the Board considered the factors which contribute to the sustainable growth of the Bank. As part of the process, the Bank undertook detailed gathering and assessment of data and insights from across the organisation and from its external stakeholders.

Together with Management, the Board identified opportunities relevant to the long-term success of the Bank and determined the material ESG risks to be managed. Through its Committees, the Board oversees the management and monitoring of these factors to ensure that the Bank is responding effectively to developments in the market and in view of its stakeholders’ expectations. The Board and Management are supported in this regard by the Bank’s dedicated ESG Committee comprising senior executives from functions across the organisation.

The framework of UOB’s sustainability reporting is in line with the SGX Sustainability Reporting Guide and the Global Reporting Initiative (GRI) Standards. We are pleased to state that UOB’s Annual Report 2016 won the Best Inaugural Sustainability Report (Mainboard) Award at the first Singapore Sustainability Reporting Awards.

The Bank’s values of Honour, Enterprise, Unity and Commitment underpin UOB’s sustainability strategy. These will continue to guide its people, policies and processes to ensure the long-term interests of its stakeholders are met and the performance of UOB sustained.

Group Annual ReportsGroup Annual Reports

Strategy & Governance

Sustainability Strategy

Our sustainability strategy mirrors our business approach of balancing growth with stability. It takes into account the influence and impact our decisions and actions might have on the industry, society and the environment. It was also formulated to ensure we remain economically relevant through managing ESG risks and opportunities practically and in line with market realities.

To help our programmes and initiatives take root and gain ground, we have ensured alignment with the ESG regulatory policies and guidelines in each of our key markets. Just as our business strategy hinges on doing what is right for our customers, our sustainability strategy informs our engagement with our stakeholders and how we can help them in their own practices for positive outcomes in the long run.

Sustainability Governance Structure

A ESG Committee was set up in 2018 to determine UOB’s Environmental, Social and Governance (ESG) sustainability strategy and roadmap, in keeping with the Group’s overall long-term plans and vision. The Committee also ensures that the Group’s ESG pillars and objectives are operationalised and implemented through actionable and measurable plans and initiatives of functions across the Group.

The ESG Committee reports to the Group’s Management Executive Committee (MEC), which comprises the Group Chief Executive Officer, Group Chief Financial Officer, Group Chief Risk Officer, Head of Group Technology and Operations, Head of Group Retail, Head of Group Wholesale Banking and the Head of Global Markets. The MEC reviews and determines the Group’s material ESG factors and their scope. The MEC also evaluates key performance indicators, reviews long-term business and organisational goals and provides the strategic direction for the Bank’s sustainability practices.

Chaired by an independent director, the Strategy Committee has been delegated by the Board of Directors with general oversight of the Board’s attention to the sustainability agenda.

Sustainability Governance Structure