DBS issues standalone sustainability report, first Singapore bank to do so
Singapore, Hong Kong, China, India, Indonesia, Taiwan, Regional.28 Mar 2019
Expands on approach to sustainability, which is based on responsible banking, responsible business practices and creating social impact
Singapore, Hong Kong, China, India, Indonesia, Taiwan, Regional, 28 Mar 2019 - In line with its commitment to advancing the sustainability agenda as a purpose-driven bank, DBS today issued its inaugural standalone sustainability report, the first Singapore bank to do so. The report provides an expanded account on progress made in supporting the United Nations’ set of Sustainable Development Goals[1] (SDGs) and material sustainability matters over the past year.
DBS’ approach to sustainability is based on three pillars – (i) Responsible banking, (ii) Responsible business practices and (iii) Creating social impact. Within these pillars, the bank has chosen to focus on six SDGs, namely SDG 5 – gender equality, SDG 7 – affordable and clean energy, SDG 8 – decent work and economic growth, SDG 9 – industry, innovation and infrastructure, SDG 12 – responsible consumption and production and SDG 13 climate action.
In the Sustainability Report, DBS CEO Piyush Gupta said that some of the challenges facing the world – challenges in the developmental, social and environmental space – are enormous and complex. “It is our firm belief that companies such as ours have a central role to play in seeking to find solutions to these challenges. Our licence to operate comes from civil society, and we need to ensure that we are addressing the needs of multiple stakeholders, not just for our generation but for generations to come. Our approach to sustainability is guided by this sense of purpose: to create value for the long term, by managing our business in a balanced and responsible way.”
He also reflected that in seeking an appropriate balance, the bank is mindful that more often than not, there are numerous trade-offs that need to be made. As an example, there are inherent trade-offs even in some of the United Nations Sustainable Development Goals, with the quest for improvement in basic living conditions sometimes coming at the cost of environmental degradation. “These trade-offs must be carefully evaluated as the solutions are often not binary.”
Progress made by the bank in its sustainability efforts is summarised below:
Pillar 1: Responsible banking – delivering products and services that promote sustainable development and conducting business in a fair and responsible manner. Some examples:
David Pong, CEO of WateRoam said, “At each gathering organised by the Foundation, we exchanged precious lessons learnt from our different social enterprise journeys, and never failed to walk away with a greater sense of encouragement for the journey ahead. Being a DBSF grant awardee has truly allowed us to achieve our vision of ending global thirst with much more effectiveness.”
DBS’ inaugural standalone Sustainability Report can be read here - https://www.dbs.com/sustainability/overview/sustainability-reporting/default.page
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
DBS’ approach to sustainability is based on three pillars – (i) Responsible banking, (ii) Responsible business practices and (iii) Creating social impact. Within these pillars, the bank has chosen to focus on six SDGs, namely SDG 5 – gender equality, SDG 7 – affordable and clean energy, SDG 8 – decent work and economic growth, SDG 9 – industry, innovation and infrastructure, SDG 12 – responsible consumption and production and SDG 13 climate action.
In the Sustainability Report, DBS CEO Piyush Gupta said that some of the challenges facing the world – challenges in the developmental, social and environmental space – are enormous and complex. “It is our firm belief that companies such as ours have a central role to play in seeking to find solutions to these challenges. Our licence to operate comes from civil society, and we need to ensure that we are addressing the needs of multiple stakeholders, not just for our generation but for generations to come. Our approach to sustainability is guided by this sense of purpose: to create value for the long term, by managing our business in a balanced and responsible way.”
He also reflected that in seeking an appropriate balance, the bank is mindful that more often than not, there are numerous trade-offs that need to be made. As an example, there are inherent trade-offs even in some of the United Nations Sustainable Development Goals, with the quest for improvement in basic living conditions sometimes coming at the cost of environmental degradation. “These trade-offs must be carefully evaluated as the solutions are often not binary.”
Progress made by the bank in its sustainability efforts is summarised below:
Pillar 1: Responsible banking – delivering products and services that promote sustainable development and conducting business in a fair and responsible manner. Some examples:
- In the area of responsible financing, DBS provided sustainability financing amounting to more than SGD 2.4 billion in 2018. This included green loans, sustainability performance-linked loans and renewable energy financing.
- In the area of climate change, the bank is committed through its business activities to promote an orderly transition to a low-carbon economy, while balancing the need for economic growth and social inclusion. As an example, it supported clients’ issuances such as Start Energy’s Wayang Windu geothermal green project bond and the State Bank of India’s maiden green bond.
- In the area of digital finance, DBS has joined the Sustainable Digital Finance Alliance and the UN Task Force on Digital Financing for SDGs. These collaborations address the potential for fintech-powered business innovations to reshape the financial system in ways that better align with the needs of sustainable development.
- In support of the financial inclusion agenda, through the years, DBS has lent a total of SGD 38 billion to SMEs. DBS’ social enterprise (SE) banking package also offers SEs unsecured business loans at a preferential rate of 5% fixed per annum. In Singapore, the bank is the bank of choice for many migrant workers, and waives fees for ex-offenders to help their reintegration into society.
- In support of diversity and equal opportunity, DBS seeks to create a workplace that is supportive of employees as they grow and thrive in different aspects of their lives. In 2018, the bank enhanced its parenthood leave which includes maternity, paternity and adoption. It also introduced neonatal care leave for employees who require additional support when their child is born prematurely. For the second year running, the bank was included in the Bloomberg Gender-Equality Index.
- In the area of sustainable procurement, DBS requires all new suppliers to be reviewed against its Sustainable Source Principles (SSP), which outlines the expectations the bank has of its suppliers in four key areas – human rights, health and safety, environmental sustainability, as well as business integrity and ethics. In 2018, 99.6% of new suppliers signed their commitment to support DBS’ SSP.
- In the area of social entrepreneurship, the DBS Foundation awarded SGD 1.25 million in grants to 12 SEs through the SE Grant Programme in 2018. The programme enables social enterprises to develop a prototype of their idea, add critical capabilities for business sustainability, or scale up existing businesses, leading to greater social impact. In 2018, DBS employees also mentored more than 50 SEs across its six core markets to help scale their businesses.
- On employee volunteerism, through DBS’ “People of Purpose” volunteerism movement, in 2018, employees spent more than 65,000 hours helping to drive impact in the areas of ageing, education and the environment. The total value of time committed is estimated to be over SGD 6 million since 2014.
David Pong, CEO of WateRoam said, “At each gathering organised by the Foundation, we exchanged precious lessons learnt from our different social enterprise journeys, and never failed to walk away with a greater sense of encouragement for the journey ahead. Being a DBSF grant awardee has truly allowed us to achieve our vision of ending global thirst with much more effectiveness.”
DBS’ inaugural standalone Sustainability Report can be read here - https://www.dbs.com/sustainability/overview/sustainability-reporting/default.page
[1] The United Nations’ Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice. Source - https://www.un.org/sustainabledevelopment/sustainable-development-goals/
Links:-
1) DBS 2018 Annual Report.
2) CEO Piyush Gupta’s reflections on – the bank’s progress on digital transformation, our responsibilities to shareholders and how we align them to those to stakeholders;
3) A financial view of how our transformed franchise has delivered ROE that is at its highest since 2007
4) Our journey to becoming the best bank in the world
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
