DBS

The financial institution assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body, while the implementation responsibility is delegated to functions, teams or committees within the institution. It has a publicly available policy statement committing it to respect human rights and discloses a list of the trade associations of which it is a member.

The institution transparently identifies the key sectors, clients and investees for climate engagement and monitors its Scope 1-2 emissions. Furthermore, it discloses the monetary amount of products, services and capital provided to small and medium-sized enterprises as well as its operational details by country such as the number of employees.

The financial institution expects suppliers to respect specific workers’ rights but has the opportunity to reference all ILO fundamental rights at work. It can disclose how it determines a living wage in its operational regions and provide a publicly available policy statement prohibiting bribery and corruption while including such clauses in contracts with its business relationships. Although it states it does not make political contributions in its Anti-Bribery and Corruption Policy, it could formalise this commitment in a public policy document.

While the institution identifies and prioritizes material sustainability impacts, it could enhance transparency by disclosing the objective criteria and evidence used in its materiality analysis. Although it restricts financing for certain fossil fuel projects or clients and investees undertaking such projects, these restrictions could be broadened to include all types of fossil fuels. Additionally, it has a time-bound strategy to phase out support for specific fossil fuel projects but could expand the strategy to encompass all fossil fuel projects to strengthen its commitment.

It is recommended that the institution disclose the breakdown of clients or beneficiaries by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks. Moreover, the institution could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.