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DBS Bank

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DBS is excited to share that we are now an IFRS Foundation Corporate Champion! As a purpose-driven bank, this underscores our commitment to be a strong advocate for the adoption and consistent application of the ISSB (International Sustainability Standards Board) standards which represent a global baseline of sustainability disclosures. As a member of the network, DBS will work with the private sector to help build reporting capacity for companies and to drive adoption of these global standards. Why does this matter? Amid a growing need for high-quality data on environmental and social metrics, having consistent, transparent and comparable disclosures will go a long way towards helping to create a common language across markets and sectors all over the world to accelerate sustainability practices and decarbonisation. Andrea Pryde, Acting Managing Director of the IFRS Foundation, said: “The IFRS Foundation Corporate Champions Network is an important part of our strategy to ensure there is sufficient long-term support in place to enable the work of the International Sustainability Standards Board specifically. We’re pleased to welcome DBS to our growing Corporate Champions Network.” DBS Chief Sustainability Officer Helge Muenkel said: “Being an IFRS Foundation Corporate Champion is a significant milestone for DBS, highlighting our ongoing commitment to sustainability. Alongside our involvement with the GRI, the IFRS role helps place us at the forefront of change in the regional sustainability landscape and will enable us to connect with international stakeholders to ensure that sustainability reporting is transparent and consistent. By doing so, we are working towards a more sustainable future.” The ISSB, established by the IFRS Foundation in 2021, aims to address the fragmented landscape of voluntary sustainability-related standards and requirements that add cost, complexity and risk to both companies and investors. The board's efforts have garnered international support from entities including the G7, the G20 and the International Organisation of Securities Commissions (IOSCO), as well as finance ministers and central bank governors from over 40 jurisdictions. The ISSB builds on the work of leading investor-focused reporting initiatives such as the Sustainability Accounting Standards Board, Climate Disclosure Standards Board and the Task Force for Climate-related Financial Disclosures. The ISSB is one of two major sustainability reporting standards globally. The other is the Global Reporting Initiative (GRI), which has been developing a sector reporting standard for banks. ISSB and GRI in 2022 signed a memorandum of understanding to work on the interoperability of both sets of standards. DBS is the only Asia-Pacific representative on the steering committee of the GRI. #sustainability

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