you are in Sustainability
Our robust governance framework defines our commitment and guides our approach to conducting business.
Our governance structure ensures leadership oversight as well as the effective development and management of sustainability strategies and initiatives.
Our sustainability governance structure ensures we have oversight of and compliance to regulatory, sectoral and stakeholder expectations related to our sustainability strategy. These are grounded on the below principles:
Climate change- and nature-related issues are also integrated into the following governance mechanisms:
Our internal auditors conduct risk-based audits on the quality, adequacy and effectiveness of our strategy, risk management and internal controls, as part of our Three Lines Model.
Our Sustainability Advisory Panel, established in 2023, provides external perspectives and independent advice to the Board and Management on various aspects of our sustainability strategy, targets and initiatives.
The Group Sustainability Framework was formalised in 2019. Underpinned by policies and guidelines that define our commitment and guide our approach to conducting business, the framework supports UOB’s business decision-making at all levels. It provides guidance on the management of sustainability-related risks and business opportunities in the context of our direct and indirect impact to the environment, society and the economy.
It is the responsibility of all UOB employees to comply with the UOB Group Sustainability Framework. The management teams of the UOB entities are responsible for appraising the relevant sustainability issues in their respective domains and for taking appropriate steps to ensure that customers and suppliers also meet relevant policy requirements, wherever applicable.
UOB’s strong corporate governance and risk culture are built on our values of Honourable, Enterprising, United and Committed, and are core to the Group’s broader organisational culture. Our corporate governance is based on a partnership between our Board and Management, supported by a system of comprehensive risk frameworks, policies, methodologies, tools and processes by which we operate, measure and manage material risks and opportunities. We review our governance approach and risk frameworks regularly, and revise them if necessary, to ensure that they are up to date, relevant and aligned with best practices.
To promote awareness of and instil risk culture across the Group, we:
Whistle-blowing
Employees, business associates and the public are able to report any concerns of suspected or actual wrongdoing confidentially and securely, without fear of reprisal, through our whistle-blowing channels. They may call our whistle-blowing hotline, email or call the Head of Group Audit, Chief Executive Officer, Chairman of the Board Audit Committee or Chairman of the Board. The UOB Whistle-blowing Policy is reviewed annually and approved by the Board Audit Committee.
Reports may be sent by post to the Head of Group Audit at United Overseas Bank Limited, One Raffles Place, Tower 1 #15-02, Singapore 048616 or by email to whistleblowing@uobgroup.com. All reports received are accorded confidentiality and investigated independently by Group Audit, the administrator of the whistleblowing policy. Group Audit submits regular updates on whistleblowing reports received to the Audit Committee.
Prohibiting insider trading
All employees are required to adhere to the UOB Group Staff Trading Policy, which prohibits insider trading. The policy is reviewed annually and approved by the Operational Risk Management Committee (ORMC).
UOB has in place a pre-trade clearance system that requires employees, who may reasonably be expected to have access to inside information, to make declarations and seek approval before dealing in securities or executing their trades on any stock exchanges. In addition, Group Compliance regularly reviews securities transactions to detect potential violations. Employees may be subject to disciplinary action for non-adherence to the policy.
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