Uob Sustainability Report 2021

UOB Sustainability Report 2021
Innovating for a Sustainable Tomorrow

About This Report
United Overseas Bank Limited (UOB) has been committed to creating In applying the GRI Standards, we prioritised the four principles for Overview Uphold Corporate Responsibility
long-term value for our customers, our colleagues and our communities defining report content, namely: 2 Our 2021 Snapshot 71 Strong Governance
3 Deputy Chairman and CEO’s Statement 72 Regulatory Compliance
since 1935. In building a sustainable business over time and across
73 Information Security
borders, we engage our stakeholders constructively and regularly. • Principle 1 - Stakeholder Inclusiveness; Our Approach 74 Preventing Corruption, Fraud and Money Laundering
This enables us to align our strategies with what is important to them • Principle 2 - Sustainability Context; 6 Sustainability Strategy 77 Managing Our Direct Environmental Impact
and for them to have a deeper appreciation of how we contribute • Principle 3 - Materiality; and 10 How We Engage with Our Stakeholders 82 Sustainable Procurement
• Principle 4 - Completeness. 11 Material ESG Factors 83 Community Stewardship
to enterprise, innovation and economic growth across the region.
17 Sustainability Governance and Reporting
Appendix
In the UOB Sustainability Report 2021, we explain our sustainability This report should be read in conjunction with the UOB Annual Report 2021 Drive Growth Sustainably 90 Sustainability in Numbers
approach, objectives and performance in the context of the year’s and other related disclosures. Throughout the report, links to other 19 Economic Contributions 103 Awards and Accolades
operating environment. We also share how we create value for our relevant resources are provided for the convenience of our readers. 20 Risk-focused Organisational Culture 105 Global Reporting Initiative (GRI) Content Index
21 Responsible Financing 113 GRI G4 Financial Services Sector Disclosures
stakeholders over the short, medium and long-term. 26 Climate Change Risks 114 Sustainability Accounting Standards Board (SASB) Index
This report is our first that is externally assured against the GRI Standards
32 Supporting Businesses’ Sustainable Growth 116 Task Force on Climate-related Financial Disclosures (TCFD) Index
This Report is approved by the UOB Board of Directors and is prepared for sustainability reporting. The assurance, provided by Ernst & Young 39 Enabling Sustainable Lifestyles 117 United Nations Sustainable Development Goals (UN SDGs) Index
in accordance with: LLP, validates the accuracy and reliability of figures and statements in 40 Facilitating Sustainable and Responsible Investing 120 United Nations Global Compact (UNGC) Ten Principles
this report that are related to the subject matters agreed as per the 121 Glossary
Keep Customers at the Centre 123 External Assurance
• the Singapore Exchange (SGX) Securities Trading Limited Mainboard Assurance Statement. The assurance is in accordance with International
46 Ensuring the Safety of Our Customers
Listing Rules 711A and 711B on Sustainability Reporting, as well as Standard on Assurance Engagements (ISAE) 3000 Other Than Audits 47 Supporting Businesses Through Economic Cycles
Practice Note 7.6 Sustainability Reporting Guide issued in June 2016; or Reviews of Historical Financial Information. The scope of work and 49 Innovative Digital Banking Products
• the SGX Core ESG Metrics published in December 2021; conclusions can be found in the Assurance Statement on pages 123 to 130. 51 Financial Inclusion
56 Data Privacy and Governance
• the Global Reporting Initiative (GRI) Standards: Core Option issued 57 Fair Dealing
in October 2016 by the Global Sustainability Standards Board; This report covers the period from 1 January to 31 December 2021,
58 Customer Experience
• the GRI G4 Financial Services Sector Disclosures document; unless otherwise stated, and is published on 1 April 2022. It is available
• the Sustainability Accounting Standards Board (SASB) Financials online at www.UOBgroup.com. No copies were printed. Develop Professionals of Principle
60 Attracting, Developing and Retaining Talent
Sector Standards on Commercial Banks, Consumer Finance and 64 Workplace Safety, Health and Well-being
All figures in this report are in Singapore dollars unless otherwise specified.
Mortgage Finance published in October 2018; 68 Diverse and Inclusive Workforce
• the Monetary Authority of Singapore’s (MAS) Green Finance Certain figures in this report may not add up to the respective totals
Industry Taskforce’s Financial Institutions Climate-related Disclosure due to rounding.
Document published in May 2021;
• the MAS Guidelines on Environmental Risk Management for Banks
published in December 2020; To find out more about UOB and sustainability, follow us on:
• the Guidelines on Responsible Financing issued in October 2015 #SustainableFutureWithUOB
www.UOBSustainability.com
(revised June 2018) by The Association of Banks in Singapore; and
• the Recommendations of the Task Force on Climate-related We welcome your feedback and suggestions at Sustainability@UOBgroup.com.
Financial Disclosures (TCFD) issued in June 2017 and updated in Please scan the QR code to view the UOB Annual Report 2021.
October 2021.
This report also serves as our Communication on Progress (CoP)

for the United Nations Global Compact.
UOB Sustainability Report 2021 1

Overview
Our 2021 Snapshot

Overview
Drive Growth Sustainably Our 2021 Snapshot
Deputy Chairman and CEO’s Statement
$17 billion $5 billion Apex Winner $9 billion World ’s 1st APAC Our Approach
in total sustainable financing in sustainable financing Sustainable Solutions, in total assets under Green REIT ETF
extended to corporates extended to corporates Non-SME Category at the management in listed on the
as at the end of 2021 in 2021 Singapore Apex Corporate ESG-focused investments Singapore Exchange
Sustainability Awards 2021
Drive Growth Sustainably
Keep Customers at the Centre

World ’s Best SME Bank 20,000 SMEs Best Retail Bank +3.8 improvement in No data privacy fines Develop Professionals of Principle
awarded by Euromoney received our relief support in Singapore, Malaysia and Net Promoter Score1 in respect of any
and Global Finance since 2020 Thailand awarded at the for customer experience data breach2
Asian Banking & Finance
Retail Banking Awards 2021 Uphold Corporate Responsibility
Develop Professionals of Principle

Appendix
$23.3 million 100% completion 290,000 square feet UOB Mental Wellness Days 54 nationalities
invested in employee training of our Group-wide Better U of office space transformed launched to help colleagues represented by our colleagues
and development foundational course by into high-performance lead healthier and more across the Group
eligible colleagues workspaces fulfilling lives
Uphold Corporate Responsibility
No material information Operational $6.1+ million 32,700+ hours Corporate Excellence

security incidents carbon neutrality in monetary and in-kind volunteered by our colleagues and Resilience Award
achieved for our contributions to the community to serve the community at Singapore Corporate Awards 2021
own footprint (Special Edition)
(>$1 billion market cap)
1 About 2.3 million retail customers were invited to participate in the Net Promoter Score survey after their interactions with UOB and more than 113,000 responded.
2 Refers to Personal Data Protection Commission (PDPC) fines in respect of any data breach. The PDPC is Singapore’s main regulatory body for administering the Singapore Personal Data Protection Act 2012.

Overview

Overview
Our 2021 Snapshot
Driving Growth Sustainably Singapore Bond Fund, which offers investors Developing Professionals Deputy Chairman and CEO’s Statement
During the year, we rolled out our Group Environmental opportunities to help contribute to Singapore’s 2030 of Principle
Risk Management Framework and adopted the green development plan. We continued to create We are committed to building a safe, nurturing and
positive social impact through our impact investment inclusive environment for our people, who are our
Equator Principles to determine, to assess and to manage Our Approach
the environmental and social risk in projects we funds aimed at supporting low-income communities greatest asset. Our colleagues are treated respectfully
undertake. As part of our Task Force on Climate-related in Southeast Asia and China. and professionally and are given equal opportunity
Financial Disclosures (TCFD) adoption roadmap, based on merit. Drive Growth Sustainably
we have incorporated physical risk disclosures in this
Keeping Customers at the Centre
year’s Sustainability Report. To assist our customers, particularly individuals With the pandemic reshaping the concept of the
and small- and medium-sized enterprises (SMEs), workplace and with technology enabling effective Keep Customers at the Centre
In our role as a catalyst and enabler to help our tide over the impact of the pandemic, we continued hybrid workstyles, there was a blurring of work-life
corporate clients tap regional connectivity and grow to extend various relief measures and financing boundaries and pandemic fatigue. To support our
responsibly, we continued to roll out sustainable schemes and to make them more accessible. For micro people, we enhanced our total wellness programme to Develop Professionals of Principle
finance programmes such as our Green and Sustainable and small businesses especially, we rolled out the equip them with mindfulness and stress management
Sustainability is now an imperative with collective Trade Finance and Working Capital Framework. We UOB Business Loan in Singapore, which features a short techniques so that they can fortify their mental
will among governments, companies and individuals also launched U-Drive and U-Energy, two integrated tenor cash advance loan or a longer tenor working resilience and build greater awareness on how to Uphold Corporate Responsibility
to change business practices and lifestyles for the financing platforms designed to facilitate the growth capital loan. During the year, we also extended our care for colleagues who may be mentally distressed.
greater good. As a leading financial institution in Asia, of the electric vehicle sector and to promote energy UOB BizMerchant programme from Vietnam and
UOB takes seriously our responsibility to forging a efficiency respectively through financing support for Thailand to Indonesia. This financially-inclusive Our ongoing training and development help to
programme taps our data analytics-powered credit
Appendix
sustainable future. industry players through to consumers. ensure that our people stay future-focused and
underwriting engine to make it easier for small customer-centric. We continued to strengthen
Underpinning our sustainable growth through the years Our efforts led to the achievement of our sustainable businesses, particularly online sellers, to obtain Better U, our Group-wide learning and development
are our time-tested values of Honour, Enterprise, Unity financing target of $15 billion two years ahead of bank loans. programme that focuses on building competencies
and Commitment. In 2021, we made further progress by schedule. The commitment to integrating sustainability required for the future. The programme now includes
setting up a dedicated Corporate Sustainability Office into our lending policy underpins the Bank’s own Technology is a key tool in furthering our sustainability a specialised track on artificial intelligence (AI) to
and appointing our first Chief Sustainability Officer. inaugural sustainability bond under the UOB Sustainable agenda. In our recent survey, three in five SMEs in deepen our people’s understanding of how AI
They are tasked to guide the Bank’s efforts through Bond Framework. In addition to loans, we facilitated Singapore said sustainable practices are key to their technologies can be applied in the financial industry.
the four pillars of our sustainability strategy, which our clients’ issuances of green and sustainability-linked business growth. Through our Sustainability Innovation
are to drive growth sustainably, to keep customers bonds, as well as Islamic notes, with the proceeds Programme powered by The FinLab, we helped SMEs
at the centre, to develop professionals of principle raised to be used for green projects or to improve adopt digital solutions that enabled them to build
and to uphold corporate responsibility. their sustainability performance. sustainable businesses and to emerge stronger.
By embedding these pillars in our business strategy, In the area of sustainable investments, we launched To provide more personalised and simpler banking
we sharpen our focus on helping businesses to advance several progressive solutions during the year. experiences for our customers, we also invested in our
responsibly, steering consumer wealth to sustainable These include the UOB APAC Green REIT ETF, the digital capabilities and innovation initiatives, including
investments and fostering social inclusiveness and world’s first exchange-traded fund that provides our unified UOB TMRW mobile app which will be
environmental well-being. access to quality green real estate investment trusts launched progressively in our key ASEAN markets.
across Asia Pacific, and the United Smart Sustainable

Overview

Overview
Our 2021 Snapshot
To prepare for more colleagues returning to the To #keepthegoodgoing for the community, in 2021 Building a Sustainable Tomorrow Deputy Chairman and CEO’s Statement
office post-pandemic, we continued to create we raised more than $6.1 million under our global The call for sustainable businesses and lifestyles has
high-performance workplaces to enable collaboration, #UnitedforYou COVID-19 Relief Programme and resonated with many people across the world as the
productivity and personal well-being for our through our annual flagship UOB Heartbeat Run/Walk prolonged pandemic continues to leave an indelible Our Approach
increasingly agile workforce. In addition, we piloted event to support frontline workers and the less impact on the way we live, work and play. At UOB,
in Singapore a gig employment model for retired privileged affected by the pandemic. Across the we set our sights on working with our customers,
employees. In doing so, we create flexible job Group, we also clocked more than 32,700 hours of colleagues and the wider community to create a Drive Growth Sustainably
opportunities and are able to tap the diverse strengths volunteer work during the year. multiplier effect in managing sustainability risks
and valuable experience of our multi-generational and opportunities sensibly. This will ensure that the
workforce. The 40th anniversary of our UOB Painting of the Year collective impact we create is positive and meaningful Keep Customers at the Centre
Competition exemplifies our longstanding support for the long term.
Upholding Corporate Responsibility of art and local artists in Southeast Asia. We also
While we leverage the capabilities of technology in launched the UOB Digital Art Grant that forms part
serving our customers better, we believe innovation of the National Arts Council Singapore’s Sustain the
has to be balanced with prudence and sound risk Arts Fund, set up to help boost the viability of small
management. It is our priority to help ensure the arts organisations.
Wee Ee Cheong Uphold Corporate Responsibility
security of the financial system by maintaining the
Deputy Chairman and Chief Executive Officer
highest governance, ethical and risk standards as a
responsible financial steward.
February 2022
Appendix
Mindful of the environmental impact of our own
operations, we achieved carbon neutrality for our
own footprint in 2021. We will continue to step
up our initiatives to be more energy-efficient, to
use renewable energy sources and to contribute
more to carbon emissions reduction programmes.
We will also work on sectoral pathways to support the
decarbonisation of our financed emissions together
with our clients.

Our Approach
6 Sustainability Strategy
10 How We Engage with Our Stakeholders
11 Material ESG Factors
17 Sustainability Governance and Reporting
Our Approach
Sustainability Strategy
Overview
As we continue to deepen our presence across the

region, we strive to address the environmental, Our Approach
Board Statement on Sustainability social and governance (ESG) risks and the impact of The Guiding Principles of Sustainability Strategy
The Board is committed to building on the Bank’s Through its Committees, the Board oversees the our operations in a manner consistent with our values. Our Sustainability Approach
rich heritage to continue creating long-term value management and implementation of the Bank’s How We Engage with Our Stakeholders
This is also in line with our role in helping to ensure
for all its stakeholders. The Board guides sustainability strategy to ensure that the Bank is a safe, secure and trusted banking system.
1 Forge a Sustainable Future with Material ESG Factors
Management and the Group Sustainability responding effectively to developments in the Our Customers Sustainability Governance and Reporting
Committee in prioritising, formulating and driving market and in view of its stakeholders’ expectations. Scope of Impact Engage our customers proactively to
the sustainability strategy, which is integral to the We are cognisant of the direct environmental and influence their sustainability practices
business direction UOB takes. The Bank’s values of Honour, Enterprise, Unity and social impact of our own operations and have set for greater long-term resilience Drive Growth Sustainably
Commitment underpin UOB’s sustainability objectives and targets toward mitigating this impact.
Together with Management and with feedback strategy. These will continue to guide its people, We are also aware that our lending and funding
2 Aligned to Business Strategy
from external stakeholders, the Board considers policies and processes to ensure the long-term activities have significant potential to affect the and Stakeholder Interests Keep Customers at the Centre
and identifies the material ESG risks and interests of its stakeholders are met and the environment, society and the economy indirectly, Stay economically relevant by
opportunities that are relevant to the long-term performance of UOB sustained. in both positive and negative ways. Therefore, we are pursuing sustainable growth strategies
success of the Bank and focuses on addressing constantly enhancing the mechanisms to encourage our
current and forward issues, including climate customers and suppliers to comply with all applicable
3 Pragmatic and Progressive
change. The Board is cognisant of national agendas local, national and international legislations, including Implement sustainability programmes
and recognises the importance of financial those intended to safeguard the environment and to manage ESG risks and opportunities
social well-being. Further, we encourage our customers Uphold Corporate Responsibility
institutions in facilitating climate action. sensibly, in line with market and
and suppliers to adopt suitable best practices that competitive realities
are aligned with internationally-recognised guidelines,
codes and standards. Appendix

4 Regulatory Compliance as
the Baseline
Our Five Guiding Principles In our focus on creating sustainable value for our Align our sustainability approach
UOB’s approach to sustainability is guided by five stakeholders, we align our long-term business with ESG policies and guidelines
principles that act as a compass for how we address strategies with their interests. We believe in sustainable of governments in our key markets
the material risks and opportunities which may impact development that meets the needs of the present
our customers, colleagues, investors, suppliers and the without compromising the ability of future generations 5
Values-driven
communities in which we operate. As one of Asia’s to meet their own needs. This entails respect for the Based on our longstanding and
largest banks, we have a duty to contribute to the environment, human rights, labour rights, decent work distinct values
region’s long-term economic, social and environmental and economic growth, data privacy and business ethics.
well-being. We also recognise that good corporate
governance is essential for embedding sustainable
business practices across the Group. This long-term,
responsible approach is our heritage and is central
to our business strategy and activities.

Our Approach
Overview
Our Four Pillars Develop Professionals of Principle realities. To enable our programmes and initiatives to Our approach to managing
Our Approach
The four pillars of our sustainability strategy arise from Our colleagues enable us to ensure the best outcome take root and to grow, we have ensured alignment financed emissions
our fundamental strengths and are rooted in our values. for our customers, our business and our community. with the ESG-related laws and regulations in each Climate change is one of the most complex and Sustainability Strategy
They reflect UOB’s expertise, the responsibilities we Hence we develop professionals of principle – of our key markets. Just as our business strategy defining issues of our time. There is a global call How We Engage with Our Stakeholders
hold and the role we can play for the long-term high-performing teams and individuals who are hinges on doing what is right for our customers, our for net zero by 2050 in alignment with the Paris Material ESG Factors
benefit of our key stakeholders. Each of the pillars guided by our values. We embrace diverse strengths sustainability strategy informs our engagement with Agreement and the 1.5°C trajectory outlined by the
determines a set of objectives which we strive to our stakeholders and how we can help them in their Sustainability Governance and Reporting
and abilities as these enhance our capabilities and Intergovernmental Panel on Climate Change. We are,
achieve to ensure that we implement our strategy enrich our competitiveness. We equip our colleagues own practices for positive outcomes in the long run. at the same time, cognisant of the challenges faced
with clear plans and purpose. to take on the challenges of tomorrow even as we care by ASEAN countries as they continue to deliver
for their welfare and work-life harmony today. We also We refine our sustainability strategy continually economic growth and societal development while Drive Growth Sustainably
Drive Growth Sustainably foster a sense of belonging among our colleagues by through engaging stakeholders from across the Bank. managing their sustainability commitments.
encouraging volunteerism and improving engagement Considerations include internal factors that are key to
In driving growth sustainably, we incorporate
sustainability risk elements in our approach to and satisfaction. the long-term growth of our business such as strong As a leading financial institution in Asia, a region which Keep Customers at the Centre
governance, employee health, safety and well-being, is among the most vulnerable to global warming,
risk management. This includes integrating ESG
Uphold Corporate Responsibility diversity and inclusion, as well as attracting, developing UOB is committed to strengthening our portfolio
considerations into our credit evaluation and approval
processes. We offer a range of sustainable solutions
and retaining talent. We incorporate sustainability resilience and to being a positive force in the fight Develop Professionals of Principle
We believe that as a responsible financial services
trends affecting businesses, including responsible against climate change. To this end, we endorsed the
that can help our customers make a difference in their provider, we must uphold corporate responsibility
financing, the growth of sustainability-related products recommendations of the Task Force on Climate-related
own communities. We are also progressively adopting by maintaining the highest standards of governance
as well as promoting climate-resilient practices which
and services and a changing regulatory landscape. Financial Disclosures (TCFD) in 2019. We reported on Uphold Corporate Responsibility
and risk culture, ensuring regulatory compliance and
We also consider global issues, aligning ourselves our transition risk in 2020 and our physical risk in 2021.
will support our customers in their own transition to a protecting the financial system. We remain steadfast
with the United Nations Sustainable Development
low carbon economy. Beyond financing, we continue in our commitment to promote social development
Goals (UN SDGs) and recognise the critical need for We are also exploring viable time-bound pathways to Appendix
to make significant strides in growing our sustainable in the areas of art, children and education. Both in our
the world to reach net zero by 2050, in accordance decarbonise our portfolio and building strategies for
investing portfolio. own operations as well as among our stakeholders,
with the Paris Agreement. supporting our clients’ journey to decarbonisation.
we also actively encourage and support environmental
Keep Customers at the Centre stewardship efforts. Together, these efforts help us We will continue to take a pragmatic and progressive
When making business decisions and developing our approach to sustainability, recognising that the
As we focus on doing what is right for customers, contribute to a strong and sustainable future for the
products and services, we consider our stakeholders’ transition journey will be a steep and challenging
we ensure that Fair Dealing principles are entrenched wider community.
expectations in appreciation of what is material to one for many in the region in which we operate.
in all aspects of our relationship with them. Keeping
them and the context of the countries in which we
their best interests in mind, we harness technology Balancing Growth with Stability
operate. As part of our commitment to sustainable
and use data to make banking simpler, smarter, safer Our sustainability strategy mirrors our business
and responsible growth, we identify, assess and manage
and more intuitive for them. By doing so, we aim approach of balancing growth with stability.
social and environmental risks, challenges, impact
to make banking more accessible and inclusive to It takes into account the influence and impact our
and opportunities. This is carried out within a robust
individuals and businesses in the communities in decisions and actions may have on our stakeholders
governance framework, underpinned by policies and
which we operate. Standing by our customers also and the environment. It also ensures that we remain
guidelines that define our commitment and guide our
means that we must protect their data and privacy economically relevant through managing ESG risks
approach to conducting business.
by maintaining the security and robustness of our and opportunities practically and in line with market
systems and processes.

Our Approach
Overview
The Four Pillars of Our Sustainability Strategy Our Approach

Promote United Nations Sustainable Development Goals With Our Stakeholders
How We Engage with Our Stakeholders
Material ESG Factors
Sustainability Governance and Reporting
Drive Growth Keep Customers Develop Uphold

Sustainably at the Centre Professionals Corporate Drive Growth Sustainably
of Principle Responsibility

• Contribute economically to the • Protect customer data and privacy • Develop high-performing • Maintain highest standards of
progress of our communities through secure and robust systems teams and future-focused governance and risk culture
and practices individuals Develop Professionals of Principle
• Embed environmental, social • Ensure regulatory compliance
and governance risk in our • Ensure Fair Dealing • Promote work-life harmony
approach to risk management • Protect the financial system
• Create intuitive and impactful • Encourage volunteerism against abuse
• Integrate social and customer experiences and advocacy for social and
environmental considerations environmental causes • Incorporate sustainability
into our credit evaluation and • Make banking simpler, smarter principles into our procurement Appendix
approval processes and safer through ethical use of • Ensure employee engagement practices
technology and data and satisfaction
• Adopt and promote climate- • Manage direct environmental
resilient practices to support • Make banking more accessible and • Ensure workplace health, impact and encourage
our customers in their transition inclusive safety and well-being environmental stewardship
to a low carbon economy
• Support businesses across all stages • Embrace diverse abilities and • Champion social development in
• Develop and provide sustainable of growth strengths art, children and education
financing and sustainable
investment solutions
Rooted in Our Values of Honour, Enterprise, Unity and Commitment

Our Approach
Overview
United Nations Our Approach

Sustainable Development Goals
and Global Compact Sustainability Strategy
The UN SDGs, or Global Goals, set the global agenda How We Engage with Our Stakeholders
for sustainable development by 2030 and call for action
by both the public and private sectors. UOB’s strategy
and reporting are aligned with the 17 UN SDGs. Sustainability Governance and Reporting
We recognise that while UOB is better placed to
contribute directly to a sub-set of the Global Goals,
the broadening scope of our sustainable financing, Drive Growth Sustainably
responsible investing and impact investment activities
and their corresponding positive impact enable us to
align with all the Global Goals. Keep Customers at the Centre
UOB became a participant of the United Nations

Global Compact in 2021. As a Participant-level signatory, Develop Professionals of Principle
we support the Ten Principles of the Global Compact
in the areas of human rights, labour, environment and
anti-corruption. We are committed to integrating Uphold Corporate Responsibility
these principles into our culture, business strategy
and daily operations.
Appendix

Our Approach
How We Engage With Our Stakeholders

Overview
At UOB, we believe that constructive dialogue and

collaboration with our stakeholders are important for
Our Approach
Customers Media Sustainability Strategy
creating and maintaining meaningful and mutually-
• Interactions at branches (ongoing) • News releases and media statements (ongoing)
beneficial relationships. Continual stakeholder How We Engage With Our Stakeholders
• Face-to-face meetings (ongoing) • In-person and online conversations (ongoing)
engagement keeps us abreast of changes, open to • Contact centre service (ongoing) • Media briefings and conferences (as and when appropriate)
possibilities and focused on staying relevant to our • Post-transaction customer surveys (ongoing) • Media interviews (as and when appropriate)
stakeholders. Stakeholder engagement is also an • Marketing and advertising campaigns (ongoing) • Social media platforms (ongoing) Sustainability Governance and Reporting
• Website and social media channels and campaigns (ongoing) • Economic and market research reports and white papers
essential element in how we evaluate our strategies
• Events and seminars, including workshops on sustainability (as and when appropriate)
and initiatives as we strive to remain relevant in a (as and when appropriate)
fast-evolving region. Community Drive Growth Sustainably
Colleagues • Support of national movements to build inclusive
We regularly seek our stakeholders’ views and • CEO communications to all colleagues on regular and communities (ongoing)
expectations through conversations, collaboration topical subjects (quarterly) • Fundraising events (annually) Keep Customers at the Centre
and research. By taking an inclusive approach, we • Head of Group Human Resource communications to all • Regional art competitions (annually)
colleagues on employee-related initiatives • Collaborations with customers, business partners, art
hope they in turn will have a deeper understanding of
(as and when appropriate) institutions, social service organisations and Community
our purpose, practices and performance. During the • One-on-one sessions with managers (regularly) Development Councils (ongoing) Develop Professionals of Principle
year, we also carefully considered feedback from • Online and mobile employee portal with informative, • Art roadshows and outreach programmes (as and when
institutional investors and analysts, regulators and collaborative and social features (ongoing) appropriate)
• Performance reviews (half-yearly) • Education programmes for children (ongoing)
non-governmental organisations (NGOs) regarding the
• Employee satisfaction surveys (annually) • Financial literacy programmes (as and when appropriate) Uphold Corporate Responsibility
environmental, social and governance (ESG) factors • Townhall meetings (annually) • Donations in cash or in kind to support causes related to art,
that are material to the Bank. • Training and workshops (ongoing) children and education (as and when appropriate)
• ‘Speak Up’ initiative for colleagues to raise issues for action • Employee volunteerism (ongoing) Appendix
and resolution (ongoing)
Investors and Analysts
Governments and Regulators
• Financial reporting and results briefings (quarterly)
• Regular meetings and engagement (as and when appropriate) • Periodic meetings with rating agencies (at least once a year)
• Consultations with regulatory bodies (as and when appropriate) • General meetings with shareholders (annually)
• Annual reports (annually) • Annual reports (annually)
• Audit reports (ongoing) • SGXNet announcements (as and when appropriate)
• Presentations, conferences and roadshows (ongoing)
Other Financial Institutions, and Industry • UOB Corporate Day (annually)
and Trade Associations • Feedback from analyst surveys (ongoing)
• Feedback from institutional investors and analysts on our
• Participation in industry associations (ongoing) ESG performance (ongoing)
• Industry-wide workgroups and meetings (as and when appropriate)
• Forums and conferences (as and when appropriate)
NGOs
Suppliers • Face-to-face meetings and conference calls
(as and when appropriate)
• Requests for quotations and proposals (as and when appropriate) • Conferences and seminars (as and when appropriate)
• Vendor briefings (as and when appropriate) • Cooperation in joint programmes (ongoing)
• Purchase agreements (as and when appropriate)
• Performance reviews (annually or prior to contract expiry)

Our Approach

Overview
Materiality Assessment The materiality assessment process involves How we determine our material ESG factors
Our Approach
To identify the ESG factors which matter most identifying relevant factors based on industry
mega-trends and stakeholder feedback. UOB surveys Stage What We Did Sustainability Strategy
to our business and to our stakeholders,
internal as well as external stakeholders to rank the In our 2020 materiality assessment exercise, surveys were conducted with stakeholder groups including
we conduct materiality assessments and stakeholder colleagues, investors and analysts, customers, non-governmental organisations and regulators. Participants
consultations on a continual basis. factors based on the significance they give to were asked to rate ESG factors based on importance and to provide their recommendations and comments. Material ESG Factors
each of the ESG topics. Participants’ responses are Identify In addition, the Board of Directors and senior representatives from all business units were invited to score
then assessed to create a materiality matrix that the same factors and to express their opinions. Sustainability Governance and Reporting
Materiality assessment exercises help us identify
reasonably reflects the sustainability factors most In determining our material ESG factors, we also considered the sustainability issues identified by the SASB
the topics we should prioritise to ensure the Materiality Map®as being material to the financial condition or operating performance of companies in our industry.
success of our business, while also supporting relevant to UOB and its stakeholders.
sustainable development. The results inform our
Following the 2020 materiality assessment, we added to, regrouped and refocused our material ESG factors to Drive Growth Sustainably
Prioritise make our sustainability stance more explicit, industry-aligned and reflective of stakeholder interests. The ESG
strategic decision-making and reporting framework. factors, which are categorised into Critical, Highly Important and Important based on the significance to UOB and
Our analysis combines quantitative and qualitative to our stakeholders, guide us in our practices and reporting, as well as our approach to stakeholder engagement.
research to provide a holistic overview of In 2021, we reviewed and updated the ESG factors identified in the 2020 materiality assessment based on Keep Customers at the Centre
stakeholder feedback regarding our performance and disclosures, also taking into consideration the context
stakeholder expectations. Update of our operating environment. In particular, feedback from stakeholders has increasingly placed focus on
climate action. To this end we have added to and recategorised ESG factors related to these topics to reflect
their increasing importance. Develop Professionals of Principle
Materiality Matrix
Strong governance
Regulatory compliance
Supporting businesses’
Appendix
sustainable growth Risk-focused
Facilitating sustainable and organisational Preventing corruption, fraud
responsible investing culture and money laundering
Importance to Stakeholders
Climate Information security

change Responsible financing
risks Data privacy and governance
Enabling sustainable
lifestyles Customer experience
Fair Dealing
Workplace safety, Economic
health and well-being contributions Attracting, developing
and retaining talent
Diverse and inclusive
workforce
Financial inclusion
Innovative digital
Community banking products
stewardship
Sustainable Drive Growth Sustainably
procurement
Managing our direct Keep Customers at the Centre
environmental impact
Important Very Important Critical
Importance to UOB UOB Sustainability Report 2021 11
Our Approach
Material ESG Factor Boundary Priority Our Strategic Objectives Our Value Creation Interested Stakeholders How We Responded to Stakeholder Expectations in 2021
Drive Growth Sustainably Overview
Economic ▲ Critical • Contribute economically • Paying our fair share of taxes • Distributed $6.9 billion in payments that flowed to our stakeholders including
contributions to the progress of our colleagues, suppliers, investors, authorities and local communities
communities
• Creating jobs in communities Our Approach
• Delivering consistent returns for our • Committed to retaining jobs throughout the pandemic
investors • Continued supporting our customers through relief assistance throughout Sustainability Strategy
• Facilitating trade and industry, and the pandemic
building the financial resilience of our
stakeholders Material ESG Factors
Risk-focused ■ Critical • Embed ESG risk in • Maintaining a robust risk management • Developed a programme of initiatives based on the recommendations from
organisational culture our approach to risk framework to protect the interests of The Association of Banks in Singapore’s (ABS) 2020 inaugural report on the
management our stakeholders Banking Trust Index in Singapore
• Ensuring that we remain nimble to seize • Implemented a Policy on Individual Accountability and Conduct consistent Drive Growth Sustainably
business opportunities as they arise with the Monetary Authority of Singapore’s (MAS) guidelines
Responsible financing ■ Critical • Integrate social • Addressing ESG issues when making • Further tightened our stance on financing the thermal coal mining sector, Keep Customers at the Centre
and environmental lending decisions coal-fired power sector and palm oil sector, and strengthened our ESG risk
considerations into our assessment process through enhancements to our responsible financing
credit evaluation and checklists
approval processes • Adopted the Equator Principles to strengthen the Bank’s processes and practices Develop Professionals of Principle
on environmental and social risk management when financing projects
• Established our Group Environmental Risk Management Framework with
a key focus on climate risk management in line with the MAS Guidelines
on Environmental Risk Management for Banks Uphold Corporate Responsibility
• Actively participated in industry developments such as the MAS Green Finance
Industry Taskforce’s efforts to build environmental risk management capacity,
to develop a standardised environmental risk questionnaire and to accelerate
the development of green finance Appendix
• Collaborated with ABS to launch the updated ABS Responsible Financing
e-Learning Module, ‘Responsible Financing - Risk and Business Opportunities’,
which has been completed by all colleagues in relevant roles across the region
Climate change risks ■ Critical • Support our customers • Managing the risks related • Completed our initial assessment on the impact of climate physical risk on
in their transition to climate change our portfolio and refreshed our assessment of climate transition risk
to a low carbon • Collaborating with our stakeholders • Commenced our work on the development of an improved climate risk
and climate-resilient to limit climate change assessment methodology and uplifting the internal capacity of the Bank
economy
• Helping our customers take steps to be
more resilient to the expected effects
of climate change
▲ Impact Outside ■ Impact Within and Outside ● Impact Within Customers Governments and
Investors and Analysts Colleagues Suppliers NGOs Community
the Organisation the Organisation the Organisation Regulators UOB Sustainability Report 2021 12
Our Approach
Supporting ■
Overview
Critical • Develop and provide • Helping businesses to identify and to • Achieved $17 billion in our total sustainable financing portfolio, exceeding
businesses’ sustainable financing address sustainability-related risks and our 2023 target of $15 billion
sustainable growth solutions opportunities • Extended $5 billion in sustainable financing, up more than 40 per cent year on year
• Supporting new and viable business • Established the UOB Green and Sustainable Trade Finance and Working Capital
opportunities that contribute to one or Framework and facilities to support businesses in strengthening their supply
Our Approach
more of the 17 UN SDGs chain resilience Sustainability Strategy
• Rolled out sustainable financing programmes, including U-Energy to support
and promote energy-efficiency, as well as U-Drive to support the electric How We Engage With Our Stakeholders
vehicle ecosystem
• Actively participated in events to promote awareness of sustainability issues Material ESG Factors
and to exchange knowledge on sustainability practices in the financial industry
Enabling sustainable ■ Critical • Partner ecosystem • Helping consumers make greener • Launched UOB Go Green Home and Car Loans. We purchase Renewable Energy
lifestyles players to offer holistic choices in their everyday spending Certificates for every such loan extended
and progressive banking • Rolled out UOB EVOL Card in Singapore, a bio-sourced credit card that is made Drive Growth Sustainably
solutions for consumers from eco-friendly materials and produces less CO2 emissions
Facilitating ■ Critical • Develop and provide • Offer customers with sustainable • Achieved $9 billion in total assets under management in ESG-focused and Keep Customers at the Centre
sustainable and sustainable and impact investment solutions that deliver responsible investments as at end of 2021
responsible investing investment solutions long-term, stable returns • Rolled out new sustainable investment products, including unit trusts and
• Connecting customers to investment structured products, to help customers invest for profit and purpose
opportunities that create a Develop Professionals of Principle
positive impact • Invested in companies creating social impact such as Evermos, an e-commerce
platform in Indonesia that supports local suppliers, through our impact funds

Innovative digital ■ Critical • Make banking simpler, • Introducing and transforming digital • Launched UOB TMRW in Singapore, a unified digital banking platform
banking products smarter and safer through banking products to meet customers’ for individual customers Appendix
ethical use of technology demand for greater convenience and • Rolled out various new digital banking solutions across the region, such as
and data seamlessness TMRW Pay, an e-commerce check-out loan in Indonesia, as well as cross-border
payment services that tap the national payment systems in Singapore
and Thailand
• Led the nation-wide eGIRO initiative by the ABS in Singapore to digitalise
the payment process, contributing to reduced paper usage and improved
operational efficiency for entities
Our Approach
Overview
Financial inclusion ■ Very • Make banking more • Making banking products and services • Achieved 100 per cent in training our Singapore branch colleagues in ‘Cultivating
Important accessible and inclusive accessible and affordable to diverse a Diverse & Service Inclusive Workplace’ and ‘Managing a Diverse Service
• Support businesses across segments of society to meet their needs Environment’
all stages of growth and expectations • Launched SimpleInvest, a suite of simple digital investing solutions for Our Approach
• Encouraging innovation and enterprise, individuals to protect and grow their assets, starting from just $100
and nurturing start-ups and small- and Sustainability Strategy
medium-sized enterprises • Launched UOB BizMerchant in Indonesia and expanded programme in Thailand
to include more online merchants How We Engage With Our Stakeholders
• Rolled out UOB Business Loan to provide short tenor cash advance loan or
a longer tenor working capital loan to micro businesses in Singapore Material ESG Factors
• Launched the United-i Asia ESG Income Fund, which offers individual investors Sustainability Governance and Reporting
access to companies that comply with Shariah principles and adopt
ESG considerations into their business models and practices
• Increased our impact fund’s AUM to continue supporting businesses promoting
access to finance and uplifting communities living at the ‘Base of Pyramid’ Drive Growth Sustainably
Data privacy and ■ Critical • Protect customer data • Ensuring the confidentiality and security • Partnered with MAS in Veritas Phase 2 to extend the focus to cover all Fairness,
governance and privacy through our of our customers’ information through Ethics, Accountability and Transparency (FEAT) principles for its adoption by
policies and practices comprehensive policies and processes the finance industry
• Lead member in MAS’ initiative to develop an open-source fairness toolkit
to facilitate the adoption of Veritas methodology on fairness assessment
in artificial intelligence and analytical models Develop Professionals of Principle
Fair Dealing ▲ Critical • Ensure Fair Dealing • Treating customers fairly based on the • Proactively listened to our customers through customer surveys, focus groups, Uphold Corporate Responsibility
principles of integrity, trust and respect interviews and feedback to better understand their needs, enhance our services,
and co-create new services to meet rapidly evolving expectations
• Conducted a Fairness, Ethics, Accountability and Transparency (FEAT) and Fair
Dealing Workshop for teams from across the region to reinforce a culture of Fair Appendix
Dealing
Customer experience ▲ Critical • Create intuitive and • Anticipating our customers’ needs and • Implemented 154 improvement initiatives across the Group to enhance
impactful customer wants and offering them safe, reliable customer experience, including leveraging artificial intelligence and automation
experiences and relevant products to meet their technology, digitising forms and processes, and streamlining and simplifying of
preferences processes
Our Approach
Develop Professionals of Principle Overview
Attracting, developing ● Critical • Develop high-performing • Investing in training and career • Invested $23.3 million in employee training
and retaining talent teams and future-focused development for our colleagues • Achieved an average of 7.25 training days per employee across the Group, Our Approach
individuals • Treating our colleagues with care compared with seven days in 2020
• Promote work-life and respect • Achieved 100 per cent completion of the Better U foundational course Sustainability Strategy
harmony • Providing our colleagues with the time by eligible colleagues across the Group How We Engage With Our Stakeholders
• Ensure employee and opportunity to give back to the • Offered access to more than 8,000 courses on LinkedIn Learning to all
engagement and community colleagues across the Group to encourage them to take charge of their Material ESG Factors
satisfaction • Conducting annual staff engagement self-development and to learn new skills
surveys and responding to feedback Sustainability Governance and Reporting
Workplace safety, ● Very • Ensure workplace health, • Providing our colleagues with a safe and • Transformed close to 290,000 square feet of office space in Singapore
health and well-being Important safety and well-being conducive work environment and Hong Kong into high-performance workspaces Drive Growth Sustainably
• Achieved SG Clean certification for close to half of our branches and four
UOB-owned buildings in Singapore
• Distributed more than 5.7 million masks, 6,000 bottles of hand sanitiser Keep Customers at the Centre
and 120,000 Antigen Rapid Test kits to colleagues across the Group
• Launched UOB Mental Wellness Days to help colleagues lead healthier and
more fulfilling lives
• Installed enhanced facial recognition readers with thermal scanners on turnstiles Develop Professionals of Principle
in UOB-owned and managed buildings in Singapore
Diverse and inclusive ■ Very • Embrace diverse abilities • Ensuring equal opportunity across • Employed colleagues across demographic groups from 54 nationalities Uphold Corporate Responsibility
workforce Important and strengths diverse cultural backgrounds, age groups, • Offered re-employment contracts to 201 colleagues eligible for retirement,
genders and abilities including 135 women
• Continued to employ people with different abilities, including people with
autism and deaf employees, at the UOB Scan Hub Appendix
Strong governance ■ Critical • Maintain highest • Upholding robust corporate governance • Continued to evaluate and to revise our governance approach to ensure that
standards of governance policies, processes and practices to it remains relevant and aligned with best practices and is responsive to change
and risk culture safeguard our stakeholders’ interests • Implemented a policy on Individual Accountability and Conduct
• Embedding our risk culture across our
franchise to ensure continued financial
soundness and business viability
Regulatory ■ Critical • Ensure compliance with • Observing the letter and spirit of all • Continued to monitor regulatory and industry developments actively and to
compliance all laws and regulations in applicable laws, rules, regulations engage with regulators, policymakers and standards-setting bodies
the jurisdictions in which and standards
we operate
Our Approach
Overview
Information security ■ Critical • Protect data and assets • Protecting our customers from cyber • Deepened our cybersecurity capabilities and enhanced our operating models
through secure and threats through robust risk management to strengthen our cyber defence
robust systems and systems and processes • Collaborated with MAS and ABS on various initiatives to help strengthen
practices the industry’s collective defence against cyber threats and attacks Our Approach
Preventing corruption, ■ Critical • Protect the financial • Adopting a zero tolerance approach • Ensured our anti-bribery and corruption training module remained accredited How We Engage With Our Stakeholders
fraud and money system against abuse to bribery and corruption and ensuring and took steps to ensure that our policies remained aligned with our overall
laundering transparency and accountability objectives Material ESG Factors
• Collaborating with regulators and industry • Introduced SPOT checklist (Sense, Probe Tactfully, Observe and Take Action Sustainability Governance and Reporting
peers in preventing cybercrime, money / Inform) to guide bank staff in the identification of potential scam victims
laundering, funding of terrorism and by asking the right questions
dealing with sanctioned persons • Launched a series of security communications videos on social media and
UOB website to educate customers on prevailing fraud scams Drive Growth Sustainably
• Continued active engagement with regulators and participated in public-private
partnership initiatives focused on preventing money laundering, terrorism
financing and dealings with sanctioned parties
Managing our direct ■ Important • Manage direct • Managing energy, water and resource • Achieved operational carbon neutrality for our own footprint for Scope 1,
environmental impact environmental impact consumption more efficiently, Scope 2 and Scope 3 emissions
and encourage reducing greenhouse gas emissions • Achieved highest Provisional Green Mark Platinum certification from Develop Professionals of Principle
environmental and minimising waste Singapore Building and Construction Authority for UOB Plaza 1 Kuala Lumpur
stewardship in Malaysia
• Integrated environmental sustainability as a key consideration in the design
for new UOB buildings and workspaces Uphold Corporate Responsibility
• Focused on digitalisation and automation for resource optimisation
Sustainable ▲ Important • Incorporate sustainability • Engaging with suppliers to ensure that • Continued to drive the tenets of the Group Supplier Sustainability Principles Appendix
procurement principles into our our sustainable procurement principles (GSSP), with 100 per cent of our material suppliers in Singapore acknowledging
procurement practices are upheld the GSSP
Community ▲ Important • Champion social • Helping the young, the underprivileged, • Donated more than $6.1 million in monetary and in-kind contributions
stewardship development in art, budding talent and those with special to promote social development in art, children and education
children and education needs to realise their full potential • Donated more than 113,000 pieces of personal protective equipment
• Encourage volunteerism to healthcare workers and vulnerable communities globally
and advocacy for social
and environmental causes • Clocked more than 32,700 hours of volunteer work, averaging 1.3 hours
per employee, across the Group
• Equipped 1,885 disadvantaged students across the region with digital learning
tools and skills through UOB My Digital Space programme
Our Approach
Sustainability Governance Sustainability Reporting

Overview
Board of Directors and Management It is the responsibility of all UOB employees to Reporting is essential for building trust with our Our Sustainability Report is also in accordance with
Our Approach
Executive Committee (MEC) comply with the Group Sustainability Framework. stakeholders. Our reporting demonstrates how the Monetary Authority of Singapore (MAS) Green
The management teams of the UOB entities are we respond to sustainability-related risks and Finance Industry Task Force’s Financial Institutions Sustainability Strategy
UOB’s Board of Directors, through the Executive
opportunities, manage our impact on society and the Climate-related Disclosure Document (published in
Committee, and the MEC review long-term business and responsible for appraising the relevant sustainability How We Engage With Our Stakeholders
environment and create value for all our stakeholders. May 2021), the MAS Guidelines on Environmental Risk
organisational goals and provide the strategic direction issues in their respective domains and for taking Further, the reporting process forms part of our Management for Banks (published in December 2020) Material ESG Factors
for the Bank’s sustainability practices. They review, appropriate steps to ensure that customers and sustainability strategy, providing guidance for initiatives and the Recommendations of the Task Force on
determine and oversee the management and monitoring suppliers also meet relevant policy requirements, and programmes across the Bank as we continue Climate-related Financial Disclosures (TCFD) Sustainability Governance
of the Bank’s material ESG factors and their scope, wherever applicable. Sustainability indicators are to integrate environmental, social and economic (issued in June 2017 and updated in October 2021). Sustainability Reporting
integrated into the Key Performance Indicators sustainability into all aspects of our business practices. To ensure quality in our reporting and to help our
as well as evaluate relevant key performance indicators.
stakeholders assess our overall ESG performance, Drive Growth Sustainably
They also review and approve relevant disclosures. and appraisal process for colleagues from
Our sustainability reporting is in accordance with we have observed the principles of accuracy, balance,
relevant functions.
the Global Reporting Initiative (GRI) Standards: Core clarity, comparability, reliability and timeliness in
Group Sustainability Committee Option, issued by the Global Sustainability Standards our reporting.
The Group Sustainability Committee (GSC) reports Board Level Board in October 2016. We have also included Keep Customers at the Centre
directly to the MEC on sustainability matters. This indicators from the GRI G4 Financial Services Sector Scope of Reporting
ensures that ESG matters are given due consideration Disclosures paper. The GRI Content Index provides The UOB Sustainability Report 2021 is our sixth
Board of Directors the location of material disclosures in this report. annual report to include GRI Standards disclosures
in all aspects of our operations. The GSC members Develop Professionals of Principle
and the second to include SASB disclosures.
represent the Bank’s business and support units Our sustainability reporting also complies with the The report provides an overview of the Group’s
whose activities have the potential to impact the Singapore Exchange (SGX) Securities Trading Limited sustainability-related efforts from January to
environment, society and the economy positively Executive Committee Listing Rules 711A and 711B, as well as Practice Note December 2021. Our sustainability disclosures for 2020 Uphold Corporate Responsibility
and negatively. The GSC reviews material ESG topics, 7.6 Sustainability Reporting issued in June 2016. were published in April 2021. Unless otherwise stated,
identifies risks and opportunities, sets goals and We are also aligned with the SGX Core ESG Metrics the sustainability disclosures in this report include all
published in December 2021. entities and divisions within the Group.
targets, evaluates emerging issues, collates and Appendix
assesses relevant data, and monitors the progress Management Executive Committee In determining our reporting content, we have Data and External Assurance
of sustainability-related programmes and initiatives. (MEC) applied the GRI Standards (GRI 101: Foundation 2016) The Bank engaged Ernst & Young LLP (EY) to provide
reporting principles of stakeholder inclusiveness, independent, limited assurance of this report against
Group Sustainability Framework sustainability context, materiality and completeness. the GRI Standards for sustainability reporting. The
The Group Sustainability Framework was formalised Group Sustainability Committee To identify the factors most material to our business, assurance, which covers figures and statements related
in 2019. Underpinned by policies and guidelines that (GSC) we conduct materiality assessments with internal to the subject matters agreed as per the Assurance
and external stakeholders. The process helps us to Statement, is in accordance with the International
define our commitment and guide our approach
understand our stakeholders’ sustainability-related Standard on Assurance Engagements (ISAE) 3000
to conducting business, the framework supports interests, expectations and concerns. In that regard, Other Than Audits or Reviews of Historical Financial
UOB’s business decision-making at all levels. It provides we considered the broader sustainability context Information. UOB’s greenhouse gas (GHG) emission
guidance on the management of sustainability-related in which we operate and we report our relevant data was verified with the criterion of ‘Accuracy’ as
risks and business opportunities in the context of performance indicators for material ESG factors, defined by the GHG Protocol Corporate Accounting
our direct and indirect impact to the environment, unless noted otherwise. and Reporting Standard for GHG inventories and
society and the economy. ISO 14064-3 Specification with guidance for the
For our investors, we also considered the validation and verification of GHG assertions. This
sustainability-related issues identified by the assurance is in accordance with the International
Sustainability Accounting Standards Board (SASB) Standard for Assurance Engagements on Greenhouse
as being financially material to commercial banks, Gas Statements (ISAE 3410). EY’s Assurance Statements
consumer finance and mortgage finance. can be found on pages 123 to 130.
Drive Growth
Sustainably
19 Economic Contributions
20 Risk-focused Organisational Culture
21 Responsible Financing
26 Climate Change Risks
32 Supporting Businesses’ Sustainable Growth
39 Enabling Sustainable Lifestyles
40 Facilitating Sustainable and Responsible Investing
Strategy Pillar | Drive Growth Sustainably
Economic Contributions
Overview
UOB’s global network spans 19 countries and territories. The manner in which Approach to transfer pricing
Our Approach
our economic value is distributed has the potential to impact the economy and UOB has adopted the internationally-agreed arm’s Our Targets
society at large. Our economic contributions include payments to stakeholders length principle for the determination of prices for
• Maintain zero material cases of non-compliance
transactions between related parties and maintains
such as our colleagues, suppliers, investors, authorities and local communities. with regard to tax management. Drive Growth Sustainably
transfer pricing documentation to demonstrate • Maintain local procurement spend above
In 2021, UOB distributed $6.9 billion in payments that flowed to these stakeholders. that domestic and cross-border related party 85 per cent to support local suppliers. Economic Contributions
transactions are conducted on an arm’s length basis. • Keep local employee representation above Risk-focused Organisational Culture
The transfer pricing documentation are prepared 90 per cent.
How We Approach This Topic • Undertake transactions which are grounded in Responsible Financing
We contribute to the wider economy by creating jobs commercial realities; in accordance with the requirements of the OECD
Climate Change Risks
for employees, sourcing from suppliers of products • Consistently consider tax implications before Transfer Pricing Guidelines for Multinational
Enterprises and Tax Administrations. Our Performance in 2021 Supporting Businesses’ Sustainable Growth
and services, supporting local communities, promoting implementing our business plans;
inclusive financing and paying taxes to governments • File our tax returns accurately and in a timely • Generated total income of $9.8 billion, Enabling Sustainable Lifestyles
and dividends to shareholders. To create long-term manner, and fulfil our tax obligations appropriately; Relationship with tax authorities of which we distributed $2.6 billion
in employee compensation and benefits Facilitating Sustainable and
value for all our stakeholders, we have frameworks, • Employ experienced and qualified in-house tax UOB aims to build constructive relationships with tax and accrued $850 million in income tax. Responsible Investing
policies, guidelines and procedures in place to ensure professionals; and authorities in the jurisdictions in which we operate. • There were no instances of material
that we remain responsible and disciplined in how • Seek professional advice from third-party advisers We achieve this by: non-compliance with regard to tax
we drive growth. and consult with tax authorities on transactions management. Keep Customers at the Centre
with significant tax uncertainty. • being open, transparent and cooperative in our • Distributed dividends of $1.7 billion
Responsible Tax Management dealings with the relevant tax authorities; to shareholders.
UOB is committed to complying with the tax laws Approach to Base Erosion • complying with legal obligations, including • Created livelihoods for more than Develop Professionals of Principle
24,300 people across our network,
and regulations across the countries and territories in and Profit Shifting compliance, reporting and payment responsibilities;
with local employee representation of
which we operate. We file our tax returns accurately Base Erosion and Profit Shifting (BEPS) refers to tax • abiding by guidelines or recommendations 94.5 per cent and invested $23.3 million
and in a timely manner, and fulfill our tax obligations planning strategies that exploit gaps and mismatches issued by tax authorities which are intended to in employee training. Uphold Corporate Responsibility
appropriately. in tax rules to artificially shift profits to low or supplement legislation; • Made monetary contributions of more
• responding to tax queries in a timely manner than $6.1 million to the community.
no-tax locations. Singapore is part of the BEPS Project,
Approach to tax risk management and being forthcoming with information when • Supported local businesses and helped Appendix
led by the Organisation for Economic Co-operation
create jobs through the goods and
and governance and Development (OECD), to tackle BEPS issues requested; and
services we bought from more than
The Group Chief Financial Officer is responsible for across countries and jurisdictions in a coordinated • for material and contentious tax issues, we may 7,700 suppliers in our seven key markets,
oversight of tax responsibilities with support from and comprehensive manner. approach tax authorities for a private ruling or, of which local suppliers accounted
less formally, as part of the early engagement for 94 per cent of our total purchases
the Head of Group Tax.
review process. of more than $1.7 billion.
UOB supports the BEPS principle that profits should
UOB takes a low tolerance approach towards tax risk. be taxed where substantive economic activities
Tax risk is managed through the Tax Risk Management generating the profits are performed and where
and Governance Framework which is based on the value is created.
following principles: Find Out More
Read about our approach to responsible tax
management.

Risk-focused Organisational Culture

Overview
UOB’s risk culture influences the decisions and actions taken by all employees Instilling a Risk Culture Our Approach
throughout the organisation. Our robust risk culture mitigates conduct risk as we To inculcate and to promote awareness and Our Targets
create long-term value for our stakeholders and safeguard our reputation. It promotes understanding of the Group’s desired risk culture,
• Maintain a sound and robust risk
the following apply across the Group:
the appropriate risk awareness, judgement and behaviours required for risk-taking culture by operationalising the Bank’s Drive Growth Sustainably
risk culture framework in line with
within UOB’s risk governance framework. • an established and formalised Group Risk Culture G30’s recommendations on Culture Economic Contributions
and Conduct Risk Framework; and Conduct.
Having a sound risk culture is the foundation for effective risk management and • risk culture, including the framework, principles and
Responsible Financing
ensures that emerging risks are identified, assessed, escalated and addressed in a case studies, which is incorporated into the
UOB Risk Culture e-learning module to emphasise Climate Change Risks
timely manner. Our Performance in 2021
the importance of maintaining a robust risk Supporting Businesses’ Sustainable Growth
culture across the Group; • Developed a programme of initiatives
to improve the level of trust our Enabling Sustainable Lifestyles
• senior management committee survey to assess
How We Approach This Topic communication approach to embed a sound and customers have in the Bank based Facilitating Sustainable and
robust risk culture consistently across the Group. openness and robustness to challenges and on the recommendations from The
UOB’s risk culture is built on our values of Honour, Responsible Investing
Senior management encourages understanding how risk is embedded within the decision-making Association of Banks in Singapore’s
Enterprise, Unity and Commitment, and is core inaugural report on the Banking Trust
and practice of risk management across the organisation process;
to the Group’s broader organisational culture. Index in Singapore in 2020.
• self-assessment for key business and support units
Our comprehensive framework of policies, processes, through regular and frequent communication such as • Implemented a Policy on Individual Keep Customers at the Centre
face-to-face meetings, discussion groups and internal to evaluate the risk culture within each of their
methodologies and tools helps us identify, measure, Accountability and Conduct consistent
bulletins. It is also the responsibility of all people units; and with the MAS’ guidelines. This Policy
monitor and manage material risks and opportunities
managers to promote risk-focused behaviour within • risk management-related questions that are included is a key component of conduct risk
faced by the Group. management set out in the Group Risk Develop Professionals of Principle
their teams. in our employee survey to gauge understanding
Culture and Conduct Risk Framework.
of the prevailing risk culture across the Group.
Our Board Risk Management Committee (BRMC) is
the designated Board-level committee that oversees We also ensure that through our ‘Speak Up’ channels Uphold Corporate Responsibility
risk culture matters, including approval of the and whistle-blowing policy, our colleagues have
Group Risk Culture and Conduct Risk Framework. the ability to share their views and raise matters of
This sets a strong Tone from the Top and provides potential concern in a secure manner without fear Appendix
Risk-focused Training • business ethics;
the direction for all people managers to convey the of reprisal. All reported cases are swiftly investigated • core ethics for financial advisers;
Ongoing training reinforces the risk-focused conduct
appropriate Tone from Above, which is the signal and resolved. The status of all whistle-blowing cases • countering the financing of terrorism;
that enables us to earn the trust of our stakeholders
sent by people managers to their immediate team is tracked by Group Audit and reported to the Audit • Fair Dealing;
over generations. In 2021, our colleagues across the
members. A risk culture and conduct risk dashboard Committee every quarter. • financial crime prevention;
Group received risk management training, which
provides senior management and the BRMC with an included the following topics: • global fraud prevention;
overview of the state of risk culture across the Group. • information security and cyber risk awareness;
• risk culture and the UOB Code of Conduct; • regulations on short-selling; and
To ensure the Tone from the Top is effectively • anti-money laundering; • the UK Bribery Act.
translated into the Tone from Above, we have Find Out More
Read about how we manage risk • assessing and addressing operational and
adopted a coordinated and consistent Bank-wide in the UOB Annual Report 2021. security risks;
Read about our Whistle-blowing Policy
in the UOB Annual Report 2021.

Overview
Just as we are prudent in our business practices to ensure financial stability through economic and credit cycles, we are Our Approach
committed to mitigating environmental, social and governance (ESG) risks in our operations. We recognise that we have Our Targets
an important role to play through our financing practices in shaping responsible actions from our customers as we forge a • Enhance and align our Responsible
F i n a n c i n g Po l i cy, p ra c t i ce s a n d
sustainable recovery from the COVID-19 pandemic and transition to a low carbon future. disclosures with key expectations from
our stakeholders. Economic Contributions
Overview of UOB Group’s Responsible Financing Journey • Strengthen capacity-building and ensure
all relevant colleagues are trained in
Establishing Improving Strengthening and Evolving responsible financing principles, policies Responsible Financing
and procedures.
2015 - 2016 2017 - 2018 2019 - 2020 2021 Climate Change Risks
Supporting Businesses’ Sustainable Growth
Our Performance in 2021
Enabling Sustainable Lifestyles
• Launched the Group-wide • Enhanced ESG monitoring • Strengthened due diligence • Established the Environmental Risk • A l i g n e d o u r e n v i ro n m e n t a l r i s k
Responsible Financing Policy. and reporting to improve process with enhanced checklist Management (ENRM) Framework, management practices with MAS’ Facilitating Sustainable and
oversight on potential and climate-related questions. and disclosed our responsible Environmental Risk Management Responsible Investing
• Began to incorporate
controversies. financing sector policies on our
ESG clauses into Letters • Tightened our stance in Guidelines for Banks, established our
corporate website.
of Offer. • Implemented ESG risk thermal coal mining sector, Group Environmental Risk Management
• Started working with GFIT* on an Framework and Risk Appetite Statement
Key Milestone
classification to better manage coal fired power sector, industry-aligned environmental risk Keep Customers at the Centre
ESG risk in portfolio. as well as palm oil sector. and continued to enhance our Responsible
questionnaire focusing on climate risk
Financing Policy and checklists.
• Adopted the ABS Haze • All employees in relevant roles to evaluate our customers’ resiliency
Diagnostics Checklist as completed an industry-wide against climate impacts, and to • Adopted the Equator Principles to
identify opportunities to assist them. strengthen our ESG risk management Develop Professionals of Principle
transboundary haze e-learning module on
• Supported GFIT on various capacity approach further when financing projects.
pollution shrouded the region. responsible financing.
building programmes to drive • Improved our performance with respect
industry implementation of MAS to the integration of environmental and
ENRM Guidelines. Uphold Corporate Responsibility
social considerations, as measured by
the Sustainable Banking Assessment
(SUSBA) published by the Worldwide Fund
* Green Finance Industry Taskforce
for Nature (WWF). Appendix
How We Approach This Topic The Bank has established, since 2015, our Responsible approach, ESG risks are managed through the Bank’s • More than 2,600 colleagues across
relevant roles in Singapore, regional
Financing Policy which is approved by the Group Three Lines Model control structure.
Group Responsible Financing Policy subsidiaries and branches completed the
Credit Committee under the oversight of the Board updated industry-wide e-learning module
We are committed to responsible financing and have Our Responsible Financing Policy applies to all
Risk Management Committee. The policy is embedded on responsible financing which was
integrated the principles of The Association of Banks in borrowing customers of Group Wholesale Banking
within UOB Group’s Corporate Credit Policy so that developed in collaboration with ABS
Singapore’s (ABS) Guidelines on Responsible Financing and to the Bank’s capital market activities. Under the and WWF.
ESG considerations are integrated into our credit
into our business model. The Bank has a dedicated ESG policy framework, our account officers are required to
evaluation and approval processes. Group Credit is
team for policy development and risk management to conduct due diligence on all new and existing borrowers
responsible for ensuring that ESG risks are adequately
during the onboarding process and annual credit review. Partnership for the Goals
ensure effective implementation of our ESG policies addressed and, where necessary, customers or projects
and strategy. Customers are assessed for material ESG risks, including • Member of the MAS GFIT Risk
with elevated ESG risks are escalated to the Group
adherence to the Bank’s responsible financing exclusion Management Workstream
Credit Committee for further review and approval.
list, as well as their capacity for, commitment to and • Collaborated in the Asia Sustainable
Consistent with UOB’s overall risk management Finance Initiative
track record in ESG risk management.
Overview
We have implemented sector-specific Credit

Acceptance Guidelines and have responsible financing
Our Approach
UOB Group Environmental Risk Management Framework
checklists in place to help our account officers identify,
In line with the Monetary Authority of Singapore’s (MAS) Guidelines on Environmental Risk Management for Banks, UOB has established a Group Environmental
assess and review ESG risks.
Risk Management Framework, approved by the Board Risk Management Committee. This framework, with a key focus on climate risk management, covers Drive Growth Sustainably
Borrowers that fall within the following eight governance, policy and control processes in relation to the management of environmental risk at both portfolio and counterparty levels in the Bank’s lending
ESG-sensitive industries, as defined by the and capital market underwriting activities.
ABS Responsible Financing Guidelines, are subject
to enhanced due diligence in accordance with Responsible Financing
Environmental Risks Economic Transmission Channels Financial Risks
sector-specific guidelines developed by the Bank. Climate Change Risks
Environmental risks can translate into
Risk Transition Channels

• Agriculture financial risks to banks, including:
• Forestry Supporting Businesses’ Sustainable Growth
• Metals and Mining • Defence Enabling Sustainable Lifestyles
• Chemical • Energy
Facilitating Sustainable and
• Infrastructure • Waste Management
Credit risk Responsible Investing
Market risk
As part of our ESG risk classification approach, Transition risk Physical risk Micro-economy Macro-economy
borrowers are classified as either ‘high’, ‘medium’ impacts on impacts
or ‘low’ ESG risk. This is based on the level of businesses and Keep Customers at the Centre
ESG risk inherent in their business operations and households Liquidity risk Operational risk
the residual ESG risk after taking into consideration
their mitigation measures, as well as their ESG risk Develop Professionals of Principle
management capacity. Environmental and economy feedback effects Economy and financial system feedback effects
We notify our customers of their need to adhere

Key aspects of the UOB Group Environmental Risk Management Framework Uphold Corporate Responsibility
to our Responsible Financing Policy and seek their
representations and warranties to ensure compliance, Continuous
including with the host country’s ESG regulations. improvement Appendix
We also encourage them to follow established
industry standards, to obtain relevant certifications
and to adopt best practices pertaining to, for example, Environmental
proper water and waste management, greenhouse gas Environmental Risk Management Risk Culture
emissions mitigation and occupational health and Environmental Awareness and
Risk Governance Approach
safety management. The policy references international Risk Appetite Capacity Building
Structure (Portfolio and counterparty
standards and conventions such as the Roundtable on
levels)
Sustainable Palm Oil, Forest Stewardship Council, World
Heritage Convention, and best industry practices
provided by the World Bank and the International
Finance Corporation.
Periodical
review

Overview
Our Approach to ESG Risk Management Our Approach

ESG assessments performed in 2021
8,000+ 400+
Our Responsible Financing Policy prohibits
our financing of companies: Compliance with
cross-cutting prohibitions Drive Growth Sustainably
• where their operations or projects customers were assessed customers required enhanced ESG due diligence All borrowers screened
threaten the outstanding universal value Origination for material ESG risks Economic Contributions
or special characteristics of UNESCO Risk-focused Organisational Culture
Sector-specific positions Our sector policies set out mandatory requirements
World Heritage Sites, Ramsar Wetlands,
UOB recognises that the financial sector has and recommendations on ESG risk management Responsible Financing
forests of high conservation value (HCV),
a pivotal role in driving the transition towards approach, labour and working conditions, Climate Change Risks
or would impact critical natural habitats Sector-specific guidelines
a low-carbon economy and addressing significant risks pollution prevention, resource efficiency, community
significantly; for borrowers in ABS Supporting Businesses’ Sustainable Growth
imposed by nature and biodiversity loss. Therefore, health and safety, stakeholder engagement, as well as ESG-sensitive industries
• involved in animal cruelty and the trade
biodiversity conservation, which are applicable Enabling Sustainable Lifestyles
of endangered species as defined by we periodically review our Responsible Financing Evaluation ESG risk classification
Policy and sector-specific policies amid evolving throughout the financing life-cycle. Facilitating Sustainable and
the Convention on International Trade in
societal and stakeholder expectations. Responsible Investing
Endangered Species (CITES) of Wild Fauna
and Flora;
Key enhancements to our sectoral responsible financing positions in 2021 Assessment of
• without measures in place to manage or high ESG risk transactions by Keep Customers at the Centre
to mitigate the risk of air, soil and water Corporate Sustainability Office
pollution which may negatively impact • Limited our thermal coal mining exposure by only financing selected anchor client
Credit approval by Group Credit
terrestrial or marine ecosystems; groups with diversification strategies towards less carbon-intensive business activities.
Approval Escalation to Group Credit Develop Professionals of Principle
• involved in the exploitation of labour, Committee for further review
Thermal Coal and approval where necessary
including forced labour and child labour, Mining • Ceased project financing of thermal coal mine expansion, in addition to the
taking reference from the International existing prohibition against financing of greenfield thermal coal mine projects.
Labour Organisation (ILO) standards;
• in violation of the rights of local or
indigenous communities; and ESG representations
• involved in open burning for land clearance.
• Extended our prohibition on new project financing of coal-fired power plants and warranties required Appendix
(CFPP) to cover new corporate financing. for all borrowers
Post-approval
These financing prohibitions are cross-cutting
Coal-fired
commitments applicable to all new and Power Plants • Prioritising the exit of remaining CFPP projects.
existing customers and help to bolster our
efforts in fostering sustainable development
through responsible financing. Monitoring of adverse
ESG news and developments
• Require all mature palm oil plantations and milling operations financed by the Regular ESG risk
assessment as part of
Bank to be certified with locally or internationally recognised sustainability
credit review process
programmes (minimally Malaysian Sustainable Palm Oil (MSPO) in Malaysia, Monitoring
ESG risk metrics
Palm Oil Indonesian Sustainable Palm Oil (ISPO) in Indonesia or Roundtable on Sustainable monitored and reported
Sector Palm Oil (RSPO) for customers in other countries). at portfolio level

Overview
Equator Principles Monitoring borrowers underwent the ESG risk assessment with
relevant risks adequately managed and mitigated.
Our Approach
To strengthen our processes and practices on We engage our borrowers proactively and continually
environmental and social risk management further, work with them to improve their ESG practices and In 2021, a total of 27 borrowers were included under
UOB formally adopted the Equator Principles (EP) in 2021. performance. In addition, we monitor our borrowers heightened monitoring due to ESG concerns, of which
12 were escalated. These accounted for less than Drive Growth Sustainably
Deal EP transaction on an ongoing basis for any adverse ESG-related news.
The EP is a risk management framework, adopted by origination screening toolkit one per cent of our total non-bank loan portfolio. Economic Contributions
UOB EP Borrowers with any known material ESG-related
financial institutions, for determining, assessing and Implementation The Bank closely monitors our exposure in the high ESG
incidents will trigger an immediate review to ensure Risk-focused Organisational Culture
managing environmental and social risks in projects and Guidelines risk sectors. As a result of our stricter financing stance,
ESG risks will be addressed and managed promptly and Responsible Financing
is primarily intended to provide a minimum standard our exposure to coal-fired power plants has fallen
appropriately. We require our borrowers to rectify any
for due diligence and monitoring. significantly, in contrast to the progressive increase Climate Change Risks
breaches of our policy within a reasonable timeframe
with account officers responsible for monitoring their in renewable energy in line with our sustainable Supporting Businesses’ Sustainable Growth
EP requirements have been incorporated into
EP transaction financing objectives. Our exposure to the palm oil
our Responsible Financing Policy for Group-wide EP transaction categorisation & progress. However, if we deem our borrowers unable Enabling Sustainable Lifestyles
monitoring toolkit assessment toolkits or unwilling to commit to adequately managing sector remains low. The Bank did not have a significant
implementation. Dedicated EP Implementation Facilitating Sustainable and
the potential adverse impact from their operations, concentration in any of the eight ESG-sensitive sectors,
Guidelines and toolkits have been developed to Responsible Investing
we are prepared to review and to reassess the which collectively accounted for approximately
provide detailed guidance for transaction screening, Support from approved independent
relationship, or to reject the transaction. In 2021, we nine per cent of our total loan portfolio.
categorisation, as well as environmental and social environmental and social consultants
risk assessment. The Group Credit Committee is (Category A and appropriate Category B Projects) exited relationships with two borrowers who had Keep Customers at the Centre
<1% <0.1%
required to review and approve high-risk projects, violations against our policy requirements and were
i.e. Category A projects, as well as appropriate Category B not able to mitigate the adverse impacts.
projects under the definition of EP. “As an EP Financial Institution, we will ensure Develop Professionals of Principle
Exposure to the Exposure to the
that rigorous environmental and social Portfolio exposure palm oil sector thermal coal sector
In addition, dedicated training programmes in the standards are applied in the projects we
We review our portfolio’s ESG risk exposure
form of online webinars and e-learning courses have support, from the project development in relation to total non-bank loans
stage through to follow-up monitoring. UOB’s periodically. As at 31 December 2021, all applicable Uphold Corporate Responsibility
been rolled out to relevant colleagues to strengthen adoption of the EPs underscores our ongoing
the Bank’s capabilities in EP. integration of sustainability into our business
strategy and lending practices, as we fulfil our
role as a catalyst and enabler in helping our Exposure to coal-fired power plants and renewables Appendix
clients across the region to grow responsibly. (in relation to total non-bank loans)
Mr Eric Lim 0.15%
Chief Sustainability Officer, UOB
0.10%
0.05%
0.00%
2019 2020 2021
Coal-fired power plants Renewables
Overview
Stakeholder Engagement As regulatory expectations on ESG risk management Training and Capacity Building UOB also partnered a world-leading third-party
Our Approach
We are committed to doing our part in shaping have evolved rapidly in recent years, UOB engages Strengthening our internal capacity on ESG risk service provider to customise a dedicated training
industry developments, promoting a more level regularly with regulators in the various jurisdictions management remains a key focus as environmental risk programme on ESG risks in credit analysis and credit
playing field and supporting the Singapore Green where we operate. These engagements help inform becomes increasingly mainstream. All our colleagues in portfolio management for colleagues in relevant roles.
our understanding of the latest policy requirements These programmes, coupled with our active Drive Growth Sustainably
Finance Action Plan. Over the past five years, we have relevant roles are trained on our Responsible Financing
supported the ABS and the Association of Southeast and expectations on managing ESG risks. Policy and processes. involvement in other capacity-building workshops Economic Contributions
Asian Nations (ASEAN) Bankers in a number of including those organised by GFIT, have helped Risk-focused Organisational Culture
capacity-building workshops in the region. In 2021, In addition, the Bank actively participates in In addition to the EP-related training programme strengthen awareness of key ESG issues as well as
we continued our active involvement in the MAS GFIT sustainability forums for knowledge exchange and provided in 2021, UOB collaborated with ABS to launch effective identification and assessment of ESG risks.
and helped drive several key initiatives under the Risk to deepen understanding of ESG best practices. the updated ABS Responsible Financing e-Learning The Board, Group Sustainability Committee and Climate Change Risks
Management workstream. As part of the Environmental These have helped to ensure better integration Module, ‘Responsible Financing – Risk and Business senior management also received relevant training Supporting Businesses’ Sustainable Growth
Risk Management Capacity Building Working Group, of sustainability considerations into the Bank’s Opportunities’. This course is mandatory for all our to stay abreast of key developments. In 2021,
we helped organise a series of eight workshops covering overall strategy. colleagues within Wholesale Banking, as well as more than 160 hours were committed by relevant
colleagues through training programmes organised Facilitating Sustainable and
key aspects of environmental risk management. selected colleagues within the risk management
Responsible Investing
UOB is also co-leading industry efforts to develop We will continue to engage with regulators as and business support functions. The Bank achieved by GFIT, the Singapore Chapter of the Risk Management
a standardised environmental risk questionnaire we collectively shape the path towards a more 100 per cent completion rate of this e-learning course Association, the Singapore Exchange and other
focusing on climate risk for customers. In addition, we sustainable financial system. We will also continue as at 31 December 2021. We are also collaborating industry experts.
played a part in the development of the GFIT Financial to engage with other key stakeholders, including our with ABS and WWF on an additional suite of e-learning
Institutions Climate-related Disclosure Document, customers, colleagues, investors, community and courses on sustainable finance, which is expected to
which provides a dedicated reference on climate non-governmental organisations, to keep abreast of be launched in 2022. 2021 Sustainable Banking
evolving expectations and industry developments. Assessment Develop Professionals of Principle
reporting in the banking industry.
On the back of our efforts to improve our
In 2021, the Bank commenced our initial study into responsible financing practices and disclosures,
we continued to make progress in the Uphold Corporate Responsibility
the impacts of biodiversity risks via collaboration with
the Task Force on Nature-related Financial Disclosures SUSBA published by the WWF. UOB led the
(TNFD) on a pilot research in the palm oil sector. performance in ASEAN in the 2021 SUSBA.
Appendix
The research outcome will guide our future approach
in managing biodiversity risks.
CONTRIBUTION TO THE UN SDGs
Find Out More

Read about our approach
on responsible financing.


Overview
Climate change is one of the most complex and defining issues of our time and Role of the Management in assessing The GSC serves as the integration point for internal
Our Approach
and managing climate change-related issues ESG-related working groups with responsibility for
there is a critical need for the world to reach ‘net zero’ by 2050 in alignment with
The Management Executive Committee (MEC) environmental and social issues. More recently,
the Paris Agreement and the 1.5°C trajectory outlined by the Intergovernmental supports the Board Exco in matters related to we established a multi-function working group to lead
Panel on Climate Change. As a leading financial institution in the region, we are sustainability, including climate change-related our response to the recommendations of the TCFD. Drive Growth Sustainably
committed to strengthening our portfolio resilience and to being a positive force responsibilities. The MEC reviews climate The working group comprises senior leaders from Economic Contributions
in the fight against climate change. change-related issues and provides strategic the Bank’s various functions who have specific roles Risk-focused Organisational Culture
direction for the Bank’s sustainability practices in line in the implementation of our overall sustainability
How We Approach This Topic Other Board Committees may also receive reports with the strategy approved by the Board. The MEC strategy. Together with the GSC, they ensure that
related to climate change-related risks and is responsible for: we maintain a robust and integrated platform for Climate Change Risks
Governance
opportunities that come under their respective governing, implementing and monitoring climate Supporting Businesses’ Sustainable Growth
Role of the Board in overseeing climate
charters, particularly the Board Risk Management • guiding the development of ESG-related policies, change-related targets and strategies.
change-related issues Enabling Sustainable Lifestyles
Committee, which has oversight of risk appetite, including those related to climate change;
Climate change is a priority for our senior leaders. Facilitating Sustainable and
risk assessment and stress testing, and environmental • managing and monitoring climate change-related UOB’s Sustainability Framework is implemented
Our Board provides oversight of climate change-related Responsible Investing
risk management. risks and opportunities; and through relevant policies and guidelines,
issues through our Executive Committee (Exco),
• overseeing the progress, performance and including the Bank’s Responsible Financing Policy
with support from our Management and relevant
The Board and relevant Board Committees consider reporting on climate change-related issues. which governs our review and approval of customer
business units. The Board receives twice-yearly updates Keep Customers at the Centre
climate change-related risks and opportunities transactions in environmentally and/or socially
on climate-related topics. These topics include,
in the context of the Bank’s guiding principles Our GSC is a senior management committee that sensitive sectors. UOB also has financing teams
but are not limited to, regulatory developments,
and pillars of our sustainability strategy. reports directly to the MEC, and supports MEC that work with customers to address climate
internal policies, direct environmental impact through
change-related challenges and opportunities,
in all matters related to sustainability. The GSC
our operations, indirect impact through our financing
Climate change-related issues are integrated into identifies climate-related risks and opportunities, and when necessary, also to work in collaboration
and investment activities, sustainability reporting
the following sustainability governance mechanisms: assesses emerging issues and has responsibility with NGOs, certification bodies and other
disclosures and our initiatives to support our
for delivering the Bank’s overarching sustainability mutual stakeholders. Internally, to manage our
customers on their sustainability journey.
• strategy review; strategy in partnership with relevant functions direct environmental impact, our Corporate Real
Our Exco oversees the Group’s material • guidance on major plans of action; across the Group. To ensure that the Bank’s ESG Estate and Services unit has a specialised energy
principles are integrated across our business, and sustainability team that works to mitigate our Appendix
environment, social and government (ESG) • review and guidance on risk management policies;
factors, including climate change-related risks and • monitoring of implementation and performance the GSC comprises senior management from environmental footprint and to realise our green
opportunities. In 2021, climate change and the of objectives; business and support functions across the Bank. building targets. Our Central Procurement Office
Group’s own environmental footprint were among • oversight of progress against goals and targets This approach ensures that emerging climate oversees our indirect impact by ensuring that material
the key consideration in the updates from our for addressing climate change-related issues; and change-related risks and opportunities – whether suppliers act in compliance with our Group Supplier
Group Sustainability Committee (GSC) to the Exco on • review and approval of climate change-related identified by ourselves, investors, customers, Sustainability Principles. In addition, we have dedicated
our sustainability strategy. The updates also addressed disclosures in our annual reporting. regulators and other stakeholders – are integrated environment specialists that work full-time on our
our roadmap to implementing the recommendations into our decision-making, and assessed and initiatives in the relevant business units, ensuring
of the Task Force on Climate-related Financial managed at the highest levels. ownership of the Bank’s sustainability goals across
Disclosures (TCFD) to support our customers and our organisation.
other stakeholders in sustainable development,
and enhancements to our Responsible Financing Policy.


Overview
Strategy Transition risks Climate change scenarios

Our Approach
In line with the Monetary Authority of Singapore’s In 2021, we partnered with an internationally
(MAS) Guidelines on Environmental Risk Management recognised environmental consultancy to refresh and CO2 Greenhouse gas (GHG) emissions
for Banks and TCFD recommendations, we continued expand our transition risk scenario analysis. Similar to Drive Growth Sustainably
to step up our efforts and capability in climate scenario our 2020 pilot, the climate scenarios used are based
analysis to better assess our portfolio resilience under on research by the International Energy Agency (IEA) High Moderate Low
various plausible outcomes. We regularly review Carbon Carbon Carbon Risk-focused Organisational Culture
and the Organisation for Economic Co-operation and Price Price Price
our exposure to carbon-intensive segments most Development (OECD). Climate scenario assumptions Responsible Financing
vulnerable to transition risk, which account for less are differentiated by the increase in carbon prices in
This scenario represents This scenario2 assumes that This scenario represents Climate Change Risks
than 10 per cent of UOB’s total loan portfolio. order to limit temperature rise to 2°C. The climate the implementation of policies are implemented to the full implementation of
scenario assumptions explore three pathways: policies that are sufficient reduce emissions and limit country NDCs under the Paris Supporting Businesses’ Sustainable Growth
In 2021, we made further strides by progressing towards to reduce GHG emissions in climate change to 2°C in the Agreement, based on research Enabling Sustainable Lifestyles
physical risk scenario analysis. Our main objective line with the Paris Agreement long-term but with action by the OECD and IEA1. Prices
(i) an orderly transition where early actions are taken
goal by limiting climate change delayed in the short-term. in this scenario are likely to Facilitating Sustainable and
was to develop a portfolio heatmap to understand to reduce emissions to meet climate targets; to 2°C by 2100. This scenario This scenario draws on Responsible Investing
be insufficient to achieve the
our potential vulnerability to key physical hazards (ii) a disorderly transition where delayed and drastic is based on research by the research by the OECD and IEA1 goals of the Paris Agreement.
under various scenarios. actions are taken to meet climate targets; and OECD and IEA1. along with assessments of the This scenario is called the
sufficiency of each country’s ‘New Policy Scenario’.
(iii) business-as-usual scenario where no actions Keep Customers at the Centre
N at i o n a l l y D e te r m i n e d
are taken. Contributions (NDCs) by
Climate Action Tracker3.
Transition Risks Physical Risks
Transition risks arise from the process of Physical risks can be acute or chronic. Acute
From the identified sectors, we subjected a selected emissions data, we utilised geographical and sectoral Uphold Corporate Responsibility
adjustment towards a low-carbon economy which physical risks refer to those that are event driven,
group of 404 borrowers, comprising both large emissions as proxies. Borrowers’ carbon emissions
could result in financial and non-financial impacts. including increased severity of extreme weather
corporates and small- and medium-sized enterprises were converted to a common ‘carbon to revenue’
Impact is expected to materialise in a shorter events, such as cyclones and wildfires. Chronic
(SMEs) for further bottom-up analysis. These borrowers metric, which we then used to assess the financial Appendix
time horizon with the speed and magnitude of physical risk arises from longer-term shifts in
cumulatively made up more than 60 per cent of impact of transition risk over short-, medium- and
transition dependent on changes in public policies, climate patterns, such as rising sea levels with
UOB’s total exposures in these sectors and accounted long-term horizons.
technological developments, shifts in consumer time horizons typically spanning decades. Physical
for approximately four per cent of UOB’s total
preferences and investor sentiment. risks can result in financial losses due to direct
non-bank loan portfolio. To overcome data availability
damage to assets and indirect impact from supply
challenges, particularly for SMEs with limited carbon
chain disruption.
1 Source: OECD/IEA and IRENA (2017), Perspectives for the energy transition: Investment needs for a low-carbon energy system.
2 Countries with NDCs that are not aligned to the 2°C goal in the short-term are assumed to increase their climate mitigation
efforts in the medium- and long-term.
3 Source: https://climateactiontracker.org/.


Overview
Using our credit rating models, we simulated the

Breakdown of sectors with their corresponding weighted carbon intensities impact of the financial cost resulting from the carbon
Our Approach
price increase under each scenario on the borrowers’
2021 (404 borrowers) 2020 (382 borrowers) credit rating. Similar to our observation in 2020,
the credit rating deterioration in 2021 was on average Drive Growth Sustainably
Sample population Sample population
Sample population
two notches across these 404 borrowers in the Economic Contributions
UOB’s exposure weighted Sample population weighted
(% of total loan in relation to total carbon intensity in relation to total carbon intensity High Carbon Price scenario, with borrowers in the Risk-focused Organisational Culture
Sector Core sub-sectors portfolio) non-bank loans (tCO2e/$million) non-bank loans (tCO2e/$million) most carbon-intensive segments, such as building
Cement Manufacturing Building materials 0.1% 0.04% 8,183 0.1% 7,602 materials, experiencing more significant impact.
Overall, the resulting credit risk impact on our Climate Change Risks
Energy Utilities, oil and gas extraction, 2.0% 1.2% 2,243 1.1% 1,813
refining and transportation portfolio is immaterial. Supporting Businesses’ Sustainable Growth
Agricultural Agriculture and livestock 0.7% 0.5% 1,243 1.2% 433 Enabling Sustainable Lifestyles
production, manufacturing Year-on-year fluctuations in the weighted carbon
of agriculture products Facilitating Sustainable and
intensities for our sample borrowers by sectors were
Transportation Land transport, air transport and 1.5% 0.9% 680 1.0% 648 Responsible Investing
mainly due to segment and borrower selection.
water transport
In 2021, we included manufacturing of heavy
Forestry Logging, production of wood, 0.3% 0.1% 469 0.2% 396
industrial goods and information infrastructure in
and manufacturing of pulp Keep Customers at the Centre
and paper the scope of our analysis and excluded wholesale
Metals and Mining Coal, ferrous and non-ferrous 0.8% 0.5% 387 0.5% 648 and trading of agriculture/food products due to the
mining, and manufacturing low carbon intensity.
of metals Develop Professionals of Principle
Chemicals Manufacturing of chemicals 0.2% 0.1% 311 0.2% 355 For the real estate portfolio where we have more
Infrastructure Information and transportation 0.6% 0.2% 156 0.1% 41 significant exposure, no material credit impact
infrastructure was observed in the previous analysis given the
Heavy Manufacturing Manufacturing of automobile 0.4% 0.2% 107 0.2% 44 relatively low carbon intensity. We will undertake
and other heavy industrial goods
further assessment of this sector in 2022 under our
Total 7% 4% – 5% – enhanced methodology. Appendix


Overview
Physical risks The analysis covered seven climate change physical ASEAN, a region commonly associated with elevated High Climate Risk scenario in 2050. The most material
hazards, and considered short-, mid-, and long-term physical risk due to its position near the equator, long physical risk hazards are heatwave, water stress, sea
Our Approach
In line with our TCFD roadmap, we partnered with a
consultant to conduct a pilot physical risk analysis in horizons up to 2050 over three climate scenarios coastlines and abundant low-lying areas. level rise and typhoon. Borrowers in basic materials
2021 involving approximately 2,000 wholesale banking published by the Intergovernmental Panel on Climate and utilities sectors are expected to be exposed to
Nonetheless, after adjusting for sector sensitivity, the Drive Growth Sustainably
clients and retail banking property mortgages. For Change (IPCC). relatively higher physical risks.
proportion of borrowers under ‘High’ risk will only
wholesale banking, the selected clients comprised Economic Contributions
For each borrower, raw physical risk scores for each see a modest increase to nine per cent under the
approximately 80 per cent of the total wholesale of the seven hazards were generated based purely Risk-focused Organisational Culture
banking exposure and were representative of the on locations of the assets. The raw scores were Physical hazards covered in the 2021 pilot physical risk analysis Responsible Financing
portfolio sectoral composition. For our retail mortgage subsequently adjusted to take into consideration
portfolio, our focus was on our major markets that are
the sensitivity of different sectors to specific physical
most vulnerable to physical risks, namely Indonesia, hazards. For example, businesses with high water Supporting Businesses’ Sustainable Growth
Malaysia and Thailand. Singapore was excluded in dependency would be more vulnerable to water Enabling Sustainable Lifestyles
Wildfire Coldwave Heatwave Water Stress
consideration of the proactive measures to be put in stress. An overall composite score for each borrower Facilitating Sustainable and
place by the government to mitigate climate change was then derived from the sensitivity-adjusted scores Responsible Investing
impact. In total, the sample borrowers represented which reflect the materiality of specific physical
approximately 91 per cent of the mortgage portfolio hazards. Physical risk scores were finally translated
outside Singapore. into risk ratings from ‘Low’ to ‘High’. Keep Customers at the Centre
Sea Level Rise Flood Typhoon
The analysis utilised a bottom-up approach with Corporate portfolio
customers’ operating and asset locations overlaid Climate change is expected to increase physical risk IPCC climate change scenarios – Representative Concentration Pathway (RCP)
on various climate hazard maps to determine their along the time horizon especially in the High Climate Develop Professionals of Principle
Low Climate Change (RCP 2.6) Moderate Climate Change (RCP 4.5) High Climate Change (RCP 8.5)
vulnerability to individual physical hazards. As such, Risk scenario where continuation of business-as-usual
exact addresses of customers’ operating locations results in warming of more than 4�C by the end of Aggressive mitigation actions Strong mitigation actions to reduce Continuation of business as usual
to halve emissions by 2050. emissions to half of current levels with emissions at current rates. Uphold Corporate Responsibility
and assets were collected as inputs for this analysis. the century. This is in line with observations from This scenario is likely to result by 2080. This scenario is more likely This scenario is expected to result
Where such detailed information was not available, our analysis with the risk profile gradually shifting in warming of < 2�C by 2100. than not to result in warming of in warming of > 4�C by 2100.
less granular data such as district- or province-level from low risk towards medium and high risk in 2050. > 2�C by 2100.
addresses were used as alternatives. This is expected as a majority of our portfolio is in Appendix
The figure below shows the overall sensitivity-adjusted physical risk ratings of the sampled portfolio
under the High Climate Risk scenario along the various time horizons.
80% coverage
of our total non-bank loans
~2,000 corporate
clients
analysed in our 2021 physical risk analysis
Sensitivity-adjusted risk rating distribution of the sampled portfolio
– High Climate Risk Scenario
6% 6% 9%
~9,400 individual
assets
assessed in our 2021 corporate
borrower physical risk analysis
3
major mortgage markets covered
32%
62% 41% 53% 44% 48%
Low
Medium
Current 2030 2050 High UOB Sustainability Report 2021 29

Overview
Mortgage portfolio Mekong River in northeast Thailand. For the other attempts to quantify the impact of carbon price Risk Management
In general, we similarly observed an increasing trend hazards, Java in Indonesia has the most elevated increase on our customers’ financials without explicitly
Our Approach
of physical risks along the time horizon from now water stress whereas the risk of wildfire and typhoon factoring in other plausible impacts such as changes
to 2050. Based on the exposure of our mortgage is generally low and less of a concern in this region. in market demand on sales and additional capital Tightening Our Stance
portfolio to the physical risk hazards assessed, Further, as the impact of sea level rise is expected expenditure required to transition. As detailed asset In view of the increasing threat of climate Drive Growth Sustainably
the overall physical risk of our mortgage portfolio to materialise more significantly in the second half locations were not readily available for some of risk and greater scrutiny and expectations Economic Contributions
is in the low-medium range under the High Climate of the century, the risk exposure of our portfolio to our borrowers in our pilot physical risk assessment, from our stakeholders, we have progressively
Risk scenario in 2050. this hazard is similarly low. Overall, we have limited we used regional or national averages in our analysis. tightened our stance on the most carbon
intensive fossil fuels. Responsible Financing
exposure to borrowers vulnerable to high physical risk. This may affect the accuracy of the assessment,
While our overall portfolio exposure to flood risk particular for riverine flooding which requires highly Climate Change Risks
is low, we observed some borrowers that would be Notwithstanding the progress we have made in granular spatial resolution. In addition, while we have On thermal coal mining, our earlier prohibition Supporting Businesses’ Sustainable Growth
exposed to elevated risk of flooding as compared with quantifying the impact of both transition and physical assessed our portfolio vulnerability to key physical on greenfield projects has been broadened to
the general country profile, mainly those located in risks in our portfolio, we acknowledge the limitations hazards, the methodology does not capture the cover expansion projects and our financing
the Jakarta area of Indonesia, states of Pahang and of the methodology and data availability challenges. potential financial impact. Nonetheless, the results is now limited to only selected anchor Facilitating Sustainable and
Terengganu in Malaysia and the southern bank of client groups approved by the Bank with Responsible Investing
Notably, the methodology for transition risks primarily provided a useful starting point and impetus for
further customer engagement particularly to support a diversification strategy. We have also
the transition, mitigation and adaptation for those discontinued both new project financing
Mortgage physical risk level (High Climate Risk scenario – 2050) and corporate financing of coal-fired power
companies identified to be most impacted.
plants (CFPPs) and will prioritise the exit
As part of our roadmap, we will continue to
of remaining CFPP projects. Coupled with
strengthen our approach on climate scenario analysis
our proactive efforts to help our customers Develop Professionals of Principle
Low High and enhance data collection. We have partnered
transition, our portfolio has gradually shifted
Thailand with a leading global consultancy to develop an
towards less carbon intensive sources with
Regions not covered in the analysis Uphold Corporate Responsibility
(96.0%) improved climate risk assessment methodology
renewable energy making up close to
and uplift the internal capability and capacity
20 per cent of our power generation portfolio.
of the Bank. With the strong support from this
collaboration, we will be able to better analyse
We continue to take a highly cautious approach Appendix
Malaysia the Bank’s exposure to climate risks and support
(97.0%) to financing upstream unconventional oil
the completion of our inaugural climate stress test
and gas activities in view of the elevated
as part of the MAS’ Industry-Wide Stress Test in 2022.
climate impact.
Recognising the common industry challenges
associated with climate risk assessment such as data
Indonesia availability and lack of standardised metrics and
(94.7%) targets, we will continue to work with regulators,
industry associations and climate specialists to
progress collectively to a more robust approach as
Note: The percentages indicate the outstanding amount assessed in the pilot physical risk assessment in the respective country’s methodologies and tools evolve and mature.
mortgage portfolio. Hazards analysed include water stress, flood, sea level rise, wildfire and typhoon.


Overview
We recognise that climate risks can translate into • providing inputs and review of training programmes Metrics and Targets
Our Approach
known financial risk types for banks including credit developed by The Association of Banks in The transition to a low carbon economy presents Our Targets
risk, market risk, operational risk and liquidity risk, Singapore to uplift industry capacity to manage significant opportunities in our financing • Continue to implement our roadmap towards
of which we consider the potential credit risk impact ESG (including climate) risks; and activities. To this end, we have assessed the adopting the Recommendations of the TCFD
to be the most material. Climate risk is identified, • participating in various workstreams organised climate-related opportunities across UOB’s focus in order to assess, to measure, and to manage Drive Growth Sustainably
assessed, managed and monitored through our by the MAS Green Finance Industry Taskforce (GFIT) sectors and integrated climate considerations into our climate change related risks. Economic Contributions
Group Environmental Risk Management Framework that cover climate risk management, disclosure our solutions. • Enhance our borrower climate risk assessment
approach via industry collaboration. Risk-focused Organisational Culture
and Responsible Financing Policy, which is an integral and capacity building.
part of the Group Credit Policy. We aim to deliver tangible impact in our product Responsible Financing
As our operations span multiple jurisdictions, offerings across all customer segments, aligned Climate Change Risks
Following our initial initiative to collect carbon we closely monitor international developments such to the respective ASEAN country’s sustainability Our Performance in 2021 Supporting Businesses’ Sustainable Growth
emissions data systematically from our borrowers as the COP26 United Nations Climate Change agenda and tailored to local industry readiness and
through enhancements to our responsible financing Conference, the Basel Committee on Banking • Completed a pilot physical risk analysis and Enabling Sustainable Lifestyles
adoption. Our solutions aim to maximise impact expanded the customer coverage of our transition
checklist, we are now helping to drive industry efforts Supervision’s initiative on climate risk management, across various industries, customers and partners, risk analysis. Facilitating Sustainable and
on a standardised environmental risk questionnaire as well as new initiatives by the Network for leveraging UOB’s core strengths and ASEAN footprint, • Developed sustainable finance frameworks to Responsible Investing
focusing on climate risk. This will help level the playing Greening the Financial System and local regulators with acceptable risks and returns to shareholders. facilitate the orderly transition of our customers.
field and facilitate better assessment of borrowers’ to stay ahead of potential new regulatory The strategy leverages cross-sector green initiatives
capabilities and resilience against climate risk. requirements and to keep abreast of best industry defined in our four sustainable finance frameworks. Keep Customers at the Centre
risk management practices.
In addition, we actively participate in and support In 2021, we exceeded our 2023 sustainable financing Partnership for the Goals
various initiatives to collectively improve the industry’s We also continually seek to strengthen our climate risk target of $15 billion. Our new target is to achieve • Supporter of the TCFD. Develop Professionals of Principle
overall capability on climate risk management. monitoring process and are studying various tools in $30 billion by 2025 through our integrated • Participant in the MAS GFIT.
They include: the market that help us to enhance our management industry-driven solutions. In addition, we will
of ESG and climate risks. continue to explore sectoral pathways for the
decarbonisation of our financed emissions and
support our customers in their transition to a
low carbon economy.
Appendix
Find Out More

Read about our approach on responsible
financing.


Overview
Financial institutions have an important role to play in helping businesses transition Financing as the Key Enabler
Our Targets Our Approach
to a low carbon economy. According to Bain and Company, there is up to At the COP26 United Nations Climate Change Conference
US$1 trillion worth of economic opportunities in Southeast Asia for the development in November 2021, there was a strong call for the • [New] Build a sustainable finance portfolio of
private sector to step up support of climate action. $30 billion by 2025.
of infrastructure, technology, systems and designs in sustainable energy and • Develop innovative financial solutions and initiatives Drive Growth Sustainably
As more businesses invest in technology to advance
resource, food and agriculture, efficient industries and green and connected cities. across our network to support our clients in their
their sustainable strategies and operations, financing transition to a low carbon future and help them
Such growth areas are expected to create at least five million jobs and contribute up becomes the key enabler to this development. promote sustainable practices in their own operations Risk-focused Organisational Culture
to eight per cent to the region’s economy by 2030. UOB supports businesses to seize and across their supply chains.
these growth opportunities through our sustainable finance solutions. In 2021, several Southeast Asian countries also rolled out
national plans, as part of their Nationally Determined Climate Change Risks
How We Approach This Topic The direct and indirect environmental impact resulting Contributions (NDCs) to the Paris Agreement, for the
• Launched the Green and Sustainable Trade Finance
We are committed to playing our role in the region’s from these initiatives include: transition to a low carbon economy. and Working Capital Framework and facilities in Enabling Sustainable Lifestyles
transition towards a sustainable and climate-resilient • reductions in greenhouse gas (GHG) emissions; Singapore to support businesses in strengthening
economy. To ensure that our financing decisions • Singapore: The Singapore Green Plan 2030 includes their supply chain resilience. Facilitating Sustainable and
• improvements in asset utilisation and resource savings; Responsible Investing
result in positive impact as well as to mitigate any quadrupling solar deployment by 2025 and five • Launched U-Energy and U-Drive, two integrated
• better water and waste management practices; and
potential harm to communities and ecological systems, times by 2030 (base year 2020), phasing out solutions to support energy efficiency projects and
• value created from waste streams in circular
internal combustion engine vehicles by 2040, the electric vehicle ecosystem respectively.
we align our lending frameworks and practices to product cycles.
improving energy efficiency through green • Extended $5 billion in sustainable financing, Keep Customers at the Centre
internationally-recognised standards, principles
Social impact can also result indirectly from sustainable building targets and smart energy methods in up more than 40 per cent year on year.
and guidelines wherever feasible. In developing
financing initiatives through better resource and public housing. • Achieved $17 billion in our total sustainable financing
sustainable financing solutions for our clients, our
waste management, and enhancements to the living • Indonesia: The National Development Agenda portfolio, exceeding our 2023 target of $15 billion. Develop Professionals of Principle
strategy and decision-making process are guided by the
environment of local communities. (RPJMN 2020-2024) includes plans to double
United Nations Sustainable Development Goals (SDGs).
We also aim to provide financing solutions that recycling capacity and plastic waste collection by Partnership for the Goals
support the national sustainability agenda of the 2025, to increase renewable energy to 24 per cent Uphold Corporate Responsibility
Landmark Sustainable Finance of total energy mix by 2025 and to improve access
• Co-lead in the Monetary Authority of Singapore’s
countries in which we operate. (MAS) Green Finance Industry Taskforce (GFIT)
Transactions in 2021 to the urban gas network, rail connectivity and working group for Green and Sustainable Trade
We offer sustainable finance products in six • $330 million green loan – one of Singapore’s fibre optic network coverage. Finance (GSTF) Solutions, and a partner of
main categories, namely green bonds and loans, Appendix
largest – to South Beach Consortium by • Malaysia: The country’s energy transition plan MAS’ Project Greenprint.
sustainability-linked bonds and loans, as well as green City Developments Limited includes an increased renewable energy target • Participated in industry events such as the Singapore
and sustainable trade finance and working capital • HK$400 million green club loan to FinTech Festival 2021 and the Circular Economy
of 31 per cent by 2025 and 40 per cent by 2035.
solutions. Our approach prioritises eight sectoral Conference 2021 organised by The Star in Malaysia,
Leo Paper Group (as Lead Arranger) Malaysia will also not build new coal power plants. as well as partnered with the Singapore Business
opportunities: • US$700 million sustainability-linked • Thailand: The National Energy Plan 2022 aims Federation on the Sustainable Financing Awareness
• energy-efficient buildings; club loan – one of the largest in Asia Pacific to increase the proportion of renewable energy Series to share experience and to exchange knowledge
• expansion of renewables and transition energy; – to ESR Cayman Limited in new power generation by up to 50 per cent on sustainability practices in the financial industry.
and to increase the domestic electric vehicles • Conducted client outreach, including webinars to
• electric/hybrid and shared mobility; • $2 billion sustainability-linked revolving
raise awareness and to share best practices in areas
• sustainable infrastructure; credit facility for Changi Airport Group production to 30 per cent by 2030. such as green buildings, solar energy, circular economy
• circular economy; (also Joint Sustainability Adviser) (e-waste and plastic recycling), energy efficiency and
• sustainable land use, food and packaging; • $750 million sustainability-linked club loan With these government-led policies and initiatives electric vehicles.
• energy efficiency and connectivity; and for Singapore Telecommunications Limited in place, we expect strong demand for green and
• digitalising the supply chain and traceability. (also Joint Sustainability Adviser) sustainable financing in infrastructure and low carbon
technologies over the next decade.

Overview
Continuous Innovation in Our solutions include: • the Plastic Recyclers Ecosystem Financing We are also one of the banks to partner CO2X on the
Our Approach
Sustainable Finance Programme, which offers comprehensive financing development of a platform that will provide SMEs in
As the sustainable finance market continues to grow • the Omega Green Programme, which offers a range solutions to encourage plastic converters to Singapore with accessible carbon tracking solutions
and to mature, UOB is focused on creating more of end-to-end bundled solutions for both main and switch to recycled materials ; and and green financial services through a data-driven
sub-contractors in the green building business; • the E-Waste Ecosystem Financing Programme that approach. This project is supported by the MAS and
innovative sustainable finance offerings for our
clients. As the co-lead for the MAS GFIT working • U-Solar, Asia’s first one-stop solar ecosystem addresses the financing needs of industry players Enterprise Singapore. Economic Contributions
group for GSTF, in 2021, we launched our Green financing platform targeted at solar project by increasing their working capital flexibility. Risk-focused Organisational Culture
and Sustainable Trade Finance and Working Capital developers, engineering, procurement and
Framework with a Second Party Opinion from Moody’s construction contractors and end-users such as In addition, we tap technology partnerships to drive
ESG Solutions. This was rolled out under GFIT’s Green businesses and homeowners; innovation and adoption of digital solutions, especially Climate Change Risks
and Sustainable Trade Finance and Working Capital • U-Energy, Asia’s first integrated financing platform among small- and medium-sized enterprises (SMEs). Supporting Businesses’ Sustainable Growth
Framework as part of the MAS’ Green and to drive the development and adoption of energy As a member of the MAS GFIT, UOB is leading a
Sustainability-Linked Loans Grant Scheme. In addition, efficiency projects for buildings and homes; consortium of banks to work with the Singapore
• U-Drive, an integrated green financing solution in Find Out More Facilitating Sustainable and
we have a team of industry specialists developing Trade Data Exchange (SGTraDex) on an initiative to
Learn more about UOB Sustainable Financing Solutions. Responsible Investing
UOB Sustainable Financing Solutions, a comprehensive Singapore that connects the electric vehicle value develop digital solutions for the application of clear Read about how our Responsible Financing Policy
suite of sector-specific solutions that leverages the chain, from automotive brand owners, automotive and consistent green trade financing standards across addresses environmental and social risks.
Bank’s ASEAN network and expertise. dealers and charging point operators to end-users; industries.
UOB Sustainable Financing Solutions’ Focus Areas

Integrating sustainability into business strategies,
models and practices can be complex. This is
why UOB is focused on simplifying sustainability
for businesses.
Appendix


Overview
The UOB Sustainable Financing Solutions are housed UOB Sustainable Finance UOB Smart City Sustainable Finance UOB Green Financing Framework Our Approach
under four sustainable finance umbrella frameworks: Framework for Green Building Framework for Circular Economy
Developers and Owners The urban population in Southeast Asia is expected to According to the World Economic Forum, a global
• UOB Sustainable Finance Framework for Green
According to the Global Alliance for Buildings and reach half a billion by 2050, while waste created will transition to circular economy approaches is estimated
Building Developers and Owners; Drive Growth Sustainably
Construction, building construction and operations increase by almost 50 per cent to exceed 700 million to provide more than US$1 trillion in material cost
• UOB Smart City Sustainable Finance Framework;
accounted for 36 per cent of global energy use and tonnes annually, according to the United Nations savings by 2025 and to create up to 600 million jobs Economic Contributions
• UOB Green Financing Framework for Circular
37 per cent of energy-related carbon dioxide emissions Environment Programme and World Bank Group. worldwide by 2030. Risk-focused Organisational Culture
Economy; and
in 2020, representing the largest share of any industry.
• UOB Green and Sustainable Trade Finance and The UOB Smart City Sustainable Finance Framework UOB recognises the growing awareness and demand Responsible Financing
Based on the Climate Bonds Initiative’s data, up to
Working Capital Framework. aims to help address the challenges arising from across our key markets in Asia for products and services Climate Change Risks
70 per cent of a large city’s GHG emissions are related
Aligned with the Loan Market Association/Asia Pacific to its buildings. rapid urbanisation by supporting companies integral that minimise or manage resource consumption and Supporting Businesses’ Sustainable Growth
Loan Market Association (LMA/APLMA) Green Loan to the building of smart cities. It covers seven main waste production. We are committed to the common
As such, green buildings offer a multitude of benefits Enabling Sustainable Lifestyles
Principles and Sustainability Linked Loan Principles, our categories: vision of a circular economy for plastics, metals,
to the environment and society, including:
frameworks set out the eligible projects or activities consumer electronics as well as other materials. Facilitating Sustainable and
• job creation; • renewable energy; Responsible Investing
that qualify for green and sustainability-linked loans,
• increased infrastructure and urban resilience; • construction of green buildings; UOB’s Green Financing Framework for Circular Economy
trade finance and other retail banking products.
• enhanced health and well-being; • energy efficiency; aims to promote qualifying business activities in the
• reductions in air pollution, GHG emissions and • green transport; ‘5Rs’ of the circular economy: reduce, reuse and recycle Keep Customers at the Centre
Our sustainable finance frameworks and solutions offer
waste generation; • sustainable water management and treatment; waste materials, reuse and repair products to restore
businesses the following benefits:
• improved energy access; and • waste management; and functionality and remanufacturing to produce a new
• low-cost access to sustainable financing; • reduced impact on biodiversity. • climate change adaptation. product with different functionality. Develop Professionals of Principle
• streamlined and transparent processing; and
In 2021, we refreshed the UOB Real Estate Sustainable Moody’s ESG Solutions (Vigeo Eiris) provided the
• guidance on environment and social impact Carbon Trust provided the Second Party Opinion on
Finance Framework to become the UOB Sustainable Second Party Opinion on the UOB Green Financing
measurement and reporting. the UOB Smart City Sustainable Finance Framework. Uphold Corporate Responsibility
Finance Framework for Green Building Developers Framework for Circular Economy. First launched in
Businesses with a clear sustainability strategy are more and Owners. 2019, the framework will be enhanced in 2022.
likely to enjoy: The enhanced framework incorporated the latest
Appendix
• enhanced credibility and corporate profile; environmental, social and governance developments,
• stronger supplier relationships with major included new energy efficiency eligibility criteria
customers globally; and expanded the scope of accepted green building
• preferred partner status in the supply chain; and certifications. CONTRIBUTION TO THE UN SDGs
• cost savings by adopting circular economy and Carbon Trust provided the Second Party Opinion on
energy efficiency in business operations. the UOB Sustainable Finance Framework for Green
Building Developers and Owners.


Overview
UOB Green and Sustainable Trade Our Approach

Finance and Working Capital Barramundi Group
Framework
With more large corporates taking on net zero
commitments, managing Scope 3 emissions becomes
an important consideration. According to OECD Economic Contributions
Trade, China and ASEAN contributed significantly Risk-focused Organisational Culture
to the carbon dioxide (CO2) export flows to western
economies including the United States and Europe.
To create a level playing field, the European Climate Change Risks
Commission proposed a Carbon Border Adjustment Supporting Businesses’ Sustainable Growth
Mechanism in July 2021 to levy carbon taxes on Enabling Sustainable Lifestyles
cross-border goods. These global developments
will have an impact on businesses that supply to
global buyers.
In 2021, we launched the UOB Green and Sustainable

Trade Finance and Working Capital Framework, Keep Customers at the Centre
in alignment with the industry-led MAS GFIT.
The framework aims to provide shorter-term green
or sustainability-linked working capital financing. Develop Professionals of Principle
We continue to work with our clients from different

industries and across our key markets, collaborating Uphold Corporate Responsibility
with external stakeholders to raise awareness, In 2021, UOB provided green trade and working “Since 2017, we have been working closely with
influence mindsets and business practices to drive capital facilities to Barramundi Group, which UOB on the financial solutions that best suit the
needs of our company. Transitioning the relatively
the adoption of best supply chain practices through operates the largest ocean barramundi farms Appendix
traditional aquaculture industry to a path of
trade finance. in Australia, Brunei and Singapore. Listed on sustainability comes with its challenges. However,
the Euronext Growth Oslo exchange, the with the support of the green trade finance facility
Moody’s ESG Solutions (Vigeo Eiris) provided the granted by UOB, we are able to inject more funds
company is a pioneer in sustainable aquaculture.
Second Party Opinion on the UOB Green and Sustainable into accelerating the deployment of technologies
UOB’s loan supported the company in
Trade Finance and Working Capital Framework. that will help make fish rearing more sustainable.
contributing to Singapore’s ‘30 by 30’ goal – to We look forward to the continued collaboration
produce up to 30 per cent of nutritional needs with UOB and together, we can contribute towards
CONTRIBUTION TO THE UN SDGs locally by 2030 – for greater resilience and strengthening Singapore’s food security.
security in the seafood ecosystem. Mr Andreas von Scholten
Chief Executive Officer, Barramundi Group


Overview
U-Solar Our Approach

In 2021, UOB’s U-Solar programme financed projects that generated more than U-Solar in Malaysia
279 gigawatt-hours (GWh) of solar energy 1, resulting in more than 142,000 tonnes
CO2-equivalent (tCO2e) in avoided GHG emissions2. Drive Growth Sustainably
Available in Indonesia, Malaysia, Singapore and • providing end-users with standardised solar Risk-focused Organisational Culture
Thailand, our U-Solar programme is Asia’s first financing packages.
one-stop solar ecosystem financing platform that
supports companies and consumers in the For developers and contractors, we provide access Climate Change Risks
development and adoption of solar power. Through to green loans to help them overcome working Supporting Businesses’ Sustainable Growth
U-Solar, we aim to help address the pain points capital challenges.
faced by the solar energy industry value chain,
from solar project developers and engineering, For the end-users of solar energy – residential, Facilitating Sustainable and
procurement and construction (EPC) contractors commercial and industrial users – we offer financing
to end-users across the region. We work with solutions that enable them to take up quality
UOB-approved solar EPC contractors in each country solar panel installations for reliable performance.
to ensure quality of service, and equipment and For residential customers in particular, we offer zero
maintenance provision to end-users in the commercial, per cent interest instalment plans for the purchase
industrial and residential segments. of solar panel installations.
In Malaysia, the government has committed to the green economy agenda with the proposal to allocate Develop Professionals of Principle
Through U-Solar, we hope to accelerate the adoption In 2021, our U-Solar programme received the following RM2 billion in 2021 and 2022 for the continuation of its Green Technology Financial Scheme as part
of renewable energy for a more sustainable future by: recognition: of the National Budget 2021. The new Net Energy Metering (NEM) 3.0 programme will also enable
consumers to install solar systems on the roofs of their premises and to sell excess power generated Uphold Corporate Responsibility
• supporting local solar contractors with end-to-end • Apex Winner in the Sustainable Solutions, Non-SME back to the grid so that they can offset their electricity bills. These initiatives are expected to drive
financing for procurement, construction, operation category at the Singapore Apex Corporate greater participation from the private sector, mainly the manufacturing, industrial and services industries,
and maintenance of the solar power system; Sustainability Awards 2021; and in green technology and clean energy investment. Appendix
• promoting awareness among companies, both • Singapore Domestic Initiative of the Year at
commercial and industrial, as well as residential the Asian Banking & Finance Wholesale Banking We anticipate that the market demand for solar power solutions will increase with the measures
users of the benefits and savings that can be Awards 2021. introduced under Malaysia’s National Budget 2021 and NEM 3.0 programme.
achieved by installing their own solar power system;
“Under U-Solar, UOB provided us a comprehensive solar power solution at our premise, complete
• enabling companies and industries to play an with an efficient end-to-end service and affordable financing package. We estimate the solution
active role in helping their countries meet the will generate an annual capacity of more than 934 megawatt-hours (MWh), which will translate to
respective NDCs or climate pledge commitments Find Out More an equivalent of RM239,000 in cost savings in our utility bills per year. We are pleased to do our part
as part of the Paris Agreement; and Learn more about U-Solar. in contributing to the country’s green transformation agenda. As part of our commitment to protect
the environment for a better future, we will be implementing the switch to using clean sources of
energy for the rest of the companies within the OEL Group.”
1 In accordance with the Global GHG Accounting and Reporting Standard for the Financial Industry, which is published by Mr Heng Kuan Chor
the Partnership for Carbon Accounting Financials (PCAF), an attribution factor or ratio is applied when calculating the amount Managing Director, OEL Realty Holdings Sdn Bhd
of solar energy generated so that only UOB’s share in the total financing of each project is included.
2 We rely on the International Energy Agency (IEA) for GHG conversion factors. UOB Sustainability Report 2021 36

Overview
U-Energy Our Approach

In 2021, we launched U-Energy, the first integrated financing platform in Asia to
drive the development and adoption of energy efficiency projects for buildings
and homes. With U-Energy, businesses and homeowners can reap financial benefits Drive Growth Sustainably
and achieve their environmental sustainability goals. Economic Contributions
Launched in Singapore and Malaysia, to be followed We offer two contracting models for commercial and
by Indonesia and Thailand progressively, the U-Energy industrial building owners. They can opt for a direct Responsible Financing
platform is designed to connect energy service purchase of the energy-efficient equipment or system Climate Change Risks
companies (ESCOs) with end-customers. with UOB’s green financing. Under this scheme, building Supporting Businesses’ Sustainable Growth
owners may obtain a loan of up to $10 million with
These ESCOs, as our U-Energy partners, offer support in a maximum seven-year loan facility, subject to optimal
common energy efficiency projects such as improving equipment and system sizing by our U-Energy partners. Facilitating Sustainable and
chiller and air conditioning efficiency, installing solar To enable greater speed to market, loan applications Responsible Investing
panels on rooftops, switching to LED lights, optimising from building owners who are existing UOB customers
energy and power management systems, changing will be put on a fast-track approval process.
building façades to reflect direct sunlight to reduce Keep Customers at the Centre
heat absorption, as well as replacing elevators with Alternatively, building owners can take up the
energy regeneration technology. ‘energy-as-a-service’ model where we will provide
green loans to the U-Energy partners, at no upfront Develop Professionals of Principle
cost to building owners. For homeowners, we offer a
Comfort Management
zero per cent interest instalment plan of up to three Comfort Management, one of our U-Energy partners in Singapore, is a leading company in energy
conservation and management, energy consultancy services and efficiencies upkeeping for air-conditioning Uphold Corporate Responsibility
years when UOB credit cards are used as the mode of and mechanical ventilation systems. Its innovative engineering solutions, coupled with experience
Find Out More
Learn more about U-Energy. payment for their energy efficiency retrofitting projects. in energy performance contracting, have helped various types of buildings to reap energy savings,
with or without capital outlay, while maintaining the same comfort, convenience and productivity.
Comfort Management’s partnership with its clients has enabled them to lower energy usage, greatly Appendix
reducing their carbon emissions.
Supported building types and energy efficiency projects for businesses
In 2021, UOB supported an energy efficiency retrofitting project at the SGX Centre by providing a
green loan to Comfort Management. The project, including the installation of a new intelligent energy
management system, improved the efficiency of the building’s chiller plant. Energy consumption is
cut by 47 per cent, which is equivalent to reducing more than 2,000 tCO2e in GHG emissions. The
building was awarded the Singapore Green Mark Platinum Certificate by the Building and Construction
Authority in 2021.
Data Centres Hotels Industrial Mixed Developments
“For the SGX building management team to realise this green project in this daunting period of
COVID-19 has indeed been a tougher and greater achievement than in usual circumstances. With
the great support from Comfort Management and UOB, the team was able to realise this project
smoothly and fulfil our sustainability responsibility to the environment.”
Mr Loh Chee Shyong
Offices Public Buildings Retail Chairman, SGX Management Corporation Strata Title

Overview
U-Drive Our Approach

In 2021, we launched U-Drive, an integrated green financing solution for the Hong Seh Evolution
electric vehicle (EV) ecosystem in Singapore. It connects the EV value chain – from
automotive brand owners, automotive dealers and charging point operators to Drive Growth Sustainably
end-users – seamlessly. Economic Contributions
Our U-Drive solution is designed to meet the financial Through U-Drive, we seek to promote the development Responsible Financing
needs of all EV ecosystem players through the of the EV sector and to facilitate the transition to
provision of a comprehensive range of green banking green vehicles, so as to contribute to a cleaner and
facilities, including trade financing, dealer stock greener environment. With Singapore ramping up its Supporting Businesses’ Sustainable Growth
financing, the UOB Green Hire Purchase Loan and Green Plan 2030 initiatives, the greater adoption of Enabling Sustainable Lifestyles
the UOB Go Green Car Loan. Businesses or individuals EVs reflects the increasing awareness and acceptance
can also apply for green financial solutions for their of the need to change the way we live, work and play, Responsible Investing
purchases of EVs and charging equipment. as we forge a sustainable future for all.
UOB pioneered U-Drive with Hong Seh Evolution (HSEV), the authorised distributor of commercial EVs Develop Professionals of Principle
from Dongfeng Sokon Automobile and dealer of BYD T3 electric vans in Singapore. The green facilities
HSEV received from UOB enabled the company to have greater working capital flexibility in managing
its commercial EV sales and inventory. HSEV and UOB are also working together to provide end-users
with free charging credits to drive the adoption of commercial electric vehicles in Singapore. Uphold Corporate Responsibility
“We have been banking with UOB since 1970. The Bank has been supportive of our foray into EVs,
in particular our venture into commercial EVs, which we expect will continue to grow in demand. Appendix
We are expanding as a one-stop electric vehicle hub spanning sales, leasing and even charging
infrastructure and we look forward to continued support from UOB under the U-Drive solution.”
Mr Edward Tan
Director, Hong Seh Evolution
Find Out More

Learn more about U-Drive.


Overview
Being sustainable is a way of life – how we live, work, play, learn, commute, interact To partner our customers in supporting the
growth of the renewable energy market in the Our Approach
and connect. In Southeast Asia, consumers are more influenced by issues such as
region and the greater adoption of such sources,
climate change than ever before and are spending more on sustainable products.
we purchase Renewable Energy Certificates (RECs) for
According to the UOB ASEAN Consumer Sentiment Study 2021, nearly 60 per cent every UOB Go Green Home Loan or UOB Go Green Drive Growth Sustainably
of consumers stated they want their children to have a better future as a reason Car Loan extended. Economic Contributions
for opting for more sustainable products. One in two consumers said it might be Risk-focused Organisational Culture
too late if we do not act now to manage our carbon footprint. In 2021, we also ran a National Day campaign in
Singapore, under which we awarded additional RECs Responsible Financing
to customers taking up any of our green solutions. Climate Change Risks
During the year, we awarded close to 1,400 RECs,
supporting the generation of 1,334 megawatt-hours
(MWh) of renewable energy. This is equivalent to nearly Facilitating Sustainable and
545 tonnes of carbon dioxide (CO2) emissions being Responsible Investing
absorbed by more than 27,000 raintrees.
Savings and Rebates on Keep Customers at the Centre

Sustainable Credit Cards
Green Energy Plans In 2021, we launched in Singapore the UOB EVOL Card,
Under the Bank’s U-Solar programme, we offer which is Southeast Asia’s first bio-sourced credit card.
customers interest-free instalment plans when they Develop Professionals of Principle
Each UOB EVOL Card:
use a UOB credit card to pay for their purchase and
installation of solar power systems for their homes. • is made of 82 per cent plant-based polylactic acid
How We Approach This Topic Renewable Energy Certificates material from non-edible corn;
Sustainability starts with consumers’ everyday for Green Home and Car Loans In Singapore, we also offer green energy plans with • saves 4.48 grams of polyvinyl chloride (PVC); and
choices, from where they live and how they travel The UOB Go Green Home Loan is designed to help bill rebates in collaboration with open energy market • produces 10 grams less in CO2 emissions.
to which merchants they buy from. In this regard, homebuyers in Singapore lower their ownership costs retailers, including Geneco, Keppel Electric, Pacific Appendix
we work closely with our ecosystem of partners when purchasing a property awarded with the Green Light and Sembcorp, to help our customers reduce The UOB EVOL Card will be rolled out progressively
across property players, energy and utility providers, Mark certification from the Building and Construction their carbon emissions on electricity consumption. in the region.
electric vehicle distributors and credit card merchants Authority Singapore. We also offer the UOB Go Green
to offer holistic and progressive banking solutions. Car Loan, as part of the Bank’s U-Drive programme,
This is so that we can help our customers make for our customers’ purchase of fully-electric cars in
greener choices when buying a home, a car as well Singapore. In 2021, we expanded our partner ecosystem
as in their day-to-day spending.
to seven car dealers, which cover more than 90 per
Find Out More
cent of new electric vehicle models in the country.
Learn more about our sustainable solutions
for consumers.

Facilitating Sustainable and Responsible Investing

Overview
Sustainable investing incorporates and integrates environmental, social Building on our Risk-First approach
Our Approach
and governance (ESG) factors into the research, selection and investment The integration of ESG considerations into our retail Our Performance in 2021
processes, with the objective of impacting the environment and society investment solutions is rooted in our Risk-First wealth • Achieved $9 billion in total AUM in
advisory approach, which helps our customers protect ESG-focused and responsible investments
positively in addition to achieving financial returns. The UOB ASEAN Consumer as at the end of 2021. Drive Growth Sustainably
their assets and build their wealth.
Sentiment Study 2021 also showed that consumers in the region recognise that • PFS’ AUM in ESG-focused investment Economic Contributions
sustainable investing will be more common over the next three to five years. Our Risk-First approach guides us in the selection products quadrupled in 2021. Risk-focused Organisational Culture
of sustainable investment products across different • UOB Asset Management (UOBAM)
asset classes to suit various investor profiles and risk achieved $690 million in AUM in Responsible Financing
appetites. It is also embedded into the way we hold sustainable fund solutions launched Climate Change Risks
How We Approach This Topic Personal Financial Services – Offering in 2021.
our advisory and financial planning conversations
Responsible investment practices have significant Sustainable Investment Solutions • UOB Venture Management’s (UOBVM) Supporting Businesses’ Sustainable Growth
with our customers. In particular, as the topic of
potential to contribute to the development of a for Consumers total responsible investing AUM was Enabling Sustainable Lifestyles
sustainability takes root in all aspects of our lives – $1.3 billion as at the end of 2021.
more sustainable financial system for the benefit of The Personal Financial Services (PFS) function in our
the environment and the wider community. Ensuring
from mindset and behaviours to business strategies Facilitating Sustainable and
Group Retail segment focuses on helping consumers
and practices, we share our insights into sustainability Responsible Investing
responsible investment practices is also part of our achieve their financial goals and aspirations through
as an investment megatrend.
fiduciary duty. Across UOB Group, we integrate ESG a wide range of products and services. We provide Partnership for the Goals
considerations into our investment policies, processes wealth and investment advisory and solutions, We partner reputable product specialists to screen, • UOB’s investment management subsidiaries,
and practices, as well as into our risk-based approach and
as well as offer ESG-focused unit trusts, structured to score, to provide and to monitor sustainable namely UOBAM, UOBVM and UOB Global
objective to offer our customers sustainable investment products and equities, and fixed income products. Capital, are signatories of the PRI.
investment products for our customers. In line
solutions that deliver long-term, stable returns. UOB was the first Singapore bank to have
with our due diligence framework, our product Develop Professionals of Principle
The PFS Sustainable Investing Working Group, set up
provider partners must have operationalised policies our investment companies sign up to the
Through active engagement and dialogue, we also in 2019, is tasked with building a sustainability-driven PRI in 2020.
and processes in place and/or adopt or align to
help our customers and portfolio companies range of product offerings for our retail customers.
globally-recognised standards such as the • UOBAM and UOBVM are supporters of Uphold Corporate Responsibility
to understand: We have a structured programme that ensures the
United Nations (UN)-supported Principles for the Singapore Stewardship Principles for
integration of ESG considerations into how we
Responsible Investment (PRI), Task Force on Responsible Investors, a set of principles
• the significance of ESG considerations in their develop our investment strategies, set standards for
Climate-related Financial Disclosures (TCFD), intended to encourage investors to
investments; our product due diligence, select product providers, Appendix
Sustainability Accounting Standards Board (SASB) voluntarily pursue the spirit of stewardship
• the ESG-related risks and opportunities in their as well as provide investment advice to our customers.
and CDP. In working with these specialists, we ensure and good governance.
business operations; and
• the importance of sustainable business models, In 2021, we saw demand for sustainable investments that we incorporate robust and industry-leading • UOBAM is a participant of WWF RESPOND,
strategies and practices. gaining pace in the region, driven partly by the growing criteria and methodologies when identifying a framework which helps asset managers
awareness of the need for positive environmental sustainable investment solutions. to assess and improve portfolio resilience
and social impact. This led to PFS’ assets under and alignment with a low carbon and
As part of steering our customers’ wealth to sustainable sustainable future.
management (AUM) in ESG-focused investment
investments, in 2021 we engaged a market-leading
products quadrupling during the year. • UOBVM signed up to the Operating
ESG specialist to help our customers better understand
Principles for Impact Management in 2019,
We received the Best Wealth Manager for Impact how companies are transitioning to the green,
the first financial institution in Singapore
Investing, Asia award at The Asset Triple A Private lower carbon economy and how they can assess to do so.
Capital Awards 2021 in recognition of our commitment relevant risks.
to helping our customers invest sustainably.

Overview
Our Risk-First wealth advisory approach We will continue to assess, to select and to offer Green bonds
fund products that meet our criteria for the benefit We offer green bonds selected from the Bloomberg Our Approach
of our customers. Barclays MSCI Global Green Bond Index, which was
voted the best index for the fifth year running by
Integrating ESG considerations Structured products and equities Environmental Finance, a leading news and analysis Drive Growth Sustainably
We offer structured notes linked to the equities of service for sustainable investing and green financing. Economic Contributions
Providers companies with strong ESG ratings, with a focus on The index ensures proper screening and monitoring
environmental and social themes. These include, Risk-focused Organisational Culture
of the use of proceeds, as well as adherence to
for example, companies that aim to help protect the industry-standard Green Bond Principles. Constituents Responsible Financing
ESG product solutions offered environment by supporting clean energy and resource of the index are rigorously assessed on the ongoing Climate Change Risks
to wealth customers conservation projects. environmental impact of the projects, among other
ESG Due Supporting Businesses’ Sustainable Growth
Advisory Diligence Unit trusts factors, for which the green bond proceeds are used.
We offer professionally-managed ESG-focused unit In 2021, we partnered Societe Generale to launch Enabling Sustainable Lifestyles
trusts to our customers, enabling them to invest in a charity note programme, whereby Societe We also screen green bonds using our internal risk Facilitating Sustainable and
companies that are committed to achieving financial Generale will distribute to charity an amount that assessment framework to assess their financial Responsible Investing
and ESG performance. In the selection of ESG funds, is proportionate to the customer’s investment. fundamentals. This includes assessing the probability
Solutions
we take into consideration: Societe Generale’s appointed charity is France-based of default, fair value and technical analysis indicators.
CARE, which aims to help tackle the underlying causes The additional layer of screening enables us to offer Keep Customers at the Centre
• the fund manager’s expertise in managing of poverty and social injustice, as part of global efforts our customers the highest-quality green bonds
Risk-First approach ESG portfolios; to meet the UN Sustainable Development Goals. for the best risk-adjusted rewards and stable cash
• the incorporation of ESG factors in the fund’s flow outcomes. Develop Professionals of Principle
investment process; and During the year, we were also the first retail bank in
Value proposition • the ability of the fund manager to perform well Singapore to offer Goldman Sachs’ note programme Globally, the green bond market saw strong growth
against its benchmark and peers. in respect of its sustainability notes issuances. in 2021, with an increase in high-quality issuances. Uphold Corporate Responsibility
Under this programme, Goldman Sachs intends to issue As such, the number of green bond issuers in our
Responsible Investment The unit trusts we offer span bonds and equities. notes where an amount equal to the net proceeds offering also grew to 65 from 55 in the previous year.
Strategy and They include: will be allocated to finance or refinance projects and
Providers Advisory
Appendix
assets that respond to critical environmental, social
• United Smart Sustainable Singapore Bond Fund; and/or sustainability issues, including those related
Trust • United Sustainable Credit Income Fund; to climate transition and inclusive growth.
• United Sustainable Equity Solution Fund;
Select • Allianz Global Sustainability Fund;
Participate in
Sustainable • BNP Paribas Energy Transition; and
Sustainable and
Funds, Bonds, • Schroder ISF Global Climate Change Equity.
Responsible
Structured Find Out More
Investing
Products Learn more about our sustainable solutions
for consumers.


Overview
UOB Asset Management ‘Man and Machine’ – Proprietary ESG and focus on sustainable investing fundamentals under The Institute of Banking and Finance Singapore’s
– Investing for Profit and Purpose research augmented by technology to deepen our colleagues’ capabilities. Financial Training Scheme and the CFA Institute. Our Approach
UOBAM’s approach to sustainable investing is anchored At UOBAM, we draw on our strategic pillars of
In 2021, we launched the Principles of Sustainable Promoting sustainable investing across
on strong local expertise and fundamental research, and ‘Be Digital-first’ and ‘Focus on Sustainability’ to bolster
Finance course by Erasmus University Rotterdam. the region Drive Growth Sustainably
is augmented by the use of technology. Our proprietary our ESG evaluation and investment processes. We
This adds to modules by Robeco and KPMG on In 2021, UOBAM participated in various events,
Sustainable Investing (SI) framework and our Active combine ESG data and predictive financial analysis Economic Contributions
topics such as ESG integration, active ownership collaborating with organisations such as the Singapore
Ownership policy, which form the foundation of with our investment analysts’ fundamental research,
and measurement of the contribution of companies Exchange (SGX), Stock Exchange of Thailand, GRESB, Risk-focused Organisational Culture
our sustainable investing strategy, are aligned to our tapping artificial intelligence driven by our proprietary
to the UN Sustainable Development Goals (SDGs). In Endowus, Universiti Brunei Darussalam and Taiwan’s Responsible Financing
philosophy of investing for profit and purpose. machine learning models. We also leverage our
particular, UOBAM is the first financial institution in Chinatrust Business School on seminars to share insights
in-house technology and data platform to store and Climate Change Risks
UOBAM’s SI framework, which covers all asset classes, the world to offer Robeco’s SDG Investing module as into sustainable investing.
to share our fundamental ESG research materials
guides the integration of ESG factors into our existing employee training. The training modules are recognised Supporting Businesses’ Sustainable Growth
across the region. In addition, we continue to explore
investment research process to identify and to select Enabling Sustainable Lifestyles
collaborations with financial technology companies
securities with the aim of driving sustainable returns
to evaluate the impact of our investments and to Facilitating Sustainable and
and supporting portfolio resilience. Such securities Responsible Investing
embed ESG considerations into our credit rating
include those from companies that are positioned to
model for bonds. UOBAM’s Fund Launches in 2021 United i-Asia ESG Income Fund (Malaysia)
ride the tailwinds of long-term sustainability trends Retail mixed asset fund incorporating ESG and Shariah
We achieved $690 million in AUM in our new
and opportunities, have sustainable business practices Active and localised – Strong regional sustainable fund solutions, which included: principles and which invests in Asia ex-Japan assets. Keep Customers at the Centre
and that meet UOBAM’s ESG scoring requirements. footprint and local expertise
We leverage our strong regional footprint, drawing on UOB APAC Green REIT ETF (Singapore) United Asia ESG Bond Fund (Taiwan)
Our Active Ownership policy, launched in 2020,
the knowledge of our investment teams in Singapore, World’s first Asia Pacific (APAC) green real estate Retail fund focusing on Asian investment-grade ESG
facilitates engagement, proxy voting and escalation Develop Professionals of Principle
Indonesia, Malaysia, Taiwan, Thailand and Vietnam, to investment trust (REIT) exchange-traded fund (ETF). bonds. It is the first Taiwanese domestic fund that
strategies. The Active Ownership policy will be rolled
engage local companies on ESG topics. This way, we Listed on the SGX, the ETF offers exposure to APAC incorporates and analyses ESG considerations in its
out in our regional offices progressively.
gain deep insights into their ESG performance and are REITs with higher environmental performance and sustainable investing strategy.
ESG governance in UOBAM able to refine our investment decisions accordingly. robust yields. The ETF aims to replicate, as closely as
possible, the performance of the iEdge-UOB APAC United Battery and EV Technology Fund
We have set up ESG sub-committees within our (Thailand)
Our approach also addresses the lack of in-depth Yield Focus Green REIT Index that was created in
Regional Investment Committee and each office’s Retail fund, launched in collaboration with Robeco Appendix
coverage of the Asian securities universe by partnership with SGX and GRESB.
Local Investment Committee to oversee the
third-party ESG data service providers due to different and Mirae Asset Management, which focuses on
governance and implementation of ESG-related United Smart Sustainable Singapore
regulations affecting issuers in emerging markets and companies globally in battery production, lithium
investment policies and initiatives, as well as the Bond Fund (Singapore)
developed markets. With local engagement, we can mining and the development of battery technology,
development of ESG-related products. First Singapore-focused ESG fixed income fund that
better reach out to newly-listed, under-researched and companies that are benefiting from the rising
We also have in place a Regional Sustainability and unlisted companies. invests mainly in the credits of Singapore-based adoption of electric vehicles.
Group (RSG) and Local Sustainability Groups (LSG), companies, with smaller allocations throughout Asia.
Sustainability Academy to deepen United Sustainable Credit Income Fund
with reporting lines to the regional management United Sustainable Series – Global Credits
capabilities (Brunei and Thailand)
of UOBAM. As complementary committees to Fund (Malaysia)
Through our in-house Sustainability Academy, we offer Retail fund, launched in collaboration with Robeco,
the Regional Investment Committee and Local Retail fund, launched in collaboration with Robeco,
a series of training and development programmes on offering local access, for the first time, to a
Investment Committees, the RSG and LSGs aim which focuses on bonds of corporates globally
sustainable investing to all UOBAM employees across multi-sector bond portfolio that supports the UN
to enhance the governance and operational roll-out meeting the UN SDGs.
of sustainability-related initiatives, in terms the region. The programmes seek to embed further SDGs and provides attractive regular income.
of investments and corporate sustainability, ESG considerations into the organisation’s culture
within UOBAM. UOB Sustainability Report 2021 42

Overview
UOB Venture Management One of the companies that UOBVM invested in

Our Approach
– Supporting Portfolio Companies during the year was Evermos Pte Ltd (Evermos), an
Creating Impact through AIIF
in their ESG Developments e-commerce platform in Indonesia that addresses
As a responsible private equity fund manager, Indonesians’ daily lifestyle needs. The company aims
to empower local suppliers on its platform to grow Drive Growth Sustainably
UOBVM has incorporated ESG considerations into
its investment process since 2004. Responsible their businesses while enabling Indonesians in the Economic Contributions
investment practices are a key pillar of UOBVM’s lower-tier cities and rural areas to become Risk-focused Organisational Culture
investment strategy for the funds it manages and entrepreneurs with zero capital, thereby improving
advises. As at December 2021, UOBVM’s responsible their household incomes and livelihoods.
investing AUM stands at $1.3 billion. Climate Change Risks
Before investing in Evermos, we conducted an Supporting Businesses’ Sustainable Growth
To advance economic and social developments in environmental and social (E&S) review, with the
the region, UOBVM continues to identify and to assistance of an external consultant, to address
key E&S risks in the company’s operations with Facilitating Sustainable and
pursue responsible investment opportunities for
our funds. These include our flagship ASEAN China mitigating corrective measures. An example was the
Investment Funds (ACIF), which invest in promising implementation of a supplier ESG checklist.
high-growth companies based along the ASEAN and
China growth corridor, as well as the Asia Impact Through such interaction, engagement with and
Investment Funds (AIIF), double bottom-line funds investment in portfolio companies, UOBVM seeks
that support companies which generate positive to promote and positively influence ESG outcomes.
social outcomes and economic returns by improving
the well-being and livelihoods of people from the
‘Base of Pyramid’ (BoP) communities living on US$3,000
Recognition Uphold Corporate Responsibility
or less a year.
The AIIF was one of five funds globally The AIIF invests selectively in portfolio companies that seek to improve the livelihoods and well-being
shortlisted in the ‘Impact Investing’ category at of the low-income communities and to overcome the challenges faced by the BoP. Through these
Since the AIIF’s investments, the portfolio companies
the Financial Times and IFC Transformational investments, UOBVM helps contribute to better market access for affordable and quality goods and Appendix
and the positive impact of their efforts benefitted
Business Awards 2021. This award recognises services for the poor or integrate them into supply and value chains.
close to 19 million low-income individuals as at
the end of 2021 1. impact funds that demonstrate innovation,
scalability and measured impact in their Evermos
Influencing better ESG outcomes operations, with special attention on the Evermos supports micro, small- and medium-sized enterprises (MSMEs) in Indonesia in becoming more
fund manager’s impact approaches and competitive by helping them to expand their geographical footprint without spending on physical
Prior to investment, UOBVM will consider the ESG
results, financial returns, and quality of impact storefronts. Evermos relies on resellers, who primarily reside in lower-tier cities and rural regions, to
risks and impact of a potential company and will
management against industry standards. help bridge the gap between the MSMEs and their end-customers. Many of these resellers are women
seek to influence the portfolio company positively
and a majority earn less than US$200 a month, making them among the poorest segments of the income
towards better ESG adherence.
pyramid. Some had been unable to secure formal employment or lack qualifications or opportunities.
Evermos also empowers and trains the resellers on running their own businesses. As at the end of 2021,
Evermos enabled more than 330,000 resellers to become digital entrepreneurs with zero capital, and
1 Figures have not been pro rated for the portion of UOBVM’s contribution and are based on data reported by portfolio companies. conducted approximately 18,000 training hours across their online and offline curricula.


Overview
Our Approach
Creating Impact through AIIF Impact Reporting by AIIF’s Portfolio Company
EverLife Ruangguru
Beijing Changsheng Zhongkang Hospital Management Co., Ltd (EverLife) is China’s largest and fastest In 2021, AIIF’s portfolio company in Indonesia, Drive Growth Sustainably
growing healthcare services group specialising in nephrology (kidney healthcare). EverLife has been Ruangguru Pte Ltd (Ruangguru), launched its Economic Contributions
focusing on expanding its services in the country’s lower-tier cities to improve access to dialysis service inaugural impact report. This report, which covered its
for patients in the less developed areas. As at the end of 2021, the group operated more than 52 hospitals activities for 2020, laid out Ruangguru’s approaches,
and kidney dialysis centres in 33 cities across 10 provinces. About 90 per cent of these facilities are in targets and results in creating positive impact Responsible Financing
third- to fifth-tier cities. EverLife also assists low-income patients in managing their treatment costs for its stakeholders in Indonesia’s education sector. Climate Change Risks
so that they can continue their dialysis treatment, and to some extent improve their quality of life.
Beyond providing quality dialysis service, EverLife also pays close attention to patients’ mental health, As a leading technology-enabled education provider,
supporting them in dealing with lifestyle and employment challenges due to chronic kidney disease. Enabling Sustainable Lifestyles
Ruangguru is committed to providing better
access to quality and affordable education for all Facilitating Sustainable and
EverLife was among the winners of the Social Responsibility Excellence Award at the ‘2021 ESG Pioneer 60’ students across Indonesia. In its first impact report, Responsible Investing
awards in recognition of its commitment to and outstanding efforts in managing the physical health and the company indicated that more than 22 million • 96 per cent of users reported improved skills
mental well-being of its dialysis patients, as well as support given to communities during the COVID-19 registered users have accessed its online courses, after joining a class in the Skill Academy;
pandemic and floods in Sichuan province. and more than 90 per cent of students said that • 73 per cent felt that the Skill Academy Keep Customers at the Centre
Ruangguru’s products have helped them to improve successfully assisted them in getting a new
and maintain their academic performance at school. job; and
• 68 per cent experienced an increase in salary. Develop Professionals of Principle
More than 3.5 million people also used Skill Academy,
Ruangguru’s online training platform, for personal As at 31 December 2021, more than seven million
development and lifelong learning, in 2020. users had undergone courses on Skill Academy. Uphold Corporate Responsibility
Appendix

Keep Customers
at the Centre
46 Ensuring the Safety of Our Customers

47 Supporting Businesses Through Economic Cycles
49 Innovative Digital Banking Products
51 Financial Inclusion
56 Data Privacy and Governance
57 Fair Dealing
58 Customer Experience
Strategy Pillar | Keep Customers at the Centre
Ensuring the Safety of Our Customers

Overview
Providing a Safe Banking In 2021, we enhanced our smart queue management In Singapore, we also continued our efforts to them with access to a full range of our services online,
Our Approach
Environment at Our Branches system for our customers in Singapore so that they improve our fleet of self-service banking machines, so that they can fulfill their banking needs from the
We remain committed to safeguarding our can obtain a queue number via our mobile banking such as accepting higher cash deposits at our comfort and safety of their homes.
customers’ well-being and to providing them with app, UOB TMRW, our website, SMS or directly at recycler machines and accepting bulk cash
the branch for their greater convenience. Customers bags at our bulk cash machines. Through these Since 2018, we have made it possible for our customers in Drive Growth Sustainably
a safe and conducive banking environment during
the ongoing COVID-19 pandemic. receive real-time queue status and alerts when their initiatives, our customers can use our machines Singapore to apply for our consumer banking products
turn nears. The use of their own mobile devices instead of having to visit the branch. In this way, digitally. This includes applications for deposit accounts,
means that our customers can enjoy a contactless we reduce the volume of customers and transactions credit and debit cards, personal and secured loans, Keep Customers at the Centre
To mitigate the risk of infection, we maintained
a series of safe management measures, including: experience, reducing contact with surfaces during carried out at our branches, which in turn leads to taking just a few minutes from application to the use Ensuring the Safety of Our Customers
the pandemic. Further, the digital issuance of queue shorter queues and greater convenience for those of the product.
Supporting Businesses Through
• cleaning our branch premises thoroughly and tickets enables us to use less paper. who need the assistance of our branch colleagues. Economic Cycles
frequently and applying anti-microbial coating Using our digital banking app, our customers in
Innovative Digital Banking Products
at high-touch areas regularly; Further, we adopted predictive modelling to study Indonesia, Malaysia and Thailand can also open
• deploying thermal temperature scanners for
What our branch colleagues say the transaction volume and usage of our self-service accounts easily online. The Know Your Customer (KYC) Financial Inclusion
visitors entering the branches; “Most of our customers are pleased that there banking machines. In understanding customers’ process is digitalised so that there is no need for Data Privacy and Governance
• deploying identification scanners for visitors’ is another way for them to get queue numbers, behaviours and preferences, we are able to map out customers to visit the branch for identify verification
even when they are at home.”
Fair Dealing
SafeEntry registration in Singapore; better our network localities to ensure we are within or submit lengthy paper documents.
our customers’ easy reach. Customer Experience
• placing safe distancing stickers and markers within “Younger customers complimented the Bank
our branches; and on the convenience of obtaining queue numbers Similarly, we offer contactless, instant account opening
without having to go to the branch.” Enabling Digital, Contactless services to eligible small- and medium-sized enterprises Develop Professionals of Principle
• providing table shields at advisory cubicles,
teller and reception areas to facilitate safe “Our customers especially the retail merchants Account Opening (SMEs) in Singapore. We have also implemented a
engagement with customers. in the area prefer to obtain the queue numbers Amid social distancing restrictions during the video-enabled KYC process for account opening
through SMS so that they do not have to join pandemic, many of our customers prefer to bank and remote site visits for loan approval purposes Uphold Corporate Responsibility
the queue outside the branch.”
online. As such, it was imperative that we provided across the region.
In addition, we have enabled SMEs in Singapore to Appendix

apply for unsecured loans by drawing data from
MyInfo business and using authentication via Singpass.
MyInfo business is a government service that makes
it easier for businesses to conduct online transaction
by giving consent to share their data securely.
This reduces the need for physical documentation
and verification.

Supporting Businesses Through Economic Cycles

Overview
Providing Assistance to Businesses For SMEs in Thailand, our loan rehabilitation Driving SMEs’ Adoption of Digital Helping SMEs Embrace Digital Our Approach
Throughout the Pandemic programme offered SMEs interest waivers for the Banking for Greater Efficiencies Transformation
UOB is committed to supporting our clients through first six months and a two per cent interest rate Recognising the increasing importance of Beyond banking, we also support SMEs in their
economic and market cycles, taking a long-term view valid for the first two years. Together with the digitalisation in building a sustainable business, digital transformation, offering advisory and business
Bank of Thailand and other government agencies,
to helping them build resilient businesses. Across the a need accelerated by the COVID-19 pandemic, solutions, as well as connecting them to technology
region, many businesses, especially small- and we also offered the COVID-19 Soft Loan and Social we are enabling more SMEs to use digital payments. solution providers.
medium-sized enterprises (SMEs), continued to Security Office Soft Loan. For example, among SMEs in Singapore, we continue
be affected by the pandemic as a result of supply to drive PayNow Corporate contactless payments, The ASEAN SME Transformation Study 2020 by UOB,
chain disruptions, border restrictions and social Since 2020, we have provided relief support to more which provide convenience to both consumers and Accenture and Dun & Bradstreet found that 64 per cent Ensuring the Safety of Our Customers
distancing measures. than 20,000 SMEs across the region. merchants. The number of transactions made by our of SMEs across ASEAN ranked technology as their Supporting Businesses Through
SME customers through PayNow Corporate grew top investment priority amid the pandemic. Economic Cycles
In 2021, we remained steadfast in support of our clients Beyond financial relief, we helped SMEs learn more 25 times over three years from 2019 to 2021. Innovative Digital Banking Products
in tiding through their difficulties. Our dedicated about the various support schemes available through Digital tools such as UOB BizSmart help SMEs to
more than 150 webinars held in Indonesia, Malaysia, Financial Inclusion
restructuring task force, set up in 2020, persisted in We also offer UOB mCollect, a mobile QR-based operate digitally and effectively. UOB BizSmart enables
engaging them actively to help manage their financial Singapore and Thailand. Through these sessions, solution that businesses can use to collect payments SMEs to automate key operating processes, from Data Privacy and Governance
obligations as government-led relief measures tapered. the SMEs also gained insights into how they could from their buyers via PayNow at the points of sale accounting and inventory management to online Fair Dealing
prepare for post-pandemic recovery and sharpen their and delivery of their goods and services. Utilising an sales and marketing. SMEs can also reconcile their
competitive edge to seize more growth opportunities.
Customer Experience
In Singapore, we provided loans to SMEs through application programming interface (API), the solution financial transactions by linking their UOB BizSmart
government-supported schemes such as Enterprise enables real-time notification and reconciliation of Account to their UOB bank account.
Singapore’s Temporary Bridging Loan, while in Malaysia, the payments collected, reducing the need for cash
we offered a Relief and Recovery Facility term loan handling and manual processing of accounts. We also encourage SMEs in Singapore to go digital
for SMEs in the services sector. We also extended Recognition via our UOB BizSmart Electronic Payment initiative,
a six-month repayment moratorium of instalments Our commitment to supporting SMEs received In addition, the UOB mCollect solution can be integrated which integrates the country’s universal QR code
or a 50 per cent reduction on monthly repayments industry recognition, including: easily within a company’s existing enterprise resource – SGQR – as well as NETS and credit card payments
for six months for micro enterprises and SMEs planning (ERP) solution. For small businesses without into a single platform.
• World’s Best Bank for SMEs at the Euromoney
Appendix
in Malaysia. an ERP solution, UOB mCollect is also offered as part
Global Awards for Excellence 2021; of UOB BizSmart, our integrated suite of cloud-based More than 16,000 SMEs in Indonesia, Malaysia,
• Best SME Bank in the World, Asia-Pacific solutions that helps companies to manage core Singapore and Thailand have benefitted from
and Singapore at the Global Finance SME business processes. UOB BizSmart since its launch in 2016.
Bank Awards 2022; and
• Best SME Bank in Singapore and Asia Pacific During the pandemic, particularly from August 2020
at The Asian Banker Excellence in Retail to August 2021, we saw a 29 per cent increase in
Financial Services International Awards 2021. SMEs actively using the UOB BizSmart suite
of solutions.

Supporting Businesses Through Economic Cycles

Overview
Driving SME Innovation through • a Digital Reboot programme, organised in

UOB BizSmart The FinLab collaboration with NTUC Learning Hub, USME
Our Approach
A suite of business management solutions for SMEs and Ngee Ann Polytechnic, to help SMEs learn
UOB’s innovation accelerator, The FinLab, plays a
to manage their end-to-end business activities how to adopt technology.
key role in helping SMEs in Singapore, Malaysia and
Thailand thrive in the digital economy and new norm
amid the pandemic. For instance, The FinLab’s ongoing To promote greater awareness and adoption of
Jom Transform and Smart Business Transformation sustainable business practices, especially in energy
Programme in Malaysia and Thailand help SMEs gain efficiency and decarbonisation, among SMEs, Keep Customers at the Centre
access to business advisory and digital solutions to The FinLab held its inaugural Sustainability Innovation Ensuring the Safety of Our Customers
enhance their business operations. Programme in 2021. Strongly supported by partners,
such as SP Digital, National University of Singapore,
Economic Cycles
Through The FinLab Online (TFO), a digital platform Paia Consulting and Global Initiatives, the five-week
offering knowledge, tools and resources from programme also introduced technology solutions to Innovative Digital Banking Products
The FinLab’s regional networks, SMEs can also read help SMEs on their sustainability journey. Financial Inclusion
more about success stories, understand more about Data Privacy and Governance
topics such as change management, e-commerce
Fair Dealing
and customer relationship management. In addition,
they can be matched conveniently with technology Customer Experience
solution providers. TFO also houses the PROPEL
programme, a self-help initiative that enables SMEs Develop Professionals of Principle
Key benefits to be guided on the digitalisation process virtually.
Direct bank feed Payment feed Credit notification SMEs in Malaysia can also benefit from JomX, which
1
Enable bank balance and
2
Enable payment instruction to be
3
Notifies users on successful Uphold Corporate Responsibility
statement enquiry to support originated from solution and approved crediting into designated offers free monthly subscription packages to digital
transaction reconciliation in UOB business banking app UOB accounts solutions, ranging from cloud accounting systems,
robotic process automation to marketing technology. Appendix
In addition, we continue to work with our ecosystem Other events The FinLab held in Singapore during
partners to help SMEs digitalise their business. the year included:
For example in Malaysia, we have been collaborating Testimonial by UOB customer
with StoreHub, a cloud-based operating ecosystem, using StoreHub’s solutions • digitalisation webinars co-organised with the
to help SMEs in the food and beverage (F&B) and retail “StoreHub’s all-in-one system helps my Restaurant Association of Singapore and the
sectors in managing their pick-up and delivery services. business keep tabs on our online menus, Singapore Chinese Chamber of Commerce and
inventory movements and sales receipts. Industry to help SMEs learn digital strategies and
Through UOB, SMEs can enjoy lower subscription It provides a user-friendly dashboard that harness digital tools;
fees for StoreHub’s tablet-based operating system we can conveniently access and generate
• a four-week Digital Mumpreneurs Programme,
and Beep Delivery, its online food delivery service. daily sales activity. We are glad to be able to
participate in such digital transformation and comprising workshops, networking opportunities
Compared with the period before the Movement technology initiatives offered by UOB and and sharing sessions by women business leaders
Control Order was implemented in Malaysia, F&B to make them part of our service offering.” to help women start and grow their business; and
SMEs using Beep Delivery experienced up to two Sharon Tang
times increase in revenue as well as up to 15 per cent Founder of Basil Pasta House in Malaysia
in savings on delivery platform fees. UOB Sustainability Report 2021 48

Overview
With the rapid advancement of mobile technology in recent years, consumers

Our Approach
expect faster and more convenient products and services that can be accessed Our Targets
easily online. Demand for digital banking also continues to grow. Based on the • Achieve 75 per cent digitally-registered
ASEAN Consumer Sentiment Study 2021 , 92 per cent of respondents individual customers with a monthly active Drive Growth Sustainably
rate of more than 35 per cent by 2025.
expressed confidence in using digital tools for financial services and payments.
About 88 per cent of respondents identified mobile banking as the most
trusted online banking channel and, compared with 2020, more ASEAN
Our Performance in 2021 Ensuring the Safety of Our Customers
consumers preferred to use digital banking for opening a bank account,
• Served 3.5 million digitally-enabled Supporting Businesses Through
applying for a loan or purchasing an insurance or investment product. customers in Southeast Asia, 14 per cent Economic Cycles
more than 2020.
How We Approach This Topic • UOB Infinity, which enables our corporate clients • Delivered more than 128 million
to manage their banking needs digitally through personalised insights cards, 133 per cent Financial Inclusion
At UOB, through our omni-channel approach,
more than 2020.
we offer our customers choices in how they can a single platform promptly and seamlessly. They Data Privacy and Governance
bank with us. We invest continually in our technology can also transact and track end-to-end payments Singapore and Thailand via PayNow-PromptPay, which
Fair Dealing
capabilities – from artificial intelligence (AI), in real time. Available in Singapore and China, are the national fast payment systems in the two
UOB Infinity will be rolled out progressively countries. Our customers can enjoy the convenience Customer Experience
data analytics to cloud computing – to make banking
seamless, simpler, smarter and safer for them. across the region. of making instant, secure cross-border fund transfers
using just their mobile phone and the recipient’s Develop Professionals of Principle
Against the backdrop of accelerated digital adoption UOB TMRW – Personalising mobile number.
as a result of the pandemic, digital banking is now Banking Experiences
the preferred choice for many of our customers. UOB was the first bank in ASEAN to develop a new In 2021, we also received the Monetary Authority of Uphold Corporate Responsibility
More of our customers are digitally-savvy and prefer business model focused on customer engagement Singapore’s Financial Sector Technology and Innovation
to use their mobile devices for their daily transactions. when we launched TMRW in 2019. We built TMRW Proof of Concept grant to pilot Carbon Insights, a
To engage and serve them, we offer a range of with an AI-driven digital engagement engine that feature within the UOB TMRW that will calculate, Appendix
progressive and personalised digital banking solutions. combines best-in-class financial technology solutions track and benchmark a customer’s carbon footprint
to categorise and to analyse large volumes of automatically. This will also help customers build
Our customers can access our suite of digital banking transaction data in real time. It enables us to anticipate awareness of their carbon impact and understand how
solutions through: and to serve insights and solutions that are relevant they can play their part in combating climate change.
to customers based on their banking patterns.
• UOB TMRW, which combines the innovation
of our digital bank, TMRW, with the scale and Through the unified UOB TMRW platform, we can tap
product depth of our UOB Mighty mobile app, economies of scale to accelerate innovation especially
on one unified platform for individual customers. in the area of personalised digital banking experiences
First launched in Singapore in 2021, UOB TMRW and speed to market. One service that is available
will be rolled out progressively across our key through UOB TMRW is fund transfers between
ASEAN markets; and


Overview
We also continued to build our mobile banking Thailand

capabilities in the region with the roll-out of the
Our Approach
• TMRW Cashplus, our first digital lending product Reducing the use of paper
following solutions: in Thailand available for application 24/7. documents through digital
Indonesia Malaysia services Drive Growth Sustainably
In 2021, we led a nation-wide initiative in
• TMRW Pay, an e-commerce check-out loan • a digital account opening service for customers to
Singapore to digitalise the current paper-based
launched in collaboration with our partner open a personal bank account anytime, anywhere
GIRO (Direct Debit Authorisation) process, Keep Customers at the Centre
Bhinneka. It offers the option of deferred payment in just 10 minutes with their mobile device.
dubbed eGIRO. Launched by The Association
with zero interest for up to 90 days and instant Ensuring the Safety of Our Customers
We received multiple industry accolades, of Banks in Singapore, the initiative’s highlights
credit approval;
include: Supporting Businesses Through
• TMRW Power Saver, a fixed deposit product that including Best Digital Bank in Southeast Asia and Best
Economic Cycles
offers a simple account opening process and 24/7 Bank for Millennials at The Digital Banker Global Retail
Banking Innovation Awards 2021, Best Digital Bank • a completely digitalised process, from Innovative Digital Banking Products
access; and
in Indonesia and Thailand at the International Finance applying on the billing organisation’s website Financial Inclusion
• BI-Fast, Indonesia’s real-time payment initiative,
Awards 2021, as well as Best Consumer Digital Bank or app to authorising the payment request
of which we were among the first banks to launch. Data Privacy and Governance
in Indonesia by Global Finance in recognition of our on the bank’s online banking service;
It enables swifter and safer cross-bank fund
• streamlined workflows for billing Fair Dealing
transfers using just the recipient’s phone number commitment to providing innovative digital banking
solutions. organisations to enjoy greater operational Customer Experience
or email address.
efficiency; and
• eco-friendly design that helps to cut down Develop Professionals of Principle
the use of an estimated two million pages
from paper-based GIRO processing each year.
Appendix

Financial Inclusion
Overview
Across Asia, education standards and income levels continue to rise with growing affluence. However, there are individuals
Our Approach
and businesses that lack access to affordable financial products and services and financial inclusion is the means to meeting Our Targets
their needs in a responsible and sustainable way. The rapid advances in technology and prevalent use of mobile banking • Maintain 100 per cent completion of the
have also driven the need for digital financial inclusion so that various segments of the community can progress together. ‘Cultivating a Diverse & Service Inclusive Drive Growth Sustainably
To achieve sustainable financial inclusion, banking products and services must continue to meet the needs of people from Workplace’ and ‘Managing a Diverse Service
Environment’ courses by branch colleagues
different backgrounds and at different stages of life. in Singapore.
How We Approach This Topic Ensuring the Safety of Our Customers
UOB is committed to making our banking products Advocating Digital Financial Inclusion Our Performance in 2021 Supporting Businesses Through
and services accessible and affordable to consumers As the digitalisation of financial services continues, it is important that no one is excluded in their Economic Cycles
and businesses across segments. We aim to be holistic day-to-day lives from the benefits and opportunities provided by technology. However, the fast pace of • Achieved 100 per cent completion of
the ‘Cultivating a Diverse & Service Inclusive Innovative Digital Banking Products
in our approach to financial inclusion, taking into technological advancement has resulted in some groups of people being left behind. As a signatory of the Workplace’ and ‘Managing a Diverse Service
consideration the unique socio-economic factors in Infocomm Media Development Authority (IMDA) Digital Participation Pledge in Singapore, we engage our Environment’ courses by branch colleagues Financial Inclusion
each of our markets. customers and the wider community, especially senior citizens, actively to help them become digitally in Singapore. Data Privacy and Governance
ready and understand how digital banking products and services can make their lives more convenient. • Supported 25 per cent of the e-commerce
lending market for small businesses in Fair Dealing
Banking solutions, including transaction accounts
Equipping employees with digital skills Ho Chi Minh, Vietnam through UOB Customer Experience
that enable saving and payments, loans,
BizMerchant.
credit cards, insurance and investments, help • We have enrolled more than 1,130 colleagues in the Career Conversion Programme,
individuals and businesses meet their financial which we launched in 2017 in collaboration with Workforce Singapore and the Institute Develop Professionals of Principle
needs more effectively. In turn, they can better of Banking and Finance Singapore.
manage the risks and opportunities that may impact • About 97 per cent of branch colleagues have completed the programme and deepened Partnership for the Goals
the quality of their lives and livelihoods. their digital skillsets. • Signatory of the IMDA Digital Participation Uphold Corporate Responsibility
Pledge
Across UOB, our colleagues are equipped with the Providing inclusive and safe digital services
skills and knowledge to serve the needs of a diverse • We apply design thinking and tap artificial intelligence, machine learning and data Appendix
customer base, including those who may be physically analytics to make banking simpler and safer for our customers.
or visually impaired. In Singapore, we actively engage • Our smart queue management system enables customers to obtain a queue number via
senior citizens to help them learn about and use UOB TMRW, our website, SMS or directly at the branch. Using their own mobile
digital banking solutions. In Malaysia, we offer Islamic devices, customers can have a contactless experience, which has been the preferred
banking services to help meet the local demand way during the pandemic. Customers also receive real-time queue status and
for Shariah-compliant financial services. To help alerts when their turn nears.
small businesses access bank financing, we harness
technology to assess their creditworthiness and to
Educating customers on the use of digital services
process loans more quickly and accurately. • Our Digital Advocates at our Singapore branches teach customers how to use self-service CONTRIBUTION TO THE UN SDGs
machines for transactions such as cash deposits, withdrawals, bill payments and fund transfers.
In addition, through UOB Venture Management’s (UOBVM)
Offering resources for digital readiness efforts
private equity financing, we facilitate better access
to finance for micro-entrepreneurs. • We continue to work with IMDA and other partners to promote digital awareness
and adoption in Singapore.
Financial Inclusion
Overview
Improving Access to Investment SimpleInvest is supplemented by Transact,

Our Approach
Services for Individual Investors which features a selection of more than 100
At UOB, we are commited to making investments unit trusts for customers to ride on investment
more accessible to and more inclusive for individual opportunities arising from megatrends such as artificial
investors as part of democratising our wealth advisory intelligence, healthcare and sustainability. In addition
and investment management services. to SimpleInvest, we offer SimpleInsure through
which customers can apply for cancer coverage
A Simple suite on UOB TMRW Keep Customers at the Centre
insurance plans with just a few clicks and a simple
Through UOB TMRW, we are offering a suite of simple health declaration. The Simple suite of these digital Ensuring the Safety of Our Customers
digital solutions to help our customers protect and wealth solutions will be rolled out across the region Supporting Businesses Through
grow their assets easily, using just their mobile phone. progressively. Economic Cycles
Launched in 2021, SimpleInvest enables individuals to Innovative Digital Banking Products

choose from three simple solutions, depending on Financial Inclusion
their investment objectives and risk appetite, and to Data Privacy and Governance
start investing with as little as $100.
Fair Dealing
Customer Experience
Appendix
Liquidity Income Growth

United SGD Money Market Fund United Enhanced Income Select • Invests in equity funds tapping
• I n ve s t s in high-quality bonds, • Invests in fixed income, equity and megatrends, such as healthcare,
government securities and bank multi-asset funds diversified across artificial intelligence and sustainability,
deposits, targeting for returns higher than Asian and global markets which are reshaping economies and
short-term deposit interest rates financial markets
• Suitable for those seeking moderate
• Low expected risk capital growth and regular income over • High expected risk
the long term
• No sales charge
• Moderate expected risk

Financial Inclusion
Overview
UOBAM Invest mobile robo-advisory app the flexibility to change their investment goals,
stop investing or even withdraw their investments
Our Approach
We also offer UOBAM Invest, a mobile
robo-adviser. The mobile app was launched by at any point in time. UOBAM x SINGTEL
UOB Asset Management (UOBAM) in 2020 to offer
As the first regional asset management firm to offer Drive Growth Sustainably
individual investors personalised portfolios that are
dynamically generated based on their risk profile and a mobile robo-adviser with personalised portfolios,
aggregated financial goals. UOBAM Invest lowers UOBAM is bringing the benefits of our risk-based
approach – one that is trusted by institutional Keep Customers at the Centre
the entry barriers to investing – it takes as little as $1
to start investing using the app and investors enjoy investors – to more individual investors. Ensuring the Safety of Our Customers
Economic Cycles
Financial Inclusion
Data Privacy and Governance
Fair Dealing
Start investing from $1 No account opening or Unlimited, free Customer Experience
closing fees withdrawals
In 2021, UOBAM partnered Singtel to launch UOBAM Robo-Invest, a customised robo-adviser to

users of the Singtel Dash mobile app. The first in Singapore to be available through a mobile wallet, Uphold Corporate Responsibility
UOBAM Robo-Invest leverages technology, data analysis and algorithm-based tools, and features
an exclusive portfolio focused on environmental, social and governance (ESG) considerations for
Singtel Dash customers. Appendix
Rebalancing and platform A customised portfolio to
fees are included manage an unlimited number
of investment goals In addition to the partnership with Singtel, UOBAM collaborates with financial technology firms across
the region to distribute fund solutions to more individuals. These partners include:
• GrabInvest and Endowus in Singapore;

• Bareksa, Mirae Sekuritas and Pluang-grow in Indonesia; and
• Ascend Wealth (in the TrueMoney app) in Thailand.

Financial Inclusion
Overview
Supporting Small Businesses Also available in Thailand, UOB BizMerchant expanded Offering Shariah-compliant Enabling Shariah-compliant investing
Our Approach
in Accessing Bank Financing during the year to include more online merchants on Financing – an Alternative On top of financing, we promote and offer
For many small businesses, accessing bank funding can more marketplaces. The programme was also launched to Conventional Banking Shariah-compliant investing through UOB Islamic
be a challenge as they may lack the required proper in Indonesia in 2021. At its core, the purpose of Islamic banking is to Asset Management (UOBIAM), a subsidiary of
or audited financial records for banks to assess their generate equitable, fair returns, with activities guided UOB Asset Management.
creditworthiness accurately. This often results in a In view of the continued pandemic situation and by the virtues of Shariah that promote ethical,
lengthy credit evaluation process and significantly recognising that more businesses will require support communal and socially-responsible values. It is a UOBIAM offers Shariah-compliant investment
for growth and continuity, in 2021 we rolled out the Keep Customers at the Centre
higher costs of financing for them. viable alternative to conventional banking in many solutions that suit the needs and objectives of those
UOB Business Loan to support micro businesses in parts of the world. seeking ethical and socially-responsible investments. Ensuring the Safety of Our Customers
We address this funding gap through our Singapore. It features a short tenor cash advance
UOB BizMerchant programme, which taps our data loan or a longer tenor working capital loan for micro We have been offering Islamic banking products Launched in 2021, the United-i Asia ESG Income Fund Economic Cycles
analytics-powered credit underwriting engine to businesses with less than three years in operation or and services to both Muslim and non-Muslim offers individual investors access to a diversified Innovative Digital Banking Products
make it easier for small businesses, particularly online with low sales turnover. consumers and businesses in Malaysia since 2016 portfolio of equities and debt instruments issued by
with the launch of the Islamic Banking Window. companies across Asia (excluding Japan) that comply
Financial Inclusion
sellers, to obtain bank loans. The credit underwriting
The online application process for the UOB Business Data Privacy and Governance
engine uses data sets, such as those relating to the We also support Bank Negara Malaysia’s vision with Shariah principles and adopt ESG considerations
Loan makes it easier for previously under-served micro
businesses’ day-to-day operations, to gain deeper for Value-based Intermediation, which promotes into their business models and practices. Fair Dealing
businesses to gain access to bank funding.
insights into their credit behaviour. This in turn enables good banking practices and encourages sustainable
Customer Experience
us to process loan applications with greater speed consumer behaviours. Shariah-based investing prohibits interest, security
and accuracy, resulting in faster turnaround times for Testimonial by a lending and short selling, and excludes sectors
our small business customers. UOB BizMerchant customer To help boost awareness of Islamic banking products such as tobacco, alcohol and breweries, weapons
and services in Malaysia, we provide small- and and armaments, as well as non-halal products.
In addition to enhancing the customer experience “It is fast and convenient to apply for medium-sized enterprises (SMEs) with access to Complemented by sustainable investing which
UOB BizMerchant as few documents are Uphold Corporate Responsibility
through a more frictionless loan application process, required. I look forward to obtaining a higher MyKNP (Khidmat Nasihat Perniagaan) financial selects the best-performing companies in terms of
after the loan is approved, we offer banking solutions credit limit in the future, so I can have more advisory services by Corporate Guarantee Corporation. environmental and social responsibility, combining
such as a transaction account and online banking liquidity to grow my business. This is my first We also offer the Shariah-compliant SME Financing the two approaches creates a stronger portfolio for
loan for my company and I would like to thank Scheme by SME Corp Malaysia to assist SMEs in investors’ long-term benefit.
Appendix
services to support these small businesses holistically.
UOB for providing me with a lot of information
With more data, we continue to refine the credit and serving me well as always.” obtaining competitively-priced financing for their
underwriting rules over time, which in turn enables business growth.
us to support more online sellers eligible for working Ms. Benja Srinak
Founder of Pak Tob Co., Ltd
capital financing without the need for collateral.
First launched in Vietnam in 2019, UOB BizMerchant CONTRIBUTION TO THE UN SDGs

offers small-ticket financing to online businesses
operating on marketplaces. In 2021, we supported
approximately 25 per cent of the e-commerce lending
market in Ho Chi Minh, Vietnam.

Financial Inclusion
Overview
Supporting Access to Finance Via Facilitating access to micro-loans

Portfolio Companies Our Approach
The AIIF began its investment in PT Amartha An Amartha Borrower’s Story
UOB Venture Management’s (UOBVM) Asia Impact Nusantara Raya (Amartha) in 2019. Amartha is a leading
Since 2015, Ibu Indah has run a culinary business on a floating boat on the Musi River in Palembang,
Investment Funds (AIIF) seek to contribute to poverty peer-to-peer financial technology lending platform in
alleviation and to improve the livelihoods of those
South Sumatra, Indonesia. She operates this business together with her mother and husband. However, Drive Growth Sustainably
Indonesia that connects retail and institutional lenders
the global pandemic hit Ibu Indah’s business and income hard.
at the ‘Base of Pyramid (BoP)’ living on US$3,000 or to women micro-entrepreneurs online under a group
less a year. lending model. In 2021, the AIIF provided additional
With the support of a working capital loan from Amartha, Ibu Indah was determined to recover from Keep Customers at the Centre
financing to Amartha so that it could strengthen
the crisis by expanding the range of food products she sells. Aided by pandemic recovery initiatives and
One of the AIIF’s key target areas is access to its lending business and improve its scalability and Ensuring the Safety of Our Customers
training programmes from Amartha, she has seen a recovery in income, with her weekly sales reaching
finance, focusing on companies such as microfinance product offering. Supporting Businesses Through
more than IDR3.5 million. Since joining Amartha, she has also been able to hire seven employees for
institutions (MFIs) or providers of agricultural finance. Economic Cycles
her business.
As at the end of 2021, Amartha extended micro-loans Innovative Digital Banking Products
Since 2017, AIIF has been investing in MFIs in to more than 974,000 active women borrowers
Southeast Asia that promote financial inclusion for Financial Inclusion
across Java, Sumatra and Sulawesi via its network of
marginalised groups, such as low-income individuals more than 500 branches. Data Privacy and Governance
and women micro-entrepreneurs. With the efforts Fair Dealing
by AIIF’s portfolio companies, more than 1.23 million
Customer Experience
low-income individuals have gained better access
to finance to build or invest in agricultural activities
or small businesses. Develop Professionals of Principle
Appendix
“No effort is wasted. Don’t give up and keep fighting for our children’s future.”
Ibu Indah Permatasari

Entrepreneur selling Pempek and Palembang cuisine in Indonesia
* Figures have not been prorated for the portion of UOBVM’s contribution and are based on data reported by portfolio companies.


Overview
Protecting personal data and privacy is a top priority at UOB and fundamental to how we conduct our business. We are business and technical/operational levels in Singapore
and the region, and actively pursues the resolution of Our Approach
committed to meeting industry best practices and to complying with the Personal Data Protection Act of Singapore.
data quality concerns, deep dives into the associated
Banks host important and sensitive information about customers and ensuring data privacy is essential to our customers
data management and technical processes, determines
maintaining their trust in us. As digital economies expand beyond borders and more innovative uses of data emerge, Drive Growth Sustainably
the root cause of data quality gaps and puts in place
it becomes increasingly important to recognise and respect the privacy and rights of our customers. UOB is proud to be the preventive and strategic resolutions across our complex
first bank to be awarded both the Data Protection Trustmark and the APEC Cross Border Privacy Rules System certifications data management landscape. The team also develops
by the Infocomm Media Development Authority of Singapore. These independent enterprise-wide certifications reflect and promotes the adoption of data quality best Keep Customers at the Centre
international benchmarks and best practices and are a resounding validation of our data privacy practices. practices and assists the data community in improving Ensuring the Safety of Our Customers
the handling of data sets across the data life cycle.
How We Approach This Topic together subject-matter experts from across UOB to Governance framework, the Monetary Authority of Economic Cycles
We have policies and processes in place to ensure focus on the continual improvement of data health, Singapore’s (MAS) Fairness, Ethics, Accountability and Innovative Digital Banking Products
powered by innovations in processes and technology. Transparency (FEAT) principles and the Veritas White
Our Targets
the confidentiality and security of our customers’ Financial Inclusion
Paper. In 2020, UOB collaborated with MAS and their • Promote responsible sharing and usage
information, including our Personal Data Protection
Data privacy by design is integral to our business and partners in Veritas Phase 1 to co-develop the methodology of data via Group-wide guidelines and Data Privacy and Governance
Policy. In tandem with rising international data privacy awareness programmes.
standards, we also conduct regular reviews on our policies product development process to ensure that data to assess for fairness under the MAS FEAT principles. Fair Dealing
• Protect and secure data confidentiality
and processes to strengthen our data privacy practices. privacy is embedded in the services we provide and In 2021, UOB partnered MAS in Veritas Phase 2 to extend and privacy in line with current and Customer Experience
in every aspect of our operations. the focus to cover all FEAT principles for its adoption by emerging data privacy laws, the global
Line data protection officers at functional and business the finance industry. UOB is also the lead member in MAS’ regulatory landscape and internal business
sensitivities. Develop Professionals of Principle
levels in Singapore and locally appointed officers at We respect our customers’ marketing preferences initiative to develop an open-source fairness toolkit to
and honour their privacy rights such as access and facilitate the adoption of Veritas methodology on fairness • Expand the deployment of MAS FEAT
overseas locations report to the Franchise Data Protection principles in the design and validation of
Officers in Singapore, who in turn report to the Group correction. Various channels are available for feedback assessment in AI and analytical models. key AI and analytical models. Uphold Corporate Responsibility
Operational Risk Management Committee. Such officers and issue resolution. Our website provides information
ensure compliance with local regulations and Group on our approach to privacy and data protection as The FEAT principles, coupled with UOB’s values and
requirements and assist in the investigation of alleged well as the contact details of our Data Protection Code of Conduct, are embedded in our modelling and Our Performance in 2021 Appendix
breaches as and when required. Group Operational Risk Officers. UOB’s Privacy Notice is also available online at analytics processes. We developed and operationalised
UOB Group’s website and at all branches in Singapore. a balanced operating model across the Three Lines • There were no legal proceedings taken
Management and the Data Protection Office review any against UOB in respect of any data privacy
incidents and consider whether the incidents need to Model to provide robust challenge as well as assurance breach, nor any fine or other sanction
be reported and/or affected persons notified. Breach
Data Ethics in the ethical handling of data and its outcomes. imposed on the Bank by the PDPC.
reporting and data leakage protocols are clear and The drive for the ethical use of data is quickly gaining • Continued to work with the PDPC to
designed to ensure timely breach management and momentum; thought leaders, industry experts and data Data Quality address concerns about use of personal
practitioners have produced guidelines and publications Quality data is critical for efficient decision-making at data raised by our customers and
mitigation of harm to data subjects. Post-incident action members of the public. During the year,
plans are pursued to closure to address any weakness addressing and highlighting its importance. The UOB Data the highest levels. Our regional data quality initiatives three incidents were referred to us by
in process that resulted in the incidents. Ethics Validation plan was developed by a team comprising not only provide assurance to the regulators, senior the PDPC and investigations determined
executive representatives from Data Management management and risk professionals, they also ensure that none of these were substantiated
Office, Risk Management, Legal, Compliance, Customer that accurate and timely data can be obtained for breaches.
UOB’s Enterprise Data Governance and Data Quality
team governs the data life cycle from creation and Experience and Advocacy and key business units with analysis and reporting. Our team at the Data Quality CONTRIBUTION TO THE UN SDGs
consumption to eventual deletion. This function brings reference to the Singapore Personal Data Protection Centre of Excellence works collaboratively with the
Commission (PDPC) Model Artificial Intelligence (AI) Function and System Data Stewards, appointed at
Fair Dealing
Overview
For 86 years, we have put our customers first and it is on this foundation that we • Fairness, Ethics, Accountability and Transparency
Our Approach
developed our business and will continue to grow. What is not right for our customers (FEAT) and Fair Dealing Outcome Five Our Targets
is not right for us. Workshop as part of our commitment to maintain
• Maintain 100 per cent completion of
a culture of Fair Dealing.
mandatory training on MAS Fair Dealing Drive Growth Sustainably
Fair Dealing is at the heart of every decision and recommendation that we make. by employees.
This is achieved through conscious and concerted efforts across our entire franchise. The Group Policy for Financial Advisory Services and • Handle all non-compliance instances of
Sale of Investment Products is an overarching policy Fair Dealing in an independent, effective
The principles of Fair Dealing are a reflection of UOB’s own values and are not bound by that dictates the minimum standards on provision of and prompt manner. Keep Customers at the Centre
business or geography. Fair Dealing principles are embedded in the way we design our financial advisory services and the sale of investment Ensuring the Safety of Our Customers
investment products and services, our marketing and sales strategies and approaches products for UOB Group. It also ensures that we have
through to our after-sales care. a consistent practice for dealing with our customers Our Performance in 2021 Economic Cycles
fairly. The policy aims to establish a framework to define • Achieved 100 per cent completion of Innovative Digital Banking Products
How We Approach This Topic ensuring Fair Dealing outcomes for our customers. the minimum standards to be adopted globally for the mandatory training on MAS Fair Dealing
The Board and Management provide oversight through activities of financial advisory services and the sale by employees. Financial Inclusion
Fair Dealing is the responsibility of everyone at
the Board Risk Management Committee and the Risk of investment products, including but not limited to: • Ensured that 100 per cent of customer Data Privacy and Governance
UOB, regardless of our individual roles. This duty
complaints were addressed within the
is embodied in our values-based Code of Conduct. and Capital Committee respectively.
established processes and timelines. Fair Dealing
• competency of the sales force;
Treating customers fairly is UOB’s way of working.
The Bank has in place policies, guidelines and • due diligence for product suitability; and Customer Experience
Our value of Honour underpins our commitment
operating frameworks to ensure that we always • fair and transparent disclosures.
to delivering the five Fair Dealing outcomes as set
aim for and achieve the Fair Dealing outcomes. Develop Professionals of Principle
out in the Monetary Authority of Singapore’s (MAS)
The FDGC also proactively drives the implementation Promoting Free and Fair
Guidelines on Fair Dealing. From the boardroom to
of new programmes and enhanced controls and Competition
the branch, we put our customers and their financial
processes with the objective of improving our UOB values public confidence that the Group operates Uphold Corporate Responsibility
goals first by:
standards, including: fairly in the various markets in which it has a presence.
• offering products and services that are suitable The need for integrity also applies in the competition
for them; • regular ‘Tone from the Top’ communications to for market share. The UOB Code of Conduct prohibits Appendix
• ensuring our employees give quality advice and reinforce the importance of embracing Fair Dealing anti-competitive conduct and provides examples of
appropriate recommendations; principles in all that we do; such acts. Employees are advised to consult the UOB
• providing clear, relevant and timely information • UOB Customer Commitment Awards to recognise Legal team for further guidance on what could be
so that customers can make informed financial colleagues who uphold and fulfil our customer deemed as anti-competitive conduct.
decisions; and commitments;
• dealing with feedback in an independent, effective • the Art of Service Recovery Programme, which During the reporting period, there were no complaints
and prompt manner. aims to drive mindset shifts, to instil and to equip in connection with anti-competitive behaviour in
employees with best practices on how to attend Singapore or other international locations in which
The Group Fair Dealing Guidelines Committee (FDGC), to customers, to enhance staff competency and UOB operates. UOB has also not breached any
comprising senior management appointed by the to increase customer satisfaction; and applicable anti-trust and monopoly legislation in
Group Chief Executive Officer, is responsible for Singapore or overseas during the reporting period.

Customer Experience
Overview
Our customers are the core of our business. By actively engaging our customers and
Our Approach
listening to their needs, we can serve them better and deepen our relationships. Gaining Better Insights Through Our Targets
In focusing on doing what is right for our customers, we act in their best interests Market Research • Maintain mean Customer Experience (CX)
and provide them with appropriate solutions and services through our omni-channel We have in place a customer review framework score for Group Retail, Group Wholesale Drive Growth Sustainably
which enables the business units to assess Banking and Global Markets at above
approach. We also use technology and data to create distinctive experiences for 7.0 based on a zero to 10-point scale.
actionable feedback, to propose follow-up
our customers that are safe, reliable and relevant. solutions and to track targeted outcomes. • Continue to resolve at least 90 per cent
of customers’ general complaints within
The framework helps us drive tangible and
five days across the Group. Ensuring the Safety of Our Customers
How We Approach This Topic Score (NPS) and Customer Satisfaction Score (CSS), timely improvements for our products and
We employ an array of methods to understand better which are tracked throughout the year. Through industry services for our customers. Supporting Businesses Through
surveys such as the Customer Satisfaction Index of Economic Cycles
our customers’ needs and preferences, and how they
Singapore (CSISG) and findings from our external Market insights from Greenwich Associates Our Performance in 2021 Innovative Digital Banking Products
use our products and services. UOB’s Art of Service
Recovery programme equips our colleagues with consultants, we are able to obtain an independent indicate that the enhanced quality of our • Improved CSISG results to 74.7 from 74.3 Financial Inclusion
the skills to resolve customer complaints and to gauge of the level of satisfaction among our customers corporate client communications and with UOB ranked first among peer banks.
engagement has led to continued improvements • Outperformed customer issue resolution
turn challenging situations into positive outcomes. as well as their changing needs. We use information
and insight from these sources to enhance the in our market penetration in Singapore across target with 96 per cent of complaints Fair Dealing
in Singapore resolved within five
We conduct a review and root-cause analysis for customer experience and to develop products and coverage and product capabilities. Customer Experience
business days.
every customer complaint that we receive. With the services that enable us to serve our customers better.
• Achieved mean CX score of 8.3 for Group
help of the relevant business and/or support unit, Wholesale Banking and Global Markets. Develop Professionals of Principle
we address the concerns of each customer and identify Our Group Customer Experience and Advocacy (GCEA) • Achieved mean CX score of 8.0 and
areas for improvement. function monitors key performance indicators improved NPS from 34.2 per cent to
and metrics relating to customer experience at Recognition 38.0 per cent for Group Retail.
both the strategic and operational level. Regular UOB garnered the Greenwich Share Leader
We actively listen to customers across the life cycles
updates are presented to the Group Chief Executive Award for Asian Large Corporate Trade
of products and services. Through the Voice of
Officer (CEO), country CEOs, senior management Finance (Singapore).
Customer (VOC) programmes and online Insight Appendix
Community, we drive VOC activities, manage as well as relevant committees such as the Fair
Dealing Guidelines Committee, the Operational UOB was also named as one of the Standout
customer insights and testing to improve
Risk Management Committee and the Board Risk Banks in Asia: Most Supportive in Mitigating
customer satisfaction and loyalty. We have cross-
Management Committee. These updates relate to the Impac t on Business During the
functional teams in place to develop, to refine
customers’ NPS for Group Retail, Group Wholesale COVID-19 Crisis.
and to implement improvement initiatives using
the consolidated customer insights drawn from Banking and Global Markets, Contact Centre and our
internal and external sources. Our continuous branches, as well as customer complaint indicators
improvement is also guided by the Net Promoter and end-to-end service measures.

Develop Professionals
of Principle
60 Attracting, Developing and Retaining Talent

64 Workplace Safety, Health and Well-being
68 Diverse and Inclusive Workforce
Strategy Pillar | Develop Professionals of Principle
Attracting, Developing and Retaining Talent

Overview
Our people are our greatest asset. We are dedicated to empowering colleagues
Our Approach
to make a positive difference and we do this by fostering an inclusive, prudent, Freedom of Association Our Targets
progressive and performance-based organisation that encourages the best from We respect our colleagues’ lawful right • Achieve at least an average of six training
each individual. to freedom of association and collective days per employee across the Group Drive Growth Sustainably
bargaining. Our approach is to maintain each year.
mutually trusted and respectful relations with • Make three Better U specialist learning
How We Approach This Topic employee unions. We hold regular meetings
t racks o n Pro jec t Management ,
Data Analytics and Artificial Intelligence (AI) Keep Customers at the Centre
At UOB, we recognise that a customer-centric and Our Code of Conduct and with union representatives to understand and available to all eligible colleagues across
future-focused workforce is essential to the continued Upholding Human Rights to address their concerns and expectations: the Group by 2023.
success of our organisation, especially with the UOB is committed to building a safe, nurturing
financial services industry transforming rapidly in
and inclusive workplace where all colleagues are • In Singapore, we engage three unions,
the digital economy. treated respectfully, professionally and are given Attracting, Developing and Retaining Talent
namely the Banking and Financial Services Our Performance in 2021
equal opportunity based on merit. We promote Union, The Singapore Bank Employees’ Union Workplace Safety, Health and Well-being
With this in mind, we are committed to sharpening work-life harmony and an environment free • Invested $23.3 million in training our people
and The Singapore Manual & Mercantile Diverse and Inclusive Workforce
the skillsets and mindsets of our people through a across the Group.
from discrimination, bullying and harassment. Workers’ Union. We engage four unions
wide range of technical and personal development • Achieved an average of 7.25 training days
We also support internationally-accepted in Malaysia and one in Indonesia; per employee across the Group, compared
programmes so they can remain relevant, competitive human rights principles, including those • The collective bargaining agreements we with seven days in 2020.
and fulfilled. We also offer internal career opportunities relating to non-discrimination, child labour,
have with the unions cover wages and • Achieved 100 per cent completion of the
and access to coaching as essential components of our forced labour, freedom of association and working conditions such as working hours, Better U foundational course by eligible
approach to creating a dynamic and engaged workforce. collective bargaining. retirement age and re-employment, shift colleagues across the Group.
• Offered access to more than 8,000 courses Appendix
work, allowances, transport reimbursement,
To sustain our growth strategy, we actively identify Our expectations of our people are laid out in on LinkedIn Learning to all colleagues
leave benefits, medical benefits, insurance across the Group to encourage them to
colleagues with leadership potential across the our values-based UOB Code of Conduct (Code). benefits and grievance procedures; and take charge of their self-development and
Group to accelerate their professional progress and We update our Code periodically to stay • Colleagues who can be represented by to learn new skills.
to support the building of their long-term career with relevant with the times and to address unions are all employees in Indonesia,
us. We also search externally for high-calibre and regulatory requirements and policy changes. Officer II or below in Malaysia, and Senior
early-career talents to deepen our bench strength. Officer or below in Singapore. As at the
Upon joining UOB, all new colleagues are end of 2021, the proportions of bargainable
informed of, and sign up to, their obligations employees unionised in Singapore,
and rights under our Code. All colleagues are CONTRIBUTION TO THE UN SDGs
Malaysia and Indonesia were 11.2 per cent,
also required to refresh their knowledge and 87.9 per cent and 21.5 per cent respectively.
to renew their commitment to our Code each
year. We help deepen their understanding
and embed the practice of our Code through
frequent and interactive communications across
the organisation.


Overview
Managing Employee Performance • 360˚ feedback

Our Approach
UOB is an equal opportunity employer and we An approved list of peers, stakeholders and direct Tapping technology to enhance
are committed to fostering a meritocratic and reports are requested to provide anonymous recruitment
high-performance culture at the workplace. feedback on the appraisee on important but During our recruitment process, we use
hard-to-measure behaviours such as values, Drive Growth Sustainably
Our integrated performance management framework, technology to improve our efficiency as well
PEAK, includes a component to reinforce the collaboration and employee development. as the candidates’ experience.
importance of upholding our UOB values of Honour, Appraisees include First Vice Presidents and above.
The feedback helps the PDC gain a more holistic Examples include: Keep Customers at the Centre
Enterprise, Unity and Commitment.
view of each colleague they are assessing. • Global applicant tracking system
The four stages of PEAK are:
Partnering the Singapore Government Provides interested candidates the
• Plan; • Appraise; and Attracting the Right Talent Develop Professionals of Principle
to nurture banking talent opportunity to view current job postings
• Engage; • Keep Track. We source for talent with passion and values that across the Group’s network and to apply Attracting, Developing and Retaining Talent
align with those of UOB. Besides seeking the best In Singapore, we participate actively in
The framework is designed to support career directly for the role online; Workplace Safety, Health and Well-being
talent through our career portal and virtual forums, government-led initiatives to train individuals who
development by assessing and rewarding performance • Career chatbot
we broaden our outreach to different talent groups are keen to join the financial industry. Trainees who Diverse and Inclusive Workforce
in an objective and fair manner. Using the PEAK Improves candidate conversions by using a
globally through collaborations with recruitment perform well are offered opportunities to take
framework, colleagues consult their managers to chatbot to screen online job applications
marketplaces and recruitment platforms. on full-time roles at UOB.
establish their business and personal development for personal bankers;
goals at the start of the year. Managers then hold PEAK Examples of these initiatives include: Uphold Corporate Responsibility
UOB Management Associate (MA) • Online gamified assessments
performance discussions with their team members
Programme • SGUnited programmes such as the Engages candidates and enables us to
throughout the year to review their progress against
SGUnited Traineeships Programme and the eliminate unconscious bias in the hiring
agreed key performance indicators and to address We seek to attract early-career talent from across Appendix
SGUnited Mid-Career Pathways Programme for process; and
their challenges. the region through our 18-month MA programme.
people who have recently graduated or will • Robotic process automation
In 2021, we ran the programme in mainland China,
In 2021, all eligible permanent employees1 were soon be graduating, and mid-career individuals Improves the employee onboarding process
Hong Kong, Indonesia, Malaysia, Singapore, Thailand
assessed through performance appraisals against respectively. In 2021, we welcomed more in areas such as background screenings and
and Vietnam, engaging potential candidates through
agreed key performance indicators and job-related than 230 trainees under these programmes electronic document submissions via our
virtual career forums. We received more than 19,000
competencies. and they have taken on roles that support recruitment portal.
applications from which 49 fresh graduates were
our digital progress, such as data analysts,
To supplement our PEAK process, we also have: chosen for the programme.
user interface design analysts and risk and
• Performance and Development Council (PDC) Through the programme, the MAs will: compliance analysts; and
A series of senior management meetings • Technology in Finance Immersion Programme
• rotate across various business operations locally
conducted in a fair and transparent manner to to help individuals gain experience in key
and regionally to gain exposure;
discuss colleagues’ performance and development technology areas within the financial industry,
• gain an in-depth understanding of UOB’s
needs. Held at the end of the year, the discussions such as cloud computing, cybersecurity and
culture; and
focus on performance calibration, assessment of software engineering. Since 2019, we have
• develop skill sets through assigned regional
employee potential, promotion endorsements, had 65 trainees join us and this is among
projects mentored by senior leaders for a
and other development recommendations. the highest number of trainees among
fast-track management career.
Colleagues then receive feedback on areas for participating financial institutions.
improvement to support their professional growth, and
1 Eligible permanent employees exclude new hires with less than six months of service, employees on extended leave, and employees who have resigned, among others. UOB Sustainability Report 2021 61

Overview
Developing Our People for the Future • Art of Service Recovery programme
Our Approach
We run numerous training and development A customer service-oriented training held in Preparing our people for the digital era through Better U
programmes to equip colleagues with the right mainland China, Indonesia, Malaysia, Singapore
The banking sector is experiencing rapid transformation, resulting in job roles being increasingly redefined by
skillsets to realise their full potential and to serve and Thailand to hone our colleagues’ skills in
emerging technologies. With this in mind, we designed an holistic development programme called Better U to Drive Growth Sustainably
our customers better. resolving customer issues and turning difficult
equip colleagues across the Group with five core competencies to remain relevant and ready for the future:
situations into positive outcomes; and
Examples of these programmes include: • Sustainability Academy
An in-house academy launched in 2020 to offer a Keep Customers at the Centre
• Better U series of training and development programmes on
Our flagship learning and development programme sustainable investing to UOB Asset Management
colleagues across the region. Growth Problem Digital Human-centred Data Develop Professionals of Principle
launched Group-wide in 2019. This is an holistic
Mindset Solving Awareness Design Storytelling
development programme that starts with a Attracting, Developing and Retaining Talent
12-week foundation course covering five core In 2021, we also offered access to more than 8,000
Launched in 2019, colleagues start on their In 2021, we also launched our third specialised track Workplace Safety, Health and Well-being
competencies to help colleagues build successful courses on LinkedIn Learning to all colleagues to help
Better U journey with a 12-week foundation course on AI to create a greater awareness of the role of AI Diverse and Inclusive Workforce
careers in the digital age; them take charge of their self-development and to
that comprises a one-day virtual workshop followed technologies in banking and how financial institutions
• Group Wholesale Banking Academy learn new skills.
by guided online activities. Most of the modules can apply AI across various business segments.
Courses across three levels of competency for are designed as games or interactive team-based
wholesale banking colleagues across the Group. Uphold Corporate Responsibility
formats for an engaging learning experience. As at Our commitment to upskilling our people through
It is developed in partnership with Moody’s the end of 2021, all eligible colleagues completed the Better U and building an adaptive workforce in the
Analytics and in consultation with Group Credit; Better U foundation course. In addition, 98 per cent digital age was recognised by industry observers.
• Finance Academy Appendix
of them rated it positively for course effectiveness We received the IBF Inspire Award from The Institute
A structured learning programme for all colleagues and trainer effectiveness. of Banking and Finance Singapore (IBF) for our efforts
in our finance function to sharpen their financial in raising industry competency and contributing
acumen and to deepen their knowledge in areas To supplement the foundation course, we introduced towards human capital development in Singapore.
such as risk management, regulation and liquidity specialised learning tracks in project management We were also named by LinkedIn as one of 15 best
management. It was first launched in Singapore in and data analytics in 2020 to enable colleagues workplaces to grow a career in Singapore.
2020 and plans are underway to extend it across to dive deeper into these two areas. Launched
the Group; first in Singapore and progressively rolled out in
the region, more than 1,800 colleagues completed
Level 2 of these two learning tracks in 2021.
In addition, 87 per cent of them expressed their
interest in pursuing a career in these two areas
within the Group if the opportunity arises.


Overview
Preparing Our Next Generation • Leadership Right By You

Our Approach
of Leaders Our flagship leadership and managerial skills
Making UOB a Better Place to Work #Better work-life
Growing our own timber forms the backbone training initiative launched in 2017 to help • Guided yoga session;
In 2021, we held a #Better Future of Work Festival
of our talent and succession planning strategy. individual contributors and managers excel in • Talks on how to improve physical, mental and
to share with colleagues the Group’s plans around Drive Growth Sustainably
The Nominating Committee of the Board of Directors their roles. As at the end of 2021, more than financial wellness; and
workplace transformation, the workforce of the
regularly reviews our succession plans for key positions 5,000 colleagues across the Group enrolled in • Launch of our new employee clubhouse
future and work-life well-being. Into the third year,
across the Group and successors to critical roles are this programme and more than 90 per cent of in Singapore.
them rated it positively for course effectiveness
the Festival featured a week-long series of virtual Keep Customers at the Centre
provided opportunities in various working committees
events, talks and activities, with topics focused
to broaden their exposure and learning. and trainer effectiveness; and During the Festival, we also had a digital learning
on the following:
Our Group Human Resources oversees all talent and segment where consistent learners were Develop Professionals of Principle
• Leadership Acceleration Programme #Better workplace recognised on a Learning Leaderboard. Participants
succession planning, as well as providing guidance to
Established in 2019 to identify future leaders with
• Previewing the enhanced human resources earned virtual coins for their learning efforts Attracting, Developing and Retaining Talent
segment and function heads who are responsible for
the potential to grow into larger leadership roles. which could be exchanged for grocery and food Workplace Safety, Health and Well-being
their respective talent pools. We identify colleagues system that we are rolling out;
Our Development Council, chaired by Group CEO, delivery vouchers.
with leadership potential across the Group, accelerate • Showcasing Microsoft 365’s current and future Diverse and Inclusive Workforce
was also formed in the same year to provide career
their professional progress and enable them to build capabilities for collaboration and productivity; and
coaching to these talents. As at the end of 2021,
long-term careers with us. • Sharing how we are transforming our offices
more than 1,000 high-performing colleagues were
into high-performance workspaces with a
Our leadership development initiatives include: assessed for this programme through a series of Uphold Corporate Responsibility
hybrid workplace culture in mind.
• Leadership Academy online psychometric tests and business simulation
Our ongoing Leadership Academy features exercises. There are currently 110 colleagues #Better workforce
collaborations with global business schools enrolled in this programme. • Talks on personal strengths, the future of work
Appendix
including Tuck, Columbia and Massachusetts and the skills required to succeed;
Institute of Technology to deliver a blend of • Introduction to the new Better U track on AI; and
experiential and application-based learning for • Launch of our gig employment model for
selected colleagues. This enables participants to retired employees to return to work on a
learn at their own pace, to join facilitated webinars flexible basis.
for discussions and to network with one another.
More than 1,730 colleagues have gone through
the programme to date, with 310 completing it
in 2021;
• Leadership Masterclasses
We started a series of virtual Leadership
Masterclasses in 2020 to support the continual
development of our senior leaders. In 2021, the
theme of our masterclasses was ‘Sustainability as a
business’ and topics included sustainable financing
and the dangers of greenwashing. Hosted by our
Chief Sustainability Officer, each session was led
by a business leader and attracted an average of
800 participants across the Group; UOB Sustainability Report 2021 63
Workplace Safety, Health and Well-being

Overview
As a responsible employer, we are committed to providing a safe and healthy work • installing enhanced facial recognition readers with
Our Approach
environment where our colleagues can perform at their best, especially during the thermal scanners on turnstiles at UOB-owned Our Targets
and managed buildings in Singapore. This enables
ongoing COVID-19 pandemic. We believe that taking care of their well-being also • Achieve the Singapore Building and Construction
colleagues to be identified and their temperature Authority-Health Promotion Board (BCA-HPB)
helps us to improve our overall productivity, drive our performance and retain checked for entry and exit without having to remove Green Mark Healthier Workplaces certification
our talents for sustainable growth. their mask. for all new and renovated commercial offices
by 2025.
• Achieve the SG Clean certification for all Keep Customers at the Centre
How We Approach This Topic Keeping Colleagues Safe in Our Offices UOB-owned and managed buildings and branches
At UOB, we seek to ensure the safety and well-being Although most colleagues worked from home in in Singapore in 2022.
of our colleagues, customers and tenants. We conduct 2021 due to the ongoing pandemic, a core group • Transform more than 750,000 square feet of
office spaces in Hong Kong, Malaysia, Singapore
appropriate risks assessments and communicate all of colleagues in customer-facing and critical roles and Thailand to high-performance workspaces Attracting, Developing and Retaining Talent
relevant health and safety procedures that we have continued to work in the office to provide the essential by the end of 2022.
in place. banking services that our customers need and to keep • Install enhanced facial recognition readers with
our systems secure. thermal scanners on turnstiles in key UOB-owned Diverse and Inclusive Workforce
We also set out workplace safety and health (WSH) and managed buildings across the region in 2022.
requirements for our vendors, suppliers and contractors To ensure their safety and as more colleagues returned
working in our premises and at our construction sites. to the office as part of the new hybrid workplace, Uphold Corporate Responsibility
They are to comply with all applicable laws and we constantly assessed our efforts on maintaining
regulations, to conduct appropriate risk assessments pandemic-resilient premises in line with guidelines
and to ensure that all their employees are sufficiently from the local authorities. We put in place proactive • Received two GoldPLUS awards under the BCA-HPB
Green Mark Healthier Workplaces certification Appendix
trained in health and safety procedures prior to the and precautionary measures including:
for UOB-owned offices in Singapore.
commencement of work.
• Achieved the SG Clean certification for close to
• distributing more than 5.7 million masks across half of our branches and three UOB-owned and
Business and support units report WSH incidents the Group; managed buildings in Singapore.
in their respective markets, in accordance with the • providing more than 6,000 bottles of hand • Transformed close to 290,000 square feet of
Group Operational Risk Management Policy. The policy sanitisers across all of our premises; office space in Singapore and Hong Kong into
high-performance workspaces.
requires investigations to identify the root cause of • providing more than 120,000 Antigen Rapid Test
incidents and to develop corrective action plans to self-test kits for colleagues who are required to • Installed enhanced facial recognition readers
with thermal scanners on turnstiles in UOB-owned
prevent future occurrences. In addition, business and return to the office for work; and managed buildings in Singapore.
support units that identify WSH as a key operational • cleaning all UOB premises thoroughly and • Received the Outstanding Internal Communications
risk must assess the effectiveness of controls to frequently; Campaign Merit award for our employee
mitigate risks during the annual Key Risk and Controls • installing high-efficiency ventilation filters in our communications efforts during the COVID-19
Self-Assessment (KRCSA) exercise. The combination air-conditioning systems across the region; pandemic at the PRISM Awards organised by the
Institute of Public Relations Singapore.
of incident reporting and KRCSA facilitate the • applying anti-microbial coating to high-touch
prompt identification and rectification of ineffective surfaces at our premises including branches in
WSH controls. Indonesia, Malaysia, Singapore, Thailand and
Vietnam; and


Overview
Supporting the Health and Wellness • medical insurance in Hong Kong, Indonesia,
Our Approach
of Our Colleagues Malaysia, Singapore, Thailand and Vietnam to Encouraging healthier lifestyles through UOB Mental Wellness Days
We provide health and wellness programmes for our cover COVID-19 related treatments including
In 2021, we launched the UOB Mental Wellness Days first in Singapore and then extended it Group-wide
colleagues across all markets. Our ongoing employee vaccination side effects;
so we could help more colleagues lead healthier and more fulfilling lives. We organised 35 virtual activities Drive Growth Sustainably
benefits include family care leave, staff loans, inpatient • access to counselling hotlines in Malaysia and
according to four wellness pillars:
and outpatient coverage as well as life and accident Singapore for colleagues feeling stressed by
insurance. As part of extending the care we provide COVID-19 or other personal issues to support
• Financial Wellness: Financial literacy talks to learn investing fundamentals; Keep Customers at the Centre
our people, we also: their emotional well-being; and
• Intellectual Wellness: Explore potential hobbies to stimulate the mind, such as baking,
• expanded claims categories under our employee
terrarium-building and calligraphy;
• partner our merchants to offer exclusive lifestyle welfare programmes in Malaysia and Singapore.
• Mental Wellness: Talks on stress and time management as well as better sleeping habits; and Develop Professionals of Principle
and wellness promotions to colleagues across Colleagues in Malaysia could use their flexCARE
• Physical Wellness: Various yoga classes, home circuit training, zumba and pilates sessions.
the Group through our Staff Deals section on benefits for pandemic-related expenses such as Attracting, Developing and Retaining Talent
our intranet, MyUOB; masks, COVID-19 screenings and home internet
More than 4,800 colleagues participated in this programme. Many of them also provided positive feedback Workplace Safety, Health and Well-being
• extend medical coverage to our colleagues’ plans to facilitate remote working from home.
through anonymous surveys held at the end of each session: Diverse and Inclusive Workforce
dependants in some markets; and In Singapore, colleagues could use HEAL (Healthy
• introduced miscarriage leave in Singapore in 2021 Employees, Active Lifestyles) dollars for any What our colleagues say
to support colleagues through the difficult period. expenses including groceries and utility bills.
“Thank you for having staff welfare at heart. It is wonderful to have our management promote healthy Uphold Corporate Responsibility
To help colleagues adjust to living in an endemic lifestyle initiatives to show care for everyone. Indeed a great, healthy organisation culture and I am
COVID-19 environment and to ensure their well-being, privileged to be a staff here.”
we provided a range of additional measures such as:
“First time doing chair yoga and it is well-recommended for individuals like me who are seated most of
Appendix
the time for work. I realised how inflexible I am but now I learnt that I can do stretches while sitting.”
• vaccination exercises at our office premises in
mainland China and Malaysia. We also facilitated
access to vaccinations for colleagues and their
families in Indonesia, Thailand and Vietnam.
Close to 14,500 colleagues and their loved ones
participated in our vaccination programmes in
these markets. In Singapore, we give colleagues
time off from work to go for their vaccinations
and close to 99 per cent of them were vaccinated
as at the end of 2021;
• medical teleconsultations for colleagues in
Indonesia, Malaysia, Singapore, Thailand and
Vietnam, so they could seek prompt medical
advice without having to visit a clinic physically.
In Thailand, we also provided an additional
24-hour tele-consultation service called Doctor A-Z
for colleagues who are recovering from COVID-19
and are isolating themselves at home;

Overview
Supporting Remote Work through Improved Infrastructure Transforming Our Premises into >W orkplace amenities: New amenities such as
Our Approach
To ensure our colleagues remain connected with one another as they worked either from home or in the office, High-Performance Workplaces work bistro with a vending machine for drinks
we continued to expand the range and quality of our digital mobility tools. This is also an important aspect in By providing high-performance work settings focused and snacks, as well as a table-tennis corner to
enabling deeper collaboration and efficiency among colleagues as we progress to a hybrid working environment. on ergonomics and comfort, we create workplaces help colleagues recharge; and
> Artwork installations: Inspire colleagues to get Drive Growth Sustainably
that enable collaboration, innovation, productivity
In 2021, we strengthened our technology infrastructure to leverage cloud computing services across our markets. and personal well-being for our people. At UOB, creative at work through art displays including
We also rolled out new workforce capabilities to our regional workforce, including: we are increasingly designing our existing and new winning artworks from our annual UOB Art In
Ink Awards organised by UOB Hong Kong. Keep Customers at the Centre
premises based on three approaches:
Microsoft 365 office apps What it is about New in 2021

1. Safety and control: Putting in place COVID-19
Microsoft Outlook Cloud-based email • Increased mailbox size from 1 gigabyte (GB) to Develop Professionals of Principle
safe management measures;
Exchange server 100GB so colleagues need not archive emails as 2. Mobile and connected work environment: Tapping Attracting, Developing and Retaining Talent
frequently to their computer’s hard disk or to a technology to help colleagues collaborate with Workplace Safety, Health and Well-being
cloud storage; and one another and creating office spaces that can
• Mail archival to our cloud storage is made available Diverse and Inclusive Workforce
be used for different activities by individuals or
for up to 1.5 terabytes (TB) worth of data space. groups of colleagues; and
Microsoft OneDrive Cloud file storage to • Each colleague can now access Microsoft OneDrive 3. Smart building technology: Installing sustainability
save and to back up with 1TB of storage space; features such as energy-efficient fixtures and Uphold Corporate Responsibility
work files • Files saved in Microsoft OneDrive are automatically adopting operational technologies to ensure
backed up in the cloud. This ensures that the critical building parameters are maintained at
files can be safely retrieved even if a colleague’s desirable levels. Appendix
computer becomes faulty; and
• Multiple colleagues can work simultaneously on Our new and newly-renovated workplaces
the same file saved in Microsoft OneDrive. in 2021 include: “A purpose-built workplace plays an important role
in creating a high-performance work culture. With
Microsoft Teams Collaboration • Colleagues can set up and join meetings on the new features and amenities, we have prepared
• Purpose-built office premises in Hong Kong
channel for Microsoft Teams directly without having to go our colleagues for the new work patterns under
We completed the refurbishment of our office the hybrid work model to enhance work efficiency,
colleagues to through the calendar function in their email account;
premises at Central and Causeway Bay in 2021 productivity, collaboration and agility.”
communicate • Files can be uploaded and shared directly with other
to enhance work efficiency, productivity,
with one another colleagues in the same chat window while in a Mrs Christine Ip
collaboration and agility. The new features and
individually or in discussion without having to send it via email; and Chief Executive Officer, Greater China, UOB
facilities include:
groups • Colleagues in the same group discussion can
simultaneously edit the same work file uploaded
> S hared workstations: To encourage team
onto Microsoft Teams.
cohesiveness and to maximise use of office space;
> Collaboration area: Seating settings of various
sizes where colleagues can work and interact
with one another;


Overview
• Exclusive employee clubhouse in Singapore

We have transformed a two-storey space close Our Approach
New Head Offices in Malaysia and Thailand
to our UOB Plaza headquarters into a clubhouse
Our Head Office transformation and relocation projects in Malaysia and Thailand are expected to be
called 28BQ where colleagues can gather to
completed in the coming year. Colleagues and tenants can look forward to: Drive Growth Sustainably
collaborate, to recharge and to engage with one
another. Launched in 2021 in the presence of UOB Plaza Bangkok in Thailand
UOB Plaza 1 Kuala Lumpur in Malaysia
Dr Tan See Leng, Minister for Manpower and Located in the heart of Bangkok’s lifestyle district
Designed by award-winning Japanese architect
Second Minister for Trade and Industry, 28BQ was Keep Customers at the Centre
Tange Associates which was also the agency along Sukhumvit Road and designed by renowned
designed to reflect our vision for the workplace American architecture firm Kohn Pedersen Fox
behind UOB Plaza 1 and 2 in Singapore, this
of the future. It has a variety of areas to provide Associates, the new 30-floor building will serve as
29-floor building in Kuala Lumpur (KL) represents
colleagues with different experiences: Develop Professionals of Principle
our confidence in and commitment to Malaysia. our new head office in Thailand. The design reflects
The building has three distinct concepts: colours and finishes inspired by Thailand’s diverse Attracting, Developing and Retaining Talent
> A range of seating areas where colleagues can
geography and will feature a four-zone workplace: Workplace Safety, Health and Well-being
catch up with one another or to work remotely; 1. Transforming Octagon: Paying homage to the
> Games area where colleagues can have fun octagonal shapes of the existing Menara UOB 1. Team Zone: Primary work area for colleagues’ Diverse and Inclusive Workforce
together and unwind over rounds of table tennis building in KL and UOB Plaza in Singapore, daily work;
and foosball; the new headquarters integrates octagonal 2. Flex Zone: Open breakout area for colleagues
> Events space for activities such as townhalls floorplates at the bottom and top of the Uphold Corporate Responsibility
to come together quickly for discussions;
and training sessions; and building while having a curved building façade;
> Dedicated zone for wellness activities such as 3. Central Zone: Work cluster settings to support
2. Vertical Gardens: Casual exterior space smaller teams and meetings; and
yoga, supported with amenities that include Appendix
with two sky gardens at the upper floors
lockers and shower facilities. Recognition 4. Convenient Zone: Social spots and a bistro
for socialising and to enable natural vertical
Between 2019 to 2021, we received three café for colleagues to network and to interact
28BQ will be open to colleagues at an appropriate ventilation to help cool the building; and
Platinum and seven GoldPLUS awards under the in a more relaxed setting.
time when COVID-19 restrictions are lifted and BCA-HPB Green Mark Healthier Workplaces 3. Lantern in the City: When lit, especially at night,
when the Singapore Government advises that certification for UOB-owned and managed the building will resemble a lantern as a symbol
financial institutions can resume full operations. offices in Singapore. The certification is in of UOB Malaysia being a ‘light’ that provides
recognition of our design features such as guidance and a pathway to a better future for
“Today’s launch of 28BQ is further testament to ergonomic workspace furniture to support customers, colleagues, partners and the wider
UOB’s commitment to employee well-being. By various working styles, as well as biophilic community.
providing employees with a recreational space to
take part in activities, such as table tennis and yoga, features such as planter boxes.
it gives employees a chance to get moving, and
clear their minds of stress. On top of that, such
activities help to foster better teamwork and create
a more cohesive work environment. We hope more
employers can do likewise.”
Dr Tan See Leng

Minister for Manpower and
Second Minister for Trade and Industry

Diverse and Inclusive Workforce

Overview
We believe in fostering an inclusive workplace that celebrates differences and

Our Approach
embraces all facets of diversity. Diversity provides our organisation with the ability Extending our support of inclusivity Our Targets
to draw upon different experiences and perspectives, and fosters innovative thinking • Ensure an inclusive workplace free from
to solve business challenges for sustainable growth. Diversity also enables us to discrimination, bullying and harassment, Drive Growth Sustainably
where there is equality of opportunity
be sensitive to the needs of our customers and to serve them more effectively. for all employees.
How We Approach This Topic colleagues are persons with disabilities and we create
meaningful employment and career opportunities
UOB is an equal opportunity employer and our
Taking our approach towards inclusive Our Performance in 2021
approach to diversity is an important element in our based on their abilities. Develop Professionals of Principle
employment further, in 2019 we initiated the first • Employed colleagues across demographic
strategy to attract, to develop and to retain talent for groups from 54 nationalities.
We continue to partner Autism Resource Centre (ARC) private-public-agency called ‘The Unlimited’ to Attracting, Developing and Retaining Talent
the Group. Our UOB Code of Conduct (Code) prohibits
and SPD in Singapore in a structured training programme serve as a private sector catalyst to generate • Women comprised 55.6 per cent of our
any kind of discrimination, bullying or harassment, Workplace Safety, Health and Well-being
for persons with disabilities to ensure that work interest among other companies to hire new hires, up from 55.0 per cent in 2020.
whether based on a person’s race, ethnicity, gender, They accounted for 61.5 per cent of our Diverse and Inclusive Workforce
processes and office environments are suited for persons with disabilities. We link interested
gender identity or expression, colour, creed, religion, workforce, compared with 61.3 per cent
their needs. companies with employment agency SG Enable in 2020. Women also held 36.3 per cent
national origin, nationality, citizenship, age, disability,
– the focal agency in Singapore which seeks of senior management roles, up from
marital status, sexual orientation, culture, ancestry, 34.9 per cent in 2020. Uphold Corporate Responsibility
to enable persons with disabilities – which then
veteran status, socio-economic status or any other • Offered re-employment opportunities to
works with social service agencies such as
legally-protected characteristic. This Code is also 201 colleagues, including 135 women, in
ARC and Movement for the Intellectually Disabled
reflected in our Recruitment Policy, under which Singapore who were eligible for retirement.
of Singapore (MINDS) as well as the charity Since the start of the programme in 2014, Appendix
we practice non-discriminatory hiring and all hiring
SPD to identify suitable job candidates. we have re-hired 1,228 colleagues including
decisions are based on each individual’s merit and 690 women.
suitability for the role. We also supported inclusive employment
• Received the Enabling Mark (Platinum)
indirectly by procuring LiteHaus SPOTON accreditation from SG Enable for our
All employment decisions at UOB are based on units, which are light-weight thermal scanners commitment to disability-inclusive
assembled by persons with disabilities. In 2021, employment.
business needs, job requirements and qualifications.
Colleagues are encouraged to raise their concerns we completed the deployment of these
without fear of reprisal through the Group’s thermal scanners across all our branches
in Singapore.
whistle-blowing mechanism. Partnership for the Goals
“At UOB, we have seen that inclusive employment Our championing of inclusive employment
• Employer partner of ARC in Singapore.
Ensuring Equal Opportunity leads to clear business outcomes. Over the last eight within our organisation and beyond was
Employment • Employer partner of SPD in Singapore.
years, our team at UOB Scan Hub has consistently recognised by SG Enable. In 2021, we were
Our diverse workforce extends beyond age and gender. displayed a high level of productivity and their low the only financial institution out of six
turnover rate creates a stable workforce. By giving
Since 2013, we have been championing disability organisations to receive the Enabling Mark
them equal opportunity to achieve financial and
inclusion through the UOB Scan Hub in Singapore – social independence through career progression, (Platinum) accreditation from SG Enable –
our centre for digitising and archiving documents from we firmly believe that inclusive hiring is a win-win the highest tier of accreditation – at a ceremony
various functions. At UOB Scan Hub, 35 per cent of our for businesses and the community.” held at the Istana from the President of Singapore,
Ms Susan Hwee Madam Halimah Yacob.
Head, Group Technology and Operations, UOB
Diverse and Inclusive Workforce

Overview
Promoting Gender Diversity Redefining the Future of Work for Our Approach
We are committed to creating and maintaining a Our Multi-generational Workforce “As Singapore’s workforce ages and with the
supportive work environment in which our female As part of our commitment to building an inclusive financial services industry transforming at
and diverse workforce of the future, in 2021 we an accelerated pace, there is a need for the
colleagues can succeed in their career. In 2021,
workforce of the future to be inclusive and Drive Growth Sustainably
we were recognised by Bloomberg in its announced a new gig employment model for retired multi-generational. This programme enables us
Gender-Equality Index (GEI) for the third consecutive employees in Singapore to return to the workforce on to tap on a growing and vibrant pool of retired
year as one of Singapore’s best inclusive workplaces. a flexible basis. This strengthens our multi-generational employees that is highly skilled and experienced.
It also creates opportunities for them to stay Keep Customers at the Centre
workforce strategy and also supports Singapore’s
active, engaged and involved. While they are
The Bloomberg GEI recognises companies worldwide Action Plan for Successful Ageing to build a nation not necessarily looking for full-time work,
that demonstrate commitment to advancing an for all ages. our retirees also tell us they miss the
camaraderie they have with colleagues Develop Professionals of Principle
inclusive workplace through their policies, workforce
Our gig employment model recognises the and seek opportunities to give back to the Attracting, Developing and Retaining Talent
representation and transparency in gender-related
next generation. Our programme helps to
practices. UOB was one of only six companies in contributions of our mature colleagues who possess address these needs and to create a vibrant Workplace Safety, Health and Well-being
Singapore to be represented in the Bloomberg GEI. valuable skills and deep experience. It is also in line society in Singapore, where contribution
and connection are not limited by age.” Diverse and Inclusive Workforce
Across the Group as at the end of 2021: with a staff survey we conducted in 2021 with close to
800 colleagues across the Group. The survey results
• Women comprised 55.6 per cent of our new hires, showed eight in 10 colleagues would consider some Mr Dean Tong
up from 55.0 per cent in 2020; form of work after retirement. They also preferred a
Head of Group Human Resources, UOB Uphold Corporate Responsibility
• Women accounted for 61.5 per cent of our flexible work scheme such as shortened work hours,
workforce, up from 61.3 per cent in 2020; and set periods of work and pay-for-service options as
• Women also held 36.3 per cent of senior the ability to maintain work-life balance is their top Appendix
management roles, up from 34.9 per cent in 2020. priority post-retirement. “After I retired, I felt like there was more I could
do with my time. Hence, it was great to have
this opportunity to come back to work on a
Our retiree gig programme opens up short-term and flexible basis and at the same time contribute
project-based opportunities in roles where deep in a meaningful way. Not only does it help me
technical expertise and extensive experience are to stay active, it also gives me the opportunity
to connect with the younger generation and to
highly valued, such as customer service, process and
stay up to date on the latest trends.”
systems training, operations as well as project advisory.
We conducted a four-month pilot in 2021 with seven
Mr Raymond Teo Choon Chuan
retirees working in our branches and the learnings UOB retiree
were used to refine our approach in areas such as
project-based opportunities, healthcare benefits,
insurance coverage and performance management
process. As at the end of 2021, more than 50 per cent
of our colleagues who were retiring in Singapore signed
up for our gig employment programme.

Uphold Corporate
Responsibility
71 Strong Governance
72 Regulatory Compliance
73 Information Security
74 Preventing Corruption, Fraud and Money Laundering
77 Managing Our Direct Environmental Impact
82 Sustainable Procurement
83 Community Stewardship
Strategy Pillar | Uphold Corporate Responsibility
Strong Governance
Overview
Strong governance is crucial to organisational success, value creation and Directors receive regular training on topics ranging • Group Sustainability Committee: sets the Group’s
from the Bank’s initiatives, industry developments sustainability strategy and roadmap, aligned to Our Approach
sustainability. We are committed to upholding the highest ethical and corporate
and trends to regulatory updates. Training sessions UOB’s vision and long-term business strategy
governance standards. In establishing and maintaining a culture of accountability, may be conducted by internal personnel or external and plans;
responsibility and ethical behaviour and practices, we safeguard the long-term specialists. Newly-appointed Directors are briefed • Human Resources Committee: oversees the Drive Growth Sustainably
interests of, and create value for, our stakeholders. by key senior management on the Bank’s business, Group’s human resources strategy in support of
risk management and sustainability approaches and business objectives and growth;
How We Approach This Topic Board Leadership other relevant topics. New Directors appointed to • Information and Technology Committee: Keep Customers at the Centre
Board Committees receive additional specialised provides strategic oversight of the Group’s
Our corporate governance is based on a partnership Our Board provides entrepreneurial leadership and
training depending on their roles. Directors who have investment in technology and data;
between our Board and Management, supported by a strategic direction. It also provides leadership in
• Investment Committee: oversees the Group’s
system of frameworks, policies, guidelines and processes promoting corporate governance, with the support not previously held directorships in a public-listed Develop Professionals of Principle
investment activities;
by which we operate, make decisions and ensure of our Management. Among its roles, the Board sets the company also receive training prescribed by the
• Management Committee: oversees the overall
accountability. We evaluate and revise our governance Tone from the Top and the desired organisational culture Singapore Exchange.
performance of the Group, country corporate
approach regularly to ensure that it is up to date, relevant and values of the Bank, and inculcates an appropriate functions and business segments; Uphold Corporate Responsibility
risk culture. It also considers sustainability issues and Our Board delegates some of its duties to five Board
and aligned with best practices. • Management Executive Committee: oversees the
material environmental, social and governance factors Committees, namely the Audit Committee (AC), Strong Governance
overall management of the Group, including the
Our governance body consists of our Board, Management in formulating the Bank’s strategies. Board Risk Management Committee, Executive Regulatory Compliance
Group’s strategic direction and business activities
Executive Committee and Management Committee. Committee, Nominating Committee, and Remuneration
as well as capital and resource allocation; Information Security
Comprising a majority of independent and and Human Capital Committee.
• Operational Risk Management Committee:
non-executive directors, our Board collectively has oversees the Group’s operational risk management,
Preventing Corruption, Fraud and
Our Corporate Governance skillsets, expertise and experience that span across Our Board, through the AC, works closely with the
including approval of frameworks, policies, risk
Money Laundering
Framework industries, professions, markets, cultures and the public and internal and external auditors and Management to
models and methodologies relating to operational Managing Our Direct Environmental Impact
private sectors, providing diversity in thought and opinion. ensure a strong Third Line. Our AC meets the internal
and reputational risks; and Sustainable Procurement
Succession planning is performed on an ongoing basis. auditors and external auditors separately in the absence • Risk and Capital Committee: oversees the
Frameworks, Besides identifying new directors with complementary of Management every quarter. management of risks and capital of the Group. Community Stewardship
policies, guidelines Board
leadership expertise and experience, the Board is guided by our
and procedures
Board Diversity Policy, which promotes diversity in
Management Oversight
Our Chief Executive Officer leads Management in
various dimensions including age, gender, industry Our Targets
expertise, domain or functional expertise, tenure, the execution of strategies and plans approved by
Corporate the Board. He also leads Management in seeking new • Maintain a majority independent Board. Appendix
Regulatory board independence, cultural ethnicity and international
requirements Governance Management
experience. Annually, each Director is assessed on opportunities and in the day-to-day operations of the • Ensure at least one female director on
and guidelines committees the Board.
his/her independence, fitness and propriety to hold Bank. Assisting him are the following dedicated senior
office, and performance. management committees that provide governance
oversight on the day-to-day management of the Group:
External Internal • Asset and Liability Committee: oversees the
assurance control • Met our independence target based on
effectiveness of the Group’s market and liquidity
Board composition.
risk management;
• Appointed Mrs Tracey Woon to the Board
Seven Nine Two • Credit Committee: oversees the Group’s credit on 1 September 2021. The Board also
out of 10 Directors out of 10 Directors out of 10 Directors and country risk management; appointed Ms Teo Lay Lim on 1 January 2022.
are independent are non-executive are female
Find Out More
Read about our corporate governance
in the UOB Annual Report 2021. UOB Sustainability Report 2021 71
Regulatory Compliance
Overview
Banks play an integral role in ensuring the stability and security of the financial Foreign Account Tax Compliance
Act (FATCA) Our Approach
system and regulatory compliance is a top priority. As the custodian of our Our Targets
Under the provisions of United States’ (US) tax law,
customers’ assets, we are accountable for upholding the highest standards of • Maintain zero material issues raised by
FATCA, non-US financial institutions are required regulators.
ethics and integrity. This helps to ensure that UOB remains a source of stability, to identify and report information on assets held Drive Growth Sustainably
security and strength for our stakeholders. by US persons and other non-cooperative entities
and individuals to the US Internal Revenue Service.
Many countries, including Singapore, have Our Performance in 2021 Keep Customers at the Centre
How We Approach This Topic In maintaining our values-based compliance culture,
we closely monitor regulatory and industry intergovernmental agreements with the US to facilitate • Adhered to all laws and regulations
At UOB, regulatory compliance is a top priority. including those pertaining to environmental,
developments, actively engage with regulators, the reporting required under FATCA.
We are respectful of the local laws and regulatory social and economic impact, product Develop Professionals of Principle
standards in the jurisdictions in which we operate and policymakers and standards-setting bodies, and service information and labelling,
and continually enhance the compliance capabilities We are committed to complying with the provisions as well as marketing communications
are mindful of the nuances in each. Led by our values,
of FATCA and to ensuring that the Group meets all which includes advertising, promotion
we are committed to safeguarding the interests of our within our organisation. We also provide regular updates
applicable FATCA requirements in all jurisdictions in and sponsorship. Uphold Corporate Responsibility
stakeholders, including regulators, and to maintaining on regulatory trends and developments to senior
which we operate. Our governance framework also • No material fine, penalty or sanction Strong Governance
the trust that they place in us. management committees and the Board. wa s i m p ose d o n t h e B a n k fo r
ensures that the Group continues to comply with
non-compliance in relation to any Regulatory Compliance
To protect the integrity of the financial system,
Prohibiting Insider Trading FATCA requirements on a business-as-usual basis. of the above.
Information Security
governments and regulators continue to introduce All UOB employees are expected to act honestly • No material losses as a result of legal
and with integrity which includes safeguarding the
Common Reporting Standard (CRS) proceedings. Preventing Corruption, Fraud and
new measures to manage cyber threats and financial Money Laundering
information that they obtain in the course of their work. The CRS is a global tax information exchange standard
crime and to address opportunities and challenges
All employees are required to adhere to the UOB developed by the OECD to help prevent offshore Managing Our Direct Environmental Impact
arising from technological advances and changing
Group Staff Trading Policy, which prohibits insider tax evasion. The CRS requires financial institutions
consumer behaviours and preferences. New laws, Sustainable Procurement
trading. They are also required to complete annually in participating jurisdictions to identify, to collect
regulations and standards are also being developed Community Stewardship
an online learning module on insider trading and and to report to the authorities annually the tax
around the world to mitigate the potential impact
market misconduct. residency information of customers from jurisdictions
that business activities may have on the environment
with which agreements to exchange information are
and society.
UOB has in place a Pre-Trade Clearance System in place.
that requires employees, who may reasonably be Appendix
In tandem with these changes, UOB continually
expected to have access to inside information, to make Our CRS policy ensures the Group meets all applicable
assesses and adjusts our policies and processes to
declarations and to seek approval before dealing in CRS requirements in all the participating jurisdictions
ensure compliance and best practices are in place.
securities on any stock exchange. In addition, Group in which we operate.
As a trusted financial institution, we are committed
to complying with the laws and regulations in the Compliance regularly reviews securities transactions
countries and territories in which we operate. to detect potential violations.
Robust protocols and processes are in place to address
regulatory requirements, which include identifying,
assessing, monitoring and managing regulatory Find Out More
compliance risks. Read about our approach to responsible
tax management.

Overview
We use technology to provide a borderless, reliable and efficient service, and

Our Approach
are committed to protecting our data and assets, including customer data, from UOB Personal Data Protection Our Performance in 2021
cybersecurity threats. Policy Principles • No material security incidents to report.
• Personal data must only be collected and • Implemented an enhanced mandatory Drive Growth Sustainably
How We Approach This Topic Data sharing used for purposes the customer has security training module across the Group.
consented to, or as may be permitted • Achieved 100 per cent completion of
Our Group Technology Risk Management Framework Enabling responsible and secure data sharing, either
by law; security training by employees.
and Information Technology Security Management across borders or with external parties, is of key Keep Customers at the Centre
• Personal data is used responsibly in
and Cyber Resiliency Policy outline our cybersecurity importance to UOB. In 2021, we enhanced the
accordance with our ethical standards
policies and guidelines to protect our data and assets. cross-border data (CBD) transfer processes and
and corporate values;
These ensure that cybersecurity risks are identified defined the operating model to promote responsible Partnership for the Goals Develop Professionals of Principle
• Access and disclosure are subject to
and managed in a consistent way across the Group. data sharing. The scope was expanded to include
strict controls; • Actively collaborates with the Monetary
both manual and system transfers. The latter was Authority of Singapore and The Association
• Integrity and security of personal data
We monitor, detect and respond to potential operationalised by integrating the CBD requirements of Banks in Singapore (ABS) on various Uphold Corporate Responsibility
are paramount; and initiatives. These include participating in
cybersecurity risks and threats and continually upgrade into the System Development Methodology, as a
• Personal data that is no longer required for the Financial Services Information Sharing Strong Governance
our security capabilities to respond to the evolving part of new application development. This ensures
legal or business purposes must be and Analysis Center to help strengthen the Regulatory Compliance
threat landscape by partnering leading cybersecurity that CBD requirements (as part of data protection by industry’s collective defence against cyber
destroyed, in accordance with document
providers and enhancing our security technology design) are ‘baked into’ the system design, thereby attacks by sharing information on potential Information Security
retention policies. threats and best practices with our
and capabilities. ensuring compliance with the applicable regulations.
industry peers. Preventing Corruption, Fraud and
Money Laundering
We are also committed to enhancing our operating • Supports The Institute of Banking and
The Group-wide and country-specific Sensitive Data
Finance’s Technology in Finance Immersion Managing Our Direct Environmental Impact
models and strengthening our defences to keep pace Fields list and associated guidelines were updated to Programme through providing work
with the dynamic threat landscape. Through these align with the business and regulatory requirements. Our Targets attachments for mid-career talent to Sustainable Procurement
efforts, we contribute to the security and stability These lists and associated guidelines considering transition into a technology career path Community Stewardship
• Protect and secure the Bank’s and and to develop their cybersecurity skills
of the financial system and help to build trust the complex regional regulatory and data privacy customers’ information by continually and knowledge further.
in the banking environment. As we advance our landscape, as well as internal business confidentiality enhancing our cybersecurity capabilities
• Chairs the ABS Standing Committee on Cyber
digital capabilities, we will continue to increase our aspects provide a consistent risk-based approach in to counter threats and to address an
Security, which provides a platform that
investments in our cyber resilience and security. the usage and protection of such fields. evolving technology and threat landscape.
encourages sharing of threat information and Appendix
• Create strong cyber and information best practices for technology and cyber risk
security awareness with a ‘security is management among member banks
Recognising that everyone plays a role in data
everyone’s responsibility’ mindset. in order to strengthen the resilience of
protection and cybersecurity, we regularly train our
• Maintain 100 per cent completion of the Singapore financial sector against
people on information security and cybersecurity risks. security training by employees. cyber attacks.
We keep our people informed of developments, share

best practices with them and conduct activities such CONTRIBUTION TO THE UN SDGs
as phishing simulations and internal cybersecurity
training to raise our colleagues’ awareness and to
assess their understanding, vigilance and susceptibility
to cybersecurity threats.

Preventing Corruption, Fraud and Money Laundering

Overview
Financial crimes undermine fair competition, impede innovation, raise costs and
Our Approach
pose serious legal and reputational consequences. Such threats, if not anticipated The five pillars of our fraud Our Targets
and addressed, could severely undermine both the integrity and trust of the prevention framework • Maintain 100 per cent completion by all
financial system. UOB has in place a fraud management strategy eligible employees of mandatory e-learning Drive Growth Sustainably
and framework which covers five pillars: on AML/CFT and sanctions, fraud awareness,
anti-bribery and anti-corruption.
How We Approach This Topic Preventing Fraud • Prevention; • Remediation; and
UOB is committed to doing our part to protect the Governance • Detection;
• Reporting
integrity of the financial system and its users. We UOB takes a proactive stance in managing fraud risks • Response; Our Performance in 2021
do this by continually strengthening our ability to and has a governance framework and security measures
The framework lays out the roles and • Achieved 100 per cent completion by all Develop Professionals of Principle
mitigate risks of financial crime and by investing in in place to address risks across our internet banking, eligible employees of mandatory e-learning
the necessary expertise and systems to do so. responsibilities of the First Line with oversight
mobile banking and branch channels. The Integrated on AML/CFT and sanctions, fraud awareness,
by the Second Line and audit assurance by the anti-bribery and anti-corruption.
Fraud Management (IFM) unit was established in
Our approach is built on a strong Tone from the Third Line. • 100 per cent of our governance body Uphold Corporate Responsibility
2017 to enhance the Bank’s management of fraud
Top and a Group-wide culture rooted in our values m e m b e r s , i n c l u d i n g o u r B o a rd ,
risk across geographies and to drive collaboration Strong Governance
Management Executive Comittee and
of Honour, Enterprise, Unity and Commitment. across functions for a more integrated anti-fraud Fraud risks are also assessed as part of our Key Risk Management Committee, received relevant Regulatory Compliance
The UOB Code of Conduct lays downs the principles of approach. We also have dedicated IFM teams in our training on AML/CFT and sanctions,
Control Self-Assessment annual exercise which covers
personal and professional conduct and the requirement fraud awareness, anti-bribery and Information Security
overseas subsidiaries. the banking and asset management entities across
for all employees to uphold the highest standards. anti-corruption. Preventing Corruption, Fraud and
the Group.
All new employees are required to complete an online We have in place a Group Fraud Risk Management Money Laundering
learning module and assessment on Anti-Money Framework and a Group Fraud Risk Management Policy. All First Line business and support units receive Managing Our Direct Environmental Impact
Laundering/Countering the Financing of Terrorism The framework sets out the roles and responsibilities structured training on fraud awareness to strengthen
(AML/CFT) and Sanctions, the UOB Code of Conduct, Partnership for the Goals Sustainable Procurement
of the First Line with integrated oversight by the our capabilities in detecting internal and external fraud.
UK Bribery Act 2010, and Fraud Awareness. • Corporate alliance member of the Community Stewardship
Second Line and audit assurance by the Third Line.
Our UOB Code of Conduct is published on our website. The corporate governance oversight of fraud risk is Zero tolerance policy Association of Certified Fraud Examiners
(ACFE)
provided by the Board Risk Management Committee at UOB has a zero tolerance policy to internal fraud
Our Whistle-blowing Policy provides an avenue for • Active member of the Alliance of Public
the Board level and primarily by the Operational Risk and to breaches of the UOB Code of Conduct. PrivAte Cybercrime sTakeholders (APPACT)
employees to report concerns of suspected or actual Management Committee at the management level. All employees are informed that the Bank will not set up by the Cybercrime Command of Appendix
wrongdoing. hesitate to investigate and to report incidents of Singapore Police Force
Monitoring internal fraud to the appropriate authorities. • Member of the Anti-Money Laundering/
Countering the Financing of Terrorism
The Bank invests continually in fraud monitoring and Industry Partnership (ACIP) in Singapore
detection systems and measures across the Group Rising risks
Security Operations Centre, IFM and Cards Fraud Team. In 2021, the banking industry continued to witness
We have implemented security and authentication a significant rise in reported scams coinciding with
measures across our internet and mobile banking the ongoing COVID-19 pandemic. During this period,
platforms to prevent fraud and we make enhancements more people fell prey to online shopping, technical
as fraud trends evolve. support and loan-related scams. We collaborated
closely with the Singapore Anti-Scam Centre (ASC)
and peer banks in the recovery of scammed monies.

Overview
Customer education and awareness

Our Approach
As the nature of fraud continues to evolve, SPOT Checklist
we continue to enhance our internal control Intervention at customer touchpoints, such as
capabilities against such threats. In 2021, we developed branches, has been found to be highly effective Drive Growth Sustainably
a series of security communications materials on our in preventing potential scams.
website and social media channels to educate our
customers on prevailing fraud scams. The outreach In April 2021, we, in consultation with the ASC, Keep Customers at the Centre
initiative is part of a wider roadmap to raise fraud launched the SPOT (Sense, Probe Tactfully,
awareness among our customers. Observe and Take Action / Inform) checklist,
which guides our branch colleagues in the Develop Professionals of Principle
identification of potential scam victims
by asking the right questions. This way,
Recognition
our colleagues may solicit the truth or raise Uphold Corporate Responsibility
• In June 2021, UOB received two
more doubts from potential victims more
o rg a n i s at i o n - l eve l O u t s t a n d i n g Strong Governance
effectively to stop fraudulent transactions
Community Partnership awards and
from happening. Regulatory Compliance
five individual-level Community
Partnership awards from the Singapore Information Security
Through such efforts, we helped prevent
Police Force’s Commercial Affairs Preventing Corruption, Fraud and
19 scam cases in Singapore during the year.
Department. The awards recognised our Money Laundering
efforts in helping scam victims and Managing Our Direct Environmental Impact
recovering their funds, as well as prompt
Sustainable Procurement
reporting to the ASC.
• Our Head of Group IFM received the Community Stewardship
Minister for Home Affairs National Day
Award 2021 for leading the Bank’s efforts
in combating scams and recovering funds
for scam victims. Appendix
Find Out More

Read about our Whistle-blowing Policy
in the UOB Annual Report 2021.


Overview
Preventing Corruption AML/CFT and Sanctions Leveraging artificial intelligence (AI)

Our Approach
The UOB Code of Conduct, which specifies zero Governance In combating the increasingly sophisticated nature of
tolerance to bribery and corruption in all forms, The Group Anti-Money Laundering Committee, financial crimes, UOB leverages advanced analytics
sets out the policies and principles adopted by our comprising senior management, oversees the including AI and machine learning to support Drive Growth Sustainably
Group with respect to efforts to prevent corruption. management of AML/CFT and sanctions risks for transaction monitoring and name screening operations.
The bribery and corruption segment of the Code is the Group. Our AML/CFT and Sanctions Framework They enable us to pinpoint higher-priority cases
reviewed annually to ensure that it remains up to date, aims to detect and to prevent the risks associated from the suspicious transaction alerts flagged each Keep Customers at the Centre
relevant and relatable to our employees, contractors, with money laundering, terrorist financing and month, as well as to deploy the necessary resources
vendors and other stakeholders. sanctions. The framework includes programmes to investigate potential money laundering attempts
relating to risk assessment, employee training, swiftly. Develop Professionals of Principle
Training for all new employees and yearly refresher
customer due diligence and transaction monitoring.
courses are a key part of the protocols deployed
We require all employees to comply with UOB’s
to ensure that our anti-bribery and anti-corruption CONTRIBUTION TO THE UN SDGs
Group AML/CFT and Sanctions Policy, as well as Uphold Corporate Responsibility
policies remain effective. We revisit our training
applicable laws. We regularly review our framework,
modules every year to ensure that the content is Strong Governance
policies, procedures, programmes and transaction
aligned with our overall objectives. We also ensure
monitoring systems to ensure their robustness Regulatory Compliance
that our training module remains accredited by
and compliance with regulatory requirements. Information Security
The Institute of Banking and Finance in Singapore.
The framework and the associated programmes are
With respect to customer relationships, applicable also audited by our internal and external auditors.
Money Laundering
anti-corruption policies and procedures (including
ensuring the inclusion of specific terms and conditions We have established a Group AML/CFT and Sanctions Managing Our Direct Environmental Impact
and /or contractual provisions where required) have Programme to ensure that money laundering, Sustainable Procurement
been communicated and implemented. terrorist financing and sanctions risks we identified Community Stewardship
are sufficiently mitigated. The programme includes
We require our employees, contractors, vendors, elements of risk assessment, customer due diligence,
third parties and other stakeholders to be aware of controls and monitoring, investigating and reporting
our anti-bribery and anti-corruption provisions. They of potential suspicious activity to the relevant
are encouraged to speak up, raise any question or regulatory bodies. We also appointed Group and Appendix
concern if they see anything that they feel is unethical Country Money Laundering Reporting Officers
or runs counter to our anti-bribery and anti-corruption (or an alternative position as required by local
provisions. There were no confirmed cases of bribery regulations) as part of the programme.
and corruption reported in the UOB Group for the
year ended 31 December 2021. The AML/CFT and Sanctions Programme is subject
to periodic independent testing.

Managing Our Direct Environmental Impact

Overview
We are committed to conserving resources and reducing carbon emissions for the
Our Approach
well-being of our stakeholders and future generations. We are also cognisant of Our Targets
the direct environmental impact resulting from our operations across our network. • Maintain operational carbon neutrality
As our business continues to grow, we seek to mitigate our carbon footprint by for our Scope 1, Scope 2 and Scope 3 Drive Growth Sustainably
emissions.
building a more energy- and resource-efficient real estate portfolio and encouraging
• Achieve green building certifications for all
environmental stewardship at the workplace. key wholly-owned UOB buildings by 2030.
We expect to achieve the BCA Green Mark Keep Customers at the Centre
certification for Far Eastern Bank Building
How We Approach This Topic To mitigate our environmental impact further, we are in Singapore and UOB Plaza Bangkok in
committed to sourcing electricity from renewable Thailand in 2022.
Our direct impact on the environment results primarily Develop Professionals of Principle
sources while optimising our energy and resource • Achieve 14 per cent reduction in electricity
from consuming resources, including energy, water, use intensity by 2030, with baseline year
paper and other supplies. The waste products resulting usage with the adoption of innovative technologies. • Electric vehicle (EV) charging points to be of 2018.
from the extraction, production, transport, consumption Examples include: implemented in our wholly-owned buildings • Achieve 14 per cent reduction in Scope 2 Uphold Corporate Responsibility
and disposal of our resources include greenhouse where feasible. We installed 12 EV charging emissions intensity by 2030, with baseline
• Solar thermal hybrid air-conditioning Strong Governance
gas (GHG) emissions, wastewater and office waste. points at two buildings as at the end of 2021. year of 2018.
As such, we concentrate our efforts on optimising energy to upgrade split units at our wholly-owned Regulatory Compliance
We plan to add another 16 EV charging points
use, conserving water, reducing paper consumption and buildings and satellite branches progressively. Information Security
at four other buildings, including in Singapore
diverting office waste from landfills. These air-conditioning units utilise ambient Our Performance in 2021
in alignment with the Singapore Land Transport Preventing Corruption, Fraud and
and rejected heat to reduce urban heat island • Achieved operational carbon neutrality
Authority’s 2040 vision of achieving a more Money Laundering
We seek to contribute to the Singapore Green Plan 2030 contribution. They typically consume at least for our Scope 1, Scope 2 and Scope 3
environmentally-sustainable transport sector, emissions. Managing Our Direct Environmental Impact
and the Singapore Green Building Masterplan, as well 30 per cent less electricity than conventional
in 2022. • Achieved highest Provisional BCA Green
as to meet other built environment sustainability air conditioning units. Sustainable Procurement
• Lift modernisation for UOB wholly-owned Mark Platinum certification for UOB Plaza
standards in the markets in which we operate. • Smart lighting with the use of highly-efficient Community Stewardship
buildings in Singapore started in 2021. We target to 1 Kuala Lumpur in Malaysia. The building
dimmable light-emitting diodes (LEDs) and is projected to attain at least 30 per cent
complete the exercise in 2024. A lift destination
Our Focus Areas re-zoning of the usage areas with intelligent
control system improves operation efficiency,
annual energy savings compared with a
Energy and resource management sensors. Lighting quality within buildings typical compliant building in Singapore,
reduces the waiting time and potentially saves due mainly to the use of highly-efficient
We work actively to achieve measurable reductions significantly impacts user satisfaction and energy
up to 25 per cent in electricity consumption. chiller plant systems, smart lighting and a Appendix
in energy and resource consumption by adopting consumption. We plan to upgrade our lighting high-performance building façade system.
new and efficient technology to upgrade our in all UOB wholly-owned buildings, beginning
current systems. with Singapore. One of our LED installations at
the Far Eastern Bank Building in Singapore has
saved about 50 per cent in energy consumption CONTRIBUTION TO THE UN SDGs
compared with conventional fluorescent lighting.


Overview
Green building certifications

Our Approach
We are committed to managing our premises
efficiently and in alignment with best practices and
green building standards. We use the Green Mark
criteria developed by the Singapore Building and
Construction Authority (BCA) for newly-acquired
or retrofitted buildings and office spaces to
benchmark the green efforts of our group
portfolio wherever applicable. We first adopted
the BCA Green Mark Existing Non-residential
Building Standards in 2013. Since then, five of our
14 wholly-owned buildings have been certified with
three Green Mark Gold PLUS and two Green Mark
Platinum awards. We are also committed to adhering
to the latest code compliance changes, such as the Strong Governance
recent implementation of BCA Green Mark 2021, Regulatory Compliance
in our upcoming re-certification process.
Money Laundering
Community Stewardship
Digitalisation and workflow automation For example, we adopted a lift destination control
We seek to optimise our systems, processes and system in our lift modernisation project to shorten
initiatives through digitalisation and workflow waiting times and to improve the performance and
Appendix
automation so that we can enhance our energy reliability of our lifts. We also combined smart
efficiency. One way we do this is during our upgrading sensors and application programming interfaces so
works, where we integrate digital technology into our that the operation of our building lighting is dynamic
smart facility management framework. and customised to moving occupancy patterns.
These improvements are part of our efforts to create
a smart and sustainable workplace environment,
which will drive productivity and energy efficiency.


Overview
Achieving Carbon Neutrality Renewable energy 100 per cent of our electricity consumption in all our that there will be hard-to-abate emissions, which may
key markets. All the purchased RECs are certified by only be addressed through the use of carbon offsets.
Our Approach
In 2021, UOB became the first Singapore bank to We have stepped up our efforts in procuring from
achieve operational carbon neutrality for our own renewable sources the electricity we consume across the I-REC standard. To create demand for renewable We seek to ensure that the carbon offsets we purchase
footprint. This included our Scope 1, Scope 2 and our network. energy within the markets in which we operate, we are real, quantifiable, additional and permanent.
purchased local RECs whenever possible. Exceptions Drive Growth Sustainably
Scope 3 emissions. We are committed to maintaining In 2021, we purchased and retired about 6,000 carbon
As a consumer, we aim to contribute, over the mid were applied to Singapore and Malaysia, where RECs
our carbon neutrality as we move towards a low offsets to address our Scope 1, residual Scope 2
to long term, to additional renewable generation were procured from Vietnam due to a limited supply
carbon economy.
capacity in the region via power purchase agreements of local solar RECs. Moving forward, we seek to
and Scope 3 air travel emissions. As part of our Keep Customers at the Centre
Energy efficiency (PPAs), especially in our home market, Singapore. commitment to advancing the renewable energy
purchase renewable energy locally whenever possible
Where PPAs are not feasible or available, we will sector in the region, we sourced carbon offsets from
More than 90 per cent of our operational carbon via virtual PPAs or RECs.
purchase unbundled renewable energy certificates a solar project in Vietnam certified by the Verified Develop Professionals of Principle
emissions come from purchased grid electricity.
(RECs) to address our electricity consumption. Carbon offsets Carbon Standard. In addition to supplying renewable
Therefore, our carbon neutrality plan focuses on
We aim to reduce energy consumption and use energy and mitigating carbon emissions, the solar
reducing Scope 2 emissions through energy efficiency. In 2021, we purchased and redeemed a total of
renewable energy to mitigate the majority of our project also generated employment opportunities Uphold Corporate Responsibility
We seek to use resources only where required. 127,685 solar and wind RECs from mainland China,
operational carbon emissions. However, we recognise and provided training for the local community.
Indonesia, Thailand and Vietnam to address Strong Governance
Our long-term roadmap to maintaining carbon neutrality
Cat Hiep solar power project Preventing Corruption, Fraud and
Money Laundering
In Vietnam, the national grid has been reliant
on fossil fuel-based power, resulting in rising Managing Our Direct Environmental Impact
levels of greenhouse gases. The country’s energy Sustainable Procurement
demand is also rising at an estimated eight per Community Stewardship
cent each year.
In 2021, we supported the Cat Hiep solar power

project as part of our efforts to help power Vietnam’s
Renewable energy Energy efficiency Carbon offsets economic development with solar energy. Appendix
We will switch to clean energy sources through: We are adding more sustainability features across We will support carbon emissions reduction
our buildings including: programmes such as:
Renewable Energy Certificates to
claim solar and wind energy for our More efficient light-emitting diodes Renewable energy projects to install
overseas offices (LED) lighting systems solar panels and wind turbines
A virtual Power Purchase Agreement Smart building sensors to manage Afforestation or reforestation
with a solar energy provider in Singapore lighting and lifts optimally efforts to plant more trees
Upgraded air-conditioning systems Coastal ecosystem conservation

with lower energy use initiatives to protect mangroves

Overview
Purchased Grid Electricity Greenhouse Gas Emissions Waste Recycled and Disposed Water Usage
Our Approach
Our energy consumption across the region reduced Our 2021 data includes Scope 1 emissions from Our 2021 data covers all branches and offices in our key Our water consumption in 2021 decreased 23.4 per cent
by 6.5 per cent as compared with 2018, totalling the use of vehicular fuels, refrigerants from air markets, including estimates from sites where we could to 404.6 thousand cubic metres (m3) when compared
129.4 gigawatt-hours (GWh). Overall energy use conditioning units and stationary combustion fuels, not obtain actual data. This resulted in a 22.7 per cent with 2018. Overall water usage intensity (measured
intensity, measured in kilowatt-hours (kWh) per square in addition to existing Scope 2 emissions across our increase in waste collection in 2021 compared with 2018. in m3 of water per m2 of floor space) improved Drive Growth Sustainably
metre (m2) of floor space, improved 9.3 per cent over footprint. Scope 3 includes our air travel emissions. Of the 2,153 tonnes of waste generated in 2021, 30.0 per cent over the same period. The reduction
the same period. Excluding data centres, the energy Similar to our energy performance, overall Scope 2 31.0 per cent was recycled and 34.9 per cent was in water consumption was attributed to low office
use intensity of our offices and branches reduced emissions reduced by 7.1 per cent to 66.6 thousand processed at waste-to-energy incineration plants. occupancy during the pandemic. Keep Customers at the Centre
significantly by 15.4 per cent, mainly due to low tonnes of carbon dioxide-equivalent (tCO2e) when The increase in waste landfill in 2021 was attributed
occupancy in offices arising from work-from-home compared with 2018. Our overall emissions intensity to the expanded scope of reporting. Overall, waste
arrangements during the pandemic period. (measured in kilogram (kg) of CO2-equivalent per m2 disposal intensity (measured in kg of waste per m2
of floor space) reduced by 9.6 per cent over the same of floor space) improved 38.6 per cent over the Develop Professionals of Principle
period. However, excluding data centres, the emission same period.
intensity of our office and branches decreased 14.9
per cent, attributed to the low office and branch Uphold Corporate Responsibility
occupancy during the pandemic.
Strong Governance
Waste recycled and disposed (tonnes) Water usage (thousand m3) and
Purchased grid electricity (GWh) GHG Scope 1, 2 and 3 emissions (thousand tCO2e)
and energy use intensity (EUI) (kWh/m2) and GHG emission intensity (kgCO2e/m2) and waste intensity (kg/m2) water usage intensity (m3/m2) Information Security
131.7 6.1 1.0 1.0
254.4 251.9 249.5 130.4 128.2 Preventing Corruption, Fraud and
102.0 Money Laundering
188.8 230.8 99.1 119.1 4.4
0.9
94.0 3.6
182.8 174.5 86.8
159.8 2.7 0.7
138.4 137.7 133.9 129.4 82.0 82.9 70.3 71.6 1,754 2,115 1,540 2,153 528.4 567.3 467.4 404.6
6.0 5.8 19.3 Community Stewardship
5.7 2.3 10.3 11.6
19.4 19.3 5.9 20.8 81.8
18.7 0.6
1.5 751 75.9
17.8 19.3
24.2 24.6 20.8 129.6 65.0
19.2 1,258 18.1 2.8
123.1
886 68.5 Appendix
24.4 24.4 22.8 611 113.9
21.3
733 89.4 112.2 93.5
71.7 71.3 68.8 66.6
311 96.0
259 320 80.6
64.4 63.6 65.9 62.9
219.2 224.4
609 537 618 668 173.2 141.1
4.3
2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021
Singapore Malaysia Scope 1 (Stationary combustion, refrigerant etc) Waste recycled Singapore Malaysia
Indonesia Greater China Scope 2 (Electricity purchase) Waste landfill Indonesia Greater China
Thailand Vietnam and overseas branches Scope 3 (Air travel) Waste incinerated Thailand Vietnam
EUI excluding data centres Scope 2 GHG emission intensity excluding data centres Overall waste intensity Water usage intensity
EUI including data centres Scope 2 GHG emission intensity including data centres Note: Data for 2021 includes Vietnam, and branches and offices Note: Data for 2021 includes Vietnam.
Note: Data for 2021 includes Vietnam and overseas branches. Note: Data for 2021 includes Vietnam and overseas branches. in key markets. UOB Sustainability Report 2021 80

Overview
Purchased Office Paper Methodology and adjustments Scope 2 emissions are the main component of our
emissions profile, arising from our purchase of grid
Our Approach
We purchased a total of 1,644 tonnes of office We continually seek to apply the most appropriate
printing paper in 2021, 19.6 per cent less than 2018. methodologies to report relevant environmental data. electricity and outsourced data centres. We report
Forest Stewardship Council (FSC)-certified paper Resource consumption and waste data pertaining to both the location-based and market-based emissions
in this report. In addition, we report emissions derived Drive Growth Sustainably
(including both FSC 100 per cent and FSC Mix) made up our business operations are based on our providers’
34.7 per cent of our total purchased paper in 2021. invoices and information. from air travel undertaken by employees for business
The reduction of paper was mainly due to behavioural purposes. Scope 3 includes our air travel emissions.
changes in the use of resources as our colleagues Our Scope 1, 2 and Scope 3 emissions are derived
largely worked from home during the pandemic. in accordance with the most recent directives of When the Bank acquires or divests any property
the Greenhouse Gas Protocol Corporate Standard, within the year, we include the property’s full-year
energy consumption and Scope 2 GHG emissions Develop Professionals of Principle
developed by the World Resources Institute and the
Purchased office paper (tonnes) World Business Council for Sustainable Development. when computing intensity figures for annualisation
Global Warming Potential factors are based on the purpose. This is an enhancement to the data reported
2,045 2,259 1,779 1,644
for the previous years, where data was included in the Uphold Corporate Responsibility
Intergovernmental Panel on Climate Change Fifth
Assessment Report. calculation only if the acquired or divested property Strong Governance
altered the individual country’s baseline by more than
The reported Scope 1 and Scope 2 data include our one per cent. The revised methodology includes all
our properties and provides more accurate energy and Information Security
offices, branches and data centres across our Group.
Our methodology excludes UOB-owned spaces with GHG emission intensity figures for our operations. Preventing Corruption, Fraud and
1,503
1,459
leased tenants, known as downstream leased assets. The revised methodology is in accordance with the Money Laundering
1,161 Scope 1 and Scope 2 emissions are calculated based Greenhouse Gas Protocol Corporate Standard. Managing Our Direct Environmental Impact
1,074
on location-based GHG conversion factors from Sustainable Procurement
international standards by the United Kingdom Waste data for previous years only included that from
UOB-owned buildings. For 2021, we estimated and Community Stewardship
Department for Environment, Food and Rural Affairs
(DEFRA) and the International Energy Agency (IEA) included data for sites where we could not obtain
755 actual data, by establishing waste unit rates that are
619 570 respectively.
586
based on the actual waste data from typical branches
and offices of each country. These waste unit rates Appendix
2018 2019 2020 2021 were then used to extrapolate to the other sites by
referencing their areas.
FSC-certified office paper
Non FSC-certified office paper
Note: Data for 2021 includes Vietnam.

Overview
As we continue to deepen our presence across the region, we seek to address suppliers are related to corporate services, real estate,
Our Approach
the environmental, social and governance (ESG) risks and effects of our information systems and manpower management. Our Targets
We understand that there are ESG risks associated
operations in a manner consistent with our values. This approach extends to the • Have 90 per cent of our material
with our suppliers’ activities and that the risks will
procurement of products and services from suppliers, which include any third party, vary depending on their sector, size and location.
suppliers in Singapore acknowledge Drive Growth Sustainably
our GSSP.
company or individual that provides a product or service to the Bank. The conduct As such, we expect our suppliers’ practices to comply
of our suppliers has the potential to impact our standing and reputation within with our GSSP.
the communities in which we operate. Our Performance in 2021
Our suppliers are expected to notify us promptly
How We Approach This Topic The GSSP sets out the requirements we have of our of any deviations from the GSSP. In the event that • Continued to drive the tenets of our
We expect our suppliers to adhere to the standards suppliers as we seek to reduce the environmental a supplier is found to be non-compliant, the Bank will GSSP, with 100 per cent of our material Develop Professionals of Principle
suppliers in Singapore acknowledging
set out in the Group Supplier Sustainability Principles and social risks and impact associated with our request the supplier to present an improvement plan the GSSP.
(GSSP) in the areas of corporate governance and sourcing activities. These include risks related to if one is not already in place.
compliance, labour and human rights and environment, modern slavery and human trafficking within our Uphold Corporate Responsibility
health and safety. supply chain. The majority of our purchases from Strong Governance
Group Supplier Sustainability Principles Information Security
Money Laundering
Corporate Labour and Environment,
Governance and Human Rights Health and Safety Sustainable Procurement
Compliance Community Stewardship
• Suppliers shall comply with all applicable • Suppliers shall provide equal opportunity • Suppliers shall provide a safe and healthy
local and national laws and regulations in for all their employees regardless of gender, work environment for their employees in
the jurisdictions in which they operate. religion, race, ethnicity, national origin, age, line with their health and safety policy. Appendix
disability and sexual orientation.
• Suppliers shall conduct themselves • Suppliers shall implement an effective
ethically and morally at all times. • Suppliers shall ensure that no child, environmental policy and/or have an
involuntary or forced labour is used in environmental management system or
• Suppliers shall not engage in bribery,
their operations. plan to manage natural resource scarcity
facilitation payments, corruption, fraud
issues and to mitigate the environmental
or other prohibited business practices. • Suppliers shall provide fair pay and working
risks, impacts and dependencies of their
conditions for employees.
products and/or services.
• Suppliers shall promote a work environment
free of physical, sexual or other forms of
harassment, where employees are treated
with respect and dignity.
Overview
Enriching lives and strengthening social bonds are fundamental elements of our business philosophy. We are committed
Our Approach
to supporting the social development of the communities in which we operate through art, children and education. We focus on three areas to open
We believe these to be essential for the quality and progress of society. Over many decades, our efforts across the hearts and minds in building an
region have helped the young, especially the underprivileged, those with special needs and those with untapped talent. inclusive society: Drive Growth Sustainably
During the ongoing COVID-19 pandemic in 2021, we continued to make a positive difference to vulnerable communities
around the world through philanthropy, partnerships and volunteerism. Art
Championing Southeast Keep Customers at the Centre
For our strong corporate social responsibility (CSR) efforts in 2021, we received eight industry awards and accolades including Asian Art and Ink Art
Art connects people, broadens
the Best Bank in CSR (Singapore) award by Asiamoney. minds, enriches lives and Develop Professionals of Principle
strengthens societal bonds.
How We Approach This Topic With our regional heritage
and longstanding support of
At UOB, our CSR efforts from across the Group come Southeast Asian art and ink art, Uphold Corporate Responsibility
together under the UOB Heartbeat CSR programme, we aim to draw out the next
which aims to create sustainable good for more caring generation of great artists from Strong Governance
the region.
and inclusive societies through corporate philanthropy, Regulatory Compliance
stakeholder partnerships and employee participation. Information Security
Children Preventing Corruption, Fraud and
Guided by our values of Honour, Enterprise, Unity Money Laundering
Developing the young
and Commitment, we bring together our colleagues, to their full potential
customers and partners to make a positive difference Managing Our Direct Environmental Impact
As children are the future,
to our communities. our efforts focus on helping Sustainable Procurement
them have a strong head start in
life, inspiring them to express Community Stewardship
themselves and nurturing their
talent as individuals.
Colleagues across 17 markets united virtually to keep fit and
to keep the good going during the 2021 UOB Global Heartbeat
Virtual Run/Walk – the programme’s 15th anniversary,
Education Appendix
raising a record of more than $1.8 million for 25 charities
around the world.
Laying the foundation
for the future
Education is essential for the
How We Give Back progress of a country, its economy
and its people. We support
Philanthropy Partnerships Participation learning opportunities for young
minds, help bridge the digital
We are committed to helping improve We maximise our corporate giving by We unite as one in giving our time, skills divide, and develop the leaders
lives and strengthen social fabric through connecting and collaborating with partners and service to help build strong, inclusive of tomorrow.
financial and non-financial contributions such for greater reach and impact. They include and caring communities. We promote
as donations in cash or kind, sponsorships, customers, business partners, vendors, volunteerism that creates a sense of
scholarships and the purchase of goods and community development councils, as well belonging for our colleagues and helps
services from charities. as institutions and artists who participate improve the lives of others.
in our art competitions.
Overview
Heartbeat for Our Community in 2021 Our Approach
Our Targets Drive Growth Sustainably

• Encouraging employee volunteerism:
Achieve an average of 1.4 volunteer hours per
employee per year across the Group in 2022. Keep Customers at the Centre
• Championing visual art and artists:
Contribute at least $1.5 million to support the
113,000+ $6.1+ million 60 social development of art across Asia in 2022.
pieces of personal protective in monetary and in-kind contributions artists recognised for their • Opening hearts and minds of the young Develop Professionals of Principle
equipment donated globally to communities in need excellence in Asia through our through education:
two annual art competitions Equip at least 1,800 students with digital literacy
skills and/or digital learning tools in 2022. Uphold Corporate Responsibility
Strong Governance
Our Performance in 2021 Regulatory Compliance
• Clocked more than 32,700 hours of volunteering, Information Security

averaging 1.3 volunteer hours per employee per Preventing Corruption, Fraud and
year across the Group. Money Laundering
• Contributed more than $1.8 million to support
the social development of art across Asia in Managing Our Direct Environmental Impact
the 40th milestone year of the UOB Painting of Sustainable Procurement
the Year (POY) art competition.
1,885 124 • Equipped 1,885 students with digital learning Community Stewardship
disadvantaged students equipped
in CSR youths received the Wee Cho Yaw tools and skills through the UOB My Digital
Space programme across seven markets.
with digital learning tools and skills Future Leaders Award under a $50 million
awarded by Asiamoney
across seven markets scholarship programme established in 2015
Appendix

Overview
Championing Southeast Asian Art and Ink Art Our Approach

As the leading patron of the arts in Asia, UOB believes that art plays an important role in fostering social
inclusiveness. It connects people and communities, celebrates cultures and enriches lives. For more than
four decades, we have been supporting the creative pursuits of established and emerging artists across Asia.
In recognition of our long-term commitment to art, we were presented the National Arts Council’s Distinguished Drive Growth Sustainably
Patron of the Arts Award in Singapore for the 17 th year.
Celebrating UOB Painting of the Year’s 40th anniversary Keep Customers at the Centre
UOB champions Southeast Asian art through our flagship UOB POY competition, which celebrated
its 40th anniversary in 2021. Held in Indonesia, Malaysia, Singapore and Thailand, the UOB POY competition
is the longest-running art competition in Singapore and one of the most prestigious in Southeast Asia.
Singapore President, Madam Halimah Yacob (centre), and UOB Deputy Chairman and CEO, Mr Wee Ee Cheong (second from right),
showing their strong support to the 42 Southeast Asian winning artists at the 40th UOB POY competition. New iconic design award Uphold Corporate Responsibility
trophies were presented to 2021 UOB Painting of the Year (Singapore) winner, Mr Keane Tan (second from left), and the 2021 Most
Promising Artist of the Year (Singapore) winner, Mr Brian Ko (first from left), to recognise their outstanding works. Strong Governance
The 2021 UOB Southeast Asian Painting of the Year, our coveted regional top award, was won by Mr Saiful Razman Regulatory Compliance
from Malaysia for his artwork, Walk in Silence, Don’t Walk Away in Silence. His monochromatic painting was
inspired by the absence of sound reflecting the quietness and serenity of self-isolation during the COVID-19
pandemic. The delicate texture of the mixed media artwork reflects the current pandemic situation we are in. Preventing Corruption, Fraud and
Money Laundering
To mark UOB POY’s 40th anniversary, we introduced an award trophy modelled after Vitalità, a bronze sculpture
commissioned by UOB and created by famous Italian sculptor, Ms Anna Chiara Spellini. The new trophy design Managing Our Direct Environmental Impact
aims to illuminate the passion of artists as they express their artistic vision. Sustainable Procurement
As part of our efforts to advance visual arts, in 2021 we also launched the UOB Digital Art Grant in partnership Community Stewardship
with the National Arts Council Singapore through a $200,000 donation from UOB. The grant will be part of the
Sustain the Arts Fund to foster transformation and to support the art community in realising creative pursuits
using digital technologies.
To raise awareness of and appreciation for traditional ink art through contemporary expressions,
we held the fifth edition of the annual UOB Art in Ink Awards in Hong Kong in 2021. The competition recognised Appendix
18 local artists with the top award given to Ms Hon Ngan Ting, Rebecca for her artwork, Coastline of Victoria
Harbour, which combines traditional and digital media.
Since 1982, the UOB POY competition has uncovered and nurtured more than 1,000 outstanding artists across Singapore, Indonesia,
Malaysia and Thailand.
The 40th UOB POY Virtual Awards Ceremony was graced by the President of the Republic of Singapore,
Madam Halimah Yacob. Across the region, we saw a record number of UOB POY entries, which demonstrated
the imagination and ingenuity of artists to connect with their audience. The artists captured the fortitude,
compassion and resilience of people looking beyond immediate concerns during the pandemic to find
rays of hope for a better future.
Walk in Silence, Don’t Walk Away in Silence In Hong Kong, UOB presented the 2021 UOB Ink Art of the Year Award and Gold Award,
Abstract (Open Category) to Ms Hon Ngan Ting, Rebecca (second from left). The 2021 Most
Promising Artist of the Year Award was presented to Ms Tung Oi Ching (third from left). UOB Sustainability Report 2021 85
Overview
Bringing Art Closer to All Our Approach
Preserving heritage through art education Inspiring budding artists through

As part of our rural art education programme in conversations Drive Growth Sustainably
mainland China, we partnered non-profit organisation As part of our art outreach programme, we partnered
Helin Art Promotion Institution to host a nine-day art various schools in Singapore to organise Artist’s
camp in Yunnan Province for close to 100 children and Conversation sessions virtually, enabling established Keep Customers at the Centre
teachers. Focusing on Yunnan’s natural environment artists to share their experiences with students
and cultural heritage, the curriculum aimed to pursuing specialised curricula on visual arts. More than
nurture the children’s appreciation of art and culture. 270 students attended the sessions and participated
To expand the programme reach, the art courses were actively to gain insights into the evolution of art Develop Professionals of Principle
made available online and were provided to schools techniques as well as art as a career.
in other remote areas in China.

Strong Governance
Promoting mental wellness using art Learning sustainability through art
Amid the prolonged global pandemic, we continued Regulatory Compliance
In Indonesia, we launched Tromarama: The Lost Jungle
to run the regional UOB Art Explorer programme on at the UOB Museum MACAN Children’s Art Space, Information Security
social media for the second year to encourage artistic an immersive digital installation that aimed to raise
exploration and self-expression while promoting awareness of environmental issues and biodiversity Preventing Corruption, Fraud and
mental well-being through art tutorials, art therapy for children and families. Visitors could experience Money Laundering
sessions and virtual exhibitions. The online visual a live digital simulation of a jungle that reflected
arts programme runs in mainland China, Hong Kong, Managing Our Direct Environmental Impact
the actual weather conditions in Jakarta, as well as
Indonesia, Malaysia, Singapore and Thailand through interact with a video installation that captured visitors’ Sustainable Procurement
its various enriching initiatives – Art As Therapy, movements in front of a screen to demonstrate how
Art At Home, Art In Colour, Art In Story and Art Virtually. human activity impacts the environment. Community Stewardship
As part of Singapore’s National Day celebrations, we

organised a virtual art workshop for more than 60
Growing the appreciation of art disadvantaged students, during which they upcycled
across Asia old newspapers and magazines to create papercrafts of Appendix
their favourite local hawker dishes. During the process,
In championing Southeast Asian art and ink art,
they also learnt more about food sustainability as
we continued to profile our winning artists and
well as Singapore’s hawker culture.
artworks and to grow the appreciation of art with
the community. In 2021, we organised and supported
23 art exhibitions, art fairs and art educational forums
across the region. We were the Lead Partner for two
major art fairs – Art and Design Education: FutureLab
in mainland China and Art Central Hong Kong, which
attracted more than 25,000 visitors, including our
customers, over five days.

Overview
Developing the Young to Their Potential Levelling the Playing Field Our Approach
We believe that education has the ability to change lives for the better by laying a strong foundation for the
future. UOB supports programmes that develop the minds of children from disadvantaged backgrounds and
supports those with special needs. By enhancing the well-being of children and developing them to their full
potential, we help to build inclusive communities. Multiplying the impact of corporate giving with our clients and colleagues Drive Growth Sustainably
Bridging the digital divide The COVID-19 pandemic did not put a stop to our annual UOB Heartbeat Lunar New Year fundraiser
in Singapore. Our colleagues and clients from Group Commercial Banking raised more than
$1.2 million through a series of fundraising activities including bamboo art workshops and an art auction.
Our beneficiaries included The Straits Times School Pocket Money Fund, The Business Times Budding
Artists Fund and the UOB-Singapore Management University Asian Enterprise Institute. Together, we
extended the impact of our corporate giving to nurture the young and to advance aspiring small- and
medium-sized enterprises through education. Develop Professionals of Principle

Strong Governance
Money Laundering
The COVID-19 pandemic continues to reshape the educational content to the interactive learning portal,
way children access education. The UOB My Digital which is available on all laptops distributed under
Space is our flagship regional education programme UOB My Digital Space. Sustainable Procurement
to equip disadvantaged students with digital learning
tools and skills. In 2021, we joined the Infocomm To contribute towards a circular economy, we also Community Stewardship
Media Development Authority (IMDA) Singapore teamed up with non-profit organisation, Engineering
as a key partner to champion the Digital For Life (DfL) Good, to refurbish and to distribute 2,500 used
national movement. Through UOB My Digital Space, laptops progressively, beginning from the end of
we support the DfL movement by helping Singaporeans 2021, under Engineering Good’s Computers Against
of all ages and backgrounds to embrace digital learning COVID initiative. This new initiative complements Appendix
as a lifelong pursuit and to enrich lives through digital the UOB My Digital Space programme to bridge the
technology. We distributed more than 600 digital digital gap for disadvantaged students, giving them
devices in 2021 and contributed more than 1,000 digital access to digital tools to support remote learning
devices across eight markets since 2020. and development.
We also launched the UOB My Digital Space

interactive learning portal, a website that features
educational multimedia content on art, environmental
sustainability, cybersecurity and financial literacy, as CONTRIBUTION TO THE UN SDGs
well as game-based learning activities. The National
Environment Agency and Cyber Security Agency of
Singapore, as partners of the programme, contributed

Overview
Promoting Environmental Stewardship Our Approach

Cultivating the love of reading In support of environmental sustainability, UOB launched a range of initiatives to cultivate awareness for the
To share the benefits of reading, we launched the environment among our colleagues and the wider community. Through our efforts in building a circular economy,
UOB Heartbeat Virtual Reading Programme where we help to promote the adoption of more sustainable practices and to encourage mindset change and action.
UOB volunteers partnered social service agencies
in Singapore to offer weekly online storytelling and
reading sessions to close to 50 disadvantaged primary Learning through virtual eco-excursions
school students over five months. The regular sessions
aimed to open the hearts and minds of the students In 2021, we organised a series of UOB Heartbeat Virtual
and to improve their reading skills. Eco-Excursions, an interactive sustainability programme, for Keep Customers at the Centre
more than 100 disadvantaged students in Singapore during
the school holidays. During the experiential sessions guided
by trainers and UOB volunteers, the students learnt about
Promoting financial literacy among critical environmental issues and topics through various Develop Professionals of Principle
the young hands-on activities and virtual tours.
In Thailand, we launched UOB Money 101: Teen Edition,
an online financial literacy programme to equip
disadvantaged students with financial knowledge Uphold Corporate Responsibility
and skills to prepare them for the future. The initiative, Building sustainable cities through education Strong Governance
which was also part of the UOB My Digital Space We provided scholarships to 40 youths from low-income
programme, provided 1,000 lower-secondary students families in Malaysia to complete a year-long apprentice Regulatory Compliance
with an understanding of critical money management programme at the Solar Academy by SOLS 24/7. This
principles and the journey to financial wellness. programme offered disadvantaged youths a chance to Information Security
obtain technical education and also provided them with Preventing Corruption, Fraud and
career opportunities in the solar industry, in support of Money Laundering
Supporting education for disadvantaged building sustainable cities.
children Managing Our Direct Environmental Impact
To encourage low-income families in Malaysia to send
their children to school, we raised funds to provide Sustainable Procurement
100 disadvantaged students with cash aid for a year Recycling in support of a circular economy
To step up our recycling efforts, we expanded our festive Community Stewardship
when they continue to attend school. This community
programme aimed to provide learning opportunities packet recycling programme to the UOB Plaza buildings and
for the young and to give them a good head start in life. all UOB branches across more than 40 locations in Singapore
as well as UOB branches in Thailand’s Chinatown district.
We collected a total of more than 2,000 kg of festive packets
for recycling in 2021, doubling that in 2020. Appendix
Building preschools of the future
In mainland China, we partnered the Shanghai Huji
Foundation, a non-profit organisation, to improve
the quality of preschool education for children
aged three to six, especially for those in rural China. From waste to wonder
In 2021, we supported the building of a kindergarten As part of our ‘Waste to Wisdom’ sustainability programme
in Zhenxiong County, Yunnan Province. In addition, we in Thailand, we rallied our colleagues to donate 3,600 kg
also introduced UOB Art Explorer, our online visual of cardboard, which was subsequently turned into 200
arts programme, to preschool students to help them cardboard beds for 74 field hospitals for COVID-19 patients
to learn and to explore art. nation-wide.
CONTRIBUTION TO THE UN SDGs CONTRIBUTION TO THE UN SDGs

Overview
Our Approach
Hong Kong Singapore
We raised funds for Responding to the
the Children’s Cancer community’s call for
Foundation in Hong Kong support, we donated Drive Growth Sustainably
to improve the quality of more than 111,000 pieces
life for 45 young cancer of personal protective
patients and their families equipment to disadvantaged
whose livelihoods are children and families and Keep Customers at the Centre
affected by COVID-19. contributed more than 100
hours to pack food rations
for vulnerable communities Develop Professionals of Principle
at a food bank.

Indonesia Thailand Strong Governance
To e a s e t h e s eve re We partnered the Thai Red
shortage of oxygen supply Cross Society to provide Regulatory Compliance
for COVID-19 patients in essential COVID-19 relief
#UnitedForYou COVID-19 Relief Programme Indonesia, we donated kits and daily necessities to
Our global #UnitedForYou COVID-19 Relief Programme brings together more than 500 medical 7,700 affected individuals. Preventing Corruption, Fraud and
the strengths of the UOB network and our like-minded partners to help oxygen cylinders to the Money Laundering
alleviate the financial burden many are facing during the prolonged COVID-19 Indonesia Ministry of
Health for hospitals in Managing Our Direct Environmental Impact
pandemic. In 2021, we continued to engage the communities across our Indonesia to help them tide Sustainable Procurement
network to offer relief and to help see them through to better times. through the healthcare
emergency. Community Stewardship
Mainland China Malaysia Vietnam Appendix

As part of our efforts to Amid the escalating We donated more than
protect our colleagues, pandemic situation in 16,000 food cans to
their families and the Malaysia, we donated disadvantaged families
b ro a d e r co m m u n i t y, various critical medical across Ho Chi Minh City
more than 2,300 equipment worth and provided medical
co l l e a g u e s a n d t h e RM100,000 to local supplies to frontline
general public benefited hospitals via MERCY healthcare workers at the
from our on-site vaccination Malaysia to help them city’s University Medical
services provided at fight the spike in COVID-19 Center.
UOB Plaza Shanghai. cases that left the nation’s
medical infrastructure
under severe pressure.

Appendix
Sustainability in Numbers 1, 2
Overview
2021 2020 2019 2018 Our Approach

Customers
Access to financial services
Number of branches 440 467 476 469
Number of automated teller machines (ATMs)3 1,436 1,572 1,653 1,669
Number of contactless ATMs 783 508 509 382
Number of ability ATMs4 16 18 20 20
Digital transformation Develop Professionals of Principle
Digitally enabled retail customers (% of individual customer base)5 69 64 - -
Digitally active retail customers (% of individual customer base)6 36 32 - -
Customer experience and advocacy
Number of customer compliments 99,391 65,936 82,967 58,426

Complaints relating to sale of investment and insurance products (%) 0.06 0.11 0.12 0.09 Appendix
Lending profile ($ billion) Sustainability in Numbers
Loans to small businesses 11.7 11.3 10.4 10.0 Awards and Accolades
Loans to medium businesses 57.0 51.2 50.6 46.0 GRI Content Index
Loans to large businesses 142.7 122.2 109.0 107.6 GRI G4 Financial Services Sector Disclosures
Loans to individuals 99.4 96.7 98.6 98.1 SASB Index
Sustainable financing TCFD Index
Total green and sustainability-linked loans as at 31 December 2021 ($ billion) 16.8 11.3 6.6 - UN SDGs Index
Green and sustainability-linked loans extended in 2021 ($ billion) 5.5 4.7 7
1.0 - UNGC Ten Principles
Renewable energy generated by projects financed (GWh) 8
279.5 157.4 - - Glossary
Greenhouse gas emissions avoided through financing of renewable energy (thousand tCO2e) 9
142.0 77.3 - - External Assurance
1 Unless otherwise stated, all numbers are at Group Level.

2 Data pertaining to 2018 to 2020 may not be available for newly included metrics. Dashes denote that data is unavailable.
3 In 2021, UOB provided access to more than 1.25 million self-service machines across Southeast Asia and China, including owned and shared ATMs, recyclers and secured cash machines.
4 Ability ATMs are designed to provide visually-impaired customers with audio assistance.
5 Refers to customers with an online banking account.
6 Refers to customers with more than one online banking login per month. 2020 numbers were revised in view of the updated indicator.
7 Figure has been restated due to rounding.
8 In accordance with the Global GHG Accounting and Reporting Standard for the Financial Industry (published by the Partnership for Carbon Accounting Financials (PCAF)), an attribution factor or ratio is applied when calculating the amount of solar energy
generated so that only UOB’s share in the total financing of each project is included.
9 Greenhouse gas conversion factors are sourced from the International Energy Agency (IEA). UOB Sustainability Report 2021 90
Appendix
Sustainability in Numbers
Overview
2021 2020 2019 2018 Our Approach

Financial inclusion
Amount of non-performing loans qualified to programmes designed to promote small businesses in Singapore ($ million) 36 41 - -
Number of schools visited as part of our financial literacy outreach programmes in Indonesia 10
0 4 26 16
Retail banking activity metrics11, 12
Value of checking and savings accounts ($ billion) 99.4 91.4 - - Keep Customers at the Centre
Value of loans – less mortgage and revolving credit loans ($ billion) 15.5 13.3 - -
Value of mortgage loans – residential and commercial ($ billion)
13
60.1 58.4 - - Develop Professionals of Principle
Weighted average loan-to-value ratio of mortgage loans (%) 53.7 55.5 - -
Percentage of unique customers with active credit card accounts14 (%) 83.2 83.2 - -
Percentage of unique customers with active debit card accounts (%) 15
52.6 53.5 - -
ESG integration by UOB Personal Financial Services
ESG-focused transaction volume ($ billion) 1.0 0.3 - - Appendix
ESG-focused assets under management (AUM) ($ billion) 0.8 0.1 - - Sustainability in Numbers
ESG integration by UOB Asset Management Awards and Accolades
AUM in investments that incorporate ESG factors and/or social impact assessment ($ billion) 6.7 0.8 - - GRI Content Index
Proportion of companies in portfolio that were engaged on ESG topics (%) 20.0 13.0 10.4 - GRI G4 Financial Services Sector Disclosures
Impact investments by UOB Venture Management
SASB Index
AUM in committed capital that incorporate ESG and/or social impact assessment ($ billion)16 1.3 1.1 1.0 1.0
TCFD Index
Total number of low-income individuals reached through AIIF investee companies (in millions)17 19 16 16 13
UN SDGs Index
UNGC Ten Principles
Monetary contributions ($ million) 6.2 6.3 5.4 5.1
Glossary
Average volunteer hours per employee18 1.3 0.7 2.2 2.0
External Assurance
10 No financial literacy-related schools visited in 2021 as all schools conducted full online learning, while school visits were limited in 2020 due to COVID-19-related restrictions.
11 Includes both personal and small businesses in Singapore.
12 Certain data for 2020 was restated to align with updated methodologies.
13 Our standardised mortgage loan pricing packages are available to any customer who meets our loan eligibility requirements.
14 Active credit card accounts include those with at least one credit card transaction in the last 12 months.
15 Active debit card accounts include those with at least one debit card transaction in the last 12 months.
16 Figures comprise the Asia Impact Investment Funds (AIIF) and the ASEAN China Investment Funds (ACIF).
17 Figures have not been prorated for the portion of UOB Venture Management’s contribution, and are based on data reported by portfolio companies.
18 Our volunteer hours were lower in 2021 and 2020 as a result of COVID-19-related restrictions. Our colleagues volunteered 32,760 hours in 2021.

Appendix
Overview
2021 2020 2019 2018 Our Approach

Economic Value of Our Contributions ($ million)
Total operating income 9,789 9,176 10,030 9,116
Dividends to shareholders 1,741 1,990 2,180 2,052
Employee compensation and benefits 2,602 2,501 2,716 2,447
Profit before tax 4,937 3,536 5,174 4,826 Keep Customers at the Centre
Profit after tax19 4,075 2,915 4,343 4,008
Income tax 20
850 606 812 805 Develop Professionals of Principle
Income tax as a percentage of profit before tax (%) 17.2 17.1 15.7 16.7
Suppliers21
Total purchase ($ million) 1,786 1,776 1,888 1,645
Purchase from local suppliers (%) 93.7 94.0 93.8 93.5
Preventing Fraud Appendix
External fraud net loss ($ million) 0.32 0.95 0.92 1.82 Sustainability in Numbers
Net operational risk loss ($ million) 4.94 3.63 5.71 6.82 Awards and Accolades
Direct Environmental Impact22, 23
GRI Content Index
Energy consumption
GRI G4 Financial Services Sector Disclosures
Fuel consumption from non-renewable sources (GJ)
SASB Index
Diesel 1,934.3 - - -
TCFD Index
Petrol 37,407.6 - - -
UN SDGs Index
Natural gas 6,276.2 - - -
UNGC Ten Principles
Steam 1,579.4 - - -
Glossary
Fuel consumption from non-renewable sources (GWh) 13.1 - - -
External Assurance
19 Relates to the amount attributable to equity holders of the Bank.

20 Income tax for the year ended 31 December 2019 was stated as $813 million in Annual Report 2019. Restated in Annual Report 2020 due to rounding.
21 Supplier figures comprise data from our seven key markets in Singapore, Malaysia, Thailand, Indonesia, Greater China (including the Mainland and Hong Kong) and Vietnam.
22 Electricity consumption intensity and emissions intensity figures comprise data from our operations in Singapore, Malaysia, Thailand, Indonesia and Greater China (including the Mainland and Hong Kong) and for 2021, Vietnam and overseas branches. Water usage
intensity, waste disposal intensity and purchased office paper figures comprise data from these locations except for overseas branches. Fuel consumption and Scope 1 GHG emissions are new data collected in 2021 globally.
23 2018 to 2020 data were restated due to refinement of our data collection methodologies and for consistency of application across the Group.

Appendix
Overview
2021 2020 2019 2018 Our Approach

Energy consumption (continued)
Purchased grid electricity (GWh)
Singapore 62.9 65.9 63.6 64.4
Indonesia 21.3 22.8 24.4 24.4
Thailand 19.2 20.8 24.6 24.2 Keep Customers at the Centre
Malaysia 17.8 18.7 19.3 19.4
Greater China 5.9 5.7 5.8 6.0 Develop Professionals of Principle
Vietnam 0.6 - - -
Overseas branches 1.7 - - -
Total electricity consumption 129.4 133.9 137.7 138.4
Renewable Energy (GWh)
Purchased Renewable Energy Certificates24 127.7 - - - Appendix
Electricity use intensity (kWh per m of floor space)
2
Electricity use intensity excluding data centres 159.8 174.5 182.8 188.8 Awards and Accolades
Electricity use intensity including data centres 230.8 249.5 251.9 254.4
GRI Content Index
Greenhouse gas (GHG) emissions (thousand tCO2e)
Scope 1 GHG emissions
SASB Index
Refrigerants 1.1 - - -
TCFD Index
Fuel combustion 0.4 - - -
UN SDGs Index
Owned/leased vehicles 2.8 - - -
UNGC Ten Principles
Total 4.3 - - -
Glossary
Location-based Scope 2 GHG emissions
External Assurance
Singapore 24.3 25.5 24.6 24.9
Indonesia 16.3 17.4 18.7 18.7
Thailand 8.9 9.7 11.4 11.3
Malaysia 11.8 12.4 12.8 12.9
Greater China 3.8 3.7 3.7 3.9
Vietnam 0.4 - - -
Overseas branches 1.0 - - -
Total 66.6 68.8 71.3 71.7
24 Renewable Energy Certificates are redeemed for our key markets.
Appendix
Overview
2021 2020 2019 2018 Our Approach

Greenhouse gas (GHG) emissions (thousand tCO2e) (continued)
Market-based Scope 2 GHG emissions25
Total 1.0 68.8 71.3 71.7
Scope 3 GHG emissions26
Total air travel emissions27 0.6 1.5 11.6 10.3 Keep Customers at the Centre
Total Scope 1, market-based Scope 2 and Scope 3 GHG emissions 6.0 70.3 82.9 82.0
Carbon offsets retired 6.0 - - - Develop Professionals of Principle
GHG emissions intensity (kg CO2e per m2 of floor space)
Scope 2 location-based GHG emissions intensity excluding data centres 86.8 94.0 99.1 102.0
Scope 2 location-based GHG emissions intensity including data centres 119.1 128.2 130.4 131.7
Scope 1 and 2 location-based GHG emissions intensity including data centres 126.7 131.0 151.7 150.7
Water usage (thousand m3) Appendix
Singapore 141.1 173.2 224.4 219.2 Sustainability in Numbers
Indonesia 80.6 96.0 112.2 89.4 Awards and Accolades
Thailand 93.5 113.9 129.6 123.1 GRI Content Index
Malaysia 68.5 65.0 81.8 75.9 GRI G4 Financial Services Sector Disclosures
Greater China 18.1 19.3 19.3 20.8 SASB Index
Vietnam 2.8 - - - TCFD Index
Total water usage 404.6 467.4 567.3 528.4 UN SDGs Index
Water usage intensity (m3 of water per m2 of floor space)
UNGC Ten Principles
Overall water usage intensity 0.7 0.9 1.0 1.0
Glossary
Purchased office paper (tonnes)
External Assurance
FSC-certified office paper28 570 619 755 586
Non FSC-certified office paper 1,074 1,161 1,503 1,459
Total office paper purchased 1,644 1,779 2,259 2,045
25 Market-based Scope 2 GHG emissions are residual emissions not offset by Renewable Energy Certificates. For 2021, this primarily arose from overseas branches’ Scope 2 GHG emissions.
26 The method used takes into account the impact of radiative forcing, as well as well-to-tank emissions resulting from the production and transportation of fuels.
27 Data includes domestic and international air travel in Singapore, Malaysia, Thailand, Indonesia and Greater China (including the Mainland and Hong Kong) and for 2021, Vietnam.
28 FSC-certified office paper comprises FSC 100% and FSC mix certified paper.

Appendix
Overview
2021 2020 2019 2018 Our Approach

Waste (tonnes)
Recycled waste
Plastics and other waste29 66 3 3 15
Electronic equipment30 46 43 6 14
Paper and cardboard 556 573 527 580 Keep Customers at the Centre
Total waste recycled 668 618 537 609
Disposed waste Develop Professionals of Principle
Waste landfilled 733 311 320 259
Waste-to-energy incineration 751 611 1,258 886
Total disposed waste 1,484 922 1,578 1,145
Total waste 2,153 1,540 2,115 1,754
Waste disposal intensity (kg of disposed waste per m of floor space)
2
Appendix
Overall waste disposal intensity 31
2.7 3.6 6.1 4.4 Sustainability in Numbers
Our People32 Awards and Accolades
Number of employees33
GRI Content Index
Male 9,362 9,855 10,510 10,102 GRI G4 Financial Services Sector Disclosures
Female 14,984 15,611 16,362 16,051 SASB Index
Total 24,346 25,466 26,872 26,153 TCFD Index
Number of employees (%)33
UN SDGs Index
Male 38.5 38.7 39.1 38.6
UNGC Ten Principles
Female 61.5 61.3 60.9 61.4
Glossary
Total 100.0 100.0 100.0 100.0
External Assurance
Number of employees by employment type and gender33
Full-time male employees 9,356 9,854 10,508 10,100
Full-time female employees 14,949 15,573 16,319 16,008
Part-time male employees 6 1 2 2
Part-time female employees 35 38 43 43
29 Other recycled waste in 2021 includes food waste from China.

30 Data for 2021 comprise electronic equipment recycled in Singapore, Malaysia and Mainland China, while data for 2018 to 2020 comprised only for Singapore.
31 Includes both landfilled and incinerated waste. In 2021, the estimated waste collection for all UOB’s operational sites have been included for completeness of data collection.
32 Certain data for previous years were restated to align with updated methodology.
33 Includes full-time and part-time permanent and fixed-term contract employees. UOB Sustainability Report 2021 95
Appendix
Overview
2021 2020 2019 2018 Our Approach

Number of employees by employment contract and gender
Permanent male employees 9,097 9,551 10,090 9,694
Permanent female employees 14,603 15,189 15,821 15,454
Contract male employees 265 304 420 408
Contract female employees 381 422 541 597 Keep Customers at the Centre
Temporary male employees 541 473 417 518
Temporary female employees 1,063 983 854 727 Develop Professionals of Principle
Number of employees by employment contract and country
Permanent
Singapore 8,850 9,219 9,504 9,072
Malaysia 4,924 5,026 5,189 5,102
Thailand 4,552 4,745 5,055 4,954 Appendix
Indonesia 3,231 3,579 3,793 3,824 Sustainability in Numbers
China 913 944 1,055 1,019 Awards and Accolades
Hong Kong 371 374 398 371 GRI Content Index
Vietnam 438 431 470 369 GRI G4 Financial Services Sector Disclosures
Overseas branches 421 422 447 437 SASB Index
Contract TCFD Index
Singapore 386 440 554 573 UN SDGs Index
Malaysia 70 59 112 76 UNGC Ten Principles
Thailand 12 18 24 24 Glossary
Indonesia 84 107 151 220 External Assurance
China 36 54 106 104

Hong Kong 21 19 5 7
Vietnam 24 17 5 0
Overseas branches 13 12 4 1

Appendix
Overview
2021 2020 2019 2018 Our Approach

Number of employees by employment contract and country (continued)
Temporary
Singapore 568 471 452 505
Malaysia 195 124 149 144
Thailand 386 375 200 122 Keep Customers at the Centre
Indonesia 365 363 364 369
China 33 54 63 68 Develop Professionals of Principle
Hong Kong 41 42 43 47
Vietnam 16 27 0 0
Employment from local population (%)
Local staff representation34 94.5 94.7 94.2 94.9 Appendix
Employees by age group and gender Sustainability in Numbers
<30 years (%) Awards and Accolades
Male 34.3 34.5 36.6 35.9 GRI Content Index
Female 65.7 65.5 63.4 64.1 GRI G4 Financial Services Sector Disclosures
30-50 years (%) SASB Index
Male 39.5 39.8 39.9 39.3 TCFD Index
Female 60.5 60.2 60.1 60.7
UN SDGs Index
>50 years (%)
UNGC Ten Principles
Male 38.0 38.8 39.4 40.1
Glossary
Female 62.0 61.2 60.6 59.9
External Assurance
Average age across all age groups
Male 40.2 39.0 38.4 38.4
Female 39.7 38.6 37.8 37.6
All employees 39.9 38.8 38.0 37.9
34 Local employees are citizens or permanent residents of the country in which they are employed. UOB Sustainability Report 2021 97
Appendix
Overview
2021 2020 2019 2018 Our Approach

Employees by grade and gender (%) 35
Senior management
Male 63.7 65.1 64.9 65.3
Female 36.3 34.9 35.1 34.7
Middle management Keep Customers at the Centre
Male 48.3 48.4 48.6 48.2
Female 51.7 51.6 51.4 51.8
Executive
Male 35.4 36.1 37.5 37.3
Female 64.6 63.9 62.5 62.7 Uphold Corporate Responsibility
Administrative
Male 28.3 28.3 28.8 28.9
Appendix
Female 71.7 71.7 71.2 71.1
Employees by grade and age group (%)35 Sustainability in Numbers
Senior management Awards and Accolades
<30 years 0.0 0.0 0.0 - GRI Content Index
30-50 years 40.2 45.6 48.0 - GRI G4 Financial Services Sector Disclosures
>50 years 59.8 54.4 52.0 - SASB Index
Middle management TCFD Index
<30 years 0.7 0.7 1.0 -
UN SDGs Index
30-50 years 76.9 78.9 80.3 -
UNGC Ten Principles
>50 years 22.4 20.4 18.7 -
Glossary
Executive
External Assurance
<30 years 22.1 24.5 28.7 -
30-50 years 65.5 64.6 61.7 -
>50 years 12.4 10.9 9.6 -
Administrative
<30 years 24.5 28.5 33.5 -
30-50 years 62.2 59.2 55.5 -
>50 years 13.3 12.3 11.0 -
35 Senior management refers to Managing Directors and Executive Directors; middle management refers to Senior Vice Presidents, First Vice Presidents and Vice Presidents; executive refers to Assistant Vice Presidents, Managers and Senior Officers. UOB Sustainability Report 2021 98
Appendix
Overview
2021 2020 2019 2018 Our Approach

Number of management employees by gender
Male supervisors or managers 2,140 2,352 2,438 2,432
Female supervisors or managers 2,465 2,831 2,718 2,743
Male Management Committee36 18 17 16 16
Female Management Committee 36
4 4 4 5 Keep Customers at the Centre
Number of new employee hires by gender
Male 1,415 823 2,657 3,099
Female 1,774 1,006 3,489 4,121
Total 3,189 1,829 6,146 7,220
New employee hire rate by gender (%) Uphold Corporate Responsibility
Male 15.1 8.4 25.3 30.7
Female 11.8 6.4 21.3 25.7
Number of new employee hires by age group Appendix
<30 years 1,528 934 3,036 3,735 Sustainability in Numbers
30-50 years 1,567 833 2,751 3,132 Awards and Accolades
>50 years 94 62 359 353 GRI Content Index
New employee hire rate by age group (%) GRI G4 Financial Services Sector Disclosures
<30 years 39.6 20.3 51.6 62.6 SASB Index
30-50 years 9.5 4.9 15.8 18.6 TCFD Index
>50 years 2.3 1.6 10.1 10.5 UN SDGs Index
Number of new employee hires by country
UNGC Ten Principles
Singapore 1,470 815 2,441 2,704
Glossary
Malaysia 555 329 939 1,069
External Assurance
Thailand 457 225 1,277 1,601
Indonesia 298 258 891 1,154
China 84 45 225 289
Hong Kong 96 37 98 142
Vietnam 168 89 225 189
36 Management Committee refers to members of the Group Management Executive Committee and Group Management Committee, including the Group CEO, as at 1 March 2022. UOB Sustainability Report 2021 99
Appendix
Overview
2021 2020 2019 2018 Our Approach

New employee hire rate by country (%)
Singapore 15.9 8.4 24.3 28.0
Malaysia 11.1 6.5 17.7 20.6
Thailand 10.0 4.7 25.1 32.2
Indonesia 9.0 7.0 22.6 28.5 Keep Customers at the Centre
China 8.9 4.5 19.4 25.7
Hong Kong 24.5 9.4 24.3 37.6
Vietnam 36.4 19.9 47.4 51.2
Overseas branches 14.1 7.1 11.1 16.4
Number of employee attrition by gender 37
Male 1,765 1,330 1,890 2,174
Female 2,218 1,558 2,688 3,068
Appendix
Total 3,983 2,888 4,578 5,242
Employee attrition rate by gender (%)37 Sustainability in Numbers
Male 19.4 14.2 18.9 22.5 Awards and Accolades

Female 15.2 10.5 17.2 20.0 GRI Content Index
Number of employee attrition by age group 37
<30 years 1,293 1,059 1,841 2,126 SASB Index
30-50 years 2,346 1,573 2,420 2,738 TCFD Index
>50 years 344 256 317 378 UN SDGs Index
Employee attrition rate by age group (%)37 UNGC Ten Principles
<30 years 35.3 24.9 33.8 38.4 Glossary
30-50 years 14.4 9.5 14.1 16.6
External Assurance
>50 years 9.1 7.3 9.9 12.3
All age groups 16.8 11.9 17.8 21.0
37 Attrition rates include all voluntary and involuntary attrition among permanent employees only. UOB Sustainability Report 2021 100
Appendix
Overview
2021 2020 2019 2018 Our Approach

Number of employee attrition by country 38
Singapore 1,740 1,070 1,606 1,860

Malaysia 618 479 733 801
Thailand 620 534 1,140 1,343
Indonesia 618 458 696 757 Keep Customers at the Centre
China 121 148 127 188
Hong Kong 83 40 63 126
Vietnam 136 124 154 89
Employee attrition rate by country (%) 38
Singapore 19.7 11.6 16.9 20.5
Malaysia 12.6 9.5 14.1 15.7
Appendix
Thailand 13.6 11.3 22.6 27.1
Indonesia 19.1 12.8 18.3 19.8
China 13.3 15.7 12.0 18.4
Awards and Accolades
Hong Kong 22.4 10.7 15.8 34.0 GRI Content Index
Vietnam 31.1 28.8 32.8 24.1 GRI G4 Financial Services Sector Disclosures
Overseas branches 11.2 8.3 13.2 17.8 SASB Index
Training spend TCFD Index
Total training investment ($ million) 39
23.3 19.6 31.1 26.0 UN SDGs Index
Total training investment per employee ($) 955.4 771 1,157.8 992.3 UNGC Ten Principles
Total training investment per trainee ($) 948.4 686 1,111.0 916.0 Glossary
Average training hours per employee
External Assurance
Senior management 26.7 32.0 35.5 33.4
Middle management 40.9 44.2 48.5 39.3
Executive 53.2 52.0 58.8 48.2
Administrative 62.2 51.8 44.5 50.2
38 Attrition rates include all voluntary and involuntary attrition among permanent employees only.
39 Includes total training costs as well as any subsidies or grants given. UOB Sustainability Report 2021 101
Appendix
Overview
2021 2020 2019 2018 Our Approach

Average training hours per employee by grade and gender 40
Senior management
Male 25.2 31.2 34.7 32.3
Female 29.2 33.4 36.9 35.6
Middle management Keep Customers at the Centre
Male 41.4 43.0 50.3 39.0
Female 40.4 45.2 46.8 39.5
Executive
Male 55.8 51.2 64.8 51.5
Female 51.8 52.5 55.1 46.2 Uphold Corporate Responsibility
Administrative
Male 49.5 50.5 43.0 47.4 Appendix
Female 67.3 51.6 45.1 51.3
All grades combined
Male 48.5 47.4 55.5 46.3
GRI Content Index
Female 52.2 50.3 50.5 46.1
Parental leave
Number of employees who took maternity leave 517 247 509 - SASB Index
Number of employees who took paternity leave 183 172 206 - TCFD Index
One-year retention rate of returning mothers (%)41 86.1 76.6 85.0 - UN SDGs Index
Workplace safety UNGC Ten Principles
Number of recordable work-related injuries 8 2 9 10 Glossary
Rate of recordable work-related injuries 42 0.03 0.01 0.03 0.03 External Assurance
40 Training hours include classroom training, e-learning, webinars, on-the-job training, sponsorship, town halls and teambuilding.
41 Percentage of employees who remained in the organisation at least one year after returning from maternity leave.
42 Injury rates represent the number of reportable injuries per 100 full-time workers and were calculated as (N/H) x 200,000 where N=number of injuries, H=total hours worked by all employees in the year. UOB Sustainability Report 2021 102
Appendix

Overview
Our Approach
H u m a n R e so u rce
A s i a We C a re
Awa rd 2 0 2 1 Drive Growth Sustainably
A S E A N B u s i n e ss A s i a m o n ey A s i a n B a n k i n g a n d F i n a n ce C a m b r i d ge I FA G l o b a l Co m p a c t H u m a n R e so u rce A s i a N at i o n a l A r t s Co u n c i l
A d v i so r y Co u n c i l N e t wo r k S i n g a p o re Keep Customers at the Centre
Priority Integration Best Bank for Corporate Banking for Women Global Good Sustainable Solutions HR Asia Most Caring Distinguished Patron
Sector, Finance Social Responsibility Initiative of the Year Governance Award for (U-Solar) Companies Award of the Arts Award
in Singapore (Singapore) Community Development (Indonesia) (17th time)
& Philanthropy Develop Professionals of Principle

Awa rd f ro m
Co m m u n i t y Deputy Prime
E SG P i o n e e r 6 0 M i n i s te r o f
Spirit
Awa rd s 2 0 2 1 E co n o m y a n d
Awa rd s Appendix
F i n a n ce
Pe o p l e’s A sso c i at i o n S e c u r i t i e s I n ve s to r s SG E n a b l e S h a n g h a i M e d i a G ro u p S i n g a p o re Co r p o rate S i n g a p o re G ove r n a n ce a n d S o u t h Ko rea’s M i n i s t r y Sustainability in Numbers

A sso c i at i o n S i n g a p o re and Jiemian Awa rd s 2 0 2 1 Transparency Index (SGTI) 2021 o f E co n o m y a n d F i n a n ce
Community Partnership Most Transparent Enabling Mark Platinum Best Corporate Social Corporate Excellence Ranked 6th of 518 Economy Development
Excellence Award Company Award Responsibility of the Year and Resilience Award Singapore-listed companies Contribution Award GRI Content Index
(Inclusive Employment)
for Financials (China) (>$1 billion market cap) (General Category)
SASB Index
TCFD Index
UN SDGs Index
Global HR China UNGC Ten Principles

T h e E l eve n t h B e s t E m p l oye r
E xce l l e n ce Glossary
C h a r i t y Fe s t i va l Awa rd s 2 0 2 1
Awa rd s 2 0 2 1
External Assurance
S yo bse r ve T h e A sse t T h e A sse t T h e A sse t Wo r l d H u m a n R e so u rce Zhaopin
D eve l o p m e n t Co n g re ss
Best Charity Programme Platinum Award • Best Issuer for Sustainable Best Wealth Manager Award for Leading Best Employers for
of the Year Finance in Singapore for Impact Investing, Asia HR Practices in Female Employees
(China) • Best Sustainability Bond (Wealth Management) Quality Work-Life (China)
in Singapore
Find Out More
Learn more about our awards

Appendix

Overview
Our Approach
ESG Ratings, Rankings and Indices UOB’s Rating / Ranking
Sustainalytics ESG Risk Rating Rated 19.8 Low Risk (as at March 2022)
MSCI ESG Rating Rated AA (as at October 2021)

CDP Climate Change Rated C in 2021
Dow Jones Sustainability Index / S&P Global ESG Score Scored 58 in 2021 Develop Professionals of Principle
FTSE4Good ASEAN 5 Index Ranked 2nd by Market Cap (as at February 2022) Uphold Corporate Responsibility
Vigeo Eiris ESG Score 47 (as at September 2021)

Appendix
Bloomberg ESG Disclosure Rating 45.6 (as at March 2022) Sustainability in Numbers
ISS ESG Rating ESG decile ranking: 5/10 (grade D+) GRI Content Index
WWF Sustainable Banking Assessment (SUSBA) Ranked 1st among ASEAN banks in 2021 assessment
SASB Index
Ranked 6th in 2021 among 519 Singapore-listed companies TCFD Index

NUS-CGS Singapore Governance and Transparency Index
(in General Category) UN SDGs Index
UNGC Ten Principles
iEdge Singapore ESG Leaders Index 2nd largest constituent (as at December 2021) Glossary
External Assurance
Ranked 2nd among publicly-listed companies in Singapore
ASEAN Corporate Governance Scorecard (ACGS)
Ranked top 20 among publicly-listed companies in ASEAN

Appendix
Global Reporting Initiative (GRI) Content Index

Overview
GRI Standard Disclosure Information or Location Our Approach

GRI 102: General Disclosures 2016
Organisational Profile
GRI 102-1 Name of the organisation United Overseas Bank Limited
GRI 102-2 Activities, brands, products and services UOB Annual Report 2021 (4)
GRI 102-3 Location of headquarters UOB Annual Report 2021 (4) Keep Customers at the Centre
GRI 102-4 Location of operations UOB Annual Report 2021 (5)
GRI 102-5 Ownership and legal form Public limited company listed on the Singapore Exchange Develop Professionals of Principle
GRI 102-6 Markets served UOB Annual Report 2021 (4-5, 29, 42-59)
GRI 102-7 Scale of the organisation UOB Annual Report 2021 (3, 4-5, 30, 35, 133)
GRI 102-8 Information on employees and other workers 95-97
GRI 102-9 Supply chain 19, 82
GRI 102-10 Significant changes to the organisation and its supply chain No significant change during the reporting period Appendix
GRI 102-11 Precautionary Principle or approach 6-9, 20, 21-25, 26-31, 32-38, 39, 40-44, 77-81, 82 Sustainability in Numbers
GRI 102-12 External initiatives 9, 21, 31, 32, 40, 51, 68, 73, 74 Awards and Accolades
GRI 102-13 Membership of associations 9, 21, 31, 32, 40, 51, 68, 73, 74 GRI Content Index
Strategy GRI G4 Financial Services Sector Disclosures
GRI 102-14 Statement from senior decision-maker 3, UOB Annual Report 2021 (22-25) SASB Index
GRI 102-15 Key impacts, risks, and opportunities 3, 6-9, 20, 21-25, 26-31, 32-38, 39, 40-44, 49-50, 51-55, 56, 71, 72, 73, 74-76, UOB Annual Report 2021 TCFD Index
(22-25, 102-118)
UN SDGs Index
Ethics and Integrity
UNGC Ten Principles
GRI 102-16 Values, principles, standards and norms of behaviour 6, 20, 56, 57, 60, 68-69, 72, 73, 74-76, UOB Annual Report 2021 (8-9)
Glossary
GRI 102-17 Mechanisms for advice and concerns about ethics UOB Annual Report 2021 (76, 88-89, 94)
External Assuranc
Governance
GRI 102-18 Governance structure 17, UOB Annual Report 2021 (76-96)
GRI 102-19 Delegating authority 17
GRI 102-20 Executive-level responsibility for economic, environmental and social topics 17
GRI 102-21 Consulting stakeholders on economic, environmental and social topics 10, 17
GRI 102-22 Composition of the highest governance body and its committees UOB Annual Report 2021 (10-19, 80-81)
GRI 102-23 Chair of the highest governance body UOB Annual Report 2021 (80-81)

Appendix

Overview

Governance
GRI 102-24 Nominating and selecting the highest governance body UOB Annual Report 2021 (79-83)
GRI 102-25 Conflicts of interest UOB Annual Report 2021 (79)
GRI 102-26 Role of highest governance body in setting purpose, values and strategy 17, 71, UOB Annual Report 2021 (76-78)
GRI 102-27 Collective knowledge of highest governance body 17, 25, 26, 71
GRI 102-29 Identifying and managing economic, environmental and social impacts 6, 10, 17, 21, 26, 57, 71, 74, UOB Annual Report 2021 (76-78, 105-106)
GRI 102-30 Effectiveness of risk management processes 6, 10, 17, 21-25, 26-31, 57, 71, 74, UOB Annual Report 2021 (76-78, 105-106) Develop Professionals of Principle
GRI 102-31 Review of economic, environmental and social topics 17, 26
GRI 102-32 Highest governance body's role in sustainability reporting 17
GRI 102-35 Remuneration policies UOB Annual Report 2021 (98-101)
GRI 102-36 Process of determining remuneration UOB Annual Report 2021 (98-101)
Stakeholder Engagement Appendix
GRI 102-40 List of stakeholder groups 10 Sustainability in Numbers
GRI 102-41 Collective bargaining agreements 60 Awards and Accolades
GRI 102-42 Identifying and selecting stakeholders 10 GRI Content Index
GRI 102-43 Approach to stakeholder engagement 10 GRI G4 Financial Services Sector Disclosures
GRI 102-44 Key topics and concerns raised 22-26 SASB Index
Reporting Practice TCFD Index
GRI 102-45 Entities included in the consolidated financial statements UOB Annual Report 2021 (188-191) UN SDGs Index
GRI 102-46 Defining report content and topic Boundaries 22-26 UNGC Ten Principles
GRI 102-47 List of material topics 22-26 Glossary
GRI 102-48 Restatements of information 90-102 External Assuranc
GRI 102-49 Changes in reporting No significant change
GRI 102-50 Reporting period 1 January 2021 to 31 December 2021
GRI 102-51 Date of most recent report April 2021
GRI 102-52 Reporting cycle Annual
GRI 102-53 Contact point for questions regarding the report 1
GRI 102-54 Claims of reporting in accordance with the GRI Standards 17

Appendix

Overview

Reporting Practice
GRI 102-55 GRI Content Index 105-112
GRI 102-56 External assurance 123-130
GRI 201: Economic Performance 2016
GRI 103-1 Explanation of the material topic and its Boundaries 12 Keep Customers at the Centre
GRI 103-2 The management approach and its components 19, UOB Annual Report 2021 (22-25)
GRI 103-3 Evaluation of the management approach 19 Develop Professionals of Principle
GRI 201-1 Direct economic value generated and distributed 19, 90-92, UOB Annual Report 2021 (26-37)
GRI 201-2 Financial implications and other risks and opportunities due to climate change 26-31
GRI 202: Market Presence 2016
GRI 103-1 Explanation of the material topic and its Boundaries 12
GRI 103-2 The management approach and its components 19, UOB Annual Report 2021 (22-25, 131-135) Appendix
GRI 103-3 Evaluation of the management approach 19 Sustainability in Numbers
GRI 202-2 Proportion of senior management hired from the local community 97 Awards and Accolades
GRI 203: Indirect Economic Impacts 2016 GRI Content Index
GRI 103-1 Explanation of the material topic and its Boundaries 12 GRI G4 Financial Services Sector Disclosures
GRI 103-2 The management approach and its components 21-24, 26, 32, 39, 40 SASB Index
GRI 103-3 Evaluation of the management approach 10, 21-24, 26, 32, 39, 40 TCFD Index
GRI 203-1 Infrastructure investments and services supported 32-38, 39, 40-44, 47-48, UOB Annual Report 2021 (42-51) UN SDGs Index
GRI 203-2 Significant indirect economic impacts 21-25, 26-31, 32-38, 39, 40-44, 51-55 UNGC Ten Principles
GRI 204: Procurement Practices 2016 Glossary
GRI 103-1 Explanation of the material topic and its Boundaries 16 External Assuranc
GRI 103-2 The management approach and its components 82
GRI 103-3 Evaluation of the management approach 10, 82
GRI 204-1 Proportion of spending on local suppliers 19, 92
GRI 205: Anti-Corruption 2016
GRI 103-2 The management approach and its components 74-76

Appendix

Overview

GRI 205: Anti-Corruption 2016
GRI 103-3 Evaluation of the management approach 10, 74-76
GRI 205-2 Communication and training about anti-corruption policies and procedures 74-76
GRI 205-3 Confirmed incidents of corruption and actions taken 74-76
GRI 206: Anti-Competitive Behaviour 2016 Keep Customers at the Centre
GRI 103-2 The management approach and its components 57 Develop Professionals of Principle
GRI 206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices 57
GRI 207: Tax 2019
GRI 103-2 The management approach and its components 19 Appendix
GRI 103-3 Evaluation of the management approach 19 Sustainability in Numbers
GRI 207-1 Approach to tax 19, 72 Awards and Accolades
GRI 207-2 Tax governance, control, and risk management 19, 72 GRI Content Index
GRI 207-3 Stakeholder engagement and management of concerns related to tax 10, 19 GRI G4 Financial Services Sector Disclosures
GRI 302: Energy 2016 SASB Index
GRI 103-1 Explanation of the material topic and its Boundaries 16 TCFD Index
GRI 103-2 The management approach and its components 77-81 UN SDGs Index
GRI 103-3 Evaluation of the management approach 77-81 UNGC Ten Principles
GRI 302-1 Energy consumption within the organisation 77-81, 92-93 Glossary
GRI 302-3 Energy intensity 77-81, 93 External Assuranc
GRI 302-4 Reduction of energy consumption 77-81
GRI 303: Water 2018
GRI 103-3 Evaluation of the management approach 77-81
GRI 303-3 Water withdrawal 77-81, 94

Appendix

Overview

GRI 305: Emissions 2016
GRI 103-2 The management approach and its components 26-31, 77-81
GRI 103-3 Evaluation of the management approach 26-31, 77-81
GRI 305-1 Direct (Scope 1) GHG Emissions 77-81, 93-94
GRI 305-2 Energy indirect (Scope 2) GHG emissions 77-81, 93-94
GRI 305-3 Other indirect emissions (Scope 3) emissions 77-81, 93-94 Develop Professionals of Principle
GRI 305-4 GHG emission intensity 77-81, 93
GRI 306: Waste 2020
GRI 103-3 Evaluation of the management approach 77-81 Appendix
GRI 306-4 Waste diverted from disposal 77-81, 95 Sustainability in Numbers
GRI 306-5 Waste directed to disposal 77-81, 95 Awards and Accolades
GRI 307: Environmental Compliance 2016 GRI Content Index
GRI 103-1 Explanation of the material topic and its Boundaries 15 GRI G4 Financial Services Sector Disclosures
GRI 103-2 The management approach and its components 21-25 SASB Index
GRI 103-3 Evaluation of the management approach 10, 21-25, 72 TCFD Index
GRI 307-1 Non-compliance with environmental laws and regulations. 21-25, 72 UN SDGs Index
GRI 401: Employment 2016 UNGC Ten Principles
GRI 103-1 Explanation of the material topic and its Boundaries 15 Glossary
GRI 103-2 The management approach and its components 60-62 External Assuranc
GRI 401-1 New employee hires and employee turnover 99-101
GRI 401-3 Parental leave 102

Appendix

Overview

GRI 403: Occupational Health and Safety 2018
GRI 403-1 Occupational health and safety management system 64-67
GRI 403-2 Hazard identification, risk assessment, and incident investigation 64-67
GRI 403-3 Occupational health services 64-67 Develop Professionals of Principle
GRI 403-5 Worker training on occupational health and safety 64-67
GRI 403-6 Promotion of worker health 64-67
GRI 403-7 Prevention and mitigation of occupational health and safety impacts 64-67
GRI 403-9 Work-related injuries 102
GRI 404: Training and Education 2016 Appendix
GRI 103-1 Explanation of the material topic and its Boundaries 15 Sustainability in Numbers
GRI 103-2 The management approach and its components 60-63 Awards and Accolades
GRI 103-3 Evaluation of the management approach 10, 60-63 GRI Content Index
GRI 404-1 Average hours of training per year per employee 60, 101-102 GRI G4 Financial Services Sector Disclosures
GRI 404-2 Programmes for upgrading employee skills and transition assistance programmes 61-63 SASB Index
GRI 404-3 Percentage of employees receiving regular performance and career development reviews 61 TCFD Index
GRI 405: Diversity and Equal Opportunity 2016 UN SDGs Index
GRI 103-1 Explanation of the material topic and its Boundaries 15 UNGC Ten Principles
GRI 103-2 The management approach and its components 68-69 Glossary
GRI 103-3 Evaluation of the management approach 10, 68-69 External Assuranc
GRI 405-1 Diversity of governance bodies and employees 68-69, 71, 97-99
As at 31 December 2021,
• Our Board of Directors comprised 88.9 per cent men and 11.1 per cent women. All of them were
above 50 years old.
• The Group Management Committee comprised 81.8 per cent men and 18.2 per cent women.
81.8 per cent of them were above 50 years old and 18.2 per cent were between 30 and 50 years old.

Appendix

Overview

GRI 407: Freedom of Association and Collective Bargaining 2016
GRI 103-2 The management approach and its components 60
GRI 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk 60
GRI 408: Child Labour 2016
GRI 103-1 Explanation of the material topic and its Boundaries 12, 15, 16 Develop Professionals of Principle
GRI 103-2 The management approach and its components 23-24, 60, 82
GRI 103-3 Evaluation of the management approach 10, 23-24, 60, 82
GRI 408-1 Operations at significant risk for incidents of child labour None of our office and branch locations is at significant risk for incidents of child labour
GRI 409: Forced or Compulsory Labour 2016
GRI 103-1 Explanation of the material topic and its Boundaries 12, 15, 16 Appendix
GRI 103-2 The management approach and its components 23-24, 60, 82 Sustainability in Numbers
GRI 103-3 Evaluation of the management approach 10, 23-24, 60, 82 Awards and Accolades
GRI 409-1 Operations at significant risk for incidents of forced or compulsory labour None of our office and branch locations is at significant risk for incidents of forced or compulsory GRI Content Index
labour
GRI 413: Local Communities 2016
SASB Index
GRI 103-1 Explanation of the material topic and its Boundaries 12, 13, 14, 16
TCFD Index
GRI 103-2 The management approach and its components 23-24, 43-44, 51-55, 83-89
UN SDGs Index
GRI 103-3 Evaluation of the management approach 10, 23-24, 43-44, 51-55, 83-89
UNGC Ten Principles
GRI 413-1 Operations with local community engagement, impact assessments and development programmes 23-24, 43-44, 51-55, 83-89
Glossary
GRI 417: Marketing And Labelling 2016
External Assuranc
GRI 103-2 The management approach and its components 57, 72
GRI 103-3 Evaluation of the management approach 10, 57, 72
GRI 417-1 Requirements for product and service information and labelling 57, 72
GRI 417-2 Incidents of non-compliance concerning product and service information and labelling 57, 72
GRI 417-3 Incidents of non-compliance concerning marketing communications 57, 72

Appendix

Overview

GRI 418: Customer Privacy 2016
GRI 103-1 Explanation of the material topic and its Boundaries 14, 16
GRI 103-2 The management approach and its components 56, 73
GRI 103-3 Evaluation of the management approach 10, 56, 73
GRI 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data 56, 73
GRI 419: Socio-economic Compliance 2016
GRI 103-1 Explanation of the material topic and its Boundaries 12, 14, 15, 16 Develop Professionals of Principle
GRI 103-2 The management approach and its components 19, 21-24, 57, 72, 74-76
GRI 103-3 Evaluation of the management approach 10, 19, 21-24, 57, 72, 74-76
GRI 419-1 Non-compliance with laws and regulations in the social and economic area 19, 57, 72
Appendix
GRI Content Index
SASB Index
TCFD Index
UN SDGs Index
UNGC Ten Principles
Glossary
External Assuranc

Appendix

Overview
GRI G4 Indicator Disclosure Information or Location Our Approach

G4 Financial Services Sector Disclosures
Product Portfolio
G4-FS1 Policies with specific environmental and social components applied to business lines 21-25, 26-31, 40-44, 51-55
G4-FS2 Procedures for assessing and screening environmental and social risks in business lines 21-25, 26-31, 40-44
G4-FS3 Processes for monitoring clients’ implementation of and compliance with environmental and social requirements 21-25
included in agreements or transactions
G4-FS4 Process(es) for improving staff competency to implement the environmental and social policies and procedures as 24-25, 31, 42
applied to business lines Develop Professionals of Principle
G4-FS5 Interactions with clients/ investees/business partners regarding environmental and social risks and opportunities 10, 21-25, 26-31, 32-38, 39, 40-44
G4-FS6 Percentage of the portfolio for business lines by specific region, size and by sector 90-91, UOB Annual Report 2021 (28-29) Uphold Corporate Responsibility
G4-FS7 Monetary value of products and services designed to deliver a specific social benefit for each business line broken 2, 32, 40, 90-91
down by purpose
G4-FS8 Monetary value of products and services designed to deliver a specific environmental benefit for each business line 2, 32, 40, 90-91 Appendix
broken down by purpose
G4-FS9 Coverage and frequency of audits to assess implementation of environmental and social policies and risk assessment 21-25
procedures
G4-FS10 Percentage and number of companies held in the institution's portfolio with which the reporting organisation has 90-91
GRI Content Index
interacted on environmental or social issues GRI G4 Financial Services Sector Disclosures
G4-FS11 Percentage of assets subject to positive and negative environmental or social screening 21, 40, 90-91 SASB Index
G4-FS12 Voting policies applied to environmental or social issues for shares over which the reporting organisation holds the 42 TCFD Index
right to vote shares or advises on voting.
UN SDGs Index
Local Communities
UNGC Ten Principles
G4-FS13 Access points in low-populated or economically disadvantaged areas by type 46, 51-55, 90
Glossary
G4-FS14 Initiatives to improve access to financial services for disadvantaged people 51-55
External Assurance
Product and Service Labelling
G4-FS15 Policies for the fair design and sale of financial products and services 57
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary 65, 87-88, 91

Appendix
Sustainability Accounting Standards Board (SASB) Index 1
Overview
Indicator Code Disclosure Information or Location Our Approach

SASB FN-CB: Commercial Banks
Data Security
FN-CB-230a.2 Description of approach to identifying and addressing data security risks 14, 16, 56, 73
Financial Inclusion & Capacity Building
FN-CB-240a.2 Amount of non-performing loans qualified to programmes designed to promote small businesses2 91 Keep Customers at the Centre
FN-CB-240a.4 Number of participants in financial literacy initiatives for unbanked, underbanked, or underserved customers 91
Incorporation of Environmental, Social, and Governance Factors in Credit Analysis
FN-CB-410a.1 Commercial and industrial credit exposure, by industry UOB Annual Report 2021 (211-212)
FN-CB-410a.2 Description of approach to incorporation of ESG factors in credit analysis 21-25
Business Ethics
FN-CB-510a.1 Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behaviour, 72
market manipulation, malpractice, or other related financial industry laws or regulations
Appendix
FN-CB-510a.2 Description of whistle-blower policies and procedures 20, 74-75, UOB Annual Report 2021 (94)
Systemic Risk Management
FN-CB-550a.1 Global Systemically Important Bank (G-SIB) score, by category UOB Annual Report 2021 (119-120)
GRI Content Index
FN-CB-550a.2 Description of approach to incorporation of results of mandatory and voluntary stress tests into capital adequacy planning, long-term corporate UOB Annual Report 2021 (102-119)
strategy, and other business activities GRI G4 Financial Services Sector Disclosures
Activity Metrics SASB Index
FN-CB-000.A Value of checking and savings accounts 2
91 TCFD Index
FN-CB-000.B Value of loans-less mortgage and revolving credit loans 2
91 UN SDGs Index
SASB FN-MF: Mortgage Finance UNGC Ten Principles
Discriminatory Lending Glossary
FN-MF-270b.1 Weighted average Loan-to-Value (LTV) ratio of mortgages issued to all borrowers 2 91 External Assurance
FN-MF-270b.2 Total amount of monetary losses as a result of legal proceedings associated with discriminatory mortgage lending 72
FN-MF-270b.3 Description of policies and procedures for ensuring non-discriminatory mortgage origination Our standardised mortgage loan pricing packages are available
to any customer who meets our loan eligibility requirements.
1 Certain SASB Standards metrics are specific to United States regulations. These were assessed for relevance to UOB’s business and activities. In this report, we omit metrics that are not directly applicable to the local context. However, we will review the latest SASB
Standards and reconsider the scope of our reporting on an annual basis.
2 Metric has been adjusted for relevance to UOB’s business context.

Appendix
Sustainability Accounting Standards Board (SASB) Index

Overview
Indicator Code Disclosure Information or Location Our Approach

SASB FN-MF: Mortgage Finance
Activity Metrics
FN-MF-000.B Value of mortgage loans – residential and commercial3 91
SASB FN-CF: Consumer Finance
Customer Privacy Keep Customers at the Centre
FN-CF-220a.2 Total amount of monetary losses as a result of legal proceedings associated with customer privacy 56
Data Security Develop Professionals of Principle
FN-CF-230a.3 Description of approach to identifying and addressing data security risks 14, 16, 56, 73
Selling Practices
FN-CF-270a.5 Total amount of monetary losses as a result of legal proceedings associated with selling and servicing of products 72
Activity Metrics
FN-CF-000.A Percentage of unique consumers with an active (1) credit card account and (2) debit card account, with at least one transaction 91 Appendix
in the last 12 months3
GRI Content Index
SASB Index
TCFD Index
UN SDGs Index
UNGC Ten Principles
Glossary
External Assurance
3 Metric has been adjusted for relevance to UOB’s business context.

Appendix
Task Force on Climate-related Financial Disclosures (TCFD) Index

Overview
TCFD Recommendations Disclosure Information or Location Our Approach

Governance
a. Describe the board’s oversight of climate-related risks and opportunities 26
b. Describe management’s role in assessing and managing climate-related risks and opportunities. 26
Strategy
a. Describe the climate-related risks and opportunities the organisation has identified over the short, medium, 27-30, 32-42 Keep Customers at the Centre
and long term.
b. Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, 27-30, 32-42
and financial planning. Develop Professionals of Principle
c. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, 27-30
including a 2°C or lower scenario.
Risk Management
a. Describe the organisation’s processes for identifying and assessing climate-related risks. 30-31
b. Describe the organisation’s processes for managing climate-related risks. 30-31 Appendix
c. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the Sustainability in Numbers
30-31
organisation’s overall risk management.
Metrics and Targets
GRI Content Index
a. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy 31, 90
and risk management process. GRI G4 Financial Services Sector Disclosures
b. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG emissions, and the related risks. 28, 80, 93, 94 SASB Index
TCFD Index
c. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance 31-32, 77, 79-81
against targets. UN SDGs Index
UNGC Ten Principles
Glossary
External Assurance

Appendix
United Nations Sustainable Development Goals (UN SDGs) Index

Overview
The Global Goals Global Targets Toward Which We Can Align Our Efforts Material ESG Factor and Page Reference
No Poverty
Our Approach
1 Global Target 1.4 Equal rights to economic resources, basic services, natural resources, appropriate new • Facilitating Sustainable and Responsible Investing, 43-44
technology and financial services, including microfinance • Financial Inclusion, 55
2 Zero Hunger Global Target 2.3 Increase in agricultural productivity and incomes of small-scale food producers through • Financial Inclusion, 55 Drive Growth Sustainably
knowledge and financial services
3 Good Health and Well-being Global Target 3.4 Reduce premature mortality from non-communicable diseases through prevention • Community Stewardship, 86
and treatment and to promote mental health and well-being Keep Customers at the Centre
Global Target 3.8 Health coverage and access to quality essential healthcare services and access to safe, • Workplace Safety, Health and Well-being, 64
effective, quality and affordable essential medicines and vaccines for all
Global Target 3.C Increase in health financing and the recruitment, development, training and retention • Supporting Businesses’ Sustainable Growth, 35
of the health workforce in developing countries • Facilitating Sustainable and Responsible Investing, 43-44
4 Quality Education Global Target 4.4 Increase the number of youth and adults who have relevant skills, including technical • Community Stewardship, 86-88 Uphold Corporate Responsibility
and vocational skills, for employment, decent jobs and entrepreneurship
Global Target 4.6 Build and upgrade inclusive and safe schools • Facilitating Sustainable and Responsible Investing, 43-44
• Community Stewardship, 86-88 Appendix
Global Target 4.7 Learners to acquire knowledge and skills needed to promote sustainable development, • Community Stewardship, 86-88 Sustainability in Numbers
including, among others, through education for sustainable development
5 Gender Equality Global Target 5.5 Full and effective participation and equal opportunities for women at all levels • Facilitating Sustainable and Responsible Investing, 43-44 GRI Content Index
of decision-making in political, economic and public life • Financial Inclusion, 55
• Diverse and Inclusive Workforce, 69 GRI G4 Financial Services Sector Disclosures
6 Clean Water and Sanitation Global Target 6.3 Improve water quality by reducing pollution, halving the proportion of untreated • Supporting Businesses’ Sustainable Growth, 34-35 SASB Index
wastewater and increasing recycling and safe reuse globally TCFD Index
7 Affordable and Clean Energy Global Target 7.2 Increase share of renewable energy in the global energy mix • Supporting Businesses’ Sustainable Growth, 34-35 UN SDGs Index
Global Target 7.3 Global rate of improvement in energy efficiency to double • Supporting Businesses’ Sustainable Growth, 34-35 UNGC Ten Principles
Global Target 7.B Infrastructure expansion and technological upgrade in order to supply modern • Supporting Businesses’ Sustainable Growth, 34-35 Glossary
and sustainable energy services for all in developing countries External Assurance

Appendix

Overview
Decent Work and Economic
Our Approach
8 Global Target 8.2 Higher levels of economic productivity achieved through diversification, technological • Supporting Businesses Through Economic Cycles, 48
Growth upgrading and innovation
Global Target 8.3 Development-oriented policies promoted to support productive activities, decent job • Financial Inclusion, 54-55 Drive Growth Sustainably
creation, entrepreneurship, creativity and innovation, and to encourage the formalisation and growth of
micro-, small- and medium-sized enterprises, including through access to financial services
Global Target 8.4 Improvement in global resource efficiency in consumption and production and • Supporting Clients in Sustainable Development, 34 Keep Customers at the Centre
decoupling of economic growth from environmental degradation
Global Target 8.5 Full and productive employment and decent work to be achieved for all women and • Facilitating Sustainable and Responsible Investing, 43-44
men, including for young people and persons with disabilities, and equal pay for work of equal value • Attracting, Developing and Retaining Talent, 60 Develop Professionals of Principle
• Diverse and Inclusive Workforce, 69
Global Target 8.10 Capacity of domestic financial institutions to be strengthened to encourage and • Financial Inclusion, 54-55
expand access to banking, insurance and financial services for all Uphold Corporate Responsibility
9 Industry, Innovation and Global Target 9.1 Quality, reliable, sustainable and resilient infrastructure to support economic • Workplace Safety, Health and Well-being, 64
Infrastructure development and human well-being • Managing Our Direct Environmental Impact, 77
• Community Stewardship, 87 Appendix
Global Target 9.3 Increase in access to small-scale industrial and other enterprises to financial services, • Supporting Businesses Through Economic Cycles, 48 Sustainability in Numbers
including affordable credit, and their integration into value chains and markets • Financial Inclusion, 54
Global Target 9.4 Upgrade infrastructure to make them sustainable, with increased resource-use efficiency • Supporting Businesses’ Sustainable Growth, 34-35 GRI Content Index
and greater adoption of clean and environmentally-sound technologies and industrial processes • Managing Our Direct Environmental Impact, 77
10 Reduced Inequalities Global Target 10.2 Social, economic and political inclusion of all, irrespective of age, sex, disability, race, • Facilitating Sustainable and Responsible Investing, 43-44
ethnicity, origin, religion or economic or other status • Financial Inclusion, 55 SASB Index
• Diverse and Inclusive Workforce, 69 TCFD Index
11 Sustainable Cities and Global Target 11.4 Strengthen efforts to protect and safeguard cultural and national heritage • Community Stewardship, 86, 88 UN SDGs Index
Communities
Global Target 11.6 Reduced adverse per capita environmental impact of cities, including by paying special • Supporting Businesses’ in Sustainable Growth, 34-35 UNGC Ten Principles
attention to air quality and municipal and other waste management • Supporting Businesses Through Economic Cycles, 48 Glossary
• Financial Inclusion, 54
• Managing Our Direct Environmental Impact, 77 External Assurance
12 Responsible Consumption Global Target 12.5 Reduction in waste generation through prevention, reduction, recycling and reuse • Managing Our Direct Environmental Impact, 77
and Production • Community Stewardship, 87-88
Global Target 12.6 Companies, especially large and transnational companies, encouraged to adopt • Supporting Businesses’ Sustainable Growth, 34-35
sustainable practices
Global Target 12.7 Promotion of sustainable procurement practices in accordance with national policies • Sustainable Procurement, 82
and priorities

Appendix

Overview
Our Approach
13 Climate Action Global Target 13.2 Integration of climate change measures into policies, strategies and planning • Climate Change Risks, 31
Global Target 13.3 Improvements in education, awareness-raising and human and institutional capacity on • Supporting Businesses’ Sustainable Growth, 34-35
climate change mitigation, adaptation, impact reduction and early warning • Community Stewardship, 88 Drive Growth Sustainably
14 Life Below Water Global Target 14.1 Prevention and reduction of marine pollution of all kinds, in particular from • Supporting Businesses’ Sustainable Growth, 34-35
land-based activities, including marine debris and nutrient pollution
15 Life on Land Global Target 15.A Increase in financial resources to conserve and sustainably use biodiversity • Supporting Businesses’ Sustainable Growth, 34-35
and ecosystems
16 Peace, Justice and Global Target 16.5 Reduction in corruption and bribery in all their forms • Preventing Corruption, Fraud and Money Laundering, 76 Develop Professionals of Principle
Strong Institutions
17 Partnership for the Goals Global Target 17.16 Multi-stakeholder partnerships that mobilise and share knowledge, expertise, • Responsible Financing, 25
technology and financial resources, to support the achievement of the sustainable development goals • Climate Change Risks, 31
• Supporting Businesses’ Sustainable Growth, 32 Uphold Corporate Responsibility
• Financial Inclusion, 51
• Data Privacy and Governance, 56
• Diverse and Inclusive Workforce, 69 Appendix
• Infomation Security, 73
• Preventing Corruption, Fraud and Money Laundering, 74 Sustainability in Numbers
Global Target 17.17 Effective public, public-private and civil society partnerships, building on the • Supporting Businesses’ Sustainable Growth, 32 Awards and Accolades
experience and resourcing strategies of partnerships • Community Stewardship, 87-88
GRI Content Index
SASB Index
TCFD Index
UN SDGs Index
UNGC Ten Principles
Glossary
External Assurance

Appendix
United Nations Global Compact (UNGC) Ten Principles

Overview
UNGC Ten Principles Material ESG Factor and Page Reference

Human Rights
Our Approach
Principle 1 Businesses should support and respect the protection of internationally proclaimed human rights 6, 9, 42, 60, 82
Principle 2 Make sure that they are not complicit in human rights abuses 21-25, 82 Drive Growth Sustainably
Labour
Principle 3 Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining 9, 60
Principle 4 The elimination of all forms of forced and compulsory labour 21-25, 60, 82
Principle 5 The effective abolition of child labour 21-25, 60, 82
Principle 6 The elimination of discrimination in respect of employment and occupation 60, 68 Develop Professionals of Principle
Environment
Principle 7 Businesses should support a precautionary approach to environmental challenges 6-9, 21-25, 26-31, 32-38, 39, 40-44, 77-81, 82
Principle 8 Undertake initiatives to promote greater environmental responsibility 21-25, 32-38, 39, 40-44, 86-88
Principle 9 Encourage the development and diffusion of environmentally friendly technologies 32-38, 39, 40-44
Anti-Corruption Appendix
Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery 9, 74-76 Sustainability in Numbers
GRI Content Index
SASB Index
TCFD Index
UN SDGs Index
UNGC Ten Principles
Glossary
External Assurance

Appendix
Glossary
Overview
Anti-money laundering (AML) Green loans

AML refers to combating money laundering. Money laundering refers to the process of masking financial Any type of loan instrument made exclusively to finance or to re-finance, in whole or in part, new and/or
Our Approach
proceeds from criminal conduct such that these proceeds appear to have originated from legitimate source(s). existing Green Projects that are deemed eligible under UOB umbrella frameworks or borrowers’ frameworks,
and which are aligned to the Loan Market Association/Asia Pacific Loan Market Association (LMA/APLMA)
Carbon dioxide equivalent (CO2e) Green Loan Principles. Drive Growth Sustainably
The common metric used to compare emissions from the various types of greenhouse gases. Different greenhouse
gases have different potential for global warming. By converting all greenhouse gases to the common measure Green trade facility
of tonnes of CO2e, companies are able to be consistent in their measurement and comparison. For example, Any trade and/or working capital facilities made to finance or to re-finance, in whole or in part, new and/or
one tonne of methane would be equal to about 25 tonnes of CO2e, because it has a global warming potential existing Green themes and activities and/or relevant industry certifications that are deemed eligible under the Keep Customers at the Centre
that is approximately 25 times that of one tonne of carbon dioxide. UOB Green and Sustainable Trade Finance and Working Capital Framework, and which are aligned to the Loan
Market Association/Asia Pacific Loan Market Association (LMA/APLMA) Sustainability-linked Loan Principles.
Climate change and global warming
Greenhouse gas emissions Develop Professionals of Principle
The increase in the average temperature of the Earth’s climate system, apparent since the mid- to late-20th
century. Climate change is attributed primarily to the higher amounts of greenhouse gases in the atmosphere Gaseous pollutants that absorb infrared radiation and trap heat in the atmosphere. The primary greenhouse gases
resulting from the burning of fossil fuel, the production of industrial products, livestock farming, crop fertilisation are carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.
and deforestation. The gases trap heat in the atmosphere and are expected to have a variety of effects on the Uphold Corporate Responsibility
planet, including sea level rise, droughts and severe weather events. Impact investing
The deployment of capital in companies with the deliberate intention of generating positive social and/or
Corruption environmental benefits alongside, and as a means of, achieving positive financial returns.
The abuse of entrusted power for private gain. Appendix
Islamic banking Sustainability in Numbers
Customer Satisfaction Score (CSS) A system of banking that complies with Islamic law (Shariah). The underlying principles that govern Islamic
Refers to the measurement that determines how satisfied customers are with our products and services and Awards and Accolades
banking are sustainable circulation of wealth, transparency, stability, assurance of justice and protection of
their overall satisfaction based on recent interactions with the Bank, on a scale of zero to 10. wealth. In generating profit, Islamic banking transactions are based on trading activities and interest-bearing GRI Content Index
transactions are prohibited.
Financial inclusion GRI G4 Financial Services Sector Disclosures
Programmes and initiatives that help individuals and businesses access useful, appropriate and affordable Location-based emissions SASB Index
financial products and services that meet their needs (for example transactions, payments, savings, credit and Emissions calculated based on the average emissions intensity/factors of the grids on which the energy
insurance) and that are delivered in a responsible and sustainable way. consumption occurs. TCFD Index
UN SDGs Index
Fraud Market-based emissions
An act, with an element to deceive or conceal facts. Fraud is not restricted to monetary or material benefits. Emissions calculations that reflect or include emissions from electricity that the user entity has chosen to UNGC Ten Principles
purchase, for example, contractual arrangements under which the organisation procures power from specific Glossary
Global Reporting Initiative (GRI) Standards suppliers or any external sources, such as renewable energy.
A set of internationally-recognised standards that help businesses, governments and other organisations External Assurance
communicate and report their risks and impacts for environmental, social and economic topics. Material environmental, social and governance (ESG) factors
Environmental, social and governance, as well as economic, factors can impact the risk and return profile
Global warming potential of our financing and investment decisions as well as our internal operations. Such factors are considered by
A measure of the amount of heat a greenhouse gas is able to trap in the atmosphere relative to carbon dioxide gas. investors and other stakeholders in assessing and measuring the sustainability of a company and its business
activities. The same factors are considered, in turn, by the Bank to ensure that our stakeholders abide by our
values and principles.

Appendix
Glossary
Overview
Material supplier Sustainable development

A material supplier is a new, existing or re-contracted supplier that performs a material outsourcing activity Development that meets the needs of the present without compromising the ability of future generations to
Our Approach
which, if disrupted, has the potential to impact our business operations significantly or our ability to manage meet their own needs. This entails respect for the environment, human rights, labour rights, decent work and
risks effectively. Material suppliers also include those that supply goods and/or services to the Bank with an economic growth, data privacy and business ethics.
annual spend of $5 million or more. Drive Growth Sustainably
Sustainability-linked loans
Materiality assessment Any type of loan instrument and/or contingent facility (such as bonding lines, guarantee lines or letters of
The methodology by which we identify and assess the material ESG factors that have an impact on our business credit) which incentivise the borrower to achieve pre-determined sustainability performance objectives. The
and influence stakeholder decision-making. borrower’s sustainability performance is measured using sustainability performance targets, which can include Keep Customers at the Centre
key performance indicators, external ESG ratings or equivalent metrics which measure improvements in the
Microfinancing borrower’s sustainability profile.
The provision of financial services to individuals, households and micro-enterprises that are normally excluded
from conventional banking services.
Task Force on Climate-related Financial Disclosures (TCFD) Develop Professionals of Principle
Industry-led initiative established by the Financial Stability Board in 2015 at the request of the G20 to develop
Net Promoter Score (NPS) a set of voluntary climate-related financial risk disclosures which can be adopted by companies so that those
A metric used to measure the likelihood of a customer recommending a company’s brand, product or service companies can inform investors and other members of the public about the risks they face related to climate
change. The recommendations of the TCFD are organised around four pillars, namely governance and management, Uphold Corporate Responsibility
to others. The NPS is an established worldwide metric used to measure customer loyalty and to predict
business growth. strategy, management of climate change-related risks and metrics and targets in place to address the impacts.
Physical risks Taskforce on Nature-related Financial Disclosures (TNFD)

Appendix
Risk management and disclosure framework for organisations to report and act on evolving nature-related
Physical risks can be acute or chronic. Acute physical risks refer to those that are event driven, including increased
risks, with the ultimate aim of supporting a shift in global financial flows away from nature-negative outcomes Sustainability in Numbers
severity of extreme weather events, such as cyclones and wildfires. Chronic physical risk arises from longer-term
and toward nature-positive outcomes.
shifts in climate patterns such as rising sea levels with time horizon typically spanning decades. Physical risks Awards and Accolades
can result in financial losses due to direct damage to assets and indirect impact from supply chain disruption. Transition risks GRI Content Index
Responsible financing Transition risks arise from the process of adjustment towards a low-carbon economy which could result in
financial and non-financial impacts. Impact is expected to materialise in a shorter time horizon with the speed GRI G4 Financial Services Sector Disclosures
The integration of ESG factors into our credit and risk evaluation process for financing activities. and magnitude of transition dependent on changes in public policies, technological developments, shifts in SASB Index
consumer preferences and investor sentiment.
Sustainability Accounting Standards Board (SASB) TCFD Index
An independent non-profit organisation that sets standards to help guide corporations in their disclosure of United Nations-supported Principles for Responsible Investment (PRI)
financially material sustainability information to investors. UN SDGs Index
The PRI sets out six principles that serve as a global standard for responsible investing. They also provide guidance
to financial institutions on the integration of ESG factors in the investment process and in active ownership. UNGC Ten Principles
Scope 1 greenhouse gas emissions
Direct emissions that originate from operations or assets which are owned or controlled by the organisation United Nations Global Compact (UNGC) Glossary
including on-site generation of electricity, steam or heat in equipment, travel in cars and other vehicles owned or The United Nations Global Compact is an initiative to encourage companies to align their strategies and External Assurance
controlled by the company and hydrofluorocarbons emitted from refrigeration or air-conditioning equipment. operations with ten principles in the areas of human rights, labour, the environment and anti-corruption,
and to advance progress against the UN SDGs.
Scope 2 greenhouse gas emissions
Indirect emissions resulting from the generation of grid electricity, heat or steam by an outside organisation, United Nations Sustainable Development Goals (UN SDGs)
such as an electricity provider, but which is utilised by the reporting organisation. The 17 UN SDGs, also known as the Global Goals, were adopted by the United Nations Member States in 2015
and form the core of the 2030 Agenda, a universal call to action for governments, businesses and civil society
Scope 3 greenhouse gas emissions to end poverty, protect the planet and ensure peace and prosperity for all people by 2030.
All other indirect emissions which occur at sources the organisation neither owns nor controls. Scope 3 emissions
can result from business travel in non-company vehicles, especially commercial planes; employees commuting
in non-company vehicles, as well as the activities of suppliers, customers and contractors.

Appendix
External Assurance
Overview
United Overseas Bank Limited (“UOB”) 28 March 2022 No GRI Standards Disclosures Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope
Our Approach
2 102-9 Supply chain a. A description of the organization’s supply chain, including its Group
Independent Limited Assurance Statement in connection with the Subject Matter main elements as they relate to the organization’s activities,
included in the UOB Sustainability Report 2021 primary brands, products, and services.
3 102-41 Collective a. Percentage of total employees covered by collective bargaining Singapore,
To the Management of UOB bargaining agreements. Malaysia
agreements and
Scope Indonesia Keep Customers at the Centre
We have been engaged by UOB to perform a ‘limited assurance engagement’, as defined by International 4 201-1 Direct economic a. Direct economic value generated and distributed (EVG&D) Group
Standards on Assurance Engagements, here after referred to as the engagement, to report on UOB’s Sustainability value generated on an accruals basis, including the basic components for
Report 2021 GRI Standards disclosures (the “Subject Matter”) as set out in the Subject Matter and Criteria and distributed the organization’s global operations as listed below. If data Develop Professionals of Principle
section below as of 28 March 2022 for the year ended 31 December 2021 for the period from 1 January 2021 to are presented on a cash basis, report the justification for
31 December 2021 (“FY2021”) (“the Report”). this decision in addition to reporting the following basic
components:
i Direct economic value generated: revenues; Uphold Corporate Responsibility
Subject Matter and Criteria
ii Economic value distributed: operating costs, employee wages
In preparing the Subject Matter, UOB applied the Global Reporting Initiative (“GRI”) (“the Criteria”) as set out and benefits, payments to providers of capital, payments to
in the table below: government by country, and community investments;
iii Economic value retained: ‘direct economic value
Appendix
GRI Standards Disclosures generated’ less ‘economic value distributed’. Sustainability in Numbers
b. Where significant, report EVG&D separately at country, regional, Awards and Accolades
No GRI Standards Disclosures Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope or market levels, and the criteria used for defining significance.
GRI Content Index
1 102-8 Information on a. Total number of employees by employment contract (permanent Group1 2.1 When compiling the information specified in Disclosure 201-1,
employees and and temporary), by gender. the reporting organization shall, if applicable, compile the GRI G4 Financial Services Sector Disclosures
other workers EVG&D from data in the organization’s audited financial or profit
b. Total number of employees by employment contract (permanent SASB Index
and loss (P&L) statement, or its internally audited management
and temporary), by region. accounts. TCFD Index
c. Total number of employees by employment type (full-time and 5 205-2 Communication a. Total number and percentage of governance body members that Group UN SDGs Index
part-time), by gender. and training the organization’s anti-corruption policies and procedures have
about been communicated to, broken down by region. UNGC Ten Principles
d. Whether a significant portion of the organization’s activities are
performed by workers who are not employees. If applicable, a anti-corruption Glossary
policies and b. Total number and percentage of employees that the organization’s
description of the nature and scale of work performed by workers who anti-corruption policies and procedures have been communicated
are not employees. procedures External Assurance
to, broken down by employee category and region.
e. Any significant variations in the numbers reported in Disclosures d. Total number and percentage of governance body members that
102-8-a, 102-8-b, and 102-8-c (such as seasonal variations in the have received training on anti-corruption, broken down by region.
tourism or agricultural industries).
e. Total number and percentage of employees that have received
f. An explanation of how the data have been compiled, including any training on anti-corruption, broken down by employee category
assumptions made. and region.
1 “Group” under Audit scope comprises Singapore, Malaysia, Thailand, Indonesia, Greater China (including the Mainland and Hong Kong), Vietnam, and all overseas branches (UK, Australia, etc).

Appendix
External Assurance
Overview
No GRI Standards Disclosures Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope No GRI Standards Disclosures Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope
Our Approach
6 302-1 Energy a. Total fuel consumption within the organization from non-renewable Group 7 302-3 Energy intensity a. Energy intensity ratio for the organization. Group
consumption sources, in joules or multiples, and including fuel types used.
within the b. Organization-specific metric (the denominator) chosen to calculate
organization b. Total fuel consumption within the organization from renewable the ratio. Drive Growth Sustainably
sources, in joules or multiples, and including fuel types used.
c. Types of energy included in the intensity ratio; whether fuel,
c. In joules, watt-hours or multiples, the total: electricity, heating, cooling, steam, or all.
i. electricity consumption
d. Whether the ratio uses energy consumption within the organization,
ii. heating consumption
iii. cooling consumption outside of it, or both.
iv. steam consumption 2.5 When compiling the information specified in Disclosure 302-3, the
reporting organization shall: Develop Professionals of Principle
d. In joules, watt-hours or multiples, the total:
i. electricity sold 2.5.1 Calculate the ratio by dividing the absolute energy consumption
ii. heating sold (the numerator) by the organization-specific metric (the
iii. cooling sold denominator); Uphold Corporate Responsibility
iv. steam sold
2.5.2 If reporting an intensity ratio both for the energy consumed within
e. Total energy consumption within the organization, in joules or multiples. the organization and outside of it, report these intensity ratios
f. Standards, methodologies, assumptions, and/or calculation tools used. separately. Appendix
g. Source of the conversion factors used. 8 305-1 Direct a. Gross direct (Scope 1) GHG emissions in metric tons of CO2 Group Sustainability in Numbers
(Scope 1) equivalent.
2.1 When compiling the information specified in Disclosure 302-1, GHG emissions Awards and Accolades
the reporting organization shall: b. Gases included in the calculation; whether CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, or all. GRI Content Index
2.1.1 Avoid the double-counting of fuel consumption, when reporting GRI G4 Financial Services Sector Disclosures
self-generated energy consumption. If the organization generates c. Biogenic CO2 emissions in metric tons of CO2 equivalent.
electricity from a non-renewable or renewable fuel source and d. Base year for the calculation, if applicable, including: SASB Index
then consumes the generated electricity, the energy consumption i. the rationale for choosing it; TCFD Index
shall be counted once under fuel consumption; ii. emissions in the base year;
iii. the context for any significant changes in emissions that UN SDGs Index
2.1.2 Report fuel consumption separately for non-renewable and
triggered recalculations of base year emissions.
renewable fuel sources; UNGC Ten Principles
2.1.3 Only report energy consumed by entities owned or controlled by e. Source of the emission factors and the global warming potential Glossary
the organization; (GWP) rates used, or a reference to the GWP source.
External Assurance
f. Consolidation approach for emissions; whether equity share, financial
2.1.4 Calculate the total energy consumption within the organization in
control, or operational control.
joules or multiples using the following formula:
Total energy consumption within the organization g. Standards, methodologies, assumptions, and/or calculation tools used.
= Non-renewable fuel consumed + Renewable fuel consumed 2.1 When compiling the information specified in Disclosure 305-1,
+ Electricity, heating, cooling, and steam purchased for consumption the reporting organization shall:
+ Self-generated electricity, heating, cooling, and steam which are not
consumed - Electricity, heating, cooling, and steam sold

Appendix
External Assurance
Overview
Our Approach
8 305-1 Direct 2.1.1 Exclude any GHG trades from the calculation of gross direct Group 10 305-3 Other indirect a. Gross other indirect (Scope 3) GHG emissions in metric tons of CO2 Group
(Scope 1) (Scope 1) GHG emissions; emissions equivalent.
GHG emissions (Scope 3)
2.1.2 Report biogenic emissions of CO2 from the combustion or emissions b. If available, the gases included in the calculation; whether CO2, Drive Growth Sustainably
biodegradation of biomass separately from the gross direct (Scope CH4, N2O, HFCs, PFCs, SF6, NF3, or all.
1) GHG emissions. Exclude biogenic emissions of other types of
GHG (such as CH4 and N2O), and biogenic emissions of CO2 that c. Biogenic CO2 emissions in metric tons of CO2 equivalent.
occur in the life cycle of biomass other than from combustion d. Other indirect (Scope 3) GHG emissions categories and activities
or biodegradation (such as GHG emissions from processing or included in the calculation.
transporting biomass).
e. Base year for the calculation, if applicable, including:
9 305-2 Energy indirect a. Gross location-based energy indirect (Scope 2) GHG emissions in Group i. the rationale for choosing it; Develop Professionals of Principle
(Scope 2) metric tons of CO2 equivalent. ii. emissions in the base year;
GHG emissions iii. the context for any significant changes in emissions that
b. If applicable, gross market-based energy indirect (Scope 2) GHG
triggered recalculations of base year emissions.
emissions in metric tons of CO2 equivalent. Uphold Corporate Responsibility
c. If available, the gases included in the calculation; whether CO2, f. Source of the emission factors and the global warming potential
CH4, N2O, HFCs, PFCs, SF6, NF3, or all. (GWP) rates used, or a reference to the GWP source.
d. Base year for the calculation, if applicable, including: g. Standards, methodologies, assumptions, and/or calculation tools used. Appendix
i. the rationale for choosing it; 2.5 When compiling the information specified in Disclosure 305-3, Sustainability in Numbers
ii. emissions in the base year; the reporting organization shall:
iii. the context for any significant changes in emissions that Awards and Accolades
triggered recalculations of base year emissions. 2.5.1 Exclude any GHG trades from the calculation of gross other
indirect (Scope 3) GHG emissions; GRI Content Index
e. Source of the emission factors and the global warming potential
(GWP) rates used, or a reference to the GWP source. 2.5.2 Exclude energy indirect (Scope 2) GHG emissions from this GRI G4 Financial Services Sector Disclosures
disclosure. Energy indirect (Scope 2) GHG emissions are disclosed SASB Index
f. Consolidation approach for emissions; whether equity share, as specified in Disclosure 305-2;
financial control, or operational control. TCFD Index
2.5.3 Report biogenic emissions of CO2 from the combustion or
g. Standards, methodologies, assumptions, and/or calculation tools used. biodegradation of biomass that occur in its value chain separately UN SDGs Index
2.3 When compiling the information specified in Disclosure 305-2, from the gross other indirect (Scope 3) GHG emissions. Exclude UNGC Ten Principles
the reporting organization shall: biogenic emissions of other types of GHG (such as CH4 and N2O),
and biogenic emissions of CO2 that occur in the life cycle of Glossary
2.3.1 Exclude any GHG trades from the calculation of gross energy biomass other than from combustion or biodegradation (such as
indirect (Scope 2) GHG emissions; GHG emissions from processing or transporting biomass). External Assurance
2.3.2 Exclude other indirect (Scope 3) GHG emissions that are disclosed
as specified in Disclosure 305-3;
2.3.3 Account and report energy indirect (Scope 2) GHG emissions based
on the location-based method, if it has operations in markets
without product or supplier-specific data;
2.3.4 Account and report energy indirect (Scope 2) GHG emissions based
on both the location-based and market-based methods, if it has
any operations in markets providing product or supplier-specific
data in the form of contractual instruments.
Appendix
External Assurance
Overview
Our Approach
11 305-4 GHG emissions a. GHG emissions intensity ratio for the organization. Group 2.2 When compiling the information specified in Disclosure 306-4, the
intensity reporting organization shall:
b. Organization-specific metric (the denominator) chosen to calculate
the ratio. 2.2.1 Exclude effluent, unless required by national legislation to be Drive Growth Sustainably
reported under total waste;
c. Types of GHG emissions included in the intensity ratio; whether
direct (Scope 1), energy indirect (Scope 2), and/or other indirect 2.2.2 Use 1000 kilograms as the measure for a metric ton.
(Scope 3). Keep Customers at the Centre
13 306-5 Waste directed a. Total weight of waste directed to disposal in metric tons, Group
d. Gases included in the calculation; whether CO2, CH4, N2O, HFCs, PFCs, to disposal and a breakdown of this total by composition of the waste.
SF6, NF3, or all.
b. Total weight of hazardous waste directed to disposal in metric tons,
2.7 When compiling the information specified in Disclosure 305-4, the and a breakdown of this total by the following disposal operations:
reporting organization shall: i. Incineration (with energy recovery);
ii. Incineration (without energy recovery);
2.7.1 Calculate the ratio by dividing the absolute GHG emissions iii. Landfilling;
(the numerator) by the organization-specific metric Uphold Corporate Responsibility
iv. Other disposal operations.
(the denominator);
c. Total weight of non-hazardous waste directed to disposal in metric
2.7.2 If reporting an intensity ratio for other indirect (Scope 3) tons, and a breakdown of this total by the following disposal
GHG emissions, report this intensity ratio separately from operations:
Appendix
the intensity ratios for direct (Scope 1) and energy indirect i. Incineration (with energy recovery);
(Scope 2) emissions. Sustainability in Numbers
ii. Incineration (without energy recovery);
12 306-4 Waste diverted a. Total weight of waste diverted from disposal in metric tons, Group iii. Landfilling; Awards and Accolades
from disposal and a breakdown of this total by composition of the waste. iv. Other disposal operations.
GRI Content Index
b. Total weight of hazardous waste diverted from disposal in metric tons, d. For each disposal operation listed in Disclosures 306-5-b and 306-5-c,
and a breakdown of this total by the following recovery operations: a breakdown of the total weight in metric tons of hazardous waste
i. Preparation for reuse; and of non-hazardous waste directed to disposal: SASB Index
ii. Recycling; i. onsite;
ii. offsite. TCFD Index
iii. Other recovery operations.
e. Contextual information necessary to understand the data and how UN SDGs Index
c. Total weight of non-hazardous waste diverted from disposal in
metric tons, and a breakdown of this total by the following recovery the data has been compiled. UNGC Ten Principles
operations:
2.4 When compiling the information specified in Disclosure 306-5, Glossary
i. Preparation for reuse;
the reporting organization shall:
ii. Recycling; External Assurance
iii. Other recovery operations. 2.4.1 Exclude effluent, unless required by national legislation to be
reported under total waste;
d. For each recovery operation listed in Disclosures 306-4-b and 306-4-c,
a breakdown of the total weight in metric tons of hazardous waste 2.4.2 Use 1000 kilograms as the measure for a metric ton.
and of non-hazardous waste diverted from disposal:
i. onsite;
ii. offsite.
e. Contextual information necessary to understand the data and how
the data has been compiled.

Appendix
External Assurance
Overview
No GRI Standards Disclosures Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope As part of our scope of limited assurance, we have conducted the verification of the GHG emission figures. Our
scope of limited assurance did not include the verification for the retirement of Renewable Energy Certificates Our Approach
14 401-1 New employee a. Total number and rate of new employee hires during the reporting Group and offsets via Carbon Credits against the following GRI indicators:
hires and period, by age group, gender and region.
employee a. 305-1 Direct (Scope 1) GHG emissions,
turnover b. Total number and rate of employee turnover during the reporting Drive Growth Sustainably
b. 305-2 Energy indirect (Scope 2) GHG emissions, and
period, by age group, gender and region.
c. 305-3 Other indirect (Scope 3) emissions.
15 404-1 Average hours a. Average hours of training that the organization’s employees have Group
of training undertaken during the reporting period, by: UOB Management’s responsibilities Keep Customers at the Centre
per year i. gender; UOB Management is responsible for selecting Criteria, and for presenting the Subject Matter in accordance with
per employee ii. employee category. that Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls,
16 404-3 Percentage a. Percentage of total employees by gender and by employee Group maintaining adequate records, and making estimates that are relevant to the preparation of the Subject Matter
Information, such that it is free from material misstatement, whether due to fraud or error. Develop Professionals of Principle
of employees category who received a regular performance and career
receiving regular development review during the reporting period.
performance EY’s responsibilities
and career Our responsibility is to express a limited assurance conclusion on the Subject Matter based on the procedures Uphold Corporate Responsibility
development we performed and evidence we obtained.
reviews
17 405-1 Diversity of a. Percentage of individuals within the organization’s governance Group We conducted our limited assurance engagement in accordance with International Standard on Assurance
Appendix
governance bodies in each of the following diversity categories: Engagements 3000 (“ISAE 3000”) issued by the International Auditing and Assurance Standards Board, and the
bodies and i. Gender; terms of reference for this engagement as agreed with UOB on 16 September 2021. Those standards require Sustainability in Numbers
employees ii. Age group: under 30 years old, 30-50 years old, over 50 years old; that we plan and perform our engagement to obtain limited assurance about whether, in all material respects,
iii. Other indicators of diversity where relevant (such as minority the Subject Matter is presented in accordance with the Criteria, and to issue a report. The nature, timing, Awards and Accolades
or vulnerable groups). and extent of the procedures selected depend on our judgment, including assessment of the risk of material GRI Content Index
misstatement, whether due to fraud or error.
b. Percentage of employees per employee category in each of the GRI G4 Financial Services Sector Disclosures
following diversity categories: We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited assurance
i. Gender; conclusions. SASB Index
ii. Age group: under 30 years old, 30-50 years old, over 50 years old;
TCFD Index
iii. Other indicators of diversity where relevant (such as minority Our independence and quality control
or vulnerable groups). UN SDGs Index
We have maintained our independence and confirm that we have met the requirements of the Accounting
and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants UNGC Ten Principles
and Accounting Entities (“ACRA Code”), which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour. Glossary
External Assurance
EY also applies Singapore Standard on Quality Control 1, Quality Control for Firms that Perform Audits and
Reviews of Financial Statements, and Other Assurance and Related Services Engagements, and accordingly
maintains a comprehensive system of quality control including documented policies and procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Appendix
Overview
Description of procedures performed 6. Checking that data and statements had been correctly transcribed from corporate systems and / or
supporting evidence, into the Report. Our Approach
Procedures performed in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained had a 7. Obtain various certifications, audit reports and financial statement report in relation to the Subject Matter
reasonable assurance engagement been performed. Our procedures were designed to obtain a limited level in the Report.
of assurance on which to base our conclusion and do not provide all the evidence that would be required to
provide a reasonable level of assurance. 8. Checking that data and statements had been correctly transcribed from corporate systems and / or
supporting evidence, into the Report.
Although we considered the effectiveness of management’s internal controls when determining the nature Keep Customers at the Centre
and extent of our procedures, our assurance engagement was not designed to provide assurance on internal We also performed such other procedures as we considered necessary in the circumstances.
controls. Our procedures did not include testing controls or performing procedures relating to checking
aggregation or calculation of data within IT systems. Conclusion
Based on our procedures and the evidence obtained, we are not aware of any material modifications that Develop Professionals of Principle
A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing should be made to the Subject Matter as of 28 March 2022 for the year ended 31 December 2021, in order for
the Subject Matter and related information, and applying analytical and other appropriate procedures. it to be in accordance with the Criteria.
Our procedures included: Uphold Corporate Responsibility

Restricted use
1. Inquiries with UOB’s Sustainability teams to This report is intended solely for the information and use of the Management of UOB and is not intended to
a. Understand principal business operations, be and should not be used by anyone other than those specified parties.
Appendix
b. Appreciate key sustainability issues and developments,
c. Map out information flow for sustainability reporting and the relevant controls, Sustainability in Numbers
d. Identify data providers with their responsibilities, and
e. Recognise the likelihood of possible manipulation of sustainability information and data. Awards and Accolades
GRI Content Index
2. Virtual meetings with UOB’s data stakeholders and management. Ernst & Young LLP
3. Process walk-through of systems and processes for data aggregation and reporting, with relevant personnel
to understand the quality of checks and control mechanisms, assessing and testing the controls in relation SASB Index
to the Subject Matter in the Report. TCFD Index
4. Interviews with employees and management in UOB (Corporate Sustainability Office, Group Human UN SDGs Index
Resource, Group Technology and Operations, and Group Corporate Real Estate Services) to understand Signed for Ernst & Young LLP by
UNGC Ten Principles
key sustainability issues related to the select indicators and processes for the collection and accurate Praveen Tekchandani
reporting of performance information. Partner, Climate Change and Sustainability Services Glossary
Singapore
5. Obtain documentation through sampling methods to verify assumptions, estimations and computations 28 March 2022 External Assurance
made by management in relation to the Subject Matter in the Report.

Appendix
External Assurance
Overview
United Overseas Bank Limited (“UOB”) 28 March 2022 As part of our scope of limited assurance, we have conducted the verification of the GHG emission
figures stated above. Our scope of limited assurance did not include the verification for the retirement of Our Approach
Renewable Energy Certificates and offsets via Carbon Credits.
Independent Limited Assurance Report on UOB’s Greenhouse Gas (“GHG”) Statement
UOB Management’s responsibilities
To the Management of UOB Drive Growth Sustainably
UOB Management is responsible for selecting the Criteria, and for presenting the Subject Matter in
accordance with that Criteria, in all material respects. This responsibility includes establishing and
Scope maintaining internal controls, maintaining adequate records and making estimates that are relevant to
We have undertaken a ‘limited assurance engagement’ of the accompanying GHG statement of UOB’s the preparation of the GHG statement, such that it is free from material misstatement, whether due to Keep Customers at the Centre
Sustainability Report 2021 as set out in the Subject Matter and Criteria section below as of 28 March fraud or error.
2022 for the year ended 31 December 2021 for the period from 1 January 2021 to 31 December 2021
(“FY2021”) (“the Report”). EY’s responsibilities
Our responsibility is to express a limited assurance conclusion on the Subject Matter based on the Develop Professionals of Principle
Subject Matter and Criteria procedures we performed and evidence we obtained.
The criteria (“the Criteria”) for our assurance evaluation are as follows:
We conducted our limited assurance engagement in accordance with International Standard for
• GHG Protocol Corporate Accounting and Reporting Standard for GHG inventories; and Assurance Engagements on Greenhouse Gas Statements (“ISAE 3410”), and the terms of reference for Uphold Corporate Responsibility
• ISO 14064-3: 2019 Specification with guidance for the validation and verification of GHG assertions. this engagement as agreed with UOB on 16 September 2021. Those standards require that we plan and
perform our engagement to obtain limited assurance about whether, in all material respects, the Subject
The Subject Matter is set out in the table below: Matter is presented in accordance with the Criteria, and to issue a report. The nature, timing, and extent Appendix
of the procedures selected depend on our judgment, including an assessment of the risk of material
Greenhouse Gas Emissions Disclosures misstatement, whether due to fraud or error. Sustainability in Numbers
We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited Awards and Accolades
No Greenhouse Gas Emissions Sub-indicators under “Shall” requirements (referenced as per GRI Standards) Scope assurance conclusion.
GRI Content Index
1 Direct (Scope 1) GHG • Direct emissions from sources owned or controlled by UOB Group2
emissions (e.g. stationary combustion emissions, fugitive emissions, Our independence and quality control GRI G4 Financial Services Sector Disclosures
mobile combustion emissions): We have maintained our independence and confirm that we have met the requirements of the
Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for
SASB Index
• Generation of Scope 1 emissions: 4.33 thousand tCO2e1
Public Accountants and Accounting Entities (“ACRA Code”), which is founded on fundamental principles TCFD Index
2 Energy indirect (Scope 2) • Generation of Scope 2 emissions (location-based): 66.63 thousand tCO2e Group of integrity, objectivity, professional competence and due care, confidentiality and professional
GHG emissions excluding • Generation of Scope 2 emissions (market-based)3 : 1.02 thousand tCO2e behaviour. UN SDGs Index
Scope 2 emissions for
UOB-owned spaces that EY also applies Singapore Standard on Quality Control 1, Quality Control for Firms that Perform Audits UNGC Ten Principles
are leased to tenants and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, and Glossary
(downstream assets) accordingly maintains a comprehensive system of quality control including documented policies and
procedures regarding compliance with ethical requirements, professional standards and applicable legal External Assurance
3 Other indirect (Scope 3) • Domestic and international air travel undertaken by employees Group
and regulatory requirements.
emissions4 for business purposes from, to or within Singapore, Indonesia,
Malaysia, Thailand, Greater China and Vietnam
• Generation of Scope 3 emissions: 0.63 thousand tCO2e
4 Total GHG emissions • Total Scope 1, Scope 2 (location-based), Scope 3 emissions: Group
71.59 thousand tCO2e
• Total Scope 1, Scope 2 (market-based), Scope 3 emissions:
5.98 thousand tCO2e
1 Thousand tCO2e refers to thousand tons of carbon dioxide equivalent. Carbon dioxide equivalent is a standard unit for calculating GHG such as carbon dioxide, methane in a common unit.
2 “Group” under Audit scope comprises Singapore, Malaysia, Thailand, Indonesia, Greater China (including the Mainland and Hong Kong), Vietnam, and all overseas branches (UK, Australia, etc.).
3 Scope 2 emissions (market-based) are residual emissions not offset by Renewable Energy Certificates. For 2021, this primarily arose from overseas branches’ Scope 2 GHG emissions.
4 The assurance scope for other indirect (Scope 3) emissions only covers domestic and international air travel by employees. It does not include other categories of Scope 3. UOB Sustainability Report 2021 129
Appendix
External Assurance
Overview
Description of procedures performed 4. Interviews with employees and management in UOB (Corporate Sustainability Office, Group Human
Resource, Group Technology and Operations, and Group Corporate Real Estate Services) to understand Our Approach
Procedures performed in a limited assurance engagement vary in nature and timing from, and are less
in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained key sustainability issues related to the select indicators and processes for the collection and accurate
in a limited assurance engagement is substantially lower than the assurance that would have been reporting of performance information.
obtained had a reasonable assurance engagement been performed. Our procedures were designed to
obtain a limited level of assurance on which to base our conclusion and do not provide all the evidence 5. Obtain documentation through sampling methods to verify assumptions, estimations and computations
that would be required to provide a reasonable level of assurance. made by management in relation to the Subject Matter in the Report.
Although we considered the effectiveness of management’s internal controls when determining the 6. Checking that data and statements had been correctly transcribed from corporate systems and/or supporting
nature and extent of our procedures, our assurance engagement was not designed to provide assurance evidence, into the Report.
on internal controls. Our procedures did not include testing controls or performing procedures relating to Develop Professionals of Principle
checking aggregation or calculation of data within IT systems. 7. Obtain various certifications, audit reports and financial statement report in relation to the Subject Matter
in the Report.
The Greenhouse Gas quantification process is subject to scientific uncertainty, which arises because of Uphold Corporate Responsibility
incomplete scientific knowledge about the measurement of GHGs. Additionally, GHG procedures are 8. Checking that data and statements had been correctly transcribed from corporate systems and/or supporting
subject to estimation (or measurement) uncertainty resulting from the measurement and calculation evidence, into the Report.
processes used to quantify emissions within the bounds of existing scientific knowledge. Appendix
We also performed such other procedures as we considered necessary in the circumstances.
A limited assurance engagement consists of making enquiries, primarily of persons responsible for Sustainability in Numbers
preparing the Subject Matter and related information, and applying analytical and other appropriate Conclusion Awards and Accolades
procedures. Based on our procedures and the evidence obtained, we are not aware of any material modifications GRI Content Index
that should be made to the Subject Matter as of 28 March 2022 for the year ended 31 December 2021,
Our procedures included: in order for it to be in accordance with the Criteria. GRI G4 Financial Services Sector Disclosures
SASB Index
1. Inquiries with UOB’s Sustainability teams to Restricted use
This report is intended solely for the information and use of the Management of UOB and is not intended TCFD Index
a. Understand principal business operations,
to be and should not be used by anyone other than those specified parties. UN SDGs Index
b. Appreciate key sustainability issues and developments,
c. Map out information flow for sustainability reporting and the relevant controls, UNGC Ten Principles
d. Identify data providers with their responsibilities, and
Glossary
e. Recognise the likelihood of possible manipulation of sustainability information and data. Ernst & Young LLP
External Assurance
2. Virtual meetings with UOB’s data stakeholders and management.
3. Process walk-through of systems and processes for data aggregation and reporting, with relevant personnel
to understand the quality of checks and control mechanisms, assessing and testing the controls in relation
to the Subject Matter in the Report. Signed for Ernst & Young LLP by
Praveen Tekchandani
Partner, Climate Change and Sustainability Services
Singapore
28 March 2022

United Overseas Bank Limited
Company Registration No.: 193500026Z
Head Office
80 Raffles Place
UOB Plaza
Singapore 048624
Tel (65) 6222 2121
Fax (65) 6534 2334
www.UOBgroup.com
facebook.com/uob
linkedin.com/company/uob
instagram.com/uobgroup
youtube.com/uob

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UOB Sustainability Report 2021

Innovating for a Sustainable Tomorrow

This report also serves as our Communication on Progress (CoP)

UOB Sustainability Report 2021 1

Our 2021 Snapshot

Keep Customers at the Centre

Develop Professionals of Principle

Uphold Corporate Responsibility

No material information Operational $6.1+ million 32,700+ hours Corporate Excellence

UOB Sustainability Report 2021 2

Deputy Chairman and CEO’s Statement

UOB Sustainability Report 2021 3

Deputy Chairman and CEO’s Statement

UOB Sustainability Report 2021 4

As we continue to deepen our presence across the

UOB Sustainability Report 2021 6

UOB Sustainability Report 2021 7

The Four Pillars of Our Sustainability Strategy Our Approach

Drive Growth Keep Customers Develop Uphold

Keep Customers at the Centre

Rooted in Our Values of Honour, Enterprise, Unity and Commitment

UOB Sustainability Report 2021 8

United Nations Our Approach

UOB became a participant of the United Nations

UOB Sustainability Report 2021 9

How We Engage With Our Stakeholders

At UOB, we believe that constructive dialogue and

UOB Sustainability Report 2021 10

Material ESG Factors

Climate Information security

Uphold Corporate Responsibility

Uphold Corporate Responsibility

Sustainability Governance Sustainability Reporting

UOB Sustainability Report 2021 19

Risk-focused Organisational Culture

UOB Sustainability Report 2021 20

We have implemented sector-specific Credit

Risk Transition Channels

We notify our customers of their need to adhere

UOB Sustainability Report 2021 22

Our Approach to ESG Risk Management Our Approach

UOB Sustainability Report 2021 23

Find Out More

UOB Sustainability Report 2021 25

Climate Change Risks

UOB Sustainability Report 2021 26

Climate Change Risks

Strategy Transition risks Climate change scenarios

UOB Sustainability Report 2021 27

Climate Change Risks

Using our credit rating models, we simulated the

UOB Sustainability Report 2021 28

Climate Change Risks

Climate Change Risks

UOB Sustainability Report 2021 30

Climate Change Risks

Find Out More

UOB Sustainability Report 2021 31

Supporting Businesses’ Sustainable Growth