Sustainability is the responsibility of all UOB employees. As part of our commitment to sustainable and responsible growth, we identify, assess and manage social and environmental risks, challenges, impact and opportunities. This is carried out within a robust governance framework, underpinned by policies and guidelines that define our commitment and guide our approach to conducting business. Our governance structure UOB's Board of Directors, through the Exco, and the MEC review long-term business and organisational goals and provide the strategic direction for the Bank's sustainability practices, including those addressing climate change-related issues. They review, determine and oversee the management and monitoring of the Bank's material environmental, social and governance (ESG) factors and their scope, as well as evaluate relevant key performance indicators. They also review and approve relevant disclosures. The MEC supports the Exco in matters related to sustainability and provides strategic direction for the Bank's sustainability practices in line with the strategy approved by the Board. The GSC is a senior management committee that reports directly to the MEC on sustainability matters. This ensures that ESG matters are given due consideration in all aspects of our operations. The GSC members represent the Bank's business and support units whose activities have the potential to impact the environment, society and the economy positively and negatively. The GSC reviews material ESG factors, identifies risks and opportunities, sets goals and targets, evaluates emerging issues, collates and assesses relevant data, and monitors the progress of sustainability-related programmes and initiatives. Similar structures are set up within banking subsidiaries to ensure that our sustainability strategy and objectives are effectively being implemented in our markets. In addition, the management teams of the UOB entities are responsible for appraising the relevant sustainability issues in their respective domains and for taking appropriate steps to ensure that customers and suppliers also meet relevant policy requirements, wherever applicable. Further, we are setting up a Sustainability Advisory Panel to provide external perspectives and independent advice to our Board and Management on various aspects of our sustainability strategy, targets and initiatives. This approach will enable us to benefit from different areas of expertise and best practice ideas. [...] The Board receives twice-yearly updates on climate-related topics. These include, but are not limited to, regulatory developments, internal policies, direct environmental impact through our operations, indirect impact through our financing and investment activities, our initiatives to support our customers on their sustainability journey, as well as sustainability reporting disclosures. Other Board Committees may also receive reports related to climate change-related risks and opportunities that come under their respective charters. The Board and relevant Board Committees consider climate change-related risks and opportunities in the context of our guiding principles and sustainability strategy pillars. Climate change-related issues are integrated into the following sustainability governance mechanisms: - strategy review; - guidance on major plans of action; - review and guidance on risk management policies; - monitoring of implementation and performance of objectives; - oversight of progress against goals and targets for addressing climate change-related issues; and - review and approval of climate change-related disclosures in our annual reporting. [...] The TCFD working group, which was established in 2019 under the GSC, is a cross-functional working group responsible for reporting and driving the implementation of disclosures in line with TCFD recommendations. Together with the GSC, the working group ensures that UOB maintains a robust and integrated platform for governing, implementing and monitoring climate change-related targets and strategies. The working group comprises senior representatives who have specific responsibilities in the implementation of our overall sustainability strategy to address climate change-related issues. These representatives are from: - Group Risk Management; - Group Corporate Sustainability Office; - Group Strategy and Transformation; - Group Wholesale Banking; - Group Retail; - Group Finance and Corporate Services; and - UOB's key overseas subsidiaries.