OCBC Sustainability Report 2023

The Strengths of One Group.
The Power of One Brand.

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

About This Report
Reporting Framework
OCBC is committed to accelerating
the transition to a net-zero future,
while conducting our business
responsibly and bringing impact toour communities. We do this throughour close engagement andcollaboration with our customers
and key stakeholders.

Scope
OCBC Group’s Sustainability Report covers our approach tosustainability, as well as the initiatives and performance of ouroperations in key markets – Singapore, Malaysia, Indonesia andGreater China. This report covers the financial year ending
31 December 2023.
The disclosures in this report are provided at a consolidated level,
covering all operations except Great Eastern Holdings, unlessotherwise stated. Great Eastern Holdings, a subsidiary of OCBCGroup and a publicly listed company, publishes a separate
Sustainability Report that provides detailed Environmental,
Social and Governance (ESG) data concerning its operations.
We recommend that this report be read in conjunction with
Great Eastern Holdings’ sustainability disclosures for a fulloverview of our performance.
Where applicable, data from previous financial years are included
for comparison. This report should also be read together with the
OCBC Annual Report, which can be found here:

Please refer to our Annual Report for
more information by scanning the QR code.

This Sustainability Report is prepared in accordance with thefollowing standards, guidelines and regulations:• Singapore Exchange (SGX) Securities Trading Limited Mainboard
Listing Rules 711A and 711B on Sustainability Reporting;• SGX Practice Note 7.6 Sustainability Reporting Guide (updated
January 2022);• Global Reporting Initiative (GRI) Standards: Topic and Universal
Standards (updated 2021);• GRI G4 Financial Services Sector Disclosures;• Sustainability Accounting Standards Board (SASB) Standards
for Commercial Banks; and• Recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD).
By aligning with the GRI Standards, we have applied the reporting
principles of accuracy, balance, clarity, comparability,
completeness, sustainability context, timeliness and verifiability.
This Sustainability Report adheres to the above standards due totheir global acceptance and adoption as well as their robust
industry guidance, which allows for comparability against global
and local peers. These standards also provide the framework tocommunicate relevant information to stakeholders on the Bank’s
ESG risks and opportunities.
OCBC acknowledges that climate change is one of the greatest
environmental challenges facing society, businesses and theeconomy. By aligning our climate-related disclosures with the
TCFD recommendations, we can articulate the climate-relatedrisks and impacts to the Bank as well as the approaches taken to
manage such risks and capture new opportunities. We have also
taken SGX’s proposed list of core ESG metrics as guidance indisclosing a common and standardised set of ESG metrics, andhave aligned our ESG data disclosures accordingly.
As the Bank is a signatory to the United Nations Global Compact(UNGC) and its Ten Principles, our Communication of Progress(CoP) is also included in this report. By embedding the Ten
Principles of the UNGC into our strategies, policies and procedures,
as well as establishing a culture of integrity on topics such as
Human Rights, Labour, Environment and Anti-Corruption, OCBC
affirms our commitment and responsibilities to people and planet.

Data and External Assurance
To ensure the robustness and credibility of our ESG data, OCBC
has an established internal review process. Additionally, we havesought external assurance on selected indicators that are material
to our operations this year. Our external assurance report is on
page 95. We will continue to improve on our ESG disclosures andmay expand the scope of the assurance over time.

OCBC Sustainability Report 2023

1About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Contents
Board Statement32023 Key Achievements

4

Sustainability Highlights

4Awards and Recognition

6

Our Approach to Sustainability

7

Our Sustainability Governance Structure

7

Our Approach9

Stakeholder Engagement

11

Our Materiality Assessment Process14

Accelerating the Transition to a Net-Zero Future

16

Climate Action

17

Responsible Financing

39

Sustainable Financial Solutions

43

Bringing Impact to Communities

52

Talent Management and Wellbeing

53

Workplace Diversity

61

Community Development

67

Conducting Our Business Responsibly

72

Cybersecurity and Data Protection

73

Fair Dealing

76

Financial Crime Prevention

78

Governance and Culture

80

Content Index – GRI | SASB | TCFD | UNGC | UN SDG

83

Assurance Statement

95

Glossary

97

OCBC Mangrove Park is Singapore’s first large-scale ecological mangrove restorationsite which can help absorb carbon dioxide and protect our shorelines against erosion
and storm surges.
OCBC Sustainability Report 2023

2

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Board Statement

As a leading financial institution in ASEAN, our purpose is toenable people and communities to realise their aspirations. In lightof the unprecedented impacts of climate change and the global shift
towards a low-carbon economy, our clients are taking concrete steps tofuture-proof their business models, capitalise on opportunities arisingfrom the net-zero transition, and do what is right for the environment.
This transition will have a profound impact on all industries and will
require substantial investments in the coming decades.
To support our clients, we have aligned our own strategy by establishingsector-specific net-zero targets, and we are fully committed toleveraging on our multifaceted businesses to channel capital towards
sustainable initiatives that promote the greening of our economies.
At the same time, we are committed to enhancing the wellbeing of ouremployees and the communities we serve, while upholding strong
governance systems to ensure the robustness of our operations.
Our Sustainability Report explains how we are embedding
sustainability into the fabric of OCBC’s operations and making
progress in achieving our ESG goals to create sustainable value
for our clients, employees, investors and communities.

Accelerating the transition to a net-zero future
In May 2023, we unveiled sectoral net-zero targets as part ofour commitment to achieve net zero in our financed emissions by
2050. Our net-zero targets cover six key sectors: Power, Oil & Gas,
Real Estate, Steel, Aviation and Shipping, which comprise 42% of
OCBC’s corporate and commercial banking loan portfolio. Notably,
OCBC will not extend project financing to upstream oil and gas
projects that obtained approval for development after 2021. To drive
our net-zero ambitions, we have actively enabled our clients’ transition
through strategic advisory and innovative financial solutions. In
2023, we recorded $56 billion in committed sustainable finance,
surpassing our $50 billion target two years ahead of schedule.
In 2023, in addition to our existing portfolio of sustainable andtransition financing solutions, we launched the OCBC 1.5°C loan in
a concrete step to partner with our clients on their net-zero journey.
This sustainability-linked loan is Singapore’s first net-zero-aligned
loan that is designed to drive the transition to a low-carbon
economy for corporates in line with internationally recognised,science-based decarbonisation pathways for their sectors.
To drive sustainable innovation and enterprises, we organised the
OCBC Sustainability Innovation Challenge and introduced theEmerging Enterprise Sustainability Award in Singapore torecognise emerging enterprises that are capitalising on growth
opportunities in the green economy.

Bringing impact to communities
In 2023, we continued to make progress in creating a better
workplace and society. We initiated the Grow Your Way
Expedition, a skills-first mobility initiative resulting in 12,000 activity
completions by employees and a 75% rise in career awarenesswithin the Bank. In Singapore, we embarked on two long-term
volunteering projects, Families100 by OCBC and Care Corner
ElderConnect, involving more than 1,200 volunteers to provide
targeted assistance to 100 families and 3,500 seniors respectively.
We launched our inaugural non-conventional talent hire initiativein Singapore, focusing on reintegrating mothers, caregivers andretirees, integrating persons with disabilities into the workforce, andproviding career transition opportunities for retiring servicemen. In
Indonesia, our Women Warriors Programme continues toempower women entrepreneurs, fulfilling their potential andpromoting economic inclusion and gender equality. With over 1,300
women entrepreneurs supported to date, the programme has
provided loans amounting to IDR 3.2 trillion ($270 million).

Conducting our business responsibly
We consider sustainability issues in OCBC’s business and strategy,
and we determine the material ESG factors. We oversee themanagement and monitoring of the material ESG factors as wellas the execution of OCBC’s sustainability strategy. In February 2023,
we established the Board Sustainability Committee (BSC) tostrengthen this oversight, working closely with the Sustainability
Council to synergistically bolster efforts in managing and monitoringsustainability performance. In August 2023, we appointed our firstGroup Chief Sustainability Officer to actively lead our sustainability
strategy, drive effective alignment across the Group and steer ourefforts in supporting our clients’ net-zero transition. We also rolled
out a first-to-market set of anti-malware security measures on
our OCBC digital app, preventing customer losses of over $2 million
in Singapore.

The way forward
We will continue to focus on climate-related matters and weave
environmental and social factors into our business. In partnershipwith our clients, we can meaningfully contribute to a Net-Zero
ASEAN and Greater China by 2050 in an orderly and just transition.
Working with our stakeholders, we can play our part in the creationof a vibrant ecosystem championing innovative sustainability
solutions. By taking a One Group approach, we can deliver on
our sustainability commitments and drive value and growth,
across our multifaceted businesses – for now and beyond.
OCBC Sustainability Report 2023

3

About This Report

Board Statement

Bringing Impact to Communities

2023
2023 Key Achievements
Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

2023 Sustainability Highlights
Anchored by our purpose, values and ambition, we made significant progress on all three ofour strategic imperatives. We delivered positive impact to the environment and our communities,
and continued to proactively support our clients’ journey towards a low-carbon future.

Accelerating the Transition
to a Net-Zero Future• Unveiled science-based
sectoral net-zero targets for
six key sectors• Recorded $56 billion insustainable financecommitments, ahead of2025 target of $50 billion• Launched the OCBC 1.5°C loan
• More than 100 new sustainablefinance transactions recorded in
the year, totalling $14 billion• Achieved carbon neutrality
for our banking operationalemissions by actively reducing
our emissions and offsetting
unabatable and residual
emissions with carbon credits• Organised the OCBC
Sustainability Innovation
Challenge and the Emerging
Enterprise Sustainability Award
in Singapore

Bringing Impact toCommunities• Initiated Grow Your Way
Expedition, a skills-first mobility
initiative, resulting in 12,000
activity completions by
employees and a 75% rise incareer awareness within the Bank
• Embarked on two long-term
volunteering projects,
Families100 by OCBC and Care
Corner ElderConnect supported
by OCBC, involving more than
1,200 volunteers to provide
targeted assistance to 100
families and 3,500 seniors
respectively in Singapore• Launched our inaugural nonconventional talent hire initiativein Singapore

Conducting Our BusinessResponsibly• Established the Board
Sustainability Committee tostrengthen our sustainability
oversight• Appointed our first Group Chief
Sustainability Officer tostrengthen our sustainability
leadership and governance• Rolled out a set of first-to-market
anti-malware security measureson the OCBC digital app,preventing customer losses ofover $2 million in Singapore• Achieved the Cyber Trust Mark
(Advocate), a testament to
OCBC’s robust cybersecurity
practices in Singapore• Empowered over 1,300 women
entrepreneurs through our
Women Warriors Programme inIndonesia

OCBC Sustainability Report 2023

4

About This Report

Board Statement

Bringing Impact to Communities

2023
2023 Key Achievements
Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

2023 Sustainability Highlights
Our Net-Zero Commitment“Our sectoral net-zero targets are ambitious, quantitative and grounded in science. We will partner our corporate clients to meaningfully
contribute to a net-zero ASEAN and Greater China by 2050 in an orderly and just transition.”
Helen Wong, OCBC Bank Group CEO
OCBC is committed to driving the transition to a sustainable low-carbon world. Our aspirations are aligned with our clients’ and we believethat supporting the climate transition is crucial to shaping the future. In line with our commitments as a member of the Net-Zero Banking
Alliance, in 2023, we set ambitious, quantitative and credible net-zero targets for emissions arising from our portfolio across six highemission sectors: Power, Oil & Gas, Real Estate, Steel, Aviation and Shipping.

Our Climate Action Journey
2023• Set science-based decarbonisation targets for six sectors toachieve net zero in financed emissions by 2050
• Achieved $56 billion in sustainable finance commitments,
ahead of 2025 target of $50 billion• Established the Board Sustainability Committee and appointed theGroup Chief Sustainability Officer

2022

May 2023

Unveiled science-based decarbonisation targets
for six sectors to achieve net zero by 2050

2030 Target

2050 Target

55%
reduction

100%
reductionby 2040

Oil & Gas*

35%
reduction95%
reduction• Achieved $34 billion in sustainable finance commitments,
ahead of 2025 target of $25 billion

Real Estate

Alignment
Delta ≤ 0%

Alignment
Delta ≤ 0%

• Adopted internationally recognised risk management framework,
the Equator Principles

Steel

13%
reduction94%
reduction

Aviation66%
reduction

100%
reduction

Shipping

Alignment
Delta ≤ 0%

Alignment
Delta ≤ 0%

• Became a signatory to the United Nations-convened, industry-led
Net-Zero Banking Alliance (NZBA)

SectorsPower• Achieved carbon neutrality for the Bank’s operational emissions

2021

2020

• Became first bank in Southeast Asia to adopt thePoseidon Principles (PP) to accelerate decarbonisation of the
Shipping sector• Launched the OCBC SME Sustainable Finance Framework

2019• Became first Southeast Asian bank to cease financing coal-fired
power plants• Became first Southeast Asian bank to announce a target for its
sustainable finance portfolio

2018• Established Responsible Financing sector policies and exclusions* No new project financing for upstream Oil & Gas projects thatare approved for development after 2021.

2017• Launched Responsible Financing Framework

OCBC Sustainability Report 2023

5About This Report

Board Statement

2023
2023 Key Achievements
Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Awards and Recognition
ESG Indices and Ratings• AA rating for MSCI ESG Ratings Assessment(1)• FTSE4Good constituent in the FTSE4Good
Developed Index• iEdge Singapore ESG Leaders Index constituent
by SGX Indices

Selected Sustainability Awards and Accolades
Global/Regional
Steward Leadership 25(SL25) List
Awarded by Stewardship
Commons

World’s Best Private Bank
for ESG Investing 2023
Awarded by Euromoney

ASEAN SME Bank of the Year
(13th consecutive year)
Awarded by Asian
Banking & FinanceBest for ESG Investing in Asia
Awarded by Asiamoney

Singapore

Malaysia

Greater China

Best Bank for Sustainable Finance– Singapore
Awarded by Global Finance

Malaysia’s Bank of the Year 2023
Awarded by The Banker

Best Bank for Sustainable Finance –Hong KongAwarded by Global FinanceBest for Sustainable Treasury Solutions,SingaporeAwarded by CorporateTreasurer

Best Bank for Sustainable Finance –Malaysia
Awarded by Global FinanceGreen Deal of the Year – Hong KongAwarded by Asian Banking & Finance

Workforce Singapore’s Most Valuable
Advocate Award
Awarded by The Institute of Banking and
Finance Singapore

Sustainable Infrastructure Award
Awarded by ESGBusiness

Management Awards for Net-ZeroContribution (Banking Industry) –Visionary Blueprint towards Net ZeroAwarded by Hong Kong Quality
Assurance Agency

Best-in-class: People-Centred, Innovation& Humanise for Large Enterprises & MNCs
(Excellence Award)Awarded by Singapore Human
Resources InstituteIndonesia

Outstanding Award for Green andSustainable Loan Structuring Advisor(Green Industries) –Visionary Green Loan FrameworkAwarded by Hong Kong Quality
Assurance Agency

Indonesia’s Bank of the Year Award 2023
Awarded by The Banker

Gold Standard for Learning & Developmentwith Coaching & MentoringAwarded by Singapore Human
Resources Institute

SME Bank of the Year – Indonesia(10th consecutive year)
Awarded by Asian Banking & Finance2023 China Best ESG Employer Award
Awarded by AON

Gold Standard for Talent Management
Awarded by Singapore Human
Resources InstituteBest International Private Bank in Indonesia
Awarded by Asiamoney

2023 DEI Excellence Award and Top 50
Employer for DEIAwarded by the Employer Branding InstituteWellbeing Innovation Award 2023
Awarded by WorkWell Leaders

Best for Family Offices Services in Indonesia
Awarded by Asiamoney

ESG Commendation Award
Awarded by Sing Tao News Corporation
LimitedCyber Trust Mark (Advocate)Awarded by the Cyber Security Agencyof Singapore

Best Corporate Governance Bank
Indonesia 2023
Awarded by Global Banking & Finance Review

Award for Excellence in GovernanceAwarded by Sing Tao News Corporation
Limited(1)

The use by Oversea-Chinese Banking Corporation Limited of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks
or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Oversea-Chinese Banking Corporation Limited by MSCI. MSCI services
and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
OCBC Sustainability Report 2023

6

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Sustainability Governance Structure
Good corporate governance and risk management form the bedrock of a sustainablebusiness and underpin long-term success. At OCBC, we are dedicated to upholding
business integrity and we have embedded sustainability focus across the Board, Board
Committees, Management and functional groups, enabling us to realise our sustainability
ambitions through our Sustainability Framework.
We made significant progress in 2023 to enhance our sustainability governance structure. The objectives were two-fold: to strengthen
oversight of sustainability matters at a strategic level; and to cultivate greater synergy and collaborations across functions to achievetargeted and impactful sustainability outcomes. With sustainability as a strategic priority, we established the Board Sustainability
Committee to provide oversight and direction on sustainability imperatives. We also appointed our first Group Chief Sustainability Officer(GCSO) to actively lead our sustainability strategy, ensure synergy across the Group and guide our efforts in supporting our clients’transition to net zero.

Board of Directors• Provides oversight for the overall sustainability agenda and strategy at OCBC

Board
Oversight
Board Sustainability Committee• Supports the Board in its oversight of the Bank’s sustainability matters in conjunction
with other relevant Board Committees• Provides strategic direction on sustainability issues, with a focus on climate andenvironmental matters

Sustainability Council• Oversees the Group’s Sustainability Strategy and provides approval for key strategic
initiatives relating to sustainability, with a focus on climate and environmental matters

Management
Oversight
Sustainability Steering Committee• Supports the Sustainability Council in the alignment, execution and reporting of
key sustainability-related outcomes and initiatives for the GroupOCBC Sustainability Report 2023

7

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Sustainability Governance Structure
Board

Management

The Board takes ultimate responsibility for and sets theorganisation’s strategic direction and execution for all aspects ofsustainability at OCBC. In 2023, the Board Sustainability Committee(BSC) was established to support the Board in its oversight of theBank’s sustainability matters in conjunction with other relevant
Board Committees. Chaired by an independent director, the BSC
meets at least twice a year to provide strategic direction onsustainability issues, with a focus on climate and environmental
matters. It approves and oversees the management andmonitoring of ESG factors that are material to the business andconsiders the Bank’s position on relevant emerging sustainability
trends and issues. It also has oversight of the Bank’s sustainability
reporting including climate-related disclosures.

Sustainability Council

The BSC oversees the Bank’s net-zero strategy including therelevant targets. Further, the BSC reviews the sector-specificdecarbonisation strategies for six priority sectors to support ourclients in the transition to a low-carbon economy.
The Board Risk Management Committee (BRMC) supports theBoard in its oversight of the effective management of all the risks
faced by the Bank, including ESG risks such as climate change.
The management of ESG risks is described in our Responsible
Financing Framework and Policies, which are reviewed andapproved regularly by the BRMC.(1) The Board also oversees,
through the Remuneration Committee, the human resource
management policies and the policies governing the compensationof executive officers of the Bank and its subsidiaries, as well as
the remuneration of senior executives and Directors. In its review,
the Remuneration Committee may consider incorporating
sustainability performance in the assessment of performanceand compensation of senior executives.
All members of the Board have attended sustainability training(2)to ensure they have the relevant expertise to carry out their
responsibilities and are keeping abreast of current and emerging
sustainability issues such as climate and the environment.
Beyond that, the Bank provides capacity building and training insustainability-related topics across all levels of the organisation.

(1)

(2)

The Sustainability Council (SC) is a management committee
established to support the Board of Directors and the BSC in
executing the sustainability strategy for the Bank. Chaired by theGroup Chief Executive Officer, the SC comprises members ofsenior management, and is supported by the Sustainability
Steering Committee (SSC). The SC oversees the Group’s
sustainability strategy and its implementation, including identifying
and assessing sustainability-related risks and opportunities with afocus on climate and environmental matters. In addition, the SC
ensures that the Group’s material sustainability risks andopportunities are monitored through metrics on an ongoing basis
and are effectively managed. The SC also provides strategic
direction for the SSC. To ensure effective oversight of the Bank’s
sustainability progress and climate-related matters, the SC meetsat least three times a year.

Sustainability Steering Committee

The SSC is a management committee newly established in 2023
to support the SC in the alignment, execution and reporting of
key sustainability-related outcomes and initiatives for the Group.
Chaired by the GCSO, the SSC comprises key leaders from theGroup’s business units and key subsidiaries in driving
sustainability-related initiatives across the Group.
The SSC is responsible for the recommendation and implementationof Group’s sustainability strategy, informing the SC of the Group’s
sustainability progress and advising the SC on sustainabilityrelated matters. As the SSC comprises representatives fromvarious business units across the Group, they are able to identify
climate-related risks and opportunities that have the potential toimpact the environment, society and the economy positively andnegatively. The wide representation ensures that climate changerelated issues are integrated into our decision-making process,escalated and addressed at the highest levels.

Please refer to our Annual Report for more details on the Board Risk Management Committee. For additional information on our ESG Risk Assessment Process, please refer
to our Responsible Financing chapter.
Please refer to our Annual Report for more details on the Board’s training.
OCBC Sustainability Report 2023

8

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Approach
We recognise that integrating sustainability into every aspect of our organisation is not justa responsible choice, but a strategic imperative. By embedding sustainability practices andprinciples into our operations, we can proactively manage risks, drive innovative financial
solutions, build trust among our stakeholders and contribute to a sustainable future.
Our Sustainability Framework
In 2023, we refreshed our sustainability framework to sharpen our sustainability priorities and leverage synergies across our operations.
The framework reflects core elements of our approach including our sustainability imperatives and the material ESG factors that we areprioritising to drive performance and impact.

Asia’s Leading Financial Services Partner for a Sustainable Future
Our Sustainability Imperatives
Accelerating the Transition
to a Net-Zero Future

Bringing Impact toCommunities

Conducting Our BusinessResponsibly

Enable our clients’ transition
through strategic advisory,
innovative financial solutions
and ecosystem partnerships,
across our multifaceted businesses

Create a dynamic workplaceand society throughchampioning people development
and community advancement

Safeguard long-term
stakeholder value throughembedding responsible businesspractices and strong governance

How we Execute
Climate Action

Talent Management
and Wellbeing

Responsible Financing

Workplace Diversity

Cybersecurity and Data Protection
Fair Dealing
Financial Crime Prevention

Sustainable Financial Solutions

Community Development

Governance and Culture

LIFRR as Foundation of our Sustainability Framework
Lasting value

Integrity

Forward-looking

Respect

Responsibility

Our core values guide our approach to sustainability. We take a long-term view in our climate actions and community
development efforts, delivering positive impact on the environment and the society in a responsible manner.
Specifically, we proactively support our clients’ net-zero transition and their aspirations for a low-carbon world.

OCBC Sustainability Report 2023

9About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Approach
WHY sustainability matters to OCBC
PurposeSustainability is at theheart of OCBC’s business,anchored on our purpose
to enable people andcommunities to realise
their aspirations. We
believe that our ambition
to be Asia’s leading
financial services partner
for a sustainable future
can only be achieved if
it is underpinned by our
focus on sustainability.

Opportunity

As we help ourclients achieve their
aspirations, we futureproof our business, build
competitive advantage
and capture opportunities
for growth. We aim to
excel for sustainablegrowth, with our drive forthe transition to asustainable low-carbon
world serving as a core
strategic pillar.

Risk

Adopting a robust
and holistic approachin the management of ESG
factors is sound risk
management. From
credit and operational toregulatory and reputationalrisks, we understand thecritical role that ESG risk
management plays inbuilding a resilientorganisation.

Responsibility

Meaningfully contributing
to a sustainable future issimply the responsible
thing to do. As a financial
institution with acomprehensive coveragein ASEAN and Greater China,
OCBC is well-positioned to
be a catalyst of change,
mobilising our expertiseand resources andpartnering our clients toaddress the pervasive
environmental, social anddevelopmental challengesof our time.

WHAT sustainability means for OCBC

HOW we deliver

As a financial institution, we are clear on the role we canplay to make a difference and are focused on our “ABC”
sustainability imperatives.

Driving progress on material ESG factors

Accelerating the transition to a net-zero future

As a financial institution that is a connector of capital, we
recognise the critical enabling role that we play in the journey
towards a net-zero future. Our aim is to enable our clients’transition through strategic advisory, innovative financial
solutions and ecosystem partnerships across ourmultifaceted businesses.

Bringing impact to communities

We believe that we can bring impact and meaningfully
contribute towards the sustainable development of ourcommunities as well as the wellbeing and flourishing of ourpeople. Our aim is to create a dynamic workplace and society
through championing people development and community
advancement.

Conducting our business responsibly

Effective stewardship and corporate governance is the
bedrock of our stakeholders’ trust in us and our duty as a
responsible corporate citizen. Our aim is to safeguard
long-term stakeholder value through embedding responsible
business practices and strong governance.

The execution of our sustainability efforts is guided by ourmaterial ESG factors. By effectively managing these risks andopportunities, driving performance and innovation, we candeliver on our strategic sustainability imperatives and create
long-term value and growth.

Pursuing a partnership-based approach

We pursue a vigorous partnership-based approach. We
believe that a more sustainable world can be created aslong as we are united with our clients and communities inpursuing one. Collaboration is critical in addressing global
sustainability challenges while partnerships are the mostefficient way to magnify the impact of our individual actions
and accelerate progress.

Living our values

The foundation of our sustainability framework is our valuesof Lasting Value, Integrity, Forward-looking, Respect andResponsibility. Serving as our compass, it guides us toembed sustainability throughout the Group and enables us
to harmonise our growth ambitions with our responsibility
towards stakeholders and future generations. By integrating
sustainability at the core of our business, we can achievesustainable growth, deliver enduring value to our stakeholders
and play our part in building a sustainable future.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Stakeholder Engagement
Listening to those who journey with us
We place a high priority on understanding the insights and perspectives of our stakeholders,acknowledging their vital role in forging robust and enduring partnerships. The level ofsuccess for each sustainability initiative is correlated to the support and contribution of its
stakeholders, which comprise customers, employees, investors, communities and regulators.
By understanding the positive and negative impacts that our business has on our stakeholders,we aim to achieve a mutual understanding of expectations, both from our perspective andthat of our stakeholders.
Through the various engagements with both our external and internal key stakeholder groups, we gain a deeper understanding of theirdiverse and evolving interests. Their invaluable inputs are instrumental in guiding our sustainability strategy, aiding in the determination of
our material ESG factors as well as reporting of our sustainability performance and achievements.

Customers

We serve our customers by delivering clear and cost-effective banking services, as we continually enhance the overall customer experience. Our goal isto help individuals in managing and growing their wealth, support corporates in financial transactions and address their unique banking requirements.
Mode and Frequency of Engagement

Key Interests by Stakeholder Group

OCBC’s Responses in 2023

Qualitative and quantitative
surveys, interviews andworkshops to better understandour customers and benchmark
ourselves against competitors• The provision of more sustainablefinance products and robust thought
leadership materials will help toemphasise OCBC’s focus on helping
customers transition to a lowcarbon economy• Introduced innovative sustainable finance products such as
the OCBC 1.5°C loan to incentivise corporate clients tocommit to internationally recognised, science-based net-zerodecarbonisation pathways

Customer service level
performance and complaint
tracking and problem resolution
process/governance via multiple
channels• As the world’s digital transformation
progresses, customers are placing
greater emphasis on data protection
and privacy, as well as financial
crime prevention

Cross-functional projects
focusing on improving customer
experience, ensuring service
excellence and delivering ourBrand Promise• Achieved the Cyber Security Agency’s Cyber Trust Mark
(Advocate) certification through the effective implementationof cybersecurity processes and controls across 22 domains
within the Bank
• Strengthened continuously our framework, policies andstandards which adopt a whole-of-organisation approachto achieve cyber vigilance across the Group; these arecomplemented by Group-wide cyber and information risk
training programmes, including our innovative Cyber Smart
Programme which uplifts employees’ knowledge, skills andbehaviour in managing risks associated with cybersecurity,
data loss and social engineering• Worked proactively with regulatory bodies such as theAnti-Scam Centre of the Singapore Police Force to identify
scam victims, safeguard bank customers and minimise
losses to financial scams

Employee training programmeon human-centred design
techniques to ensure ourcustomers are the focus of the
product development process• Conducted monthly reporting to senior management on
customer service excellence and annual benchmarking
against competitors
Read more about our Sustainable Financial Solutions on page 43,
Cybersecurity and Data Protection on page 73 and Financial Crime
Prevention on page 78.

RegularQuarterlyMonthly

AnnualBiennial

Ad-hocOCBC Sustainability Report 2023

11

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Stakeholder Engagement
Employees

We acknowledge the importance of our diverse and skilled workforce in boosting our efficiency and output. Working in partnership with our employees,
we are cultivating an environment that values diversity, creativity and a strong client focus, which in turn inspires greater ambition, initiative and accountability.
Mode and Frequency of Engagement
Employee Engagement Survey
Quarterly e-mails fromGroup CEO on OCBC’s
accomplishments andobjectives

Key Interests by Stakeholder Group

OCBC’s Responses in 2023

• Employees highlighted theimportance of embedding
sustainability within theGroup culture• Launched nine new certification programmes on sustainability
in 2023 across OCBC Group, covering areas such as
Sustainable Marketing, Media and Sustainability Stewardship• As work gets automated anddigitalised, employees anticipate
opportunities to learn new skills
and constantly upgrade theirtechnical skills

Divisional town halls• Employees appreciate a supportiveand diverse workplace culture,with opportunities for feedback,recognition of contributions anda sense of belonging within
the organisation

Internal newsletter –OCBC Teller
Focus groups and skip
level sessions to obtain
continuous feedback• Employees seek opportunities
for professional development,
career advancement and skill
enhancement through training
programmes, mentorship andlearning initiatives• Organised the MyWellness Fiesta 2023 to promote
the significance of holistic wellness and sustainable lifestyles,
attracting over 5,300 participants• Conducted biennial employee engagement survey to gather
feedback, enhancing our understanding of employee needs
and identifying areas for improvement• Provided opportunities for career growth throughprogrammes such as the LeAP programme, and the recently
launched Grow Your Way, Build your Skills and Coaching for
Growth programmes which guide employees in career andskills exploration• Provided opportunities through the non-conventional talenthire initiative, featuring three pilot programmes that provide
employees with flexible work arrangements, comprehensive
benefits and personalised tools and resources
Read more about our Talent Management and Wellbeing on page 53
and Workplace Diversity on page 61.

Investors

We aim to deliver lasting value and robust returns for our investors. We rely on capital from various sources and aim to ensure that we provide ourinvestors with regular updates on our strategic and financial progress. Our commitment to sustainability opens access to new markets. Through clear
and consistent communication, we align our strategies with investor needs, enhancing mutual understanding and cooperation.
Mode and Frequency of Engagement
Financial reports and disclosure
Annual Report
Announcements/ Notices
made on the Bank’s website
and SGXNet
Meetings (inclusive of AGM
with shareholders), conferences
and roadshows
Corporate Day

Key Interests by Stakeholder Group

OCBC’s Responses in 2023

• As the demand for ESG fromvarious investor-led institutions
rises, investors are placing greater
emphasis on quantifiable data tomeasure their investments in the
short, medium and long term

• Ensured data comparability for our disclosures against our
global and local peers while adhering to industry guidelines
and standards that are globally accepted and adopted; wealso undertook various types of audits to gain assurance ofthe quality of our data

• Singapore remains the regional
leader in the ASEAN sustainabledebt market, accounting for 63% of
cumulative ASEAN issuance(1)• Investors place confidence in
OCBC’s wealth management
capabilities, allowing OCBC todifferentiate itself in the field ofsustainable financing• With an increasing focus on thesustainability agenda within theorganisation, investors now expect
executive remuneration to be linked
to ESG performance• Enhanced our policies for the key sectors in relation to ourinvestment practices to mitigate the Bank’s exposure toclimate-related risks and safeguarding the long-term valueof our clients’ assets• Partnered with World Wildlife Fund (WWF) to develop the
Sustainable Private Banking and Wealth Management Tool
(SPRING) to help private banks improve portfolio resilienceand align to a low-carbon future• Set up a Board Sustainability Committee and appointed
a Group Chief Sustainability Officer to ensure strong
governance oversight over ESG matters• The Remuneration Committee may consider incorporating
sustainability performance in the assessment of
performance and compensation of senior executives
Read more about our Responsible Financing on page 39, Sustainable
Financial Solutions on page 43, Fair Dealing on page 76 and Awards
and Recognition on page 6.

Regular(1)

QuarterlyMonthly

AnnualBiennial

Climate Bonds Initiative, ASEAN Sustainable Finance – State of the Market 2022.

Ad-hocOCBC Sustainability Report 2023

12

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Stakeholder Engagement
Communities

We aim to serve our communities by operating as a sustainable and responsible business that gives back through regular partnerships with various
community groups that promote social and economic development. We strive to create value by contributing to the overall wellbeing andadvancement of the communities we serve.
Mode and Frequency of Engagement
Collaboration with partnerorganisations to conduct eventsor volunteer activities that havestrategic long-term impact on
beneficiaries (charity partners
and educational institutions) andsupport the environment
Evaluation and disbursementof donations and funds tobeneficiary groups andground-up efforts

Key Interests by Stakeholder Group

OCBC’s Responses in 2023

• An ageing population and inflation
remain the greatest concerns
in Singapore• Sponsored WWF-Singapore’s Conservation project in
Sumatra, Indonesia that went towards restoring over 38,000
hectares of rainforest• The topic of biodiversity
conservation is gaining traction in
the community• Pledged more than $300,000 to provide education
opportunities for 72 children at The Hut Limited (Singapore)• Interest lies in banks offering
financial education programmesthat empower community memberswith the knowledge and skills
necessary for sound financial
decision-making• Expanded and integrated philanthropic offering throughcollaboration with Community Foundation of Singapore(CFS) to support our clients’ philanthropic goals
Read more about our Community Development on page 67.

Regulators

We are dedicated to collaborating with regulatory authorities to ensure a functioning financial ecosystem. We ensure that our operations align withregulatory requirements, promoting stability and fostering trust in the financial sector.
Mode and Frequency of Engagement
Regular meetings andconsultations with regulators
Representation at industry
forums and working groups
Regulatory reports

Key Interests by Stakeholder Group

OCBC’s Responses in 2023

• Amid increased efforts to combat
climate change, regulators are
placing greater emphasis on climate
risk management and disclosure• Enhanced our climate-related financial disclosures, which arealigned with the recommendations of the TCFD

• Importance of having strong
governance across various material
topics with a focus on sustainability• As the demand for sustainablefinance products increases, there isheightened awareness of the riskof greenwashing

Audit reports• As the world’s digital transformation
progresses, the importance of data
governance and security in deterring
cyber threats continues to rise

RegularQuarterlyMonthly

AnnualBiennial• Complied with the enhanced SGX sustainability reporting
rules that mandated sustainability training for all board
directors of equity issuers listed on SGX• Improved OCBC’s governance of Global Market Rogue andUnauthorised Trading to ensure adequate controls in placethat are aligned with the various standard boards, Monetary
Authority of Singapore (MAS) regulations and policies• Maintained a holistic organisational approach across risk
governance, people, process and technology to ensure cyberrisk is managed and cyber resilience is achieved
Read more about our Climate Action on page 17 and Governance andCulture on page 80.

Ad-hocOCBC Sustainability Report 2023

13

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Materiality Assessment Process
Focusing on what matters
In a dynamic ESG landscape, identifying relevant ESG factors is essential as they can have asignificant impact and influence on banking performance and consequently impact the ability
to create long-term value for stakeholders. At OCBC, we prioritise a long-term outlook andanchor our materiality assessment on a multi-stakeholder approach. We provide a holistic
inside-out perspective on how our activities have an impact on the environment and society,and an outside-in perspective on how sustainability issues affect our business.
To fully assess the impact of the ESG factors on our stakeholders
and operations, OCBC adopts a double materiality approach that
captures both the financial and impact materiality of these factors.
This double materiality approach not only provides us with a more
holistic picture of the various financial risks and opportunities
arising from each material factor, it also aids in identifying priority
areas and integrating ESG risks and opportunities into our Groupstrategic planning and risk management processes.
In 2023, we engaged an external consultant to support our review andupdate of our material ESG factors and United Nations Sustainable
Development Goals (UN SDGs). We conducted an examination of
the relevance of each ESG factor on both our internal and external
stakeholders and the impact of each ESG factor on them.

1

ify
nt

What does materiality mean to OCBC?
Financial Materiality
Significant impacts on the Bank’s prospects including its
financial performance, financial position and cash flow.
Impact Materiality
Significant impacts caused by the Bank on the environment
and people.

Pr
io

2

ise
rit

Ide

We identified a list of ESG factors
relevant to OCBC based on
industry trend reviews,
engagement with internal andexternal stakeholders and peerbenchmarking.

This approach ensures a nuanced understanding, enablingstrategic decision-making and effective risk management.

4

e

v

ie

at

li d

As we progress on our sustainability
journey and our business context
changes, we will regularly review ourmaterial ESG factors to ensure theyremain updated and relevant.

Va

The findings of the review werediscussed and validated by the
Sustainability Council before being
presented to the Board forfinal approval.

w

Our Materiality
Assessment
Process

The ESG factors were prioritised
based on their financial and impact
materiality, using the following criteria:• Potential long-term value for our
stakeholders• Influence on decision-making
process of key internal and external
stakeholders• Likelihood and impact to OCBC’s
business strategies, financial
planning, business model andoutcomes, and business continuity• Contributions to UN SDGs

Re

3

The material ESG factors and UN
SDGs were reviewed by OCBC’s senior
management and business units interms of their relevance andsignificance to the business from afinancial and impact perspective.

OCBC Sustainability Report 2023

14

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our
Our Approach to Sustainability
Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Our Materiality Assessment Process
Results of the Review

As part of our Sustainability Framework review, we streamlined ourmaterial ESG factors to ensure a cohesive and impactful approachwith our sustainability efforts. We merged certain factors sharing
similar sustainability contexts and renamed some factors to betterreflect the Bank’s priorities.
Community Development covers the potential impact of the Bank’s
operations on the wider community. Given that Financial Inclusion
forms an element of this impact on the wider community, it wasmerged with Community Development.
Employee Health, Safety and Wellbeing and Talent Management
have been combined into one material ESG factor – TalentManagement and Wellbeing as there are interlinkages between thetwo material topics.

Economic Contribution was removed as standalone factor as
its impact features across several other material ESG factors.
Our updated material ESG factors were endorsed by the
Sustainability Council and subsequently approved by the Board
Sustainability Committee. As a result, we streamlined the
13 material ESG factors to a total of 10 material ESG factors
and organised them within three sustainability imperatives.
Along with the effort to streamline material ESG factors toreflect OCBC’s priorities, we also reviewed the UN SDGs in relation
to OCBC’s activities and initiatives. The Bank will focus on six
UN SDGs where we can make the greatest positive impact in ourcore markets and create long-term value for our stakeholders.
Read more in our UN SDG Content Index on page 91.

Selected UN SDGs

The material ESG factors and selected UN SDGs identified guide the implementation of our ongoing ESG efforts in 2023. Our achievements
and progress made throughout the year are presented in the three sections according to three sustainability imperatives: Accelerating thetransition to a net-zero future, Bringing impact to communities and Conducting our business responsibly.

OCBC Sustainability Report 2023

15

OCBC Mangrove Park is Singapore’s first large-scale ecological mangrove restoration site which
can help absorb carbon dioxide and protect our shorelines against erosion and storm surges.

Sustainability Imperative:

Accelerating the Transition
to a Net-Zero Future

In this section, we will cover the following material ESG factors:
Climate Action

Charting a climate-resilient future. The mitigation of financed and operational emissions
while proactively addressing the associated risks and opportunities posed by climatechange, reflecting a commitment to sustainable practices.

Responsible Financing

Driving responsible growth. The careful management of risks and the implementation ofpractices to ensure ethical and responsible lending.

Sustainable Financial
SolutionsSupporting our partners’ climate aspirations. The lending, advisory and investment
offerings designed to facilitate the low-carbon transition, aligning financial activities withsustainability goals.

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action

Charting a climate-resilient future
Why this is Material to Us

Our Targets and Performance

The escalating impact of human-induced climate change on
both people and ecosystems underscores the clear, present,
and pervasive nature of climate risk, emphasising the criticalneed for urgent and substantial emission reductions to decisively
curb global warming. Climate risks including physical andtransition risks can impact our customers and their financial healthand cause financial and reputational risks for the financial sector.
At the same time, the transition to a low-carbon economy
presents a significant opportunity for financial institutions suchas OCBC to collaborate with our customers and stakeholders insupporting global climate action and ensuring long-term value
creation for our customers and society at large.

Our 2023 Targets

Performance Against Targets

Achieve net zero infinanced emissions forsix sectors by 2050

Reduction in emissions
in six key sectors

Maintain carbon neutrality
for OCBC’s banking
operational emissions

Maintained operational
carbon neutrality byincreasing adoption ofrenewable energy andsustainable technology

For more information, refer to our
net-zero progress on page 18

For more information, refer toour environmental footprint on
page 35

Opportunity and Risk Management
As a financial institution that is a connector of capital, we
recognise that we have the responsibility and ability to play a
critical enabling role in driving climate action.
We will manage the opportunities and risks of climate change byaligning our portfolio with our commitment to achieve net zeroby 2050, enhancing our knowledge and capabilities in climate risk
management and managing the Bank’s operational environmental
footprint. We continue to face challenges in obtaining accurate andcomplete data in the calculations. These challenges have not andwill not deter us from intensifying our actions to achieve our
net-zero ambitions.
With increased emphasis on the net-zero transition, we participatedactively in the MAS’ consultation on a set of supervisory guidelines
on transition planning. We will review the Bank’s relevant policies
and processes to take into consideration clients’ transitional
activities, as industry practices, regulatory expectations and theknowledge base on transition planning evolve.

Receive Building andConstruction Authority(BCA) Green Mark award
for all OCBC Bank
Singapore branches
by 2030

Received BCA Green Markaward for OCBC Wisma
branch and OCBC
Tampines branch

Provide electric vehicle
charging facilities tomajor Group-owned
commercial buildings
by 2025

Completed installation ofelectric vehicle charging
points at most of the majorGroup-owned commercial
buildings in Singapore,
Malaysia, Indonesia
and China(1)Receive BCA Green Mark
Healthier Workplace award
for all Bank of Singapore’s
new offices

Received BCA Green Mark
Healthier Workplace award(Gold) for Bank ofSingapore’s offices at
OCBC Tampines Centre
One and Two and Bank ofSingapore Centre

Achieve 3% reduction
from 2022’s office paper
usage within the Group
offices for business
operations

Achieved 7.9% year-on-year
reduction in office paper
usage within the Group
offices for business
operations

Our Climate Action chapter will focus on the following thematic areas:• Our net-zero commitment• Managing our climate-related risks• Managing our environmental footprint

Achieved(1)

On track

OCBC Centre, OCBC Tampines Centre One and Two, Bank of Singapore Centre, Menara OCBC (Malaysia), OCBC Space (Indonesia) and OCBC Centre (China).
OCBC Sustainability Report 2023

17

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
OCBC recognises the critical role we play in influencing ourclients’ transition efforts and mobilising resources to actively
support them in order to move us towards a sustainable andresilient future.

warming to 1.5°C. Our complete methodology, selection ofpathways and target-setting approach be found in our net-zero
publication: Partnering Clients towards a Net Zero ASEAN andGreater China.(2)In May 2023, OCBC announced our first net-zero targets,articulating our expectations for our clients in emission-intensive
sectors on their transition and our broad transition engagement
plans for six priority sectors – Power, Oil & Gas, Real Estate,
Steel, Aviation and Shipping. The targets are guided by robust
decarbonisation pathways geared towards achieving a net-zerolevel of greenhouse gas (GHG) emissions while limiting global

Our Net-Zero Progress Update

As a Net-Zero Banking Alliance (NZBA) signatory,(3) we arecommitted to disclosing our progress on the net-zero targets
every year. We are pleased with the good progress made in thefirst year for each sector. It is noteworthy that we have reduced
the absolute emissions in the Oil & Gas sector and the emissions
intensity of the remaining five sectors.

Sector

Reference
Pathway

Baseline(2021)

2022

2030 target

2050 target

IEA NZE

370

337

165

0 by 2040

Power

Oil & Gas

Real
EstateIn scope

Emissions• Power generationcompanies• Power equipment
manufacturers• Scope 1 (generation) kgCO2/MWh• Scope 3 (equipment
manufacturers)• Upstream• Integrated• Scope 1• Scope 2• Scope 3

MtCO2eIEA NZE

14.9

12.1

9.6

0.8

• Real Estate
owner-operators• Financed buildings• REITs• Scope 1• Scope 2• Scope 3 (tenant /plug load)

Alignment
Delta (%)

CRREM

-5.3%

-1.4%

≤0%

≤0%

• Steel producers• Scope 1• Scope 2

tCO2/tSteelMPP – TM(regional)

1.93

1.76

1.68

0.12

• Airline operatorsand lessors• Scope 1 (operators)• Scope 3 (lessors)

kgCO2/
passenger-km

IATA FlyNet Zero

0.261

0.097

0.088

0

• Financed vessels• Scope 1

Alignment
Delta (%)

IMO – PP

+4.5%

-2.7%
(previous
trajectory)

≤0%

≤0%

Steel

Aviation

Shipping

Metric+11.2%(revised
trajectory(4))

Note: The calculations for the Bank’s financed emissions are based on our clients’ reported emissions data, which are typically published at least three months after the end of
the Financial Year. Given the lag time in reporting and time needed to consolidate, calculate and analyse the emissions data, our 2023 Sustainability Report showcases our 2022
financed emissions.

(2)
(3)
(4)

OCBC, Banking on Net Zero – Partnering clients towards a Net Zero ASEAN and Greater China.
UNEPFI, Net-Zero Banking Alliance.
Revised trajectory refers to IMO’s 2023 revised minimum trajectory.
OCBC Sustainability Report 2023

18

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Power

Oil & Gas*

(kgCO2/MWh)
500(MtCO2e)
15

459

14.9
12

400
370
300

337

12.1

9.6

9

200

6

165

3

100

0.8

0

0

2021 2022

2021

2030

2022

2040

2050

0

2021 2022

IEA NZE

2021

Real Estate

2030

2022

2040

2050

IEA NZE

Steel

Alignment Delta (%)(tCO2/tSteel)
2.5

300

1.95

2.0

200

1.93
1.5

1.68
1.76

100
1.0
0

Portfolio Average AD: -1.4%

-100
2021

2030

2022

2040

2050

0.5
0

0.12
2021 2022

2021

Aviation

2030

2040

2050

MPP – TM (Regional)

2022

Shipping(kgCO2/passenger-km)

Alignment Delta (%)

0.30

100

0.261
0.25
0.243

50

0.20

+11.2%

0.15

0
0.097

0.10

-2.7%

0.088
-50

0.05
0

-100
2021 2022

2021

2030

2022

2040

IATA Fly Net Zero

2050

2021

2030

2022 previous trajectory

2040

2022 revised trajectory

2050* In addition to an absolute emissions reduction target, OCBC will not extend project financing to upstream Oil & Gas projects that obtained approval for development after 2021.

OCBC Sustainability Report 2023

19

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Power
The global outlook for the power sector shows aconsistent increase in energy demand, especially in
Asia, where it is expected to account for half of the world’s
electricity consumption by 2025.(5) Following a similar trend,Southeast Asia’s energy demand is expected to increase by
60% by 2040 compared to the baseline of 2018. This will
necessitate a concerted effort to upscale the deployment of
renewables to meet the growing energy demand.(6) In 2023,
the global renewable energy capacity observed a 50%
surge to nearly 510 GW, with solar photovoltaic (PV) driving
75% of this growth, signalling a positive stride towards
transitioning away from fossil fuels. However, gaps inexisting policies and market conditions must be closed toachieve the COP28 goal of tripling renewables by 2030 andto meet the increasing energy demand.(7)Despite these challenges, we achieved a significant
reduction in our 2022 financed emissions for the Power
sector. The 337 kgCO2/MWh achieved is 20% lower thanthe IEA NZE reference pathway, positioning us favourably toachieve our interim 2030 target.
Sector coverage• Power generation companies• Power equipment manufacturers

Our Approach

Increasing clean electricity generation capacity is a criticalmission in transitioning our economy. Access to affordable,
reliable, safe and clean energy is a key social development driver,
especially in emerging countries which represent the core markets
that OCBC is present in. Therefore, we aim to support the dual aimsof growing the power sector while reducing the emissions of our
financing portfolio, to stay firmly within the net-zero pathway. To
achieve this, we have set targets for reducing GHG emissions
intensity from electricity generation companies and power
equipment manufacturers, reaffirming our relentless support forclean energy generation.

Our Progress
Year

2021
Baseline

IEA NZE
Reference

OCBC Targets

459

OCBC Position

370(8)

2022

337

2030

165

165

2050

0

0

In 2022, our Power sector’s financed emissions intensity saw
a reduction of 9% from the baseline of 370 kgCO2/MWh to337 kgCO2/MWh. This outcome was only possible because of thecontinuous engagement with our clients in their transition journey,
as well as in increasing our renewable energy portfolio.

Emissions scope• Scope 1 (generation)• Scope 3 (equipment manufacturers)

Through our active engagements, we helped our clients tounderstand and navigate the potential challenges to successfully
expand their renewable energy business as well as improving theiroperational efficiency. These intensified efforts have resulted in theoverall reduction of the emission intensity of our portfolio for the
integrated power generation clients by 6%.

Metrics
kgCO2/MWh
Reference pathway
IEA NZE by 2050

Power

(kgCO2/MWh)
500

459

400
370
300

337

200

165

100
0

(5)
(6)

0
2021 2022

2030

2040

(7)

2050
(8)

2021

2022

IEA NZE

IEA, Electricity Market Report 2023 – Executive Summary.
IEA, World Energy Outlook 2019 – Southeast Asia Energy Outlook 2019.
IEA 50, Massive expansion of renewable power opens door to achieving global
tripling goal set at COP28.
The 2021 baseline was updated from 365 to 370 due to refinement of thebaseline calculation and reference data points for more accurate results.
OCBC Sustainability Report 2023

20

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Expansion of renewable energy capacity is a key driver for us;
therefore, we continue to expand our renewable energy financing,venturing to new markets and supporting new technologies.
While several renewable energy generation technologies such as
solar and wind are already relatively mature, the challenge lies inscaling deployment of these technologies at the scale and speed
required in the 1.5°C-aligned transition. Acknowledging headwinds
such as intermittency, storage and grid infrastructure constraints,
we remain committed to directing capital toward technologies thatfacilitate the significant scaling up of renewable energy and its
supporting infrastructure.

While we are supporting clean energy deployment and business
transition, the fact remains that 60% of the electricity in Asia is
generated from coal, with almost seven million people employed in
the coal value chain.(9) Notwithstanding that, since 2019, we do notprovide new financing or refinancing for coal-fired power plants
and have expanded the prohibition over the years. We recognisethat a net-zero future is not viable without first addressing existingcoal assets in this region. To contribute to the industry’s efforts intackling this complex challenge, OCBC joined TRACTION(Transition Credits Coalition), a coalition convened by the MAS to
explore commercially viable ways to finance the early retirement ofcoal-fired power plants.

Connecting the dots
SME Solar programme

Taiwan solar project: Floating solar project in Taiwan’s Changhua Coastal
Industrial Park.

Supporting new technologies
Solar project in Taiwan

To incentivise building owners to install solar panels, theeconomics must make sense and the process needs to bestraightforward. This is why OCBC developed the Small andMedium-sized Enterprise (SME) Solar Programme which
provides financing directly to solar providers secured
against their Power Purchase Agreement (PPA). This helps
diversify the income stream for the solar provider whileremoving the upfront capital burden on building owners.
This encourages the switch to more cost-effective
renewable energy and empowers businesses to scale theirimpact. The programme has financed nearly 80 projects
within the ASEAN region, contributing to 53 MWp ofinstalled capacity. Our solutions help remove barriers tosolar projects by connecting project installers andoperators, and by allowing our clients, including SMEs, toaccess financing for their rooftop solar PV systems.

2023 marked the launch of a pioneering 192 MW floating
solar project in Taiwan’s Changhua Coastal Industrial Park.
Operating in saline water, this initiative differs from theconventional freshwater reservoir-based systems. Our
project showcases technological versatility and paves theway for numerous regional opportunities, notably acrossAsia. The project’s unique setting and technology represent
a significant step forward in the renewable energy sector.

(9)

MAS, Developing the Ecosystem for Energy Transition.
OCBC Sustainability Report 2023

21

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Oil & Gas
The international energy crisis has brought energy
security to the forefront of policy discussions. Global oil
demand has increased from 99.4 million barrels per day(mb/d) in 2022, to 101.7 mb/d in 2023, and is expected toreach 102.8 mb/d in 2024.(10) However, this rising trend isstarting to slow down. By 2030, gas demand is expected toincrease as it serves as a transitional fuel, potentiallyleading to a decrease in coal consumption.
The transition from fossil fuels to alternative, cleaner energy
sources is crucial to achieving net-zero emissions. New
technologies and solutions are constantly being developed
to reduce GHG emissions, which will help accelerate thetransition efforts. However, with the parallel importance ofensuring energy security amid market volatility, we need toensure an orderly transition away from the burning of oil
and gas in order to provide a resilient long-term solution.
In 2022, our financed emissions for Oil & Gas achieved asubstantial reduction of 19%, placing us on track to meetour 2030 interim target.
Sector coverage• Upstream• Integrated

We are committed to working closely with our clients, supporting
those who are taking an active role in transitioning towards net
zero as we recognise that conventional use of oil and gas has alimited role in the net-zero future. To underscore this view, insteadof setting just one target like most of our peers, we have set twoclear ones; the first is a reduction in the absolute financed
emissions and the second is to not extend project financing to
upstream oil and gas projects that obtained approval fordevelopment after 2021, in alignment with the IEA net-zeroscenario. This sends a clear signal to the market and our clientson our position for the Oil & Gas sector.

Our Progress
Year

OCBC Targets

OCBC Position

2021
Baseline

14.9(11)

2022

12.1

2030

9.6

2050

0.8

Our 2022 financed emissions for Oil & Gas reduced by 19%
from our baseline of 14.9 MtCO2e to 12.1 MtCO2e. At this pace,
we expect to meet the 2030 interim target of a 35% reduction fromour 2021 baseline, set in line with the IEA NZE reference pathway.
The reduction in our absolute financed emissions is due to two
main factors.

Emissions scope• Scope 1• Scope 2• Scope 3

Firstly, the reduction is reflective of the gradual shift in overall
portfolio as we support the transition of our Oil & Gas clientsas they pivot their businesses.

Metrics
MtCO2eSecondly, the high oil prices stemming from production cuts in
Saudi Arabia and Russia have led to an increase in our clients’ total
assets. Referencing our Oil & Gas methodology,(12) this leads to a
reduction in the Bank’s share of our clients’ total emissions.

Reference pathway
IEA NZE by 2050

Oil & Gas
(MtCO2e)

The transition of the Oil & Gas sector entails the exploration of newtechnologies and venturing into new business activities. We willcontinue to work with our clients and we stand committed tosupporting them in their transition journey.

15
14.9
12

Our Approach

12.1

9.6

9
6
3
0.8
0

(10)
(11)

2021 2022

2030

2040

2050
(12)

2021

2022

IEA NZE

McKinsey, Global Energy Perspective 2023.
The 2021 baseline was updated from 14.8 to 14.9 due to refinement of thebaseline calculation and reference data points for more accurate results.
Please refer to page 21 of our net-zero publication: Partnering Clients towards
a Net Zero ASEAN and Greater China.
OCBC Sustainability Report 2023

22

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Co-creating innovative sustainable solutions with businesses
OCBC partnered with TotalEnergies in the OCBC Sustainability
Innovation Challenge (OSIC) 2023, focused on the transition tosustainable energy.
Now in its second edition, the OSIC aims to co-create
innovative sustainable solutions with businesses, whileproviding aspiring solutions providers with a platform toshowcase and scale their innovations. This year’s challenge
saw close to 90 submissions from 27 countries, responding to
the four challenge statements issued by TotalEnergies. The
challenge statements were focused on renewable energy andsustainable mobility, as these are critical sectors driving theenergy transition and mitigating climate change:

The three winners of the OSIC are Nunam Technologies’
second-life battery solution that repurposes used EV
batteries as energy storage solutions, Bia Power’s smart
charging algorithm that monitors, plans and optimises EV
charging loads, and Pili Seal’s industrial-grade 2-in-1
sealant adhesive, Pili Seal, developed from spent pili resin,a by-product of the hydrodistillation of Pili tree sap. The
winners of the OSIC will begin piloting their solutions with
TotalEnergies in the first half of 2024; they will be fasttracked into the final jury phase of TotalEnergies On, thecompany’s start-up accelerator programme dedicated toelectricity businesses at Paris-based STATION F – thelargest start-up campus in the world.

1. Repurpose electric vehicle (EV) batteries for safe
redeployment in new applications.
2. Increase the penetration of distributed generation systems
in Asia.
3. Develop cost-effective solutions integrating renewableenergy sources to increase the efficiency of EV charging
infrastructure.
4. Develop greener raw materials for manufacturing.

Winners of the OCBC Sustainability Innovation Challenge 2023 with Mr Steve Kyaw, Head and Managing Director, Hutchinson Research and Innovation Singapore(first from left); Ms Elodie Renaud, Managing Director, Renewables Distributed Generation Asia, TotalEnergies (fifth from left); Mr Tan Teck Long, Head of Global
Wholesale Banking, OCBC (sixth from left); Mr Franck Vitte, Managing Director, TotalEnergies Charging Services Singapore (seventh from left); Her Excellency
Ms Tang Minh-di, the Ambassador of France to Singapore (eighth from left); Mr Liang Ting Wee, President, Marketing & Services, Asia-Pacific & Middle East andSingapore Country Chair, TotalEnergies (ninth from left); and Mr Mike Ng, Group Chief Sustainability Officer, OCBC (tenth from left).

OCBC Sustainability Report 2023

23

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Real Estate
Our Approach

For the Real Estate sector, we have used an Alignment Delta (AD)metric to reflect the highly heterogeneous nature of the sector. A
hotel in Hong Kong has a different emissions profile compared to aretail mall in Singapore, and as such are not directly comparable.
Using AD ensures each asset is compared with its own reference
pathway, which takes into account asset type and location.

Our core markets will see a significant growth ofreal estate assets with the continuation of rapid
urbanisation taking place within Asia. While this poses
great environmental challenges, there are opportunities
for our Real Estate clients to do well by doing good. OCBC
has set a clear and credible transition pathway for thesector and our clients.
OCBC continues to take a proactive approach with ourclients and their transition. We have increased our financing
of greener assets and engaged our clients on theirtransition plans.
As a Bank, we have a positive track record with our clientsin the sector, forging trusted and lasting relationships
across the entire built environment (Real Estate andconstruction) value chain. We work closely with our clientsin developing innovative financing solutions and in providing
thought leadership and transition engagement.
Sector coverage• Real Estate owner-operators• Financed buildings• REITsOur Progress
Year

OCBC vs CRREM

OCBC Position

2021
Baseline- 5.3%(13)

2022

-1.4%

2030

≤0%

2050

≤0%

Our portfolio analysis uses both direct data and national statistics.
In 2022, our portfolio AD was -1.4%, which means our portfolio isperforming better than the reference pathway as a whole. This istestament to our proactive approach to financing greener andmore efficient buildings.
Where we do not have direct data, we remain dependent on
governments publishing accessible data more frequently and ina timely manner. Where national statistics are available, we started
to observe a divergence between them and the reference pathways
across several of our markets including Hong Kong, USA, andAustralia. This highlights the wider data challenges the industry
is facing.

Emissions scope• Scope 1• Scope 2• Scope 3 (tenant/plug load)
Metrics
Alignment Delta based on percentage

Looking ahead, OCBC will deepen our collaboration with our clients.
We will focus on enhancing our industry-leading transition advisory
capabilities. This includes aiding clients in understanding theircurrent position, evaluating the retrofit potential of their properties
and identifying any ambition gaps that must be addressed to alignwith their 1.5°C pathway. These engagements will also enable us
to better capture direct data from our clients, helping to improvethe data coverage of our portfolio.

Reference pathway
CRREM

Real Estate

Alignment Delta (%)

Supporting our Clients

300

Guided by our streamlined decarbonisation toolbox, we haveinitiated critical measures focusing on new and existing buildings,
accelerating building electrification and energy transition, while
mitigating other GHG emissions. These strategic actions arefundamental to driving early-stage decarbonisation within
the sector.

200

100

0

Portfolio Average AD: -1.4%

-100
2021

2022

2030

2040

2050

(13)

The 2021 baseline was updated from -8% to -5.3% due to refinement of thebaseline calculation and reference data points for more accurate results.
OCBC Sustainability Report 2023

24

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment

Republic Plaza, CDL’s flagship development in the heart of Singapore’s
central business district.

OCBC supported Katong Holdings in achieving the BCA Green Mark 2021
Platinum rating for Katong Square.

Partnering in 1.5°C alignment

From advisory to action

For the world to successfully transition to net zero,businesses need to set ambitious, rigorous targets andfollow through with strong initiatives to reduce emissions
and measure progress. OCBC introduced the OCBC 1.5°C
loan, offering corporates a reduced interest rate on theirloans when they meet or exceed carbon emissions
reduction targets aligned with internationally recognised,science-based net-zero decarbonisation pathways.

OCBC provided finance with technical green building advice
to Katong Holdings to achieve the BCA Green Mark 2021
Platinum rating for Katong Square, a development thatconsists of two hotel towers and a retail area.

In 2023, OCBC worked with City Developments Limited (CDL)
to deliver its first 1.5°C net-zero-aligned corporate loan. The
three-year GBP 200 million sustainability-linked loan reflects
CDL’s commitment to decarbonising its business via its
initial net-zero carbon target by 2030 for new and existing
wholly-owned assets and developments under its direct
operational and management control. As part of the loan
terms, CDL will enjoy interest rate reductions upon meetingthe pre-agreed annual decarbonisation performancetargets, in line with CDL’s Science Based Targets initiative(SBTi)-validated targets. These include a reduction in GHG
emissions intensity by 63% per square metre leased area
(Scope 1 and 2), 41% per square metre gross floor area
(Scope 3 GHG emissions from purchased goods andservices) and 58.8% including hotels managed by CDL’s
wholly-owned hotel subsidiary, Millennium & Copthorne
Hotels Limited (Scope 3 GHG emissions from investments),
against its 2016 baseline, by 2030.

OCBC had partnered the client in its sustainability journey,rendering not only financial support but also technical andtrusted green building advisory for their properties. The
client took on board OCBC’s optimisation recommendations
which allowed them to improve their air conditioning
system efficiency, improve their operational performanceand give them the boost they needed to meet the new andhigher Green Mark certification standards.
This showcases the seamless integration of OCBC’s
leading sustainability and transition advisory with ourfinancing solutions designed to support our clients in theirsustainability journeys.

The OCBC 1.5°C loan reflects OCBC’s longstanding
commitment to support its clients on their net-zerojourneys. The insights gained from working with corporates
that take up the OCBC 1.5°C loan will help the Bank bettersupport their transition plans with suitable advisory andfinancing solutions.

OCBC Sustainability Report 2023

25

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Steel
Our Approach

For the Steel sector, we have selected a physical emissions
intensity target to reduce the CO2 emissions intensity associatedwith steel manufacturing (tCO2/tSteel) to support growing demand
for steel while encouraging lower-emissions production processes.

Steel is one of the key building blocks of urbanisationand the modern economy. In the past decade, China has
had the largest share of world’s crude steel production(c.54% as of 2022) as well as the greatest steel
demand (c.52% of the global total).(14)
We believe that the proliferation of international market
interventions, designed to differentiate the prices of green
and conventional steel products, will facilitate the transitionof the sector. An example of one such lever is the European
Union (EU) Carbon Border Adjustment Mechanism, which is
set to be rolled out in phases starting early 2024.
Our 2022 financed emissions intensity for the Steel sector
is 1.76 tCO2/tSteel. At this pace, we are outperforming thereference pathway by 8% and on track towards delivering
our 2030 target.

2021
Baseline

MPP – TM
Reference

OCBC Targets

1.95

OCBC Position

1.93

2022

1.76

2030

1.68

1.68

2050

0.12

0.12

The decrease in financed emission intensity is a result of astrategic shift in our exposure, tilting our overall steel portfolio
towards clients with well-defined transition plans and lower
emissions intensity per tonne of steel produced. The reduction inemission intensity can also be attributed to steel producers in our
key markets moving towards lower-carbon steel production,national grid decarbonisation, or a combination of both.

Emissions scope• Scope 1• Scope 2
Metrics
tCO2/tSteelThe solution for decarbonising the Steel sector will be centredaround recycling of scrap steel and adopting cleaner, less carbonintensive production technologies such as Electric Arc Furnace(EAF) and green hydrogen. The decarbonisation of energy grids
around the world will be another powerful enabler for the transitionof the Steel sector.

Reference pathway
MPP – TM (regional)

We are committed to directing capital to low-carbon steel
production and working with our clients to prepare for a morecircular, less carbon-intensive Steel sector that is aligned with thegoals under the Paris Agreement. In particular, we will continue toimprove data availability, which will enhance the quality of andconfidence in our financed emission data.

Steel(tCO2/tSteel)
2.5
1.95
1.93
1.5

Year

Our 2022 financed emissions intensity for the Steel sector reduced
by 8% from our baseline of 1.93 tCO2/tSteel to 1.76 tCO2/tSteel.

Sector coverage• Steel producers

2.0

Our Progress

1.68
1.76

1.0
0.5
0

0.12
2021 2022

2021

2030

2022

2040

MPP – TM (Regional)

2050
(14)

UNESID, World Steel in Figures 2023.
OCBC Sustainability Report 2023

26

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Supporting innovation to close the loop
We recognise that the transition of steel producers is crucial,and hence the need for solutions to increase steel production
efficiency, promote reuse, and lower recycling barriers. In linewith this, we have provided support to Mlion Corporation(Mlion) through a sustainability-linked loan. This support aims
to facilitate Mlion’s continued growth and development ofmarket innovations within the steel industry.
Mlion is one of the region’s largest suppliers of steel material
for the construction of infrastructure (including roads, bridges,
ports and waterways), and underground structures. One of its
core products is sheet piles, which are used in retaining walls.
To improve steel use efficiency, Mlion has engineered Mlion
Hot Rolled (MHZ) sheet piles, which use 20% less steel in the
manufacturing process compared to traditional sheet piles.
These sheet piles are made of high tensile steel, resulting inincreased durability and reusability, contributing to thecircularity of the product line.

However, challenges exist in ensuring the reuse of sheet piles.
Often, they are left in the ground after foundations arecompleted or scrapped prematurely. To tackle this issue, Mlion
developed and launched two industry solutions in 2023:• GoListid: This business-to-business (B2B) steel marketplacematches the supply of pre-owned steel materials with thosein need, reducing the premature scrapping of perfectly
reusable steel products. This eliminates the need for new
steel production.
• GoTagID: This tagging solution reduces barriers to recycling
and reuse of steel products, particularly structural steel
materials. It enables the tracing of data such as steel
composition, past inspections and test results, and location
tracking of steel members. This allows for retrievability andverification of materials for reuse.

GoTagID solution promotes reusability of steel products and simplifies therecycling processes.

Sheet piles manufactured by MHZ use 20% less steel than traditional
sheet piles.

Mlion exemplifies the approach that we champion with ourclients across all sectors. They focus on developing innovative
solutions to industry issues, supported by our own innovative
financial sustainability and transition solutions.

OCBC Sustainability Report 2023

27

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Aviation
Our Approach

The global volume of air travel is expected to finally
exceed pre-Covid levels in 2024 as the Asia Pacificregion makes a full recovery(15). In the long run, global
passenger traffic looks set to double by 2040(16).
With this rapid growth and the sizeable emissions footprint,
we have to harness the power of innovation and collaboration
to develop cleaner ways of flying. This includes scaling theswitch to alternative fuels and developing increasingly
efficient aircraft for the sector to continue being a catalyst
for global connectivity and socio-economic growth.
A key priority for the Aviation sector is to increase theproduction and consumption of Sustainable Aviation Fuel(SAF). The regulatory push from the EU for all aircraft at EU
airports to use a minimum share of 2% SAF starting in 2025
and increasing it every five years to achieve 70% by 2050
will accelerate SAF adoption efforts.
In 2022, we remained on track to meet our 2030 interim
target, achieving a financed emissions intensity of 0.097
kgCO2/passenger-km.

Emissions scope• Scope 1 (operators)• Scope 3 (lessors)

Year

2021
Baseline

IATA Fly Net
Zero Reference

OCBC Targets

0.243

OCBC Position

0.261

2022

0.097

2030

0.088

0.088

2050

0

0

Despite the positive development in 2022, decarbonisation in the
Aviation sector remains challenging, due to lack of commercially
viable decarbonisation solutions that the industry can adopt
immediately. We remain confident in our clients’ decarbonisation
efforts as many of them are already adopting or have committed toadopt these actions:

Metrics
kgCO2/passenger-km
Reference pathway
IATA Fly Net Zero

• Increasing the use of SAF• Renewing aircraft fleets to younger fleets that are more fuel efficient• Retrofitting older aircraft to improve fuel efficiency• Reconfiguring aircraft operations to improve efficiency, such as
by optimising flight routes• Voluntarily participating in the Carbon Offsetting and Reduction
Scheme for International Aviation (CORSIA) before mandatory
implementation of the scheme

Aviation(kgCO2/passenger-km)
0.30
0.261
0.25
0.243
0.20

We will continue to work with our clients to implement further
measures to reduce their emissions.

0.15
0.097

Our Progress

Our 2022 financed emissions intensity saw a significant improvementfrom our 2021 baseline, with a reduction of 63% from 0.261 kgCO2/
passenger-km to 0.097 kgCO2/passenger-km. This sets us in linewith the International Air Transport Association (IATA) Fly Net Zeroreference pathway, putting us on track to achieve our target of
0.088 kgCO2/passenger-km by 2030. The significant improvement
reflects the rebound of this sector as the Covid restrictions haveeased and passenger loads have since increased.

Sector coverage• Airline operators and lessors

0.10

Aviation, despite its emissions, is a key enabler for global trade andconnecting people to places. We are committed to partnering withour clients in their decarbonisation journey and seizing the newopportunities that arise from the transition. This is why we aresetting a physical emissions intensity target to reduce CO2
emissions intensity, measuring the emissions per person andtravelled distance (kgCO2/passenger-km).

0.088

0.05
0

2021 2022

2021

2030

2022

2040

IATA Fly Net Zero

2050

(15)

(16)

Straits Times, Global air travel will finally surpass pre-Covid levels in 2024,
experts say.
IATA, Global Outlook for Air Transport – December 2023 Report.
OCBC Sustainability Report 2023

28

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
Shipping
Our Approach

Ships carry 90% of the world’s trade,(17) with global
freight demand expected to triple by 2050.(18) The
shipping sector contributes around 3% of all global GHG
emissions,(19) with 99% of energy demand from the sector
still met by oil products today.(20)Most significantly in 2023, the International Maritime
Organisation (IMO) revised its GHG reduction strategy in
July,(21) aiming to reduce the GHG emissions levels to net zeroby or around 2050, which is aligned with the well-below 2°C
scenario of the Paris Agreement. The updated strategy
expands the scope of the GHG emissions reduction target,
to well-to-wake emissions,(22) and introduced a new target
to increase the uptake of zero or near-zero GHG emissions
fuels. This move was welcomed by PP signatories, amongwhom OCBC remains the only Singapore bank.
In 2022, our portfolio outperformed the initial trajectory.
While the revised trajectory reflects the industry’s ambition
to achieve net zero, in our first assessment, we are pleased
to share that we are one of the top four signatories globallyin terms of alignment and the top in Asia.
Sector coverage• Financed vessels under the purview of IMO(23)Emissions scope• Scope 1 from fuel burn
Metrics
Alignment Delta based on percentage

As a PP signatory, our financed emission targets are guided by
the PP. Hence, we are measuring AD to cater to diverse emissions
characteristics of different vessels that cannot be substituted. To
support the growth of this critical transport mode while reducing
overall emissions, we track the Annual Efficiency Ratio (AER) of
each vessel, which is compared with the relevant benchmark.

Our Progress
Year

OCBC vs IMO – PP

2021
Baseline

OCBC Position

+4.5%

2022

-2.7% (previous
trajectory)+11.2% (revised
trajectory)

2030

≤0%

2050

≤0%

In 2022, we made substantial improvement in our Shipping
portfolio AD from our +4.5% 2021 baseline to -2.7%, which is
better than the reference pathway. This is partly attributed to thenormalisation of markets from the effects of Covid towards theend of 2022, especially in the Container segment. In 2022, we
remain committed to our clients as they renew their shipping
fleets in preparation for the transition to low-carbon fuels. The
majority of the new vessels that we now finance are dual-fuelvessels. Our active engagement with clients has contributed to ourclients’ ongoing efforts to improve their AER by upgrading theirvessels and adopting newer technologies and low-carbon fuels.

Reference pathway
IMO Initial Strategy on reduction of total annual
GHG emissions by at least 50% by 2050 based on
2008 levels – adjusted for Poseidon Principles

Shipping

Alignment Delta (%)
100

50
(17)

+11.2%
0

(18)

-2.7%

(19)
(20)

-50

(21)
(22)

-100
2021

(23)

2030

2022 previous trajectory

2040

2050

2022 revised trajectory

International Chamber of Shipping, Shipping and world trade: driving prosperity.
International Transport Forum, Transport demand set to triple, but sector faces
potential disruptions.
Poseidon Principles, Annual Disclosure Report 2022.
IEA, International Shipping.
IMO, 2023 IMO Strategy on Reduction of GHG Emissions from Ships.
Well-to-wake emissions include GHG emissions related to every stage in the life
cycle of a fuel, from production until it is used to fuel a vessel.
Vessels of 5,000 gross tonnage and above which have an established PP
trajectory whereby the carbon intensity can be measured with the IMO Data
Collection System.
OCBC Sustainability Report 2023

29

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Our Net-Zero Commitment
In July 2023, the IMO revised its Strategy on Reduction of GHG
emissions from ships, and as a signatory, we will disclose ourprogress on transition using the revised trajectories as well. Our
updated progress can also be found in the Poseidon Principles
Annual Disclosure Report 2023.
This is not without challenges, as it is dependent on the availabilityof commercially viable low-carbon alternatives in the sector. The
maritime sector is still in a transitional phase and we will ensure
our strategic efforts are adaptable and robust in the face of
evolving industry standards and technological advancements.

Singapore’s first all-electric crewtransfer vessel
We are proud to finance Yinson GreenTech in developing
the prototype of Singapore’s first all-electric crew transfer
vessel, the Hydroglyder, which is now undergoing sea trials
in Singapore. The Hydroglyder is equipped with anadvanced hydrofoil system which provides better energy
efficiency as compared to traditional electric vessels of asimilar size. The onboard batteries provide power to propel
the vessel while the flight control system maintains thestability of the craft during foiling. This is expected toreduce operational costs by up to 90%, while reducing themaritime industry’s carbon footprint and local particulate air
pollution. Our role in this project underscores ourcommitment to championing green technologies and aligns
with our strategic goal of driving decarbonisation in themaritime sector.

Cadeler’s offshore wind turbine installation vessel.

Steering towards sustainability
In 2023, OCBC contributed to two of Cadeler’s green loans.
Cadeler is a supplier in the offshore wind energy industry.
The EUR 550 million green loan will be utilised for therefinancing of Cadeler and Eneti’s existing vessels,
Cadeler’s two existing vessel’s crane upgrades, and forgeneral working capital, while the EUR 425 million green
loan will be used to finance Cadeler’s two newbuilds, Wind
Peak and Wind Pace. The green loans are structured inaccordance with Cadeler’s Green Finance Framework,
which has obtained a Second Party Opinion by S&P Global.
The green loans secure Cadeler’s vision in accelerating therenewable transition, cementing their position as a global
leader in offshore wind installation in the market.

OCBC Sustainability Report 2023

30

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Climate-Related Risks
Our ability to manage climate-related risks impacting the Bank is
crucial and inextricably linked to supporting climate mitigation andadaptation efforts in the real economy. Given the cross-cutting
nature of climate risk, we adopt an integrated and risk-based
approach, prioritising the management of climate risks of greater
likelihood and impact while closely monitoring interconnections
between various risk types.

Identifying our Climate-Related Risks

Climate change presents financial and reputational risks, impacting
our business directly and indirectly. It can amplify traditional banking
risks, including credit, market, liquidity, operational and reputationalrisks. We conduct our materiality assessment regularly to ensure
it stays relevant, tapping on the growing knowledge and evidencebase for climate risk. This ensures that risk drivers that impact theGroup across the various risks are adequately identified, assessed
and managed in accordance with our existing risk management
approaches and planning horizon. Our assessment indicates thatcredit and reputational implications from climate risks are likely to
be more material than other traditional risks.

Portfolio-level Risk Management

We prioritise managing ESG and climate-related credit andreputational risks from our wholesale lending activities throughintegrating these considerations in our Responsible Financing
Framework and Policies and credit approval processes.
Specifically for credit risk, we have built a suite of climate models
to assess the impacts of transition and physical risks on the Bank’s
credit portfolios. We also monitor and report on credit exposures toclimate-relevant sectors (oil and gas, power generation, metals andmining, chemicals, transportation, agriculture, other energyintensive manufacturing, and real estate) to our management andboard on a periodic basis, to enhance our understanding of climate
risk impact on our portfolio.
While sectors of the economy are exposed to the net-zerotransition and physical hazards, clients in the carbon-intensive
and hard-to-abate sectors are more exposed to transition risks.
We focus our decarbonisation efforts on six sectors – Power,
Oil & Gas, Real Estate, Steel, Aviation, and Shipping – that we have
set net-zero targets for. We also enhanced sector prohibitions tocease project financing to upstream Oil & Gas projects thatobtained approval for development after 31 December 2021.

Client-level Risk management

ESG and climate-related risk assessment is undertaken as partof clients’ overall credit risk assessment process. High-risk clientsor transactions where significant environmental and social risks
are identified and referred to a dedicated team of ESG specialists
for enhanced due diligence and no objection review. Those withsignificant ESG risks that cannot be mitigated may be turned
down. Clients or transactions with significant reputational risk
will be escalated to the Reputational Risk Review Group forclearance. All transactions must be approved by the relevant
Credit Approval authority.
In line with our risk-based approach, we have started to assess andengage clients in selected sectors on their ability to manage theirclimate-related transition and physical risks, in addition to ESG
risks. Please refer to our Responsible Financing chapter for more
information on our Responsible Financing Framework and Policies.

Other Risk Types

For market, liquidity and operational risks, climate risk materiality
assessments are carried out to identify implications of transitionand physical risks on trading activities, asset and liability
management, and operational resilience. This will help us identify
the types of activities and operations that may be affected andwarrant deeper assessments and mitigation actions to be taken.
Our assessment on market risk is that the impact on our exposures
is limited for climate-relevant sectors. Adverse impact is also
moderated by the short-dated nature of such exposures.
On liquidity risks, our assessment has indicated that our liquidity
buffers will remain resilient under assessed climate transition
stress scenarios. As we move forward, we will continue to study
best practices in this area and enhance our assessment approach.
For operational risks, our focus is on understanding theconsequences of physical risk events on operational resilience.
We have assessed that our existing measures can adequately
mitigate the impact of existing physical risk events on our people,
processes and systems. Nevertheless, we recognise that physicalrisks are likely to increase in frequency and severity in the long term
and will be developing a framework to identify changing climate
risks and ensure that the measures remain fit-for-purpose.

Climate risk ratings across different time horizons
Short-term(0 – 3 years)

Risk Types

Focus

Credit risk

Transition risk

Market risk

Transition risk

Liquidity risk

Transition risk

Operational risk

Physical risk

Low

Moderate

Medium-term(3 – 10 years)

Long-term(>10 years)High
OCBC Sustainability Report 2023

31

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Climate-Related Risks
Managing our Emerging Risks

In tandem with growing scientific consensus on the interlinkages
between climate, nature and biodiversity, the Bank has taken steps
to enhance our assessment and management of nature andbiodiversity risks.
At the outset, our Responsible Financing Policies prohibit financing
of projects that have an adverse impact on nature and biodiversity.
More details on our agriculture and forestry sectoral policy can befound in the Responsible Financing chapter.

Climate-related Risk Drivers(24)Transition Risk Drivers

Transition risk drivers are thesocietal changes arising from atransition to a low-carbon economy.
They can arise through: Changes inpublic sector policies; innovationand changes in the affordability ofexisting technologies (e.g. that makerenewable energies cheaper or allow
for the removal of atmospheric GHG
emissions); or evolving investor andconsumer sentiment towards agreener environment.

(24)

Going forward, we will enhance our understanding of nature-related
financial risks. This follows from the Bank’s participation in theTaskforce for Nature-related Financial Disclosures (TNFD)
framework pilot study on assessing nature-related risks andopportunities related to the palm oil sector.

Risk Types

Potential Financial Risk Impacts for Each Risk Type

Credit Risk

• Repayment capacity of clients impacted by transition
risks (e.g. change in consumer demand, increase in costs
due to carbon pricing) or physical risks causing businessdisruptions• Collateral values impacted by rising frequency and intensityof physical risk events, leading to asset stranding, reduced
balance sheet, strength of obligors, and reduced recovery
from potential defaults

Market Risk

• Decline in market valuation of securities due to disruptive
transition events (e.g. sudden climate policy shifts) orsevere physical risk events (e.g. major flooding)Liquidity Risk

• Material change in cash outflows due to climate-induced
risk events or adverse reputational events

Physical Risk Drivers

Physical risk drivers are changes
in both weather and climate that
impact economies. They can be
categorised as acute risks, which
are related to extreme weather
events, or chronic risks associatedwith gradual shifts in climate.

Within our ESG risk assessments, we have also embedded
considerations to assess clients on the impact of their activities on
the protection and conservation of biodiversity, water stewardship,
minimising of footprint and restoring ecosystems.

• Reduction in liquid assets due to climate-induced
macroeconomic stresses
Operational Risk

• Increase in frequency and severity of acute physicalrisk events, which can affect physical assets, cause
business interruptions and pose workplace health andsafety challenges

Reputational Risk

• Reputational issues associated with stakeholder perceptions
on adequacy of climate risk and opportunity management

Basel Committee on Banking Supervision, Climate-related risk drivers and their transmission channels, April 2021.
OCBC Sustainability Report 2023

32

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Climate-Related Risks
Climate scenario analysis serves to facilitate our understanding ofrisks and opportunities associated with climate change under arange of hypothetical scenarios spanning multiple time periods.
In 2022, we updated our climate scenario analysis methodology tocapture the combined impacts of both transition and physical risks
to eight climate relevant sectors (oil and gas, power generation,
metals and mining, chemicals, transportation, agriculture, otherenergy-intensive manufacturing, and real estate) using a suite ofclimate scenario analysis models.
These climate scenario analysis models adopt a bottom-up
approach to translate key scenario parameters (e.g. emission
intensity pathways, carbon price, fossil fuel price and demand,
electricity price and demand, physical hazard frequency andseverity) into drivers of business performance such as volume,
unit cost, price and capital expenditure. The credit rating impacts
are then estimated using the adjusted financial statements.
Leveraging on these models, we analysed the impacts on our credit
portfolio using reference scenarios developed by the Network forGreening the Financial System (NGFS), i.e. the Net Zero 2050
(Orderly Transition), Delayed Transition (Disorderly Transition) andCurrent Policies scenarios.

Transition Risks

These scenarios were selected to cover three dimensions in the
NGFS Climate Scenarios for Central Banks and Supervisors. This
ensures that our scenario analysis accounts for a wide range ofclimate outcomes representing varying levels of risk to the Bank.

Key Drivers

In 2023, we enhanced the methodology for the Real Estate
sector to incorporate capital expenditure relating to mandatory
or voluntary retrofitting costs required to improve energy
efficiency of assets.
Separately, we also conducted a short-term climate scenario
analysis as part of the Bank’s Internal Capital Adequacy
Assessment Process (ICAAP) and Hong Kong Monetary Authority(HKMA) Climate Risk Stress Test 2023. To assess the impacts ofshort-term physical risk events in these exercises, we identified
property collaterals in at-risk areas using geo-locational information(e.g. postal codes, building/street addresses, flood maps) fromgovernment or meteorological authorities. Credit impacts arisingfrom potential property devaluation due to asset damages and/or
shifts in consumer preferences were assessed.

Results from Climate Scenario Analysis

The scenario analysis results showed that sectors that arecarbon-intensive and hard-to-abate would be most impacted
under the Orderly and Disorderly Transition scenarios. The hightransition risk sectors include upstream and integrated oil and gas,coal mining, conventional power generation, steel and cement
manufacturing and aviation, though the impacts are moresignificant in the medium- to long-term. We have since started
regular monitoring and reporting of exposures to these sectors.

Scenario-adjusted
Financials

Credit Risk Estimates

VolumeUnit Cost

Income Statement
Credit Rating Models

Price
Capital Expenditure

Physical Risks

Enhancement to Climate Scenario Analysis

Balance Sheet

Asset Value
Cost of Downtime

Cash Flow Statement

Stressed
Probability of Default

Portfolio Extrapolation

Climate Scenario Analysis

Reinstatement Expenses

OCBC Sustainability Report 2023

33

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Climate-Related Risks
Limitations of Climate Scenario Analysis Methodology

It is important to view the scenarios not as future forecasts but
hypothetical constructs to understand the nature and magnitudeof risks across a range of plausible climate and policy pathways.
This would help us prepare for the risks and opportunities that
could arise across various sectors and geographies relevant toour credit portfolio.
Although we have strengthened our climate scenario analysis
methodology and understanding progressively, the results should beinterpreted with the following methodological limitations in mind:i.

Extent of assumptions – Due to uncertainty in extended
projection timeframe, a large set of assumptions is used.

ii. Relevance of scenario parameters – Climate risk scenarios andparameters from various international think tanks and researchbodies are often provided and calibrated at a certain level of
granularity which may not fully reflect local market dynamics
and constraints.
iii. Availability and consistency of data – Company-level emissions
and business activity data may not be available or consistentacross companies or sectors.

Building Resilience into Our Business Model

We acknowledge that our portfolio faces climate risks andrecognise the impact of our lending decisions on the climate
through financing. Our net-zero strategy actively aligns the portfoliowith a 2050 commitment, setting ambitious decarbonisation
targets, particularly for financed emissions. Through partnerships
with clients, we actively support sectors in planning effective
transitions for decarbonisation and sustainability. More informationon our target-setting methodology and selection of key sectors canbe found in our net-zero publication: Partnering Clients towards a
Net Zero ASEAN and Greater China.
In our journey to a low-carbon world, responsible financing andsustainable solutions play pivotal roles. We have proactively
tightened lending policies to shift away from fossil fuelconsumption, including enforcing enhanced coal-related
prohibitions. In 2021, we committed to growing our sustainablefinance portfolio to $50 billion by 2025 and we have surpassed thetarget ahead of schedule. More information on our Responsible
Financing can be found on page 39 and Sustainable Financial
Solutions can be found on page 43.

iv. Absence of company- and country-level transition plans
and measures – Such transition plans may not be disclosed
and it may be too complex to incorporate granular information
at scale.
We remain committed to keeping abreast of developments in thisarea and continually enhancing our methodology in line withindustry standards.

OCBC Sustainability Report 2023

34

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Environmental Footprint
As we support our clients’ net-zero transition and their aspirations
for a low-carbon world, we also prioritise aligning our operations
with sustainability principles to safeguard the vital ecosystem
supporting life on Earth and minimising our environmental impact.
We are committed to reducing the environmental footprint of ourphysical operations by reducing our consumption of energy, water,
paper and other resources. To reduce our environmental impact,
three key approaches have been identified:• Improving building energy efficiency with technology
and management practices• Exploring innovative solutions to push boundaries• Enhancing sustainability through strategic collaboration

OCBC Centre (Singapore).

Maintaining Carbon Neutrality

In 2023, we met our target of achieving carbon neutrality for OCBC’s banking operational emissions through a hierarchy of priorities:

Priority 1:
Reducing Energy Consumption
from our Operations
We are consistently prioritising the
deployment of sustainable
technologies, optimising building
system efficiency and exploring
innovative solutions for Group-owned
properties. Since 2020, reducing
energy consumption from ouroperations has been our immediate
key agenda. A portfolio-wide energy
audit has been conducted across ourbuildings, supporting the deployment
of several data-driven energy
optimisations.
Building equipment is progressively
replaced with best-in-class energy
efficiency options where feasible.
Exploration of innovative technology
is also intensified to supplement thedrive to reduce energy consumption(e.g. deployment of Passive Heatremoval technology at our data centre
in 2022).

Priority 2:
Increasing Renewable
Energy Adoption
We are maximising the deployment ofon-site renewable energy. Solar panels
have been progressively installed at
viable spaces across our local andregional buildings and branches.
For our remaining Scope 2 emissions,we place emphasis on securing
Renewable Energy Certificates (RECs)
that are generated in the locality weoperate in. By doing so, we support
the transition of the local electricity
grid towards a cleaner grid. We havedone so for our operationsin Malaysia, Indonesia and Greater
China. For Singapore, local renewableenergy is limited in supply and we willcontinue to watch the developmentof this space and will participate
when viable.

Priority 3:
Responsible Purchase of
Carbon Credits to Offset Residualand Unavoidable Emissions
For hard-to-abate emissions, weare supporting credible carbon
sequestration nature-based offset
projects that remove carbon from theatmosphere. Our support extends tocarbon removal projects originating inIndonesia and Greater China. These
projects not only sequester carbon
dioxide but contribute positively tomultiple UN SDGs.

These approaches and priorities underscore our commitment to comprehensive sustainability and environmental responsibility.

OCBC Sustainability Report 2023

35

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Environmental Footprint
Our Operational Footprint% change
between 2023
and 2022

2023

2022

2021

4.3

418,221401,076

419,941

Diesel consumption for building operations (GJ)

-62.6

219

586

643

Company fleet mileage (GJ)

11.6

1,842

1,650

2,659

Total electricity consumption (MWh)4.3

115,600

110,789

115,733

Electricity intensity (MWh/ft )

5.0

0.021

0.020

0.022

%

2023

2022

2021

Total emissions (tCO2e)-58.0

27,49765,48868,151

Scope 1 (tCO2e)

-8.1

147

160

237

(30)

Scope 2 (tCO2e)(Location-based)

7.1

68,33463,811

67,636(32)

Scope 2 (tCO2e)(33)(Market-based)-63.2

23,501

63,811

67,636

Scope 3 (tCO2e)(34)

153.7

3,849

1,517

278

%

2023

2022

2021

7.0

0.01230.0115

–

%

2023

2022

2021

8.4

433,969

400,322407,051

4.1

0.101

0.097

0.077

EnergyTotal energy consumption (GJ)

2

Emissions(26)(27)
(28)

(29)

Emission intensity ratios

Scope 2 (tCO2e/ft )
2

Water

Total water consumption (m3)(35)
Water consumption intensity (m /ft )
3

2

Waste

General Waste (tonnes)
Recycled waste (tonnes)(36)

Office paper (tonnes)

(37)

(25)
(26)

(27)
(28)
(29)
(30)

(31)
(32)
(33)
(34)

(35)

(36)

(37)

– includes electronic waste– excludes statement paper

(31)

(25)

(32)

%

2023

2022

2021

30.6

1,605

1,229

–

27.0

207

163

–

-7.9

340

369

379

Company fleet mileage for 2022 was restated due to data improvement from our operation in Mainland China.
Our approach to carbon emissions is aligned to the GHG Protocol Standards, using the operational control approach to determine carbon emissions boundaries. The
environmental data covers all our operations in Singapore, Malaysia, Indonesia and Greater China unless otherwise stated.
Emission factors used to calculate carbon emissions are derived from, or in reference to, the Intergovernmental Panel on Climate Change (IPCC) emission factor database.
Total emissions refer to the aggregation of Scope 1, Scope 2 (Market-based) and Scope 3 emissions.
Scope 1 carbon emissions include direct carbon emissions from backup diesel generators on OCBC premises and carbon emissions from petrol consumption by corporate cars.
Scope 2 carbon emissions refer to purchased electricity. OCBC reports Scope 2 carbon emissions using the location-based approach. Emission factor source: Energy
Market Authority of Singapore, Malaysia Energy Commission, Institute of Global Environment Strategies (IGES) – IGES Grid Emission Factors, HK Electric, CLP Power Hong
Kong Limited, Companhia de Electricidade de Macau and (Indonesia’s) Directorate General of Electricity.
In 2023, we have added OCBC Space, a new building in Indonesia that is 100% powered by renewable energy to our reporting.
Scope 2 carbon emissions for 2022 and 2021 were restated due to an update to the grid emission factor for Malaysia’s purchased electricity released in 2023.
Under the market-based approach, our Scope 2 emissions were reduced from purchased RECs in Malaysia, Indonesia and Greater China.
Scope 3 carbon emissions include business air travel which covers OCBC Bank’s key markets, Bank of Singapore, OCBC Securities Pte Ltd and OCBC Property Services Pte
Ltd. Emission factors are derived from, or in reference to, the United Kingdom Department for Environment Food and Rural Affairs (DEFRA). This does not include financed
emissions. Financed emissions also do not form part of the scope of external assurance.
All of our water use is withdrawn from the municipal water supply, consumed within our operations and discharged to the public sewerage system. The quality of water
withdrawn and discharged is managed by the public utility provider. We recognise that OCBC operates in countries that may be water-stressed including Singapore and will
therefore continue to do our part to promote water conservation.
Recycled waste includes 18 tonnes of recycled electronic waste from OCBC Bank’s key markets, Bank of Singapore, OCBC Securities Pte Ltd and OCBC Property Services
Pte Ltd, excluding OCBC Indonesia.
Our paper usage data accounts for paper used within the Group offices for business operations. It excludes papers used for customer statements and letters. Total office
paper in 2021 covers Singapore entities including OCBC, OCBC Securities Pte Ltd, OCBC Property Services Pte Ltd, Bank of Singapore, OCBC Malaysia, OCBC China, OCBC
Hong Kong, OCBC Macau and OCBC Indonesia. In 2022, the scope expanded to include an additional 38 tonnes from remote offices and branches outside Kuala Lumpur,
which were not tracked in 2021. In 2023, office paper covers all OCBC key markets, Bank of Singapore, OCBC Securities Pte Ltd and OCBC Property Services.
OCBC Sustainability Report 2023

36

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Environmental Footprint
Significantly, scope 3 emissions have risen from 2022, which
can be attributed to the post-pandemic recovery in air travel.
This recovery has led to an increase in the number of business
air travels made in 2023. Going forward, we remain dedicatedto improving our progress in fostering sustainability within
our operations.

Improving Building Energy Efficiency with Technology
and Management Practices

In 2023, we continued the post-pandemic recovery of our officeoccupancy, directly increasing the energy requirements of ourbuildings. We have sustained the optimisation of our building to
reduce the impact. In Malaysia, we successfully completed theretrofitting of lights at all our offices in Wisma Lee Rubber andMenara OCBC. Across the region, we also completed the installationof solar panels covering 27,000 square feet across several of ourbuildings, notably on the rooftops of OCBC Centre Tampines One
and Two, OCBC Centre (Shanghai) and OCBC Space (Indonesia).

Pilot project: Installation of ceramic
nets on Air Handling Units (AHUs) andsmart optimisation of Heating,
Ventilation and Air Conditioning (HVAC)
system (chiller plant) operations
Ceramic nets implementation

The implementation of ceramic nets was piloted at OCBC
Tampines Centre One. The nets optimise heat exchange
through breaking up of water molecule clusters. The firstphase of implementation was done at the AHU on a single
level to determine the nets’ effectiveness in reducing the air
conditioning cooling load. With promising results from thepilot, we have since implemented the nets in all the AHUs
of the building.

Implementation of ceramic nets at OCBC Tampines Centre One.
Installation of solar panels on OCBC Tampines Centre Two (left) and OCBC
Centre (China) (right).

In tandem with our Singapore branch refurbishment plan, energy
efficiency optimisation is also progressively implemented at our
32 branches.

HVAC optimisation

Smart Building HVAC optimisation uses historical data,real-time data collected and machine learning to achievea holistic system efficiency improvement and allow
HVAC systems to always work at peak efficiency.

In 2023, two of our branches – Wisma and Tampines – haveattained the Green Mark Platinum certification, bringing our total
certified branches to 8 out of 32 branches.

Exploring Innovative Solutions to Push Boundaries

While actively promoting building energy efficiency throughlifecycle equipment replacement and operational optimisation,
we recognise that conventional methods have almost reachedsaturation. Therefore, in 2023, we intensified our focus on
innovation and embarked on two pilot projects to ascertain carbon
reduction potential and scalability. One project actively utilises
material properties to ionise and break up water molecules,
enhancing heat transfer efficiency in our indoor air environment.
The other actively leverages the smart Internet of Things (IoT) to
optimise our building’s air conditioning system. Both projects
demonstrated significant carbon reduction potential, prompting
active exploration for scaling up across our assets.

Performance dashboard used for HVAC optimisation.

In the second half of 2023, we started a pilot implementationfor HVAC optimisation at our building to assess its viability
and feasibility for our operations. While the initial findings
from both projects have been promising, we are continuallymonitoring and assessing their performance with the aimof scaling up across our assets.

OCBC Sustainability Report 2023

37

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Climate Action: Managing our Environmental Footprint
Enhancing Sustainability Through Strategic Collaboration
Together with the Singapore Green Building Council (SGBC) andWorld Wildlife Fund (WWF) Singapore, we curated a series ofsustainable real estate management workshops and seminars
with our key stakeholders in mind. The workshops and seminars
were open to employees and tenants leasing spaces within our
properties. Through this, we aim to grow with our ecosystem
stakeholders, actively enhancing our capacity and expertise
to decarbonise.

SGBC-OCBC Built Environment
Decarbonisation Challenge

Going Forward
Given the existential nature of climate change and the urgent
need to substantially reduce emissions, the transition to a net-zero
future remains a key priority for us. We will continue to manage ourenvironmental footprint.

Our Forthcoming Targets
Achieve net zero in financed emissions for six sectors
by 2050
Maintain carbon neutrality for OCBC’s banking operationalemissions in 2024
Receive BCA Green Mark award for all OCBC Bank
Singapore branches by 2030
Provide electric vehicle charging facilities to majorGroup-owned commercial buildings by 2025

(From left to right) Mr Allen Ang, 1st Vice President, SGBC; Ms Yvonne Soh,
Executive Director, SGBC; Ms Emily Teo, Head of Group Property Management,
OCBC; and Mr Mike Ng, Group Chief Sustainability Officer, OCBC.

In a strategic collaboration, OCBC entered into a partnershipwith the SGBC to drive the adoption of sustainability in thereal estate sector.
One of the key outcomes of this partnership is an
issuance of challenge call to the industry for novel building
technology that will further fuel the decarbonisation of thereal estate sector. Successes from the challenge will beshared within SGBC’s network and OCBC’s client base,proliferating their adoption.
Tailored training is also designed for OCBC employees,
clients and tenants to strengthen our combined
capabilities and knowledge of decarbonisation. Throughcloser connections, green financing can be provided tomember organisations under SGBC, facilitating andamplifying the deployment of sustainable solutions in
the broader community.

OCBC Sustainability Report 2023

38

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Responsible Financing
Driving responsible growth
Why this is Material to Us

Our Targets and Performance

The escalating challenge of climate change and the criticalimperative for sustainable development present a dual landscapeof business risks and opportunities within the banking industry.
As we navigate these evolving risks, particularly in the ESG domain,
we prioritise effective ESG risk management and responsible
lending practices to safeguard our businesses while contributing
to a greener future.

Our 2023 Targets

Performance Against Targets

Strengthen ESG
policies and proceduresto support climate
risk management

Our Management Approach
Our approach is rooted in the principles of risk management andresponsible lending. We are cognisant of the significant impact
our financing activities can have on the environment and society.
We also recognise the diverse physical and transition risks thatclimate change poses to both our clients and the Bank’s portfolio.
As such, our primary objective is to prudently navigate andmitigate these risks and provide a steadfast commitment toguide our clients towards the transition to a low-carbon economy,in alignment with the objectives of the Paris Agreement.

• expansion in scope of
Responsible Financing
Policy for Agriculture
and Forestry to include
animal production andfisheries, and enhanced
our expectations
including No
Deforestation, No Peat,
No Exploitation (NDPE);
andThis strategic focus goes beyond fulfilling our social
responsibilities; it is also instrumental in mitigating the Bank’s
exposure to climate-related risks and safeguarding thelong-term value of our clients’ assets.
We are guided by our Responsible Financing Framework andPolicies which outline OCBC’s approach and dedication to
managing ESG risks within our lending practices. Our Framework
and Policies detail our ESG-focused strategy for both lending
and debt-related activities, encompassing debt issuance andunderwriting, and applies to new and existing corporate,commercial, and institutional clients. We firmly adhere to apolicy of non-engagement in any financing activities that are on
our exclusion and prohibition lists where there is clear evidenceof immitigable adverse impact to the environment, people orcommunities, or where there is a breach of local regulations.

We have strengthened
ESG policies andprocedures through:• prohibition of project
financing to upstream
Oil & Gas projects thatobtained approval fordevelopment after 2021;• full implementation ofclimate risk assessments
to assess clients’transition and physicalrisks for climate-relevant
sectors
Achieved

On track

See the table on the following page for key highlights of ourmajor policies.

OCBC Sustainability Report 2023

39

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Responsible Financing
Our Policies
Responsible Financing
Framework and Policy• Established to manage ESG risks in our credit decision process.

Responsible Financing
Sector-Specific Policies• We are also guided by sector-specific policies that outline our requirements and expectations forclients in sectors with high risk of potential environmental and social impacts.

• By considering environmental and social risks, we will be better able to assess and advise our clientson their ESG risk exposure. This in turn allows us to better manage the Bank’s ESG risk exposure.

• Our Responsible Financing sector-specific policies cover all the sectors identified as high risk by The
Association of Banks in Singapore (ABS) Responsible Financing Guidelines:• Responsible Financing Policy for Agriculture & Forestry• Responsible Financing Policy for Mining and Metals• Responsible Financing Policy for Energy• Responsible Financing Policy for Chemicals• Responsible Financing Policy for Infrastructure• Responsible Financing Policy for Waste Management
Responsible Investing Policy• Established to enhance returns and our risk-taking decisions by integrating ESG considerations into
the Bank’s own investment activities.
• By investing responsibly and ensuring that our investment activities do not violate our ESG exclusions
and prohibitions, the Bank is able to better fulfil our commitment towards sustainability and avoid
supporting activities that may be harmful to the environment or society.

Key Policy Enhancements in 2023

Oil & Gas
To align with our net-zero objectives, we have enhanced sector
prohibitions to cease project financing to upstream Oil & Gas
projects that obtained approval for development after 2021. Thisenhancement is in addition to our existing prohibitions on financing
coal-fired power plants and thermal coal mines.
Agriculture & Forestry
In response to growing concerns around global land use change
and the sustainability of food systems, we have broadened thescope of our Responsible Financing Policy for Agriculture &Forestry to encompass animal production and fisheries.

We have also enhanced our expectations for palm planter clients
to comply with the mandatory requirements under the Malaysian
Sustainable Palm Oil (MSPO) and Indonesian Sustainable Palm Oil(ISPO), or the Roundtable on Sustainable Palm Oil (RSPO).
New plantations are required to demonstrate alignment to NDPE.
For fishing activities, clients are expected to avoid drift net fishingusing nets that are more than 2.5km in length as well as illegal,
unreported and unregulated (IUU) fishing.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Responsible Financing
Programmes and Initiatives
ESG Risk Assessment Process

Our ESG risk assessment process evaluates our clients’ trackrecord along with their capacity and commitment to manage
ESG factors and climate risk effectively. This assessment is an
integral component of the credit and risk evaluation, undertaken
by relationship managers and is reviewed annually. Transactions
identified as having high ESG risk are subjected to enhanced
due diligence through no objection review, while transactions
that pose significant reputational risks are escalated to the
Reputational Risk Review Group (RRRG) for additional review.

In 2023, over 8,500 transactions were assessed, with morethan 300 necessitating enhanced due diligence. There were no
escalations to the RRRG in 2023.
In addition, we have incorporated climate-related risk assessments
across climate-relevant sectors. We assess the transition risk andphysical risk, including their impact and time horizon, as well as theclient’s carbon emissions targets and performance.

The Equator Principles serve as a framework for managing environmental and social risks, ensuringthat project-related financing is developed in an environmentally and socially responsible manner.
OCBC adopted the Equator Principles in 2020 and has since integrated them into our policy frameworkand ESG risk assessment process. In 2023, there were 10 transactions that reached financial close under
the purview of the Equator Principles, as detailed in the table below.

(1)

S/N

Financial Product Type

Project Name

SectorProject Location

Category(1)Independent
Review

1.

Project Finance

Westlink M7-M12
Integration Project

Infrastructure

Australia

B

Yes

2.

Project FinancePort Arthur LNG, LLC

Oil and Gas

USA

A

Yes

3.

Project Finance

Rio Grande LNG, LLC

Oil and Gas

USA

A

Yes

4.

Project Finance

RDMP Balikpapan

OthersIndonesia

A

Yes

5.

Project Finance

SK ON Hungary Kft

OthersHungary

B

No

6.

Project Finance

Project Millenium Falcon

OthersIndonesia

A

Yes

7.

Project Finance

Changhua 03 Floating Solar

Power

Taiwan, R.O.C

B

Yes

8.

Project Finance

Changhua 04 Floating Solar

Power

Taiwan, R.O.C

B

Yes

9.

Project Finance

Project Panda

Power

Vietnam

C

Yes

10.

Project FinanceAmateras Solar

Power

Japan

B

Yes

According to the Equator Principles (2020), Category A Projects are those with potential significant adverse environmental and social risks and/or impacts that are diverse,
irreversible or unprecedented. Category B Projects are those with potential limited adverse environmental and social risks and/or impacts that are few in number, generallysite specific, largely reversible and readily addressed through mitigation measures. Category C Projects are those with minimal or no adverse environmental and social risks
and/or impact.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Responsible Financing
Training and Capacity Building

Strengthening our internal capacity on ESG and climate-relatedrisks remains a key focus. We conducted training and annual
capacity building programmes for our people in relevant roles,
such as client relationship management and credit risk
management. For instance, we conducted training on our
Responsible Financing Framework and Policies for employees
enrolled in the Bank’s Credit Induction Programme (CIP). We
also conducted Group-wide annual refresher training on the
Bank’s ESG and climate risk assessments, and educatedemployees on the Equator Principles.
These initiatives are complemented by sustainability-related risk
management e-learning modules on topics such as the Equator
Principles, as well as the OCBC Future Smart Programme, which
provides a comprehensive suite of sustainability training courses
for our employees.(2)Change and Principle-based Taxonomy (CCPT) Implementation
Group. Our involvement in JC3 and the CCPT Implementation
Group includes actively participating in discussions and supporting
efforts surrounding the industry-wide implementation of the CCPT,
as well as keeping abreast with the latest developments around theimplementation of the Climate Risk Management and Scenario
Analysis (CRMSA) Policy Document. In China, we collaborated withexternal technical expertise to uplift our knowledge on topics suchas climate risk analysis and management, interpretation of green
finance policies, disclosure and climate risk opportunities.

Going Forward
Navigating the dual landscape of ESG risk and opportunities
continues to be of paramount importance. Doing so requires
deepening our understanding and capabilities in pertinent areas
such as climate and nature risks. Only then can we continue toeffectively safeguard our businesses and our stakeholders’ trust.

Partnerships and Engagements

We will continue to engage a broad spectrum of stakeholders,
including industry peers, regulatory authorities, non-governmentalorganisations (NGOs), our employees and clients, to keep abreastof the latest advancements in responsible and sustainablefinancing, alongside climate risk management.
In 2023, we participated in the consultation conducted by
MAS on the proposed supervisory Guidelines on Transition
Planning for financial institutions. This reflects our ongoingdedication to aligning with best practices in transition planningand risk management.

Our Forthcoming Targets
Enhance climate scenario analysis capabilities to keep pacewith industry practices
Complete high-level materiality mapping of nature-relatedrisks to enhance our understanding of nature-risk
implications

Moreover, we have undertaken a comprehensive review of courses
addressing climate-related and nature-related risks provided by the
Asia Sustainable Finance Initiative (ASFI). This review is part of ourcontinuous efforts to support the capacity building of the industry.
Apart from our local partnerships and engagements with relevant
industry stakeholders, we also actively engage various industry
collaborations through our subsidiaries. In Malaysia, we are partof the Bank Negara Malaysia (BNM) Joint Committee on Climate
Change (JC3) Sub-Committee on Risk Management and Climate(2)

Please refer to our Talent Management and Wellbeing chapter for more information on our learning and development suite of sustainability initiatives.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
Supporting our partners’ climate aspirations
Why this is Material to Us

Our Targets and Performance

At OCBC, we strive to be Asia’s leading financial services partner
for a sustainable future. We recognise our responsibility andopportunities in directing capital towards the transition to a
net-zero economy and sustainable future. Through transition
engagement and innovative financing and investment products,
we partner with our customers to support their aspirations whiledriving positive impact for the environment and society.

Our 2023 Targets

Performance Against Targets

Grow our sustainablefinancing portfolio to$50 billion by 2025
Achieved

Grew our sustainablefinancing portfolio to$56 billion

On track

Our Achievements in Sustainable Financing and Sustainable Investing
Sustainable Financing at OCBC
Global Wholesale Banking• $14 billion in new transactions in sustainable finance (including all green and sustainability-linked loans)• >100 green and sustainability-linked loans• >70 green and sustainability advisory roles
Sustainable Investing at OCBC
Global Markets• Four types of sustainability-themed investment products(1) were
offered across Singapore, Malaysia, Indonesia and Hong Kong forour retail customers• Total volume of sustainability-themed investment products
transacted by retail customers:• Singapore: $62 million• Malaysia: RM 14 million• Indonesia: IDR 158 billion• Hong Kong: HK$45 million• Total volume of sustainability-themed products (including ESG
bonds, sustainability-linked structured deposits, sustainabilitylinked interest rate swaps and voluntary carbon credits) transacted
by corporate clients:• Singapore: $227 million• Malaysia: RM 236 million• Indonesia: IDR 18 billion• Hong Kong: HK$3 billion

Global Consumer Financial Services(2)• 68% of our wealth management investment AUM has a minimumof MSCI ESG Rating BB and above• Percentage of recommended funds, companies and issuers withminimum MSCI ESG rating of BB:• Funds: 88%• Equities: 97%• Fixed Income: 75%• Trained 1,104 employees on sustainability or ESG topics• Incorporated sustainability-related topics into 30 client
engagement events• $6.7 billion of ESG bonds transacted by institutional clients in
Singapore and Malaysia• Trained 83 employees on sustainability or ESG topics acrossSingapore, Malaysia and Hong Kong
• 111 ESG-themed research pieces published, consisting ofweekly publications, thematic pieces, credit research, ESG
podcasts and videos

(1)
(2)

The sustainability-themed products refer to four types of bonds (Green, Sustainability, Sustainability-linked and Transition).
Only includes performance of OCBC Singapore.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
Our Management Approach
We have been offering our customers sustainable and transition
finance solutions across sectors as early as 2018. In 2023, we
continued to expand our sustainable finance expertise across our
key markets in Singapore, Malaysia and Greater China, offering ourcustomers across the region bespoke transition engagement andfinancing solutions to enable their transition to a low-carbon future.
On the investments front, we make it our priority to understandour customers’ individual goals, needs and preferences. Our ESG
product offerings are targeted at four different customer segments– high-net-worth individuals, retail customers, corporate clientsand institutional clients.
To further engage our core leadership team in driving oursustainability agenda, our Global Consumer Financial Services(GCFS) division has extended our quarterly engagement sessions
to include heads of departments and their team leads. This
expansion allows us to effectively involve all departments, ensuringthat sustainability is reviewed and integrated into their day-to-day
operations. By doing so, we can execute our sustainability strategy
more efficiently within each department and team.

1.	Mobilising Capital to Support Our Clients’ Sustainability
Development
We have been actively embedding sustainability considerationsin the way we engage our clients. Leveraging on the knowledge
obtained through our net-zero target-setting exercise, we havegained a better understanding of our clients’ challenges andopportunities in transitioning towards a net-zero future. This has
enabled us to better support our clients with tailored transition
financing solutions to meet their needs, providing them with thecapital they need to achieve their climate aspirations.
In particular, expanding clean electricity generation is a crucial
enabler for the transition of other sectors, such as transportand manufacturing. Global electricity demand is expected to
grow at an accelerated pace, particularly in emerging countries,
with Asia expected to account for half of the world’s electricity
consumption by 2025.(3) To meet growing electricity demandand Southeast Asia’s national net-zero targets, the region willneed to add over 250 GW of solar and wind capacity by 2050.(3)Aligned with the demands of a net-zero future, we continue tolook for new opportunities to finance clean energy developmentin our key markets.

Supporting the renewable energy
supply chain with Chinese state-owned
enterprise’s first green loan
OCBC was the mandated lead arranger, bookrunnerand green loan advisor for China Universal Leasing Co(CULC)’s first RMB 400 million Green Syndicated Loan.
CULC is a subsidiary of China General Technology Group(Genertec), a Chinese state-owned enterprise. The green
facility is raised under CULC’s newly established Green
Loan Framework, which will enable CULC to enter into
multiple green loan transactions. The loan financed a
25 gigawatt (GW) high-efficiency ultra-thin Silicon
Monocrystalline solar wafers manufacturing project;
the wafers are crucial components for the manufacturingof solar photovoltaic systems.

(3)

IEA, Electricity Market Report 2023.
OCBC Sustainability Report 2023

44

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions

China Longyuan Power Group is China’s largest wind farm operator.
Image Credit: Longyuan Power ESG Report 2022.

The OCBC team at the groundbreaking ceremony for the cold storage
logistics centre.

Supporting China’s largest wind farmoperator with a maiden green loan

Hong Kong’s first green loan forlogistics centre development

For some corporates, embarking on their ESG journey
begins with establishing a framework to guide their holistic
sustainable finance strategy. OCBC recognised that thiswas the first step for our client, Hero Asia Investment. Hero
Asia is part of China Longyuan Power Group, China’s largest
wind farm operator and part of the world’s largest powercompany by installed capacity.

Real estate and transportation are two of Hong Kong’s
highest emitting sectors. At OCBC, we aim to financeprojects that tackle both sectors to drive the greatest
impact towards a net-zero future.

Providing our expertise and support, we structured
Hero Asia’s newly established Green Loan Framework,
receiving high scores from S&P Global Ratings. The
framework will help guide loan proceeds to finance eligible
renewable energy projects including solar and wind power
generation projects, reinforcing its commitment topromoting clean energy.
Subsequently, OCBC has extended an inaugural
US$100 million green loan under Hero Asia’s Green Loan
Framework – another example of OCBC directing capitalto drive transition towards a low-carbon future.

In 2023, we were the mandated lead arranger, bookrunnerand underwriter, and green loan coordinator for Hong
Kong’s first green loan for logistics centre development.
This expands on OCBC’s work in 2022, with our impactfulsustainability-linked loan structuring on Hong Kong’s firstsustainable finance in the logistics industry.
This HK$8.8 billion syndicated loan to ESR Group Limited
and Chinachem Group will support the development of amodern cold storage logistics centre. The centre will be
the city’s largest centre to be built in 20 years, with theaspiration of achieving Leadership in Energy andEnvironmental Design (LEED) and Building Environmental
Assessment Method (BEAM) Plus Platinum certifications.
Plans for the centre include an approximate area of morethan 3,000 square metres for solar photovoltaic panels, andover 300 charging points for electric vehicles to support
future tenants’ efforts in fleet electrification.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
2. Empowering Client Action
For a successful transition to net zero, businesses need to set
ambitious, rigorous targets and follow through with strong
initiatives to reduce emissions and measure progress. Throughour engagements with our clients, we aim to influence them totake meaningful action to transition their businesses, whileproviding them with access to the knowledge and tools theyneed to do so.
That is why we introduced the OCBC 1.5°C loan, a new
financing solution that aims to incentivise corporates to set
and work towards clear carbon emissions reduction targets
aligned with internationally-recognised, science-based net-zerodecarbonisation pathways for their sectors. In 2023, we offered
City Developments Limited (CDL) Singapore’s first net-zeroaligned loan. More details on the CDL 1.5°C loan can be foundin the Climate Action chapter on page 25.
This is aligned with our broader ambition to continue expanding
our sustainable financing solutions across our key markets.

OCBC’s first sustainability-linked loanin cement sector aligned with SBTivalidated decarbonisation trajectory
The cement industry is known as a carbon-intensive,
hard-to-abate sector. Its main challenge lies in striving
to reduce emissions while still meeting ongoing global
demand. Developing economies’ infrastructural needs
require the global development and deployment of newemission reduction technologies for the sector.
Demonstrating OCBC’s and Taiwan Cement Corporation(TCC)’s commitment to supporting the low-carbon transitionof cement, TCC has completed a NT$5 billion bilateralsustainability-linked loan with OCBC, where the targets are
based on TCC’s science-based emission reduction targets
for its cement plants in Mainland China and Taiwan(validated by the SBTi).

Shangri-La Hotel, Garden Wing – Exterior.

Hong Kong’s first sustainability-linked
dual-currency fixed rate loan in hospitality
Recognising hotels as some of the most emission-intensive
buildings in Hong Kong, OCBC provided a market-firstsustainable finance solution to support the climatetransition of Shangri-La, a major international luxury
hospitality group.
The HK$1.3 billion/RMB 1.15 billion sustainability-linked
dual-currency fixed rate loan facility demonstrates OCBC’s
and Shangri-La’s shared commitment to drive the transition
to a low-carbon world, with predetermined targets that
address material ESG issues in the hospitality industry.
Building on a strong banking relationship with the client, ourteams worked across the region as One Group – identifying
Shangri-La’s financing needs across its markets and tailoringa market-first dual-currency solution to support the client’s
climate aspirations, liquidity and funding requirements.

OCBC’s first sustainability-linked
derivative with a Malaysian
financial institution
OCBC has extended a two-year $150 million sustainabilitylinked loan and cross-currency swap to RHB Bank. The
cross-currency swap will be used to hedge the currency
risk coming on the back of the underlying $150 million
sustainability-linked loan to RHB Bank. This will allow RHB
Bank to convert its Singapore dollar-denominated proceeds
to US dollar at a competitive rate and, at the same time,hedge US dollar or Singapore dollar currency exposure forthe duration of the swap.

OCBC Sustainability Report 2023

46

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
3. Building Knowledge and Solution Ecosystem
Beyond sustainable financing, we aim to support our clients
through a suite of sustainable solutions as part of their
net-zero journey.

Tampines 1 building, which has obtained BCA Green Mark GoldPlus Certification.
Image credit: FCTSingapore’s first green financing
solution comprising green loan andcarbon credits
As part of our commitment to support our clients in theirtransition journey, OCBC partnered with Frasers Centrepoint
Trust (FCT) on Singapore’s first green financing solutionthat comprises a green loan and carbon credit.
Under the green financing solution, proceeds from the$419 million green loan will be used for the refinancing
of a maturing facility, asset enhancement initiatives,
decarbonisation projects such as procurement of energyefficient technology for Tampines 1 and other general
corporate purposes. The carbon credits, sourced throughOCBC’s Emissions Trading Desk, will go towards investingin Verra or Gold Standard certified carbon reduction
nature-based projects. The amount of carbon reduced will
be equivalent to the financed emissions associated withthe green loan. FCT will further purchase additional carbon
credits to account for the residual and unavoidable Scopes
1 and 2 as well as energy-related Scope 3 emissions of themall’s carbon footprint.

Equipping SMEs with Knowledge
We have curated a series of webinars specifically to address theimmediate sustainability challenges faced by small and medium
enterprises (SMEs), focusing on areas such as business viability,
cost reduction and stakeholder pressure. The webinars bring
together subject matter experts, solution providers and businessleaders to share opportunities, common stumbling blocks and how
to successfully navigate around them. We recognise the pivotal
role of knowledge in enabling SMEs in their transition, especiallyduring the early stages of their sustainability journey.

Webinar: Powering your business with solar energy
An early adopter, Topsteel Solutions Asia, provided
valuable insights to fellow businesses on the adoptionof solar energy solutions and how this benefitted theirbusiness by securing reliable energy at a lower cost.
To catalyse action, industry experts from Energetix andRedex unpacked the opportunities, challenges andbusiness models for solar adoption by SMEs.

Webinar: Building an energy efficient businessThis webinar provided insights by businesses, such asGoldenlink Auto, on how being energy efficient makes
significant business sense by reducing operating costs.
Environmental design specialist G-Energy Global
elaborated on principles of successful energy efficiency
solutions applicable for SMEs. To further lower thebarriers for action, the National Environment Agency(NEA) shared how SMEs can access green grants suchas the Energy Efficiency Fund to offset capital costs forenergy efficiency improvements.

Webinar: Carbon 101
Carbon is a key topic for SMEs, especially those operating
within global supply chains. Global textile and apparelcompany Ghim Li Group provided context on how thecompany measures, reports and manages its carbon
emissions. Paia Consulting, a leading sustainability
consultant, gave an introduction to carbon accounting,common challenges and, most importantly, how SMEs
can overcome them. To simplify carbon accounting andreporting, Evercomm Singapore brought a technical lensto the process and how readily-available technologicalsolutions can be deployed.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
4. A Differentiated Approach for SME’s Transition
SMEs play a pivotal role in the net-zero transition by supporting
business value chains and networks to provide products andservices essential for the net-zero economy. We introduced theSustainable Finance Framework for SMEs in 2020 as we areaware of the challenges faced by SMEs when navigating thistransition. This Framework was designed to simplify andreduce costs for SMEs seeking sustainable financing. Throughthis framework, we enable our SME clients to gain access tothe capital they need to finance sustainable projects, expediting
their shift to a low-carbon economy. The Framework has beenverified by Moody’s ESG Solutions as aligned with all four corecomponents of the Green Loan Principles. Moreover in 2023,
the Framework was expanded to Malaysia, Indonesia and Hong
Kong, providing SMEs in our key markets access tostraightforward sustainable financing.

Since our launch of the SME Sustainable
Finance Framework, OCBC has extended
sustainable financing solutions to over
1,200 SMEs regionally.

Beyond offering green loans, the Framework has enabled ourbankers to have meaningful discussions on sustainability withour clients, helping to raise awareness on this topic among
SMEs and identify leaders and solution providers to create an
ecosystem of sustainability solutions with our clients.
With the growing global commitment to act on
decarbonisation, many SMEs now aspire to embark on theirsustainability journey to future-proof their businesses. However,
the task of calculating emissions and reporting can bedaunting. This is why OCBC continues to develop our
ecosystem of enabling partners to support our clients in theirsustainability journey, such as:• EcoVadis, which provides sustainability assessments forour clients;• Bureau Veritas and Tembusu, which provide emission
monitoring and verification services;• UN Global Compact Network Singapore (GCNS), which
provides a simplified tool to record and manage emissions
data; and• STACS ESGpedia, Evercomm Singapore and Univers, whichempower SMEs to effectively manage their ESG data to
make data-driven decisions to decarbonise their businesses.

Fabric dyeing at Ghim Li’s fabric mill.

OCBC partnered STACS to simplify
carbon accounting for SMEs
The AI-powered ESGpedia platform by STACS has
empowered numerous SMEs to kickstart their sustainability
journeys. This simplified self-assessment tool enables
business to streamline their sustainability reporting
process, marking their first step towards net zero. One
such SME is Ghim Li Group.
Ghim Li Group is a global textile and apparel company withvertical fabric mill and garment factories in Southeast Asia,
serving buyers in USA, Canada and Europe. Leveraging on
Ghim Li’s existing operational data, the platform calculatesemissions following the ESCAP(4) Sustainable BusinessNetwork (ESBN) carbon accounting standards andfacilitates external verification by Bureau Veritas. The
platform allows Ghim Li to share its data and reports
across both the Bank and customers. Using the verified
emissions data from the platform, OCBC successfully
offered a sustainability-linked loan of $16 million,
supporting Ghim Li’s ongoing commitment to monitor
and reduce its emissions.
Through collaboration with technology partners, OCBC
is committed to simplifying sustainable finance for SMEs
across diverse industries.

(4)

United Nations Economic and Social Commission for Asia and the Pacific.
OCBC Sustainability Report 2023

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About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
Sustainable Financial Solutions at
Bank of Singapore
Bank of Singapore offers an open architecture product platform
with robust research capabilities to deliver a total risk-based
solution customised to each client’s needs. Sustainability remains
a strategic priority at Bank of Singapore and we are committed todelivering the best sustainable investment solutions to our clients.

Our Management Approach at
Bank of Singapore
Our strategy remains to integrate sustainability considerations
holistically in everything that we do, including the way we invest
and communicate to our stakeholders. To achieve this objective,
we are progressively expanding our ESG product shelf, developing
innovative tools, strengthening the education of our employees andengaging our stakeholders through a range of initiatives to support
our sustainable investment agenda.
In response to the increasing environmental risks, we haveestablished a robust governance framework to proactively manage
sustainable investment matters within our discretionary portfolio
management (DPM) services.

Bank of Singapore

Our Targets and PerformanceOur 2023 Targets

Performance Against Targets

Include and enhance
climate metrics forincreased transparency
in DPM’s disclosurestatement

BOS clients who invest in
BOS’ ESG-aligned
discretionary portfolio
mandate strategy canaccess climate disclosure
reports upon request

Introduce ESG investment
exclusions for DPM’s
ESG–aligned portfolio

Exclusion considerations
incorporated into portfolio
construction process of
BOS’ ESG-aligned
discretionary portfolio
mandate strategy

Performance
Percentage of recommended funds, companies and issuers withminimum MSCI ESG rating of BB:• Funds: 92%• Equities: 96%• Fixed Income: 78%
Trained 1,125 employees on sustainability or ESG topics
Organised six sustainability-themed client engagement events
21 ESG-themed research pieces published
59% of our clients hold securities with MSCI ESG Rating BB
and above
Achieved

On track

Our Policies

As part of our approach to managing and guiding more ESG-conscious investment decisions, we are supported by key policies andframeworks. These policies are reviewed annually and updated as needed by the Bank of Singapore Sustainability Council.
Bank of Singapore
Sustainable Investment
PolicyOur DPM services are guided by the Sustainable Investment Policy, which integrates the assessmentof ESG factors within our DPM services.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
Programmes and Initiatives

ESG Training and Capacity Building

Sustainable Investment Solutions for Clients

As we continue our pursuit of sustainable investment solutions forour clients, below are some notable highlights of key developments
in 2023:•••

Sustainable Investing Products and Research
In 2023, we continued to strengthen our shelf of thematic
mutual funds and grew DPM’s World ESG Equity mandate.
Concurrently, we have maintained our commitment to ESG
research with a total of 21 reports including our newly launchedinteractive publications covering aspects of climate change
and biodiversity.
Singapore Stewardship Principles
In 2022, we were the first private bank to be a signatory of theSingapore Stewardship Principles. This milestone demonstrates
our commitment to sustainability, as we progressively
incorporate these principles into our processes, ensuring thatsustainability remains at the core of our decision-making. As
we forge ahead, we released our inaugural stewardshipdisclosure in 2023, further showcasing our dedication totransparently communicating our efforts in stewardship.
The ABS Sustainable Investment
In 2022, we co-chaired the ABS taskforce that led to the releaseof the region’s first Sustainable Investment Guidelines forPrivate Banks and Wealth Managers. Following the launch of
the guidelines, we have started implementing and incorporating therequirements into our processes in 2023 to align with the guidelines.

One strength of Bank of Singapore remains in our collaborative
approach to sustainability where we continue to build a strong
sustainability ecosystem across academia, non-profits,
consultancies and regulators. Additionally, we remain active withindustry associations to help shape the future of our industry togrow more sustainably.
In 2023, we continued to educate our clients in sustainability
matters and encourage them to embed sustainability in theirbusinesses through various client events including our industry
outlook events but also through the second edition of our flagshipBank of Singapore Sustainability Summit. We organised fivesustainability-related client events across Singapore, Hong Kongand Shanghai. A key development has been the setting up of an
ESG Dashboard capturing the client’s portfolio ESG performance
combined with our new client ESG profiling framework.
Besides educating our clients, it is important to cultivate the expertiseof our own employees in sustainability. We have continued to train
our global workforce on sustainability and front office employees in
aspects of sustainable investing through the ASFI Academy. As of
December 2023, 1,125 employees have been trained in sustainability
or ESG topics. Additionally, we held our first case competition on the
topic of sustainable investing involving the higher education landscapein Singapore, which saw over 60 participating undergraduate teams.

Panel discussion during the Bank of Singapore Sustainability Summit 2023.

Bank of Singapore team with members of the ABS Taskforce.

•

Collaboration with World Wildlife Fund (WWF)The Bank worked with World Wildlife
Fund (WWF) to develop the2023
Sustainable Private Banking and
Wealth Management (SPRING)
assessment tool. This tool isdesigned to help private banks
improve portfolio resilience and
BUILDING SUSTAINABLE BUSINESS
ensure alignment with a low-carbon
MODELS IN PRIVATE BANKS:A PATHWAY TO A BETTER FUTURE
and sustainable future throughthe application of science-based
approaches to responsible investing.
RESPONSIBLE
WEALTHBank of Singapore Sustainability
Summit 2023
Bank of Singapore’s flagship Sustainability Summit was
attended by more than 200 clients and partners. With thetheme for 2023 being Towards Net Zero, our panel of
esteemed speakers from Google, Climate Alpha, GMO LLC
and EverComm Singapore covered a range of sustainability
topics from renewables and upcycling to use of Artificial
Intelligence (AI) technologies and impact investing. The
Bank’s clients were also treated to an interactive boothshowcase featuring our sustainability ecosystem partners
including GMO LLC, Siloso Beach Resort, MSCI andNational University of Singapore.

WWF-SINGAPORE SUSTAINABLE PRIVATE BANKING AND WEALTH
MANAGEMENT (SPRING) PILOT STUDYOCBC Sustainability Report 2023

50

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating
Accelerating thethe Transition to a Net-Zero
Net-Zero Future
FutureContent Index

Assurance Statement

Accelerating the Transition to a Net-Zero Future

Sustainable Financial Solutions
Bank of Singapore – EY ESG joint
publication 2023
Bank of Singapore has an
ongoing strategic partnershipwith Ernst & Young throughwhich we have been publishinga series of sustainability
thought leadership pieces
from the perspective of
business owners, investors,
and philanthropists. In 2023,
Bank of Singapore released its
latest sustainability publication:
Carbon Credits: Catalysing
Green Finance.

Carbon credits:
catalyzing green
finance

Going Forward
Sustainable financing and investing will play a pivotal role indriving the global transition towards a net-zero economy. As it
becomes increasingly urgent to combat climate change, significant
increases in capital flows towards projects and initiatives that alignwith the goal of achieving net-zero emissions would be required.
We will continue to develop innovative sustainable financial
solutions and partner with our clients to support their aspirations
while driving positive environmental and societal impacts.

Our Forthcoming Targets
OCBC
1 | Carbon credits: catalyzing green finance

The focus on the topic of carbon credits is timely given therise in interest in Asia and that it can enable local firms toachieve their net-zero targets.

Percentage of recommended funds, companies and issuerswith minimum MSCI ESG rating of BB by 2024(5):• Funds: At or above 90%• Equities: At or above 95%• Fixed Income: At or above 70%
Onboard eight new Funds with MSCI ESG Rating BB
and above in 2024(5)Bank of Singapore
Percentage of recommended funds, companies and issuerswith minimum MSCI ESG rating of BB by 2024:• Funds: At or above 90%• Equities: At or above 95%• Fixed Income: At or above 70%
Organise at least six sustainability-themed client
engagement events in 2024
Train an additional 1,500 unique employees on sustainability
or ESG topics in 2024
ESG Profiling Penetration – 100% of all new clientsonboarding from 2024
Publish at least 12 ESG-themed research pieces in 2024

(5)

Target only includes the performance of OCBC Singapore, OCBC Malaysia, OCBC Indonesia, OCBC Hong Kong and OCBC Macau.
OCBC Sustainability Report 2023

51

Mangrove restoration as part of OCBC employees’ volunteerism initiative.

Sustainability Imperative:

Bringing Impact
to Communities

In this section, we will cover the following material ESG factors:
Talent Management
and Wellbeing

Nurturing our people and working together as One Group. The comprehensive strategies
and practices employed to engage, energise and attract top-tier talent, fostering anenvironment that supports the overall wellbeing and professional growth of our workforce.

Workplace Diversity

Building a vibrant workforce. A work environment that values differences and promotes
equality is aimed to be created through the establishment of a culture that embraces
diversity, fair treatment of individuals, and the provision of equal opportunities.

Community Development

Empowering communities and enriching lives. The engagement initiatives involving
the organisation, employees and society that aim to address social, economic andenvironmental needs, with a commitment to fostering sustainable development,
promoting financial inclusion and enhancing the quality of life in the communities
where the organisation operates.

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Nurturing our people and working together as One GroupWhy this is Material to Us

Our Targets and Performance

Our employees are the driving force behind our success,contributing to economic growth, maintaining our reputation andensuring our longevity. To cultivate a more future-ready workforce,
we are dedicated to fostering a sustainable learning organisation.
By investing in our employees’ growth, we empower them to reach
their full potential so that they can in turn contribute to the growthof OCBC.

Our 2023 Targets

Apart from creating a nurturing environment where our people cangrow their career, we also prioritise health, safety and overall
wellbeing of our people. We understand the significance ofproviding comprehensive support for their physical and mental
wellbeing as it contributes to both job satisfaction and workforce
productivity. We aim not only to enhance the individual’s wellbeing,
but also that of the team and organisation as a whole.

Our Management Approach

Performance Against Targets

Maintain employee
engagement score within
the Kincentric Best
Employer range in
Employee Engagement
SurveyIn majority of our key
markets, the perceptionsof our employees in four
key measures, namely
Engagement, Agility,
Engaging Leadershipand Talent Focus, havesurpassed each respective
country’s top quartile
threshold(1)Support all employees intheir career development,
providing them withlearning opportunities

Launched our inaugural
Grow Your Way career
expedition to signal thepivot to skills-first mobility
for our Singapore, Malaysia,
China, Hong Kong andIndonesia employees;
average learning hours
increased from 49.5 hours
to 54.6 hours year-on-year(1)Implement our existing key
employee wellness andsustainability initiatives on
a Group-wide basis

Conducted MyWellness
Fiesta 2023 across 17
locations, and organised
35 monthly wellness talks
as part of our MyWellness
Programmes, which saw
55,760 completions(1)We are committed to foster opportunities for our employees. We
firmly believe in the inherent talent and distinct skill sets that each
employee brings to the organisation. By leveraging on their unique
skills and experiences, they can chart their own growth journeys
within the Bank.
Our focus is on creating a sustainable pool of future-ready talents
by offering carefully curated learning opportunities for upskillingand comprehensive development. We prioritise skills-first career
growth and continuous learning experiences for our employees,
all of which are aligned with our core philosophy.
We recognise the importance of cultivating a thriving talentmanagement ecosystem that aligns with our values. By doing so,
we build knowledge and expertise in the banking industry. As wedevelop our employees’ skills and careers, we remain steadfast in
our commitment to our employees’ wellbeing. We ensure that our
growth as an organisation is matched by our dedication to the
ethical and respectful treatment of our workforce.

(1)

Achieved

On track

Includes performance of OCBC Group, including Great Eastern Holdings.
OCBC Sustainability Report 2023

53

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Our Policies

Our talent management and wellbeing initiatives grow out of a dynamic set of policies. These key policies are routinely updated and reviewed
to ensure that our actions align with the Bank’s purpose, values and ambition. These guiding principles are instrumental in fostering a culturethat supports our people’s professional growth and personal welfare.
MyWellness Programme• MyWellness Programme aims to provide our people with emotional and practical support on a wide
range of topics, ranging from personal development to work-related challenges. Examples of ourwellness offerings include:• Mindfulness Programme• New Parent Return to Work Programme• Work-life Services• Clinical Counselling• Life Coaching Session• In My Hands (online cognitive behavioural therapy services)• These services are available to all our employees and their immediate family members, including
spouse, children, parents and siblings.

Learner’s Commitments• We are committed to provide all employees with an average of 37.5 learning hours per employee
per year.

Programmes and Initiatives
Employee Engagement Survey 2023

This survey was first conducted in 2004 to facilitate our understanding of the needs and concerns of our employees and to pinpoint areasthat require enhancement, with the goal of increasing overall engagement and productivity. By responding to employee concerns and needs,
we continue to nurture our engagement with our workforce and strengthen our proposition and reputation as an employer. This enables us
to draw top talent and maintain a strong and valuable team that will contribute to our overall success.
As of 2023, the Employee Engagement Survey has been refreshed to include cultural and conduct outcomes. We believe in having astrong culture of individual and collective accountability, promoting mutual respect and encouraging employees to speak up. These essential
cultural characteristics will promote a positive and supportive work environment, and drive our organisation’s success. We recorded an
employee engagement score of 79% this reporting year, an improvement from 71% in 2021.(2) The percentage score represents the
proportion of employees who would speak positively of their work experience, demonstrate motivation to contribute consistently and intend
to remain with the organisation in the future.
Employee Engagement Survey 2023
Our employees have reported a positive experience regarding their learning, development and growth.
Employee Listening Questions

OCBC 2023

APAC 2023 (vs OCBC 2023)

OCBC 2021 (vs OCBC 2023)

My learning and development are actively supported by
my organisation

87%

72% (+15)

79% (+8)

I am able to grow and thrive personally and professionallyat this organisation

83%

NA

New in 2023

Our employees also rated our organisation positively in the aspect of culture.
Employee Listening Questions

OCBC 2023

APAC 2023 (vs OCBC 2023)

OCBC 2021 (vs OCBC 2023)

I am proud to work for this organisation

85%

79% (+6)

New in 2023

I am able to integrate my work and personal life in a waythat works for me

82%

67% (+15)

77% (+5)(2)

The Employee Engagement Survey, including culture and conduct questions, has been streamlined in line with evolving market trends and OCBC’s priorities in focusing on
culture and conduct outcomes.
OCBC Sustainability Report 2023

54

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Curating Learning Opportunities for Holistic Growth for
our Employees

In 2023, we made a deliberate strategic pivot from Future Smart,
our skill-focused development, to Grow Your Way Expedition, ourskills-first growth and mobility initiative. Grow Your Way aims tocreate employee excitement around Career Mobility and showcase
the diverse career growth options within OCBC.
Alongside our existing 19,000 programmes for employees, ourinaugural Grow Your Way event saw the birth of another two
signature programmes – Build Your Skills Portfolio workshops for
employees and the Coaching for Growth certification programme
for leaders. Complementing this, we are currently developing MOBI,
an AI-powered platform that allows employees to assess theirskills and delve into potential career possibilities.
While building technical and soft skills remains important, we havebegun to emphasise Learning Agility, a critical meta-competency
to drive long-term development within our workforce. This internal
initiative equips our employees with abilities to effectively handle
and navigate unfamiliar circumstances. Our Learning Agility Power(LeAP) framework promotes two central mindsets – the Growthmindset and the Productive Failure mindset. It also emphasises
four key attributes: Reflectiveness, Reciprocity, Resourcefulness
and Resilience. This holistic approach equips our employees with
the necessary skills to adapt and excel in any circumstance,
fostering a workforce that is resilient and versatile.
Leadership development continues to be a key tenet of our strategy
to support employees' growth through our hallmark leadershipprogrammes for leaders at all levels, ranging from the C-suite to
the individual contributors. We have expanded our programmes tofocus on developing traits such as managing different groups ofpeople effectively and respecting their individuality in an
empathetic and bias-free way.
On the coaching and mentoring front, we extended MentorMe – amentoring programme traditionally catering to female employees– to male mentees in 2023. The pilot programme saw 149
mentor-mentee pairs; 59% of the mentees are males.

Opening speech by Yap Aye Wee, Head of Learning and Transformation, at
the Grow Your Way Expedition.

Grow Your Way Expedition
In order to facilitate skills-driven hiring, learning anddevelopment, it is crucial to establish a workforce thatprioritises skills. This approach will empower individuals toadapt and thrive in a rapidly changing market. By shifting
our focus towards skills, we can unlock the immense talentpotential within our workforce and effectively mobilise it toseize transformational opportunities, especially in a highly
competitive labour market.
Launched in 2023 as a result of our strategic shift towards
skills-first growth and mobility, the Grow Your Way Expedition
was well-received by employees across various OCBC
locations – Singapore, Malaysia, Mainland China, Hong
Kong and Indonesia. We saw 12,000 completions ofactivities by employees and a 75% increase in awareness ofcareer possibilities within the Bank. This two-week event
was fully supported by senior leaders across the OCBCGroup and featured several key elements.
The first key element was the Career Showcases, where
over 70 coveted roles and their accompanying skills wereshowcased. These showcases offered employees diverse
perspectives and insights into potential future career
trajectories. The second element, Career Storytellers,
allowed employees to share their personal growthnarratives and career mobility experiences to inspire andmotivate employees to take ownership and chart their own
career path with OCBC. We also invited internal and external
speakers from diverse backgrounds to share their life
experiences, demonstrating how their skillsets, keen
learning attitudes and resilience have unlocked unanticipated
opportunities and guided their professional journeys.

OCBC Sustainability Report 2023

55

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Build Your Skills Portfolio workshop
In 2023, skills workshops and coaching certification
programmes were introduced. The new Build Your Skills
Portfolio workshop for employees facilitated their careerreflection and skill discovery, and steered them towards
building their unique skills portfolio.
We launched a Coaching for Growth certification programme
designed to equip senior leaders with the skills to beeffective career coaches, so that they can provide support
to employees in their career exploration. This coaching
programme saw senior leaders volunteering and pledging
their commitment to be trained as career coaches.
These new initiatives pave the way for OCBC’s vision ofskill-driven mobility and are supported by the upcoming
launch of MOBI, planned for Bank-wide launch in 2024.
MOBI, an adaptation of the Future Skills Accelerator
platform developed by the Institute of Banking and
Finance (Singapore), allows employees to visualise
career possibilities within the Bank, and provides
recommendations tailored to their career aspirations.

Sustainability-related Learning Opportunities and Training
As OCBC continues to make strides in our sustainability efforts,
it is crucial that we prioritise building internal capacity andupskilling our workforce in sustainability-related matters to
support and advance our sustainability agenda. During our
immersive leadership development programme in Shenzhen,
the Green Financing Banking Association (GFBA) shared insights
with our OCBC leaders on the sustainability challenges faced by
the banking sector in Shenzhen.

Additionally, we launched nine new certification programmes onsustainability in 2023 across OCBC Group, covering areas such as
Sustainable Marketing, Media and Sustainability Stewardship.
Complementing our certification programmes, a suite of 900
sustainability-related programmes were introduced in our
curriculum, which saw more than 49,000 completions across theGroup in 2023.

Participants of the OCBC-INSEAD EDP 2023 at Huawei’s Song Shan Lake
Campus in Dongguan.

Leadership immersion across borders
In the 2023 edition of the OCBC-INSEAD Executive
Development Programme (EDP), 38 colleagues acrossvarious functions representing different geographies fromSingapore, Malaysia, Hong Kong, China and Indonesia
participated in the leadership immersion programme.
The leadership immersion programme consisted of threemodules delivered throughout the year. In the first module,
participants cast aside their job titles and roles within the
Bank, going “back to school” to delve into strategic thinking,innovation, digital strategy and sustainability concepts.
Professors from INSEAD kept the participants well-engaged
with lively discourse often extending into the coffee breaks.
The key highlight of the EDP was the one-week overseas
immersion trip to Shenzhen and Hong Kong. Through visits
to government-linked entities, start-ups, associations andwell-established multinational corporations, participants
gained invaluable first-hand insights into their achievements
and challenges.
As part of their immersive leadership experience,
participants were grouped and tasked with forming an
Action Learning Project (ALP), aimed at proposing
innovative ideas that could enhance OCBC’s strategic goals.
Participants had to pitch their ideas and gain buy-in from
the Management Committee and Group Chairman.
The final day of the programme was devoted to reflections
on the course’s cumulative experiences. Participants
acknowledged the value of the networks and relationships
built over the duration. These connections established are
anticipated to be beneficial for future work collaboration as
the participants transition back into their respective
professional roles.

OCBC Sustainability Report 2023

56

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Creating an Ecosystem for a Thriving Learning Culture

In 2023, we celebrated our community of growth champions,honouring over 900 Campus Stars and 57 returning mentors,
marking our largest cohort yet. Notably, our employees produced
more than 3,000 new learning resources, encompassing
online courses, events, videos and reading materials, enrichingknowledge-sharing within the Bank. Additionally, we fostered anorganic network of growth champions through alumni gatheringsfor our signature leadership programmes. Nearly 300 past
graduates reunited at these gatherings, cultivating a supportive
community for professional growth across various business domains.

Average Training Hours(3)Average Training Hours
by Gender

2023

2022

2021(4)

Male

53.5

49.1

44.6

Female

55.6

49.9

45.4

Total

54.6

49.5

45.1

VP and above

51.7

46.3

45.9

Average Training Hours
by Employee Category

AVP

52.0

51.1

49.2

We launched Insights from the Inside which is a classroom-basedlearning series led by our employees from different business units.
These sessions offered invaluable insights from across various
functions, enabling employees to comprehend diverse roles within
our Bank. Employees were able to foster meaningful conversations
and connections through these engagements.

Managers and AssistantManagers

54.6

48.7

43.5

Non-executives

67.7

54.4

41.7

<30

68.1

61.1

52.6

OCBC has actively forged strategic partnerships with externalorganisations that share our ethos and philosophy. We emphasised
integrating our learning design principles into the ecosystemthrough nine benchmarking visits, engaging nearly 200 partners
across industries including institutes of higher learning and public
service organisations, enriching interactions and knowledgesharing among participants.

30-49

52.8

48.0

43.7

>=50

45.5

40.5

40.3

Average Training Completions by Gender

2023

2022

Male

33.9

34.0

Female

36.6

37.7

Total

35.4

36.1

VP and above

28.0

26.2

AVP

33.0

33.8

Managers and Assistant Managers

38.1

41.0

Non-executives

40.6

34.2

<30

40.5

41.9

30-49

34.7

35.3

>=50

31.7

31.9

As a testament to our strong organisation-wide strategy andcommitment to workforce transformation, talent pipeline building
and skills development, we received the Workforce Singapore’s
Most Valuable Advocate Award in October 2023.

Training and Developing our Workforce

We believe in empowering our employees with the necessary
skills for success through the wide range of relevant training
programmes offered. In 2023, we achieved an average of
54.6 hours of training and development across all employees.
Our commitment to continuous development includes ensuring
employees’ access to a wide variety of relevant training
programmes across multiple modalities. In 2023, employees
completed an average of 35.4 training programmes; more than
80% of our learning completions are in virtual and hybrid formats.
This reflects our shift towards bite-sized learning-on-the-go, toenable all employees to excel and adapt in the dynamic worldof banking.

(3)
(4)
(5)

Average Training Hours
by Age Group (years old)

Note: 7.5 hours constitute one day of training.

Average Training Completions(3)(5)

Average Training Completions
by Employee Category

Average Training Completions
by Age Group (years old)

Statistics include permanent employees of OCBC Group, including Great Eastern Holdings.
Statistics include permanent employees of OCBC Group, excluding OCBC Capital Malaysia Berhad.
Average Training Completions refer to the average number of training programmes completed per employee, which we have started disclosing from 2022.
OCBC Sustainability Report 2023

57

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Ensuring the Wellbeing of our Employees

In our commitment to ensure the wellbeing of our employees, OCBC developed a dynamic Group-wide MyWellness Framework. This
framework serves as a robust support system that empowers our valued employees to proactively invest in their health and wellness. With
the challenges posed by a rapidly evolving banking landscape, rising cost of living and other influencing factors, the framework is designed tosafeguard the financial, physical, mental and family wellbeing of our employees. With a recent refresh in 2023, OCBC rolled out a series oftargeted and proactive initiatives to support employees in each area of their wellbeing journey. By providing a supportive, safe and healthy
environment, we contribute to the overall health and wellbeing of our employees.

MyWellness Framework
OCBC MyWellness Pillars
Financial Wellness
Employees havethe ability toconfidently
manage theirfinances while
preparing for the
future and theunexpected.

Physical Wellness
Employees recognise
the importance of,and take active steps
to make, healthy
choices to achieve
physical wellness.

Mental Wellness
Employees have apositive state ofmental health, areself-assured and arein control of theirattitudes andreactions to dailyliving. They are awareof the support andprogrammes available
in the Bank should
they need help.

Family Wellness
Employees have thecapacity to thrive
through meaningfulconnections andrelationships with
their family, and by
ensuring their loved
ones’ physical andmental wellbeing aretaken care of.

Wellness at
Workplace
Provide a safe andhealthy working
environment for
employees.
Employees areaware of potential
workplace hazards
and possess theknow-how to
reduce exposure
or address them.

Awareness/Knowledge

Increase awareness and knowledge through educational initiatives on wellness topics

Support Programme

Create enablers and platforms to raise awareness and promote wellness programmes through support initiatives

Benefits

Enhance benefits competitiveness by providing a benefits proposition that boosts the wellbeing of our employees

Success Metrics

Establish measurable business outcomes resulting from our wellness initiatives

OCBC Sustainability Report 2023

58

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
MyWellness Fiesta 2023

OCBC organised the MyWellness Fiesta in 2023 to promote theimportance of holistic wellness and inspire employees to embracesustainable lifestyles across key areas: family, mental health,physical fitness, financial management and workplace wellness.

One of the notable highlights from the fiesta was a panel discussion
on Seeking Help and Giving Support. Employees from OCBC
Singapore, OCBC Malaysia and OCBC China openly shared theirpersonal challenges and experiences, fostering a deeper
understanding of mental health and encouraging professional
help for employees’ overall wellbeing.

The fiesta spanned three weeks, from October to November,providing ample opportunities for employees to participate invarious activities and earn MyWellness points, enhancing theirchances of winning exciting prizes.
Remarkably, the virtual event witnessed a participation count of
6,141 by 31 October 2023, marking a fivefold increase inparticipants compared to the previous year.
Additionally, a physical event took place in October 2023, featuringchiropractic practitioners who offered complimentary screenings
for employees’ spinal health.

Participation in virtual talks that aimed to provide valuable insights on mental,
physical, and financial wellness to our employees.

Talks were organised on emerging themes, including achieving abalance between hybrid work and family life, financial detoxing,
managing debt and building resilience.
To support employees’ mental wellness, dedicated virtual booths
were made available, offering wellness-related resources andaccess to wellness coaches or counsellors.
Work health safety sessions were conducted, featuring engaging
activities like scavenger hunts to identify equipment that minimises
workplace injuries, mini-games to spot workplace hazards, abulletin board for employees to share tips on handling workplace
hazards, downloadable resources addressing common workplace
injuries, and talks addressing high-level workplace risks.

MyWellness Talks

As part of the wellness training roadmap, OCBC successfully
conducted 35 wellness talks in collaboration with healthcare
service providers. These talks aimed to provide valuable insights on
mental, physical and financial wellness to our employees. In 2023,
a total of 15,804 participations were recorded, comprising 5,046
employees who joined the live talks and on-demand sessions.

OCBC employees participating in activities during MyWellness Fiesta, which
promotes the importance of holistic wellness and inspires employees toembrace sustainable lifestyles.
OCBC Sustainability Report 2023

59

About This Report

Board Statement

2023 Key Achievements

Bringing
Bringing Impact to Communities
Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Talent Management and Wellbeing
Work-Related Injuries and Ill Health

The importance of addressing work-related injuries cannot be
overstated. In addition to the immediate impact on individuals,
these injuries have far-reaching consequences for our employees,organisation and society at large. By prioritising workplace safety
and preventing injuries, we are committed to safeguard thephysical wellbeing of our workforce, ensuring that everyone canthrive and contribute to their fullest potential.
Number of2023

Fatalities

0

Recordable injuries

18

Recordable work-related ill health0

Parental Leave

Parental leave is crucial for both employees and employers due toits numerous benefits. For parents, the time away from work
allows them to prioritise their family responsibilities without
sacrificing their careers, reducing stress and promoting work-life
harmony. It also demonstrates our commitment to support ouremployees’ personal lives and cultivate a family-friendly working
environment.
Number of weeks offully paid Maternity
Leave

Number of weeks offully paid Paternity
Leave

Singapore

16 weeks

4 weeks

Malaysia

at least 98 days

at least 7 days

Mainland China

at least 158 days

at least 10 days

Hong Kong

14 weeks

5 daysMacau

98 days

5 daysIndonesia

12 weeks

5 daysRegionGoing Forward
Our commitment to prioritising talent management and investingin comprehensive wellness programmes will position us to attract
and retain talent, foster a thriving work environment and drive
productivity and innovation. We recognise the significance of
work-life harmony and personalised development plans; we arededicated to creating a culture that supports the holistic growthand fulfilment of our employees. By doing so, we are confident that
we will achieve long-term success and sustainability, ensuring ourorganisation remains at the forefront of excellence in the future.

Our Forthcoming Targets
Support all employees in their career development,
providing them with learning opportunities and insights
into career possibilities(6)Maintain being an employer of choice, including improving
employee engagement scores for at least 50% of ourbusiness units(6)Implement our existing key employee wellness andsustainability initiatives on a Group-wide basis(6)2023

Total number of employees who took maternity
leave

606

Total number of employees who took paternity
leave

527

One-year retention rate of returning mothers

79%

(6)

Target includes the performance of OCBC Group, including Great Eastern Holdings.
OCBC Sustainability Report 2023

60

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity
Building a vibrant workforce
Why this is Material to Us

Our Targets and Performance

Embracing diversity matters to us and is pivotal to our sustained
and long-term success. We foster a culture where all individuals
are respected, appreciated for their uniqueness, and provided
equal opportunities to contribute, learn and progress. We believein empowering our workforce to advocate for positive change,
driving products that increase equity and accessibility, and actively
supporting improvements across our communities. Together, we
harness the strength of our diverse perspectives to enhance
decision making, better understand and cater to the needs of ourclients and foster innovation and creativity within the Group.

Our 2023 Targets

Our Management Approach

Performance Against Targets

Achieve 42% of leadership
positions filled by womenby 2025

41% of leadership positions
filled by women(1)(2)

Maintain a balanced gendermix across our workforce

Maintained a balanced
gender mix of 44% maleand 56% female across ourworkforce(2)Achieved

On track

We consistently foster a culture that is supportive and nurturing,ensuring that employees from all backgrounds feel valued andempowered. Our commitment to diversity is reflected in our Board
Diversity Policy, which ensures that our board comprises directorsof varying ages, gender, skills and backgrounds. This diverse
composition serves as a foundation for promoting diversity
throughout our workforce. In addition, we offer family friendly
policies, as well as wellbeing and workplace support measures, sothat everyone feels that they belong and are supported in OCBC.

Our Policies

As part of our approach to ensuring diversity within our OCBC community, we are guided by the following policies which are reviewed andupdated as needed by the relevant Board Committee.
Board Diversity Policy• Guides OCBC’s approach to diversity on the appointment and composition of its board of directors.
• Considers diversity factors such as age, gender, length of service, skills, experiences and background.

OCBC Fair Recruitment
Practices and Hiring Policy• Ensures the Tripartite Guidelines on Fair Employment Practices issued by the Tripartite Alliance for
Fair and Progressive Employment Practices (TAFEP) are included in our recruitment process.
• Guides our recruitment and selection process on the basis of merit, and regardless of age, race,
gender, religion, marital status and family responsibilities or disability.

Group Code of Conduct• Guides OCBC’s approach to providing our employees with a work environment where we treat
each other fairly and with respect. We do not tolerate harassment and bullying of any kind, under
any circumstances.
• All our employees are required to complete an annual training and assessment on the
Code of Conduct.

(1)

(2)

In 2023, the leadership positions filled by women grew by 1% to 41%. We will continue to reinforce a supportive and nurturing organisational culture to grow and aim toachieve 42% of leadership positions to be filled by women by 2025.
Includes performance of OCBC Group, including Great Eastern Holdings.
OCBC Sustainability Report 2023

61

About This Report

Board Statement

2023 Key Achievements

Bringing
Bringing Impact to Communities
Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity
Programmes and Initiatives
International Women’s Day

In March 2023, we held our annual celebration of International
Women's Day at OCBC, with over 750 employees in attendance.
The occasion was dedicated to celebrating and honouring women,
and attendees actively participated by sharing their thoughts on acollaborative data wall, expressing themselves through threadedlabels and voicing their priorities. The importance of flexible
work arrangements that accommodate personal schedules
and responsibilities, as well as fair treatment, equal opportunities
and advancement for all individuals, emerged as top concerns
for the participants. The event had a strong focus on celebrating
diversity and embracing the unique talents that women bring to
the workplace.
Two panel discussions, namely MentorMe and W Suite, captivatedthe audience. The discussion featuring MentorMe, one of OCBC's
flagship mentoring initiatives, featured a panel composed of ourown women mentors and mentees who shared their heartfelt
career journeys and emphasised the importance of nurturing
mentors during early career transitions. The second panel
discussion showcased women leaders from our esteemed
W Suite programme. These inspiring panellists passionately
advocated for greater female representation and highlighted thepromising progress of women in STEM fields and C-suites.

Unconscious Bias Training

We have strengthened our catalogue of more than 180
unconscious bias learning opportunities through more targeted
programmes tailored for all employees, both managers andindividual contributors.

Gender Pay Equity

OCBC is committed to regularly reviewing our compensation
practices to ensure gender pay equity within our organisation.

Non-conventional Talent Hire Initiative

As part of our commitment to fostering a diverse environment
for all, we launched our inaugural non-conventional talent hire
initiative in 2023. The primary objective of the initiative is to provide
opportunities for individuals who may have been overlooked given
traditional hiring practices. Comprising three pilot programmes, theinitiative offers flexible work arrangements and personalised tools
and resources to ensure sufficient support is provided throughout
their journey at OCBC.
1. Return to Work Programme: This programme focuses onreintegrating mothers, caregivers and retirees back into theworkforce. It offers empowering solutions such as flexible
work arrangements and job-sharing schemes, tailored toaccommodate their unique needs.
2. Persons with Disabilities Programme: As a registered
Open Door Programme (ODP) Employer under SG Enable
since March 2023, we are committed to integrating persons
with disabilities into the workforce. Key elements of thisprogramme include:a. Engagement with persons with disabilities throughvolunteering, mentorship and internships. Notably,
the Bank participated in SG Enable’s Virtual Career
Preparatory Workshop in October 2023.
b. Employment opportunities for persons with disabilities,
accompanied by a job coach to assist in their workplace
integration.

Celebrating International Women Day 2023 at OCBC.

Relaunched Employee Resource Groups

We revitalised our support network for employees by relaunching
two Employee Resource Groups (ERGs), specifically tailored forsingle parents and caregivers. These groups complement theexisting ERGs that serve Parents with Teens and First-timeParents. ERGs foster a sense of community and support as they
provide a platform for employees with shared backgrounds,
experiences or interests to come together, share knowledge, offer
support and advocate for their specific needs within the workplace.
These groups contribute to a positive work environment, where theemployees feel that they belong, and are valued and supported,
benefitting both the individuals and the organisation.

c. Implementation of Resources/Support programmes
to help persons with disabilities assimilate into theorganisation and to train managers and their team about
Disability Awareness to better support persons withdisabilities in the workplace.
3. Transiting Servicemen Programme: We conducted a career
talk in August 2023 for approximately 35 servicemen, which
focused on highlighting career transition opportunities for
retiring servicemen; subsequently, we had our first successful
hire of a serviceman into our organisation.

OCBC Sustainability Report 2023

62About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity

Jerome Syed, an individual with hearing impairment, joined OCBC’s
Human Resources Marketing team as a Social Media Content Writerin August 2023.

Virtual Disability Awareness Talk
In October 2023, OCBC hosted our first Virtual Disability
Awareness Talk in partnership with SG Enable. Thisinitiative was part of OCBC’s ongoing efforts to enhance
understanding and support for Persons with Disabilities(PWDs) in the workplace. Attended by 86 employees
from the human resource function, the event featured acaptivating keynote sharing by Jerome Syed, OCBC’s firstsuccessful PWD hire through SG Enable, who shared hisjourney of adapting to hearing impairment.
The event highlighted our dedication to workplace diversity,
showcasing not only the supportive measures in place,such as clear communication guidelines to create a better
work environment for employees with disabilities, but also
OCBC’s broader efforts in integrating PWDs into our
workforce. This approach demonstrates OCBC’s holistic
vision of diversity, emphasising a workplace culture thatvalues every employee.

“My colleagues at OCBC fostered a supportive environment,such as clear communication guidelines, which significantly
improved my work experience. Throughout my journey,
I’ve come to understand that disability awareness is about
recognising unique strengths and abilities regardless of thechallenges, and that collaboration is the key to diversity.”

Sustainable merchandise created by persons with disabilities
from i’mable Collective by SG Enable Pop-Up Store during the OCBC
Sustainability Day 2023.

i’mable Collective by SG Enable
Pop-Up Store on OCBC Sustainability
Day 2023
On OCBC Sustainability Day 2023, we hosted the i’mableCollective by SG Enable Pop-Up Store. The store served asa platform to educate and engage our colleagues on thesignificance of sustainable merchandise created bypersons with disabilities. Featuring products from threevendors – ART:DIS, Arts@Metta and Singapore Fashion
Runway – the store offered a variety of items for purchaseand support. This event not only highlighted the talents ofthese artisans with disabilities but also reinforced OCBC’scommitment to sustainability and diversity in a tangible andimpactful manner.

Jerome Syed

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity
Our Workforce(3)Total Workforce
in 2023

Total Workforce byEmployment Nature in 2023

Total Workforce by
Gender in 2023

Percentage Workforce byRegion in 2023

Contract2%2%33,33014%

Female

56%

Male

44%

Permanent

39%

20%

98%

Singapore
Malaysia
Indonesia
Greater China
Rest of the World25%

Total Workforce by Age Group(3)Workforce by Age Group

2023

2022

2021(4)

<30

19%

19%

21%

30-49

67%

67%

66%

>=50

14%

14%

13%

Percentage of Employees by Employee Contract and Region(3)2023
Employee Breakdown by Region2022

2021(4)

Permanent

Contract

Permanent

Contract

Permanent

Contract

Singapore

37.3%

1.3%

36%

1%

36%

2%

Malaysia

24.9%

0.2%

26%

1%

25%

<1%

Indonesia

19.8%

0.4%

20%

20%

Greater China

14.0%

0.3%

14%

14%

Rest of the World

1.7%

0.1%

2%

2%

Percentage of Employees by Employee Type and Region(3)2023
Employee Breakdown by Region

Singapore2022

2021(5)Full time

Part time

Full time

Part time

Full time

Part time

39%

<0.1%

38%

1%

–

–

Malaysia

25%

26%

–

–

Indonesia

20%

20%

–

–

Greater China

14%

14%

–

–

Rest of the World

2%

<2%

–

–

(3)
(4)
(5)

Statistics include permanent and contract employees of OCBC Group, including Great Eastern Holdings.
Statistics include permanent and contract employees of OCBC Group, excluding OCBC Capital Malaysia Berhad.
Data not available for 2021.
OCBC Sustainability Report 2023

64About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity
Percentage of Employees by Employee Type/Contract and Gender(3)
2023

2022

2021(4)

Employee Breakdown by Gender

Male

FemaleMale

FemaleMale

FemalePermanent

43%

55%

42%

56%

41%

57%

Contract

1%

1%

<1%

1%

1%

1%

Full time

44%

56%

43%

57%

(5)

<1%

Part time(5)

<1%

–

–

–

–

Percentage of Employees by Employee Category and Age Group(3)Employee Category by Age Group(Permanent and Contract Employees)

2023
< 30

30-49

2022
≥ 50

< 30

30-49

2021(4)
≥ 50

< 30

30-49

≥ 50

VP and above

0%

10%

5%

0%

10%

5%

0%

10%

4%

AVP

1%

22%

3%

1%

23%

3%

1%

21%

3%

Managers and Assistant Managers

16%

30%

4%

16%

29%

3%

4%

7%

2%

Non-executives

2%

5%

2%

3%

5%

2%

4%

7%

2%

Percentage of Employees by Employee Category and Gender(3)Employee Category by Gender(Permanent and Contract Employees)

2023

2022

2021(4)

Male

FemaleMale

FemaleMale

FemaleVP and above

8%

7%

8%

7%

8%

6%

AVP

13%

13%

13%

14%

12%

13%

Managers and Assistant Managers

20%

30%

19%

29%

19%

30%

Non-executives

3%

6%

3%

7%

4%

9%

Representation of Female Leaders at Management Level in 2023(3)Senior Management
PositionsFemale33%

Female
Male

67%

(3)
(4)
(5)
(6)

Leadership Positions

41%

Board(6) Diversity in 2023
GenderFemale
Male

59%

40%

Male

60%

Statistics include permanent and contract employees of OCBC Group, including Great Eastern Holdings.
Statistics include permanent and contract employees of OCBC Group, excluding OCBC Capital Malaysia Berhad.
Data not available for 2021.
All members of our Board are aged 50 and above.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Workplace Diversity
New Hire (Permanent Employees Only)(3)
2023

2022

2021(4)

Total

NumberNew hire rate(%)

NumberNew hire rate(%)

NumberNew hire rate(%)(5)Overall

6,528

20%

7,325

24%

5,764

19%

Gender

%

Male

49%

22%

49%

27%

50%

–

Female

51%

18%

51%

21%

50%

–

Age Group

%

%

%

%

%

< 30

40%

43%

41%

51%

43%

–

30-49

56%

17%

56%

19%

54%

–

≥ 50

4%

5%

3%

6%

3%

–

Region%%%Singapore

42%

22%

42%

27%

47%

–

Malaysia

24%

19%

23%

21%

19%

–

Indonesia

18%

18%

19%

22%

16%

–

Greater China

14%

20%

14%

23%

16%

–

Rest of the World

2%

20%

2%

25%

2%

–

Employee Turnover Rate (Permanent Employees Only)(3)
2023

2022

2021(4)

Total

NumberTurnover rate(%)

NumberTurnover rate(%)

NumberTurnover rate(%)(5)Overall

4,707

14%

6,408

21%

5,449

18%

Gender

%

Male

44%

15%

45%

22%

48%

–

Female

56%

14%

55%

20%

52%

–

Age Group

%

%

%

%

%

< 30

30%

24%

30%

33%

32%

–

30-49

61%

13%

62%

19%

59%

–

≥ 50

9%

10%

8%

13%

9%

–

Region%%%Singapore

36%

14%

39%

22%

40%

–

Malaysia

28%

16%

24%

19%

21%

–

Indonesia

18%

13%

21%

21%

22%

–

Greater China

16%

16%

14%

20%

16%

–

Rest of the World

2%

17%

2%

17%

1%

–

Going Forward
Workplace diversity will continue to be a critical aspect of
successful organisations. By embracing diversity, we not only
attract top talent, but create a culture that fosters creativity,
collaboration, enhanced employee engagement and sustainablegrowth. Embracing diversity is not just a strategic advantage, but amoral imperative that will shape the future of work and drive
success in the global marketplace.
(3)
(4)
(5)
(7)

Our Forthcoming Targets
Achieve 42% of leadership positions to be filled by womenby 2025(7)Maintain a balanced gender mix across our workforce(7)Statistics include permanent and contract employees of OCBC Group, including Great Eastern Holdings.
Statistics include permanent and contract employees of OCBC Group, excluding OCBC Capital Malaysia Berhad.
Data not available for 2021.
Target includes the performance of OCBC Group, including Great Eastern Holdings.
OCBC Sustainability Report 2023

66

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Community Development
Empowering communities and enriching lives
Why this is Material to Us

Our Targets and Performance

At OCBC, we acknowledge that our business growth is deeply
connected to societal wellbeing. Being a regional financial services
provider with a wide business footprint in Asia, we recognise that theway we conduct business has a lasting impact on the developmentof society and the environment. As such, our mission to give backgoes beyond offering high-quality financial services.

Our 2023 Targets

Our Management Approach
In addition to our dedication to financial inclusivity, we also inspire
our workforce to actively contribute to society and the various
markets we operate in. At the heart of our approach is encouraging
volunteerism among employees, the promotion of financial
resilience for individuals and businesses, and a steadfast
commitment to transparency in economic contributions as well as
responsible tax management(1), as we strive towards building trustand ensuring a sustainable future for all.
We are also committed to supporting underserved communities instrategic areas across our core markets. We seek to help thesecommunities overcome challenges and meet their needs throughcurated programmes and tailored activities facilitated by our
employee volunteers. Our community engagement programmes
through our #OCBCCares Programme are anchored around key
thematic areas, aligned with the Group’s Sustainability Framework:• Families: Supporting cohesive and healthy family units.
• The Elderly: Meeting the health and social interaction needs ofthe ageing population.
• Persons with Special Needs: Encouraging social inclusion andacceptance.
• Children and Youths: Providing guidance and support forchildren and youths from lower-resourced backgrounds.
Our continual dedication to financial inclusion is upheld by acomprehensive approach that addresses the retail and commercial
needs of our customers throughout various growth phases.
Our retail offerings tailored for each phase of life include Child
Development Accounts (CDA) for young families, FRANK Student
Loans for youth, OCBC Life Goals for career-focused adults,
and the OCBC Digital Silvers Programme for seniors. This iscomplemented with bespoke and innovative products for SMEs
that cater to their dynamic business needs.

(1)

Performance Against Targets

Maintain No. 1 market
share of Child Development
Accounts in Singapore

Achieved No. 1 market
share of Child Development
Accounts in Singapore

Achieve 90% of local
spending to support
economic growth of ourcore markets

Achieved 93% of local
spending to support
economic growth of
our core markets

Increase by 30% inskills-based employee
volunteering projects

Increased our skills-based
employee volunteering
projects by more than fourtimes year-on-year

Boost employee support
for the community throughemployee volunteerism

16,329 employee
volunteers haveparticipated in community
development efforts

Performance
129 workshops engaging 2,722 seniors were conducted in
Singapore as part of Digital Silvers Workshop programme
208,155 individuals benefitted from our support
59,482 volunteer hours contributed by our employees
484 community-support activities organised across the Group
Achieved

On track

Programmes and Initiatives
Child Development Accounts

The CDA is a special co-savings account which comprises (a) CDA
First Step Grant which will be automatically deposited into the CDA
without having to save first; and (b) dollar-for-dollar Government
co-matching for each dollar that is deposited in the CDA, up to
the maximum Government co-matching cap. These CDA funds
can be used at the Baby Bonus Approved Institutions to pay foreducation-related and health-related expenses of your child.
Despite having taken the pole position for market share of CDA in
Singapore for multiple years, OCBC will continue to work together
with the relevant authorities and products teams to further enhance
our CDA proposition to benefit our younger customer base.

Details of our responsible tax management practices are available on our website.
OCBC Sustainability Report 2023

67About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Community Development
Skills-Based Employee Volunteering Projects

In 2023, our employee volunteers from Singapore, Malaysia,
Indonesia and Greater China engaged in a multitude of initiatives
encompassing 484 projects. We increased our skills-based
employee volunteering projects by more than four times and a
total of 208,155 beneficiaries benefitted from these programmesorganised and guided by 16,329 OCBC employee volunteers.
These ranged from financial literacy sessions for children withspecial needs to anti-scam workshops, creating edible gardens,cleaning coastlines and organising handicraft workshops for ourcharity partners. Details on such initiatives can be found in thesubsequent paragraphs:

Care Corner ElderConnect

The Care Corner ElderConnect initiative, supported by OCBC,
targets over 3,500 socially isolated seniors above 60 years old byengaging them in OCBC and Care Corner Singapore activities atneighbourhood Active Ageing Centres (AACs). The aim is tocombat social isolation and foster deeper community connections
which are crucial for mental and physical health. In 2023, morethan 1,000 employee volunteers have conducted monthly house
visits to check on the wellbeing of these seniors and encouragethem to step out of their homes for activities organised by the AACs.

Families100 Programme by OCBC

The Families100 Programme by OCBC, a partnership with the
Ministry of Social and Family Development, is a first-of-its-kindsocial uplift initiative by OCBC targeting 100 lower-income families
with children living in rental flats. We have assigned 200 OCBC
volunteers to work closely with these families for 12 months,
fostering self-reliance and social mobility. Besides financial aid,
the programme offers avenues in sports, creativity and academic
support for children and youths. Our employee volunteers also
mentor parents in financial literacy and career guidance,
establishing meaningful connections and empowering families
to overcome challenges.

Care Corner ElderConnect Supported by OCBC addresses social isolation
among seniors from low-income families.

Greener Energy and Better Financial Literacy

Our employee volunteers from the OCBC Kajang branch in
Malaysia came together and bought RM 24,000 worth of solar
panels for Kaizen Children Home in Kuala Lumpur. This will
enable the Home to save up to 100% in electricity bills, which will
ultimately contribute to a greener and more sustainable world.
The employee volunteers also donated necessities for the Homeand taught the children financial literacy. This gave the children thenecessary foundation to manage their money more wisely when
they grow up.

The Families100 Programme by OCBC is a first-of-its-kind social uplift initiative
to provide targeted help to 100 lower-income families.

Little Green Summer CampThe Little Green Summer Camp is an annual event in Mainland
China that allows our employee volunteers to mentor the young
camp participants. Through the interactions, the children candeepen their critical thinking abilities and improve theircommunication skills. Coming from less-privileged households inShanghai, these children were encouraged to take initiative andstrive to be the next generation of leaders to protect theenvironment. Through interesting courses, games, art workshops
and a visit to the ocean park, these children were taught innovativeand new ways to help mitigate climate change.

The donated necessities and solar panels will go a long way in managing
operating costs for Kaizen Children Home.

OCBC Sustainability Report 2023

68

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Community Development
Contribution to local economies

Aside from providing financial solutions, OCBC plays an integralrole in supporting the local economy through paying fair andprogressive compensation to employees, taxes to the respective
authorities and dividends to shareholders. We prioritise sourcing
from local suppliers to support the economy in our core markets.
Our structured policies, frameworks and processes are diligently
implemented to ensure discipline and pave the way for a lasting,positive influence on our stakeholders.
Supply Chain Spending(2)

2023

2022

2021

$1.57b

$1.45b

$1.48b

Local Spending

93%

92%

92%

Local Vendors

88%

88%

89%

Total Supply Chain Spending(3)

An aerial map of the Thirty Hills Initiative in Indonesia.

WWF Thirty Hills Initiative
Bank of Singapore is proud to be a sponsor of WWFSingapore’s conservation project in Sumatra, Indonesia,
known as the Thirty Hills Initiative. The sponsorship will go
towards restoring over 38,000 hectares of rainforest in the
Bukit Tigapuluh Ecosystem Restoration Concession.
A plastic collection point outside OCBC Centre (Singapore) to encourage
plastic recycling.

OCBC Nationwide Plastic Initiative
In a significant step towards environmental sustainability,
we launched our Nationwide Plastic Initiative in September
2023. Together with local environmental start-up, Plastify,
we established collection points at selected community
centres across Singapore and at OCBC FRANK stores forthe public to deposit their high-density polyethylene (HDPE)
type 2 plastic waste over a period of three months. We
collected a total of 302.5kg of plastic, out of which 142.5kg
were HDPE type 2 plastic. This HDPE type 2 waste wasthen repurposed into vibrant and practical household items
such as flowerpots and coasters, and sold at our OCBC
Wisma Atria branch with the proceeds going to The Hut.
Plastify also conducted a series of educational workshops
aimed at educating and empowering the community toembrace more sustainable practices in their daily lives.
Through these workshops, we equipped Singapore residents
with the right knowledge and tools to make informed
decisions about plastic consumption and recycling.

(2)

(3)

With our sponsorship and the collective actions of otherWWF partners, WWF’s Thirty Hills Initiative has successfully
replanted more than 67 hectares of land between Januaryand June 2023, prioritising areas previously affected by
wildfires.
The initiative also helps protect the wider Bukit Tigapuluh
National Park from further encroachment and conversion
by industrial plantations, which would otherwise lead to
deforestation and carbon emissions.
The Concession stores an estimated 11.5 MtCO2e (metricton of carbon dioxide-equivalent) of forest carbon stock,which plays an important role in mitigating climate change.
As of June 2023, 50% of the Bukit Tigapuluh Ecosystem
Restoration Concession’s annual restoration target has
been achieved thanks to the Bank of Singapore’ssponsorship.
Through this initiative, Bank of Singapore wishes to createawareness among its employees and clients of issues
relating to conservation and climate action.

The supply chain spending accounts for Singapore entities including OCBC Singapore, OCBC Securities Pte Ltd, OCBC Property Services Pte Ltd, and Bank of Singapore.
Other entities include OCBC Malaysia, OCBC China, OCBC Hong Kong, OCBC Macau and OCBC Indonesia. The reporting markets are Singapore, Malaysia, Indonesia, Greater
China, Thailand, Australia, Japan, Myanmar, South Korea, Vietnam, US, UK, Philippines, Dubai and Luxembourg. For 2021 and 2020, the reporting countries excluded
Philippines, Dubai and Luxembourg.
Local is defined as registered in the same country. Local vendors exclude subsidiaries and related parties.
OCBC Sustainability Report 2023

69

About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Community Development
Collaboration efforts with The HutLimited (Singapore)

Launching of OCBC eBiz Account-i (from left to right): Ms Amanda Gan,
Head of Marketing & Communications of Emerging Business, OCBC Bank;Mr Syed Abdull Aziz Syed Kechik, CEO, OCBC Al-Amin; and Mr Mohd Kamal
Bin Abdul Karim, Head of Islamic Product & Business Development, OCBC
Al-Amin.

Our unwavering commitment to serve
the Bumiputera SMEs in Malaysia
In 2023, the Bank continued its commitment to financial
inclusion by extending digital banking solutions to
Bumiputera SMEs in Malaysia, recognising their pivotal rolein the country’s economy. To enhance their access to online
financial services, we introduced fully digital productofferings, including the eBiz Account-i, a Shariah-compliant
business account launched in June 2023.
Our digital onboarding option revolutionised accessibility
by eliminating the need for SMEs to visit physical branches,offering a low initial deposit, a business debit card-i and an
optional QR payments collection service, OCBC One Collect.
By December 2023, over 1,000 SMEs had adopted OCBCeBiz Account-i, showcasing their confidence in our solutions.
Acknowledging the significance of capital access for
SME growth, we launched online Islamic financing for
Bumiputera SMEs in August 2023, streamlining theapplication process and witnessing a growing number ofmonthly online submissions. Being committed to nurturing
the growth of Bumiputera SMEs, we conducted community
outreach programmes in partnership with Halal
Development Corporation (HDC), including events like
Jelajah Halal Malaysia. This event helped to promote
financial literacy within Malaysia's Halal ecosystem. These
initiatives empower SMEs with knowledge and tools for
informed financial decisions, fostering broader financial
inclusivity within the Bumiputera community.

Having signed an official three-year memorandum withThe Hut in December 2021, we pledged a total of $350,000($50,000 for infrastructure and $300,000 for education) to
aid the children supported by The Hut. Functioning as adrop-in centre for children and youth, with the majority
from lower-resourced backgrounds, The Hut serves as a
sanctuary, equipping children and youth with essential skills
to navigate life’s challenges, whether in school or at home.
The Hut also houses a flagship programme called EduGrow
for Brighter Tomorrows that provides tuition classes andmentoring to children. At the same time, the drop-in spaceprovides the children and youth with a safe and nurturing
environment where they can study while their parents areat work.
With funding from OCBC, The Hut revamped its facilities
to better cater to these children, and financed tuition for
72 children over three years. With the current memorandum
nearing its completion, we decided to extend our support
for an additional three years, providing another $300,000 in
funding to support the children’s educational needs.
Beyond financial contributions, our employees actively
volunteer weekly at The Hut, teaching younger children
literacy skills as well as inculcating proper money
management habits to help them manage their finances
better. Witnessing the growth in these children, fromstruggling with basic literacy to making significant
improvements in school assessments, has been immensely
rewarding for our volunteers. Over the three-year period, our
45 volunteers have collectively contributed 1,944 hours ofvolunteer service. Additionally, we have organised various
activities, from financial literacy workshops to museum
visits, aiming to provide the children with engaging
experiences and insightful learning opportunities.

The ongoing digital evolution in financial services presents
opportunities for Bumiputera SMEs in Malaysia to efficiently
handle finances and access capital, nurturing inclusivity andeconomic growth within this sector.

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About This Report

Board Statement

Bringing
Bringing Impact to Communities
Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Bringing Impact to Communities

Community Development

The SME Ready to Export Seminar organised by the Indonesian Women
Leadership Organisation (PERPINA), at The Sunan Hotel Solo, Indonesia.

Bank of Singapore has partnered with non-profit organisation Community
Foundation of Singapore (CFS) to offer site visits to beneficiaries tosupport our clients’ philanthropic goals.

Financial solutions for women
entrepreneurs in Indonesia
Since its inception in 2020, OCBC Indonesia’s flagship#TAYTB Women Warriors Programme continues toempower female entrepreneurs, aligning with the Bank’s
commitment to fostering gender equality and positively
impacting Indonesia’s socio-economic landscape. With
over 60% of the country’s Micro, Small & Medium Enterprises(MSMEs) led by women, the programme aims to supportand empower these entrepreneurs.
In 2023, the programme has assisted more than
1,300 women entrepreneurs, providing loans totalling
IDR 3.2 trillion at preferential rates. The access to financing
is complemented by Nyala Bisnis, a programme offeringtransaction banking solutions with enhanced benefits,along with comprehensive tools for e-commerce,
taxation, accounting, online payments, and social media
management. Moreover, OCBC collaborates with womenled MSME communities like UMKM Perempuan Perintis
Indonesia (UPRINTIS), Indonesian Business Women
Association (IWAPI), and the Indonesian Women’s
Leadership Organisation (PERPINA), fostering financial
literacy, business acumen and a supportive network
among women entrepreneurs.

Going Forward
Community development is not just a social responsibility but astrategic imperative for sustainable growth and positive societal
impact. We will continue our drive to consistently innovate ourrange of products and services while adjusting our business model
to meet the diverse requirements of society. By investing in local
communities, supporting small businesses and providing accessto financial services, we strive to make a meaningful difference inthe lives of individuals and communities we serve.

Community Foundation of Singapore
In 2023, Bank of Singapore continued our expansion andintegration of philanthropic offering within our wealthadvisory processes. To support our clients’ philanthropic
goals, we offered the option of site visits to beneficiaries
through our collaboration with Community Foundation ofSingapore (CFS).
Through this collaboration, clients can partner with CFS,
who will provide the expertise needed to make an impact
on Singapore’s charitable landscape. Clients will be able todonate to over 400 charities in Singapore by setting up
Donor Advised Funds as a tool for philanthropic giving.
In October 2023, CFS organised the inaugural Donor
Learning Trip to the Singapore Association for Mental
Health to share funding gaps and opportunities withinterested clients.

Our Forthcoming Targets
Increase by 10% in annual employee volunteering hours
in 2024
Encourage deeper engagement with the community
through at least five projects that foster ties between
beneficiaries and employee volunteers
Maintain No. 1 market share in Child Development Accounts
in Singapore in 2024
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71

Our anti-fraud team with the anti-scam command officers from Singapore Police Force.

Sustainability Imperative:

Conducting Our BusinessResponsibly
In this section, we will cover the following material ESG factors:
Cybersecurity andData Protection

Banking confidently and securely. The established protocols designed to safeguard
both customer and organisational information and assets, protecting against potential
data breaches and cyber fraud.

Fair Dealing

Transacting with trust. The commitment to providing customers with transparent,
relevant and timely information, fostering an environment where ethical and equitable
treatment is prioritised in all interactions and transactions.

Financial Crime Prevention Safeguarding the financial system. The specific processes and strategies implemented toprotect the integrity of the financial system and mitigate the threat and risk of financial crime,
encompassing measures to combat fraud, money laundering and other illicit activities.
Governance and Culture

Leading with integrity. The organisational principles, values and practices that shape
conduct at OCBC, embodying the standards set forth in the Code of Conduct to guide
employees in fostering stakeholder trust and cultivating sustainable value.

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Cybersecurity and Data Protection
Banking confidently and securely
Why this is Material to Us

Our Targets and Performance

Against the backdrop of continuously evolving technology
solutions and the digitalisation of products and services, thefinancial system and broader economy continue to face anincreased risk of cyber-attacks and data breaches. Cyber threats
can potentially disrupt banking services leading to downtime andreduced productivity. OCBC must remain vigilant against theserisks to prevent any financial losses impacting customers andour organisation.

Our 2023 Targets

Our Management Approach

Performance Against Targets

Maintain 100%
completion of mandatory
employee online training
and assessment course
on Cyber and Information
Risk AwarenessAchieved

100% completion of
mandatory employee
online training andassessment course on
Cyber and Information Risk
Awareness(1)On track

We have implemented a robust strategy to efficiently manage
our cyber risk, aiming to safeguard against cyber threats andavert potential cyber fraud. We continue to leverage effective
risk governance, skilled talent, comprehensive processes andcutting-edge technology to protect our customers’ information
and assets from data breaches and cyber threats. Mindful of anever-evolving cyber threat landscape, we remain proactive in our
approach and continuously invest in innovative technologies.
We adopt a whole-of-organisation approach to effectively manage
cyber risk and attain cyber resilience. This approach encompasses
the following:

Review

Transform

React

Develop

Undertake proactive
assessments and periodic
revisions of our information
security and digital (i.e. cyberand technology) risk
framework, policies andstandards, taking into
account the dynamically
evolving risk landscape andincreasing regulatory
requirements.

Strengthen our preventive,
detective and responsive
capabilities.

Conduct routine vulnerability
assessments and penetration
tests of the Bank’s IT
systems to identify andremediate security gaps.

Enhance our employees’cyber vigilance andcompetencies through the
Cyber Smart Programme.
This is a multi-year
programme affiliated with
the Group-wide Future
Smart programme.

This includes the
deployment of advanced
security tools and solutions
to enhance the collection
and analysis of security logs,
thereby improving our ability
to detect and respond topotential anomalies.

Furthermore, we regularly
engage in cyber-related
tabletop exercises,
adversarial attack simulation
exercises (known as Red
Teaming) and disasterrecovery drills to validate
the effectiveness of theBank’s establishedprocesses and controls.

It assesses and improves
employees’ knowledge,
skills and demonstrated
behaviours in managing
risks related to cybersecurity,
data protection and social
engineering.

We remain committed to strengthening our cyber resilience through active engagement and collaboration with the broader community.
We forge partnerships with industry peers to gather crucial cyber threat intelligence, collaborating closely with law enforcement agencies
and fellow financial institutions to collectively address and mitigate cyber threats.

(1)

The training performance includes employees of OCBC Group, including Great Eastern Holdings.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Cybersecurity and Data Protection
Our Policies

Our approach comprises a comprehensive set of risk management framework, policies and standards. These incorporate key regulatory
expectations and align with international industry guidance on key areas such as risk management practices, information security andcyber resilience. They are reviewed regularly and approved by relevant risk committee such as the Group Information Security and Digital
Risk Management Committee and Board Risk Management Committee.
Information Security andDigital Risk Policy

This Policy establishes the control expectations from organisational responsibilities to specificinformation security and digital risk (including technology and cyber risks) domains to manage risk
arising from internal and external threats to the Group’s information assets and personnel.
These control expectations are stipulated with the intention of ensuring the confidentiality, integrity
and availability of the Group’s information assets.

Acceptable Use Sub-Policy

This Policy defines the proper conduct and use of the Group’s information assets (encompassing
technology equipment, information and software services), as well as communication services.

Information Classification &Handling Sub-Policy

This Policy establishes the control expectations for ownership, classification and handling of
information to protect them from unauthorised access and disclosure.

In addition, the Group has several standards, such as the Technology Security Standards that define the baseline security requirements
for any technology or systems implemented, as well as the Cryptographic Key Management Standards that define the acceptable
cryptographic algorithm and processes to be adopted.

Programmes and Initiatives
Uplift Employees’ Cyber Vigilance and Competency

OCBC has an extensive and comprehensive Group-wide cyberand information risk training programme, which covers various
levels of literacy. This comprises mandatory learning of
information protection, online and in-person Digital Risk Seminars
focusing on industry-level outside-in learning, in-house cyberrisk management training, as well as cyber certification pathway
detailed technical training.
Our Digital Risk Seminars in 2023 educated our employees
across the Group about the risks associated with various trending
topics, such as generative artificial intelligence, and the latest
cyber threat landscape published by the Cyber Security Agency(CSA) of Singapore.
Additionally, we have a social engineering phishing test
programme to continuously instil cyber vigilance across theGroup. This comprises general employee phishing tests andtargeted role phishing tests.

Finally, we have in place an innovative Group-wide Cyber Smart
Programme which encourages and measures all employees on
their levels of knowledge, skills and behaviour with regard to theprincipal risk type of information security and digital risk.

Maintaining Customer Privacy

Our Data Protection Office (DPO) monitors personal data incidents
using a General Incident Template (GIT) that is submitted byvarious departments across the Bank. A personal data incident
refers to any event that causes or is suspected to have caused
the following:• The unauthorised access, collection, use, disclosure, copying,modification or disposal of personal data
• The loss of any storage medium or device on which personal
data is stored in circumstances where the unauthorised access,collection, use, disclosure, copying, modification or disposal of
personal data is likely to occur

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Cybersecurity and Data Protection
Strengthening cyber resilience
with the Bank’s first Capture the Flag
Competition

Ms Veronica Tan (Cyber Security Agency of Singapore) and Mr Saju Pillai(ISOCert) awarding the Cyber Trust Mark certificate to OCBC Bank.

Industry accreditation:
OCBC achieves Cyber Trust Mark
(Advocate) Certification
In 2023, OCBC achieved the Cyber Trust Mark (Advocate)certification, the highest of five tiers. The Cyber Trust Markis a cybersecurity certification for organisations developedby the Cyber Security Agency of Singapore. The key
objective of the Cyber Trust Mark is to serve as a mark of
distinction to recognise organisations that are actively
addressing cybersecurity risks and investing in expertiseand resources to manage and protect their IT infrastructureand systems.
To attain this certification, the Bank demonstrated theeffective implementation of cybersecurity processes andcontrols across 22 domains. These domains encompass
various aspects, including cyber governance, oversight ofcyber education, information asset protection, secureaccess and environment and cybersecurity resilience.
Attaining the highest tier of the Cyber Trust Mark
(Advocate) serves as a robust testament to OCBC’s
effective cybersecurity practices. This achievement
enhances the confidence and trust of our customers,
reinforcing our commitment to advance digital trust with
our external stakeholders.

(2)
(3)

OCBC hosted the inaugural Blue Team Capture the Flag
competition, which saw over 40 employees participate fromacross our offices in Singapore, Indonesia and Greater
China. This event aimed to elevate the technical expertiseof our cyber analysts and enthusiasts by offering hands-on
experience in addressing real-world cybersecurity challenges.
Participants immersed themselves in seven scenarios thatsimulate real-world cyber threats, providing them with
opportunities to refine their skills and acquire newtechniques within a controlled environment. Our ongoingcommitment to enhance employee capabilities positions
the Bank to respond effectively to potential cyber threatsin an ever-evolving threat landscape.

Going Forward
As we move into an increasingly digital world, the importance ofcybersecurity and data protection has never been more critical.
We will continue to invest in implementing robust cybersecurity
measures to ensure the highest level of protection for our
stakeholders. Additionally, we are dedicated to fostering a culture ofcybersecurity awareness and responsibility among our employees.

Our Forthcoming Targets
Maintain 100% completion of mandatory employee online
training and assessment course on Cyber and Information
Risk Awareness in 2024(2)Maintain Cyber Trust Mark Certification in 2024(3)Promote strong employee digital risk vigilance throughregular risk awareness broadcast and simulated email
phishing test to bank-wide employees in 2024(2)Target includes performance of OCBC Group, including Great Eastern Holdings.
Target only includes the performance of OCBC Singapore.
OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Fair Dealing

Transacting with trust
Why this is Material to Us

Our Targets and Performance

Prioritising the trust of our stakeholders and holding ourselvesto the highest ethical standards have made OCBC synonymouswith integrity, reliability and financial soundness. Since 1932,
OCBC has built an invaluable franchise through decades of strong,long-term relationships with our customers. We continue touphold their trust and confidence by enshrining honesty andethics in all that we do.

Our 2023 Targets

Performance Against Targets

Maintain 100%
completion of mandatory
employee training onfair dealing

100% completion of
mandatory employee
training on fair dealing(1)Maintain zero significant
cases of mis-selling froma regulatory breachperspective

Zero significant casesof mis-selling froma regulatory breachperspective(2)Our Management Approach

Maintain 100% attendancefor product suitability
assessment for new
Product Managers

100% attendance for
product suitability
assessment for new
Product Managers(3)Fair dealing is a core part of our corporate culture. Our core valuesof LIFRR guide our actions and decisions. We are committed to:Achieved

Our Brand Promise to be reliable, smart and knowledgeable andtake a long-term view reflects our commitment to building
enduring customer relationships by delivering reliable services andexcellent experiences; offering the most suitable financial solutions;and giving the most relevant financial advice and support.

On track• providing our customers with clear, relevant and timely
information to help them make informed decisions;• recommending products that are aligned with our customers’
financial objectives and risk profiles;• deepening our sales employees’ knowledge and competencies
so they can give appropriate advice and recommendations; and• addressing customers’ feedback and complaints independently,
effectively and promptly.
Through living by our core values, we strive to go beyond
compliance with the MAS’ Fair Dealing Guidelines and regularly
review and enhance our practices, processes and policies.

Our Policies
Fair Dealing Framework• Establishes the strategy, policy, processes and practices that enable a consistent approach toachieving Fair Dealing Outcomes under MAS’ Fair Dealing Guidelines in OCBC.

Product Suitability Policy
and Guidelines• Establishes the policy and guidelines governing OCBC’s product suitability procedures for approving
new investment products that are suitable for our target customers.

(1)
(2)
(3)

The training performance includes employees of OCBC Singapore international branches.
The cases of mis-selling from a regulatory breach perspective only include performance of OCBC Singapore and OCBC Singapore international branches.
The product suitability assessment only includes all Product Managers from OCBC Singapore.
OCBC Sustainability Report 2023

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About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Fair Dealing

Programmes and Initiatives
Fair Dealing Committee, Framework andMonitoring Programme

To ensure that fair dealing is an integral part of our interactions
with customers, we use quantitative and qualitative indicators
in our Monitoring Programme to measure and monitor our
performance against the fair dealing outcomes set out by the MAS.
The Fair Dealing Committee, which consists of division heads fromvarious business units, leverages the findings from the programme
to determine the Group’s performance in fair dealing.
The quantitative indicators in the Monitoring Programme include
the number of misconduct cases reported to the MAS, audit
results, compensation amounts arising from mis-selling and the
MAS Balanced Scorecard results, covering financial, operationaland business areas. The qualitative indicators reflect how
systemic the cases of misconduct are. This grading system is
a comprehensive and objective approach in identifying gaps
quickly and ensuring they are addressed appropriately.
We review the Programme for continual enhancement of ourpractices, processes and policies. In 2023, no adverse issues
were identified in our reviews.

Product Suitability Committee, Policy and Guidelines

The Product Suitability Committee, Policy and Guidelines govern
the approval of new investment products, ensuring that customers
are only recommended products which are appropriate for them.
Using OCBC’s Product Suitability Risk Rating Methodology, theProduct Suitability Committee is responsible for evaluating thesoundness of investment products. This methodology takes into
account the target customers’ risk profiles as well as the risk
considerations of new investment products. Products are thenrecommended after aligning customers’ risk profiles with the
product risks.

Safeguards to ensure pricing fairness
for customers
Beyond policies and processes, OCBC leverages
technological innovation to safeguard customers’ interestsin their investment dealings with us. To ensure that
customers will not be overcharged during their transactions
with us and to promote pricing transparency and fairness,
the team behind the Group Wealth Platform (GWP)
designed the platform’s order management system withpricing fairness considerations in mind. Besides automating
the transfer of price improvements, GWP also imposes
limits on the spread Relationship Managers (RMs) cancharge during trade execution so that trades beyond the
maximum spread approved by the Singapore Product
Suitability Committee (SPSC) will not go through.
To further safeguard customers’ interests in the sale ofriskier investment products, we limit the sale of Loss
Absorbing Capital Instruments (LACIs) to only those issued
by Singapore local banks. Before the sale of a bond, the RM
and Treasury Advisor must perform due diligence checks
to confirm whether the product is a LACI – LACIs issued byany non-local banks are strictly not sold to retail customers
in Singapore. Customers also have to fulfil certain criteria,such as being proficient in English, passing a Customer
Knowledge Assessment and having prior investment
experience in bonds, before they are allowed to buy LACIs
in Singapore.

Before proposing new products to the committee, our productmanagers in Singapore are tested to validate their understandingof OCBC’s Product Suitability Policy and Guidelines. The Policy
and Guidelines is essential in reinforcing the transparency andcomprehensiveness of our risk disclosures to safeguard fairpricing and mitigate risks for our customers.

Going Forward
Upholding the trust of our customers and building enduring
relationships with them remains a core priority for OCBC. Guided
by our core values of LIFRR, we remain committed to ensuringthat fair dealing continues to be embedded in our corporate culture
and practices.

Order management system that ensures pricing fairness being used by OCBC’s
sales representatives to transact bonds for their customers.

Our Forthcoming Targets
Maintain 100% completion of mandatory employee training
on fair dealing in 2024(4)Maintain zero significant cases of mis-selling from a
regulatory breach perspective in 2024(4)(4)

Target includes performance of OCBC Singapore international branches.
OCBC Sustainability Report 2023

77

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Financial Crime Prevention
Safeguarding the financial system
Why this is Material to Us

Our Targets and Performance

Financial crimes can potentially disrupt banking services andresult in financial losses for our customers, organisation and thebroader economy. Financial crime threats, if mismanaged, canalso pose significant legal and reputational repercussions, which
will severely compromise the integrity of the financial system anderode the confidence of our stakeholders. It is therefore criticalthat we continue to remain vigilant and resilient against thesethreats and safeguard the interest of our stakeholders.

Our 2023 Targets

Our Management Approach
We recognise our responsibilities in safeguarding the integrity of
the financial system and take an active stance by implementing
comprehensive financial crime prevention measures across theGroup. Our holistic approach encompasses risk governance,
people, processes and leverages on technology to effectively
prevent and manage financial crimes. We prioritise staying up
to date with the latest systems, enabling us to swiftly adapt to theconstantly evolving scam typologies. As such, we continuously
upgrade our Fraud Management System to ensure quick
responses to incidents and to effectively counter any attacks
in real time.
Recognising the importance of vigilance within our organisation,
we continuously enhance our framework, policies, processes
and controls to combat evolving financial crimes. We provide
mandatory training to increase employees’ awareness andknowledge throughout the Group. We also actively collaborate
with law enforcement agencies, other financial institutions andthe wider community to jointly combat financial crimes.

Our Policies

As part of our approach to manage and prevent financial crimes,
we are guided by key policies covering anti-money laundering andfraud. These policies detail our commitment to safeguarding the
Bank and our stakeholders, and provide clear guidance on therequired response in the event of any incidents. These policies arereviewed regularly and updated as needed by the Anti-Fraud
Standing Committee and Group AML/CFT & Reputational Risk
Committee (Group ARRC).
• Group AML/CFT Policy• Guidelines on Fraud Measures• Fraud Incident Response Procedure• Group Code of Conduct• Group Anti-Fraud Policy• Whistleblowing Programme• Anti-Criminal Facilitation of Tax Evasion Policy(1)

Performance Against Targets

Maintain 100%
completion of mandatory
employee training on
Anti-money Launderingand Countering the
Financing of Terrorism(AML/CFT) and Sanctions

100% completion of
mandatory employee
training on AML/CFTand Sanctions(1)Performance$5.9 million prevented from falling into the hands of fraudsters
through our anti-fraud programme
Achieved

On track

Programmes and Initiatives
Anti-Fraud Measures

In our commitment to protecting our customers, we prioritisecustomer education, vigilance and taking pre-emptive measures as
our primary defense against scams. In 2023, we intensified ourefforts to educate customers about scam typologies and methods
to safeguard themselves. Utilising various channels such as social
media, direct electronic mail and SMS, we raised awarenessamong our customers about scams.
We actively monitor and assess any shifts in scam trends toensure that our customers are protected from new scam
typologies. We strengthened our fraud detection capabilities andmaintained close collaboration with key industry players and theSingapore Police Force (SPF) to explore additional anti-scamsecurity measures and safeguards for our customers. In
recognition of our efforts in helping customers who fell victim toscams, we were presented with 10 awards by the SPF in 2023.
To combat malware scams, we have implemented additional
measures on our OCBC Digital app. When the app detects theusage of remote administration tools, it automatically blocks
access. We also block logins when we detect the presence of appsthat have not been downloaded from official app stores and havethe accessibility function turned on. These measures specificallyaddress malware scams where apps are downloaded throughAndroid Application Package files and prevents unauthorised
parties from remotely accessing our customers’ devices.

The training performance includes employees of OCBC Singapore international branches and Great Eastern Holdings, and excludes employees of OCBC Property Services
Pte Ltd and employees who are on long-term medical, sabbatical leave, etc.
OCBC Sustainability Report 2023

78

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Financial Crime Prevention
Anti-Money Laundering (AML) Measures

Since 2019, OCBC Singapore has been actively collaboratingwith Law Enforcement Agencies (LEAs) through Project POET
(Production Orders: Electronic Transmission) to allow banking
information to be conveyed more promptly between the Bank andthe SPF. Since it was devised, it has resulted in a 99% reduction in
turnaround time, now completing requests within just one totwo days, enhancing efficiency in solving financial crime cases.
The effectiveness of POET has attracted more LEAs to join us,
benefitting from the expedited response times that OCBC provides.
With LEAs and banks working together more swiftly and efficiently,
we are better equipped to detect and investigate suspicious trends
and patterns, ultimately combating financial crimes and minimisingmoney laundering risks.
We are also committed to safeguarding the integrity of the financial
system on a wider scale by actively contributing to industry-wide
initiatives such as the AML/CFT Industry Partnership (ACIP) and
Project COSMIC, which stands for Collaborative Sharing of Money
Laundering/Terrorism Financing Information and Cases. Additionally,
our participation in The ABS Standing Committee for Fraud further
demonstrates our dedication to fortifying compliance controls
and increasing the industry’s resilience against financial crime.
Apart from our collaborative efforts, OCBC consistently
emphasises the importance of risk awareness among our
employees. This is evident through the mandatory AML and CFT
training that all our employees must complete (an annual refresher
is required). Through this focus, we have been able to effectively
detect early signs of money laundering, terrorist financing andsanctions risks. By swiftly identifying these risks, we are
empowered to take prompt and proactive actions to mitigate
potential threats. Moreover, our commitment to integrity isembedded in our Code of Conduct, emphasising that all ourbusiness activities are conducted in an honest and ethical manner.
The Bank adopts a zero-tolerance approach to bribery, corruption
and fraud. This unwavering commitment further strengthens ourability to maintain a secure and resilient banking environment.

Going Forward
In the coming years, financial crime prevention will see remarkableadvances and transformative changes driven by the continuous
evolution of technology and the relentless ingenuity of criminals
seeking to exploit vulnerabilities. To stay ahead of these emerging
threats, the future of financial crime prevention will have toincorporate a dynamic and proactive approach.

OCBC and SPF jointly working to safeguard Bank customers and minimise
losses to scams at the Anti-Scam Centre.

Strengthening partnership to combat
scams and safeguard our customers
OCBC, in partnership with the Anti-Scam Centre of the SPF,
proactively identifies scam victims and promptly alerts
them to prevent further financial losses. Many victims only
become aware that they have fallen victim to scams after
receiving police alerts urging them to halt all monetarytransfers immediately. This joint operation reflects theongoing commitment of the SPF and OCBC to safeguard
Bank customers and minimise losses to scams. Over thecourse of a four month-long joint operation from April 2023
to August 2023, we successfully disrupted more than 830
ongoing scams, preventing further potential financial losses
exceeding $22.4 million.
We continue to enhance our anti-scam measures toprotect our customers from evolving scams. For example,
our OCBC Digital app incorporates an anti-malware security
feature that blocks access upon detecting malicious apps
on devices. Since its launch in August 2023, this anti-malware
security feature has prevented scammers from stealingover $2 million in savings from more than 30 OCBC bankaccounts.

Our Forthcoming Targets
Maintain 100% completion of mandatory employee training
on AML/CFT and Sanctions in 2024(2)(2)

Target includes performance of OCBC Singapore international branches and Great Eastern Holdings, and excludes OCBC Property Services Pte Ltd.
OCBC Sustainability Report 2023

79

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Governance and Culture
Leading with integrity
Why this is Material to Us

Our Targets and Performance

Strong leadership plays a vital role in shaping our governance andculture. As custodians of our customers’ and society’s wealth andvalue, we recognise the importance of maintaining robust controls
and oversight over our business operations. Our governanceframework enables us to foster stakeholder confidence, ensuringlong-term sustainability and value creation.

Our 2023 Targets

Our Management Approach
We are committed in maintaining the highest corporate
governance standards. Our robust governance structure andpolicies are guided by the Board Ethics and Conduct Committee,
which is responsible for cultivating and maintaining our LIFRR
core values throughout the organisation, grounding employees’
conduct. To foster a robust internal control culture, it is imperativefor every level of management to consistently reinforce these
expectations through their directives and actions. The active
participation of each employee is also vital in contributing toand nurturing this culture.

Performance Against Targets

Maintain 100%
completion of mandatory
employee training on
fraud awareness,
whistleblowing, anti-bribery
and anti-corruption

100% completion of
mandatory employee
training on fraud
awareness, whistleblowing,anti-bribery andanti-corruption(1)Performance
Zero confirmed incidents of corruption and maintained
zero-tolerance stance against bribery and corruption
99% of employees exhibited the right behaviours in accordancewith the indicators tracked, as revealed by the Employee Conduct
Triggers (ECT) Programme
Achieved

On track

The word – LIFRR – pronounced as ‘Lifer’, embodies our set of Corporate Core Values. LIFRR stands for Lasting Value, Integrity, Forward-looking, Respect and Responsibility.

(1)

The training performance includes employees of OCBC Singapore international branches and Great Eastern Holdings. For training on anti-bribery and anti-corruption, theperformance excludes employees of OCBC Property Services Pte Ltd. Training performance also excludes employees who are on long-term medical, sabbatical leave, etc.
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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Governance and Culture
Our Policies

We have created a strong culture of governance throughout the Group by embedding our Code of Conduct and Group Policies within ouroperations. We align these policies with the regulations, codes and corporate governance guidelines in the jurisdictions we operate in.
These serve as a compass for employees in fulfilling their duties and responsibilities. Regular reviews of our Code of Conduct are conductedto ensure ongoing alignment with industry best practices.
Group Code of Conduct• Outlines a set of guiding principles outlining various issues such as anti-bribery and corruption,
information confidentiality, conflicts of interest, insider trading, anti-slavery and human trafficking,whistleblowing, work ethics and behaviours, working hours, anti-workplace harassment, bullying andinappropriate conduct.
• Maintains zero-tolerance stance against bribery and corruption. Any form of corrupt payment or
gratification involving employee and third party is prohibited, regardless of whether it occurs directly
or indirectly.

OCBC Group Policy on
Anti-Bribery and Corruption• Sets out the Anti-Bribery and Corruption (ABC) compliance programme and key principles to mitigate
bribery and corruption risks. These measures include:• Written policies and procedures;• Risk identification and assessment;• Training and communication; and• Reporting channel.
• Ensures political contributions and offerings of any value, including gifts, entertainment, charitable
contributions, sponsorships and facilitation payments, are strictly prohibited.
• Ensures mandatory participation of biennial ABC awareness training by all employees.

Gift and Entertainment
Disclosure Policy• Provides a detailed framework on how employees should handle the giving and receiving of gifts andentertainment.
• Sustains ethical and open interactions with clients, suppliers and other significant stakeholders.
• Sets specific restrictions on both the monetary value and frequency of gifts and entertainment, with afocus on circumventing any conflicts of interest or perceived improper conduct.
• Provides crucial directions regarding the reporting and approval process for any gifts orentertainment that is either offered or received.

Supplier Code of Conduct andAnti-Bribery and Corruption
Notification Guidance• Communicates strong anti-bribery and corruption stance to the organisation.
• Conducts due diligence on service providers and suppliers prior to external engagement.

OCBC Sustainability Report 2023

81About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting
Conducting Our Business Responsibly
Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Conducting Our Business Responsibly

Governance and Culture
Programmes and Initiatives
OCBC maintains a robust system of internal controls that serve tosafeguard shareholders’ investments and the assets of the Group.
These controls are instrumental in mitigating the occurrence of
unexpected losses and minimising the risk of fraudulent activities.

Programmes to foster positive risk culture

Aligned with our Sustainability Imperative, Conducting our BusinessResponsibly, we have implemented various programmes aimed at
fostering a positive risk culture while meeting the expectations ofregulators to actively identify measurable indicators to assess risk
cultures and evaluate the adequacy of existing policies in promoting
a desired risk culture.
1. Material Risk Takers (MRT) Programme
The Material Risk Taker (MRT) programme identifies
employees whose authorities and actions have a significant
impact on the Bank’s long-term performance as well as amaterial impact to the Bank’s risk profile. To encourage prudent
risk behaviour within this group, the programme includes
measures such as deferring the payment of their variable
performance bonuses. In addition, employees with significant
variable performance bonuses will also have a portion of theirbonuses allotted as deferred shares.
2. Employees Conduct Triggers (ECT) Programme
Under the ECT Programme, each employee is assessedagainst a set of ECT Indicators, whereby employees who
breach ECT indicators will be accorded ECT points. The
ECT points will be accumulated for review and consequence
management (where necessary) during the year-end appraisal.
Through this programme, it ensures employees’ conduct isaligned with the expected standards.
In 2023, the Bank has introduced initiatives to further
enhance the current ECT programme. This enhancement not
only focuses on consequence management for employees
who have breached ECT indicators, but also reinforces andrecognises employees who exhibit exemplary risk behaviour.
Initiatives include offsetting of an ECT point, if any, in thefollowing year if an employee does not incur any ECT
breaches in the current year.

3. Governance and Oversight of Global Markets Rogue Trading/
Unauthorised Trading
To ensure proper governance and oversight of the Global
Market Rogue Trading/Unauthorised Trading (RT/UT)
and Market Conduct Risk, OCBC has established clear
understanding among all Global Markets (GM)(2) employees.
They are required to conduct themselves in a proper manner
to discharge their responsibilities effectively in the best interestof the Bank and our customers.
The Bank’s Global Markets Trade Surveillance and Governanceprogramme provides early warning of control issues that could
create opportunities for rogue trading or unauthorised trading
activities, drives risk management actions to rectify any control
gaps, and allows management to have a single view of all
RT/UT controls.
The governance of RT/UT underwent enhancements in both2022 and 2023. The enhancements included extending controls
coverage from front office to all support areas, including
Market Conduct Risk, aligning with key risk scenarios definedby Financial Markets Standards Board (FMSB), Global Markets
Policies, MAS regulations and the Bank’s ECT programme.
To streamline the management of Global Markets Conduct
Risk, all crucial end-to-end key controls were consolidated
under a single governance and supervision body. Thisextended governance framework was initially implemented
in Singapore and all international branches, with plans in place
for implementation in the subsidiaries by 2024.

Going Forward
Good governance and culture are crucial enablers in realising oursustainability aspirations. Conducting our business responsibly
allows us to serve as effective stewards for our customers andsociety, to ensure lasting and enduring value creation.

Our Forthcoming Targets
Maintain high percentage of employees exhibiting thedesired risk behaviours in 2024(3)Maintain 100% completion of mandatory employee training
on fraud awareness, whistleblowing, anti-bribery andanti-corruption in 2024(4)

(2)

(3)
(4)

Global Markets is responsible for the management of the Group’s asset and liability interest rate positions, engagement in foreign exchange activities, money market
operations, fixed income and derivatives trading, and offering of structured treasury products and financial solutions to meet customers’ investment and hedging needs.
Target includes performance of OCBC Singapore international branches.
Target includes performance of OCBC Singapore international branches and Great Eastern Holdings. For training on anti-bribery and anti-corruption, the target excludes
performance of OCBC Property Services Pte Ltd.
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About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

GRI Standards Content Index
Statement of use: OCBC Group has reported the information cited in this GRI Standards Content Index in accordancewith the GRI Standards for the period from 1 January 2023 to 31 December 2023.

GRI 1 used

: GRI 1: Foundation 2021

Applicable GRI Sector Standard(s): Not applicable

General Disclosures
GRI Standard

Disclosure

GRI 2: General
Disclosures
2021

The organisation and its reporting practices

Reference and Remarks

2-1

Organisational details

OCBC’s Corporate Profile and Information – Annual Report – Inside Back Cover

2-2

Entities included in theorganisation’s sustainability
reporting

About this Report – page 1

2-3

Reporting period, frequency
and contact point

This Sustainability Report is published on 5 April 2024, covering the reporting period
from 1 January 2023 to 31 December 2023, aligned with the publication of OCBC’sfinancial reporting on an annual basis.

2-4

Restatements of
information

Climate Action: Managing our Environmental Footprint – page 36: Data for Scope 2
carbon emissions and Company fleet mileage were restated.

2-5

External assurance

Assurance Statement – pages 95-96

Group BusinessWe welcome your feedback and suggestions at corpcomms@ocbc.com

Activities and workers
2-6

Activities, value chain
and other business
relationships

The Strengths of One Group – Annual Report – pages 12-13
OCBC’s Corporate Profile and Information – Annual Report – Inside Back CoverOCBC engages external service providers in IT, advertising and event management,
outsourcing, HR recruitment, legal and real estate/facilities.
Group Business

2-7

Employees

Workplace Diversity – pages 64-66

2-8

Workers who are
not employees

We are working towards disclosing more granular details of the information onother workers who are not employees of our organisation.

Governance
2-9

Governance structure
and composition

Our Sustainability Governance Structure – pages 7-8
Workplace Diversity – page 65
Our Board – Annual Report pages 28-29
Corporate Governance – Annual Report pages 48-67
We are working towards disclosing more granular details of the information on thecomposition of our governance body.

2-10

Nomination and selection of
the highest governance body

Corporate Governance – Annual Report pages 49-50, 53-55, 68-71

2-11

Chair of the highest
governance body

Our Board – Annual Report pages 28-29

2-12

Role of the highest governance Our Sustainability Governance Structure – pages 7-8
body in overseeing the
Our Materiality Assessment Process – pages 14-15
management of impacts
Corporate Governance – Annual Report pages 48-52, 61-65

2-13

Delegation of responsibility
for managing impacts

Our Sustainability Governance Structure – pages 7-8
Corporate Governance – Annual Report pages 48-51

2-14

Role of the highest governance Our Sustainability Governance Structure – pages 7-8
body in sustainability reporting Our Materiality Assessment Process – pages 14-15

2-15

Conflicts of interest

Corporate Governance – Annual Report pages 48, 53, 55, 59-60, 65, 68-72

2-16

Communication ofcritical concerns

Corporate Governance – Annual Report pages 61, 64

OCBC Sustainability Report 2023

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About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

GRI Standards Content Index
GRI Standard

Disclosure

2-17Reference and Remarks

Collective knowledge of thehighest governance body

Our Sustainability Governance Structure – pages 7-8
Corporate Governance – Annual Report pages 53-54

2-18

Evaluation of the performance Corporate Governance – Annual Report page 55
of the highest governance body

2-19

Remuneration policies

Corporate Governance – Annual Report pages 50, 55-60, 108-111

2-20

Process to determine
remuneration

Corporate Governance – Annual Report pages 50, 55-60, 108-111

2-21

Annual totalcompensation ratio

We do not disclose this metric due to confidentiality considerations.

Strategy, policies and practices
2-22Statement on sustainable
development strategy

Board Statement – page 3

2-23

Policy commitments

Governance and Culture – page 81
Workplace Diversity – page 61
Our Commitments – Modern Slavery Act Transparency Statement
We are working towards disclosing more granular details of the information on thepolicy commitment to respect human rights.

2-24

Embedding policy
commitments

Governance and Culture – pages 80-82

2-25

Processes to remediate
negative impacts

Stakeholder Engagement – pages 11-13

2-26

Mechanisms forseeking advice andraising concerns

Governance and Culture – pages 80-82

2-27Compliance with law
and regulations

Governance and Culture – pages 80-82

2-28

Membership associations

Our key memberships include:• The Association of Banks in Singapore (ABS)• The Association of Banks in Malaysia (ABM)• The Hong Kong Association of Banks (HKAB)• Indonesian Bank Association (Perbanas)• China Banking Association (CBA)• A pioneer member of Global Compact Network Singapore (GCNS) which is a local
chapter of the United Nations Global Compact (UNGC) in 2006
• One of the founding members of the National Volunteer & Philanthropy Centre(NVPC) Company of Good in 2016

Workplace Diversity – pages 61-66

OCBC whistleblowing programme

There was no material instance of non-compliance with laws and regulations during the year.

Stakeholder Engagement
2-29

Approach to stakeholder
engagement

Stakeholder Engagement – pages 11-13

2-30

Collective bargaining
agreements

In Singapore:• The Banking & Financial Services Union (BFSU)• Singapore Bank Employees’ Union (SBEU)• Singapore Manual and Mercantile Workers’ Union (SMMWU)In West Malaysia:• The Association of Bank Officers, Peninsular Malaysia (ABOM)• National Union of Bank Employees, States of Malaya (NUBE)
In East Malaysia:• The Sabah Banking Employees’ Union• Sarawak Bank Employees’ Union
The data for percentage of employees covered and not covered under collective bargaining
is currently unavailable. OCBC aims to provide the data as soon as it is available.
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About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

GRI Standards Content Index
Material Topics
GRI Standard

Disclosure

GRI 3:
Material
Topics 2021

3-1
3-2

Reference and Remarks

Process to determinematerial topics

Stakeholder Engagement – pages 11-13

List of material topics

Our Materiality Assessment Process – pages 14-15

Our Materiality Assessment Process – pages 14-15
Our Approach – page 9

Climate Action
GRI 3:
Material
Topics 2021

3-3Management of material
topicsClimate Action – pages 17-38

GRI 302:
Energy 2016

302-1

Energy consumption within
the organisation

Climate Action: Managing our Environmental Footprint – page 36

302-3

Energy intensity

Climate Action: Managing our Environmental Footprint – page 36

303-1

Interactions with water as ashared resource

Climate Action: Managing our Environmental Footprint – pages 35-36

303-2

Management of water
discharged-related impacts

This disclosure is less relevant for OCBC given the nature of our operations.
However, we will continue to report as appropriate.

303-3

Water withdrawal

305-1

Direct (Scope 1)
GHG emissions

Climate Action: Managing our Environmental Footprint – page 36

305-2

Energy indirect (Scope 2)
GHG emissions

Climate Action: Managing our Environmental Footprint – page 36

305-3

Other indirect (Scope 3)
GHG emissions

Climate Action: Managing our Environmental Footprint – page 36

305-4

GRI 303:
Water andEffluents
2018

GRI 305:
Emissions2016

Non-GRI

GHG emissions intensity

Climate Action: Managing our Environmental Footprint – page 36

Non-GRI Total water consumption

Climate Action: Managing our Environmental Footprint – page 36

Non-GRI Water consumption

Climate Action: Managing our Environmental Footprint – page 36

intensity

Responsible Financing
GRI 3:
Material
Topics 2021

3-3Management of material
topicsResponsible Financing – pages 39-42

GRI G4 Sector
Disclosure– Financial
Services

FormerFS1

Policies with specificenvironmental and social
components applied tobusiness lines

Responsible Financing – pages 39-42

Former
FS2

Procedures forassessing and screening
environmental and social
risks in business lines

Responsible Financing – pages 39-42

Former
FS4

Process(es) for improving
staff competency toimplement the environmental
and social policies andprocedures as applied tobusiness lines

Responsible Financing – page 42
Sustainable Financial Solutions – page 50
Talent Management and Wellbeing – page 56

Sustainable Financial Solutions
GRI 3:
Material
Topics 2021

3-3Management of material
topicsSustainable Financial Solutions – pages 43-51

OCBC Sustainability Report 2023

85

About This Report

Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

GRI Standards Content Index
GRI Standard

Disclosure

Reference and Remarks

Talent Management and Wellbeing
GRI 3:
Material
Topics 2021

3-3Management of material
topicsTalent Management and Wellbeing – pages 53-60

GRI 401:
Employment
2016

401-3

Parental Leave

Talent Management and Wellbeing – page 60

GRI 403:
Occupational
Health and
Safety 2018403-1

Occupational health andsafety management system

Talent Management and Wellbeing – pages 58-60

403-2

Hazard identification, risk
assessment, and incident
investigation

We will continue to monitor the relevance of these disclosures as we review
our material topics for future reporting.

403-3

Occupational healthservices

Talent Management and Wellbeing – pages 58-60

Worker participation,
consultation, andcommunication on
occupational healthand safety

Talent Management and Wellbeing – pages 58-60

Worker training on
occupational healthand safety

Talent Management and Wellbeing – pages 58-60

Promotion of worker health

Talent Management and Wellbeing – pages 58-60

403-4

403-5

403-6

We are working towards disclosing more granular details of the health and safety
related information within the organisation.

We are working towards disclosing more granular details of the health and safety
related information within the organisation.
We are working towards disclosing more granular details of the health and safety
related information within the organisation.

We are working towards disclosing more granular details of the health and safety
related information within the organisation.
We are working towards disclosing more granular details of the health and safety
related information within the organisation.

Prevention and mitigation ofoccupational health andsafety impacts directly linked
by business relationships

Talent Management and Wellbeing – pages 58-60

Workers covered by an
occupational health andsafety management system

Talent Management and Wellbeing – pages 58-60

403-9

Work-related injuries

Talent Management and Wellbeing – page 60

403-10Work-related ill health

Talent Management and Wellbeing – page 60

404-1

Average hours of training
per year per employee

Talent Management and Wellbeing – page 57

404-2

Programmes for upgrading
employee skills and transition
assistance programmes

Responsible Financing – page 42

403-7

403-8

GRI 404:
Training and
Education
2016

We are working towards disclosing more granular details of the health and safety
related information within the organisation.

We are working towards disclosing more granular details of the health and safety
related information within the organisation.

Sustainable Financial Solutions – page 50
Talent Management and Wellbeing – pages 53-57

Workplace Diversity
GRI 3:
Material
Topics 2021

3-3Management ofmaterial topics

Workplace Diversity – pages 61-66

GRI 401:
Employment
2016

401-1

New employee hires andemployee turnover

Workplace Diversity – page 66

OCBC Sustainability Report 2023

86

About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

GRI Standards Content Index
GRI Standard

Disclosure

GRI 405:
Diversity and
Equal
Opportunity
2016

405-1

Reference and Remarks

Diversity of governancebodies and employees

Workplace Diversity – pages 64-66

Community Development
GRI 3:
Material
Topics 2021

3-3Management of material
topicsCommunity Development – pages 67-71

GRI 204:
Procurement
Practices
2016

204-1

Proportion of spending on
local suppliers

Community Development – page 69

GRI G4 Sector
Disclosure– Financial
Services

FS14

Initiatives to improve accessto financial services for
disadvantaged people

Community Development – pages 67-71

Former
FS16

Initiatives to enhancefinancial literacy by type of
beneficiaryCommunity Development – pages 67-71

Non-GRI

Number of beneficiaries
supported

Community Development – pages 67-71

Non-GRI

Number of volunteering hours

Community Development – pages 67-71

Non-GRI

Cybersecurity and Data Protection
GRI 3:
Material
Topics 2021

3-3Management of material
topicsCybersecurity and Data Protection – pages 73-76

GRI 418:
CustomerPrivacy 2016

418-1

Substantiated complaints
concerning breaches ofcustomer privacy andlosses of customer data

Cybersecurity and Data Protection – page 74
There was no instance of data breach due to cyber-attacks during the year. We areconstantly reviewing and enhancing our policies in regard to data security. We will
disclose relevant information in due course.

Fair Dealing
GRI 3:
Material
Topics 2021

3-3Management of material
topicsFair Dealing – pages 76-77

GRI G4 Sector
Disclosure– Financial
Services

Former
FS15

Policies for the design andsale of financial products
and services

Responsible Financing – pages 39-42
Fair Dealing – pages 76-77

Financial Crime Prevention
GRI 3:
Material
Topics 2021

3-3Management of material
topicsFinancial Crime Prevention – pages 78-79

Governance and Culture
GRI 3:
Material
Topics 2021

3-3Management of material
topicsGovernance and Culture – pages 80-82

GRI 205:
AntiCorruption
2016

205-2

Communication and training
about anti-corruption
policies and procedures

Fair Dealing – pages 76-77

Confirmed incidents ofcorruption and actions taken

Governance and Culture – page 80

205-3

Financial Crime Prevention – pages 78-79
Governance and Culture – pages 80-82

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

SASB Commercial Banks Standard Index
SASB Code

Accounting Metrics

Reference and Remarks(1) Number of data breaches, (2) percentage involving
personally identifiable information (PII), (3) number of accountholders affected

Cybersecurity and Data Protection – page 74

Description of approach to identifying and addressing data
security risks

Cybersecurity and Data Protection – page 74

Data Security
FN-CB-230a.1

FN-CB-230a.2

There was no instance of data breach due to cyberattacks during the year. We are constantly reviewing
and enhancing our policies in regard to data security.
We will disclose relevant information in due course.
Risk Management – Annual Report pages 75-78, 87

Financial Inclusion and Capacity Building
FN-CB-240a.1(1) Number and (2) amount of loans outstanding qualified
to programmes designed to promote small business andcommunity development

Sustainable Financial Solutions – pages 43, 48
Community Development – pages 67-71
Seeding Change – Annual Report page 22
Helping with Heart – Annual Report pages 23-25(1) Number and (2) amount of past due and non-accrual loans
qualified to programmes designed to promote small businessand community development

Sustainable Financial Solutions – pages 43, 48

FN-CB-240a.3

Number of no-cost retail checking accounts provided topreviously unbanked or underbanked customers

We will continue to monitor the relevance of these
disclosures as we review our material topics for
future reporting.

FN-CB-240a.4

Number of participants in financial literacy initiatives forunbanked, underbanked or underserved customers

Community Development – pages 67-71

FN-CB-240a.2

Community Development – pages 67-71

Helping with Heart – Annual Report pages 23-25

Incorporation of Environmental, Social and Governance Factors in Credit Analysis
FN-CB-410a.1

Commercial and industrial credit exposure, by industry

Responsible Financing – pages 39-42
Financial Statements – Annual Report page 183

FN-CB-410a.2

Description of approach to incorporation of Environmental,
Social and Governance (ESG) factors in credit analysis

Responsible Financing – pages 39-42

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, market manipulation, malpracticeor other related financial industry laws or regulations

None reported in 2023.

FN-CB-510a.2

Description of whistleblower policies and procedures

Governance and Culture – pages 80-82

Sustainable Financial Solutions – pages 43-51

Business Ethics

OCBC whistleblowing programme
Systematic Risk Management
FN-CB-550a.1

Global Systemically Important Bank (G-SIB) score, by category

Pillar 3 Disclosures – Annual Report page 91

FN-CB-550a.2

Description of approach to incorporation of results ofmandatory and voluntary stress tests into capital
adequacy planning, long-term corporate strategy andother business activities

Capital Management – Annual Report pages 73-74(1) Number and (2) value of checking and savings accounts bysegment: (a) personal and (b) small business

Management Discussion and Analysis –Annual Report page 103

Risk Management – Annual Report pages 75-87
Financial Statements – Annual Report pages 207-241

Activity Metrics
FN-CB-000.A

We do not disclose this information by segment.
FN-CB-000.B(1) Number and (2) value of loans by segment: (a) personal,(b) small business and (c) corporate

Financial Statements – Annual Report page 183
We do not disclose this information by segment.

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

TCFD Index
Disclosure Focus Area

Recommended Disclosure

Reference and Remarks

a. Describe the board’s oversight of climate-relatedrisks and opportunities

Our Sustainability Governance Structure – pages 7-8

b. Describe management’s role in assessing andmanaging climate-related risks and opportunities

Our Sustainability Governance Structure – pages 7-8

a. Describe the climate-related risks andopportunities the organisation has identified overthe short, medium and long term

Climate Action – pages 17-38

b. Describe the impact of climate-related risks andopportunities on the organisation’s businesses,
strategy and financial planning

Climate Action – pages 17-38

c. Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario

Climate Action – pages 18, 31-34

a. Describe the organisation’s processes for
identifying and assessing climate-related risks

Climate Action: Managing our Climate-Related Risks– pages 31-34

b. Describe the organisation’s processes for
managing climate-related risks

Climate Action: Managing our Climate-Related Risks– pages 31-34

c. Describe how processes for identifying,assessing and managing climate-related risks
are integrated into the organisation’s overallrisk management

Climate Action: Managing our Climate-Related Risks– pages 31-34

a. Disclose the metrics used by the organisation
to assess climate-related risks and opportunities
in line with its strategy and risk management
process

Climate Action – pages 17, 18, 36

b. Disclose Scope 1, Scope 2, and, if appropriate,
Scope 3 greenhouse gas (GHG) emissions andthe related risks

Climate Action: Managing Our Environmental
Footprint – page 36

c. Describe the targets used by the organisation to
manage climate-related risks and opportunities
and performance against targets

Climate Action – pages 17, 18, 38

Governance
Disclose the organisation’s
governance aroundclimate-related risks
and opportunities

Our Materiality Assessment Process – pages 14-15
Our Materiality Assessment Process – pages 14-15

Strategy
Disclose the actual andpotential impacts ofclimate-related risks
and opportunities on theorganisation’s businesses,
strategy and financial
planning where suchinformation is material

Responsible Financing – pages 39-42
Sustainable Financial Solutions – pages 43-51
Responsible Financing – pages 39-42
Sustainable Financial Solutions – pages 43-51

Risk Management
Disclose how theorganisation identifies,
assesses and manages
climate-related risks

Metrics and Targets
Disclose the metrics
and targets used to assess
and manage relevant
climate-related risks andopportunities where suchinformation is material

Sustainable Financial Solutions – pages 43, 49, 51

Responsible Financing – pages 39-42
Sustainable Financial Solutions – pages 43, 49, 51

OCBC Sustainability Report 2023

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About This Report

Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

UNGC Ten Principles
Principles

Description

Reference and Remarks

Businesses should support and respect theprotection of internationally proclaimed
human rights

Talent Management and Wellbeing – pages 53-60

Human Rights
Principle 1

Workplace Diversity – pages 61-66
Community Development – pages 67-71
Governance and Culture – page 81
Our Commitments – Modern Slavery Act Transparency Statement

Principle 2Make sure that they are not complicit inhuman rights abuses

Governance and Culture – page 81

Principle 3

Businesses should uphold the freedom of
association and the effective recognition of
the right to collective bargaining

The data for percentage of employees covered under collective
bargaining is currently unavailable. We aim to provide the data as soon
as it is available.

Principle 4

The elimination of all forms of forced andcompulsory labour

Governance and Culture – page 81

The effective abolition of child labour

Governance and Culture – page 81

Our Commitments – Modern Slavery Act Transparency Statement

LabourPrinciple 5

Our Commitments – Modern Slavery Act Transparency Statement
Our Commitments – Modern Slavery Act Transparency Statement

Principle 6

The elimination of discrimination in respect of
employment and occupation

Workplace Diversity – pages 61-66

Businesses should support a precautionary
approach to environmental challenges

Responsible Financing – pages 39-42

Undertake initiatives to promote greater
environmental responsibility

Climate Action – pages 17-38

Environment
Principle 7

Principle 8

We do not explicitly refer to the precautionary principle or approach in
our Risk Management principles. We seek to create sustainable value
for our stakeholders, as detailed in this report. Please see our approachto Risk Management on page 75 in our Annual Report.
Responsible Financing – pages 39-42
Sustainable Financial Solutions – pages 43-51
Community Development – pages 67-71

Principle 9

Encourage the development and diffusion ofenvironmentally friendly technologies

Climate Action – pages 17-38
Responsible Financing – pages 39-42
Sustainable Financial Solutions – pages 43-51

Anti-corruption
Principle 10

Businesses should work against corruption in
all its forms, including extortion and bribery

Cybersecurity and Data Protection – pages 73-75
Fair Dealing – pages 76-77
Financial Crime Prevention – pages 78-79
Governance and Culture – pages 80-82

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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

UN SDG Index
Goal

Target Relevant UN SDG Target(s) OCBC’s Contributions

UN SDG 5
GenderEquality

5.1

End all forms of
discrimination
against all womenand girls everywhere.

5.5

Ensure women’s
full and effective
participation andequal opportunities
for leadership at alllevels of decision
making in political,
economic andpublic life.

Reference and Remarks• Celebrating women in banking and tech on International
Women’s Day: OCBC celebrated International Women’s Day
by highlighting the importance of gender diversity andembracing the unique talents that women bring to theworkplace. This was accomplished through range of activities
and panel discussions featuring our own women mentors
and mentees who shared their personal career journeys andunderscored the importance of nurturing mentors during
early career transitions.

Workplace Diversity– pages 61-66

Workplace Diversity– pages 61-66• Launched Return to Work Programme: OCBC launched the
Return to Work Programme as part of the non-conventional
talent hire initiative to reintegrate mothers back into theworkforce by offering empowering solutions such as flexible
work arrangements and job-sharing schemes to accommodate
their unique needs.
• Commitment to Gender Pay Equity: We are committed toregularly reviewing our compensation practices to ensure
gender pay equity within our organisation.
Our forthcoming targets that support the UN SDG:
• Maintain a balanced gender mix across our workforce in 2024
• Achieve 42% of leadership positions to be filled by womenby 2025

UN SDG 7
Affordable
and Clean
Energy7.2

7.3

By 2030, increase
substantially theshare of renewableenergy in the global
energy mix.
Double the global
rate of improvement
in energy efficiency
by 2030.

• Maximising renewable energy adoption: OCBC is making
significant progress in integrating sustainability measuresacross our local and regional buildings and branches. In 2023,
we installed solar panels covering 27,000 square feet in
key locations.

Climate Action –pages 18-30, 35-38
Sustainable
Financial Solutions –pages 43-51• Improving building energy efficiency: OCBC is consistently
prioritising the deployment of sustainable technologies,
optimising building system efficiency and exploring innovative
solutions for Group-owned properties. In 2023, we implemented
several solutions to improve our building’s energy efficiency
through HVAC optimisation and the installation of ceramic nets
to reduce the cooling load of our AHUs.
• Providing solar financing solutions for clients: OCBC
supported multiple clients to increase their adoption ofrenewable energy. In 2023, we financed the launch of apioneering 192MW floating project in Taiwan as well as theextension of the inaugural US$100 million green loan to supporta China’s largest wind farm operator under the Green Loan
Framework. OCBC also developed a SME Solar Programme
which provides financing directly to solar providers secured
against their PPA.
Our forthcoming targets that support the UN SDG:
• Maintain carbon neutrality for OCBC’s banking operationalemission in 2024
• Receive BCA Green Mark award for all OCBC Bank Singapore
branches by 2030
• Provide electric vehicle charging facilities to other majorGroup-owned commercial building by 2025

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Board Statement

2023 Key Achievements

Bringing Impact to Communities

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

UN SDG Index
Goal

Target Relevant UN SDG Target(s) OCBC’s Contributions

UN SDG 8
DecentWork andEconomic
Growth8.5

8.8

By 2030, achieve
full and productive
employment anddecent work for all
women and men,
including for young
people and persons
with disabilities, andequal pay for work ofequal value.
Protect labour rights
and promote safe
and secure working
environments of all
workers, including
migrant workers,
particularly women
migrants and those in
precarious
employment.

Reference and Remarks• Initiated Grow Your Way Expedition: OCBC launched theskills-first mobility initiative to raise awareness on career mobility
and showcase the diverse career growth option within OCBC.

Talent Management
and Wellbeing –pages 53-60• Relaunched Employee Resource Groups (ERGs): OCBC
enhanced the support network for employees by relaunching
two ERGs that cater specifically to single parents andcaregivers. These ERGs foster a sense of community andsupport as they provide a platform for employees with sharedbackgrounds, experiences or interests to come together, shareknowledge, offer support and advocate for their specific needs
within the workplace.

Workplace Diversity– pages 61-66• Ensuring the wellbeing of our employees: OCBC developed
the Group-wide MyWellness Framework to empower employees
to proactively invest in their health and wellness. In 2023, We
organised the MyWellness Fiesta to promote the importance ofholistic wellness and inspire employees to embrace sustainable
lifestyles across key areas: family, mental health, physicalfitness, financial management and workplace wellness.

Community
Development –pages 67-71

Talent Management
and Wellbeing –pages 53-60
Workplace Diversity– pages 61-66
Governance andCulture – pages 80-82• Implemented non-conventional talent hire initiative: OCBC
launched the inaugural non-conventional talent hire initiativein 2023. This initiative aims to provide opportunities such as
flexible work arrangements and personalised tools andresources for individuals who may have been overlooked in
traditional hiring practices.
• Providing financial solutions for women entrepreneurs inIndonesia: OCBC’s #TAYTB Women Warriors Programme
continues to support and empower women entrepreneurs inIndonesia. As of 2023, we assisted more than 1,300 women
entrepreneurs, providing loans totalling IDR 3.2 trillion atpreferential rates.
• Providing unconscious bias learning opportunities: OCBC
strengthened the catalogue of more than 180 unconscious bias
learning opportunities through targeted programmes tailored
for all employees, both managers and individual contributors.
• Creating a strong culture of governance: OCBC aligned
the Group’s Code of Conduct with the regulations, codesand corporate governance guidelines in the jurisdictions
we operate in.
Our forthcoming targets that support the UN SDG:
• Support all employees in their career development,
providing them with learning opportunities and insights into
career possibilities• Maintain being an employer of choice, including improving
employee engagement scores for at least 50% of ourbusiness units• Implement our existing key employee wellness andsustainability initiatives on a Group-wide basis• Maintain a balanced gender mix across our workforce in 2024

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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

UN SDG Index
Goal

Target Relevant UN SDG Target(s) OCBC’s Contributions

9.4
UN SDG 9
Industry,
Innovation
andInfrastructure

11.3
UN SDG 11
Sustainable
Cities andCommunities

Reference and Remarks

By 2030, upgrade
infrastructure andretrofit industries
to make themsustainable, withincreased resource
use efficiency andgreater adoptionof clean andenvironmentallysound technologies
and industrial
processes, allcountries taking
action in accordancewith their respective
capabilities.

• Promoting the adoption of electric vehicles: OCBC completed
the installation of electric vehicle charging points at most of the
major Group-owned commercial buildings in Singapore,
Malaysia, Indonesia and China.

By 2030, enhance
inclusive andsustainableurbanisation andcapacity forparticipatory,
integrated andsustainable humansettlement planningand management inall countries.

• Maintaining building certifications: OCBC attained the BCA
Green Mark certification for OCBC Wisma branch and OCBC
Tampines branch.

• Co-creating innovative sustainable solutions withbusinesses: OCBC collaborated with TotalEnergies in the
OCBC Sustainability Innovation Challenge to foster innovationand facilitate the transition towards sustainable energy. The
challenge statements were specifically designed to address
renewable energy and sustainable mobility, recognising theirpivotal role in driving the energy transition and mitigatingclimate change.

Climate Action:
Managing Our
Environmental
Footprint –pages 35-38
Responsible Financing– pages 39-42
Sustainable
Financial Solutions –pages 43-51

Our forthcoming targets that support the UN SDG:
• Maintain carbon neutrality for OCBC’s banking operationalemission in 2024
• Receive BCA Green Mark award for all OCBC Bank Singapore
branches by 2030
• Provide electric vehicle charging facilities to other majorGroup-owned commercial building by 2025
• Enhance climate scenario analysis capabilities to keep pacewith industry practices• Building knowledge and solution ecosystems throughcurated webinars for clients: OCBC organised a series ofwebinar sessions aimed at helping SMEs tackle sustainability
challenges. The webinars covered various topics including“Harnessing Solar Energy for Business Success”, “Creating an
Energy-Efficient Business”, and “Understanding Carbon
Footprints”. These sessions provided insights into adopting
solar energy solutions, the advantages of energy efficiency
and the importance of carbon accounting and reporting.

Climate Action:
Our Net-Zero
Commitment –pages 18-30, 35-38
Responsible Financing– pages 39-42
Sustainable
Financial Solutions –pages 43-51• Collaborating with strategic partner to drive adoption ofsustainability in the real estate sector: OCBC has partneredwith the Singapore Green Building Council to drive sustainability
adoption in the real estate sector. As part of this collaboration,a challenge has been launched to inspire the industry todevelop innovative technology that supports decarbonisation
efforts. Furthermore, tailored training programmes have beendeveloped for OCBC employees, clients, and tenants toenhance the decarbonisation capabilities and knowledge.
Our forthcoming targets that support the UN SDG:
• Maintain carbon neutrality for OCBC’s banking operationalemission in 2024
• Receive BCA Green Mark award for all OCBC Bank Singapore
branches by 2030
• Provide electric vehicle charging facilities to other majorGroup-owned commercial building by 2025
• Complete high-level materiality mapping of nature-related risks
to enhance our understanding of nature-risk implications
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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

UN SDG Index
Goal

Target Relevant UN SDG Target(s) OCBC’s Contributions

UN SDG 13
ClimateAction13.3

Improve education,awareness-raisingand human andinstitutional capacity
on climate change
mitigation,
adaptation, impact
reduction and early
warning.

Reference and Remarks• Commitment to net zero and progress update: OCBC
committed to achieving net zero in financed emissions forsix sectors by 2050. As a signatory of the Net-Zero Banking
Alliance, OCBC is also committed to disclosing the progressof the net-zero targets every year.
• Maintaining carbon neutrality for banking operationalemissions: OCBC maintained carbon neutrality for the banking
operational emissions in 2023 through reducing energy
consumption, increasing renewable energy adopting andsupporting carbon offset projects.
• Enhanced Oil & Gas prohibitions: OCBC enhanced the sector
prohibitions to cease project financing to upstream Oil & Gas
projects that obtained approval for development after 2021.

Climate Action –pages 18-30, 35-38
Responsible Financing– pages 39-42
Sustainable
Financial Solutions –pages 43-51
Community
Development –pages 67-71• Broadened the scope of Agriculture & Forestry Responsible
Financing Policy: OCBC expanded the Responsible Financing
Policy for Agriculture & Forestry to include animal production
and fisheries. Additionally, OCBC strengthened the requirementsfor palm planter clients, mandating compliance with the
Malaysian Sustainable Palm Oil and Indonesian Sustainable
Palm Oil standards, as well as the Roundtable on Sustainable
Palm Oil guidelines.
• Launched single-use plastics recycling initiative: OCBC
launched the Nationwide Plastic Recycling Initiative in 2023
with local environmental start-up to encourage the community
to embrace sustainable practices in their daily lives. The HDPE
type 2 waste collected through this imitative was thenrepurposed into practical household items.
• Sponsored rainforest restoration in Sumatra, Indonesia: Bankof Singapore sponsored the WWF-Singapore’s conservation
project, Thirty Hills Initiative, to restore over 38,000 hectares ofrainforest in the Bukit Tigapuluh Ecosystem Restoration
Concession.
• Enhanced methodology for climate scenario analysis: OCBC
enhanced the methodology for the Real Estate sector toincorporate capital expenditure relating to retrofitting costs
required to improve energy efficiency of assets.
Our forthcoming targets that support the UN SDG:
• Achieve net zero in financed emissions for six sectors by 2050
• Maintain carbon neutrality for OCBC’s banking operationalemission in 2024
• Receive BCA Green Mark award for all OCBC Bank Singapore
branches by 2030
• Provide electric vehicle charging facilities to other majorGroup-owned commercial building by 2025
• Enhance climate scenario analysis capabilities to keep pacewith industry practices• Complete high-level materiality mapping of nature-related risks
to enhance our understanding of nature-risk implications• Organise at least six sustainability-themed client engagement
events by 2024
• Train an additional 1,500 unique employees on sustainability or
ESG topics by 2024
• Publish at least 12 ESG-themed research pieces by 2024
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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Independent Practitioner’s Limited Assurance Report
INDEPENDENT PRACTITIONER’S LIMITED ASSURANCEREPORT ON SUSTAINABILITY INFORMATION OF
OVERSEA-CHINESE BANKING CORPORATION LIMITED

Practitioner’s Independence and Quality Control

Identified Sustainability Information

Our firm applies Singapore Standard on Quality Management 1
which requires the firm to design, implement and operate asystem of quality management including policies or procedures
regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.

We have been engaged by Oversea-Chinese Banking Corporation
Limited (the “Bank” or “OCBC”) to undertake a limited assurance
engagement in respect of the selected sustainability informationfrom the 2023 Sustainability Report of the Bank described below
for the year ended 31 December 2023 (“the Identified Sustainability
Information”).

The respective Identified Sustainability Information for the year
ended 31 December 2023 is set out below:
1.
2.
3.
4.
5.
6.
7.
8.
9.

GRI 2-7: Employees
GRI 302-1: Energy consumption within the organisation
GRI 302-3: Energy intensity
GRI 305-1: Direct (Scope 1) GHG emissions
GRI 305-2: Energy indirect (Scope 2) GHG emissions
GRI 305-3: Other indirect (Scope 3) GHG emissions
GRI 305-4: GHG emissions intensity
GRI 401-1: New employee hires and employee turnover
GRI 404-1: Average hours of training per year per employee

Our assurance engagement was with respect to the year ended
31 December 2023. We have not performed any procedures withrespect to (i) earlier periods and (ii) any other elements included in
the Bank’s 2023 Sustainability Report, and in the annual report,
website and other publications, and therefore do not express any
conclusion thereon.
Reporting Criteria
The Identified Sustainability Information has been assessedagainst the Global Reporting Initiative (“GRI”) Sustainability
Reporting Standards 2021 (“the Reporting Criteria”).
Management’s Responsibility for the Identified Sustainability
Information
Management of the Bank is responsible for the preparation of
the Identified Sustainability Information in accordance with theReporting Criteria. The responsibility includes designing,
implementing and maintaining internal control relevant to the
preparation of Identified Sustainability Information that is freefrom material misstatement, whether due to fraud or error.

We have complied with the independence and other ethicalrequirements of the Accounting and Corporate Regulatory
Authority (ACRA) Code of Professional Conduct and Ethics for
Public Accountants and Accounting Entities (ACRA Code), which
is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality andprofessional behaviour.

Practitioner’s Responsibility
Our responsibility is to express a limited assurance conclusionon the Identified Sustainability Information based on theprocedures we have performed and the evidence we haveobtained. We performed our limited assurance engagement inaccordance with Singapore Standard on Assurance
Engagements 3000 (Revised) – Assurance Engagements otherthan Audits or Reviews of Historical Financial Information and, inrespect of greenhouse gas emissions included in the Identified
Sustainability Information, Singapore Standard on Assurance
Engagements 3410 – Assurance Engagements on Greenhouse
Gas Statements (“SSAE 3410”) (collectively the “Standards”).
These Standards require that we plan and perform our work toform the conclusion about whether the Identified Sustainability
Information is free from material misstatement. The extent ofour procedures depends on our professional judgment and ourassessment of the engagement risk.
A limited assurance engagement involves assessing thesuitability in the circumstances of the Bank’s use of theReporting Criteria as the basis for the preparation of the
Identified Sustainability Information, assessing the risks ofmaterial misstatement of the Identified Sustainability
Information whether due to fraud or error, responding to theassessed risks as necessary in the circumstances, andevaluating the overall presentation of the Identified Sustainability
Information. A limited assurance engagement is substantiallyless in scope than a reasonable assurance engagement inrelation to both the risk assessment procedures, including an
understanding of internal control, and the procedures performedin response to the assessed risks.

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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Independent Practitioner’s Limited Assurance Report
The procedures selected included inquiries, observation ofprocesses performed, inspection of documents, analyticalprocedures, evaluating the appropriateness of quantification
methods and reporting policies, and agreeing or reconciling with
underlying records. Given the circumstances of the engagement,
we also performed the following:• interviewed management and personnel in Group Corporate
Services, Property Services, and Human Resources departments
in relation to the Identified Sustainability Information;• obtained an understanding of how the Identified Sustainability
Information is gathered, collated and aggregated internally;• performed limited substantive testing, on a selective basis, of the
Identified Sustainability Information (i) to verify the assumptions,estimations and computations made in relation to the Identified
Sustainability Information; and (ii) to check that data had been
appropriately measured, recorded, collated and reported, to theextent we considered necessary and appropriate to provide
sufficient evidence for our conclusion; and• assessed the disclosure and presentation of the Identified
Sustainability Information.
The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, areasonable assurance engagement. Consequently, the level ofassurance obtained in a limited assurance engagement issubstantially lower than the assurance that would have beenobtained had a reasonable assurance engagement been
performed. Accordingly, we do not express a reasonableassurance opinion about whether the Bank’s Identified
Sustainability Information has been prepared, in all material
respects, in accordance with the Reporting Criteria.
Inherent Limitations
In designing these procedures, we considered the system ofinternal controls in relation to the Identified Sustainability
Information and reliance has been placed on internal controls
where appropriate. Because of the inherent limitations in any
accounting and internal control system, errors and irregularities
may nevertheless occur and not be detected.

The absence of a commonly used generally accepted reporting
framework or a significant body of established practice on whichto draw to evaluate and measure subject matter allows fordifferent, but acceptable, measurement techniques that canaffect comparability between entities.
The quantification of the greenhouse gas emissions data
underlying the Identified Sustainability Information is subject
to inherent uncertainty because of incomplete scientificknowledge used to determine emissions factors and the values
needed to combine emissions of different gases, and theestimation uncertainty from the measurement and calculation
processes used to quantify emissions within the bounds ofexisting scientific knowledge. This can affect the ability to draw
meaningful comparison of the Bank’s greenhouse gas
emissions over time.
Conclusion
Based on the procedures we have performed and the evidence
we have obtained, nothing has come to our attention that causes
us to believe that the Identified Sustainability Information for theyear ended 31 December 2023 is not prepared, in all material
respects, in accordance with the Reporting Criteria.
Purpose and Restriction on Distribution and Use
This report, including our conclusion, has been prepared solely
for the Bank in accordance with the letter of engagement
between us. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Bankfor our work or this report.
Yours faithfully

PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore
28 March 2024

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Board Statement

Bringing Impact to Communities

2023 Key Achievements

Our Approach to Sustainability

Conducting Our Business Responsibly

Accelerating the Transition to a Net-Zero Future

Content Index

Assurance Statement

Glossary
Acronyms

Definition

ABS
AD
AER
AHU
ASEAN
ASFI
BCA
BEAM
BNM
CCPT
CDA
CO2e
CORSIA
CRREM
CRMSA
CSA
EAF
ESG
EV
FMSB
GHG
GCNS
GFBA
HKMA
HVAC
IATA
IEA
IMO
ISPO
IPCC
JC3
LEED
MAS
MPP – TM
MSPO
NEA
NGFS
NZBA
NZE
PP
PPA
PV
RECs
RSPO
SAF
SBTi
SGX
SME
SPF
TCFD
TNFD
UNGC
UN SDGs

Association of Banks in Singapore
Alignment Delta
Annual Efficiency Ratio
Air Handling Unit
Association of Southeast Asian Nations
Asia Sustainable Finance Initiative
Building Construction Authority
Building Environmental Assessment Method
Bank Negara Malaysia
Climate Change and Principle-based Taxonomy
Child Development Accounts
Carbon dioxide equivalent
Carbon Offsetting and Reduction Scheme for International Aviation
Carbon Risk Real Estate Monitor
Climate Risk Management and Scenario Analysis
Cyber Security Agency
Electric Arc Furnace
Environmental, Social and GovernanceElectric vehicle
Financial Markets Standard Board
Greenhouse Gas
Global Compact Network Singapore
Green Financing Banking Association
Hong Kong Monetary Authority
Heating, Ventilation and Air Conditioning
International Air Transport Association
International Energy Agency
International Maritime Organisation
Indonesian Sustainable Palm Oil
Intergovernmental Panel on Climate Change
Joint Committee on Climate Change
Leadership in Energy and Environmental Design
Monetary Authority of Singapore
Mission Possible Partnership’s Tech Moratorium
Malaysian Sustainable Palm Oil
National Environmental Agency
Network for Greening the Financial System
Net-Zero Banking Alliance
Net Zero Emissions by 2050
Poseidon Principles
Power Purchase Agreement
Photovoltaic
Renewable Energy Certificates
Roundtable on Sustainable Palm Oil
Sustainable Aviation Fuel
Science Based Targets Initiative
Singapore Exchange
Small and Medium EnterpriseSingapore Police Force
Taskforce for Climate-related Financial Disclosures
Taskforce for Nature-related Financial Disclosures
United Nations Global Compact
United Nations Sustainable Development Goals

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Oversea-Chinese Banking Corporation Limited(Incorporated in Singapore)
Company Registration Number: 193200032W