28 October 2021

HSBC partners Climate Governance Singapore

The Climate Governance Initiative, with the support of HSBC Singapore, launched a Singapore chapter on 28 Oct to equip board members of Singapore-based companies with the expertise to navigate the risks and opportunities arising from climate change.

Tackling climate change is now a key agenda in the boardroom. As Singapore transitions to a low-carbon economy, investors, consumers, and governments are increasingly calling on companies to embed sustainability into their operations. In 2016, the Singapore Exchange (SGX) mandated listed companies to publish annual sustainability reports. Next year, the Monetary Authority of Singapore (MAS) will set out its regulatory expectations on the disclosure standards that retail funds in Singapore with an ESG investment objective must meet. Amidst these changes, boards of directors play a critical role as they make key decisions to integrate climate considerations into corporate strategies, ensuring that their companies remain resilient in the long term.

Fighting climate change requires a strong tone from the top, but it has no template or roadmap for Singapore’s business leaders to draw upon. Launching a Singapore chapter of the Climate Governance Initiative will help embed climate considerations into board decisions and equip all board members with the expertise to help Singapore’s businesses navigate the risks and realise the opportunities arising from climate change,” said Kee Joo Wong, CEO of HBSC Singapore and Advisory Board Member of Climate Governance Singapore.

Climate Governance Singapore will have the following partners:

  • Singapore Institute of Directors will lead the advocacy and engagement efforts amongst directors in Singapore on climate change at the board level.
  • Singapore Management University (SMU) will act as Climate Governance Singapore’s knowledge partner to curate a research library, deliver training programmes, and organise events to improve the preparedness of the stakeholder community to better address the challenges of climate change.
  • Kee Joo Wong, Chief Executive Officer, HSBC Singapore, has taken on the role of advisory board member while Frances Chen, Head of Corporate Sustainability, HSBC Singapore, sits in the steering committee1.

Climate Governance Singapore’s advisory board members will leverage their influence and networks to support the advancement of Climate Governance Singapore. The advisory board members will also advise on policies, strategies and development plans. Its members include:

  • Kee Joo Wong – Chief Executive Officer, HSBC Singapore
  • Tan Chuan-Jin – Speaker of the Parliament of Singapore
  • Claire Chiang – Senior Vice President, Banyan Tree Holdings
  • Koh Boon Hwee – Chairman, Altara Ventures Pte Ltd
  • Lee Chee Koon – Group Chief Executive Officer, CapitaLand Investment Ltd
  • Loh Boon Chye – Chief Executive Officer, Singapore Exchange Ltd
  • Philip Yuen – Chief Executive Officer, Deloitte Southeast Asia

Globally, the Climate Governance Initiative is an expanding network with 15 national networks, including in the UK, US, Canada, France, Germany and Malaysia. These chapters promote the World Economic Forum’s Climate Governance Principles and support effective climate governance in their jurisdictions.

For more information on Climate Governance Singapore: https://climategovernancesg.org/

Media enquiries to:
Denise Kok, HSBC Singapore | +65 6658 5824 | denise.h.f.kok@hsbc.com.sg

Notes to Editors

1A steering committee comprising corporate leaders will provide governance and direction, and are responsible for the management of Climate Governance Singapore. The members of the steering committee include:

  • Frances Chen – Head of Corporate Sustainability, HSBC Singapore
  • Wong Ai Ai – Principal, Baker McKenzie Wong & Leow
  • James Walton – Clients & Markets Leader, Deloitte Southeast Asia
  • Shai Ganu – Managing Director, Global Leader – Executive Compensation, Willis Tower Watson and Member of Governing Council, Singapore Institute of Directors
  • Renyung Ho – SVP, Brand HQ – Banyan Tree Hotels & Resorts
  • Jeremy Goon – Chief Sustainability Officer, Wilmar International

About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of nine dedicated HSBC Premier Centres and two HSBC Jade Centres including an International Wealth Hub as well as many locations across the island providing self-service terminals.

The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.