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Pursuing the Greater Good World’s Best Bank Euromoney, 2019 DBS Group Holdings Ltd Bank of the Year – Global Annual Report 2019 The Banker, 2018 Best Bank in the World Pursuing the greater good Global Finance, 2018 Top 10 Business Transformations of the Last Decade Pursuing Harvard Business Review, 2019 Bloomberg Gender-Equality Index Bloomberg, 2018-2020 the FTSE4Good Global Index FTSE Russell, 2017-2019 greater Dow Jones Sustainability Index (Asia-Pacific) S&P Dow Jones Indices/ RobecoSAM, 2018-2019 good Social Enterprise Champion of the Year (Corporation) President’s Challenge/ raiSE, 2019 DBS Group Holdings Ltd Annual Report 2019 12 Marina Boulevard Marina Bay Financial Centre Tower 3 Singapore 018982 (65) 6878 8888 | www.dbs.com Co. Reg. No. 199901152M facebook.com/dbs twitter.com/dbsbank #RecyclemoreWasteless Corporate information Board of Directors Board Executive Committee Derrick Goh Audit Peter Seah Peter Seah Han Kwee Juan Chairman Chairman Strategy & Planning Piyush Gupta Ho Tian Yee Lam Chee Kin Chief Executive Officer Olivier Lim Legal, Compliance & Secretariat Bonghan Cho Lee Yan Hong Euleen Goh Human Resources Ho Tian Yee Compensation and Lim Him Chuan Lead Independent Director Management Development Taiwan About us Nihal Kaviratne CBE Karen Ngui Olivier Lim Committee DBS is a leading financial services group in Asia with a presence in 18 Strategic Marketing & Communications Ow Foong Pheng Andre Sekulic markets. Headquartered and listed in Singapore, DBS has a growing Pearlyn Phau Andre Sekulic Chairman presence in the three key Asian axes of growth: Greater China, Consumer Banking/ Wealth Management Danny Teoh Euleen Goh Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit Surojit Shome Tham Sai Choy Nihal Kaviratne CBE ratings are among the highest in the world. India Olivier Lim Paulus Sutisna We have been recognised for our leadership globally, having been Peter Seah Indonesia named “World’s Best Bank” by Euromoney, “Bank of the Year – Global” Audit Committee by The Banker and “Best Bank in the World” by Global Finance. We Tham Sai Choy are also at the forefront of leveraging digital technology to shape the Chairman Group Secretary future of banking, having been named “World’s Best Digital Bank” by Registrar (appointed as Chairman Teoh Chia-Yin Euromoney. In addition, we have been accorded the “Safest Bank Tricor Barbinder Share on 1 October 2019) in Asia” award by Global Finance for 11 consecutive years from 2009 Registration Services Bonghan Cho to 2019. (a division of Tricor Singapore Pte. Ltd.) Ow Foong Pheng Group Executive Committee 80 Robinson Road, #02-00 Peter Seah Piyush Gupta Singapore 068898 Andre Sekulic About this report Chief Executive Officer Tel: (65) 6236 3333 Chng Sok Hui Fax: (65) 6236 3405 The Board is responsible for the preparation of this Annual Report. Chief Financial Officer It is prepared in accordance with the following regulations, frameworks Nominating Committee Sim S Lim and guidelines: Ho Tian Yee Consumer Banking/ Wealth Management Auditor Chairman and Lead Independent Director Andrew Ng • The Banking (Corporate Governance) Regulations 2005, and all PricewaterhouseCoopers LLP Bonghan Cho Treasury & Markets material aspects of the Code of Corporate Governance 2018 and 7 Straits View, Marina One Ow Foong Pheng Jimmy Ng the Guidelines on Corporate Governance for Financial Holding East Tower, Level 12 Peter Seah Chief Information Officer Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers Singapore 018936 Sebastian Paredes issued in April 2013 by the Monetary Authority of Singapore. Tham Sai Choy (appointed on 1 October 2019) Hong Kong • Singapore Exchange Securities Trading Limited (SGX-ST) Listing Shee Tse Koon Rules, including rules 711A and 711B on Sustainability Report and Singapore Partner in charge of the Audit Practice Note 7.6 Sustainability Reporting Guide issued in July 2016 Board Risk Management Tan Su Shan Melvin Poon by SGX. Committee Institutional Banking Appointed on 25 April 2018 Tan Teck Long (DBS Group Holdings Ltd) and • The International Integrated Reporting Framework issued in Euleen Goh Chief Risk Officer 24 April 2018 (DBS Bank Ltd.) December 2014 by the International Integrated Reporting Council. Chairman Ho Tian Yee • The Guidelines on Responsible Financing issued in October 2015 Nihal Kaviratne CBE Group Management Registered Office (revised June 2018) by the Association of Banks in Singapore. Olivier Lim Peter Seah Committee 12 Marina Boulevard • Recommendations of the Task Force on Climate-related Financial Danny Teoh Includes the Group Executive Marina Bay Financial Centre Disclosures (TCFD) in June 2017. Tham Sai Choy Committee and the following: Tower 3, Singapore 018982 Tel: (65) 6878 8888 • The Global Reporting Initiative (GRI) Standards – Core Option, Eng-Kwok Seat Moey Website: www.dbs.com issued in October 2016 (with subsequent revisions), and the G4 Scan here to view our Capital Markets Sustainability Report Financial Services sector disclosures by the GRI Global Sustainability Philip Fernandez Standards Board. Corporate Treasury Investor Relations Neil Ge China Email: [email protected] Contents Overview 2 Who we are 4 Board of Directors This section provides information on 6 Group Management Committee who we are and our leadership team. 8 Letter from the Chairman and CEO It also contains a joint message from 12 Pursuing the Greater Good the Chairman and CEO. Reflections from the top 18 CEO reflections 20 CFO statement This section contains the CEO’s thoughts on 34 CRO statement some pertinent matters and recaps the year’s 36 CIO statement performance through the lens of our senior 38 Institutional Banking leaders. 40 Consumer Banking/ Wealth Management Governance, Risk Management 44 Corporate governance and Sustainability 61 Remuneration report 66 How we create value – our business model This section details our commitment 68 How we develop and use our resources to sound and effective governance, 70 How we distribute value created risk management and sustainability. 71 Material matters 74 What our stakeholders are telling us 76 Risk management 95 Capital management and planning 100 Sustainability 102 Summary of disclosures – corporate governance Financial and other reports Financial Reports 106 Directors’ statement 110 Independent auditor’s report 116 Financial statements 189 Five-year summary Annexure 190 Further information on Board of Directors 196 Further information on Group Management Committee 199 International presence 202 Awards and accolades won Shareholder Information 204 Share price 205 Financial calendar 206 Shareholding statistics 208 Notice of Annual General Meeting 214 Additional information on Directors seeking re-election Proxy form Contents 1 Pursuing the greater good Who we are DBS is one of Asia’s leading banks, operating in the Total assets (SGD) most dynamic region of the world. We provide a full range of services in consumer banking, wealth 579 management and institutional banking. We are billion focused on leveraging digital technology to reimagine banking, so our customers can live more and bank Income (SGD) less. We are also committed to advancing the sustainability agenda as a purpose-driven bank. 14.5 billion Net Profit (SGD) 6.39 billion Present in 18 markets Over globally, including six Mainland DBS: The World’s Best Bank (again)... priority markets in Asia China 240,000 Institutional Banking Customers 2019 was a pivotal year for us. We were the first bank to hold three global best bank honours at the same time, and to be recognised among the top 10 business transformations of the decade Taiwan Over by Harvard Business Review. The slew of global accolades continue to underscore our growing Hong Kong stature in the world. 10.8 We continued to be recognised for our leadership in digital, as well as our commitment to India million delivering a purpose beyond banking. We also focused on creating a better world through our three sustainability pillars of responsible banking, responsible business practices and creating Consumer Banking/ Wealth Management social impact. customers “DBS has made great efforts to modernise itself, and to adopt “A world-class bank will undoubtedly be a digital leader. It will 10% Over Singapore technology. In the past one year, it was named the best bank invest in technology that makes a real difference to how the in the world by three major industry publications. Most bank is run. It will be a bank that plays to its strengths. It will importantly, DBS has been working very hard to retrain its not grow for growth’s sake; it will take a long-term view. It will 27% Group 63% 28,000 employees. It has shown care and concern for its people, even be a diversified bank, and it will be a bank that takes its role in Income Employees as it transforms itself. In fact, if they did not share care and broader society seriously, putting corporate responsibility at Singapore Indonesia concern for its people, it could not have become the best bank the heart of what it does. The bank in the world today that best Greater China in the world. This is the right approach, and I encourage other matches these criteria is DBS.” South, Southeast Asia and Rest of the World companies to emulate DBS’ example. Good job lah, DBS!” Euromoney Singapore Prime Minister, Lee Hsien Loong 2 DBS Annual Report 2019 Who we are 3 Pursuing the greater good Board of Directors The Board is committed to helping the bank achieve long-term success. The From top left Board provides direction to management by setting the Group’s strategy 1 Peter Seah 5 Ho Tian Yee 9 Andre Sekulic and overseeing its implementation. It ensures risks and rewards are Non-Executive Chairman Lead Independent Director Independent Director 2 Piyush Gupta 6 Nihal Kaviratne CBE 10 Danny Teoh appropriately balanced. Chief Executive Officer Independent Director Non-Executive Director 3 Bonghan Cho 7 Olivier Lim 11 Tham Sai Choy Independent Director Independent Director Independent Director 4 Euleen Goh 8 Ow Foong Pheng Non-Executive Director Non-Executive Director 1 2 3 4 Independent A majority of our directors are non-executive and independent directors.
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