UOB investment arms sign up to the United Nations-supported Principles for Responsible Investment

SINGAPORE, Jan. 5,A 2020 /PRNewswire/ -- United Overseas Bank Limited (UOB) today announced that its investment management subsidiaries, namely UOB Asset Management Ltd (UOBAM), UOB Venture Management Private Limited (UOBVM) and UOB Global Capital LLC (UOBGC)A [1], are now signatories of the United Nations (UN)-supported Principles for Responsible Investment (PRI)[2]. The move is testament to UOB's commitment to responsible investing, integrating environmental, social and governance (ESG) considerations into its investment policies, processes and practices and its objective to develop sustainable investment solutions for clients.The UN-supported PRI is an international network of investors working together to put the six Principles for Responsible Investment[3] into practice. By upholding the Principles, UOB will:

Incorporate ESG issues into its investment analysis and decision-making processes;

Be active owners and incorporate ESG considerations into its ownership policies and practices;

Seek appropriate disclosure on ESG issues by the entities in which it invests;

Promote the acceptance and implementation of the Principles within the investment industry;

Work to enhance its effectiveness in implementing the Principles; and

Report on the activities and progress of its investment firms towards implementing the Principles.

Mr Eric Lim, Head of UOB Group Finance and the Chairperson of the Bank's ESG Committee, said, "Sustaining growth responsibly is a key pillar of UOB's sustainability strategy. As such, we consider and manage the ESG risks, challenges, impact and opportunities in all that we do, including our investing activities. With our investment management subsidiaries adopting and implementing the UN-supported PRI, we are underscoring the growing importance of responsible investments and our commitment to advocating for more sustainable financial industry practices."As at end September 2019, there were more than 2,600 PRI signatories globally, representing
US$89 trillion of assets under management. In Asia, the number of signatories increased 23 per cent in the 12 months prior, with a total of 26 signatories in Singapore[4]. UOB is the first Singapore bank to have its investment companies sign up to the PRI.MS Fiona Reynolds, CEO of PRI, said, "We are very pleased to welcome United Overseas Bank Limited's investment management subsidiaries as PRI signatories. The move highlights their commitment to integrate ESG factors into the subsidiaries' investment strategies and practices."
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