At DBS, we capture our vision for our relationship with shareholders, customers, employees, regulators and the society at large under a simple agenda: “Making Banking Joyful”. This singular purpose is the rudder of DBS, and integral components are formalised in our balanced scorecard.
Even in its nascent stage of development, we saw the value in integrated reporting and how this resonates with the integrated thinking behind our balanced scorecard approach. We therefore decided to adopt integrated reporting as a tool to effectively convey how we create and distribute long term value while considering our impact on society and the environment.
Despite the natural fit with our balanced scorecard approach, we faced initial challenges in obtaining buy-in and aligning internal stakeholders’ thinking towards a common reporting framework that looks at value creation from the perspective of external stakeholders. In the process, we learnt that it was important to identify and focus on matters that are most material to our value creation, and the value of communication that is concise and yet able to resonate with our multiple stakeholder groups. This has helped us form linkages, enhance connectivity across the organisation and break down silos. In turn, closer interaction and collaboration is fostered among the various functions, promoting a sense of purpose amongst employees as we articulate our value creation journey together in an integrated manner.
Externally, integrated reporting provides insights to investors on our strategy and business model. It also gives them greater clarity on how we are addressing the concerns that they may have in executing our strategy. This allows investors to evaluate our progress in executing our strategy and generating sustainable value in the long term. The enhanced perception amongst investors helps us attract long term investors who believe in our long term sustainable value creation journey. This, we believe, will reduce our cost of capital over time.
“Integrated Reporting is not a magical tool that will improve your share price immediately. But if you already practice integrated thinking and are looking for a way to communicate it, integrated reporting can help you reap first the internal benefit of better dialogues and only later the better performance as you are able to show a consistent pursuit of a well-defined sustainable strategy based on a unique competitive advantage.”
Mikkel Larsen, Managing Director, Head of Group Tax and Accounting Policy and Co-chair of DBS Sustainability Council
Click here for DBS 2016 Annual Report.
Features on DBS integrated report
Contributions of articles to <IR> Banking Network
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities.