RHB sets up sustainability committee for ESG

LUMPUR: RHB Banking Group (RHB) has announced the establishment of its board sustainability committee (BSC) to assist the board of directors in driving the group’s sustainability and climate-related agenda and providing oversight for environmental, social and governance (ESG) matters.

Previously, the board of directors of the group had direct oversight of sustainability matters.

In a statement, the bank said with the launch of RHB’S five-year (2022-2026) sustainability strategy and roadmap, a decision was made to set up the BSC to enable greater focus and in-depth discussions at the highest level on material sustainability and climate-related matters.

The BSC is chaired by Datuk Iain John Lo and its members comprise Tan Sri Rebecca Fatima Sta Maria, Datuk Mohamad Nasir Ab Latif, and Donald Joshua Jaganathan who have extensive leadership experience and a strong understanding of sustainability matters.

“The BSC will play a crucial role in providing strategic oversight of the group’s sustainability and climate-related strategies and actions towards ensuring that we continue to strike the right balance across the triple bottom line of planet, people and profits,” said Iain.

The bank intends to mobilise Rm20bil in sustainable financial services by 2026, which is equivalent to approximately 7% of the group’s total assets as of December 2021.

As of June 2022, cumulative achievements stood at more than Rm11bil.

Effective January 2022, RHB said it no longer pursues opportunities or provides financing facilities for any new thermal coal mine projects and coal-fired power plant projects.