Thousands of organisations around the world have signed up to the UN principles, tapping into investor fears about the environment and how they can use their financial muscle to bring about change.

United Overseas Bank yesterday said its investment management subsidiaries have signed up to the United Nations’ Principles for Responsible Investment, joining an Asian and global trend.

The subsidiaries are UOB Asset Management (UOBAM), UOB Venture Management Private (UOBVM) and UOB Global Capital. Collectively, these entities wield considerable investment firepower: as at 30 November last year, they oversaw a total of about S$36.2 billion ($26.4 billion) in client money.

A number of Asian heavyweights have signed up to the UN principles. For example, last August Ping An Insurance Company of China, aka Ping An, said it became the first Chinese asset owners to sign up to Principles for Responsible Investment, joining Asian peers such as Sumitomo Life and Asahi Mutual Life as signatories. As at the end of September 2019, there were more than 2,600 PRI signatories globally, representing $89 trillion of assets under management. There are a total of 26 signatories in Singapore alone – UOB’s headquarter jurisdiction.

UOB said it will incorporate environmental, social and governance 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 take-up of the Principles in the investment sector and report on progress towards putting the Principles into practice.

UOB said it is Singapore’s first such bank to sign up to the Principles.