DBS tells why it rebuked Josie Lau

DBS tells why it rebuked Josie Lau
Fri, Apr 17, 2009
The Straits Times
By Wong Kim Hoh

A DAY after becoming president of Singapore's leading women's group, Ms Josie Lau found herself in hot water at work.

DBS Bank, where she is a vice-president, is conducting an internal review over how she disregarded its advice against taking on the top post at the Association of Women for Action and Research (Aware).

On Wednesday night, shortly after Ms Lau, 48, announced that she was the new president, the bank issued a statement making clear that it had told her not to take that position.

'She breached staff code of conduct'

'THE bank takes pride in the fact that many DBS employees pursue their interests and passion outside work, and are involved with various community/ charity/volunteer organisations in their personal capacity.

These employees had sought and obtained prior approval to do so, in accordance with the bank's staff code of conduct. Approval is granted on a case-by-case basis, depending on the demands of the proposed external appointment as well as the job responsibilities that the individual holds in the bank.

Josie informed the bank of her appointment as Aware Exco member on April 13, over two weeks after she was appointed on March 28. She had not sought prior approval for this appointment and thereby breached the staff code of conduct.

OCBC backs DBS stand

OCBC Bank backs the position taken by DBS Bank on the need for staff to seek approval before holding office in other organisations.

A key concern for financial institutions is possible conflict of interest, especially when someone senior takes on a role in an outside organisation, said OCBC spokesman Koh Ching Ching.

'It is important that financial institutions know of potential conflict of interest for their bank employees as we are required to regularly report to the regulators and our respective boards on any credit facilities to entities where our employees are directors, executive officers, guarantors or sureties,' she said. 'Financial institutions also need to know of potential conflicts for any possible supplier-buyer situations, even for accounts held by non-profit organisations or charities with us.'


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