Westpac Bank

They're also under fire by the Banking Royal Commission for a number of loan issues amongst which their staff:

  • in some cases completed loan applications on behalf of customers
  • lacked care in their due diligence of loan applications, and
  • provided bad information to loan applicants.

Sustainability ranking

Westpac's sustainability ranking
Westpac's sustainability ranking

Sustainable initiatives

Examples of Westpac's sustainable initiatives include:

Social sustainability

  • community - partnered with Social Outcomes to support Churches of Christ in Queensland to fund the Youth CONNECT program in Queensland over six and a half years to support 15 to 25 year olds who are exiting or have exited statutory care and are homeless or are at risk of homelessness
  • community - employees volunteered more than 7,000 hours of their time through skilled volunteering to support charities and causes
  • community - during 2017 Westpac Group and its employees donated $2.8m to close to 800 Australian registered charities
  • marketplace - only 39% of customers across Australia and New Zealand are digitally active
  • workplace - across Australia and New Zealand, 57% of the workplace comprised female workers. However there were only 22% on the Board, and 41% in executive roles, and
  • workplace - total lost time frequency rate decreased from 0.8 to 0.6.

Environmental sustainability

  • across the group decreased carbon emissions from 220,000 tonnes to 203,000 tonnes, and
  • exposure to mining decreased from $11.3b to $9.7b.

Economic sustainability

  • governance - clear standards of ethical, social and environmental business practices as outlined in their supplier Responsible Sourcing Code of Conduct, and
  • marketplace - increased lending to the Clean Technology and environmental services sector to $7.0b in both countries.

Find out about Westpac Bank here.

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