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.
Examples of Westpac's sustainable initiatives include:
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.
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.
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.
This website is for general information purposes only. It is not an endorsement of the companies or asset classes presented. You should talk to a qualified financial advisor before making any investment decisions.
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