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Commonwealth BankAustralia
Created before Nov 2016
Last update: 2018-04-26 10:01:10
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About Commonwealth Bank
Commonwealth Bank's head office in Sydney. Photo: Google Earth/StreetviewThe Commonwealth Bank of Australia (commonly referred to as the Commbank), was founded in 1911 by the Australian government, listed on the Australian Stock Exchange in 1991, and fully privatised in 1996. The Commonwealth Bank is on of the "big four" Australian banks, and the largest Australian listed company on the Australian Securities Exchange as of August 2015. The bank has brands including BankWest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities and Commonwealth Insurance.
| Website | http://www.commbank.com.au |
| Headquarters |
11 Harbour Street
NSW 2000 Sydney
Australia
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| CEO/chair |
Matt Comyn CEO |
| Supervisor | |
| Annual reports |
Annual report 2017 CSR report 2017 |
| Ownership |
listed on Australian Securities Exchange
Public Shareholder |
Related Dodgy Deals
Commonwealth Bank has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.
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Type:
Projects
Active
Carmichael coal mine project Australia
There are no projects active for Commonwealth Bank now.
On record
Great Barrier Reef Coal & Gas Exports Australia
On record
Hazelwood coal power plant Australia
On record
Liquified Natural Gas (LNG) project Papua New Guinea
On record
Maules Creek coal mine Australia
On record
Mountain top removal coal mining United States
On record
Rosemont Copper Mine United States
Companies
There are no companies active for Commonwealth Bank now.
Dodgy Deals map
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Policies
Voluntary initiatives
Commonwealth Bank has committed itself to the following voluntary standards:Investment policies
The Commonwealth Bank's group's asset management business, Colonial First State Group Asset Management and insurance business, CommInsure, are both signatories to the UN Principles for Responsible Investment. Both the Commonwealth Bank and its wholly-owned subsidiary Colonial First State report to the Carbon Disclosure Project. Read here how the Commonwealth Bank Group is managing, and reporting on, its ESG impacts.
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Issues
Commonwealth Bank and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Commonwealth Bank adopted the Equator Principles in 2014.
Reporting on the Equator Principles
Commonwealth Bank must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
- Commonwealth Bank is in compliance with its reporting obligations. The 2016 report can be found here.
Dodgy Deals
Commonwealth Bank is involved in financing the following Equator Principles projects that BankTrack considers controversial.
There are no projects active for Commonwealth Bank now.
Human rights
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True leader
Front runner
Follower
Laggard
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BankTrack has assessed Commonwealth Bank on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Commonwealth Bank is assessed as a Follower, with a total score of 5.5/12.
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Equator Principles
Implementation and reporting
Commonwealth Bank is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Good moves
Year:
2017
Commonwealth Bank indicates it will not lend to Adani's Carmichael coalmine
After extensive pressure from Market Forces and other allies, a CommBank spokesperson was quoted in August as saying “We have been asked about our role in funding the Adani Carmichael mine. Whilst in general we do not comment on specific clients, we can confirm that we are not amongst the banks who have been, or will be, asked to consider this financing.” The quote appeared in the Australian Financial Review this afternoon (paywalled). Also see the Guardian’s coverage. The news followed CommBank ending its advisory role to the project in 2015.
2015
Standard Chartered and CommBank pull out of massive Carmichael coal mine
In August, two banks ended their involvement in Adani's massive proposed Carmichael coal mine project in Australia. The project, which has been championed by Prime Minister Tony Abbott, faces an uncertain future due to legal challenges as well as its problems in attracting finance. Australia's Commonwealth Bank ended its role as advisor to the project after months of sustained community pressure, followed days later by the UK's Standard Chartered, the project's leading advisor.