BankTrack is the international tracking, campaigning and support organisation focused on banks and the activities they finance.
We aim to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices.
Johan Frijns, BankTrack
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. At the end of June 2017 the bank controlled assets worth AUD 976.4 billion.
[This profile also deals with Colonial First State Global Asset Management which is the asset management division of the Commonwealth Bank. Some policies displayed at this profile only count for Commonwealth Bank, in this case we clarified this].
| Headquarters |
11 Harbour Street
NSW 2000 Sydney
Australia
|
| Supervisor | |
| CEO/chair |
Matt Comyn CEO |
| Annual reports |
Equator Principles III Reporting – FY17 CSR report 2017 Annual report 2017 |
| Website | http://www.commbank.com.au |
| Ownership |
listed on Australian Securities Exchange
Public Shareholder |
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.
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.
Commonwealth Bank must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
Commonwealth Bank is involved in financing the following Equator Principles projects that BankTrack considers controversial.
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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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Commonwealth Bank is reporting on the implementation here.
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.
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.
