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Last update: 2023-03-17 12:47:13

Active

This profile is actively maintained

Last update: 2023-03-17 12:47:13

About

Website	http://www.commbank.com.au
Headquarters	11 Harbour Street NSW 2000 Sydney Australia
CEO/chair	Matt Comyn CEO
Supervisor	Reserve Bank of Australia
Ownership	listed on Australian Securities Exchange Commonwealth Bank's shareholder structure can be accessed here.

The 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. The bank has brands including BankWest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities and Commonwealth Insurance.

Sustainability

Commitments

Policies

Voluntary standards

Commonwealth Bank's most important sustainability commitments can be found at the website sections listed below

Links

Corporate responsibility

Policies and practices

Code of conduct

Bank policy

2022-08-18 00:00:00 | Commonwealth Bank

Climate report 2022

Bank policy

2022-08-10 00:00:00 | Commonwealth Bank

Supplier code of conduct

Bank policy

2021-09-08 00:00:00 | Commonwealth Bank

Environmental & social framework

Bank policy

2021-08-10 00:00:00 | Commonwealth Bank

Modern Slavery and Human Trafficking Statement

Bank policy

2021-06-30 00:00:00 | Commonwealth Bank

Group Anti-Bribery and Corruption Policy

Bank policy

2021-05-03 00:00:00 | Commonwealth Bank

Approach to climate change

Bank policy

2020-08-11 00:00:00 | Commonwealth Bank

Reconciliation action plan

Bank policy

2019-11-07 00:00:00 | Commonwealth Bank

Group environment policy

Bank policy

2019-03-19 00:00:00 | Commonwealth Bank

ESG lending commitments

Bank policy

2019-03-19 00:00:00 | Commonwealth Bank

Anti-money Laundering and Counter-terrorism Financing Disclosure Statement

Bank policy

2018-04-24 00:00:00 | Commonwealth Bank

Climate Policy Position Statement

Bank policy

2017-08-14 00:00:00 | Commonwealth Bank

Our approach to tax

Bank policy

2015-12-16 00:00:00 | Commonwealth Bank

Human Rights Position Statement

Bank policy

2015-11-05 00:00:00 | Commonwealth Bank

Responsible Investing Framework

Bank policy

2015-04-11 00:00:00 | Commonwealth Bank

Commonwealth Bank has committed itself to the following voluntary standards:

Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions

Dow Jones Sustainability IndicesTags: sustainable development | transparency

Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development

Global Reporting InitiativeTags: sustainable development | human rights

Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations

Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance

UNEP Finance InitiativeTags: United Nations | sustainable development

United Nations Global CompactTags: United Nations | human rights

Dodgy Deals

Commonwealth Bank is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Commonwealth Bank's link to these deals.

Campaigns

Banks and Climate

The 2022 Banking on Climate Chaos report showed that Commonwealth Bank provided US$ 7.57 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Commonwealth Bank fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Commonwealth Bank fossil fuel policy below.

Banks and Human Rights

BankTrack assessed Commonwealth Bank in its 2022 Global Human Rights Benchmark, where it achieved 5 points out of 14 and was ranked as a follower. In addition, Commonwealth Bank scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

BankLast update

Country

Score

Ranking

Details

Commonwealth Bank

AUS

Follower

Explanation

Laggard

Follower

Front runner

Leader

0 - 3 points

3.5 - 6.5 points

7 - 10 points

10.5 - 14 points

For more details see this page.

Banks and Nature

Commonwealth Bank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2.2 out of 10 and ranking it as a follower. Commonwealth Bank achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 2.2 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, Commonwealth Bank provided USD 513 million in credit to companies operating in these forest-risk sectors. For more information, see the links below.

BankLast update

Country

Score

Ranking

Details

Commonwealth Bank of Australia

2022-09-21

AUS

2.2

Follower

Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard

Follower

Front runner

Leader

0 - 1 points

1 - 4 points

4 - 7 points

7 - 10 points

For more details see this page.

BankLast update

Country

Score

Ranking

Details

Commonwealth Bank of Australia

2022-09-21

AUS

Laggard

Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard

Follower

Front runner

Leader

0 - 1 points

1 - 4 points

4 - 7 points

7 - 10 points

For more details see this page.

BankLast update

Country

Score

Ranking

Details

Commonwealth Bank of Australia

2022-09-21

AUS

2.2

Follower

Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard

Follower

Front runner

Leader

0 - 1 points

1 - 4 points

4 - 7 points

7 - 10 points

For more details see this page.

Tracking the Net Zero Banking Alliance

Commonwealth Bank is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

News

BankTrack

Partners

Blog

External

Active

Active

Links

Corporate responsibility

Policies and practices

Code of conduct

Climate report 2022

Supplier code of conduct

Environmental & social framework

Modern Slavery and Human Trafficking Statement

Group Anti-Bribery and Corruption Policy

Approach to climate change

Reconciliation action plan

Group environment policy

ESG lending commitments

Anti-money Laundering and Counter-terrorism Financing Disclosure Statement

Climate Policy Position Statement

Our approach to tax

Human Rights Position Statement

Responsible Investing Framework

Banks and Climate

Banks and Human Rights

Global Human Rights Benchmark 2022

Banks and Nature

Forest & Finance Policy Assessment 2022: Overall scores

Forest & Finance Policy Assessment 2022: Beef

Forest & Finance Policy Assessment 2022: Palm Oil

Tracking the Net Zero Banking Alliance

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

Santos announces refinancing of syndicated debt facilities

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Banks failing to address severe human rights impacts transparently, finds BankTrack research

Australian court opens CBA records to answer greenwashing concerns

Meet the banks funding the owners of the Cambo oil field

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

Australia's Commonwealth Bank taken to court over oil and gas financing policies

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Equator Banks fail communities on consultation and grievance mechanisms, new study finds

New BankTrack Equator Principles reporting tracking tool launched

4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows

Too little, too late

NAB, ANZ and Westpac hit with climate risk shareholder resolutions

Big Australian banks face shareholder vote on coal lending

Commonwealth Bank of Australia out of thermal coal by 2030

BankTrack 2019 Human Rights Benchmark: criteria and scope announced

Australian Prudential Regulation Authority demands banks, insurers act on climate risk

Our Future: Clean energy a test for banks’ rehabilitation

Banks massively financing fossil fuels unclear about future of ... fossil fuels

Behind banks' smokescreen

Australian inquiry slams greedy banks and regulator for rampant misconduct

Big four banks quit coal only to invest in other fossil fuels, research finds

Big four banks quit coal only to invest in other fossil fuels, research finds

New research: Australian banks 2ºC scorecard 2018

Report finds major banks ramped up fossil fuel financing to $115 billion in 2017

Commonwealth Bank says its lending for coal will continue to decline

New report: Towards responsible and inclusive financing of the palm oil sector

Abbot Point coal terminal: Westpac may not refinance Adani loan

Shareholders move to force Commbank to manage climate risk

Campaign group promises climate change resolution at Commonwealth Bank

Analysis: CommBank's 2017 Climate Policy Update

CBA to face shareholder resolution on climate commitment

Commonwealth Bank's first climate policy attacked by environmental groups

Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani

Analysis: Commonwealth Bank rejects shareholder legal case over climate change risks

Shareholders lodge climate change case against Commonwealth Bank

Commonwealth Bank shareholders sue over 'inadequate' disclosure of climate change risks

'Big four' Australian banks slammed for fossil fuel backing

Public backlash highlights CommBank’s toxic fossil fuel problem

Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing

Commonwealth Bank indicates it will not lend to Adani's Carmichael coalmine

Banks' climate change talk not yet matched by action

Financing of coal industry expansion by top banks undermining Paris Agreement

New polling shows half of customers prepared to change banks over fossil fuels – as prominent Australians demand climate action

New poll: Australians draw the line at badly behaving banks

No excuse: How Australia’s big four banks can better respond to land grabs

Commonwealth pulls out of Carmichael mega-mine

Australian banks: New Report highlights gulf between renewable and fossil fuel financing

Australian banks 'favour fossil fuel projects over renewables by $6 to $1'

Commonwealth Bank under pressure to rule out Galilee coal support