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.
Wells Fargo office in Sydney, Australia. Photo: Google Earth/StreetviewWestpac is an Australian bank with a strategic focus on Australia, New Zealand and the near Pacific. The Westpac Group provides a broad range of banking and financial services, including retail, business and institutional banking. In December 2008 Westpac merged with St. George. The structure involves five key divisions including: Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand. These five divisions serve more than 13 million customers. At the end of 2017 Westpac controlled assets worth AUD 851.8 billion.
| Headquarters |
275 Kent Street
2000 Sydney
Australia
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| Supervisor | |
| CEO/chair |
Brian Hartzer CEO |
| Annual reports |
Annual Report 2017 Sustainability Performance Report 2017 |
| Website | http://www.westpac.com.au |
| Ownership |
listed on Australian Securities Exchange & New Zealand Stock Exchange
Publicly listed |
Westpac's sustainability risk management framework can be found here.
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. Westpac adopted the Equator Principles in 2003.
Westpac must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
Westpac 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 Westpac on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Westpac is assessed as a Follower, with a total score of 5/12.
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Westpac is reporting on the implementation here.
After years of pressure from customers, shareholders, environmental groups and the broader community, Westpac has become the 19th bank around the world to either distance themselves from Galilee Basin coal export projects, or bring in a policy that prohibits lending to new coal mines like Adani’s. Read more.
