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Created before Nov 2016
Last update: 2017-10-03 17:24:57
Johan Frijns, BankTrack
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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, 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].
11 Harbour Street
NSW 2000 Sydney
Ian Narev |
Equator Principles III Reporting – FY17|
CSR report 2017
Annual report 2017
listed on Australian Securities Exchange
Related Dodgy Deals
Carmichael coal mine project Australia
Great Barrier Reef Coal & Gas Exports Australia
Hazelwood coal power plant Australia
Liquified Natural Gas (LNG) project Papua New Guinea
Maules Creek coal mine Australia
Mountain top removal coal mining United States
Rosemont Copper Mine United States
Dodgy Deals map
New report: Towards responsible and inclusive financing of the palm oil sector
Campaign group promises climate change resolution at Commonwealth Bank
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
Commonwealth Bank shareholders sue over 'inadequate' disclosure of climate change risks
Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
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
Australian banks: New Report highlights gulf between renewable and fossil fuel financing
Australian banks 'favour fossil fuel projects over renewables by $6 to $1'
Australian advocacy group sues Commonwealth Bank over climate change shareholder resolution
Australian and French banks target of protests on both sides of the world for investing in Australian coal projects
Sixty prominent Australians call on ‘big four’ banks to end fossil fuel investment
BankTrack calls upon banks to Close the Gap on investment policies
Banking with Principles? Second Edition June 2016
Environmental, Social & Governance (ESG) Lending Commitments
Group Energy Exposures and Assessed Carbon Emissions of Project Finance Energy Sector
Voluntary initiativesCommonwealth Bank has committed itself to the following voluntary standards:
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.
Environmental, Social & Governance (ESG) Lending Commitments
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 involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
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.
Implementation and reporting
Commonwealth Bank is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
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.
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.