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
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
Commonly referred to as the Commbank, the Commonwealth Bank of Australia 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 Ltd., ASB Bank (New Zealand), Commonwealth Securities Ltd. (CommSec)and Commonwealth Insurance Ltd. (CommInsure).
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 |
Sustainability Report 2015|
Annual Report 2015
listed on Australian Securities Exchange
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 CommonwealthBank 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.
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.
Commonwealth Bank is reporting on the implementation here.
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.