Created before Nov 2016
Last update: 2018-04-16 15:36:51
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Westpac 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.
275 Kent Street
Brian Hartzer |
Annual Report 2017|
Sustainability Performance Report 2017
listed on Australian Securities Exchange & New Zealand Stock Exchange
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Big four banks quit coal only to invest in other fossil fuels, research finds
Report finds major banks ramped up fossil fuel financing to $115 billion in 2017
Westpac’s new climate policy rules out most new coal mines – including Carmichael!
Financing of coal industry expansion by top banks undermining Paris Agreement
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While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning
BankTrack to Equator Principles banks; ‘get the Outside Job done’
New rules for Equator Principles, but no new commitments from banks
BankTrack calls upon banks to Close the Gap on investment policies
Equator Principles: Action, not words needed
Banking with Principles? Second Edition June 2016
Voluntary initiativesWestpac has committed itself to the following voluntary standards:
Westpac's sustainability risk management framework can be found here.
Westpac 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. Westpac adopted the Equator Principles in 2003.
Reporting on the Equator Principles
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.
True leader Front runner Follower Laggard
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.
Implementation and reporting
Westpac is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Westpac’s new climate policy rules out most new coal mines – including Carmichael
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.