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Created before Nov 2016
Last update: 2016-09-19 11:40:33
Paul Oosting, Wilderness Society, Australia
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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. On 1 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 2015 Westpac controlled assets in worth of AUD812.16 billion.
275 Kent Street
Brian Hartzer |
|Annual report||Annual report 2015|
listed on Australian Securities Exchange & New Zealand Stock Exchange
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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 reports annually on their implementation of the Equator Principles. The 2015 report can be found here.
Westpac further reports on its portfolio of projects financed under the Equator Principles on the Equator Principles website, 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
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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.