Medibank
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OVERALL |
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Owned |
AUS |
Rating |
N/A |
Private health insurance
Medibank Private Ltd | AUS | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Medibank Private Ltd | ||||
In 2023, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change score of B.
Source: CDP (2023)
This company received an S&P Global ESG Score of 61/100 in the Insurance category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 18 Nov 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
In July 2020 the Federal Court ordered this company to pay $5 million in penalties for making false representations to members about the benefits offered by their ahm health insurance policies, in breach of Australian Consumer Law. Medibank falsely advised 849 members with ahm's "lite" or "boost" policies who had lodged claims or enquired about their coverage, that they were not covered for joint investigations or joint reconstruction procedures, when these policies in fact entitled them to coverage for these procedures. At least 1,396 enquiries or claims were incorrectly rejected.
Source: ACCC (2020) |
The ACCC is appealing the Federal Court's decision on 30 August 2017 which dismissed the ACCC's proceedings against Medibank. The ACCC had alleged that Medibank made false, misleading or deceptive representations and engaged in unconscionable conduct in relation to its failure to notify Medibank members and members of its subsidiary brand, ahm, of its decision to limit benefits for in-hospital pathology and radiology services, despite representing across a number of its communication and marketing materials that it would.
Source: ACCC (2017)
According to the democracyforsale.net website, this company donated $25,211 to Australia's major political parties between 2012 and 2018, as disclosed to the Australian Electoral Commision (AEC).
Source: Democracy For Sale (2018)
This company is listed by the Workplace Gender Equality Agency (WGEA) as a Employer of Choice for Gender Equality citation holder. The citation is designed to encourage, recognise and promote active commitment to achieving gender equality in Australian workplaces.
Source: WGEA (2022)
Health insurance funds have led the broader divestment out of tobacco and in many cases munitions, acknowledging the hypocrisy of investing in products which threaten human health. Market Forces, an affiliate of Friends of the Earth Australia, is calling on health insurance funds to divest from fossil fuels on the grounds that they are harmful to human health. This company invested $443 million between 2008 and 2016, but has announced it will divest its international share portfolio within 12 months (from Nov 2017) and intends to do the same with domestic shares (no timeframe).
Source: Market Forces (2016)
Modern slavery disclosure is a critical step in mitigating the risk associated with modern slavery practices in companies' operations and supply chains. The quality of the disclosure signals the level of commitments and efforts that the companies have put in managing these risks. In 2021 the Monash Centre for Financial Studies analysed and ranked the disclosure quality of the modern slavery statements submitted by the 300 largest listed companies on the Australian Stock Exchange (ASX300). This company's modern slavery disclosure statement received a grade of D.
Source: Monash University (2021) |
Company Details
Type | Public company |
Revenue | 6.4 billion AUD (2014) |
Employees | 2,700 |
Contact Details
Address | Melbourne, Australia |
Phone | 134 190 |
Website | www.medibank.com.au |