Westpac
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OVERALL |
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Owned |
AUS |
Rating |
N/A |
Bank
Bought St George's Bank in 2008, making Westpac Australia's 2nd largest bank.
Westpac Banking Corporation | AUS | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Westpac Banking Corporation | ||||
Greenpeace's Reenergise campaign ranks Australia's biggest electricity using companies on their commitments and actions regarding renewable energy use. This company has: committed to powering their operations by 100% renewable electricity by 2030; signed at least one power purchase agreement (PPA) to buy power from a wind or solar project; invested in on-site solar.
Source: Greenpeace (2021)
In 2021, 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 (2021)
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 A.
Source: Monash University (2021)
This company received an S&P Global ESG Score of 68/100 in the Banks category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 16 Dec 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) |
Banks play a critical role in enabling and sustaining fossil fuel projects. Westpac loaned $11.6 billion to dirty fossil fuel projects between 2008 and 2016, vastly overshadowing its lending to renewable energy.
Source: Market Forces (2016)
Oxfam Australia's 2014 report, 'Banking on Shaky Ground - Australia's big four banks and land grabs', includes evidence that ANZ, Westpac, NAB and the Commonwealth Bank have backed companies that have contributed to illegal logging, forced evictions, inadequate compensation, food shortages and child labour. In PNG, Westpac is supporting a timber company that is logging pristine rainforest in defiance of an explicit finding by PNG's Commission of Inquiry into Special Agricultural Business Leases that its lease was invalid and should be revoked. Oxfma's 2016 follow-up report show that Westpac released a significant new commitment addressing some of these concerns, however Westpac
continues to issue multi-million dollar loans to companies such as Bunge and Wilmar which are linked to disturbing human rights and environmental practices. Source: Oxfam Australia (2016)
The 2018 update of the International Campaign to Abolish Nuclear Weapons' (ICAN) global report, "Don't Bank on the Bomb" showed that 329 financial institutions from around the world invested into 20 companies involved in the production, maintenance and modernization of nuclear weapons. Since 2014 this financial institution invested over US$1.2 billion into 5 of the 20 nuclear weapons producers named in the report.
Source: ICAN (2018)
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 32%.
Source: Forest 500 (2021)
The 2021 report "Banking on Climate Chaos" analyses the world's 60 largest banks and their financing of tar sands oil, Arctic oil, offshore oil and gas, LNG, coal mining, and coal-fired power between 2016 and 2020. This bank invested US$6.5 billion between 2016 and 2020, making it the world's 53rd worst fossil fuel funder.
Source: RAN (2021)
In 2021 this company entered into an enforceable undertaking with the Fair Work Ombudsman and is back-paying thousands of employees a total of $6 million. Westpac self-reported to the Fair Work Ombudsman in April 2020 that it had underpaid the long service leave entitlements of employees across Australia after identifying underpayments during an internal review. The underpayments occurred between 2014 and early 2021. Individual underpayments range from less than less than $1 to more than $75,000. In total, Westpac is back-paying more than 6,400 current and former employees $6 million, which includes interest and superannuation. The company was also ordered to make a $344,000 contrition payment.
Source: Fair Work Ombudsman (2021) |
According to the democracyforsale.net website, this company donated $22,310,439 to Australia's major political parties between 2012 and 2018, as disclosed to the Australian Electoral Commision (AEC).
Source: Democracy For Sale (2018)
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: commit to 100% renewable power.
Source: We Mean Business (2021)
This company appears on the 2021 Bloomberg Gender-Equality Index, signifying a commitment to supporting gender equality through policy development, representation, and transparency.
Source: Bloomberg (2021)
This company received a score of 64.2/100 in the Newsweek Green Rankings 2016, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
Source: Newsweek (2016)
This bank is a member of the Banking Environment Initiative, which was created in 2010 by the chief executives of some of the world's largest banks. Its stated mission is to lead the banking industry in collectively directing capital towards environmentally and socially sustainable economic development.
Source: University of Cambridge (2018)
The Equator Principles (EPs) are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to assess and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
Source: Equator Principles (2018)
Green Bonds enable capital-raising and investment for new and existing projects with environmental benefits. The Green Bond Principles are voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a Green Bond.
Source: IMCA (2018)
Between 2015 and 2018 this company paid $8.25 billion tax on a total income of $113 billion, earning the number 2 spot on Michael West's Top 40 Tax Payers 2020. West calculated which of Australia's largest companies have paid the most tax using three years of tax transparency data published by the Australian Tax Office.
Source: Michael West (2018)
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: company website (2016)
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #52/400, with a total score of 27.2/100.
Source: World Benchmarking Alliance (2022)
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. BankTrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. Follow the link to see this bank's profile.
Source: BankTrack (2018) |
Company Details
Type | Public company |
Subsidiaries | Westpac New Zealand Ltd
Bank One of New Zealand's big 4 banks. |
Contact Details
Address | Level 20, 275 Kent St, Sydney, NSW, 2000, Australia |
Website | www.westpac.com.au |