This company profile is not publicly available
Banking and financial services
Began operations in Australia in 1999. Today, ING Direct is Australia's fifth largest mortgage lender with $38 billion in mortgages and $26 billion in deposits. Over 1.4 million customers in Australia.
|ING Bank (Australia) Pty Ltd||AUS||website|
| ING Group
owns 100% of ING Bank (Australia) Pty Ltd
|ING Bank (Australia) Pty Ltd|
Banks play a critical role in enabling and sustaining fossil fuel projects. This bank loaned $857 million to dirty fossil fuel projects between 2008 and 2016.
[Source 2016][More on Climate Change]
Between 2013 and 2016 this company's Sydney office paid $4.7 million tax on a total income of $6.3 billion, earning the number 29 spot on Michael West's Top 40 Tax Dodgers [retrieved Aug 2018]. West calculated which of Australia's largest companies have paid the least tax, or no tax, on the highest incomes using three years of tax transparency data published by the Australian Tax Office.
[Source 2018][More on Finance]
In 2018, 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 A.
[Source 2018][More on Climate Change]
The Forest 500 identifies, ranks, and tracks the governments, companies and financial institutions worldwide that together could virtually eradicate tropical deforestation. Rankings are based on their public policies and commitments and potential impacts on tropical forests in the context of forest risk commodities (palm oil, soya, beef, leather, timber, and pulp and paper). This financial institution received a score of 4/5.
[Source 2017][More on Forests]
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 2018][More on Governance]
The Global 100 Most Sustainable Corporations in the World list is an extensive data-driven corporate sustainability assessment. The ranked companies are leaders in the field of a sustainable business approach. The efficiency of a company's energy, water, CO2 and waste management is measured in relation to its total sales volume. The disclosure of that information is a pre-condition for the assessment. This company ranked #45 in the 2016 Global 100.
[Source 2016][More on Sustainability Reporting]
This company received a score of 66.2/100 in the Newsweek Green Ranking 2017, 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 2017][More on Sustainability Reporting]
The 2018 report "Banking on Climate Change" analyses 36 banks and their financing of tar sands oil, Arctic oil, ultra-deepwater oil, LNG, coal mining, and coal-fired power between 2015 and 2017. This bank invested over US$3.4 billion and received a C grade for its policies.
[Source 2018][More on Climate Change]
In 2015 the Fair Finance Guide ranked the top financiers of selected fossil fuels companies (loans & underwriting) and compared it to their financing of renewable energy. This bank appeared 18th in the list of top 25 fossil fuel funders, after providing US$22.4 billion for fossil fuels and only US$2.6 billion for renewable energy between 2009 and 2014.
[Source 2015][More on Climate Change]
This document from BankSecrets.org outlines a number of harmful investments made by this bank between 2005 and 2009, including investments in petrol companies operating in Sudan and Burma, a major weapons producer, and a controversial hydropower project in Chile.
[Source 2009][More on Human Rights]
This company appeared sixth on RepRisk's top ten "most environmentally and socially controversial companies of 2012". Companies on the list were severely criticised during 2012 by the world's media, governments and NGOs. Criticisms of ING include money laundering, investing in weapons manufacturers, alleged involvement in illicit transactions linked to drug trafficking, terrorism, and sanctioned countries, which led to a record settlement with US authorities for related violations.
[Source 2013][More on Human Rights]
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$895 million into 2 of the 20 nuclear weapons producers named in the report.
[Source 2018][More on Nuclear]
Fair Finance Guide International's 2015 report about transparency and accountability in the Financial Sector assessed and scored banks on four key aspects: publication of policies and risk management; disclosure of investments; reporting on engagement with companies and voting behaviour; and stakeholder dialogue. The report also scored those banks on their transparency on tax-related issues, including the extent to which they provided detailed, country-by-country information on key indicators on transparency and tax. The report places assessed banks in three categories: leaders, followers and laggards. This bank scored 3.9/10 (Laggard) on the Transparency and Accountability theme, and 2.3/10 (Laggard) on the Taxes and Corruption theme.
[Source 2015][More on Governance]
In June 2012 ING received the largest fine ever assessed against a financial institution for violating US sanctions on Cuba and Iran. ING agreed to pay $US619 million to the US government for secretly moving more than $US2 billion through US financial institutions in 20,000 transactions from the early 1990s to 2007, all in violation of sanctions on Cuba and Iran, according to the US Justice Department.
[Source 2012][More on Governance]
This bank appeared at #18 in a list of banks backing expansion in the tar sands. They have loaned US$119 million to companies operating in the Canadian tar sands since 2007, according to Bloomberg. Extracting oil from tar sands produces between 3 and 5 times the greenhouse gas pollution of conventional oil production, pollutes water, destroys forests, and uses huge amounts of energy to process. [Listed under Information due to age of report]
[Source 2010][More on Habitats]
Nuclear power is a controversial, dangerous, and expensive form of energy generation. In the years 2000-2009 this company provided more than 1 billion euros of nuclear funding.
[Source 2009][More on Nuclear]
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: adopt a science-based emissions reduction target; commit to 100% renewable power.
[Source 2017][More on Climate Change]
This company was included in Bloomberg's 2019 Gender-Equality Index, a list of 230 companies committed to transparency in gender reporting and advancing women's equality in the workplace.
[Source 2019][More on Human Rights]
This company is a member of the Circular Economy 100 (CE100) Network, a multi-stakeholder platform run by the Ellen MacArthur Foundation. The CE100 is the world's leading circular economy network, and facilitates market making by providing collaborative and pre-competitive opportunities which bring together business, innovators, cities and governments, universities, and thought leaders.
[Source 2019][More on Multi-Stakeholder Initiatives]
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.
This company is listed on the Facing Finance website as a financial institution which invests in companies that manufacture weapons or profit from violations of human rights, pollution, corruption, or international law. Follow link for further details.
|Company Structure||Wholly-owned subsidiary|