This company profile is not publicly available
Bought St George's Bank in 2008, making Westpac Australia's 2nd largest bank.
|Westpac Banking Corporation||AUS||website|
|Westpac Banking Corporation|
This company received an S&P Global ESG Score of 83/100 in the Banks category of the 2019 SAM Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. 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 2019][More on Sustainability Reporting]
In 2019, 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 2019][More on Climate Change]
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]
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 2016][More on Sustainability Reporting]
The 2020 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. Of the 427 companies in its peer group, this company ranked #14.
[Source 2020][More on Sustainability Reporting]
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 2016][More on Climate Change]
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$815 million and received a D grade for its policies.
[Source 2018][More on Climate Change]
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 2016][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$1.2 billion into 5 of the 20 nuclear weapons producers named in the report.
[Source 2018][More on Nuclear]
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 2018][More on Politics]
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; put a price on carbon; responsible corporate engagement in climate policy; remove commodity-driven deforestation from all supply chains by 2020.
[Source 2017][More on Climate Change]
This company appears on the 2020 Bloomberg Gender-Equality Index, signifying a commitment to supporting gender equality through policy development, representation, and transparency.
[Source 2020][More on Human Rights]
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 2019][More on Workers Rights]
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 2018][More on Governance]
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 2018][More on Multi-Stakeholder Initiatives]
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 2018][More on Finance]
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, soy, beef, leather, timber and paper). This financial institution received a score of 52%.
[Source 2019][More on Forests]
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 2016][More on Human Rights]
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.
|Company Structure||Public company|
|Address||Level 20, 275 Kent St, Sydney, NSW, 2000, Australia|