Borrow
Can you guess Australia’s most sustainable bank?
Despite a number of recent legal dramas, one of Australia’s big four banks has nabbed the top spot as Australia’s most sustainable bank for 2019.
Can you guess Australia’s most sustainable bank?
Despite a number of recent legal dramas, one of Australia’s big four banks has nabbed the top spot as Australia’s most sustainable bank for 2019.
Westpac Group has announced it has regained the Australian number one ranking in the 2019 Dow Jones Sustainability Indices.
It comes after tumultuous couple of years for the group, which most recently was put on notice for a class action alleging its superannuation subsidiaries were not acting in members’ best interests.
The bank has also had to fend off ASIC allegations in court that alleged it had breached responsible lending provisions, and has been hit with fines from APRA for failing to meet legal obligations on the reporting of data.
The group’s CEO, Brian Hartzer, said it’s an honour to see the group’s sustainable business practices recognised in such a leading global benchmark.
“To be named Australia’s most sustainable bank is reflective of the priorities we have set ourselves to be better and do better,” he said.
According to the CEO, “it demonstrates to our customers and communities that we are serious in our actions to help create a more sustainable future, something that is a great source of pride for our people”.
Globally, the Westpac Group was ranked the ninth most sustainable bank.
S&P Dow Jones Indices and RobecoSAM undertake the ranking process each year, which is a global evaluation of how companies manage and perform across social, economic and environmental dimensions.
The assessment looks at areas including climate strategy, environmental reporting, social reporting, financial inclusion, corporate citizenship and philanthropy as well as corporate governance, risk management, customer relations, brand management, human resources and corporate community investment.
Providing examples of how the group achieved Australia’s number one spot, Mr Hartzer highlighted that “over the past year, we’ve increased our lending to climate change solutions to over $10 billion and launched our world-first certified Green Tailored Deposit – an innovative solution for customers seeking an independently certified green investment product”.
“We’ve also committed to source 100 per cent of our global electricity consumption from renewable sources by 2025.”
The CEO said the group had “continued to align ourselves with the Paris Agreement and the UN Sustainable Development Goals, and report against the recommendations of the Taskforce on Climate-related Disclosures (TCFD)”.
“Over the last 12 months, we have also activated a Customer Vulnerability Action Plan, which has included priority care teams to assist our vulnerable customers affected by circumstances such as dementia, financial abuse, problem gambling and family violence,” he continued.
As a result, the group now has “more than 20,000 employees who have been professionally trained around vulnerability to help our customers where they need it most”.
Nest egg readers also ponder on new bank Australia.
About the author
About the author
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more
Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure ...Read more
Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. Read more
Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. Read more
Banking
Global banknote study reveals gender disparity: Only 7.54% depict women
A recent study by TradersBest has uncovered a significant gender disparity on the world's banknotes, with findings indicating that out of 716 individuals featured across 115 countries, only 54 are ...Read more
Banking
JPMorgan Chase leads the global banking sector in AI adoption, outpacing rivals
A recent study indicated that JPMorgan Chase has positioned itself as the leading force among financial institutions embracing artificial intelligence (AI) for enhancing customer satisfaction and ...Read more
Banking
Exact Payments acknowledged as a leading payments ISV by the Electronic Transactions Association
The Electronic Transactions Association (ETA), a prominent advocacy and trade association for the payments industry, has recognized Exact Payments as one of the Top 10 Payments Independent Software ...Read more
Banking
The future of digital banking in Australia: Trends and implications for investors
As technology continues to reshape our lives, its influence on the financial sector is particularly transformative. One sector at the epicentre of this change is banking. Read more
Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. Read more
Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure ...Read more
Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. Read more
Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. Read more