CSR in the Australian banking sector – Westpac

Westpac has released its sixth non-financial Stakeholder Impact Report, available at www.westpac.com.au/corporateresponsibility.

The 2006 report is based on the ‘G3’ GRI guidelines, and sets out Westpac’s extended performance in building human, social and environmental capital. It also includes contributions from a number of thought leaders, suppliers and community advocates.

In the past year, Westpac has:
point Committed to the revised Equator Principles – the only Australian bank to do so;
point Launched two new ‘green’ products: the EcoNomical Home Loan and the Westpac Landcare Term Deposit account;
Continued to reduce greenhouse gas emissions –cutting emissions by over 45% since 1996;
point Contributed a total of AU$47m to the community, 1.4% of pre-tax profits; and
point Celebrated 30 years of partnership with Surf Life Saving Queensland.

The report again emphases the links between sustainability and shareholder value, with Westpac CEO, Dr David Morgan, stating that managing social, environmental and workplace performance, along with stakeholder relationships and other intangibles, is fundamentally linked to long-term shareholder value.

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