For almost 200 years, one enduring principle has always guided Westpac Group as it has grown and adapted with the Australian nation: the Bank can only do well if its customers and communities do well.
This principle is at the heart of Westpac’s approach to operating sustainably and is evident in its most recent Sustainability Performance Report for the 2016 financial year, released on 9 November 2016.
The report provides insights into Westpac Group’s sustainability performance across a series of social, environmental and economic performance indicators and an analysis of the Group’s response to material issues.
2016 sustainability performance highlights
Achievements aligned with the three priority areas of Westpac Group's Sustainability Strategy include:
Embracing societal change
- Leadership roles held by women increased from 46% in 2015 to 48% in 2016
- Percentage of employees working flexibly increased from 63% in 2014 to 74% in 2016
- Employees who self-identify as Indigenous Australian increased to more than 4%
- Introduced new parental lending procedure to recognise customers' paid parental leave and return to work income in their home lending borrowing capacity
Environmental solutions
- Raised $500 million through Westpac Climate Bond issue
- Increased the proportion of renewable energy financing from 45% to 59% in total electricity generation portfolio, since 2011
- Delivered the first Green Star rated bank branch, achieving the highest possible rating of Six Stars
- Undertook scenario analysis to understand the longer term impacts of limiting global warning to below two degrees Celsius above pre-industrial levels
Better financial futures
- Increased lending to the social and housing sector to $1.05 billion
- Announced a further $2.25 million in funding to help establish or expand new businesses with microfinance
- Achieved 100 years of time shared by employees on secondment in Indigenous Australian community organisations
Twitter and Instagram: @WestpacSustain
For almost 200 years, one enduring principle has always guided Westpac Group as it has grown and adapted with the Australian nation: the Bank can only do well if its customers and communities do well.