Better tomorrow
Listening to our stakeholders
Our approach
We seek to stay on top of emerging trends and sensitive issues through effective and regular dialogue with stakeholders. These conversations feed directly into the ongoing development of our business practices.
We are also an active participant in a number of other forums, including:
- Equator Principles (Founding signatory)
- Global Reporting Initiative
- Society for Knowledge Economics
- UN Global Compact (Founding signatory) (UNGC)
- Caux Round Table
For examples of key issues raised during 2011, read our 2011 Westpac Group Annual Review and Sustainability Report.
Stakeholder engagement framework
Our formal stakeholder engagement framework includes internal working groups for social and environmental performance, Indigenous development, disability and accessibility, employees and suppliers.
Who’s involved?
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The Board Sustainability Committee reviews the social and ethical impacts of our policies and practices and oversees initiatives to enhance our sustainable business practices.
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The CEO and Executive team have explicit accountability for sustainability performance, reflected in personal and divisional scorecards.
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Westpac Group Sustainability Council has explicit authority for strategy development and accountability for implementation. The membership consists of General Managers representing each of the divisions of the Group.
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Our employees also have responsibility for delivering on our commitments. We feel it's the people dealing with issues on a day to day basis who are best positioned to understand the risks and develop innovative solutions.
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Beneath this structure are a number of additional forums to manage specific elements of our sustainability activities. These include Environmental Steering Groups to oversee our footprint program, as well as Carbon and Water Sub-Committees in our institutional and agribusiness divisions and our Indigenous Working Group.
Engagement protocols for Sustainability ratings
The Group has developed an ‘Engagement Protocol for Corporate Responsibility and Sustainability Ratings’. The Protocol has been developed to ensure the independence, integrity and transparency of corporate responsibility and sustainability ratings of the Group’s performance. The Protocol sets out:
- The basis on which Westpac participates in such ratings; and
- What is expected from rating agencies in seeking to ensure the integrity, credibility and independence of the ratings.
The Protocol applies to the Group’s dealings with Rating Agencies who benchmark the Group’s non-financial performance based on corporate governance, workplace, reputation, social and environmental criteria.
Download the Engagement Protocol (PDF 69kb)
Things you should know
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