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Media releases

Westpac relationship with WTK contrary to Oxfam report

 

30 November 2014

To the Producers of 60 Minutes,

Contrary to Oxfam’s report released in April, WTK Realty Ltd (“WTK”) is not a Westpac customer. Westpac does not have a relationship with WTK, nor do we have any investments in or with WTK. A five year banking relationship with WTK ended 14 years ago.

Westpac regards land grabbing as a very serious issue. We address this issue through our responsible lending and banking practices in the soft (agricultural) commodities sector. We have a zero tolerance for customers operating outside the law, which includes the displacements of any legitimate land holders.

Our overarching risk management framework sets out how we manage environmental, social and governance risks in all aspects of our operations, including lending and investment.

Westpac takes its position in sustainability very seriously and we regularly review and engage in continuous improvement. We were the first bank in the Australia and the Asia Pacific region to become a signatory to the Soft Commodities Compact in late 2013 and have an industry leading Agribusiness Position Statement which includes a zero tolerance for land grabbing. This Position Statement is publicly available on our website www.westpac.com.au