Sustainability Management Framework
Accountability for our sustainability strategy starts with our Board and flows through to management and employees.
Our approach to sustainability is underpinned by our Sustainability Strategy, materiality assessments, and a range of policies and position statements.
Guiding our approach
About our sustainability management framework
Implementation of our Sustainability Strategy is driven by the Group Sustainability team, led by the Group Head of Sustainability, with oversight from the Group Executive, Customer and Corporate Relations. Progress is reviewed and discussed by Group Executives and Board on a biannual basis.
Our Sustainability Council was formed in 2008 and is sponsored by the Group Executive, Customer & Corporate Relations. It brings together senior leaders from across the Group with responsibility for managing Westpac’s sustainability agenda.
External stakeholder forums play an important role by bringing wider perspectives to inform our approach:
- The Stakeholder Advisory Council is a forum for a range of external stakeholders to provide important insights and feedback to our executives and sustainability leaders on Westpac’s approach to sustainability. It is an important mechanism that helps inform our approach on the issues that matter most to our stakeholders, both in the short and longer-term.
- The Westpac Indigenous Advisory Committee (WIAC) acts as a guiding body and provides important insights and advice to key internal leaders across Westpac Group with direct responsibility for shaping and managing Indigenous affairs, Indigenous stakeholder engagement and delivery of our Reconciliation Action Plan (RAP) commitments.
- The Vulnerable Customer Council supports customers who may be at risk and helps to avoid hardship and financial harm. The Council is supported by specialist teams with access to expertise in areas such as health and counselling to help customers in complex circumstances. Our approach is guided by our customer vulnerability action plan.
- The Safer Children Safer Communities Roundtable consists of experts in human rights, child safety, online safety, and law enforcement. Westpac Group established the Roundtable to seek its guidance on the development and delivery of the , which brings together the ‘Protecting People’ commitments, as well as the commitment to support data sharing, as set out in Westpac’s Response Plan to the AUSTRAC November 2019 Statement of Claim.
In New Zealand, oversight of our activities is provided by the WNZL Sustainability Steering Committee, comprising the Executive Team and the Chief Economist. Input is also received from an independent External Stakeholder Panel made up of leaders in the business and community sectors.
Matters regarding sustainability-related risks are managed under our Sustainability Risk Management Framework (SRMF) and within the Group’s wider risk management framework. The SRMF is reviewed every two years and approved by the Board Risk Committee.