Sustainability Management Framework
Accountability for our Sustainability Strategy starts with our Board and flows through to management and employees.
Our Framework
Our approach to sustainability is underpinned by our Sustainability Strategy, materiality assessments and a range of policies, positions and frameworks.
For more information on our sustainability governance, refer to our Annual Report.
Guiding our approach
Managing risk
Driving action
- Sustainability Strategy
- Inclusion and Diversity
- Divisional and business unit strategies
- Our performance on climate change, natural capital and human rights
About our sustainability management framework
At Westpac, we seek to integrate sustainability into our operations, risk management frameworks and stakeholder engagement processes. Our sustainability management framework supports this by outlining how we consider sustainability matters and seek to deliver on our Sustainability Strategy.
The Chief Sustainability Officer (CSO) is responsible for developing and maintaining Westpac’s Sustainability Strategy and sustainability positions. The CSO reports directly to Westpac’s Chief Executive Officer, working with cross-functional teams to help implement sustainability initiatives and help ensure alignment with strategic goals. Progress is regularly reviewed at Board and executive governance forums. Internal and external engagements help support decision-making on sustainability-related matters.
Engaging with our stakeholders plays an important role by bringing wider perspectives to inform our approach. Our engagement is facilitated through active listening and dialogue at various forums and through our materiality assessment process
These forums include:
- The Westpac Indigenous Advisory Committee (WIAC), which acts as a guiding body and provides insights and advice to Westpac leaders who hold direct responsibility for shaping and managing Indigenous affairs, Indigenous stakeholder engagement and delivery of our Reconciliation Action Plan (RAP) commitments.
- The Customer Council, which is a forum for consumer advocates and community leaders to share emerging trends and identify opportunities to improve outcomes for customers experiencing vulnerability. These insights help inform our customer support offerings.
Sustainability-related risks are managed under our Sustainability Risk Management Framework (SRMF), which is part of the Group’s wider risk management framework. The SRMF is reviewed annually and is supported by various policies and procedures.
Related reading
- Sustainability reporting - We seek to report regularly to help stakeholders compare our relative performance over time.
- Our positions and action plans - Our positions and material topics guide our response to the risks, issues and opportunities that are important to our stakeholders.
- Corporate governance - Corporate governance is the framework of systems, policies and processes by which we operate, make decisions and hold people to account.
- Commitments and partnerships - Through global and regional commitments and partnerships we collaborate with other leaders as we seek to create positive change.