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, position statements and frameworks.
Guiding our approach
About our sustainability management framework
Our Sustainability Strategy is owned by the Chief Sustainability Officer. Progress on how we manage, implement and deliver on our strategy, positions, frameworks and initiatives is regularly reviewed through Board and executive-level governance forums.
The Group Environmental, Social and Governance (ESG) & Reputation Committee was established in 2021, replacing the Group Sustainability Council. It oversees the Group’s Sustainability Strategy and the wider agenda on ESG performance, meeting at least four times a year and is chaired by the Group CEO.
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 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 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 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.
- The Safer Children Safer Communities Roundtable consists of experts in human rights, child safety, online safety, and law enforcement to help guide our approach to our the . The program was developed as part of Westpac’s AUSTRAC Response Plan with the goal of creating meaningful impact on child safety and protection in Australia and the Asia Pacific region.
In New Zealand, oversight of our activities is provided by the Westpac New Zealand (WNZL) Sustainability Steering Committee, comprising of our WNZL CEO, Executive Team and the Chief Economist. Input is also received from an independent Sustainability Advisory 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.