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, position statements 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 embed 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 objectives outlined in our Sustainability Strategy. Westpac’s Chief Sustainability Officer is responsible for developing and maintaining Westpac’s Sustainability Strategy and sustainability positions. The Chief Sustainability Officer reports directly to Westpac’s Chief Executive Officer, with progress on how we manage, implement and deliver on our strategy, positions, frameworks and initiatives regularly reviewed through Board and executive-level governance forums. Several internal forums, as well as our external stakeholder engagement, support the Chief Sustainability Officer and relevant senior executives in making decisions on sustainability-related matters.
External stakeholder engagement plays an important role by bringing wider perspectives to inform our approach. We seek to engage with our stakeholders through active listening and our materiality assessment process.
We also have a number of forums to support this, including:
- 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.
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 annually and is supported by a number of key Group-wide and divisional policies and procedures.
Policies, positions and action plans
Commitments and partnerships
Performance reporting