IT'S ABOUT ALL OF US - 2018-2020 Sustainability Strategy - Westpac
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IT’S ABOUT ALL OF US 2018-2020 Sustainability Strategy
2018-2020
Sustainability Strategy Financial Confidence Support Prosperous Nation Culture Fundamentals / 2
WHY DO WE
We believe that as one of Australia’s largest 15 years ago we set out our first
companies we have a strong role to play in sustainability strategy outlining our position
NEED A
helping to create positive social, economic on the responsibility of business, with the
and environmental impact, for the benefit commitment that every generation should
SUSTAINABILITY
of all. live better than the last.
It was 30 years ago that the UN published Since then a lot has changed and, for many
STRATEGY? Our Common Future, otherwise known
as the Brundtland Report, which defined
people, the future can feel challenging.
Our 2018-2020 Sustainability Strategy builds
sustainability as ‘development that
on extensive consultation and an analysis of
meets the needs of the present without
the current and emerging issues that matter
compromising the ability of future
most to our stakeholders.
generations to meet their own needs’.
2018-2020
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IT’S ABOUT Now is a time of great change, for our
customers, communities and employees.
We’re committed to putting service at the
heart of everything we do and helping our
ALL OF US We know many people are anxious about
the future – for themselves, for their families
customers achieve what’s important to them,
at every stage of their life, in both the good
and the difficult times.
and for future generations. Some people
are prospering, while others are feeling It’s about making decisions today for
left behind. tomorrow, to navigate change and adapt.
As Australia’s first company and first bank It’s about creating new possibilities
to achieve 200 years in business, we’ve to create a brighter future.
experienced both growth and set-backs
and learned to adapt along the way. Our It’s about all of us – and together
vision is to be one of the world’s great we can make a difference.
service companies, helping our customers,
communities and people to prosper
and grow.
2018-2020
Sustainability Strategy Financial Confidence Support Prosperous Nation Culture Fundamentals / 4
OUR
We imagine a world where everyone
is included, and where no one gets
VISION FOR
left behind.
Where people can afford a home and have
TOMORROW access to meaningful work, world-class
education and healthcare.
Where Australia and its region continues
to thrive over the next century.
We have a vision for the world where the
United Nations Sustainable Development Goals
have been realised by 2030, and carbon
emissions have reached net zero.
2018-2020
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OUR SHARED FUTURE We believe we can create sustainable, long-term value
for our customers, our communities and nation by:
1 2 3
Helping people Helping people by Helping people create
make better being there when it a prosperous nation
financial decisions matters most to them
Culture Fundamentals
At the heart of all that we do is our commitment to do the right thing by
the customers and communities we serve, helping them through moments
of change, and building a culture that’s caring, inclusive and innovative.2018-2020
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HELPING PEOPLE MAKE
BETTER FINANCIAL DECISIONS
We believe in creating a One way we’ll do this is by helping more
people make better financial decisions, every day,
fairer, more inclusive and
by creating services that help our customers:
confident society by helping
people understand money. • Budget and track their money;
• Understand ways to get ahead; and
We help customers track • Make the most of product features
and grow their wealth so to meet their needs.
they will feel more confident
We will know that we’re getting this right when
with financial decisions no our customers tell us they have the right products for
matter their situation. them and feel in control of their financial decisions.
ALIGNMENT TO THE
SUSTAINABLE DEVELOPMENT GOALS2018-2020
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HOW WE WILL ACHIEVE THIS
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Help more people Deliver services that help customers make • Continued innovation to support • Product,
better understand better financial decisions including: customers make better financial decisions Consumer Bank
their financial • Budget and track their money; (e.g. new enhanced capabilities delivered).
• Marketing,
position, improving
• Understand ways to get ahead; and • At least one in four customers to be Product and
their financial
confidence contacted each year, to support better Transformation,
• Make the most of product features to meet financial decisions (this includes customer WNZL
their needs. contact programs for on-boarding
This will be demonstrated by developing and enhancing and product usage such as savings
product features and services to increase financial opportunities or credit card reminders).
awareness and informed decision making, such as:
• Westpac Life, Westpac Bump, and CashNav
(Westpac NZ) – helping customers track their money;
• Westpac Lite and SmartPlan – helping credit
customers get ahead; and
• Product terms and fee simplification activities, and
on-boarding and engagement programs – helping
customers make the most of product features
to meet their needs.
Financial health checks and financial wellbeing • Financial health check programs • Superannuation,
assessments for employees and customers, building on in place for customers. BT
the range of programs we already have in place such
• Continued improvement in the financial • HR Shared
as the BT Wealth Review, the customer needs review,
wellbeing of our employees, as monitored Services
the NZ Value Me program and our employee financial
wellbeing index. by the BT Financial Wellbeing Index.
• Marketing
Product and
Transformation,
WNZL2018-2020
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HOW WE WILL ACHIEVE THIS CONT.
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Help more people Deliver programs to improve financial capability: • At least 100,000 customers • Marketing
better understand • Managing Your Money (WNZL), Davidson Institute participating in financial capability
• Asia Pacific
their financial and other programs delivered by our people for our programs in Australia, New Zealand
position, improving and Asia Pacific, feeling more
customers and communities (including Indigenous
their financial confident about their money.
communities); and
confidence
• Choice Wantok program helping to bank
the unbanked in PNG.
Deliver enhanced financial communication: • Communication channels reaching • Corporate Affairs
• Westpac Wire – Money Matters; and more Australians, enhancing their & Sustainability
financial understanding.
• Reaching young Australians through Year 13 and • Marketing
The Cusp, older Australians through Starts at 60,
and female customers through Ruby Connection.
Deliver insights to business customers to support • More than half our business • Commercial
business performance and strengthening our customer customers receiving personalised Business Bank,
understanding and relationships. cash management reports. Westpac
• SME Banking2018-2020
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HELPING PEOPLE BY BEING THERE
WHEN IT MATTERS MOST TO THEM
We understand that life has its One way we’ll do this is by helping people
beyond what’s expected during difficult times.
tough moments, and vulnerability
is something that can affect anyone We will know that we’re helping when our
at any time. customers stay with us during these times and
they tell us that we made a personal difference
We want to be by our customers' to their lives – because what matters to our
side and help more people as they customers matters to us.
go through major life events, such
as the death of a loved one, divorce
or illness, or loss of a job. We want
to support our customers and their ALIGNMENT TO THE
families and help them recover as SUSTAINABLE DEVELOPMENT GOALS
quickly as possible.
And with our insights and tools,
we can help customers avoid
emerging risks too.2018-2020
Sustainability Strategy Financial Confidence Support Prosperous Nation Culture Fundamentals / 10
HOW WE WILL ACHIEVE THIS
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Help people • Customers can access help when they need it • Of those customers who have recovered • Operations,
recover from and receive more targeted support to recover. from hardship, reduce the proportion that Property &
financial hardship return to hardship within three months, Commercial
• We will invest in better understanding
and within 12 months. Services
our employees and customers at risk.
• We will assess our own data and establish financial
insights to identify groups of customers who need
help, and better understand how we can support
our customers to remain out of hardship.
Help people lift Customers and employees can access support when • Re-design customer experiences aligned • Marketing
out of a difficult significant changes in their lives occur, such as divorce, to pivotal life events through improvements
time and recover the death of someone close and loss of income in services, products and banker capability.
stronger – working through the steps they need to take and
important things to consider.
Business customers can access support in preparing • Increase the number of businesses • Commercial,
for a significant change and operating during new supported through a transition, such as Business Bank,
circumstances or difficult times; and in reducing risks family succession, and generational change. Westpac
for the future.
• SME Banking2018-2020
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HOW WE WILL ACHIEVE THIS CONT.
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Help people lift People in regional communities recovering from • Communities receiving support • Corporate Affairs
out of a difficult a natural disaster (with the support of disaster relief to recover from difficult times reporting & Sustainability
time and recover packages and recovery grants), or doing it tough that they are more resilient.
• Operations,
stronger following major changes in the local economy
Property
(such as a major industry or employer shutting down)
& Commercial
are able to access grants and special relief packages.
Services
• Marketing
Helping our Some of our customers are more vulnerable, or have • Initiatives implemented to improve • St.George Retail,
most vulnerable specific circumstances that require us to place a greater the financial wellbeing of our most Consumer Bank
customers focus on creating access to our services, in line with vulnerable customers.
• Product,
our commitment to inclusion.
• Improved wellbeing and increased Consumer Bank
This includes: participation of our most vulnerable
• Product,
customers (by impact assessment).
• Dementia-friendly banking; Business Bank
• Helping Indigenous Australians towards owning their
own home and saving for funeral expenses; and
• Tackling financial abuse – stemming from elder-abuse,
family violence and other forms of abuse.2018-2020
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HELPING PEOPLE CREATE
A PROSPEROUS NATION
Our world is changing at an One way we’ll do this is by backing the people,
businesses and ideas that have the potential
unprecedented rate, affecting
to shape the future of Australia. We will know
how we all live and work. that we’re making a difference when:
New technologies and climate • Scholars have been backed as researchers
change have wide implications and leaders;
on economies, housing, business • Jobs have been created for vulnerable Australians;
models, energy sources and jobs. • Australians have been supported to create
stronger communities;
We believe in backing innovation, • Microbusinesses have been established
and making a meaningful and are growing;
difference to the lives of others. • Fintech businesses have received
We want to help more people gain investment support; and
the skills that will be needed in • Businesses have been helped to grow as leaders
the future, and accelerate how of Australia’s knowledge and service economy.
we identify and solve the biggest
issues impacting Australia and
the world.
ALIGNMENT TO THE SUSTAINABLE DEVELOPMENT GOALS2018-2020
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HOW WE WILL ACHIEVE THIS
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Build the workforce Employees can access learning opportunities • Delivery of Divisional Capability Plans • Enterprise HR
of the future to help them stay relevant and ahead of the market, to support employees accessing training Strategy
in a rapidly changing workforce. and new opportunities to support reskilling. & Services
Invest $50 million Deliver programs that back Australians, including: • Invest $50 million by 2020, to back the • Corporate Affairs
by 2020, to back people with the ideas and drive to shape & Sustainability
• Westpac Bicentennial Foundation: every year 100
the people and Australia, including:
of the brightest minds who have the potential • Marketing
ideas shaping
to shape Australia receive a scholarship to realise • A community of more than
Australia • Business
their vision; 300 scholars funded;
Development
• Businesses of Tomorrow: backing a further 200 • 15 community partners backed to create
outstanding businesses to access mentoring 2,000 jobs for vulnerable Australians;
and advice to take their business to the next level,
• 50,000 Australians supported by 300
and grow Australia’s service and knowledge economy;
community grants;
• Kick Start Grants: St.George Business Bank
• 2,000 microenterprises
backing emerging businesses with great ideas;
established/growing;
• Westpac Foundation – Social Scale-up Grants:
• 30 fintechs with investment support; and
backing social enterprises that are scaling up
employment opportunities for vulnerable Australians; • 200 emerging businesses supported
and growing.
• Westpac Foundation – Community Grants:
supporting local community organisations
to create opportunities for people in need; and
• Reinventure: a fund established by Westpac
to uncover and scale early fintech businesses.2018-2020
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HOW WE WILL ACHIEVE THIS CONT.
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Back the growth Provide support and finance to those businesses • $10 billion to climate change solutions • Corporate
of climate change creating climate change solutions. by 2020, and $25 billion by 2030. & Institutional
solutions Banking
• $3 billion in facilitation in climate change
solutions by 2020.
Back the growth Provide support and finance, and create innovative • $2.5 billion to affordable housing solutions • Corporate &
of housing partnerships with industry, the social sector and by 2020. Institutional
affordability government, to create more affordable long-term Banking
solutions housing options.
Bring together Bring together institutional and business customers, • Six forums hosted, bringing us closer • Corporate Affairs
partners and suppliers and scholars, along with our internal experts, to customers and partners, working & Sustainability
harness our including ‘data for social good’ capabilities, on shared problems.
• Asia Pacific
capacity to tackle to collaborate on those issues that matter most.
• Six purposeful, innovative partnerships
those pressing For example, this might include: • Global
social issues that and projects.
Transactional
matter most to • Emerging business models such as the circular
Services
our nation economy;
• Secure housing;
• Future of work; and
• Individual financial uncertainty.2018-2020
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A CULTURE OF DOING THE
RIGHT THING
We have a culture of care, inclusiveness and high integrity ALIGNMENT TO THE
SUSTAINABLE DEVELOPMENT GOALS
– where it’s expected that all our people demonstrate the
values of our company and speak up if something isn’t right.
We believe in doing the right thing by our customers,
communities and people – grounded in transparency
and responsiveness to the concerns of our customers
and the wider community.2018-2020
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HOW WE WILL ACHIEVE THIS
Goals and Measures
GOALS INITIATIVES 2020 MEASURES WHO
Promote an Every employee feels valued, they can contribute • Maintan global high performance norm • HR Shared
inclusive society, and it’s safe to speak up – guided by the behaviours on employee engagement. Services
where our we define in Our Compass comprising our Code
workforce reflects • Maintain 50% Women in Leadership. • Enterprise HR
of Conduct, Values and Our Service Promise, and
our customers, Strategy
developed through employee training programs, • Maintain gender pay equity, on a like-for-like
and where more & Services
and supported by our Motivate performance system. role basis.
people feel it’s safe • Reward,
to speak up • Maintain Indigenous employment parity.
Performance
& Employee
Relations
Increase in Customers can access a range of channels • Continue to increase the proportion • Marketing
channels where to provide feedback, including: of customers we gain feedback from,
• Corporate Affairs
customers can • Customer Advocate; year on year.
& Sustainability
provide feedback,
and speed up • Customer Councils; and
time to resolve • Delivery of the ‘Resonate Program’ to address
complaints or specific pain points.
issues
Deliver initiatives to support resolving • Reduce average length of time from first • Marketing
customer issues. contact to resolution, with supporting metrics
• Operations,
including:
Property
• Continue to increase the proportion & Commercial
of complaints resolved within five days, Services
year on year; and
• Continue to achieve a reduction
in complaints, year on year.2018-2020
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FUNDAMENTALS
We are also committed to continuing to lead on
the fundamentals: the policies, action plans and
frameworks, continuing to report on additional
metrics that are expected of a bank committed
to sustainable business practices.
HOW WE WILL ACHIEVE THIS
Goals and Measures
THEME POSITIONS AND POLICIES MEASURES (In addition to those set out
WHO
under the strategic pillars)
Employees People Strategy • Lost Time Injury Frequency Rate/ • HR Shared
Health, Safety and Wellbeing Strategy Total Recordable Injury Frequency Rate. Services
Inclusion and Diversity Strategy
Reconciliation Action Plan
Human Rights Human Rights Position Statement and Action Plan • Benchmark performance by surveys • Corporate Affairs
and external stakeholder feedback. & Sustainability
Sustainable Climate Change Position Statement and Action Plan • BTFG portfolio carbon intensity. • Corporate
Lending and & Institutional
• Aim to reduce the emissions intensity
Investment Banking
of our power generation portfolio
to 0.30 tCO2e/MWh by 2020. • Operations, BT2018-2020
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HOW WE WILL ACHIEVE THIS CONT.
Goals and Measures
THEME POSITIONS AND POLICIES MEASURES (In addition to those set out
WHO
under the strategic pillars)
Environment Climate Change Position Statement and Action • Eco-efficiency targets, against FY16 baseline: • Operations,
Plan – reflecting our commitment to Science-Based Property
• 9% reduction in Greenhouse Gas Emissions
Targets Environmental Policy & Commercial
by 2020;
Services
• 34% reduction in Greenhouse Gas Emissions
by 2030;
• Introduce a renewable energy target;
• 80% diversion of waste from landfill
in commercial workplaces by 2020;
• 15% reduction in water usage
in commercial workplaces by 2020;
• 40% reduction in paper used by 2020; and
• Maintain carbon neutrality.
Responsible Responsible Sourcing Code of Conduct • Responsible sourcing assessments. • Operations,
Sourcing Property
Supplier Inclusion and Diversity Policy • Spend with diverse suppliers, including
& Commercial
$10 million spend with Indigenous suppliers
Reconciliation Action Plan Services
by 2020.
Community Community at Westpac • Community investment more than • Corporate Affairs
& Social Impact 1% of pre-tax profits. & Sustainability
Social Impact Framework
• More than 15% of employees accessing
Financial Inclusion Action Plan
workplace volunteering program (including
volunteering leave, and skilled volunteering
programs) by 2020.WHY? BECAUSE IT'S ABOUT ALL OF US. AND TOGETHER WE CAN MAKE A DIFFERENCE WANT TO KNOW MORE? Email sustainability@westpac.com.au or go to www.westpac.com.au/sustainability
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