OPPORTUNITY INITIATIVES - COMMBANK
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Opportunity Initiatives Driving positive change through education, community and good business practice.
Driving
positive
change
In 2016 we launched Opportunity prepare the workforce of the
Initiatives, bringing our corporate future. We focus on community
responsibility strategy to life and because we fundamentally
setting out our plans and long believe we have a responsibility to
term targets on issues important invest in improving the wellbeing
to our stakeholders and to us. of people, business and society.
Good business practice enables
Twelve months on we have
us to make transparent and
evolved our plan to focus
balanced business decisions that
on seven initiatives under
support positive social, economic
the pillars of education,
and environmental outcomes.
community and good
business practice. We remain committed to using
our initiatives as a way to drive
Through our investment in
long term sustainable value
education we can help people
and positive change for all our
acquire the skills our economy
stakeholders.
and society need and help
Education Through our investment in education we help people acquire the skills our economy and society need and help prepare the workforce of the future. $18m+ will be invested in education in 2018
Teach people the value
# 1
of money
Through our financial education programs we help
build money management capabilities and long-
term financial wellbeing.
Our goals
Start Smart Virtual
Reality – ‘The
346,000 More than
550,000 Teleporter Adventures’
students will participate
in School Banking students to enrol in Australia’s National
with annual average of Start Smart in 2018 Financial Literacy Strategy
54% saving regularly (3.1 million since 2009). details the importance of
(3 times per quarter) parents’ involvement in
their children’s learning
in FY18.
about money. Research
indicates that most children
form money habits by the
10,000
Trial new financial time they are seven years
education old, but only about one
approaches with Indigenous students in six parents discuss
finances with their kids.
5,000 to complete financial
education program We undertook a two-month
students as part of the with AIME by the end trial with around 1,500
next generation Start of 2020. primary school students
Smart in 2018. to determine whether
virtual reality technology,
combined with a storybook,
would encourage parent-
Build on child discussions on
2,500 financial topics.
The Start Smart pilot
Indonesian women
empowered through focused on teaching the
WISE financial literacy difference between needs
program in 2018. and wants. Feedback found
that 93% of kids that didn’t
know the difference
before the trial, did after
completing the experience.
Help prepare the workforce
# 2
of the future
By recognising and supporting educators, providing
access to education, and supporting research
innovation we are helping prepare the workforce of
the future.
Our goals
Teaching Fellow: Sarah
48 Australian Teaching
and Learning Toolkit
Matthews
In 2008, Dr Sarah Mathews
Commonwealth Bank will be used by
took a big risk, leaving
Teaching Fellows will
be awarded by the end 10,000 behind her 17-year career
as a scientist to become
of 2020. teachers in 2018.
a high school maths and
science teacher at Brisbane
Bayside State College.
Through her analysis of
NAPLAN trends, Sarah
$2.5m Launch a coordinated
action plan to
observed that many
students had limited
to be invested in cyber support STEM numeracy ability. This led
security education education within the her to develop a numeracy
for students by the end community by 2020. committee that introduced
of 2020. the evidence-based
practice of ‘numeracy
moments’ – a program that
enriches mathematical
thinking by incorporating
mathematics into real-
Develop academic life situations. Since the
partnerships with launch of the initiative in
selected universities 2013, there has been a
to support the Group’s marked improvement in
innovation, talent students’ problem solving
and people agendas. and reasoning skills and
a significant improvement
in the College’s NAPLAN
numeracy results.Community We have a responsibility to invest in improving the wellbeing of people, business and communities. 2% of our pre-tax profit will be invested in the community in 2018
Enhance and secure
# 3
financial wellbeing
Create and invest in programs
and tools that improve financial wellbeing.
Our goals
Addressing
Develop products Support more than Financial Abuse
and experiences
that assist customers 48,000 We have partnered with
Domestic Violence NSW
to address their most customers in
hardship to return to to launch ‘Addressing
pressing financial Financial Abuse’, a booklet
wellbeing challenges. financial wellbeing
in 2018. for domestic and family
violence support workers
in NSW. Launched in
June 2017, the community
resource guide is designed
Release 2018-2020 Develop a robust and to help impacted people
establish financial
Financial Inclusion enduring measure of
independence as a key
Action Plan and Customer Financial step in leaving an abusive
report on progress Wellbeing by the end relationship.
biannually. of 2018.
The booklet provides
guidance on the simple
steps that can be taken
to promote financial
independence, such
as opening up a new
Launch assistance Increase financial personal bank account;
package for customers services access in financial safety planning;
experiencing targeted emerging freezing joint accounts
domestic violence markets via Money and changing account
and roll out state- Transfer, with passwords. State based
based Financial 500,000 customers versions will be available in
acquired in South Africa late 2017.
Abuse Guides in
2018. and ongoing roll out in
Indonesia in 2018.Contribute to our
# 4
communities
Support our employees to contribute their money,
time and skills to local communities.
Our goals
Clown Doctors
Grow employee
participation in Provide $9m Alison Graham is one
the CommBank in community grants to of our employees and a
Foundation to 220 regular contributor to our
75% by 2020. youth focused
organisations by 2020.
employee giving program
- Community Grants.
She never imagined that
her family would end up
Provide skilled relying on the services and
pro-bono services to support networks that have
50 Support employees to
been provided through
funding from the program.
community organisations raise more than
per annum until the Clown Doctors are
end of 2020 and $1 million specially trained
performers who visit
launch our employee per annum for cancer Australian children’s
volunteering research annually to hospitals and wards to help
platform, connecting 2020. improve the experience
community organisations for sick kids and their
with our people in families, including Alison
2018. and her son Jack, who
was diagnosed with acute
Work with the lymphoblastic leukaemia
Australian Red and has undergone
Improve engagement Cross to support intensive chemotherapy.
with local communities communities during
by holding Clown Doctors helped to
times of disaster by lift the spirits of Jack and
1,000 leveraging our
resources.
many other sick children
and we are proud to have
branch events in 2018.
supported them since 1999.Good business practice We are focused on making transparent and balanced business decisions that support positive social, economic and environmental outcomes.
Build transparent and
# 5
inclusive stakeholder
relationships
Continually engage in ongoing open dialogue with
stakeholders to ensure our business practices
support balanced customer and community
outcomes.
Our goals Customer Advocacy
We have established
Support the Code Conduct ongoing a Customer Advocate
of Banking Practice ‘Our Commitments’ Community Council
update to improve training with employees comprising of 20
standards of practice (living our vision & representatives covering
and strengthen values). social policy, community
our commitment to welfare and issues
customers. advocacy. The Council
is a forum to listen and
respond to community
concerns, demonstrating
Provide increased Connect more than our commitment to
integrated financial 20,000 people to addressing vulnerable and
solutions and support global innovation disadvantaged customers,
to Indigenous trends; and and supporting community
businesses; and engage community relationships.
enhance banking stakeholders via our The Customer Advocate
access for remote Innovation Lab has also established a
Indigenous customers. Network to support specialist team to review
social innovation in and update our existing
2018. remediation principles
Hold Customer and processes. These
Advocate enhancements will ensure
Community Council we have the highest
meetings quarterly in standards in place and will
2018 and execute an support our commitment
agreed set of priority to put things right for
initiatives. customers when they
go wrong in a timely, fair
and consistent way.Build an inclusive culture that
# 6
embraces the diversity of our people,
customers and communities and role
models reconciliation
Develop strategies that build inclusive behaviours,
leverage people’s unique contributions and ensure
they feel valued, respected and empowered to
deliver their best every day.
Our goals Workplace Flexibility
In October 2016,
Implement 2018+ Implement Commonwealth Bank’s
Global Diversity and Accessibility and Group Lending Services
Inclusion strategy. Inclusion Plan team engaged 160
2017-2020. employees in a flexible
working test-and-learn
pilot, encouraging
employees to work
periodically from home.
After the four-month trial,
90 per cent of participants
By 2020, 45% Match the cultural said they felt more
women in Manager diversity of senior engaged, while customer
and above positions, leaders to the cultural outputs increased 12
40% in Executive diversity of the per cent, thanks to
Manager and above Australian population fewer interruptions,
positions and 40% by 2020. better concentration and
female directors on increased commitment.
the CBA board. Following the success
of the pilot, some 3,500
eligible staff in group
Implement 2018- operations centres across
2020 Indigenous Australia were offered the
Employment opportunity to work from
Strategy to support home as part of our iCan
achieving parity target Flex program.
of 1.5% Aboriginal and
Torres Strait Islander
workforce by 2020.Lend, invest, procure and
# 7
manage responsibly and
sustainably
Strengthen and align our lending, investing and
procurement practices and use our influence
to improve economic, social and environmental
outcomes.
Our goals Supporting Australian
Renewables
Implement Climate Lend: progress In March 2017, we were
Policy Position implementation of a lead bank supporting
Statement, including nine ESG lending Edify Energy’s project
scenario analysis to commitments and to construct three solar
better understand provide ongoing farms in Queensland and
impact of climate transparent Victoria. The project will
change by end 2018. disclosures. see close to 700,000 solar
panels installed at the
Whitsunday and Hamilton
solar farms in Queensland,
Invest: apply Procure: advance and Gannawarra in
the beliefs and the sustainability Victoria, generating enough
commitments of of our supply chain electricity to power an
the Responsible by partnering with estimated 87,000 homes.
Investing Framework, suppliers and In December 2016, we
where relevant, to internal teams. supported one of the
our business and largest wind farms in
investment decisions Australia, Sapphire Wind
using the guiding Farm in the New England
principles of integrity, Tablelands in NSW. The
balance, transparency Manage: implement project by CWP Renewables
and focus. Sustainable Property and Partners Group uses
Strategy including the latest in wind technology.
reduction of the Its 75 turbines are expected
Group’s emissions to to generate enough energy
2.0tCO2-e per full time to power about 100,000
employee per annum households and offset over
600,000 tonnes of carbon
by 2020. emissions per year.2017 Highlights
Education
2.7 million 12
students have accessed free Teaching Fellows each
financial education through awarded a $45K scholarship
Start Smart since it began
in 2009
$16 million+ Launched
invested in education CommBank Youth App
Community
$3 million+ 6000+
in Community Grants customers provided with
for 220 youth-focused hardship assistance
organisations every month
$ 40% 100 years
of eligible employees gave of giving to the community
through the CommBank celebrated
Foundation
Good business practice
44% $2.8bn
management roles lending to renewable
held by women energy projects
$1.5 million 49%
spent with 17 reduction in our CO2
Indigenous suppliers emissions since 2009CBA4911 141117
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