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Environmental, Social & Governance.
Westpac NZ's environmental, social and governance (ESG) dashboard summarises our non-financial performance and provides links to the source documents of published information and policies.
All data as at 30 September 2024, unless otherwise stated. For available detail on methodology, see data source links.
Our customers, people & community.
Westpac's approach to sustainability starts with a commitment to serving the needs of customers. Our purpose is to create better futures together, which means helping our customers, communities and people to prosper and grow. We measure and report against a number of indicators to track our progress.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Number of customers (millions) |
1.51 |
1.51 |
1.49 |
||
|
Digitally active customers (millions) |
0.87 |
0.85 |
0.82 |
FY22-23 have been restated due to a change in definition. |
|
|
Change in consumer complaints |
-27 |
58 |
-22 |
The significant increase in FY23 was largely due to a card transaction processing error in December 2022 that impacted a large number of customers. |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
|
Net Promoter Score (NPS) - Consumer |
12 |
8 |
7 |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
|
|
Net Promoter Score (NPS) – Business |
7 |
6 |
1 |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
|
|
Customer satisfaction (%) |
60 |
59 |
62 |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
|
|
Number of approved applications for financial assistance from customers experiencing financial hardship |
1,501 |
1,619 |
2,561 |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
|
|
Number of customers provided with natural disaster relief packages |
18 |
39 |
419 |
Westpac Group 2024 Sustainability Index and Datasheet (Customers) XLS |
Conduct and training
We are focused on creating a future-ready workforce where our people are passionate about delivering great service experiences and take pride in doing the right thing for our customers and stakeholders. We measure and report progress on a number of indicators that reflect this focus.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Anti-Bribery and Corruption Policy |
Yes |
Yes |
Yes |
||
|
Code of Conduct |
Yes |
Yes |
Yes |
|
|
|
Total full-time equivalent employees and contractors |
5,224 |
5,288 |
5,070 |
|
|
|
Employee training – average hours per employee |
14.9 |
17.3 |
27.2 |
Excludes external courses and other training not loaded into WNZL learning management system |
Westpac Group 2024 Sustainability Index and Datasheet (Employees) XLS |
Gender equality
We’re proud of the steps we’re taking to promote gender equity, while recognising there’s more work to do. Through initiatives like increasing the representation of women in leadership and our annual gender pay gap analysis and reporting, we continue to lead conversations about gender equality and strive to create an environment for all our people to succeed.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Gender pay ratios published (%) |
25.8 |
27.8 |
27.4 |
||
|
Women as percentage of total workforce (%) |
56 |
52 |
51 |
|
|
|
Women in senior leadership (%) |
40.0 |
43.8 |
43.9 |
|
Recognising that the actions of our suppliers are important to our sustainability performance, our responsible sourcing approach provides a strong foundation for us to manage risks and opportunities in our supply chain.
This is achieved through clear standards of ethical, social and environmental business practices for suppliers, outlined in our Responsible Sourcing Principles.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Responsible Sourcing Principles in place - ESG objectives included |
Yes |
Yes |
Yes |
||
|
Slavery and Human Trafficking statement |
- |
Yes |
Yes |
Westpac Group disclosure that includes Westpac NZ. 2024 statement scheduled to be published in early 2025. |
2023 Modern Slavery Statement PDF
|
Through partnerships, volunteering and community sponsorships, we aim to improve the financial, environmental, and mental wellbeing of our communities.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Investment in communities excluding commercial sponsorships ($m) |
13.54 |
17.11 |
8.32 |
This metric includes monetary contributions, time contributions, in-kind gifts and donations, and management costs. 2023 includes $3m of non-repayable emergency relief grants, no emergency relief grants were given in 2022 and 2024. |
|
|
Investment in communities as a % of pre-tax profits |
0.80 |
1.16 |
0.57 |
|
|
|
Volunteering (value of hours in $m) |
2.31 |
1.60 |
0.54 |
|
|
|
Number of people at risk of financial exploitation and exclusion helped |
2,970 |
1,609 |
4,302 |
This metric is the number of people supported through most escalations to the Extra Care team or through Extra Care initiatives. |
|
|
Financial education workshop participants |
12,143 |
10,241 |
7,760 |
|
Sustainable finance & our carbon footprint.
As a major financial institution, we recognise we can influence social and environmental outcomes through our lending and investment decisions. This is a responsibility we take seriously, and we have in place a number of frameworks, policies and positions that outline our approach to lending and investing.
For more information on the sustainable investment commitments, progress and membership by BTNZ, which is the investment arm of Westpac in New Zealand, please refer to BTNZ’s Sustainable Investment page.
Climate risk disclosure
Details on how we manage our climate-related risks can be found in our 2024 Climate Report. Our 2024 Climate Report is our first mandatory climate-related disclosure that complies with the new Aotearoa New Zealand Climate Standards.
We have also published climate risk reports on a voluntary basis since 2020, based on recommendations from the TCFD.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Percentage of total agribusiness term lending classified as sustainable lending (%) |
43 |
NR |
NR |
Includes Westpac NZ Sustainable Farm Loan or lending that adheres to Westpac Sustainable Farm Standard. |
|
|
Lending to coal mining ($m) |
0.1 |
0.1 |
0.1 |
Ceased - These are remediation bonds in the process of release |
|
|
Current business lending exposed to sectors which may experience higher risk in a transition to a low carbon economy ($b)1 |
11.90 |
12.76 |
13.11 |
Split up into Agrisector, Oil & Gas, Transport, Electricity Generation |
|
|
NZ residential mortgage portfolio secured by properties exposed to heightened risks from sea level rise (coastal flooding and erosion) (%) |
2.1 |
2.1 |
2.1 |
|
|
|
WNZL commercial property portfolio is secured by properties exposed to heightened risks from sea level rise (coastal flooding and erosion) (%) |
4.0 |
3.4 |
2.1 |
||
|
WNZL lending to the agricultural sector is secured by properties potentially to heightened risks from sea level rise (coastal flooding and erosion) (%) |
3.4 |
3.5 |
3.4 |
Additional lending subject to checks of flood risk controls as part of ESG risk assessment |
|
|
Board and Executive oversight of climate change issues |
Yes |
Yes |
Yes |
The Board is supported in the oversight of climate-related risks and opportunities by the Board Risk and Compliance Committee and the Board Audit Committee. Executive oversight through ESG Committee, and quarterly credit risk-related updates to Credit Risk Committee. |
1 In 2024 the classification was updated to exclude horticulture, the historical figures were restated to maintain comparability.
Operational emissions
Direct environmental performance is measured against a number of indicators. These include greenhouse gas (GHG) emissions from our operational activities. Our 2027 target is to reduce our Scope 1, 2 and 3 mandatory operational emissions by 40% from a 2019 baseline.
|
Westpac NZ |
EY24 |
EY23 |
EY22 |
Commentary |
Link to source document |
|
Total Scope 1-3 emissions (tCO2e)1 |
4,061 |
4,705 |
4,950 2 |
||
|
Total Scope 1 emissions (tCO2e)1 |
849 |
989 |
982 |
|
|
|
Total Scope 2 emissions (tCO2e)1 |
943 |
897 |
1,812 |
|
|
|
Total Scope 3 mandatory emissions (tCO2e)1 |
1,571 |
2,051 |
1,020 |
|
|
|
Total Scope 3 additional emissions (tCO2e)1 |
698 |
769 |
1,136 |
|
|
|
Toitū net carbonzero certification1 |
Yes |
Yes |
Yes |
|
1 Data reflects 1 July - 30 June environmental reporting year.
2 EY22 emissions restated due to material change in emissions from updated emission factors published in MfE’s Measuring Emissions guide 2023.
Note: Operational emissions are measured for our financial year in the 2024 Climate Report, covering 1 October 2023 to 30 September 2024. Please refer to our 2024 Climate Report.
Governance.
The Westpac New Zealand board comprises directors with a diverse range of financial and other skills, experience and knowledge. The composition of our Board can be found on our Board of Directors page.
|
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
| Women on board |
44.4% |
33.3% |
33.3% |
Pip Greenwood, (Board Chair); Catherine McGrath (Director); Christine Parker (Director); and Debbie Birch (Director) |
Effective risk management across Westpac New Zealand (WNZL) is critical to achieving our vision to be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.
|
Westpac NZ |
Commentary |
Link to source document |
|
Board Risk and Compliance Committee (BRCC) |
The WNZL Board Risk and Compliance Committee oversee and approve the overall Risk Management Framework including ESG risks, and monitor compliance with applicable ESG position statements |
|
|
WNZL Executive Risk Committee (RISKCO) |
The WNZL Executive Risk Committee oversee material risks, including ESG risks |
|
|
WNZL Credit Risk Committee (CREDCO) |
This sub-committee of WNZL's RISKCO oversee climate-related credit risks |
|
|
Internal audit function |
The internal audit function provides independent assurance on the effectiveness of governance, risk management and internal controls across the Banking Group’s operations |
|
|
Key risks outlined |
||
|
Sustainability materiality analysis published |
Westpac takes its tax obligations seriously and is committed to paying the right amount of tax in all the jurisdictions where it operates.
|
Westpac NZ |
FY24 |
FY23 |
FY22 |
Commentary |
Link to source document |
|
Tax transparency report published |
- |
Yes |
Yes |
2024 report will be published in early 2025 |
Policies and position statements
Westpac NZ's approach to climate change.
Visit Westpac Group’s page for our positions and perspectives.
Key commitments & memberships.
|
Advanced GenderTick Accredited (2020), Advanced Accredited (2023) |
Accessibility Tick First bank accredited (2019) |
Living Wage First bank accredited (2019) |
Toitū net carbonzero First bank certified (2019) |
|
Domestic Violence Free First organisation to receive Shine's DVFREE Tick (2017) |
Dementia Friendly Organisation First bank accredited (2015) |
Rainbow Tick One of the first organisations accredited (2014) |
Hearing Accredited Workplace Accredited (2023)
|
|
The Aotearoa Circle |
Toitu Tahua Centre for Sustainable Finance |
Ākina |
Climate Leaders Coalition |
|
Sustainable Business Council |
Sustainable Business Network |
Living Wage – Principal Partners Council |
Amotai |
|
Diversity Works NZ |
Champions for Change |
Mentor Walks |
Dignity NZ |
|
NZ Disability Employers' Network |
Rainbow Auckland |
Pride Pledge |
Hidden Disabilities Sunflower |
For more information on the sustainability related memberships by BTNZ, which is the investment arm of Westpac in New Zealand, refer to BTNZ’s Sustainable Investment page.
|
Task Force on Nature-related Financial Disclosures (TNFD) Align with and support |
UN Environment Programme (UNEP) Finance Initiative |
UNEP Principles for Responsible Banking Signatory (2019) |
UN-convened Net-Zero Banking Alliance |
|
RE100 Signatory (2019) |
Paris Climate Agreement Supporter (2015) |
UN Sustainable Development Goals CEO Statement of Commitment (2015) |
The Equator Principles Founding Adopter (2003) |
|
UN Global Compact Signatory (2002) |
UN Principles for Responsible Investment |
* Westpac NZ is a fully owned subsidiary of Westpac Banking Corporation (WBC) and as such commitments made by the group apply to WNZL unless explicitly opted out. Westpac NZ is not represented in the forums as a stand-alone legal entity.
- INFINZ - Corporate ESG Award (2024)
- KangaNews - Sustainability Debt House of the Year award (2020, 2021, 2022, 2023, 2024)
- RIAA - Responsible Investment leader (BTNZ 2022, 2023, 2024)
- INFINZ - Excellence in leading and accelerating sustainable finance (2022)