Westpac, one of Australia’s big four banks, has been named the world’s most sustainable corporation at the World Economic Forum in Davos, Switzerland.
Australia’s second biggest home lender and deposit holder topped a list of 100 corporations, which also included rivals ANZ and Commonwealth Bank, plus Coles owner Wesfarmers and property developer Stockland.
Westpac topped the list ahead of United States biotech firm Biogen, Finnish mining technology and capital goods company Outotec Oyj and Norwegian oil giant Statoil.
The bank also beat Japanese carmaker Nissan, German sportswear brand Adidas, Korean electronics maker Samsung, American beverage giant Coca-Cola and European confectionary maker Nestle.
Canadian investment research company Corporate Knights makes the annual Global 100 award.
It recognises companies that reduce energy use, demonstrate impeccable safety credentials, minimise employee turnover and promote leadership diversity.
Westpac chief executive Gail Kelly, Australia’s most high profile female corporate leader, said social, environmental and economic responsibility were part of the bank’s culture.
“I am delighted that Westpac’s sustainability performance has been rated so highly on the global stage,” she said in Davos.
“It is wonderful recognition of the work of our people to help create a sustainable future and deliver long term value for our customers, employees, shareholders and the community.”
As part of its “2017 sustainability strategy”, Westpac has committed up to $6 billion for lending and investment in clean technologies and environmental services.
It will also make up to $2 billion available for lending and investment in social and affordable housing.
One Response
Why is there no critical analysis of this? Do you really think Westpac is sustainable? Consider their investment portfolio and who they loan to!!