Questions:
1.Describe and Discuss how Westpac Implement Sustainability Performance?
2.Discuss four arguments you would make to Justify why Westpac should apply Sustainability Performance?
3.Identify four stakeholders in Westpac Sustainability Performance and Justify why they are stakeholders?
Westpac Banking Corporation headquartered in Sydney is identified as one of the big four banks in Australia. As per the report published in 2015, it has been discerned that the bank has seen with a total 13.1 million customers with one of the largest branch network across Australia with total of 1429 branches and a network of 3850 ATMs. The sustainability aspect of the company has been seen with creating long term value for the individuals working with the organisation and forms a part of the broader communities (Zhang et al. 2013).
The description of the Westpac implementation of sustainability performance has been evident with creating a positive social, environment and economic impact for benefit of all. It has been further discerned that from 2013-2017 the sustainability of the company has been depicted with the achievements which requires direct focus on to move forward. It has been further discerned that in 2017 was recognised with the progressing with the sustainability agenda and positioning itself with the choices of the community. In the past five year period the company has been seen to be making a strong progress in surpassing 80% of the measures which has been seen to be related to the workforce representation of the community. The increased form of lending and investment has been discerned in CleanTech and environmental services. This program has been seen to be focusing on reducing the environmental footprint. The improving nature of sustainability has been discerned with extensive stakeholder consultation to benchmark to determine current performance and shape the next phase of the work. Some of the main form of the performance improvements has been discerned with ensuring workforce is able to represent the community, extending the length and quality of work lives and anticipate the future needs of culturally diverse customers. Some of the most noted initiatives taken by the company in 2017 have been discerned with achieving the goal for gender equality. This has been seen to be based on achieving goal of 50% of women in leadership and the increased number of women in general management with 41%. Some of the other discernment of the events has been further seen to be based on building skills for future, supporting cultural diversity, enhancing position in human rights and improving the overall wellbeing of the customers. Some of the other initiatives taken by the company have been seen with enhancing the position of climate change, increasing the commitment towards environmental service sector and CleanTech. The company has taken several other initiatives which has been seen to be related to increasing the lending of social and affordable housing and evolving of the various types of the orders has services which has been seen to be related to the consideration of evolving products and services (Huang, Pepper and Bowrey 2014).
The arguments and discussion of the application of the sustainability performance in Westpac has been further able to state on the different types of evolving concepts related to creating direct environmental footprint, supporting the communities in need, social diversity and prosperity and empowerment of the financial capability. The workforce well being of the organisation has been further seen to based on the different types of the consideration which ash been seen to be associated to talent attraction and retention. Some of the other aspects have been identified with customer experience, support and access. The foundation backed by Australian social enterprise has been seen with total amount of $ 1.5 million granting towards future job creation. Westpac Group has been further able to announce 2020 sustainability strategy on 8th November (Paredes 2013). The sustainability performance has been seen with the Westpac’s double funding of $ 2 million for needs of Australians needs. The company has been seen to be most sustainable for the 10th time in 2017 as per Dow Jones Sustainability Index. The company has been further seen to pledge grant program for local community impacted by cyclone Debbie. The company has been seen to pledge a grant program of $ 100000 for local community and still impacted by cyclone Debbie (Turcu 2013).
The financial service leadership has been discerned to be going through period of rapid change. The customer needs are seen to be considered with service leadership, conduct and trust, digital innovation, workforce of the future, positive societal impact and value chain risk. The main form of the sustainability strategy has been further seen to be based on embracing the societal change, environmental solutions and better financial futures. The customer needs are seen to be evolving compliance and increase competition to become more intense. The bank has been further considered to have an important role in the financial system and in the personal lives of the customers. Due to several types of trust issues the bank has been able to retain the public trust and confidence (Jacques 2014).
In almost two centuries of time the company, has been able to motivate itself with the leadership role in tackling the various types of the emerging issues which may affect future prosperity of the stakeholders. The feedback collected from the stakeholders has been able to advice for sustainability council as primary and internal governance forum. This has been further seen to be used as the main form of the priority for the material issues. The sustainability performance has been evident with overall improvement in the customer experience, digital transformation, and financial resilience, changing of the regulatory framework, financial and economic performance. The various aspects of the material impacts has been seen to be based on the various types of the considerations which has been related to talent attraction, culture development, social impact, consideration of sustainability risk in the value chain, diversion and inclusion. The stakeholders expectations has been continued to be rising with the appropriate governance to improve the design and monitoring of the products and services (Becker 2014).
In order to ensure continued support from the stakeholders the company has been able to gather sufficient feedback and assessment of the emerging trends. The process has been further able to better understand the needs of the stakeholders and further dicer the different types of the requirement which has been seen to be associated to identifying the emerging issues to the people connected to the business. The company has been able to inturn direct the efforts and resources based on the emerging opportunities and risks (Kereopa 2013). The main categorization of the material issue has been seen to be discerned with material issues. The stakeholder engagement and scenario planning has been further seen to be based on third edition of climate change position statement and 2020 action plan. This particular plan has been further seen to be consistent with task Force on Climate related Financial Disclosures (TCFD). The new customer and the stakeholder advisory panel of the company have been able to consider better understanding of customer and community views. The company has been able to take the necessary steps to encourage the people to speak up for the protection of whistle blowers (Paredes 2016).
Conclusion
The various aspects of the report has been able to discern that the implementation of sustainability performance has been discerned with the achievements which requires direct focus on to move forward. It has been further discerned that in 2017 was recognised with the progressing with the sustainability agenda and positioning itself with the choices of the community. In the past five year period the company has been seen to be making a strong progress in surpassing 80% of the measures which has been seen to be related to the workforce representation of the community. The study has been further able to discern evolving concepts related to creating direct environmental footprint, supporting the communities in need, social diversity and prosperity and empowerment of the financial capability. The workforce well being of the organisation has been further seen to based on the different types of the consideration which ash been seen to be associated to talent attraction and retention. The stakeholder identified has revealed that stakeholders have been able to advice for sustainability council as primary and internal governance forum. This has been further seen to be used as the main form of the priority for the material issues. The sustainability performance has been evident with overall improvement in the customer experience, digital transformation, and financial resilience, changing of the regulatory framework, financial and economic performance.
References
Becker, P. (2014) ‘Sustainability Science’, in Sustainability Science, pp. 1–6. doi: 10.1016/B978-0-444-62709-4.00001-4.
Huang, T., Pepper, M. and Bowrey, G. (2014) ‘Implementing a Sustainability Balanced Scorecard to Contribute to the Process of Organisational Legitimacy Assessment’, Australasian Accounting, Business and Finance Journal, 8(2), pp. 15–34. doi: 10.14453/aabfj.v8i2.3.
Jacques, P. (2014) Sustainability, Sustainability.
Kereopa, L. (2013) ‘Westpac opens door to Maori’, The Daily Post. Available at: https://search.proquest.com/docview/1366040419?accountid=14954.
Paredes, D. (2013) ‘Westpac takes crowdsourcing challenge to the UK.’, CIO (13284045), p. 11. Available at: https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=92970324&site=ehost-live&scope=site.
Paredes, D. (2016) ‘Westpac CDO Melissa Macfarlane: Mastering – and driving – digital transformation.’, CIO (13284045), p. 5. Available at: https://search.ebscohost.com/login.aspx?direct=true%7B&%7Ddb=bth%7B&%7DAN=117061489%7B&%7Dsite=ehost-live.
Turcu, C. (2013) ‘Re-thinking sustainability indicators: Local perspectives of urban sustainability’, Journal of Environmental Planning and Management, 56(5), pp. 695–719. doi: 10.1080/09640568.2012.698984.
Zhang, J., John Morrison, R., Yeemin, T. and Siringan, F. P. (2013) ‘Coral reefs under the climate and anthropogenic perturbations (CorReCAP): An IOC/WESTPAC approach’, Deep-Sea Research Part II: Topical Studies in Oceanography, pp. 1–4. doi: 10.1016/j.dsr2.2013.02.011.
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