In 2004 Westpac produced two non-financial reports; the 2004 Social Impact Report (released July) for the 2002/03 year and the 2004 Stakeholder Impact Report (released December) for the 2003/04 year.

Westpac’s 2003/04 sustainability reporting to stakeholders aligns financial and non-financial indicators across three matching documents: the 2004 Stakeholder Impact Report (predominantly non-financial,) Concise Annual Report, and Financial Report (predominantly financial.) The three documents together provide a comprehensive picture of Westpac’s performance, accountability and value creation for multiple stakeholders.

The 2004 Stakeholder Impact Report is Westpac’s fourth non-financial report. It reports performance against over 100 key performance indicators, based on the GRI framework, but extended with sector specific indicators (SPI Finance and EPI Finance) and also additional indicators developed with local Australasian stakeholders.

The report again makes use of the GRI’s 2004 guide on the Global Compact and GRI core indicators to demonstrate accountability against the Global Compact principles. For details please see the performance indicator guide, pages 4-7. Commitment to the Global Compact is reiterated on pages 10 and 77 and is also incorporated into Westpac’s revised Business Principles which will be released in August 2005. As before the report includes comparative year on year data for all indicators; reports progress against objectives and targets; and sets out revised objectives and aspiration targets..

The report includes a summary of Westpac’s New Zealand and Pacific businesses although a separate report is also available.

Westpac also has dedicated corporate responsibility and sustainability and corporate governance websites.

Westpac uses the Global Compact principles as a broad orientating framework across human rights, the workplace and the environment. In 2004 Westpac’s Chairman attended the Global Compact Leaders Summit. Westpac’s Sydney and London offices contributed to the ‘Who Cares Wins’ initiative to bring sustainability assessment into mainstream financial markets analysis. In 2005 the Chairman is attending the Business Contribution to the Millennium Development Goals meeting in Paris.

A business case study has been completed on Westpac’s sustainability journey, focusing on how a company in an industrialised developed society is engaging on human rights. The topic directly responds to Principle 1 & 2 (human rights) and Principle 6 (discrimination in employment.)

Westpac’s sustainability reporting and underlying processes and systems are subject to AA1000 assurance and a comprehensive governance system which includes a Board Corporate Responsibility and Sustainability Committee and external Community Consultative Council with representatives from Federal and State government, social, environmental and ethics non-government organisations and other specialists; unions, and academics.

Recent external assessments and ratings provide outcome measures of Westpac’s sustainability performance. Westpac is the top rated bank within the Dow Jones Sustainabilility Index for 2004/05, the third consecutive year. Westpac was the top rated organisation in the 2004 Business in the Community Australian Corporate Responsibility Index as well as the top rated organisation in the full UK index. In 2004/05 Westpac has retained its top corporate governance rating from GovernanceMetrics International in three consecutive assessments - the only bank and only Australian company globally so rated.