Sustainability Indicators for Westpac Banking Corporation Report

This report provides an executive summary of a sustainability analysis of Westpac Banking Corporation, focusing on the socio-cultural dimension. It defines sustainable enterprise and applies it to Westpac, Australia's oldest and largest bank. The report examines Westpac's position within Dunphy's sustainability phases, suggesting it is between efficiency and strategic productivity. It details the triple bottom line framework (people, planet, profit) and its application to Westpac, particularly the socio-cultural dimension, assessing indicators such as health and safety, education, human rights, and employment. The report also touches upon Westpac's vision, strategic priorities, and contributions to community well-being through various foundations and initiatives. The analysis uses frameworks like the Triple Bottom Line and the Dunphy Phase model to evaluate Westpac's commitment to sustainability, highlighting both its current practices and areas for potential improvement, particularly regarding environmental protection and moving towards a more sustainable operational model. The report concludes with a review of the indicators used to monitor Westpac's performance within the socio-cultural dimension.

Sustainable Enterprise

Executive Summary
Sustainable enterprise can be defined as the business which creates minimal negative
impact on the local or global environment, society, community or economy. The focus of
this report is on Westpac Banking Corporation, a bank in Australia, along with the
sustainability dimensions that are applicable to this enterprise. Westpac is the first, oldest
and largest banking company of Australia which provides broad range of business,
consumer and institutional banking and wealth management services with the help of a
portfolio of financial services brands and businesses. The report focuses on the socio-
cultural dimension as the specific sustainability area and provides the list and assessment
of the indicators for this dimension. The indicators for monitoring identified in this report
are health and safety, education, human rights and employment.

Contents
Introduction......................................................................................................................................2
The Enterprise- Westpac Banking Corporation...............................................................................2
Dunphy Phase of the Enterprise...................................................................................................3
Sustainability Dimensions...............................................................................................................4
Triple Bottom Line.......................................................................................................................4
Sustainable Development Goals and Global Reporting Initiative...............................................7
Socio- Cultural Dimension as the Specific Sustainability Area......................................................8
List of Assessment of Indicators for Monitoring.............................................................................8
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Introduction
Sustainable enterprise can be defined as the business which creates minimal negative impact
on the local or global environment, society, community or economy. In other words, a
sustainable enterprise strives to meet the triple bottom line along with having progressive
human rights and environmental policies. Furthermore, a sustainable enterprise undertakes
the principles of sustainability while making the important decisions. Moreover, it aims at
enduring commitment to the environmental principles in its business operations (Waddock,
Sandra, & McIntosh, 2017)
The monitoring systems adopted by the enterprise perform the function of monitoring the
sustainability of the business. They are considered to be essential for the purpose of
measuring the sustainability from the perspective of people, planet and profit for ensuring the
effectiveness of the business operations. If appropriate monitoring systems are adopted by
the businesses, then the management is able to make right decisions at the right time and can
significantly avoid the risks associated with the business operations. Monitoring provides
effective guidance to an enterprise for getting towards the right direction in a way such that
its survival for a longer period of time is ensured.
A good monitoring system is necessary for reducing the risks associated with business and
for the purpose of fostering the growth of the business. The proper understanding of the
current path of the business along with the identification of its current position and the
difference between the current and target position is provided by the sustainability indicators.
The various dimensions of the organization which are represented by the monitoring systems
are socio- cultural, economic and environmental dimensions which can be effectively
measured with the help of indicators (Edgeman, Rick, Neely, & Eskildsen, (2016))
According to Pavlovskaia (2014), an indicator can be defined as something which performs
the function of pointing towards a condition or issue. The main purpose of indicators is to
show how well a system is working. In case if any kind of problem occurs, the indicators
assist in the determination of direction which can be utilized in order to address the issue.
Effective indicators are easy to understand and relevant which implies that they can be easily
understood by people who do not possess expertise in the field (Huang, Lu, Jianguo Wu, &

Lijiao Yan, 2015). Also, such indicators are reliable and the information provided by it can be
trusted.
The businesses are provided alerts in advance with the help of these indicators such that
worst circumstances do not occur as a result of any problem. These indicators are also
capable of offering measures which can be used for the purpose of fixing the problems. The
weak points of the society, economy and the environment can also be pointed out with the
help of sustainability indicators.
Modern indicators and traditional indicators are the two types of sustainability indicators.
Traditional indicators are based on the assumption that they are independent of other parts
and are utilized for the purpose of quantifying the variations in the different parts of the
community. On the other hand, modern indicators represent the interconnection between
social, economic and environmental segment. The following figure depicts the relationship
between social, economic and environmental sustainability.
Figure 1 Relationship between Social, Economic, Environmental Sustainability
(Howarth, 2019)
The focus of this report is on Westpac Banking Corporation, a bank in Australia, along with
the sustainability dimensions that are applicable to this enterprise. The report focuses on the
socio- cultural dimension as the specific sustainability area and provides the list and
assessment of the indicators for this dimension.

The Enterprise- Westpac Banking Corporation
Westpac is the first, oldest and largest banking company of Australia which provides broad
range of business, consumer and institutional banking and wealth management services with
the help of a portfolio of financial services brands and businesses. The vision of the enterprise
provides that it aims to be one of the greatest service companies of the world along with
providing the needed help to the people, customers and communities in order to facilitate
their prosperity and growth. The bank now works on the strategy of delivering on the vision
by way of building enduring and deep customer relationships along with being the leader in
the community. The enterprise delivers superior returns to the shareholders by appointing the
best people who have expertise in their fields (Westpac Banking Corporation, 2019).
The bank was established in the year 1817 as the Bank of New South Wales under the charter
of incorporation provided by Governor Lachlan Macquarie. The name of the bank was
changed from the Bank of New South Wales to Westpac Banking Corporation in October
1982 following the acquisition of the Commercial Bank of Australia.
The focus of the bank is on the core markets of New Zealand and Australia where it provides
comprehensive range of financial services and products which, in turn, helps them in meeting
the financial services needs of its customers. The enterprise serves more than 13 million
customers and has attained a strong position in the market by focusing on the organic growth.
Service leadership, digital transformation, performance discipline, growth highways and
workforce revolution are the strategic priorities of Westpac Banking Corporation. The values
of the company supports the customer focused strategy and is well embedded within its
culture.
Dunphy Phase of the Enterprise
Six Developmental phases have been provided by the sustainability phase model developed
by Dunphy. This model can be utilized in the form of a tool for the effective evaluation of the
current commitment of the organization and its conducts associated with human and
ecological sustainability. The phases of the model are rejection, non- responsiveness,
compliance, efficiency, strategic productivity and sustaining corporation (Doug, 2016)
Westpac Banking Corporation has successfully completed 200 years of providing assistance
to the Australians. It is further engaging itself in a number of ways which can be used for

providing the needed support to the community. The bank has attained the position of the
leading bank of Australia. The bank is engaged in making a number of contributions towards
the community by allowing them social and affordable housing along with committing itself
to the climate change solutions. It has also contributed a total of $ 131 million towards the
betterment of the communities (Westpac Banking Corporation, 2019).
It appears that Westpac Banking Corporation is in the middle of efficiency phase and
strategic productivity phase of the sustainability phase model by Dunphy. This is due to the
fact that the bank displays an increased awareness towards the sustainability practices. The
focus of Westpac Banking Corporation is also on efficiency and the resultant cost saving are
providing benefits to the business. Since the bank is working on a large scale in Australia and
New Zealand, it might be doing so as a part of risk avoidance especially reputational risks.
These days, the enterprises are increasingly demanded by the citizens to perform their social
responsibility as they perform their business operations within the society. When the bank
will completely reach the 5th phase of the sustainability phase model i.e. strategic proactivity
phase, it will adopt sustainability as the core strategy. The focus will then shift on gaining of
competitive advantage and long term profitability from these sustainability initiatives. The
bank is further required to take appropriate steps for the purpose of moving towards the
ideological scenario i.e. Phase 6 sustaining corporation (Westpac Banking Corporation,
2019).
The bank has formulated a number of plans and policies for the purpose of preserving the
environment, however, they are not enough for moving forwards in the Dunphy phase model.
Therefore, some changes are required to be made in the policies for the effective
development of the economy along with ensuring environment protection in order to become
a sustainable organization.
Sustainability Dimensions
Triple Bottom Line
Triple Bottom Line can be defined as a concept which requires the business to focus on the
financial bottom line along with environmental and social considerations. A triple bottom line
performs the function of measuring the degree of economic value, social responsibility and
environmental impact of the company. In simple words, triple bottom line provides that a
business should be run in a way such that it not only earns financial profits but also betters

the lives of people and helps the planet. People, planet and profits are the three elements of
the triple bottom line which focuses on socio- cultural, environmental and economic
dimension of sustainability. The consumers are increasingly demanding the companies to
become transparent about their practices along with considering all of their stakeholders and
therefore, the concept of triple bottom line approach accounts for full cost of doing business
(Seiler-Hausmann, Dirk, Liedtke, & von Weizsäcker, 2017).
People- people is the element of socio- cultural responsibility which requires the business to
shift their focus to offsite labor and fair treatment of employees along with enacting favorable
practices in the communities where the business of the organizations are conducted. A
reciprocal social structure is conceived by a triple bottom line company in which the labor,
stakeholders and the corporate interests are interdependent. This element of triple bottom
line is related to the social dimension of sustainability (Lipsky, David, Kelley, Gregory S, &
Andriate, 2018)The social dimension of sustainability can be defined as the framework or
process which promotes wellbeing within the members of the organization along with
supporting the ability of the future generations for maintaining a healthy community. The
socio- cultural dimension of sustainability further defines the ability of an enterprise to
guarantee welfare in terms of security, education and health which is equally distributed
among gender and different social classes.
The range to which the socio- cultural dimension of sustainability is applicable to Westpac
Banking Corporation provides crating positive social outcomes for the customers, employees
and the entire community. This bank ensures the prosperity of the community with the help
of number of foundations such as Westpac Bicentennial Foundation, Westpac Foundation,
Bank of Melbourne Neighborhood Fund, etc. Support is also offered by the bank for the long
term resilience and recovery of the communities through Community Resilience and Disaster
Recovery Grants. Furthermore, it supports the social and financial wellbeing of the customers
by providing them financial hardship issues, protecting them from financial abuse and
supporting them against family and domestic violence. The bank is also involved in providing
expertise for the development of products and services that assist the customers in
achievement of environmental or social outcomes. Last but not the least, Westpac Banking
Corporation is also engaged in a number of employee initiatives in order to make it a place
where the best people want to work. The culture of inclusion and diversity is the main feature
of Westpac Banking Corporation as it has wide diversity of people who belong to different

cultural backgrounds, ages, life experiences, sexual orientation, gender, abilities, perspectives
and thoughts (Clayton, Tony, & Radcliffe, 2015).
Planet- Planet considers the environmental dimension of sustainability and refers to the
sustainable environmental practices. A company that follows the triple bottom line approach
aims at benefitting the natural order as much as possible and causes least harm to the
environment. It considers at meeting the needs of the present generations in a way such that
the future generations are not required to compromise while meeting their needs (Belz,
Martin, & Binder, 2017).
The range to which the environmental dimension of sustainability is applicable to Westpac
Banking Corporation include creation of a healthier planet and protection of environment by
way of adopting a progressive approach that can lead to building a fair, healthy and strong
nation. For this, Westpac has participated in the UN Environment Finance Initiative. Also, it
has become the largest financier to greenfield renewable energy projects in Australia along
with achieving $ 9.1 billion in lending towards the climate change solutions and is planning
for moving towards the target of $ 10 billion by the year 2020 (Westpac Banking
Corporation, 2019).
Profit- Profit is linked with the economic dimension of sustainability which deals with the
economic value created by the organization after deduction of costs related to inputs. In other
words, it is the real economic impact created by the organization on the economic
environment. Along with this, the enterprise is required to focus on improving the economic
status of the stakeholders rather than only making efforts for maintaining the economic status
of the company. A bank should investment the money in a responsible manner in order to
create mutual prosperity.
The range of economic dimension applicable to Westpac Banking Corporation includes
providing assistance to the individual in the achievement of financial goals with the help of
programs associated with lending and financing. The bank provides financial hardship
assistance to those members of the economy who are suffering from financial difficulties.
The profits are returned by the bank to its customers in the form of fair fees and better rates.
The money deposited by the customers in Westpac is responsibly invested by it in a manner
which is responsible, ethical and beneficial for the environment and the community
(Kazakova, N. A., et al., 2016).

Sustainable Development Goals and Global Reporting Initiative
Full support has been provided by Westpac Banking Corporation to the United Nation’s
Sustainable Development Goals which aims at ending extreme poverty, fighting injustice and
inequality and protecting the planet. The range of ways which are adopted by Westpac for the
purpose of contributing towards the sustainable development goals are through performing
responsible business operations, investment, new business models, collaboration and
innovation and technology (Sikdar, Subhas , Sengupta, & Mukherjee, 2017)
Westpac has also applied Global Reporting Initiative (GRI) framework since the time it
published its first sustainability report i.e. in the year 2002. G4 reporting framework of GRI
has been applied by Westpac from the year 2014 including the updated financial sector
disclosures. In its application of the G4 Framework, Westpac has implemented the Principles
for Defining Report Content as follows:
Sustainability Context- It highlights the sustainability context on the basis of which its
objectives are set and reported on progress against these objectives (Le Blanc & David, 2015)
Stakeholder Inclusiveness- The process of stakeholder engagement is also reported by
Westpac along with reporting how the manner of engagement has influenced the content of
the report.
Materiality- A detailed materiality assessment is undertaken by Westpac by prioritizing
issues in line with G4 guidance.
Completeness- The boundaries of the material issues are assessed by Westpac along with
ensuring the appropriate covering of the significant impacts outside and within the
organization (Lin, Hank, Chang, & Chang, 2015)
PSIR stands for Pressure, Response, Impact and State. This is a framework which describes
the interactions between the society and the environment. Pressure is faced by the
environment from the human activities that results in directly affecting the environment. As
far as the activities of Westpac Banking Corporation are concerned, they do not result in
detrimental effect on the environment. Since the bank operates by making the use of the
resources of the society, it has to contribute towards its benefit as well. Since the
environment is impacted by the activities, the bank has to provide effective response towards
it. The response is provided by Westpac by contributing towards climate change solutions
and sustainable development goals (Sikdar, Subhas , Sengupta, & Mukherjee, 2017)

Socio- Cultural Dimension as the Specific Sustainability Area
The specific sustainability dimension selected for the purpose of Westpac Banking
Corporation is the socio- cultural dimension. The reason behind the selection of this
dimension is that all the services provided by a bank are meant for its customers and the
community. Its services are meant for the customers and therefore, it takes full responsibility
of the activities undertaken by them. Moreover, they take due care for their customers by
offering the outstanding services at competitive prices which, in turn, ultimately lead towards
the creation of mutual prosperity (Schaltegger & Wanger, 2017)
List of Assessment of Indicators for Monitoring
For the purpose of maintaining sustainability, Westpac Banking Corporation aims at creating
positive social outcomes for the individuals including staff, customers and community. An
indicator can be defined as something which performs the function of pointing towards a
condition or issue. The main purpose of indicators is to show how well a system is working.
In case if any kind of problem occurs, the indicators assist in the determination of direction
which can be utilized in order to address the issue. Effective indicators are easy to understand
and relevant which implies that they can be easily understood by people who do not possess
expertise in the field (Huang, Lu, Jianguo Wu, & Lijiao Yan, 2015). Also, such indicators are
reliable and the information provided by it can be trusted. For the purpose of monitoring the
socio- cultural dimension of sustainability, a list of indicators have been developed which
includes health and safety, education, human rights and employment.
Health and Safety- Health and safety can be defined as the well- being of a person in social,
physical and mental aspects. Health and safety also provides for the safety of a person from
various, injuries, risk and danger (Epstein & Marc J., 2018).The use of this indicator can be
made by Westpac Banking Corporation for the purpose of ensuring the health and safety of
the community, customers and its staff. The measurement of this indicator can be done with
the help of life expectancy and premature death rates. Reconciliation Action Plan can also be
utilized for the purpose of ensuring the reduction of life expectancy gap between the First
Peoples of Australia and other Australians.
During the monitoring of this indicator, the challenges faced include the unequal access
relating to the healthcare services among Aboriginal people and Torres Strait Islanders.

Effective measurement may also get affected by the slow progress rates of life expectancies
among different community groups of Australia (Strezov, Vladimir, Evans, & Evans, 2017)
Education- Education can be defined as the process which assists the individuals in obtaining
general knowledge along with developing reasoning and judgment related powers. The
individuals are assisted in leading a mature life with the help of such knowledge and powers
(Huber & Bassen, 2018). This indicator can be measured by Westpac Banking Corporation
by way of monitoring the research and development and educational levels within the region.
Since Westpac Banking Corporation is a large organization, it can conduct educational
development programs for the indigenous people in order to get effective results. The major
challenge in providing education to people includes their lack of interest in getting
knowledge for leading a mature life. Moreover, resistance is also noticed among individuals
in learning topics like science. They often get registers for taking education from these
educational programs but do not attend the classes which, in turn, make it difficult for
maintaining sustainability in the socio- cultural dimension.
Human Rights- Human Rights can be defined as the rights inherent to all the human beings
irrespective of ethnicity, gender, race, religion, language, nationality and any other status.
Freedom of opinion and expression, right to life and liberty, freedom from slavery and
torture, right to work and education are included in the human rights. Each and every
individual is entitled to these human rights without any kind of discrimination (Bos, Gerhard,
& Düwell, 2016).
For the purpose of measuring this indicator, it should be ensured that human rights equality is
followed in all the branches of Westpac Banking Corporation both for the employees and the
customers. Diversity can be adopted for this purpose. Marriage equality is also a concept
which has emerged in the recent time but is also criticized by many people on Australia. This
indicator will assist Westpac to measure and support marriage equality in the organization for
the employees and the customers who visit the bank (Freeman & Michael, 2017).
However, a number of challenges are expected to be faced by Westpac during the monitoring
of this indicator. The challenges will include encounter with wage humiliation battles from
the bank employees and other members of the community. Also, it is not easy to maintain
equality among different society members as they often hesitate to come forward which, in
turn, result in the creation of further difficulties. The measurement of improvement also
suffers from various complexities (Morse, Stephen, McNamara, & Okwoli, 2017).

Employment- Employment can be referred to as the contract which exists between two
parties which, in turn, creates a relationship among them. Such relationship can be described
in the form of an obligation of one party to perform the specified task for the other party. In
the exchange of such services provided by the party, the other party is bound to pay the
contracted amount (Kopnina, Helen, & Blewitt, 2018).Australia suffers from the central
problem of migration of people. This is due to the fact that the people from other countries
are not able to get the desired job with the desired pay. This leads them to migrate to
Australia for the purpose of getting a favorable job. However, still there are a large segment
of people who are unemployed in their own country. This indicator can be used by Westpac
Banking Corporation for monitoring the existing job structures and unemployment levels.
The bank can aim to become an inclusive employer in order to retain employment in
Australia. This means that it should provide employment to only those individuals who
belong to Australia. The unemployment rates should also be measured on periodical basis
along with having the view of the job structure of the region (Svensson, Göran, & Wagner,
2015).
The challenge which may be faced by Westpac with this indicator is high degree of migration
in Australia. Also, the future growth of the opportunities for the workers is expected to be
negatively impacted by social problems in Australia.
Indicator Name Definition Measurement Challenge
Health and Safety Health and safety can
be defined as the
well- being of a
person in social,
physical and mental
aspects.
It can be measured
through life
expectancy and
premature death
rates. Reconciliation
Action Plan can also
be used for this
purpose.
Slow progress rates
of life expectancies
and unequal access to
health care services
are expected to create
a challenge.
Education Education can be
defined as the
process which assists
the individuals in
obtaining general
It can be measured by
way of monitoring
the research and
development and
education levels of
Lack of interest of
the students in
learning science and
different subjects.

knowledge along
with developing
reasoning and
judgment related
powers.
the region.
Human Rights Human Rights can be
defined as the rights
inherent to all the
human beings
irrespective of
ethnicity, gender,
race, religion,
language, nationality
and any other status.
It can be measured by
ensuring human
rights equality,
marriage equality and
diversity in the
workplace.
Challenge includes
encounters with
wage humiliation
battle from
employees and the
members of the
community.
Employment Employment can be
referred to as the
contract which exists
between two parties
which, in turn,
creates a relationship
among them. One
party performs a
specified task for the
other party and the
other party is bound
make payment for it.
This indicator can be
measured by
monitoring the
existing job
structures and
unemployment
levels.
Migration is the
biggest challenge
which will be faced
during the
monitoring of this
indicator. Another
challenge is related
to the social
problems that exist in
Australia.

Conclusion
Therefore, it can be concluded that a sustainable enterprise strives to meet the triple bottom
line along with having progressive human rights and environmental policies. This report
focused on Westpac Banking Corporation, a bank in Australia, along with the three
sustainability dimensions that are applicable to this enterprise namely socio- cultural,
economic and environmental dimension. The report focuses on the socio- cultural dimension
as the specific sustainability area and provides the list and assessment of the indicators for
this dimension. The indicators include health and safety, education, human rights and
employment. Some challenges will be faced by Westpac during the monitoring of these
indicators.

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stakeholders, change and indicators. Routledge, 2017.
(Morse, Stephen, McNamara, & Okwoli, 2017)
13. Schaltegger, S., & Wagner, M. (2017). Managing the business case for sustainability: The
integration of social, environmental and economic performance. Routledge
. (Schaltegger & Wanger, 2017)
14. Seiler- Hausmann, J. D., Liedtke, C., & von Weizsäcker, E. U. (Eds.). (2017). Eco-
efficiency and beyond: Towards the sustainable enterprise. Routledge.
(Seiler-Hausmann, Dirk, Liedtke, & von Weizsäcker, 2017)

15.
Strezov, Vladimir, Annette Evans, and Tim J. Evans. "Assessment of the
economic, social and environmental dimensions of the indicators for
sustainable development." Sustainable Development 25.3 (2017): 242-
253.
APA
(Strezov, Vladimir, Evans, & Evans, Assessment of the economic, social and
environmental dimensions of the indicators for sustainable development, 2017)
15 Sikdar, Subhas K., Debalina Sengupta, and Rajib Mukherjee. "Systems, Indicators, and
Sustainability Assessment." Measuring Progress Towards Sustainability. Springer, Cham,
2017. 59-91.
(Sikdar, Subhas , Sengupta, & Mukherjee, 2017)
16. Stace, Doug. "Dexter Dunphy: Pushing the Boundaries of Change." The Palgrave Handbook
of Organizational Change Thinkers. Springer International Publishing, 2016. 1-20.
(Doug, 2016)
17. Strezov, Vladimir, Annette Evans, and Tim J. Evans. "Assessment of the economic, social
and environmental dimensions of the indicators for sustainable development." Sustainable
Development 25.3 (2017): 242-253.
(Strezov, Vladimir, Evans, & Evans, 2017)
18. Svensson, Göran, and Beverly Wagner. "Implementing and managing economic, social and
environmental efforts of business sustainability: Propositions for measurement and structural
models." Management of Environmental Quality: An International Journal 26.2 (2015): 195-213.
(Svensson, Göran, & Wagner, 2015)
19. Waddock, Sandra, and Malcolm McIntosh. SEE change: Making the transition to a sustainable
enterprise economy. Routledge, 2017.
(Waddock, Sandra, & McIntosh, 2017)

20. Westpac Banking Corporation. (2019). Our strategy. Retrieved January 6, 2019 from
(Westpac Banking Corporation, 2019)
Howarth, R. (2012). SUSTAINABILITY, WELL-BEING, AND ECONOMIC GROWTH.
Retrieved January 9, 2019 from https://www.humansandnature.org/sustainability-
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