Guidelines for decision making

The NAB Group's corporate governance framework plays a key role in supporting our business operations. It provides clear guidance on how authority is exercised within the group.

As a fundamental element of our culture and business practices, our corporate governance framework provides guidance for effective decision making in all areas of the Group through:

  • strategic and operational planning
  • risk management and compliance
  • financial management and external reporting
  • succession planning and culture
  • managing customer experiences and outcomes.

2023 Corporate Governance Statement and Appendix 4G

Our corporate governance practices play an essential role in supporting the Group’s operation. We do this through sound governance practices, clear accountability and prudent risk management practices, including providing clear guidance on how authority is exercised and adequate oversight to support sound decisions in all areas of the Group. 

Our approach to corporate governance is disclosed in the Corporate Governance Statement chapter of the 2023 Annual Report (PDF, 9MB), opens in new window.

We have followed the fourth edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (ASX 4th edition) for the reporting period ended 30 September 2023. Our compliance with the ASX 4th edition is shown in our 2023 Appendix 4G (PDF, 364KB), opens in new window.

You can view some key documents and policies which form part of our corporate governance framework and highlight the Group's significant commitment to corporate governance.


Other Corporate Governance matters

Risk @ NAB

Continuous Disclosure Stakeholder Communications

NAB’s Continuous Disclosure Policy is made available under Policies.


Board Charter

The Group is governed by the Board of Directors. Information on the authority, responsibilities, membership and operation of the Board is set out in the Board Charter (PDF, 233KB), opens in new window.

Director Independence Standards

All NAB directors are expected to bring independent and unfettered judgement to Board deliberations. To qualify as ‘independent’, a director must be independent of management and free of any business or other association that could materially interfere with the director’s exercise of unfettered and independent judgement with respect to issues before the Board, and to act in the best interests of NAB and its shareholders.

In considering the independence of each director, the Board takes into account the factors outlined in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition).

The Board conducts regular (at least annual) reviews of the independence of each of the directors. Directors are expected to volunteer information as and when changes occur, and each non-executive director is required to make an annual disclosure to the Board of all relevant information.

To further assist in ensuring that the Board operates independently of management, non-executive directors meet in the absence of management at each scheduled Board and Committee meeting.

All non-executive directors of the Board are considered to be independent, as identified in the Report of the Directors in our 2018 Annual Financial Report.

For more information on the Independence Standards (part of the Board Charter) that are considered when assessing Director independence, see the Independent Director Standards (PDF, 152KB), opens in new window.

Board Committees

To assist in carrying out its responsibilities, the Board has established standing Board committees that cover each of Audit, Remuneration, Risk, Customer and Nomination and Governance matters. Other committees are created, with specific remits, as and when required.

Board committees and their respective charters (which include information on the responsibilities of each committee) are set out below. Information related to the operational procedures of board committees (including information on composition, reporting requirements, effectiveness evaluations and the role of Committee Chairs) is included in the Board Committee Operating Rules, which can be accessed below.

Continuous disclosure

We aim to be open and transparent with all stakeholders and we are committed to disseminating information to stakeholders in a fair, timely, clear and objective manner.

 The Group has adopted a disclosure policy that is designed to:

  • ensure we comply with our legal and regulatory obligations; and
  • promote investor confidence by ensuring that trade in our securities takes place in an informed market.

We will immediately notify the market on becoming aware of any information related to our businesses which a reasonable person would expect to have a material effect on the price or value of our securities. We do this by announcing such information to the relevant stock exchanges on which our securities are listed.

In certain limited circumstances, the applicable listing rules permit the Group not to disclose such market sensitive information. Our policy also provides that, in general, the Group will not respond to market speculation or rumours unless required to do so by law or the Australian Securities Exchange (ASX).

Where appropriate, we may request a trading halt from the ASX to prevent trading in the Group's securities by an inefficient and uninformed market.

NAB’s Disclosure Committee, comprised of senior executives, has primary responsibility regarding NAB’s disclosure obligations. The Group Executive, Legal & Commercial Services (or applicable delegate) is responsible for all communications with the relevant stock exchanges on which the securities of the Group are listed. All releases to the ASX and other relevant stock exchanges are made available on our website.

For more information see the Group Disclosure & External Communication Policy (PDF, 212KB), opens in new window.

Inclusion and diversity

Inclusion and diversity (I&D) drive better outcomes for customers, colleagues and the community. When colleagues feel valued and supported to contribute, it encourages performance, innovation and better risk management. The Board endorsed a refreshed I&D Strategy Framework in late 2021. This framework recognises the need to be proactive in considering inclusion and diversity in processes, policies and practices.

Group inclusion and diversity policy

As part of our annual commitments, the Group Inclusion & Diversity Policy (PDF, 920KB), opens in new window was reviewed and updated. The Board approved these updates in September 2023. The Policy continues to include a requirement for the Board People and Remuneration Committee to monitor and assess on an annual basis the effectiveness of the Inclusion and Diversity (I&D) Policy, Strategic Framework and practices in achieving the stated, measurable objectives.

FY22 to FY26 I&D Strategy Framework

The NAB I&D Strategy is explicitly aligned to our business and colleague strategies and looks to shape the way we think and How We Work. To facilitate sustainable and meaningful change, our Framework recognises the need to focus on inclusion, not only diversity in our key colleague processes and policies. The key focus areas of the Strategy include:

  • Inclusive leadership – Leaders are visible in their commitment to inclusion and actively build diversity in teams. They role model NAB’s How We Work in their everyday actions and ensure that systems are inclusive and accessible to all.
  • Inclusive workplace – A culture that actively promotes and leverages team diversity, flexibility and wellbeing – an environment where all colleagues feel empowered to contribute to their full potential.
  • Customer inclusion – Colleagues who take pride in understanding the needs of our customers, ensuring they can access the information, services and products they need with ease.

2021 to 2025 I&D measurable objectives

The measurable objectives aligned to the I&D Strategy Framework are as follows:

  • Diverse leadership teams and talent pipelines by 2025:
    • 40-60% gender representation at every level of the business 
    • 40-60% gender representation on NAB Group Board (non-executive directors) and NAB Group subsidiary boards
  • Fair remuneration – Seek to reward people fairly and support our objective of gender pay equity < 10% by 2025.
  • Inclusion score – Targeting no gap between diverse and non-diverse colleagues by 2025 using measures from the engagement survey.

NAB’s Executive Leadership Team continues to have direct accountability for the I&D Strategy Framework’s execution. The Board receives annual updates on the performance against the Framework and its measurable objectives.

The table below outlines NAB’s progress against its 2021 to 2025 measurable objectives. More information on NAB’s 2021 to 2025 measurable objectives, including progress made against them, can be found in the 2023 Annual Report (PDF, 9MB), opens in new window. These objectives support the colleague-related goals set out in our Accessibility Action Plan 2023-2024 (PDF, 2MB), opens in new window and Reconciliation Action Plan 2022-2023 (PDF, 17MB), opens in new window.

Progress against NAB’s 2021 to 2025 I&D measurable objectives

1. Diverse leadership teams and talent pipelines:

  • 40-60% gender representation at every level of the business1
  • 40-60% gender representation on NAB Group Board (non-executive directors) 
  • 40-60% gender representation on NAB subsidiary boards




2025 Target

NAB Board (non-executive directors)





2025 Target


NAB Group Subsidiary Boards





2025 Target


Executive Management (Salary level 7)





2025 Target


Executive Management (Salary level 6)





2025 Target


Senior Management (Salary level 5)





2025 Target


Management (Salary level 4)





2025 Target


Non-management (Salary level 3)





2025 Target


Non-management (Salary level 2)





2025 Target


Non-management (Salary level 1)





2025 Target


Total organisation





2025 Target


1 Based on the percentage of women in each salary level, calculated using population of permanent full-time and part-time employees.

2. Fair remuneration – seek to reward people fairly and support our objective of gender pay equity <10% by 2025

  2022 2023 2025 target
Gender pay gap1
2025 target

1 The pay gap analysis indicates NAB’s gender pay gap when comparing the base salary of all females to males within the Australian-based workforce of NAB, for the reporting period 1 April 2022 to 31 March 2023. The ratio is calculated by dividing the female average salary by the male average salary per employment level. It does not separately measure the gender pay gap in equivalent roles. Analysis includes permanent, fixed term, and casual colleagues and excludes contractors. Gender pay gaps for 2021 and 2022 reflect Workplace Gender Equality Agency (WGEA) published figures. Note at time of reporting WGEA figures were not published for 2023, these figures represent NAB calculated gender pay gaps following the WGEA methodology.

3. Inclusive workforce culture1,2

  2022 2023 2025 target

Women (Difference vs men)3


-1 (81 vs 82)


-3 (79 vs 82)

2025 target


People with disability (Difference vs people without disability)4


-5 (78 vs 83)



-6 (77 vs 83)

2025 target


Ethnic minority (Difference vs non-ethnic minority)5


0 (83 vs 83)


0 (83 vs 83)

2025 target


LGBTQIA+ (Difference vs non-LGBTQIA+)6


-2 (81 vs 83)


-2 (80 vs 82)

2025 target


Carers (Difference vs non-carers)7


-1 (82 vs 83)


-2 (81 vs 83)

2025 target


1The inclusive workforce culture scores are based off responses to NAB's Heartbeat survey conducted in July 2023 (2023 score) and August 2022 (2022 score). The methodology was revised in 2022 to measure the differences on an inclusion score, based on a combined response to three questions: 1. 'I feel comfortable being myself at work'. 2. 'I am treated with respect and dignity' and 3. 'Regardless of background, everyone at our company has an equal opportunity to succeed'. The table represents the scores for specific historically under-represented groups, with comparisons to the related majority group within the workforce.

2 ubank did not participate in the demographic section of the Heartbeat survey in 2023, therefore no ubank data is included in the inclusion scores that are reported for 2023. ubank data is included in the 2022 and 2021 inclusion scores.

3 Inclusion score is calculated using responses to questions in the Heartbeat survey, with gender of respondents based on how this is recorded in SAP.

4 Colleagues who selected that they identify as a person with disability in the Heartbeat survey.

5 The methodology used in defining ethnic minority was altered this year, to take into account NAB’s growth in international colleagues. Ethnic minority and non-ethnic minority calculations only include colleagues from Australia, NZ, UK and US. The ethnic minority group is comprised of individuals whose ethnicity is considered to be an ethnic minority in those included regions. Colleagues based in other regions have not been included in the calculation this year, as identification of ethnic minority would be different in those regions.

6 Categories were expanded in 2022 to include asexual, homosexual, pansexual and non-binary or other genders. Other categories include lesbian, gay, bisexual, transgender, agender, bigender, another gender, intersex and different identity.

7 Colleagues who selected they spend time providing unpaid care, help, or assistance to family members or others with a disability (including children, adults or older adults).

  • Leaders are visible in their commitment to inclusion and actively build diversity in teams. They role model How We Work and strive to ensure that our systems are inclusive and accessible to all. 

    The Executive Leadership Team (ELT) has direct accountability for the execution of the Inclusion & Diversity Strategy framework, and all leaders at NAB have I&D goals included in their annual performance plan. The Board and the ELT's ambition is for a workforce that is reflective of the broader community and a reputation that attracts and retains the best talent.

  • We actively promote and embrace team diversity, flexibility and wellbeing to help create a workplace where all colleagues feel empowered to contribute to their full potential. In 2023, the following key initiatives have taken place to continue to build an inclusive workplace.

    Progressing gender equity

    NAB has set measurable objectives for gender equity, with a target to achieve 40-60% female representation at every level of the business, and to reduce the mean gender pay gap to below 10%, both by 2025.

    We’ve made progress towards our gender representation targets in 2023, with increases in representation of women on NAB’s Board, and across senior salary groups where representation has historically been lower. In 2023, the Board has achieved gender diversity in the composition of its non-executive directors, with 55% being women.

    To continue to improve representation of women, NAB invests in initiatives designed to accelerate a diverse pipeline of women towards more senior roles. This includes the 1500 degrees program in our Business and Private Banking business, which provides Group 3 & 4 women with targeted learning, networking, sponsorship, and development opportunities.

    In accordance with the requirements of the Workplace Gender Equality Act 2012 (Act), on 27 May 2024, NAB lodged its annual public report with the Workplace Gender Equality Agency (Agency). You can find more information in the following reports:

    Public Questionnaire (PDF, 301KB), opens in new window

    Workforce Profile Corporate group – Public Report (PDF, 209KB), opens in new window

    Workforce Statistics Corporate group – Public Report (PDF, 320KB), opens in new window

    We’ve also met the minimum standards in relation to specified gender equality indicators, as set out in the Workplace Gender Equality (Minimum Standards) Instrument 2014.

    If you need these documents in an alternative format, just email Diversity.& – we’re happy to help.

    We continue to drive gender equity at NAB, and although we still have work to do, we have received external recognition for our efforts by being included in the 2023 Bloomberg Gender-Equality Index.

    Gender pay gap

    NAB's 2023 gender pay gap for base pay is 15.8% decreasing from 16.9% in 2022. This was primarily driven by an increase in representation of women in middle to senior leadership. Driving greater representation of women in leadership roles is one of the most sustainable ways to continue reducing the gender pay gap and a key priority for NAB. To find out more, please read our 2023 Gender Pay Gap report.

    Gender pay gap reports

    NAB’s 2023 Gender Pay Gap report (PDF, 170KB), opens in new window (information and analysis pertains to the Australian-based workforce only)

    NAB UK Gender Pay Gap reports (information and analysis included pertains to the London branch only)

    Cultural inclusion

    NAB encourages colleagues to use cultural and religious leave, providing up to three working days of paid leave each year to celebrate important cultural or religious events and traditions.

    NAB was a platinum sponsor of the Asian Leadership Project’s national conference and participates in its National Group Mentoring program.

    NAB’s Cultural Inclusion Employee Resource Group (ERG) aspires to promote an inclusive workplace where cultural diversity is celebrated, to increase diverse representation in senior leadership roles, and to harness the power of cultural inclusion. The ERG provides a forum for colleagues to celebrate many cultural dates of significance and works passionately to help culturally diverse colleagues to advance their careers at NAB.

    Indigenous Australian inclusion

    Ensuring that all colleagues understand First Nations culture is critical to support inclusion in the workplace and for our customers. This year NAB’s Indigenous cultural awareness training was refreshed and made mandatory for all Australian colleagues. This was supplemented by a specific cultural capability program for all executives.

    NAB supports employment pathways at all levels for First Nations Australians. In the past 12 months entry-level positions through the Indigenous intern and trainee programs (13 and 25 positions respectively) have been provided.

    In 2023, NAB’s First Nations ERG was launched. Having a shared understanding forms a strong basis which is central to true reconciliation and progress. The ERG seeks to create a culturally safe environment within NAB where First Nations colleagues have a clear sense of community.

    NAB measures the inclusion experience for colleagues who identify as Aboriginal and/or Torres Strait Islander annually through the Heartbeat survey. In 2023, the inclusion index score for this cohort was 80, which is three points lower than non-Aboriginal and Torres Strait Islander colleagues. NAB will work to reduce the gap in 2024, through initiatives outlined in NAB’s Reconciliation Action Plan 2022-2023 (PDF, 17MB), opens in new window.

    LGBTQIA+ inclusion

    NAB was awarded Platinum Status in the 2023 Australian Workplace Equality Index (AWEI). This is the highest recognition, acknowledging NAB’s high level of performance over a sustained time.

    The NAB Pride ERG aims to be the voice of LGBTQIA+ colleagues and customers, by raising awareness and advocating for a safe, inclusive workplace and experience.

    In 2023, NAB introduced gender affirmation leave, of up to 12 months, consisting of four weeks paid leave and the remainder unpaid. Colleagues who take steps to affirm their gender have the entitlement to build a gender affirmation plan alongside their people leader, and a support person, to help ensure a positive experience in affirming gender at work.

    NAB supports the LGBTQIA+ community through partnerships with Out Leadership, the Pride Cup, and Principal Partnership of the Midsumma Festival in Melbourne for the eleventh consecutive year.


    NAB released the Group Accessibility Action Plan 2023-2024 (PDF, 2MB), opens in new window, which will deliver on three key goals:

    • Being an employer of choice for people with disability.
    • Helping communities to prosper by supporting disability organisations to solve emerging issues.
    • Using data and insights from customers to listen, understand and implement improved accessibility into their experience.

    Key partnerships informing NAB’s approach include:

    • Valuable 500, a global movement putting disability inclusion on the business leadership agenda. Through involvement in this global network NAB is building capability and striving for best practice in disability inclusion.
    • Australian Network on Disability, participating in programs and initiatives including the Stepping Into internship program and the Positive Action Towards Career Engagement (PACE) mentoring program.

    The NABility ERG, a voluntary group of colleagues with disability, carers of people with disability and allies, has used internal and external storytelling to celebrate the role and valuable contributions that colleagues with disability have at NAB. They have also delivered internal events to encourage disability pride and reduce ableism.

    Supporting colleagues who are carers

    This year NAB has strengthened our parental leave offering by:

    • Providing equal leave to both parents by removing the distinction between primary and secondary carers.
    • Increasing the number of weeks paid parental leave to 16 weeks upon the birth of a child, as well as for adoption, foster and kinship arrangements for children under 16 years of age, with additional flexibility as to when the leave can be taken. This builds on changes made last financial year that removed the requirement to have at least 12 months service to qualify for paid parental leave.
    • Updating our pregnancy loss leave provisions to provide two weeks’ paid leave (or 16 weeks’ paid leave if more than 20 weeks’ gestation).
    • Enhancing the superannuation contributions for full and part time colleagues on parental leave, increasing these to a period of two years from date of birth or placement (up from 52 weeks).

    The return-to-work rate1 across all genders and all Australia colleagues after parental leave was 93.6%, an increase on 2022 (92.5%). NAB monitors this rate and supports colleagues to return to work.

    1Percentage of employees due to return from paid parental leave of >90 days between 1 October 2022 to 30 September 2023 who have returned and remained working for a period of at least 30 days.

    Anti-harassment and discrimination

    NAB has zero-tolerance for sexual harassment and works to fulfil our duty to prevent sexual harassment and discrimination. In response to the Respect@Work legislative changes, a detailed gap analysis has been completed using the Australian Human Rights Commission’s Good Practice Indicators Framework to ensure NAB has clear outcomes and measures on leadership, culture, training, risk management, support, reporting, monitoring and evaluation.

    A Respect@NAB training module has been added to NAB’s People Leader Fundamentals program, which is designed to educate people leaders on NAB’s legislative obligations and to foster an environment that reduces the likelihood of bullying, harassment and other inappropriate conduct.

    Additional actions to strengthen leadership responsibility, bystander interaction, training and risk management are underway. A psychosocial risk working group meets quarterly to identify trends and issues and proactively address risk indicators of sexual harassment and other forms of unlawful discrimination, harassment and bullying.

    NAB takes a complainant-sensitive approach to complaint handling and encourages speaking up and to address any concerns raised regarding unlawful discrimination and bullying, including sexual harassment. There has been more frequent and targeted communication, enhanced conduct and risk awareness training for all colleagues, and support for people leaders managing concerns about harassment and discrimination. See NAB’s discrimination and harassment guidelines (PDF, 277KB), opens in new window

    Hybrid and flexible working

    As a relationship-led bank, NAB has continued to support colleagues to work in a hybrid manner where their role permits, balancing the needs of our customers, colleagues and operations. As part of our hybrid working model, the majority of colleagues (excluding those in branches) have the option to work flexibly, with an expectation that they work from a NAB location (such as a NAB office) a minimum of two days per week. NAB’s hybrid approach includes tools and resources to support hybrid practices, in-person events, greater opportunities for face-to-face collaboration and social connection. Ongoing review of feedback to address barriers to attending the office is in place to continuously improve the experience for colleagues.

    We support flexible working as it has a wide range of inclusion benefits and allows NAB to attract and retain the best talent, including for colleagues with accessibility needs, or those managing multiple responsibilities outside work. Colleagues can adopt other flexible working arrangements including variable start/finish times, part-time hours and job-sharing opportunities.

    Engaging through our employee resource groups

    Across NAB, employee resource groups empower colleagues to work together on issues they care about. They role model inclusion in their day-to-day actions, build community and identify opportunities for us to improve both the colleague and customer experiences. NAB currently has five employee resource groups:

    • Gender Equity Network – Moving NAB forward through gender equity.
    • NABility – looking beyond disability to ability.
    • NAB Pride – celebrating all LGBTI+ people for who they are.
    • Cultural Inc – harnessing the power of cultural inclusion.
    • First Nations – recognising and celebrating Australia’s oldest living cultures.
  • Valuing our customers for who they are

    We are committed to making sure our customers are respected and valued for who they are. We continue to uncover and update legacy systems to add an additional gender marker and salutation options allowing our trans and gender diverse customers the ability to truly reflect how they identify.

    Improving accessibility for our customers

    We want to make banking inclusive for everyone. In 2023, NAB was ranked in the top three organisations on the Australian Network on Disability Access and Inclusion Index.

    NAB is a signatory to the Valuable 500, a global movement putting disability inclusion on the business leadership agenda. Through involvement in this global network NAB is building capability and striving for best practice in disability inclusion.

    Inclusive events for our customers

    We participate in a number of customer events that focus on inclusion of all customers. Throughout 2023, we were proud to continue our support of the Pride Cup and Midsumma Festival.

    For information about how NAB supports Indigenous businesses and customers experiencing vulnerability refer to the 2023 Annual Report (PDF, 9MB), opens in new window.

Conflicts of Interest

Summary of National Australia Bank's Policy on conflicts of interest applicable to National Australia Bank Limited and its controlled entities.


The nature and scope of National Australia Bank Group’s (NAB) activities mean NAB will face actual, potential or perceived conflicts of interest in the normal course of its business activities. These conflicts can give rise to decisions and actions that may be improperly influenced by personal or other motivations, negatively impacting our customers and NAB’s interests.

Conflicts may arise in a range of circumstances, including:

  • NAB’s interests may conflict with those of our customers.
  • The interests of NAB People (our directors, offices, employees, secondees or NAB contract hires) may conflict with those of our customers.
  • The interests of two or more NAB customers conflict.
  • The interests of NAB People conflict with those of NAB.

NAB has implemented policies and procedures to identify, assess, document, and manage conflicts of interest, and is acting to avoid conflicts where they cannot be managed. 

Identification of conflicts of interest

NAB operates a range of business procedures designed to identify conflicts of interest that may require management. NAB’s policies require that where conflicts are identified, they must be documented and appropriately escalated consistent with NAB procedures.

Management of conflicts of interest

NAB’s policies and procedures describe the methods which NAB may use to manage actual, potential or perceived conflicts of interest. Though it may be sufficient to disclose some conflicts (see the ‘Disclosure’ section, below), most require management using procedures and/or controls, supported by monitoring and supervision. 

These include (but are not limited to) physical, technological, and organisational arrangements to protect customer interests and to manage actual or potential conflicts of interest. 

NAB utilises physical, technological and organisational segregation arrangements to prevent or control the flow of information between NAB People as a means of preventing some conflicts of interest from crystalising.

Some conflicts must be avoided because they cannot be effectively managed, either because they pose an unacceptable risk or because it is required by law or regulation. In those circumstances, NAB may decline to proceed with the proposed service or transaction. 

Capital markets allocation summary (PDF, 185KB), opens in new window


NAB will disclose conflicts where required by law or regulation and utilises disclosure on its own and in combination with other conflict management arrangements. 

When used properly, disclosure can assist to ensure interests are transparent, acting as a counterbalance to conflicts of interest. Accordingly, NAB policies and procedures are designed to ensure that where we disclose conflicts, this is done at an appropriate time (e.g. prior to products and services being provided) and in a way that is clear, appropriately specific, and reasonably prominent.

Further information

Detailed internal NAB policy documents and operating procedures may not be fully represented in the summary description set out above. If you would like further regarding NAB’s conflicts of interest policies and procedures, please get in touch with your usual NAB contact.

Political Contributions Policy

NAB recognises that it has an important role to play in the Australian political process and in the development and promotion of policy.

Since 2016, NAB has not made individual donations to any political party, Parliamentarian, elected official or candidate for political office. From time to time, NAB representatives may attend business forums hosted by major political parties. Any payments for event attendance received by political parties will be included in the Australian Electoral Commission register.

You can also view the below:

Model Litigant

NAB commits to act as a model litigant and has adopted a Model Litigant Policy. 

We recognise our responsibility to act honestly and fairly in the conduct of litigation and make commitments on the way we will conduct ourselves in the handling of claims and litigation. 

Those commitments include:

  • dealing with claims promptly and not causing unnecessary delay;
  • endeavouring to avoid, prevent and limit the scope of legal proceedings wherever possible;
  • where it is not possible to avoid litigation, facilitating the just resolution of the litigation as quickly, inexpensively and efficiently as possible;
  • not taking advantage of a claimant who lacks the resources to litigate a legitimate claim; and
  • not relying on technical defences unless NAB’s interests would be prejudiced.

It is not limited to particular customer segments nor is it limited to any particular type of claim or litigation.


The Group's internal management is governed by the Company's constitution (PDF, 1MB), opens in new window.

Australian Government Deposit Guarantee

The Financial Claims Scheme (FCS) is an initiative by the Australian Government to provide protection and quick access to your deposits in financial institutions in the unlikely event that one fails.

Further information on the FCS

If you’d like to know more about the FCS there’s information available on the FCS website, opens in new window.

Risk management

Risk is an inherent part of NAB’s business and the effective management of risk is a fundamental enabler of our strategic plan. The strategy for managing risk is to protect customers and enable sustained performance. This is achieved through applying a Risk Management Framework, documented as part of the Risk Management Strategy, which is provided at least annually to the Australian Prudential Regulation Authority to meet our prudential requirements.

NAB applies a ‘Three Lines of Accountability’ operating model in relation to the management of risk. The overarching principle of the model is that risk management capability must be embedded within the business to be effective. The role of each line of accountability is:

  • First Line – Businesses own risks and obligations, and the controls and mitigation strategies that help manage them.
  • Second Line – A functionally segregated Risk function develops risk management frameworks, defines risk boundaries, provides advice and objective review and challenge regarding the effectiveness of risk management within the first line businesses, and executes specific risk management activities where a functional segregation of duties and/or specific risk capability is required.
  • Third Line – An independent Internal Audit function reporting to the Board monitors the end-to-end effectiveness of risk management and compliance with the Risk Management Framework.

Our material risk definitions

Strategic risk

The risk to earnings, capital, liquidity, funding and/or reputation arising from an inadequate response to changes in the external environment; and risk of failing to properly consider downstream impacts and achieve effective outcomes when executing material change programs.

Credit risk

The risk that a customer will fail to meet their obligations to the Group in accordance with agreed terms. It is a financial risk that the Group consciously elects to take through both the Group’s lending activities (banking book) and markets and trading activities (trading book).

Market risk

The risk of loss from the Group’s trading activities or management of structural balance sheet exposures. Losses can arise from a change in the value of positions in financial instruments, bank assets and liabilities or their hedges due to adverse movements in market prices. This may be due to changes in credit spreads, interest rates, foreign exchange rates, market volatility and commodity and equity prices. Traded market risk can be taken on and managed by the Markets division, while Banking Book market risk (interest rate risk and foreign exchange risk) arise from the management of bank wide non-trading activity and is managed primarily by Group Treasury.

Balance sheet and liquidity risk

The risk of failing to manage and monitor key banking book structural risks such as liquidity risk and capital risk.

Operational risk

The risk of loss resulting from inadequate or failed internal processes, people and systems or external events. This includes legal risk but excludes strategic and reputation risk.

Compliance risk

The risk of failing to understand and comply with relevant laws, regulations, licence conditions, supervisory requirements, self-regulatory industry codes of conduct and voluntary initiatives, as well as internal policies, standards, procedures and frameworks that support sustainability and provide protections, to our customers.

Conduct risk

The risk that any action of an individual or NAB employees will result in unfair outcomes for customers.

Sustainability risk

The risk that Environmental, Social or Governance (ESG) events or conditions negatively impact the risk and return profile, value or reputation of the Group or its customers and suppliers.

The Risk Management Framework describes our strategy for managing risk and the key components. It is underpinned by consideration of the impacts of our business decisions on our customers, our community and our people. As a Group, responding effectively to those material risks with ESG implications is important to maintaining our financial performance, reputation, long-term strategy and vision. The Group has a set of Environmental, Social and Governance (ESG) Risk Principles (PDF, 313KB), opens in new window, which help integrate ESG risk considerations into the Risk Management Framework.

Risk Governance

Risk governance refers to the formal structure used to support risk-based oversight and decision-making across all our operations. This consists of Board, Board committees and executive-level management committees, delegations of authority for decision-making, management structures and related reporting.

The Board provides strategic direction for our business and represents the interests of our shareholders through the creation of sustainable value. This is achieved through a focus on customers, colleagues and the broader community. The Board is supported by its committees in carrying out its responsibilities (Charters are available on The Board Risk & Compliance Committee is delegated oversight of risks and compliance on behalf of the Board.

The Board delegates responsibility for the day-to-day management of the Group’s operations to the Group Chief Executive Officer (CEO). The Group CEO delegates authority to members of the Executive Leadership Team (consistent with their BEAR accountabilities) and to executive-level risk management committees on risk topics. Executive-level management committees also exist for other topics, including customer, product & remediation matters, and people & culture matters.

The Group CEO oversees enterprise-wide risk management (under delegation from the Board) through the Executive Risk & Compliance Committee and its specialist supporting sub-committees. Each First Line business unit has an executive-level risk management committee that oversight all material risk categories and support the discharge of risk-related BEAR accountabilities for relevant members.

Managing financial crime

Financial crime has a devastating impact on our customers and community. NAB is dedicated to effectively managing financial crime risk and ultimately keeping customers, communities, and the financial system, safe.

Our fight against financial crime includes measures to manage money laundering / terrorism financing, fraud, bribery and corruption, and economic and trade sanctions.

Good corporate governance is a fundamental part of our culture and business practices. Our corporate governance framework and risk management practises are key in the detection and prevention of financial crime. To provide effective governance, the Board and Executive Management Committees receive regular reporting on risks relating to financial crime. Further to this, our executive leadership team have accountability for compliance with our financial crime obligations.

Find out more about our approach to the management of financial crime and how customer due diligence including identity verification helps us to fight against financial crime.


Learn more about the progress we are making to improve our governance, accountability and culture.

Terms and Conditions