Managing our business in a responsible way is key to our vision of becoming Australia and New Zealand’s most respected bank.
Identified 7 major themes that are important to our stakeholders and align with our ability to deliver our strategy.
Consumer Advocacy Organisations
Strengthened our relationship with different consumer advocacy organisations on retail banking remuneration, provision of credit cards for gambling transactions and financing of major tobacco companies.
Climate Change Engagement
Continue to work with advocacy and shareholder organisations on environmental concerns such as climate scenario testing and financing the fossil fuel industry.
Why is this important?
Communication and understanding are key to any successful business, but especially one as connected as ours. By continually engaging with our wide range of stakeholders we can understand community expectations, identify issues and discover opportunities to improve.
What do we do?
Our approach to stakeholder engagement is set out in our Corporate Responsibility Policy, and is informed by the AA1000 Stakeholder Engagement Standard. In all interactions with stakeholders, we are committed to being respectful, responsive, open and authentic in our engagement on issues of mutual importance.
Our key stakeholders include:
- our employees and contractors
- investors (shareholders, fund managers and superannuation funds)
- industry bodies, associations, regulators and government
- the broader community including non-government organisations (NGOs) and our community partners, and
Defining material issues for our stakeholders and our business
Connecting with our many and varied stakeholders is an important part of our operations. Maintaining an open and constructive dialogue with our stakeholders helps us understand expectations and contributes to risk management, learning and innovation. It also helps us understand community expectations, identify emerging issues and discover opportunities for us to improve our performance.
We interact with a diverse range of stakeholders. In our Sustainability Report we detail our stakeholders, the ways in which we engage with them and their issues of interest. This includes detail on our annual materiality assessment process, which provides us with a good understanding of the issues important to our stakeholders and to NAB’s ongoing success. Our reporting also outlines the independent assurance that has been undertaken on our external Corporate Responsibility reporting.
Through consistent assessments, we’re able to observe how perceptions of these issues change over time. This provides a useful indication of whether our work to respond to material issues is meeting stakeholder expectations. We also use ongoing engagement activities throughout the year to inform our determination of material themes.
Ongoing stakeholder engagement
Throughout the year we use a number of approaches to generate effective dialogue with our stakeholders. This also ensures our understanding of the material issues reflect current thinking.
Indigenous Advisory Group (IAG)
Co-chaired by Natalie Walker and Ken Henry, our formal Indigenous Advisory Group (IAG) provides strategic guidance on our engagement with Aboriginal and Torres Strait islander people and on our Reconciliation Action Plan (RAP).
We value constructive feedback and engagement with a wide range of stakeholders, including NGOs and ESG analysts. We take on board their feedback, information and analysis to assist in the determination of ‘materiality’. You’ll find our most recent engagements detailed in our Sustainability Report.
We know how important it is to listen and respond to customer and community concerns on a wide range of issues and we are committed to doing business in a responsible manner – this includes how we manage our operations (including our supply chain) and financing activities.
If you would like to give feedback or raise an issue about our business, you can contact our dedicated NAB Resolve team who will lodge your feedback or issue with the appropriate NAB department for investigation as required. We'll ensure that you're updated at an appropriate time.
If you want to contact the Corporate Responsibility team directly, you can email us at Corporate.Responsibility@nab.com.au
You can also read more about raising issues with us here.
A few pages
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Performance and reporting
Our Annual Reporting suite provides an overview of our corporate responsibility strategy and performance.