Managing our business in a responsible way is key to our vision of becoming Australia's leading bank, trusted by customers for exceptional service.
Why is this important?
Communication and understanding are key to any successful business, especially one with as many diverse external stakeholders as ours. By continually engaging with our wide range of stakeholders we can understand what is expected of us, identify issues and discover opportunities to improve.
What do we do?
Our approach to stakeholder engagement is set out in our Social Impact Policy (PDF, 75KB), 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 strategy. Maintaining an open and constructive dialogue with our stakeholders helps us to identify emerging issues, contributes to risk management, and allows us to discover opportunities to improve our performance. It also helps us understand community expectations, and explore opportunities to collaborate with our partners on issues of mutual interest.
We interact with a diverse range of stakeholders. In our Sustainability Report (PDF, 2MB) we detail the various stakeholders groups, 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 sustainability reporting. An outline of this year's material issues is available on page 10 of the Sustainability Report.
Through annual assessments, we can 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.