Benchmarking and recognition
We’re involved in a range of industry initiatives and benchmarking activities and we’re proud to have won awards and recognition for our work.
We believe it’s important to participate in initiatives that advance and recognise resilient and sustainable business practices.
The role of our industry associations and initiatives
Many of the issues that impact our ability to serve customers cannot be addressed by one company alone. We believe that our industry association memberships and initiatives provide direct benefit to NAB’s long-term success including:
- access to industry research
- engaging in industry-wide policy discussions across a range of issues
- opportunities for networking with our industry peers
- access to key policymakers
- a further avenue to support the community, particularly through memberships of regional business chambers.
Our key memberships and associated fees for 2023 were:
- Australian Banking Association (ABA): $2,313,382
- Business Council of Australia: $95,000
- New Zealand Bankers’ Association: NZ$426,934
- BusinessNZ: NZ$22,000
We recognise the role of industry associations in contributing to public policy debate and advocacy on issues of importance to our business, customers, shareholders and the community.
The diverse membership of some industry associations means there will be a diversity of opinion on particular issues. We may not always share the public views of individual members of an association, or an association as a whole.
However, by maintaining membership in our industry associations, we can share knowledge, data, and encourage policy advocacy and actions broadly aligned with our own views - including on climate change and the environment. Membership also allows us to advocate within the association for a change in policy and actions to be more aligned with our own views and approach.
When an industry association’s position on an issue varies significantly from our public position, we raise this directly with the leadership of that association, and take this into account at the time of membership renewal.
Industry associations and sustainability
Engagement with industry associations forms an important part of our strategy, helping to identify emerging issues, advocate for changes in policy and contributes to risk management. We work with industry associations to drive progress on sustainability topics within and across industries.
In 2023, NAB engaged on key topics including climate and nature-related financial disclosures, such as:
- Working with the Australian Banking Association (ABA) on the Federal Department of Treasury’s proposals for the implementation of standardised, internationally-aligned climate-related financial disclosures.
- Involvement in the United Nations Environment Program Finance Initiative (UNEP FI) Taskforce on climate-related financial disclosures (TCFD) forum, including review of tools and data sets being developed for climate-related risk analysis, and updates on climate-related litigation.
- Task Force on Nature-related Financial Disclosures (TNFD) forum and also part of UNEP FI piloting of the recommendations of the TNFD framework on the topic of ‘freshwater’.
Industry associations and initiatives
Who we’re involved with and our association memberships.
We’re a member of the Australian Banking Association, opens in new window which provides analysis, advice and advocacy for the banking industry and contributes to the development of public policy on banking.
In 2020, NAB joined the Australian Industry Energy Transitions Initiative, opens in new window which aims to accelerate informed action by Australian industry towards the achievement of net zero emissions in hard-to-abate sectors by 2050, while managing the transition to thrive in a decarbonised global economy.
We’re a member of the Australian Sustainable Finance Institute, opens in new window, which brings members together to work towards a sustainable and resilient financial system that supports greater ESG outcomes.
We’re a member of the Business Council for Sustainable Development Australia, opens in new window, a business think tank and advocacy group that promotes commercial solutions to sustainability challenges.
We became a member of CDP (previously the Carbon Disclosure Project) in 2007, and we’re a current signatory to the following CDP programs: climate change; forests; water (from 2009); and carbon action initiative. We’re also a respondent to the CDP climate change program, which is an annual study of the greenhouse emissions and climate change strategies of the world's largest companies. Read our CDP survey responses.
In 2020, we joined the cross-sector Climate Measurement Standards Initiative, opens in new window which is focused on supporting implementation of the Task Force on Climate-Related Financial Disclosures’ recommendations, in addition to better understanding of the financial system’s exposures to climate-related risks.
In 2020, we joined as an Alliance Member. The Constellation Project, opens in new window has a vision to end homelessness in a generation by delivering practical solutions through harnessing the power of collaboration and innovative ideas that can be taken to scale.
We’re a member of the Green Building Council of Australia, which supports the sustainable transformation of our commercial buildings and communities through the Green Star Certification process, opens in new window.
As a member of LBG Australia / New Zealand (now know as Business for Societal Impact, opens in new window (B4SI)), we have been measuring and benchmarking our corporate community investment contributions using the LBG methodology since 2006.
We're committed to upholding the OECD Guidelines for Multinational Enterprises, opens in new window and have publicly done so since 2004. The OECD Guidelines articulate good corporate practice for companies operating in different jurisdictions.
As an inaugural signatory, we were one of 30 founding global banks that worked to develop the UN Environment Program Finance Initiative's Principles for Responsible Banking, opens in new window. These six principles, launched in 2019, provide the banking industry with a single framework to embed sustainability at the strategic, portfolio and transactional levels and across all business areas.
We’re a member of the Sustainable Business Council, opens in new window (SBC) of New Zealand, a group of companies playing a leading role in creating a sustainable future for business, society and the environment.
We’re a member of the Sustainable Business Network NZ, opens in new window, a not-for-profit incorporated society with a vision of a transformed business world in which organisations thrive because they cherish the resources and people they depend on.
We’re a member of the Taskforce on Nature-related Financial Disclosures (TNFD) Forum, opens in new window, a global group of institutions supporting the TNFD’s research and technical work on nature-related risk management and disclosure trends and developments.
In 2010, we became a participant of the United Nations Global Compact, opens in new window and in 2014, we became a member of the UN Global Compact Australian Network. This is a strategic policy initiative for businesses committed to aligning their operations and strategies with ten universally accepted principles in the areas of: human rights, labour, environment and anti-corruption.
The UN Women's Empowerment Principles, opens in new window are a set of principles for business that offer guidance on how to empower women in the workplace, marketplace and community. NAB became a signatory of the Women’s Empowerment Principles in March 2018. BNZ has been a member of the Principles since March 2012.
Since 2004, we’ve been committed to upholding the Universal Declaration of Human Rights., opens in new window
Our Human Rights Policy (PDF, 141KB), opens in new window applies across all of our operations – guiding how we address human rights in our policies, practices and business operations.
Dow Jones Sustainability Index
We were the equal highest scoring bank in Australia in 2022.
We were awarded an A rating for our CDP survey response in 2022.
We hold an ESG rating of 4.2 which puts us in the top 17% of banks globally.
We hold an ESG Risk Rating of 20.3 out of 100 (where lower is better), assessed as being at medium risk of experiencing material financial impacts from ESG factors.
We are a member of the 2023 Bloomberg Gender-Equality Index, comprised of 484 companies.
We hold an A rating in the MSCI ESG Ratings assessment (on a scale of AAA-CCC), which are designed to support common approaches to environmental, social and governance investing.
Explore sustainability at NAB
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