15 October 2018

Westpac has agreed to review its membership of business lobby groups, along with their positions on climate change and other policies, after being hit with a shareholder activist campaign in the lead-up to its annual general meeting.

Not-for-profit group the Australasian Centre for Corporate Responsibility has agreed to withdraw a shareholder resolution...calling on the bank to disclose more information about its membership of the Business Council of Australia and other groups.

The NGO said...it had withdrawn its Westpac resolution after the bank had "shown leadership" on the issue.

In a statement, Westpac said it would "set out principles for engagement with industry associations". It would also "commence a review of key industry association memberships in relation to our main areas of policy interest, including a focus on lobbying and advocacy related to climate change".It said it would do this as part of its annual review....