Westpac Banking Corp 6-K, filed Dec 4, 2024
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on December 4, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
December 4, 2024
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| Exhibit
No. |
Description | |
| 1 | ASX Release – Westpac Sustainability Update |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION (Registrant) | ||
| Date: December 4, 2024 | By: | /s/ Esther Choi |
| Esther Choi | ||
| Tier One Attorney | ||
| ASX Release 04 December 2024 Westpac Sustainability Update Westpac Banking Corporation (“Westpac”) today provides the attached Westpac Sustainability update. For further information: Hayden Cooper Justin McCarthy Group Head of Media Relations General Manager, Investor Relations 0402 393 619 0422 800 321 This document has been authorised for release by Tim Hartin, Company Secretary. Level 18, 275 Kent Street Sydney, NSW, 2000 |
| 4 DECEMBER 2024 Westpac Banking Corporation ABN 33 007 457 141 MARKET UPDATE SUSTAINABILITY |
| SUSTAINABILITY MARKET UPDATE - AGENDA 2 Westpac December 2024 Sustainability Update SUSTAINABILITY 1 STRATEGY PROGRESS MICHAEL CHEN Acting Chief Sustainability Officer CUSTOMER 2 TRANSITION ALASTAIR WELSH Managing Director, Corporate & Institutional Bank CUSTOMER 3 VULNERABILITY LISA POGONOSKI General Manager, Customer Solutions SUSTAINABILITY 4 REPORTING ANDREW BOWDEN ESG Disclosure and Reporting Officer |
| MICHAEL CHEN ACTING CHIEF SUSTAINABILITY OFFICER |
| FY24 HIGHLIGHTS 1 Westpac joined the Net-Zero Banking Alliance (NZBA) in 2022. 13 targets set for all 9 emissions-intensive sectors required under our NZBA commitment1 $28.7bn in sustainable finance lending $13.7bn in bond facilitation since the start of FY22 92% of shareholder votes cast were in favour of our Climate Change Position Statement Released our 2nd Climate Report 75% of customer hardship support packages required just 3 months support Engaged more than 150 institutional customers on their climate transition plans 4 Westpac December 2024 Sustainability Update |
| SUSTAINABILITY STRATEGY 1,2 1 This presentation contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are, in many instances, beyond its control. Please refer to the disclaimer at the back of this presentation. Further details on our commitments, targets and other supporting information is contained in our 2024 Annual Report, Climate Report and Sustainability Index and Datasheet. 2 See our website for more information on our sustainability strategy: www.westpac.com.au/about-westpac/sustainability/our-strategy/ THEMES OBJECTIVES FOUNDATIONS PILLAR OUR PURPOSE Support in good times and bad Simpler, safer bank Action on climate and nature Creating better futures together Customer Easy Expert Enhance financial inclusion and equality Strengthen data security and protection Become a net-zero, climate resilient bank Become a nature positive bank Equitable and inclusive society Advocate Respect and advance human rights Enable diversity and inclusion Robust environment and social risk management Reliable data and reporting Integration and organisational capability build 1 2 3 4 5 6 5 Westpac December 2024 Sustainability Update |
| Refer to the Climate Methodologies Supplement on our website for information about the methodologies used to estimate our operational and Group-financed emissions. UNDERSTANDING OUR CARBON FOOTPRINT Westpac December 2024 Sustainability Update SCOPE 1: Direct emissions from controlled facilities, including fleet fuels, refrigerants, gas, diesel, LPG. <0.1 SCOPE 3 FINANCED EMISSIONS: Indirect emissions related to our lending. Share of customers’ scope 1 & 2 emissions. >99 SCOPE 2: Indirect emissions (market-based) from the generation of energy we have purchased, including purchased electricity. <0.1 SCOPE 3 UPSTREAM EMISSIONS: Indirect emissions related to selected sources from our operations and supply chain. <0.5 % of TOTAL 6 |
| Made progress against our 2030 NZBA targets FY24 Scope 1 and 2 emissions down 86% from 2021 baseline Delivering on the three elements of our Climate Action Plan NET-ZERO, CLIMATE RESILIENT OPERATIONS COLLABORATE FOR IMPACT ON INITIATIVES TOWARDS NET-ZERO AND CLIMATE RESILIENCE SUPPORTING CUSTOMERS’ TRANSITION TO NET-ZERO AND TO BUILD THEIR CLIMATE RESILIENCE OUR AMBITION: TO BECOME A NET-ZERO, CLIMATE RESILIENT BANK OUR ACTION AREAS 7 Westpac December 2024 Sustainability Update This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 30. BECOMING A NET-ZERO, CLIMATE RESILIENT BANK |
| Conducting portfolio-level assessments Identifying customer asset location to establish a baseline of our nature footprint Assessing physical risks Better understanding the interactions between our customers’ operations and nature Targeted engagement with customers Engaging customers on their approach to nature-related risks and opportunities BUILDING OUR UNDERSTANDING OF DEPENDENCIES, IMPACTS, RISKS AND OPPORTUNITIES CASE STUDY – GEOSPATIAL CAPABILITIES 8 Westpac December 2024 Sustainability Update Map showing beef grazing customer and native forest intersection, Queensland, Australia Map showing Australian Commercial Real Estate assets APPROACH TO NATURE |
| Enhanced ESG tools led to 164 customer escalations for further review on human rights and modern slavery risks Worked with suppliers to close >100 priority action plans addressing potential gaps in their modern slavery approaches 9 Westpac December 2024 Sustainability Update Provided $77m in funding to child safeguarding organisations since 2020 Funding for Wiradjuri Condobolin Corporation to hold weekly workshops for children to engage with their community and share their culture through storytelling and dance. As a lender to businesses As a lender to individuals As a purchaser of goods and services OUR ROLE AS A BANK BETTER UNDERSTANDING OUR HUMAN RIGHTS RISKS AND ENHANCING DUE DILIGENCE RESPECTING AND ADVANCING HUMAN RIGHTS |
| ALASTAIR WELSH MANAGING DIRECTOR, CORPORATE AND INSTITUTIONAL BANKING |
| SUPPORTING CUSTOMERS’ TRANSITION TO A LOW-EMISSIONS ECONOMY TRANSITION PLANS ASSESSED BY SECTOR Westpac December 2024 Sustainability Update Developing banker skills to provide insights on transition best practice, climate strategy and ESG trends. ELEMENTS AREAS OF DISCLOSURE Foundations Risks and opportunities arising from the transition to a low-emissions economy Implementation strategy Business strategy, commitments to emissions reduction initiatives and capital allocation Engagement strategy Engagement with value chain to target Scope 3 emissions reduction Metrics Emissions reduction targets, use of offsets and reporting Governance Board oversight of climate related issues including links to remuneration KEY COMPONENTS OF ASSESSMENT FRAMEWORK 24% 22% 14% 12% 10% 9% 6% 3% Energy Manufacturing Property, construction & health Mining & metals Transport Utilities & infrastructure Agriculture Consumer & retail 150+ CUSTOMERS ENGAGED 11 |
| • Grid decarbonisation uncertainties • Electrification dependent on grid capacity • Policy settings • Supply of low carbon power purchasing agreement (PPA) • Availability of low carbon fuels • 84% have public climate transition plan • Majority without transition plans were private companies • 92% have interim scope 1 and 2 targets • 66% have long term scope 1 and 2 targets Westpac December 2024 Sustainability Update CUSTOMER CLIMATE TRANSITION PLAN ASSESSMENTS 12 FINDINGS FROM 150 CUSTOMER ASSESSMENTS CHALLENGES CITED IN SETTING OR ACHIEVING TARGETS 2030 INTERIM TARGETS 2050 LONG TERM TARGETS 52 41 8 % of customer with interim scope 1 and 2 targets Temperature aligned1 No specified temperature alignment No targets 25 15 60 % of customer with interim scope 3 targets 38 28 22 12 % of customer with long term net zero targets Temperature aligned1 No specified temperature alignment No targets Scope 1 & 2, by 2050 Scope 1, 2 & 3, by 2050 (or sooner) Ambition, aim or support No disclosure or commitment 1 Based on customer claim. |
| OBSERVATIONS ENERGY TRANSITION A STRATEGIC IMPERATIVE NEED A RELIABLE, AFFORDABLE ENERGY SUPPLY ENGAGEMENT AT SENIOR LEVELS OF BUSINESS ENERGY EFFICIENCY MAKES GOOD BUSINESS SENSE 13 Westpac December 2024 Sustainability Update |
| LISA POGONOSKI GENERAL MANAGER, CUSTOMER SOLUTIONS |
| • Support provided through COVID, floods, bushfires, and cost of living pressures • Current number of calls to Customer Assist is lower than pre-COVID Pre-COVID normal Bush fires COVID peak period Floods COVID Delta & Omicron Cost of living and higher interest rates CALLS TO CUSTOMER ASSIST SINCE SEPT 2019 (# MONTHLY) 0 20,000 40,000 60,000 80,000 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Westpac December 2024 Sustainability Update SUPPORTING CUSTOMERS IN MOMENTS THAT MATTER 15 |
| No matter the circumstances, Customer Assist has a solution to help customers navigate life’s challenges and regain financial stability. Westpac December 2024 Sustainability Update CUSTOMER ASSIST SOLUTIONS Pathway program Debt waiver Term extension Shortfall settlements Immediate vouchers for everyday expenses Supported Self-sale Interest rate reduction Debt reduction Payment arrangements Nil / Reduced payments Reconnect with purpose Relocation assistance Voluntary Surrender Referral out Outreach CUSTOMER ASSIST SOLUTION SUITE 16 Our most used solutions Recently introduced solutions in response to cost-of-living pressures |
| Westpac December 2024 Sustainability Update EMBEDDING SAFETY BY DESIGN eLearning Module Videos of vulnerable customers’ lived-experience PUTTING SAFETY BY DESIGN INTO PRACTICE • Stopping abuse in transactions: preventing inappropriate language in payment descriptions. Proactively contacting perpetrators, sometimes reporting them to law enforcement. • Parental controls and child education: adding push notifications, online payment restrictions and daily payment limits for under 14 year olds on youth accounts. • Power of attorney account monitoring: flagging unusual transactions from accounts so our specialist teams can step in and support 2024 Shared with industry for free use 2023 Staff training implemented Terms and Conditions updated 2022 Customer research undertaken Comprehensive customer vulnerability personas 17 Industry-first toolkit launched and shared with peers to help prevent financial abuse and build a safer online environment |
| Westpac December 2024 Sustainability Update Alerts customers when there is a potential account name mismatch when they’re adding a new payee using a BSB and account number 18 WESTPAC VERIFY IN ACTION – EMAIL HACK SCAM STOPPED Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Management’ in the 2024 Annual Report and 2024 Risk Factors. 1 Since launching in Jun-24 to Sep-24 $1.7M in customer scam losses1 averted via Verify checks House deposit payment details received in email from real estate agent Logged into online banking to make the payment Verify name mismatch notification Didn’t make payment Real estate agent email had been hacked SCAM VOLUMES REMAIN A CONCERN, OUR PRIORITY IS PROTECTING CUSTOMERS |
| Westpac December 2024 Sustainability Update Presents customers with a series of questions in instances where a payment is considered a high risk of being a scam. Places suspicious payments on hold for 24 hours while our team investigates. $150M in payments abandoned due to Saferpay alerts1 19 WESTPAC SAFERPAY IN ACTION – INVESTMENT SCAM STOPPED Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Management’ in the 2024 Annual Report and 2024 Risk Factors. 1 Since launching in Mar-24 to Sep-24 Retired couple research investment opportunities and found an online investment company promoting 10% annual returns Couple transfer $350,000 to company SaferPay put money on hold for 24 hours Fraud team spoke with customer Payment reversed and scam reported to Police SCAM VOLUMES REMAIN A CONCERN, OUR PRIORITY IS PROTECTING CUSTOMERS |
| Westpac December 2024 Sustainability Update Provides customers with calls via the app that are Westpac branded, verified by Optus and displays a reason for the call SUCCESSFUL PILOT COMPLETED Roll out commences Jan-25 • (customer case study) 20 WESTPAC SAFECALL IN ACTION – STOPPING BANK IMPERSONATION SCAMS Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Management’ in the 2024 Annual Report and 2024 Risk Factors. Call to customer from an unknown number Caller was a scammer Customer tricked into downloading remote access software Scammer withdrew nearly $5,000 from the customer’s account Safecall will allow customer to trust that calls from the banking app are from Westpac SCAM VOLUMES REMAIN A CONCERN, OUR PRIORITY IS PROTECTING CUSTOMERS |
| ANDREW BOWDEN ESG DISCLOSURE & REPORTING OFFICER |
| 22 Westpac December 2024 Sustainability Update CLIMATE-RELATED REPORTING – FOR WESTPAC INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB) IFRS S1 – Sustainability-related standards IFRS S2 – Climate-Related disclosures Australia AASB S2 US SEC CDR Aotearoa New Zealand Climate Standards Europe FY29 FY26? FY24 FY26 APPLIES TO WESTPAC FROM Dissolved 2023 |
| PROGRESS ON CLIMATE-RELATED REPORTING 23 Westpac December 2024 Sustainability Update GOVERNANCE STRATEGY RISK MANAGEMENT METRICS & TARGETS 53 63 54 18 34 28 11 37 38 34 55 Average for all companies 38% 50% (self assessed) ALIGNMENT TO TCFD THEMES FOR >3000 COMPANIES GLOBALLY1 (2023 %) 2023 ALIGNMENT 1. Progress on Corporate Climate-related Disclosures-2024 Report, IFRS Foundation, November 2024 Board oversight Management's role Risks and opportunities Impact of risks/opportunities Resilience of strategy Risk identification/ assessment Risk management process Integration into risk mgt Climate-related metrics GHG emissions Targets |
| AASB S2 EXPANDS ON THE TCFD RECOMMENDATIONS 24 Westpac December 2024 Sustainability Update • Useful for primary users of general purpose financial reports • Climate-related risks/opportunities reasonably affecting prospects • Strategic and financial impacts over time horizons • Requires a new Sustainability Report • Disclosing forward-looking information • Not sector specific • Mandatory assurance requirements AASB S2 ADDITIONS OTHER FEATURES STRATEGY • Climate resilience • Scenario analysis • Company circumstances • Transition plan details GOVERNANCE • Flow of climate-related information to management and board RISK MANAGEMENT • Explain how risks and opportunities are identified and managed METRICS & TARGETS • Detail on emissions and carbon credits • Basis for setting targets • Mandatory financed emissions |
| 25 IMPLICATIONS FOR INVESTORS • Outcomes of scenario analysis will create new insights in understanding climate impacts • Ability to incorporate financial and strategic impacts into valuation models • Lack of precedents will see variability across companies, and over time ASSESSED ALIGNMENT WITH AASB S2 (%)1 MAJOR AREAS FOR COMPLIANCE BY FY26 • Integrating scenario analysis into strategy, financial and resilience assessments • Expanding reporting over the short, medium and long-term time horizons • Refining reporting of all scope 3 emissions • Lifting governance and processes around disclosure THE WORK AHEAD 1 Alignment estimated by Westpac by disaggregating each standard and its component parts. Estimate does not consider clauses requiring no action (such as objectives) requirements in the Appendix. Westpac December 2024 Sustainability Update 42 46 12 Reported Part reported Yet to report % OF CLAUSES REPORTED |
| APPENDIX |
| UN Sustainable Development Goals CEO Statement of Commitment Paris Climate Agreement Supporter Principles for Responsible Banking Signatory The Valuable 500 Signatory Toitū net carbonzero certified (New Zealand) The Equator Principles Founding Adopter, First Australian Bank 27 Westpac December 2024 Sustainability Update Taskforce on Nature-related Financial Disclosures Forum member Green Building Council of Australia Member UN Environment Programme Finance Initiative Founding Member (1991) Banking Board Co-Chair RE100, an initiative of The Climate Group in partnership with CDP Member Global Reporting Initiative Alignment Industry-led UN- convened Net-Zero Banking Alliance Member, principals and steering groups (NZBA governance bodies) UN Global Compact Signatory (2002), Global Compact Network Australia Founding Member Climate Bonds Initiative Partner WeConnect International (for women owned businesses) Member Carbon Markets Institute Corporate Member Sustainability Accounting Standards Board Alignment Climate Active Certification (Australia) (previously NCOS) Social Traders (for certified social enterprises) Member Supply Nation (for Indigenous owned businesses) Founding Member Australian Sustainable Finance Institute Founding Member IFRS S2 Sustainability Disclosure Standard (Climate-related Disclosures) Alignment MAJOR POSITIONS AND PARTNERSHIPS |
| SUSTAINABILITY AND CLIMATE STRATEGY SUSTAINABILITY These sustainability pages contain ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are, in many instances, beyond its control. Please refer to the disclaimer at the back of this pack. Details on our commitments, targets and other supporting information is in our 2024 Annual Report, Climate Report and Sustainability Index and Datasheet. See website for more information on our sustainability strategy Westpac December 2024 Sustainability Update THEMES OBJECTIVES PILLAR OUR PURPOSE Support in good times and bad Simpler, safer bank Creating better futures together Customer Easy Enhance financial inclusion and equality Strengthen data security and protection Action on climate and nature Expert Become a net-zero, climate resilient bank Become a nature positive bank Equitable and inclusive society Advocate Respect and advance human rights Enable diversity and inclusion 1 2 3 4 5 6 Net-zero, climate resilient operations Supporting customer’s transition to net-zero and to build their climate resilience Collaborate for impact on initiatives towards net-zero and climate resilience THREE AREAS OF CLIMATE ACTION Human Rights Position Statement and Action Plan 2024 Sustainability Index and Datasheet 2024 Annual Report Reports available at westpac.com.au/sustainability Other sustainability positions and disclosures include Modern Slavery Statement 2023 Natural Capital Position Statement New Zealand – Sustainability and Climate Reports Sustainable Finance Framework 2024 Climate Methodologies Supplement 2024 Climate Report 28 |
| INVESTOR RELATIONS TEAM – CONTACT US CONTACT US INVESTOR RELATIONS CONTACT SHARE REGISTRY CONTACT For all shareholding enquiries relating to: • Address details and communication preferences • Updating bank account details, and participation in the dividend reinvestment plan For all matters relating to Westpac’s strategy, performance and results 1800 804 255 westpac@linkmarketservices.com.au investorcentre.linkmarketservices.com.au +61 2 9178 2977 investorrelations@westpac.com.au westpac.com.au/investorcentre Lucy Graham Head of Corporate Reporting and ESG Catherine Garcia Head of Investor Relations, Institutional Arthur Petratos Manager, Shareholder Services Ethan Harry Graduate, Investor Relations Jacqueline Boddy Head of Debt Investor Relations Justin McCarthy General Manager, Investor Relations James Wibberley Manager, Investor Relations Nathan Fontyne Senior Analyst, Investor Relations 29 Westpac December 2024 Sustainability Update |
| DISCLAIMER The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy, liquidity and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, ‘objective’ or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s expectations or beliefs concerning future developments and their potential effect upon us. Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the sections titled ‘Our Operating Environment’ and ‘Risk Management' in our 2024 Annual Report, as well as the document titled ‘2024 Risk Factors’ (each available at www.westpac.com.au). When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation. We also make statements about our processes and policies (including what they are designed to do) as well as the availability of our systems or product features. Systems, processes and product features can be subject to disruption, and may not always work as intended, so these statements are limited by the factors described in the section titled ‘Risk Management’ in our 2024 Annual Report, as well as the Risk Factors document. Further important information regarding climate change and sustainability-related statements This presentation contains forward-looking statements and other representations relating to environment, social and governance (ESG) topics, including but not limited to climate change, net-zero, climate resilience, natural capital, emissions intensity, human rights and other sustainability related statements, commitments, targets, projections, scenarios, risk and opportunity assessments, pathways, forecasts, estimated projections and other proxy data. These are subject to known and unknown risks, and there are significant uncertainties, limitations, risks and assumptions in the metrics and modelling on which these statements rely. In particular, the metrics, methodologies and data relating to climate and sustainability are rapidly evolving and maturing, including variations in approaches and common standards in estimating and calculating emissions, and uncertainty around future climate and sustainability related policy and legislation. There are inherent limits in the current scientific understanding of climate change and its impacts. Some material contained in this presentation may include information including, without limitation, methodologies, modelling, scenarios, reports, benchmarks, tools and data, derived from publicly available or government or industry sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of such information. There is a risk that the estimates, judgements, assumptions, views, models, scenarios or projections used by Westpac may turn out to be incorrect. These risks may cause actual outcomes, including the ability to meet commitments and targets, to differ materially from those expressed or implied in this presentation. The climate and sustainability related forward-looking statements made in this presentation are not guarantees or predictions of future performance and Westpac gives no representation, warranty or assurance (including as to the quality, accuracy or completeness of these statements), nor guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Westpac will continue to review and develop its approach to ESG as this subject area matures DISCLAIMER 30 Westpac December 2024 Sustainability Update |
