6-K
WESTPAC BANKING CORP (WEBNF)
6-K
2023-11-30
For: 2023-11-30
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April 06, 2026
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
November 30, 2023
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
| ExhibitNo. | 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: November 30, 2023 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | ||
| Tier One Attorney |
Exhibit 1
| ASX Release<br>30 November 2023<br>Westpac Sustainability update<br>Westpac Banking Corporation (“Westpac”) today provides the attached<br>Sustainability update which will be referenced in a market briefing available to<br>shareholders via webcast. Details are available at:<br>www.westpac.com.au/investorcentre.<br>For further information:<br>Hayden Cooper Justin McCarthy<br>Group Head of Media Relations General Manager, Investor Relations<br>0402 393 619 0422 800 321<br>This document has been authorised for release by Tim Hartin, Company Secretary.<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000 |
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| SUSTAINABILITY<br>MARKET UPDATE<br>30 November 2023<br>WESTPAC BANKING CORPORATION ABN 33 007 457 141 |
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| PETER KING<br>Chief Executive Officer |
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| 3<br>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<br>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 2023 Annual Report, Climate Report<br>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/<br>OUR COMMITMENT TO SUSTAINABILITY<br>THEMES<br>Support in<br>good times<br>and bad<br>Simpler,<br>safer bank Action on climate and nature<br>OBJECTIVES<br>FOUNDATIONS<br>PILLAR<br>Creating better futures together OUR PURPOSE<br>Customer Easy Expert<br>2023 sustainability strategy1,2<br>Enhance<br>financial<br>inclusion and<br>equality<br>Strengthen<br>data security<br>and protection<br>Become a<br>net-zero,<br>climate<br>resilient bank<br>Become a<br>nature positive<br>bank<br>Equitable and inclusive<br>society<br>Advocate<br>Respect and<br>advance<br>human rights<br>Enable<br>diversity and<br>inclusion<br>Robust environment and<br>social risk management Reliable data and reporting Integration and<br>organisational capability build<br>Westpac Group November 2023 Sustainability Market Update |
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| NET-ZERO, CLIMATE RESILIENT OPERATIONS<br>COLLABORATE FOR IMPACT ON INITIATIVES TOWARDS NET-ZERO<br>AND CLIMATE RESILIENCE<br>SUPPORTING CUSTOMERS’ TRANSITION TO NET-ZERO AND TO BUILD<br>THEIR CLIMATE RESILIENCE<br>4<br>Delivering on the three elements of our Climate Action Plan<br>Westpac Group November 2023 Sustainability Market Update<br>BECOMING A NET-ZERO, CLIMATE RESILIENT BANK<br>OUR ACTION<br>AREAS |
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| ANTHONY MILLER<br>Chief Executive,<br>Business & Wealth |
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| Agribusiness<br>PETA WARD<br>National GM, Regional & Agribusiness<br>Hardship<br>LISA POGONOSKI<br>General Manager, Customer Solutions<br>Operational emissions reduction<br>CERI BINDING<br>Head of Utilities & Direct Environment<br>Case studies<br>INTEGRATING SUSTAINABILITY ACROSS THE BANK<br>1 REDUCING OPERATIONAL EMISSIONS<br>2 SUPPORTING CUSTOMERS AS THEY TRANSITION TO NET-ZERO<br>Transition plans and oil & gas<br>AL WELSH<br>MD, Corporate & Institutional Banking<br>3 HELPING CUSTOMERS FEELING THE PRESSURE OF COST-OF-LIVING CHALLENGES<br>6 Westpac Group November 2023 Sustainability Market Update |
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| CLIMATE-RELATED OPPORTUNITIES<br>7<br>Becoming the transition partner of choice for customers<br>BUILDING CAPABILITY<br>SUPPORTING CUSTOMERS<br>SUSTAINABLE FINANCE<br>PRODUCTS AND SERVICES<br>Westpac Group November 2023 Sustainability Market Update |
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| NEW SUSTAINABLE FINANCE FRAMEWORK<br>8 Westpac Group November 2023 Sustainability Market Update<br>Sustainable finance targets by 2030<br>Assess a sustainable finance transaction<br>Determine the amount to be included in the targets<br>Labelled lending or bond facilitation Unlabelled lending<br>Qualifies if aligns with<br>industry standards, principles & guidance,<br>and/or third-party assured/verified<br>Qualifies if eligible based<br>on Westpac’s<br>Sustainable Finance Taxonomy<br>Assess ESG risks for customer/transaction, including against our position statements<br>ASSESS<br>GREEN TRANSITION SOCIAL SUSTAINABILITY<br>$55bn $40bn<br>Lending Bond Facilitation<br>CLASSIFY/MEASURE MONITOR/REPORT<br>OUR SUSTAINABLE FINANCE FRAMEWORK |
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| CLIMATE-RELATED OPPORTUNITIES<br>9<br>Becoming the transition partner of choice for customers<br>BUILDING CAPABILITY<br>SUPPORTING CUSTOMERS<br>SUSTAINABLE FINANCE<br>PRODUCTS AND SERVICES<br>Westpac Group November 2023 Sustainability Market Update |
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| CERI BINDING<br>Head of Utilities & Direct<br>Environment |
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| Multi-technology approach for<br>national renewables outcome<br>11 Westpac Group November 2023 Sustainability Market Update<br>100% RENEWABLE ELECTRICITY, DIRECT OPERATIONS NATIONALLY1<br>Ararat Wind Farm, Victoria<br>Berri Solar Farm + Battery, South Australia<br>Cornerstone contracts supported<br>over 125MW of new generation<br>capacity<br>Community and nature impact<br>1. Sourcing equivalent of 100% of Australian direct electricity demand from renewables from April 2023<br>Spark Renewables’ Bomen Solar Farm, near Wagga Wagga, NSW<br>Flow Power’s Berri Energy Project, SA<br>Multi-use, tree planting<br>under Westpac contracts |
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| 97,431<br>62,360<br>44,031<br>21,048 14,762<br>2021 Actual<br>(Location)<br>2021 Baseline<br>(Market)<br>Footprint,<br>Hybrid model<br>Renewables 2022 Actual<br>(Market)<br>Footprint,<br>Hybrid model<br>Renewables 2023 Actual<br>(Market)<br>2030 Target<br>(Market)<br>TARGET TO REDUCE OPERATIONAL SCOPE 1 AND 2 EMISSIONS BY 64% BY 2025 AND 76%<br>BY 2030 FROM OUR 2021 BASELINE2<br>12<br>(tCO2-e)<br>REDUCING WESTPAC GROUP SCOPE 1 AND 2 EMISSIONS1<br>1 Refer to page 19 of the 2023 Climate Report and the Environment tab of the 2023 Sustainability Index and Datasheet for details of our operational targets. 2 2021 baseline adjusted for COVID-19 pandemic and other<br>impacts. 3 Renewable numbers reflect global percentages. Westpac sourcing equivalent of 100% of Australian direct electricity demand from renewables from April 2023, this equates to 70% of our global consumption for<br>FY23.<br>66% reduction<br>45% renewable<br>52% renewable 70% renewable,<br>100% nationally from April<br>20231<br>Scope 1: Direct impact i.e. fleet fuels, refrigerants, gas, diesel and LPG<br>Scope 2: Indirect impact (purchased electricity)<br>Westpac Group November 2023 Sustainability Market Update<br>Renewables for<br>international operations,<br>EV Fleet<br>3 3 |
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| Supplier renewables,<br>employee<br>renewables,<br>EV infrastructure,<br>embodied carbon,<br>boundary review<br>2021<br>Actual<br>71,738<br>97,891<br>63,377 61,044<br>48,945<br>2021 Actual/<br>Baseline<br>(Market)<br>Travel Footprint<br> & Other<br>Supplier<br>Reductions<br>2022 Actual<br>(Market)<br>Travel Footprint<br> & Other<br>Supplier<br>Reductions<br>2023 Actual<br>(Market)<br>2030 Target<br>(Market)<br>Limited business travel<br>and employee commute<br>Supplier renewables,<br>recycling<br>Increased business travel<br>and employee commuting<br>TARGET TO REDUCE OUR SCOPE 3 UPSTREAM EMISSIONS BY 50% BY 2030 FROM OUR 2021 BASELINE2<br>13<br>(tCO2-e)<br>UPSTREAM SCOPE 3 EMISSIONS1<br>1 Refer to page 19 of the 2023 Climate Report and the Environment tab of the 2023 Sustainability Index and Datasheet for details of our operational targets. 2 2021 baseline adjusted for COVID-19 pandemic and other<br>impacts.<br>Upstream scope 3 emissions: Indirect impact from sources not owned or controlled by Westpac<br>Westpac Group November 2023 Sustainability Market Update<br>4% reduction |
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| USING OFFSETS FOR RESIDUAL EMISSIONS<br>14 Westpac Group November 2023 Sustainability Market Update<br>3<br>2<br>1<br>Energy efficiency, hybrid technology,<br>work practices, reduced use of raw<br>materials<br>Renewables, circularity (re-use, recycle,<br>end-of-use treatment)<br>Carbon offsets to neutralize residual<br>operational emissions under certification<br>standards<br>Substitution<br>Efficiency<br>Offset<br>Measure and reduce |
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| AL WELSH<br>MD, Corporate & Institutional<br>Banking |
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| Pilot Assessment Framework (FY23)<br>Engaging with customers on their transition plans<br>TRANSITION PLANS<br>TARGETS Short and long-term emission reduction commitments<br>across scope 1, 2 and 3. Commitment to net-zero<br>by 2050<br>STRATEGY Details on initiatives to achieve the targets and the<br>timing of implementation<br>CAPITAL<br>ALLOCATION<br>How capital is being allocated to emission reduction<br>or zero carbon projects<br>REPORTING Detail provided on emission reporting, including<br>baselines and progress on key projects<br>GOVERNANCE Board experience on climate change/net-zero.<br>How does Board assess climate issues. Linking of<br>remuneration to emission reduction targets<br>16 Westpac Group November 2023 Sustainability Market Update<br> — Leveraged global frameworks<br>(e.g. CA100+, GFANZ)<br> — Piloted with 20 emissions<br>intensive customers in FY23<br> — Customers appreciated the<br>guidance in this fast-evolving area<br> — Customers looking for consistency<br>on temperature alignment from<br>government, banks and investors |
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| 17<br>Energy value chain needs to balance the increase in renewables with the reduction in oil and gas<br>A key part of the energy transition<br>Westpac Group November 2023 Sustainability Market Update<br>ENERGY TRANSITION – UPSTREAM OIL AND GAS<br>1 A credible transition plan should be developed by reference to the best available science and should include scope 1, 2 and 3 emissions and actions the company will take to achieve greenhouse gas reductions aligned<br>with pathways to net-zero by 2050, or sooner, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.<br>Our upstream portfolio comprises 82% gas and 18% oil<br>Engaging with upstream oil and gas customers on their transition plans:<br> — Sector-wide progress in developing emissions reduction plans and achieving reductions to scope 1 and 2 emissions<br> — Developing 1.5°C-aligned transition plans covering scope 1, 2 and 3 by 30 September 2025 will be challenging for sector<br> — In FY24 we will engage further to understand our customers’ evolving decarbonisation strategies<br>We will not provide project finance or<br>bond facilitation for the development of<br>new (greenfield) or expansionary oil and<br>gas fields, including new associated<br>dedicated infrastructure, unless in<br>accordance with the International<br>Energy Agency Net-Zero by 2050<br>scenario (2021)<br>We will continue to provide corporate<br>lending and bond facilitation where the<br>customer has a credible transition plan1 in<br>place by 30 September 2025<br>Positions, subject to national energy security<br>23% reduction in scope 1, 2 and 3<br>absolute financed emissions by<br>2030 from a 2021 baseline<br>2030 target |
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| PETA WARD<br>National General Manager,<br>Regional & Agribusiness |
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| 50%<br>15%<br>7%<br>6%<br>5%<br>2%<br>2%<br>2%<br>Agriculture<br>2% of TCE<br>19<br>Westpac’s exposure (%) Estimated FY23 financed emissions<br>AGRICULTURE<br>1 Total Committed Exposure.<br>Westpac Group November 2023 Sustainability Market Update<br>Represents 2% of TCE1 and 26% of emissions<br>FY23 absolute<br>scope 1 & 2<br>financed emissions:<br>26.1MtCO2-e<br>26%<br>21%<br>14%<br>12%<br>6%<br>5%<br>5%<br>4%<br>3%<br>Agriculture, forestry<br> & fishing<br>Utilities<br>Manufacturing<br>Residential Mortgages<br>Trade<br>Mining<br>Transport & storage<br>Services<br>Property<br>Accommodation,<br>cafes & restaurants<br>Construction<br>Finance & insurance<br>Property services<br> & business services<br>1%<br>1% 1%<br>1%<br>Residential Mortgages<br>Finance & insurance<br>Property<br>Government,<br>admin & defence<br>Other<br>Trade<br>Services<br>Manufacturing<br>Agriculture, forestry<br> & fishing<br>Property services<br> & business services<br>Utilities<br>Transport & storage<br>Construction<br>1%<br>1% 1%<br>1%<br>Accommodation,<br>cafes & restaurants<br>Mining<br>1%<br>2%<br>2% |
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| 1.04<br>0.93<br>0.8<br>1.0<br>1.2<br>FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30<br>Target: 10% reduction in scope 1 land management<br>emissions intensity<br>20<br>Targets to reduce operational emissions and improve productivity<br>AGRICULTURE<br>SBTi – Science Based Targets Initiative<br>FLAG – Forest, Land and Agriculture (target setting guidance and pathway)<br>FPCM – Fat and Protein Corrected Milk (production unit)<br>FW – Fresh Weight (production unit)<br>Westpac Group November 2023 Sustainability Market Update<br>Target: 9% reduction in scope 1 land management<br>emissions intensity<br>2021 baseline 2030 target SBTi FLAG Oceania Dairy Commodity<br>Land Management Pathway<br>21.73<br>19.85<br>15<br>20<br>25<br>FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30<br>2021 baseline 2030 target SBTi FLAG Oceania Beef Commodity<br>Land Management Pathway<br>Baseline & Target (tCO2 Baseline & Target (tCO -e / t of FW) 2-e / t of FPCM)<br>No further conversion of natural forest to agricultural land use within farm systems from 31 December 2025 for customers<br>in scope of the targets<br>Australian Dairy Australian Beef & Sheep<br>Deforestation |
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| Decarbonisation pathway for Beef<br>and Sheep is different to Dairy<br>Emissions reduction and<br>productivity go hand-in-hand<br>Progressive and well-organised<br>industry groups in Australia<br>No one single initiative – many that<br>in aggregate will support transition<br>21 Westpac Group November 2023 Sustainability Market Update<br>Supporting customers in their transition to net-zero<br>AGRICULTURE |
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| General Manager, Customer<br>Solutions<br>LISA POGONOSKI |
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| 100% SOLUTION MODEL TO SUPPORT CUSTOMERS<br>23<br>No matter what the circumstances, Assist have a solution to support<br>Westpac Group November 2023 Sustainability Market Update<br>Payment<br>arrangements<br>Nil /<br>Reduced<br>payments<br>Referral to<br>specialist<br>partners<br>Interest<br>Shading<br>Preapproval<br>Shortfall<br>Waiver<br>Term<br>extension<br>Debt<br>reduction<br>Straight to<br>serviceability<br>Voluntary<br>Surrender<br>Relocation<br>assistance<br>Referral<br>out<br>Interest rate<br>reduction<br>Shortfall<br>settlements<br>Debt<br>waiver<br>Supported<br>Self-sale<br>CUSTOMER<br>ASSIST 100%<br>SOLUTION<br>SUITE |
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| SUPPORTING CUSTOMERS THROUGH HARDSHIP<br>24<br>Customer case study<br>Westpac Group November 2023 Sustainability Market Update<br>Andrew<br>SOUTH AUSTRALIA<br>NO FAMILY LOCALLY<br>75% EQUITY<br>UNEMPLOYED<br>Approach<br>Dedicated case manager, Sam<br> — Initially provided Andrew with long-term payment arrangements and periods of<br>forbearance<br> — Further options provided including refinance, voluntary surrendering the property<br>or self-sale<br> — After decision made to sell the property, we supported Andrew to renovate property<br> — Property sold 10 days after being listed<br> — Andrew used proceeds to clear debt and buy another home, two streets from his<br>favourite beach |
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| ANTHONY MILLER<br>Chief Executive,<br>Business & Wealth |
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| INTEGRATING SUSTAINABILITY ACROSS THE BANK<br>1 REDUCING OPERATIONAL EMISSIONS<br>2 SUPPORTING CUSTOMERS AS THEY TRANSITION TO NET-ZERO<br>3 HELPING CUSTOMERS FEELING THE PRESSURE OF COST-OF-LIVING CHALLENGES<br>26 Westpac Group November 2023 Sustainability Market Update |
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| QUESTIONS |
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| APPENDIX |
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| 29 Westpac Group November 2023 Sustainability Market Update<br>COMPREHENSIVE SUSTAINABILITY REPORTING<br>A suite of disclosures for more information and depth.<br>2021 Annual Report<br>2023<br>Annual Report<br>Sustainable Finance<br>Framework<br>Modern Slavery<br>Statement FY22<br>Natural Capital Position<br>Statement<br>Human Rights Position Statement and<br>Action Plan<br>Safer Children, Safer Communities 2022<br>Impact Report<br>2023 Sustainability<br>Index and Datasheet<br>Child Safeguarding Supplement<br>2023 Climate Report, includes<br>Climate Change Position<br>Statement and Action Plan<br>Available at westpac.com.au/sustainability |
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| 30 Westpac Group November 2023 Sustainability Market Update<br>SUSTAINABILITY RECOGNITION<br>1 Copyright ©2023 Sustainalytics. All rights reserved. The information, data, analyses and opinions contained herein: (1) includes the proprietary information of Sustainalytics and/or its content providers; (2) may not be<br>copied or redistributed except as specifically authorized; (3) do not constitute investment advice nor an endorsement of any product , project, investment strategy or consideration of any particular environmental, social or<br>governance related issues as part of any investment strategy; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Neither Sustainalytics nor its content<br>providers are responsible for any trading decisions, damages or other losses related to it or its use. The use of the data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. 2 The inclusion<br>of Westpac in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Westpac by MSCI or any of its affiliates. The<br>MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.<br>INDUSTRY RECOGNITION SUSTAINABILITY INDEXES INCLUSION AND DIVERSITY RECOGNITION<br>Named within Top 10 Employer<br>for gender equality through<br>Equileap<br>First Australian financial institution to<br>be Disability Recruiter Accredited<br>Bronze Accreditation for Australian<br>Workplace Quality Index<br>Accredited as Level 1 Activate<br>as a Carer Friendly Employer<br>under the CarersNSW Carers<br>+ Employers Program<br>Recognised in the Bloomberg<br>Gender Equality Index for the 7th<br>consecutive year<br>At Aug 23, Westpac has received an<br>MSCI ESG Rating of A (score of 5.2<br>which is above Industry Average)2<br>At Dec 22, Westpac has received an<br>S&P DJI ESG score of 68. We have<br>been a member of the DJSI Indices<br>since 2002<br>Winners for the second year running<br>in the SEEK Star Awards for Best<br>Employer Brand initiative for our<br>Graduate ‘Uncommon minds’<br>campaign<br>Rated Prime status of “C”<br>by ISS ESG<br>Achieved highest ISS<br>QualityScore for Social dimension<br>At Sep 23, Westpac has received an ESG Risk Rating of 21.1 from<br>Sustainalytics and was assessed to be at Medium risk of<br>experiencing material financial impacts from ESG factors1<br>Member of the FTSE4Good Index Series, of which Westpac has<br>been a member since 2001 |
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| SUSTAINABLE COMMITMENTS, PARTNERSHIPS AND ASSOCIATIONS<br>Commitment to United Nations Global<br>Compact Signatory (2002), Global<br>Compact Network Australia Founding<br>Member (2009)<br>RE100, an initiative of The Climate<br>Group in partnership with CDP<br>Member (since 2019)<br>Industry-led UN-convened<br>Net-Zero Banking Alliance<br>Member, principals and steering groups<br>(NZBA governance bodies) (from 2023)<br>Global Reporting Initiative<br>Align with<br>WeConnect International<br>(for women owned businesses)<br>Member (2020)<br>UN Sustainable Development Goals<br>CEO Statement of Commitment (2016)<br>Paris Climate Agreement<br>Supporter (2015)<br>Principles for Responsible Banking<br>Signatory (2019)<br>The Valuable 500<br>Signatory (2021)<br>Toitū net carbonzero<br>certified (New Zealand)<br>Since 2019<br>UN Environment<br>Programme<br>Finance Initiative<br>Founding Member (1991)<br>Banking Board Co-Chair<br>(since 2020)<br>Financial Stability Board’s<br>Task Force on Climate-related Financial<br>Disclosures<br>Align with and support<br>The Equator Principles<br>Founding Adopter,<br>First Australian Bank (2003)<br>UN Women<br>Partner (2021)<br>Taskforce on Nature-related<br>Financial Disclosures<br>Forum member (2021)<br>Electric Vehicle Council<br>of Australia<br>Member (2022)<br>Carbon Markets Institute<br>Corporate Member<br>Australian Industry<br>Energy Transitions Initiative<br>Partner (2022)<br>Australian Sustainable Finance Institute<br>Founding Member<br>Climate Bonds Initiative<br>Partner<br>Sustainability Accounting<br>Standards Board<br>Align with<br>Supply Nation<br>(for Indigenous owned<br>businesses)<br>Founding Member (2010)<br>Social Traders<br>(for certified social enterprises)<br>Member (2016)<br>United Nations<br>Tobacco-Free Finance pledge<br>Founding Signatory (2018)<br>Climate Active Certification<br>(Australia)<br>Since 2012 (previously NCOS)<br>Green Building<br>Council of Australia<br>Member (since 2011)<br>31 Westpac Group November 2023 Sustainability Market Update<br>MAJOR COMMITMENTS, PARTNERSHIPS AND ASSOCIATIONS |
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| INVESTOR RELATIONS TEAM<br>32<br>Contact us<br>Westpac Group November 2023 Sustainability Market Update<br>INVESTOR RELATIONS CONTACT SHARE REGISTRY CONTACT<br>Justin McCarthy<br>General Manager, Investor Relations<br>Arthur Petratos<br>Manager, Shareholder Services<br>Rebecca Plackett<br>Head of Corporate Reporting and ESG<br>Andrea Jaehne<br>Head of Investor Relations,<br>Ratings Agencies and Analysis<br>Jacqueline Boddy<br>Head of Debt Investor Relations<br>James Wibberley<br>Manager, Investor Relations<br>Catherine Garcia<br>Head of Investor Relations, Institutional<br>Nathan Fontyne<br>Graduate, Investor Relations<br>For all shareholding enquiries relating to:<br> – Address details and communication preferences<br> – Updating bank account details, and participation in the dividend<br>reinvestment plan<br>For all matters relating to Westpac’s strategy, performance<br>and results<br>1800 804 255<br>westpac@linkmarketservices.com.au<br>investorcentre.linkmarketservices.com.au<br>+61 2 9178 2977<br>investorrelations@westpac.com.au<br>westpac.com.au/investorcentre |
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| The information in this presentation is intended to be general information about Westpac Banking Corporation (Westpac) and its activities as at the date of this presentation. Full details on our sustainability strategies,<br>commitments, targets and other supporting information is contained in our 2023 Annual Report and 2023 Climate Report.<br>It is given 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 be seeking independent professional advice<br>depending on their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information, including, without limitation, methodologies, modelling,<br>scenarios, reports, benchmarks, standards, tools, metrics and data, derived from publicly available or government or industry sources that have not been independently verified. No representation or warranty is made as<br>to the accuracy, completeness or reliability of the information.<br>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 about matters<br>that are not historical facts. Forward-looking statements and metrics appear in a number of places in this presentation and include statements regarding our current intent, belief or expectations with respect to our<br>business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy and risk management, including without limitation, climate change, net-zero,<br>emissions intensity and other sustainability related statements, commitments and targets, projections, scenarios, risk and opportunity assessments, pathways, forecasts and metrics, forecasted economic indicators and<br>performance metric outcomes, financial support to certain borrowers, indicative drivers, estimated emissions and other proxy data. These are subject to known and unknown risks, and there are significant uncertainties,<br>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,<br>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<br>current scientific understanding of climate change and its impacts.<br>Forward-looking statements may also be made by members of Westpac’s management, directors, officers or employees (verbally or in writing) in connection with this presentation. Such statements are subject to the<br>same limitations, uncertainties, assumptions and disclaimers in this presentation.<br>We use words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘anticipate‘, ‘believe‘, ‘probability‘, ‘risk‘, ‘aim‘, ‘target’, ‘plan’, ‘estimate‘, ‘outlook‘, ‘forecast‘, ‘goal’, ‘guidance’,<br> ‘ambition’ ‘assumption’, ‘projection’, or other similar words that generally indicate forward-looking statements.<br>These forward-looking statements reflect our current views as at the date of this presentation with respect to future events and are subject to change, certain risks and uncertainties and assumptions and other factors<br>which are, in many instances, beyond the control of Westpac, its officers, employees, agents and advisors, and have been made based upon management’s current expectations, understandings or beliefs concerning<br>future developments and their potential effect upon us.<br>Although management currently believes these forward-looking statements have a reasonable basis, there can be no assurance that future developments or performance will be in accordance with our expectations or<br>that the effect of future developments on us will be those anticipated.<br>Actual results, performance, conditions, circumstances or the ability to meet commitments and targets could differ materially from those we expect or are expressed or implied in such statements, depending on various<br>factors, including without limitation significant uncertainties in climate change and sustainability related metrics and modelling as well as further development of methodologies, reporting or other standards which could<br>impact metrics, data and targets.<br>There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Factors that may impact on the<br>forward-looking statements made include, but are not limited to, those described in this presentation and in the section titled ‘Risk factors’ in Westpac’s 2023 Annual Report available at www.westpac.com.au. Investors<br>should not place undue reliance on forward-looking statements and statements of expectation, including targets, particularly in light of the current economic climate and the significant global volatility.<br>To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements, whether as a result of new information, future events or results or otherwise, is disclaimed.<br>Except as required by law, we assume no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this<br>presentation.<br>33 Westpac Group November 2023 Sustainability Market Update<br>DISCLAIMER DISCLAIMER |
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