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Human rights.
As a large bank interacting with people in a variety of ways, we recognise we have an important role to play in respecting and advancing human rights. Human rights are the basic rights and freedoms all human beings are entitled to, without discrimination.
Our human rights impacts.
When considering human rights, we think about our role as a:
- Financial services provider
- Lender
- Employer
- Purchaser of goods and services
- Supporter of communities.
This means for example, making sure our products and services are inclusive and accessible to meet the diverse needs of our customers; considering and mitigating any negative human rights impacts of our lending and purchasing; and promoting a discrimination-free workplace.
Our commitment.
Our approach is informed by the UN Guiding Principles on Business and Human Rights (UNGPs) which provides a framework for respecting human rights.
Westpac Group’s Human Rights Position Statement and Action Plan (PDF) sets out our commitments and approach to respecting and advancing human rights, as well as the key actions we are taking.
Interconnection with climate and nature.
We recognise the deep connection between human rights, climate change, and nature and the need for integrated, long-term solutions.
A healthy natural environment is fundamental to the enjoyment of human rights, including the rights to life, health, and an adequate standard of living. Climate change threatens these rights, particularly for communities already facing social or economic vulnerability.
Part of our role is to support customers and communities affected by climate change by helping build resilience and financing solutions for both climate mitigation and adaptation.
Our actions.
We have an internal Westpac NZ Human Rights Action Plan aligned with Westpac Group’s Human Rights Position Statement and Action Plan.
Strategic focus areas are:
- Addressing our salient human rights issues, being those with highest risk of serious harm as a result of our activities and relationships
- Strengthening grievance mechanisms and approach to remedy, so that anyone whose human rights may be impacted by us can raise it with us and have their harm addressed
- Supporting and advancing human rights through a just and inclusive transition, by supporting customers and communities most vulnerable to the impacts of climate change
- Strengthening a focus on child safeguarding
- Strengthening the foundations of our human rights approach.
Below are some initiatives we’ve been progressing under our Action Plan:
- Undertaking Human Rights Risk Assessments to help us identify and address our salient human right issues to help us prioritise where we need to strengthen our approach
- Completed a review of the effectiveness of our existing human rights grievance mechanisms against the UNGP’s Principle 31 criteria, with agreed recommendations for improvement
- Continued to integrate consideration for child sexual exploitation and abuse across our financial crime processes
- We’ve increased our focus on climate vulnerability, resilience and adaptation and are exploring how we can support customers and communities who are vulnerable to or affected by the physical impacts of climate change
- Through our Managing Your Money programme, we’ve delivered financial education to communities throughout New Zealand, including rangatahi, covering topics such as safe and responsible saving and spending behaviour, and fraud and scam awareness
- Our Human Rights Working Group, an internal cross-functional group, meets monthly to support the delivery of the Human Rights Action Plan. The group’s current focus is on building the capability of our people in identifying and managing modern slavery and human rights risks so that we can better respond to and mitigate these risks
- We contribute to Westpac Group's Modern Slavery Statements (annual disclosure) which describes actions taken to address modern slavery risk in our operations and supply chains.