This is NAB’s eighth year of integrated reporting.
NAB has today released its 2017 annual reporting suite, which details its progress in areas of its operations including business performance, corporate responsibility and governance.
The Annual Review and Sustainability Report both outline how the bank is creating value for customers, employees, shareholders and the community.
“We know we owe our success to the people, businesses, and communities who we have supported and partnered with for almost 160 years. That success brings with it a responsibility to make a significant and positive contribution in return,” NAB Chief Executive Officer Andrew Thorburn said.
The reports detail a range of initiatives NAB has undertaken this year to create value for its stakeholders. Highlights include:
- Helping customers in periods of financial hardship through NAB Assist – with over 97% of customers back on track within 90 days.
- In partnership with Good Shepherd Microfinance, assisting over 500,000 Australians on low incomes access microfinance products and services since 2005.
- Significantly overhauling the standard business form contract, benefitting over 130,000 small business customers – the first major bank to do so.
- Encouraging a love of sport in 180,000 young Australians through our support for Auskick, and sponsorship of the AFL Women’s League.
- Providing over 1.4 million hours of training for NAB’s employees.
- Launching the world’s first social bond specifically promoting workplace gender equality.
- Awarding $1.4 million through the NAB Foundation to organisations tacking domestic and family violence, and improving financial resilience.
This is the eighth year in a row NAB has undertaken integrated reporting, and the fourth since the International Integrated Reporting Council’s framework was released in 2013. Integrated reporting aims to create more meaningful corporate reporting for stakeholders, including how businesses are addressing key challenges and opportunities in their operating environment.
NAB has today also provided an update to its climate change commitments, expanding its environmental financing commitment from $18 billion by 2022 to $55 billion by 2025. This financing commitment will include $20 billion for projects and initiatives that reduce emissions and $35 billion for 6 star residential housing in Australia (new dwellings and significant renovations).
NAB has already delivered $13.4 billion in environmental financing against this expanded target since 1 October 2015.
In addition, NAB will commit to sourcing 50% of NAB’s Australian electricity demand from renewable energy projects by 2025, up from 10% by 2018. NAB will also use its strengths in clean energy financing, renewable energy and natural value to help address climate change by innovating across key sectors and markets and supporting low-carbon opportunities for customers.
NAB today also released its Annual Financial Report which provides shareholders with information about executive remuneration frameworks and practices, and how executives are rewarded, in a transparent and simpler way.
The Annual Review, Sustainability Report, Corporate Governance Statement and Annual Financial Report can be accessed at www.nab.com.au/annualreports
To find out more about how NAB is backing the community, please visit www.nab.com.au/backingcommunities
