26 Nov 2019
Supporting sustainability in the agriculture industry
Statements to be attributed to a NAB spokesperson:
- As Australia’s leading agribusiness bank, NAB understands the agricultural industry is a fundamental part of Australia’s economy. We believe the integrity of the agribusiness sector is critical to ensure its sustainability.
- NAB recognises that animal welfare is an important issue, as reflected in various legislative instruments, international conventions and treaties, industry codes and standards and community expectations.
- The Animal Welfare Principles (“Principles”) announced as part of the 2019 NAB Sustainability Report set out NAB’s approach to animal welfare issues in our lending practices and risk assessments.
- The Principles reflect balanced input from a number of industry associations, animal welfare organisations and other stakeholders. NAB will review the Principles periodically against the latest developments in relevant legislation, standards, regulations and animal welfare science.
- Our commitment to lending and supporting growth in the Agribusiness sector has not changed. The Principles are a continuation of efforts to improve standards of agribusiness, which we have been working with many customers on over time.
- NAB is providing more clarity to industry stakeholders on what it already expects of its customers engaging with animals that they will, as a minimum, do so with respect to, and in compliance with, relevant legislative and regulatory requirements and standards.
- NAB will continue working with its customers closely to help them understand the principles, and ensure their practices meet the relevant legislative and regulatory requirements. This will be done fairly and in accordance with the Banking Code of Practice and other banking industry best practice in our dealings with customers.
- NAB will work with customers to ensure they have the opportunity to remediate issues and demonstrate they can consistently operate in a compliant manner.