Westpac Essay
Table of Contents
1. Background of Westpac
Westpac Banking Corporation is a public company that was founded in 1817 as the first and oldest bank in Australia. In 2008, after the St.George Bank Limited was merged with Westpac, it is ranked in the top 5 listed companies by market capitalization on the Australian Securities Exchange Limited (ASX). Currently, it contains five business areas (Business and Consumer Banking, Wealth Management, Westpac Institutional Bank (WIB), New Zealand Retail and Pacific Banking) and reaches global assets of $654 billion.
The origin of the CSR reporting can be concluded as “Shaping the future landscape and managing the current landscape”. It contains several meanings. For the external stakeholders, the …show more content…
For the internal stakeholder, the company wants to continually improve the staff morale by creating a company where people want to work. In order to achieve this, the company has issued its 'Social Impact Report ' since 2002. The report shows clear measures of performance against more than 70 indicators covering social, environmental and economic dimensions.
2. Situation of Westpac
1.1 Key issues
The issues that are currently most material to Westpac group are illustrated as follow. The first issue is customer service that focuses on how to build deeper relationships with customers. The second issue is regulation that considers how to ensure productively engage in regulatory discussions to create a better financial system. The third issue is multi-brand that focuses on how to ensure keep the brands distinctive and respect customer choice. The fourth issue is …show more content…
It is a necessary way to discharge the responsibility of Westpac to protect the sustainability of environment, and helpful to sustain a long-term profitable development of the organisation. However, a problem occurs. Concerns only about one aspect of suppliers cannot help achieve overall sustainability of organisation. For example, reducing the paper use for serving the customers may not satisfy the customers thus impede the development of Westpac. The way to tackle it is caring about the relations among different stakeholders and trying to balancing them when there is conflict among each
1. Background of Westpac
Westpac Banking Corporation is a public company that was founded in 1817 as the first and oldest bank in Australia. In 2008, after the St.George Bank Limited was merged with Westpac, it is ranked in the top 5 listed companies by market capitalization on the Australian Securities Exchange Limited (ASX). Currently, it contains five business areas (Business and Consumer Banking, Wealth Management, Westpac Institutional Bank (WIB), New Zealand Retail and Pacific Banking) and reaches global assets of $654 billion.
The origin of the CSR reporting can be concluded as “Shaping the future landscape and managing the current landscape”. It contains several meanings. For the external stakeholders, the …show more content…
For the internal stakeholder, the company wants to continually improve the staff morale by creating a company where people want to work. In order to achieve this, the company has issued its 'Social Impact Report ' since 2002. The report shows clear measures of performance against more than 70 indicators covering social, environmental and economic dimensions.
2. Situation of Westpac
1.1 Key issues
The issues that are currently most material to Westpac group are illustrated as follow. The first issue is customer service that focuses on how to build deeper relationships with customers. The second issue is regulation that considers how to ensure productively engage in regulatory discussions to create a better financial system. The third issue is multi-brand that focuses on how to ensure keep the brands distinctive and respect customer choice. The fourth issue is …show more content…
It is a necessary way to discharge the responsibility of Westpac to protect the sustainability of environment, and helpful to sustain a long-term profitable development of the organisation. However, a problem occurs. Concerns only about one aspect of suppliers cannot help achieve overall sustainability of organisation. For example, reducing the paper use for serving the customers may not satisfy the customers thus impede the development of Westpac. The way to tackle it is caring about the relations among different stakeholders and trying to balancing them when there is conflict among each