Although Westpac avoids direct cash donations to political parties, its active participation in political engagement events still facilitates corporate influence on public policy. This indirect form of lobbying can contribute to a regulatory environment that favors corporate interests, raising concerns from an anti-fascist perspective.

Political donations

The event centers on Westpac's failure to adhere to anti-money laundering regulations and due diligence standards, resulting in a record-breaking fine. This negligence not only breaches legal requirements but also significantly undermines ethical business practices and the protection of human rights, given the involvement of transactions linked to child exploitation.

Westpac announces record-breaking $1.3b fine

Westpac’s approach to supply chain ethics is robust, featuring detailed supplier risk assessments, implementation of responsible sourcing questionnaires, and active monitoring of suppliers with high inherent risk. The bank’s initiatives to manage supplier action plans and conduct due diligence beyond tier 1 reflect a strong resolve to eliminate modern slavery practices from its supply chain.

Westpac 2023 Modern Slavery Statement

The statement also addresses supply chain ethics by emphasizing responsible sourcing and the mitigation of modern slavery risks. Westpac’s approach to engaging with suppliers and ensuring compliance with labor standards enhances transparency and ethical responsibility across its supply chain, though there remains room for further improvement.

Westpac Human Rights Position Statement and Action Plan

Westpac Banking Corporation has been implicated in financing companies accused of serious human rights abuses including land grabs, deforestation, and labor violations such as child labor. Although the bank claims to monitor and potentially exit funding relationships with clients not meeting human rights standards, their involvement remains concerning from an ethical responsibility perspective and raises questions about complicity in systemic abuses.

Big four banks financing companies accused of human rights abuses

By providing financial support to companies involved in activities such as deforestation and land grabbing in the palm oil supply chain, Westpac is complicit in practices that contribute to environmental degradation and human rights violations, reflecting poorly on its supply chain ethics.

Big four banks financing companies accused of human rights abuses

Westpac's decision to review its lobby group memberships, prompted by shareholder activism, is a positive step toward reducing its participation in potentially pseudo-partisan lobbying activities. While the move indicates an acknowledgment of the problematic nature of previous affiliations, the need for a review also reflects past practices that may have contributed to facilitating undue influence on political policy—an area of concern for those opposing authoritarian influences.

Westpac to review lobby group memberships after shareholder campaign

The article highlights Westpac's affiliation with business lobby groups that have been criticized for obstructing robust climate policy. This association, as targeted by shareholder activists, reflects problematic political lobbying practices that contribute to corporate influence over public policy, aligning with broader concerns about complicity in undermining democratic processes.

Lobby groups in spotlight as shareholder campaign targets Westpac