There are various areas where Westpac need improvement as well, a few of which are:
Communal initiatives: In the report, Westpac also shows that there has been responsibility to words the community, when looking at the websites office back and reports, there has been a very less amount of information given to words it’s initiatives for the society. The reports show concern of the bank, yet there is very less quantitative information. Looking at the number of persons working in Westpac bank that is around 35,000, just 150 have been set aside for the social initiatives and less than 5% of employees have been trained on the same. Looking at the target for 2017, Westpac focuses on only 500 more employees to be trained for social initiatives which are a very low number as compared to its full workforce (Businesswire, 2016).
Data regarding emission of Carbon: as per the KPMG’s report, many of the businesses do not report for the carbon and missions. This data shown above makes it to be better than its competitors. This bank uses this data to show how it can reduce the carbon emissions in future and makes it a part of its yearly objectives. There is a clear report divided into a separate section which shows that the carbon emissions had been lower than the national electricity market, revealing the willingness of business to improve its self. By showing this data, Westpac can lose a lot of stakeholders and also in the previous report, it was mentioned that state holders are more concerned regarding the transparency about ecological risks and returns. Yet, the report has to be more precise about the ways which are used by Westpac regarding the reduction of carbon emissions. There is no clarity on the way it is done and what the bank is doing to achieve this objective.
The report shows only identification of risk ways to resolving those risks and the tendency of the business to words the desk. However, it is recommended that to be transparent Westpac must also clearly specify the ways it has been applying for mitigation of the risk. This may best be able to demonstrate how effective and strong it has been towards the reduction of carbon emissions.
Structure of Report: One more thing that can be noticed is that improvement in report structure. There is very less focus put on the sustainability discussions and it has been assigned a separate section for the same. This shows that sustainability has been given a different space than the global report. It is recommended that the bank takes sustainability as the part of its global reporting.