A company, while working in an environment, largely impacts the community, environment and the society. However, it is the duty of the company board of directors and its executives to check whether the impact is negative or positive. In case the impact is negative, then the company officials must take necessary steps to diminish that negative impact. As of late, almost all companies are taking care of their working practices and more conscious about sustainability. To make this evident, sustainability reporting practice has been adopted by the businesses in order to inform their stakeholders about the impact on society, environment and community due to their daily activities.
This report is also beneficial in offering an overview of the company’s model of corporate governance and it depicts the link between the company’s planning and its commitment for a sustainable economy.Westpac, the first and the oldest bank of Australia is also one such company that believes in assisting its customers and stakeholders to prosper and grow amidst the working environment of the corporation. The bank aims to create a better future for its customers, investors and broader communities. Westpac has a sustainability strategy with three main priority areas: (1) Accepting societal changes (2) Improved financial future (3) Environmental solutions (Westpac , n.d.).
However, in current times, in spite of releasing yearly sustainability report, Westpac’s reporting practices are in question. The company explains the agenda both internally and to investors and other external stakeholders, measuring social and environmental impacts, and setting public targets, but its difficult to satisfy the stakeholders having varied perspectives. In order to assess the effectiveness of its sustainability reporting practices, I’ve been asked by the Board of Directors to create a report. This report states whether the reporting practices followed by Westpac currently is effective in satisfying the stakeholders or not. Various recommendations are also provided in the report to improve the reporting style.