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Westpac launches first NZ Social Impact Report

For immediate release

13 September 2004

Westpac launches first Social Impact Report in New Zealand

Westpac has today launched its inaugural Social Impact Report, believed to be the first such report to be issued by a bank in New Zealand.

The report, titled How We Measure Up, is a frank, 118-page, independently audited self-assessment of Westpac’s social, economic and environmental impacts. To be produced every year from 2004, the report was launched in Christchurch, with further launch functions to be held in Auckland and Wellington later this month.

How We Measure Up contains a wealth of detailed information about Westpac’s policies and performance indicators relating to customers, staff, the communities where Westpac operates, its financial reporting and environmental impacts. It also introduces Westpac policies and practices in the Pacific.

The report builds upon the publication in late 2003 of I Never Knew You Cared – Westpac’s initial public statement of intent about why it considered a commitment to Corporate Social Responsibility to be so important.

Westpac CEO Ann Sherry said that more than 130 staff and external stakeholders’ had had input into I Never Knew You Cared. “What they told us about what they expected from Westpac as a sound corporate citizen was reflected in that first booklet. That has now been embedded in this Social Impact Report, How We Measure Up, being launched today.”

“Performance measures that our staff, customers and community and other organisations thought were important are a key part of the new document. Those who took the time to contribute to the report can see that we listened, as Employee Indicators and New Zealand Indicators are clearly marked in the contents pages,” Ann Sherry said.

“It was vital that this joint approach happen because it is not enough for Westpac to think that CSR is important. For it to truly matter, our staff, customers and the communities where we operate must think so, too.”

“We welcome feedback and suggestions on how we can develop our reporting for future editions,” Ann Sherry said.

ENDS

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