Overview
- At Westpac’s AGM, a Market Forces-backed motion seeking proof that fossil-fuel financing aligns with climate goals drew 14% support in a preliminary tally.
- New CEO Anthony Miller told shareholders the bank dropped a proposed no-deforestation lending requirement after customer feedback indicated it added no value under existing regulations.
- Westpac also stepped back from an earlier pledge to cease financing upstream oil and gas firms lacking credible transition plans, drawing criticism from environmental groups.
- Chair Steven Gregg said fossil-fuel exposure is 0.6% of total lending and 0.1% for upstream oil and gas, with no corporate lending to thermal coal and a requirement for customer transition plans.
- Overseas pension funds backed environmental resolutions at Westpac and NAB, with NAB’s climate vote withdrawn after a new report and a separate deforestation-disclosure proposal still pending with support from Calpers and Anima; major Australian super funds have not disclosed their votes.