National Signs UN Environment Program Statement - 11 December 2002
The National today announced a further commitment to sustainable development by signing the United Nations Environment Program Statement by Financial Institutions on the Environment and Sustainable Development.
The statement commits the National to regard sustainable development as a fundamental aspect of sound business management, to anticipate and prevent potential environmental degradation, to pursue best practice in environmental management and to report on environmental policies and practices.
Managing Director and CEO of the National, Mr Frank Cicutto, said the move was a part of a broader program to revitalise the National and ensure it remained a leading international financial services company that was responsive to the expectations of communities, customers and our people.
"The National developed its first environmental policy recognising sustainable development as part of good business practice in the early 1990's, this was reviewed in the mid 1990s when we also committed to the Federal Government's Greenhouse Challenge," Mr Cicutto said.
"Today's ceremony marks a new phase in those commitments. We are determined to revitalise our own environmental management practices while working with our people, suppliers and customers to improve the total outcome for communities and to be more accountable through public reporting.
"Increasingly, financial services organisations are being expected to integrate sustainability into the core of their business practices. This is reflected in the views of our own people as well as customers and the communities where we operate. We need to respond to that challenge.
"While recognising that our business fundamentally depends on the excellent relationships we build with customers and the returns we provide to investors, we also operate within a broader web of relationships that are important to our success," Mr Cicutto said.
As part of its renewed commitment, the National has instigated a series of environmental management programs aimed at promoting sustainable practices among employees with teams focusing on paper use, waste management and energy consumption.
The National is working with EPA Victoria, which co-ordinates the UNEP FI Programme in Australasia, the Sustainable Energy Authority of Victoria, EcoRecycle Victoria and RMIT University on these projects to ensure it is maximising opportunities to engage staff and achieve improved outcomes. Experience gained will be shared with our customers, suppliers and peers.
Sustainability has been part of the National's risk evaluation criteria for more than a decade and regular reports are prepared on issues such as global warming. Signing the UNEP FI statement will provide fresh emphasis to working with our stakeholders on these issues.
In terms of Socially Responsible Investment funds (SRIs), the National offers customers a choice of six screened funds (on its FlexiPlan platform). We regularly review our product offering and evaluate products linked to sustainability criteria.
"This event is one step towards the National partnering communities, customers and suppliers in building a sustainable future. We recognise there is still a great deal more we can and need to do. It is one of many small steps toward a sustainable future," Mr Cicutto said
Paul Clements-Hunt, Head of the UNEP Finance Initiatives in Geneva, said: "UNEP FI, a unique public-private partnership between UNEP and the finance sector worldwide, welcomes National Australia Bank as the newest Australian Headquartered signatory to this Initiative. This action by the National is seen as an expression of corporate leadership and environmental stewardship. UNEP FI and EPA Victoria, look forward to working with the National in demonstrating to other Australian and international companies the importance of environmental and sustainability issues to the financial service sector."