Westpac's Squashed Tomato Strategy: Sustainability Strategy in Practice at Westpac

CIMA’s case study explores how a sustainability strategy is an evolving set of practices that can enhance engagement with internal and external stakeholders.

 
Australian bank Westpac launched its five year climate change strategy in December 2008, where the senior executive team would be directly responsible for and be measured by its ability to help achieve Westpac’s emission-reduction targets, with specific KPI targets being incorporated into senior executives’ personal performance targets.
 
  • Support from top management is crucial to the effective implementation of a sustainability strategy.
  • Sustainability strategy has the ability not only to change internal practices but also to change relationships with external stakeholders, such as suppliers.
  • Climate change initiatives are an important but partial element of a comprehensive sustainability strategy.
  • Carbon management and integrated financial and non-financial reporting are some of the current issues affecting the development and implementation of sustainability strategy. This provides potential ‘space’ for management accountants to become involved in sustainability strategy.
 
Read this case study to see how your company’s accounting and finance function may inevitably become more involved in its sustainability strategy in the future. 

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