Company Profiles

Westpac Banking Corporation

Australia

Westpac offers a variety of banking and financial services, including socially and environmentally screened investments. The company applies environmental screening to its lending process, and adheres to Equator Principles in its project finance activities. Westpac's EcoNomical Living Program gives home loan customers discounts on a range of environmental products, including solar hot water heaters, insulation, solar electricity, rainwater tanks, green electricity, composting, and recycling products. Westpac describes climate change as "a juggernaut that cuts a swathe across public policy, law, business risk-and indeed our quality of life." The company encourages the development of renewable energy sources via trading in renewable energy certificates and providing financing to new projects. To address its direct impact, Westpac is converting its vehicle fleet to hybrid technology vehicles, revamping its corporate buildings, and investing in energy-efficient cooling systems to reduce its energy use. The company has cut its carbon dioxide emissions almost in half since 1996, and it purchases renewable energy for some of its operations. Westpac also offers environmentally friendly e-statements and estimates, which save over 100 tons of paper each year. The company believes that sustainable business practices deliver better outcomes and are good for its competitive and financial position. While Westpac provides some unique metrics in its reporting, Portfolio 21 has asked the company to provide greater transparency regarding how it conducts its environmentally and socially screened lending program.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/09 and may not reflect current opinions or subsequent events.