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Sustainability on bank's supply agenda

Sustainability on bank’s supply agenda

(13 May 2008 – Australia) Westpac has launched a sustainability code for its 10,000 suppliers, to ensure suppliers maintain the standards set by the bank in sustainability. Westpac has reported that it is the first Australian bank to establish strict environmental, social and ethical standards for its entire supply chain.

Westpac's new Sustainable Supply Chain Management (SSCM) Code of Conduct requires all suppliers to show they meet a set of minimum standards of regulatory compliance and responsible business practice.

The consequences are high; suppliers who cannot or will not meet these standards will be removed from the supply chain.

Lyn Lennard, Westpac's general manager, Group and Risk Services said that the strength and integrity of the supply chain is a critical factor in Westpac's overall sustainability performance.

Westpac said that they will be working closely in partnership with their suppliers to support them in achieving these goals.

More than two-thirds of Westpac’s (indirect) supply chain spend has already been screened resulting in positive changes to the way business is done between Westpac and its suppliers, Lennard said.

Westpac has also recently introduced a number of measures targeted at high-impact components of its supply chain, including purchasing standards for IT hardware, reducing the carbon emissions of Westpac's car fleet, ensuring the paper Westpac purchases comes from sustainably managed forests and introducing Fair Trade coffee as an option for all Westpac offices and branches.
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