The Bank and Gunns Limited
10 September 2003
Branch staff have drawn attention to stickers being placed on ATMs and other Bank property critical of the Bank’s involvement in Gunns Limited, a Tasmanian forestry company.
The Bank’s association with Gunns Limited is through its funds management subsidiary, Colonial First State. Funds management businesses have a legal duty under the Corporations Act to put their clients’ interests first at all times. Accordingly, the Commonwealth Bank does not, and cannot, seek to direct or influence the composition of the investment portfolios managed by these businesses.
Representatives of the Bank have been in discussions with The Wilderness Society on the forestry issue, and this is a process both parties have agreed to continue.
The Bank has a strong and wide ranging environmental record and staff are urged to find out more at http://www.commbank.com.au/about-us/