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How we implement sustainable business practices

Overview

Our vision is to excel at securing and enhancing the financial wellbeing of people, businesses and communities and a key requirement to achieve this is that we maintain the highest professional standards and act with integrity during the course of our business activities. 

Click on the Corporate governance tab to read about our: corporate governance statement; risk management framework; shareholder communication processes; codes of conduct; Statement of Professional Practice; anti-bribery and corruption policy; and SpeakUP program.

Click on the Preventing financial crime tab to learn about our programs for: anti-money laundering and counter terrorism financing; anti-bribery and corruption; data security and privacy; economic and trade sanctions; and managing fraud.

Corporate governance

You can read about what we are doing to bring this commitment to integrity to life in: 

  • Our corporate governance statement, which outlines the key aspects of the Commonwealth Bank’s corporate governance framework
  • Our risk management framework and governance processes, also available in the latest Annual Report
  • Our shareholder communication processes, which fully informs shareholders and the market about the Group’s activities and disclosures
  • Our codes of conduct, which ensure our customers enjoy a professional level of service
  • Our Statement of Professional Practice, which lists our corporate ethics and standards of behaviour required of all employees and directors.
  • Our anti-bribery and corruption policy and framework outlines the zero tolerance for bribery, corruption and facilitation payments and which extends to all employees, directors, contractors and suppliers who are working on behalf of the Group
  • Our speak up program for our employees, service providers and suppliers to report concerns about unethical behaviour and corruption.

Preventing financial crime

Financial crime can take many forms and we place great importance to putting in place comprehensive policies and procedures to provide a secure banking environment for our customers.

  • Anti-Money Laundering and Counter Terrorism Financing: We have adopted an AML/CTF program that sets out how the Group identifies, mitigates and manages money laundering and terrorism financing risk.
  • Anti-Bribery and Corruption: We have zero tolerance for bribery, corruption and facilitation payments and all employees, contractors and suppliers are expected to act with integrity.
  • Data Security and Privacy: Protection of data and your personal information is taken very seriously and we are committed to providing a secure banking environment for our customers.
  • Economic and Trade Sanctions: Our Economic and Trade sanctions policy outlines the principles and measures we follow to ensure compliance with the requirements of different sanctions regimes. 
  • Fraud: We do not tolerate fraud and we are committed to promoting and maintaining a sound, ethical culture.
  • FATCA: We will be complying with the Foreign Account Tax Compliance Act (FATCA) which Australia has agreed with the United States to implement.
  • Our speak up program for our employees, service providers and suppliers to report concerns about unethical behaviour and corruption.

Our policy on political donations

  • Commonwealth Bank Board policy explicitly precludes the Group from making political donations
  • Donations must not be made to any political party on behalf of the Group
  • There are some political events (e.g. party conferences) that cater for the attendance of business observers, which Group staff may attend
  • The Group discloses the costs of attendance to the relevant Commonwealth and State electoral agencies on a regular basis.

Responsible procurement

The Group has a broad range of diverse suppliers which presents a great opportunity to grow our social procurement commitments, supporting our suppliers and communities. We are building strong foundations which include:

  • A commitment to responsible procurement practices within our supply chain through all competitive tenders;
  • Ensuring our suppliers are assessed and selected on criteria such as WH&S, commitment to Indigenous Australians and environmental performance; and
  • Running competitive tenders through our centralised procurement system to assess sustainability

The Group also has a Procurement Policy requiring all employees to adopt strategies to avoid unnecessary consumption and manage demand as well as support suppliers who are socially responsible and adopt ethical practices.

We work with suppliers to remedy any minor issues identified during the compliance and audit process, however we will not use suppliers who do not meet minimum labour standards and health and safety requirements.

Supporting indigenous suppliers

The Group is proud to be a founding member of Supply Nation (formerly AIMSC), a not-for-profit membership body supporting small-to-medium Indigenous suppliers. We work collaboratively with Supply Nation to help build capacity amongst Indigenous businesses, by:

  • Including Indigenous suppliers on our preferred supplier list, and promoting these to Group employees
  • Encouraging our suppliers to support Indigenous Australians by including a ‘Commitment to Indigenous Australians’ tender schedule in all formal tenders
  • Mentoring Indigenous businesses
  • Connecting Indigenous suppliers with larger organisations in our supply chain.

Related information

Read about our sustainability initiatives, focus areas and performance in the 2013-2014 financial year. 

Learn more

A responsible approach to the way we provide financial products and services is essential for delivering excellent service to our 14 million customers.

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We are committed to, and proactive in, measuring and reducing our own environmental footprint.

Learn more