Environmental and social issues are evolving rapidly as science, community expectations and stakeholder perspectives continue to change. Our Group Environmental & Social Framework (E&S Framework) sets out the Group's approach to managing the environmental and social impacts of our business activities and operations. The E&S Framework provides a reference point for the Group on the minimum standards that we seek to abide by, the targets we seek to implement, and the governance and oversight in place to support and strengthen our efforts in the environmental and social space.
Consistent with our commitment to review our environmental and social policy settings at least every two years, CBA has undertaken a review and updated our E&S Framework to ensure that it remains fit for purpose, continues to deliver value to our stakeholders and provides a clear framework for the future. Our updated E&S Framework refreshes our climate change-related commitments in respect of financing of certain fossil fuel activities. The E&S Framework review and update process has involved consideration of the views expressed by a range of subject matter experts and stakeholders including government, clients, and non-government organisations.
CBA would like to thank and acknowledge, among others, Market Forces, The Tobacco Free Portfolio, and Guy and Kim Abrahams and their lawyers Equity Generation Lawyers for their continued engagement with CBA on important environmental and social issues.
Please note: this version of the 2023 E&S Framework was uploaded at 11AM AEST on 9 August 2023, correcting an error in a footnote contained in the version uploaded at 9:30AM on the same day.