The more we look … the more we see what really matters Annual Review 2014

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Corporate responsibility – creating a wealth of opportunity

At NAB, our approach centres on creating shareholder and social value. We want to create opportunities to build more prosperous communities, help people have a healthy relationship with money and contribute to a future focused society.

››› For the full details of our performance against our Corporate Responsibility strategy ‘Wealth of Opportunity’ refer to our 2014 Dig Deeper paper at

Healthy relationship with money

After 11 years of providing low-income Australians with no-interest and low-interest loans, we’ve supported thousands of people and now we’ve set an ambitious goal to reach one million people by 2018.

In partnership with Good Shepherd Microfinance, NAB continues to provide microfinance loans to people who would otherwise be vulnerable to fringe or payday lenders, through innovative models such as Good Money stores in Victoria and South Australia.

Now in its fifth year, NAB Care has been working to improve the way we deal with customers in financial hardship. In 2014 we assisted more than 15,000 customers, which has helped reduce the number of loan defaults. Many of these cases were resolved within one day.

This year we have worked with Kildonan Uniting Care to improve the way we communicate with vulnerable customers who may be experiencing difficulties in meeting their financial obligations.

We’ve continued to work to improve financial inclusion across communities. Part of our sixth Reconciliation Action Plan (RAP) included strategies on ways to create opportunities for Indigenous Australians through financial inclusion. Our RAP was recognised with Reconciliation Australia’s elite ‘Elevate’ status.

Through our Indigenous Money Mentors (IMM) program, we assisted 1007 Indigenous clients in 2014 and our research shows that the program continues to have a lasting impact. A Social Return on Investment study by Net Balance in 2013 showed the IMM program created $4.20 in social value for every dollar invested. With the current level of investment in the program, the total value created is expected to be almost $1.9m each year. The research also shows that the IMM program is delivering significant social value and flow-on benefits, such as improved standards of living and improved family relationships.

Responsible lending

Our Environmental, Social and Governance (ESG) Risk Principles provide an overarching framework for integrating ESG risk considerations into our day-to-day decision making. This year we engaged with a range of non-government organisations that have expressed concerns around Australian banks’ investment in fossil fuels and other environmental issues.

In 2014 we developed a public statement to help our stakeholders understand how we manage ESG risk – in particular, how we manage the issue of improper land acquisition. The policy statement is available on NAB’s website.

Guiding our thinking about a healthy relationship with money

Providing quality products and services and building financial capability and confidence.

Improving access to fair and affordable banking.

Supporting those facing financial hardship.

Helping prepare customers and employees for retirement.

Ensuring environmental, social and governance considerations inform our spending and lending.

Prosperous communities

Investing and lending to the businesses and organisations at the heart of our communities helps them to thrive and prosper. In addition to lending to business, NAB has invested in programs to support future growth in our communities.

This year our business lending market share was 22.8%24 and we maintained our position as the leading business bank in Australia by lending market share.

We continued to advance lending and debt services to the higher education sector and worked with The University of Melbourne to complete its first bond issue. In partnership with six local councils and 10 business customers or prospects, our Work Inspiration program gave young Australians the chance to experience the world of work and life beyond school.

In 2014 we ran a pilot of the $20 Boss program, in partnership with the Foundation for Young Australians and the Victorian government. Students were provided with $20 each to start their own small business, with two months to develop ideas, generate revenue and donate some of the proceeds to a local community organisation.

We announced a $1m Impact Investment Grants Program to support organisations in delivering finance solutions for social issues. We also distributed $1m in grant funding to 19 not-for-profit customers to address key social issues through the inaugural NAB Community Grants program.

We’ve also already given more than 922,000 hours of volunteering towards our goal of one million volunteering hours by 2018.

To share our knowledge and experience in social media engagement, we hosted more than 530 customer tours at NAB’s state-of-the-art Social Media Command Centre.

Guiding our thinking about creating more prosperous communities

Supporting and investing in the organisations and infrastructure that tie communities together.

Supporting the small businesses at the heart of communities.

Supporting a thriving not-for-profit sector through banking and in-kind value.

Encouraging a culture of giving and volunteering.

Supporting a more diverse and inclusive society and workforce.

Providing support to communities impacted by natural disasters.

Future focus

We think it’s important to understand the emerging challenges and opportunities in our society, economy and environment – and we’re making our operations and supply chain more efficient and resilient.

Focusing on the future and increasing the environmental efficiency and resilience of our business continues to be important in each of the countries in which we operate. Since 2006, we’ve invested more than $22m in energy efficiency initiatives in Australia alone.

In 2014 our investment in energy efficiency initiatives resulted in approximately $15m of avoided energy costs and a reduction in greenhouse gas emissions of over 81,000 tonnes in Australia, with further savings across our global operations. With data centres accounting for around 37% of our global building-related greenhouse gas emissions, our state-of-the-art data centres are significantly improving our operational efficiency. (See page 15.) Solar reflective roof paint has been used at retail stores in Australia to reduce heat gain, and we’re piloting solar panels. We’re continuing to use 100% certified renewable energy for our electricity source in the UK, as another way of supporting clean technology.

Supply chain efficiency

Our NAB Group Supplier Sustainability Principles set out minimum requirements for suppliers to meet in order to conduct business with us. This year, we achieved 32% of material supplier signatories. Our goal is for 90% of material suppliers to be signatories to our NAB Group Sustainability Principles by 2016.

We have set challenging energy efficiency and paper waste objectives. For example, in Australia and New Zealand, we rationalised courier runs, which led to saving 10,000 km and 3000 tonnes of carbon emissions each year.

Delivering sustainable products and services

We’ve continued to bring our customers new environmental products and services. We funded two Environmental Upgrade Agreements (EUAs) in 2014. NAB has now funded six of the seven EUAs privately funded to date, with a total investment of $12.5m.

We advanced our natural value strategy by gaining customer insights and building resources for our agribusiness bankers – building on our commitment to the Natural Capital Declaration, of which we were the first Australian bank signatory.

We provided project finance to low-carbon infrastructure, including Indonesia’s Sarulla Geothermal plant, which will be the country’s largest single-contract geothermal power project.25 We also structured and led project financing of 16 wind farms for Project Cumulus by Infinis Wind in the UK. In 2014 we financed an additional net 167 Megawatts (MW) of renewable energy generation projects to our project finance portfolio, taking the total financed from 2914 MW in 2013 to 3081 MW in 2014. We maintain our position as Australia’s leading lender to the renewable energy sector, by market share.26

Part of the conversation

This year we were part of the dialogue on the following issues that matter in our industry and communities:

NAB sponsored the global report by consultancy FSG ‘Banking on Shared Value’ which featured NAB Care and our Fair Value agenda.

NAB and the Centre for Social Impact published the ‘Measuring Financial Exclusion in Australia’ report.

We supported the ‘Blueprint for an Ageing Australia’ paper by Per Capita Australia.

We contributed to the development of the report by Impact Investing Australia ‘Delivering on Impact: The Australian Advisory Board Breakthrough Strategy to Catalyse Impact Investment’.

For every $1 invested into Lifeline’s Online Crisis Support Chat by the MLC Community Foundation, there is a social return value of $8.40.27

Guiding our thinking on the future

Future proofing our business and leading by example to improve the efficiency and resilience of our operations and supply chain.

Leading the conversations about operating in a resource-constrained world and working with customers, industry and stakeholders to build resilient and profitable businesses.

Addressing issues that matter to communities.

Embracing the changing digital and technological landscape and providing more innovative integrated experiences for our customers and our employees.

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