Australian banks face more pressure for social responsibility
Date: 15 Dec 2001
Westpac, National Australia Bank and ANZ have rejected motions submitted for their AGM meetings calling for greater programmes of social responsibility.
The motions, described by the Finance Sector Union, as legally unprecedented and carrying the support of churches, local councils and some institutional investors, are targeted at activities such as branch closures and staff reductions.
The companies blocked debate on the motion at the AGM on the grounds that it would override the right of directors to manage the company.
Article source: ABC
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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