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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