Westpac communicates with stakeholders on corporate responsibility and sustainability commitments, current issues and performance through both non-financial sustainability reporting (Social Impact Reports) and financial reporting (Concise Annual Report) and also through the corporate responsibility and sustainability website and the corporate governance website. The 2004 Social Impact Report is Westpac''s third. It reports performance against over 100 key performance indicators, based on the GRI framework, but extended with sector specific indicators (SPI Finance and EPI Finance) and also additional indicators developed with local Australasian stakeholders.

The 2004 Social Impact Report makes use of the GRI''s 2004 guide on the Global Compact and GRI core indicators to demonstrate accountability against the Global Compact Principles. For details please see the performance indicator guide, pages 4-7.

Highlights of the report include data on Westpac''s New Zealand and Pacific businesses for the first time - a separate report on these businesses will be available later in 2004; comprehensive assurance against the AA1000 standard; and a case study on Westpac''s sustainable supply chain management system.

More broadly, Westpac uses the Principles as a broad orientating framework across human rights, the workplace and the environment. In 2004 Westpac''s Chairman attended the Global Compact Leaders Summit. Westpac''s Sydney and London offices also contributed to the "Who Cares Wins" initiative to bring sustainability assessment into mainstream financial markets analysis.

A business case study is underway for the 2004 Learning Forum. The focus of the case is: 1) the development of corporate responsibility within Westpac, captured via a rich description of the thought processes within the company; 2) how Westpac identifies gaps between its own performance and Global Compact aspirations; and 3) how Westpac both learns about and responds to human rights issues and Indigenous issues in particular.

The topic has been chosen as an example of how a company in an industrialised developed society is engaging on human rights. The topic directly responds to Principle 1 & 2 (human rights) and Principle 6 (discrimination in employment.) Within Westpac the study will contribute to current Board Social Responsibility Committee discussions on diversity and Indigenous issues.

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The 2004 Social Impact Report includes comparative year on year data for all KPIs; reports progress against objectives and targets; and sets out revised objectives and aspiration targets.

Recent external assessments and ratings provide alternative outcome measures of Westpac''s sustainability performance.

Westpac is the top rated bank within the Dow Jones Sustainabilility Index for 2004/05, the third consecutive year. Westpac was the top rated organisation in the 2004 Business in the Community Australian Corporate Responsibility Index, with a 98.24% rating. In 2004 Westpac has also retained its top corporate governance rating from GovernanceMetrics International; the only bank and only Australian company within the 2,600 organisations assessed globally.