At a glance
Integrity is everything
“We’ve started with a very simple principle and that is: integrity is everything.
I think the world of ESG is becoming very cognisant of the importance of that.
If you just make it up, you should expect scrutiny, probably litigation and definitely a loss of customer belief.”
Social impact and financial returns
“We can make a far more significant improvement in the social side in terms of wellbeing, by demonstrating, that we are improving people’s lives. Our hypothesis is that it will show up in financial returns.
We have raised and spent about half a billion dollars this year and last year on investments that get good Community and Social Value (CSV) scores and good financial return scores.
We’ve got Westpac providing us capital. We’ve got our mutual members providing us capital, and we’re saying ’We are backing this in as a potential pathway of demonstrating greater financial stability and sustainability.
We think that it also enhances social outcomes.’ I think over the next three or four years we will see whether we’re right.”
Put wellbeing at the heart
“We want others to adopt a similar methodology - a universal way of measuring impact for people. Wellbeing at the heart of it. Wellbeing is just a people measure of ‘how do you feel?’ And so our goal is: come and copy our framework.”
Where to start with ESG
“The number one challenge is where to start, because I’d imagine a lot of people go, ‘We’re not a social impact business. Why would I bother?’ So that’s hard.
And for some that are [a social impact business], they go, ‘Yeah, we really need to measure this, but really what are we about?’ And the key is actually how to start.”
“You’ve got to start by thinking about your stakeholders and what does the entity think about not just corporations – it can be charities, it can be a not-for-profit, it can be a local community. What are you trying to achieve? And what are you trying to achieve for the stakeholder? Invert it.”
