CBA has announced a new set of environmental, social and governance (ESG) policies and practices to be integrated across its wealth management division.
Under the new Wealth Management Responsible Investing Framework, the bank will embed ESG considerations into its investment decision making and active ownership practices as well as enable employees to understand and assess ESG risks and opportunities.
"We're also committed to providing transparency on how we manage ESG considerations, and to disclosing the progress made in the integration of the framework," CBA said in a statement yesterday.
The new framework covers the bank's wealth management division, which includes Colonial First State Global Asset Management, Colonial First State, Wealth Management Advice and CommInsure.
The new policies and practices – devised under the bank's 2016-2018 Corporate Responsibility Strategy – have been updated to acknowledge climate change and support a low carbon economy.
CBA has also developed a new 'human rights position' statement to publicly affirm its commitment to respect human rights across all of its operations.
CBA chief executive Ian Narev said: "We need to be cognisant of the long-term impact our business has on the economies and communities in which we operate."
"An important part of that is rigorously and consistently examining our lending and investment decisions to understand and assess environmental and social impacts.
"The policies and practices that we are announcing today enable us to do that. They also provide transparency so we can be held accountable by our stakeholders for the decisions we make."
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