2009 Corporate Responsibility Review

CEO message

“The last 12 months have been remarkable for many reasons. But I think most would agree that the global financial crisis has been the dominating issue for businesses and individuals alike.”

As a new CEO I have had the opportunity to spend considerable time listening to the communities that make up NAB – customers, employees, investors, the market, community groups, government, regulators, and the media.

This input has helped inform the strategic direction we set out at the beginning of the year, around four priorities: maintaining balance sheet strength; accelerating our efficiency, quality and service agenda; investing in our people, culture and reputation; and improving the position of the Australian business, while maintaining franchise values internationally.

Overwhelmingly, people acknowledge the security and support we've provided to customers and depositors, particularly when much of the rest of the world has experienced financial chaos and collapse.

It is also clear that the public perception of banks, including NAB, is not good enough. To build long-term sustainable businesses into the future I believe our industry, and NAB, must act to improve its reputation.

In support of this priority, earlier in the year, I highlighted three initial challenges to focus on:

Improving our communication, particularly around interest rate decisions.
Improving access to financial services for all sections of the community, but particularly for those who are disadvantaged.
Addressing customer concerns on fees – choice, fairness and transparency.

This Corporate Responsibility Review not only covers these initiatives but outlines in more detail our strategic approach and the leadership and behaviour which inform it. It highlights a number of major new initiatives, notably our first Reconciliation Action Plan and Schools First education program.

Importantly, this Review also reports against the commitments made in our last Review, and sets out some new objectives for 2010 and beyond.

Of course, changing the perception of banks will not happen overnight. But it is important that we are judged on the decisions we make and the behaviours we demonstrate. The publication of this Review is an important part in this process.