NAB ANNUAL - National Australia Bank
NAB ANNUAL SOCIAL BOND REPORTNAB ANNUALSocial Bond ReportFinancial year ended 30 September 2019Page 1
NAB ANNUAL SOCIAL BOND REPORTPage 1TABLE OF CONTENTS1.Introduction 21.1 Purpose 21.2 Why is NAB issuing social bonds? 22.Social Bond features 33.NAB’s Social Bond Approach 43.1 Use of proceeds 43.2 Project Evaluation and Selection Process 43.3 Management of proceeds 53.4 Reporting 53.5 External Review and Assurance 54.Impact and Use of Proceeds Statement 65.Sustainalytics Review Report 2019 86.Use of Proceeds Statement Assurance 137.Contact us 168.Disclaimer 16
NAB ANNUAL SOCIAL BOND REPORTPage 21. INTRODUCTION1.1 PurposeNational Australia Bank Limited ABN 12 004 044 937 (NAB),is pleased to present its third NAB Annual Social Bond Report(Report), for the financial year ended 30 September 2019.This Report relates to our NAB Social Bonds outstanding asof 30 September 2019 and provides reporting on the use ofproceeds and social impact of the bonds, which are earmarked forfinancing/refinancing a portfolio of organisations across Australiawith current Employer of Choice for Gender Equality (EOCGE)citations from the Workplace Gender Equality Agency (WGEA).Our intent is to be transparent about the methods used for oursocial bond reporting and attribution of social impact.We have looked to implement evolving market best practicefor annual impact reporting, based on guidelines set out inthe June 2019 publication Working Towards a HarmonizedFramework for Impact Reporting for Social Bonds, alongwith input from investors, assurance providers and guidancefrom other sources including the International Capital MarketAssociation (ICMA)’s Social Bond Guidance and Green BondPrinciples (GBP) 2016. We continue to work with stakeholdersand, include where appropriate, updates to guidelines andprinciples to improve the level of detail and disclosure of impactreporting we provide over time.1.2 Why is NAB issuing social bonds?We continue to develop products and services, such as socialbonds, that aim to have positive impacts on the lives of ourcustomers, communities and the environment in which we operate.Our approach to social impact aims to create shared value forall stakeholders. We define Shared Value as ‘the generationof measurable business returns by addressing social andenvironmental challenges’. With regards to environmentalsustainability, as a global provider of financial products andservices, we play an important role in advocating for the lowcarbon transition and green growth. At 30 September 2019, wehad four senior green bonds and one green RMBS outstanding,as well as offering customers a Green Term Deposit productthrough our UBank division. These projects are consistent withour, and Australia’s, pathway to a low-carbon economy andcontributing towards meeting the United Nations’ SustainableDevelopment Goals (SDGs). From an environmental perspective,our focus is on Goal 7: Affordable and clean energy.1Our Annual Green Bond Report and other information related toNAB green bond products can be found on the NAB Capital &Funding webpage for Green and SRI Bonds in the “NAB AnnualGreen Bond Reports” section.Australia’s largest businesses have a responsibility to makedecisions that create a better and stronger nation. We are takinga long-term view and investing now for a better future. In 2019,we launched a new Social Impact Strategy to shift the dial onsignificant social challenges facing our business and community.It sets goals for what we will seek to achieve by 2030, in linewith the United Nations’ Sustainable Development Goals (SDGs).Each Social Impact goal is paired with relevant SDGs where wecan make a difference to the societal challenge. This meansfocusing our resources on where we can have the biggest impactand link our Social Impact Strategy to NAB’s broader ambitionand responsibilities. Our responsible business practices includesupply chain management, stakeholder engagement, financialinclusion, hardship management, sustainable finance, ESG riskmanagement and maintaining a diverse and inclusive workforce.Since 2017, our diversity and inclusion strategy has been focusedon creating an inclusive workforce, reflecting our customersand the communities in which we operate. Our key areas offocus have been gender equality, life stage inclusion and LGBTI inclusion complementing our existing commitment to improvingaccessibility and cultural inclusion. We have underpinned these bykey enablers – leadership, flexibility and the setup of a number ofEmployee Resource Groups. Supporting NAB’s Gender Equalityfocus, we have increased senior leadership accountability throughcontinued emphasis on our gender targets, put in place a numberof enabling initiatives including access to mentoring/developmentprograms for women and their leaders and introduced newbenefits and policies (i.e. domestic violence support and return towork payments for those on parental leave).The NAB Board approved our refreshed Diversity & Inclusionpolicy and also committed to having 40%-60% of either genderrepresented by 2020 in every level of the organisation, from entrylevel roles to executives and the Board, progress on which wereport annually.These gender targets further represent our alignment to theSDGs, namely Goal 5: Gender equality,2 as well as Australia’scommitment to be a society that promotes policies, laws,organisations, structures and attitudes that ensure womenare guaranteed the same rights as men, signified through itssigning of the UN Convention on the Elimination of all Formsof Discrimination Against Women (CEDAW).We actively monitor and report on a range of human capitalperformance measures (e.g. diverse workforce composition, payequity, access to training/development and employee engagementand retention) ensuring accountability and progress on genderinequality. By financing Australian organisations that demonstrateleading practices with respect to workplace gender equality, our SocialBond plays a role in advancing the Australian and global objectiveof achieving gender equality and empowerment for women.Our human rights commitment is also demonstrated by NABbeing a signatory to the Women’s Empowerment Principles3(WEPs), a set of Principles offering guidance to business onhow to promote gender equality and women’s empowermentin the workplace, marketplace and community. Established byUN Global Compact and UN Women, the WEPs are informed byinternational labour and human rights standards and groundedin the recognition that businesses have a stake in, and aresponsibility for, gender equality and women’s empowerment.Our commitments have been integrated into NAB’s businessstrategy and further details on all of our gender equality andclimate change commitments can be found in NAB Group’sSustainability Report and Data Pack.1 United Nations Development and-clean-energy.html)2 United Nations Development lity.html)3 WEP (https://www.weps.org/companies)
NAB ANNUAL SOCIAL BOND REPORTPage 32. SOCIAL BOND FEATURESAs at 30 September 2019, NAB had issued one social bond aligned to ICMA’s Social Bond Guidance with proceeds earmarked forfinancing/refinancing a portfolio of organisations across Australia that hold the Employer of Choice for Gender Equality citationsfrom the WGEA. Financing a portfolio of organisations that demonstrate leading practices with respect to workplace gender equalityis consistent with our alignment to the UN SDG regarding gender equality as well as Australia’s commitment to the UN CEDAW.NAB AUD Social Bond (Gender Equality)FormatFixed Rate MTNsIssue AmountA 500 millionPricing Date17 March 2017Final Maturity Date24 March 2022ISINAU3CB0243459AssuranceIn alignment with the ICMA’s Social Bond Guidance and GBP 2016, with a second party opinion provided bySustainalytics and financial assurance by EY.Use of Proceeds:Proceeds used for financing/refinancing a portfolio of organisations with current EOCGE citations fromthe WGEA.Additional information about NAB Green, Climate and Social Bonds can be found on the NAB Capital & Funding webpagefor Green and SRI Bonds.
NAB ANNUAL SOCIAL BOND REPORTPage 43. NAB’S SOCIAL BOND APPROACHNAB has developed and implemented a NAB Social BondFramework (Framework) which applies to existing NAB SocialBonds and all future issuance of NAB Social Bonds, includingother forms of debt instruments which are aligned with theICMA’s Social Bond Guidance and GBP, and that support andcontribute towards meeting the UN SDGs and CEDAW.1.This Framework is supported by NAB’s internal procedures,processes and controls.As at March 2017, the Framework described the following corecomponents which are described in further detail below:a)Use of Proceeds;b)Project Evaluation and Selection Process;c)Management of Proceeds;d)Reporting; ande)External Review and Assurance.3.1 Use of proceedsEligibility CriteriaNAB’s Social Bond proceeds will be used to finance or re-financeorganisations that have been awarded the EOCGE citation by theWGEA and thus uses a positive screening process.The WGEA is an Australian government statutory agencycreated by the Workplace Gender Equality Act 2012 (the Act).The Agency is charged with promoting and improving genderequality in Australian workplaces and does so by workingwith employers to facilitate compliance with the reportingrequirements under the Act.The EOCGE citation assesses organisations on seven criteria,each containing pre-requisite indicators that demonstrateleading practice in the area of workplace gender equality.While generally aligned with the reporting criteria of the Act,the EOCGE citation also requires organisations to demonstratepractices and commitments that are beyond legal requirementsof the Act. Ultimately, the citation recognises organisationsthat have demonstrated leading practices that promote theachievement of gender equality in Australian workplaces.Exclusionary CriteriaIn addition to the use of the positive screening processmentioned above, NAB has also developed a list of exclusionarycriteria for the proceeds of the Social Bond, to avoid investmentsin certain industries, as well as companies assessed bySustainalytics as having major ESG controversies (Category5 controversies). The details surrounding each of theseexclusionary criteria are described below.2.S ocial Bond proceeds will not be allocated to financing anyorganisations whose current principal industry and primaryor predominant activities have been assessed by NAB asbeing one or more of the following: Alcohol Gambling Tobacco Military Weapons Predatory Lending Fossil Fuels Palm Oil Transport of live cattle Whaling.S ocial Bond proceeds will not be allocated to financing anyorganisations that are involved in major ESG controversies(Category 5 controversies), as assessed by Sustainalytics inFY19. Organisations to which proceeds have been allocatedwill be assessed by Sustainalytics for involvement in Category5 controversies during the previous 12 months, as a partof an annual compliance review. On an annual basis, NABwill reallocate funding from organisations identified ashaving involvement in Category 5 controversies to eligibleorganisations.3.2 Project Evaluation and Selection ProcessSelection of Eligible Loans by NABA NAB Sustainability Investment Committee (Committee)responsible for the selection of eligible loans on behalf of NABhas been established. The Committee is comprised of membersfrom NAB Treasury and NAB Institutional Banking, with inputfrom NAB’s Sustainable Finance Team.WGEA awards the EOCGE citation, and makes the complete listof citation holders publicly available on its website. If there isa material change to the role, powers or functions of WGEAor the criteria for EOCGE citation, NAB may (having regard tothe gender-equality alignment of the Social Bonds) identify analternative agency or citation to succeed WGEA or the EOCGEcitation (as applicable) for the purposes of identifying eligibleborrowers. Where NAB does not identify a successor agencyor citation, it may include persons or entities to be eligibleborrowers by reference to internal criteria for identifying personsor entities that are not inconsistent with the gender equalityalignment of the Social Bonds.WGEA Process for Selection of Organisations for theEOCGE CitationOrganisations applying for the WGEA EOCGE citation are requiredto answer a number of questions under seven focus areas. Thesereflect the findings from the latest academic research into driversof improved gender equality outcomes.Organisations achieving the citation must meet the Complianceobligations through the Act and the requirements under theseven focus areas of the citation’.
NAB ANNUAL SOCIAL BOND REPORTThe Workplace Gender Equality Act 2012 (Act) applies to nonpublic sector employers with 100 or more employees in theircorporate structure. These are referred to as ‘relevant employers’.A relevant employer that is compliant with the Act may chooseto voluntarily apply for the WGEA Employer of Choice for GenderEquality (EOCGE) citation which recognises leading practice inAustralian workplaces. With its foundations in evidence-basedresearch of the drivers of improved workplace gender equalityoutcomes, it recognises organisations that have made progressin workplace gender equality beyond standard compliance withthe Act.The citation is reviewed every five years to ensure it reflects theinitiatives that drive leading practice in workplace gender equality.A review was undertaken in 2017 and the FY19 EOCGE applicationreflected the revised criteria which required organisations torespond to specific questions under the following focus areas:1.Leadership, strategy and accountability2.Developing a gender-balanced workforce3.Gender pay equity4.Support for caring5.Mainstreaming flexible working6. reventing gender-based harassment and discrimination,Psexual harassment and bullying7.Driving change beyond your workplaceA rigorous and robust assessment process is applied todetermine the outcome of an EOCGE application. Organisationsare required to provide quantitative and qualitative evidence oftheir progress according to each focus area. An additional layerof validation requires employers to conduct a ‘Lived experiencecheck’. This includes an employee survey, consultation withemployees on the EOCGE application and a mandatory telephoneinterview with the CEO of first time applicants, or where a changein leadership has occurred since an organisation’s previousapplication. To ensure the leadership of an organisation that isalready recognised as a citation holder maintains their focus andcommitment to workplace gender equality, the Agency conductsa series of randomly selected CEO interviews each year.The list of citation holders is announced in February each yearand successful applicants are now awarded the EOCGE citationfor a period of two years.A full list of both current sets of pre-requisite indicators thatorganisations must meet to demonstrate leading practices inworkplace gender equality can be found on the WGEA EOCGEGuide to Citation.3.3 Management of proceedsProceeds from the Social Bond will be directed to distinct costcentres, where each distinct cost centre represents a type ofindustry grouping that holds loans to EOCGE businesses. Withineach cost centre, proceeds will be directed towards identifiedand earmarked EOCGE businesses. Eligible organisations withineach cost centre will be identified by tagging them with a noteon the file.NAB confirms that its Specialised Transaction Management Team,or any successor thereafter, prepares a monthly report that servesas a control to monitor lending to eligible assets.Page 5The report lists the eligible counterparty and allocated amountby loan against each client, and by aggregate, each cost centre.Unallocated proceeds will be temporarily invested in a separatebank account, cash, bonds issued by holders of the EOCGEcitation or money market instruments that are separate fromthe NAB Treasury’s General Funds pool.3.4 ReportingUnder the Framework, NAB is publishing this annual NABSocial Bond Report and the annual Sustainalytics compliancereview. This reporting package contains a list of organisationsand businesses to which NAB has allocated proceeds and theaggregate amount allocated. The list includes the borrower’sname, business description, business location, confirmation ofthe receipt of the WGEA Employer of Choice for Gender Equalitycitation, and gross portfolio size.NAB reports on the percentage of women on boards, aggregatedto an average number at the level of the allocated portfolioand discloses this metric in this report. NAB has previouslydeveloped case studies in collaboration with WGEA to highlightimpact and a particular leading practice of eligible organisations.In this report NAB has included data on the total number (inpercentage) of women employed in general and at manageriallevels at each organisation financed.Disclosure of information related to use of proceeds, impactreporting, borrowers and organisations financed will be subjectto NAB’s confidentiality obligations and the availability ofinformation. Publicly available information can be found on theNAB Capital & Funding webpage for Green and SRI Bonds.3.5 External Review and AssuranceNAB has retained Sustainalytics in an independent compliancereviewing capacity and EY as assurance provider in order toensure that processes, policies and systems for managing NAB’seligible lending from the Social Bond are in accordance withNAB’s Framework.NAB has committed to undertaking an annual compliance reviewof funded organisations with Sustainalytics. Sustainalytics willreview all organisations/borrowers to which proceeds have beenallocated in order to determine whether they meet the eligibilitycriteria in the Framework. As a part of the annual compliancereview, Sustainalytics will also undertake a review and analysisof the organisations’ involvement in controversies. Sustainalyticswill provide a letter stating the results of the compliance review,which NAB may disclose publicly on its website. The compliancereview will take place annually throughout the term of theSocial Bond.On an annual basis, NAB will retain an appropriate independentreasonable assurance provider or providers, to provide assuranceover the use of proceeds statement and that both the systemsand policies NAB has in place to manage the Social Bondproceeds and the preparation of the Use of Proceeds Statementare, in all respects, in accordance with NAB’s Social BondFramework.The annual NAB Social Bond Report and annual updates ofthe compliance reviews will be made publicly available on theNAB Capital & Funding webpage for Green and SRI Bonds.
NAB ANNUAL SOCIAL BOND REPORTPage 64. IMPACT AND USE OF PROCEEDS STATEMENTBorrower’s nameBusinessDescriptionBusinessLocationYears citation hasbeen held up to 2019*Ashurst Australia (*formerly Blake Dawson)Professional ServicesAustralia14Clayton UtzProfessional ServicesAustralia9Corrs Chambers WestgarthProfessional ServicesAustralia12Gilbert TobinProfessional ServicesAustralia9King & Wood MallesonsProfessional ServicesAustralia6KPMG Australia ServicesProfessional ServicesAustralia12Lendlease Corporation l ServicesAustralia10Mirvac LimitedPropertyAustralia5Monash UniversityUniversityAustralia14PwC AustraliaProfessional ServicesAustralia9Stockland Development Pty LimitedPropertyAustralia9*Confirmation of the receipt of the WGEA EOCGE citationAs at the date of this report, the 2020 data can be found on the WGEA website: www.wgea.gov.au(Note: as at 30 September 2019 Ashurst and Monash University held the EOCGE citation).Gross Portfolio SizeAs at 30 September 2019, the aggregate value of the NAB Social Bond (Gender Equali
NAB ANNUAL SOCIAL BOND REPORT Page 2 1. INTRODUCTION 1.1 Purpose National Australia Bank Limited ABN 12 004 044 937 (NAB), is pleased to present its third NAB Annual Social Bond Report (Report), for the financial year ended 30 andSeptember 2019. This Report relates to our NAB Social Bonds outstanding as
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NAB ANNUAL GREEN BOND REPORT Page 1 INTRODUCTION National Australia Bank Limited ABN 12 004 044 937 (‘NAB’), is pleased to present its Annual Green Bond Report (‘Report’), for the financial year ended 30 September 2019. This report relates to our Green Bond Portfolio (four NAB Green Bonds1 and our
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