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Westpac’s approach to board diversity sets the standard and tone for diversity across the organisation.  This is evident in their company updates on Diversity, Equity and Inclusion.  Having this approach at the board level provides direction and endorsement for investing in initiatives like the upstander speak-up culture. This key pillar fosters an inclusive culture where staff feel encouraged and supported to speak up against inappropriate workplace behaviours.  It builds their capability and confidence so they feel empowered to act.  Westpac also prioritises gender equality at all levels, cultural diversity through career development and sponsorship from senior leaders for culturally diverse talent and LGBTQ+ inclusion with supportive policies and public advocacy.  Furthermore, they focus on Aboriginal and Torres Strait Islander Peoples, including its 6th Reconciliation Action Plan, and accessibility.  These initiatives are recognised by recent global and domestic awards and citations.

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I believe the Board culture shapes the wider organisation’s tone and sets the strategic direction and public expectations.  While establishing this culture is a crucial first step, simply setting it isn’t enough.  The Board and organisation must then consistently practice what they preach.  If they fail to live up to their inclusive culture, public confidence and trust can quickly erode.  Holding the organisation accountable for this is valuable, as it leads to improved reputation, performance and satisfaction.

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An inclusive board culture signals to stakeholders the organisation values fairness and ethical governance, which builds trust across the board. Customers feel understood, investors see it as sound risk management, and employees feel more engaged. This trust translates into a stronger reputation and improved financial performance.

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Westpac's measurable diversity goals created real accountability, pushing the board beyond symbolic gestures to achieve 42% female representation by 2020. Partnering with diversity advocacy groups and specialised search firms expanded their talent pool, bringing in varied perspectives that reduced groupthink and led to more innovative problem-solving. Unconscious bias and cultural competency training further ensured that diverse voices were genuinely heard, not just present, resulting in stronger collective decision-making and governance overall.

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It is evident from their corporate governance statement, that there has been clear consultation, review and implementation, adding to Westpac's strategy to reflect the community that it serves. What is encouraging is Westpac declaring when their targets were not met - I find this transparency essential to creating a culture of continuous improvement, and therefore builds trust, and customer loyalty.

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Despite the risk of setting targets, Westpac found success in maintaining the commitment to their strategy of gender balance. By looking outside their networks and collaborating with Advocacy groups would have contributed to that success. Alongside Westpac's EAG's, it will bring a more diverse perspective to the Board's strategic decisions, and contribute to Westpac's reputation.

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Q2: How do you think an inclusive board culture influences stakeholder trust and long-term business success?

An inclusive Board will drive transparency in their decision-making, will institutionalise a relationship of trust-yet-challenge with Management, and will allow for fresh ideas and innovation. This (direction and messaging) will be visible to customers, to employees, and to shareholders, and will attract further talent and customers to the organisation. In turn, this will lead to sustained, longer term (financial and reputational) successes.

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Q1: How has Westpac's approach to board diversity, including setting measurable goals and partnering with diversity advocacy groups, contributed to enhanced decision-making and governance within the company?

A more diverse Board will invite fresh ideas, will be open to challenge, and to 'bring the outside views in', by appointing Directors from differing (non-financial services) backgrounds and cultures. Similarly, a more diverse Board will demand of Management more diverse and balanced considerations for decision-making, across Strategic and Risk Management decisions. Clearer, well-understood Charters for Board and Board Committee, and strong delegation, is also an outcome from Westpac's approach to Board diversity.

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An inclusive board culture influences stakeholder trust and long-term business success through diverse perspectives. This creates better decision making capability and improves the reputation and trust of the business, leading to positive outcomes for all stakeholders.

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Westpac's approach to board diversity contributed to enhanced decision-making and governance within the company as the tangible initiatives that were put in place ensure that it was a strategic priority. By investing in board diversity, Westpac were able to generate positive outcomes such as enhanced decision making and improved reputation and trust

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Trust is built if a company values fairness, representation, and ethical leadership. It encourages open dialogue, better reflects customer and community needs, supporting long-term business success through improved employee engagement and investor confidence. Such a culture also helps attract diverse talent.

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I've experienced (first-hand) how inclusive leadership (can) drives stronger outcomes. An inclusive board culture signals to stakeholders—whether employees, customers, or investors—that diverse voices are valued and heard. This builds trust, fosters transparency, and strengthens reputation. Over time, these qualities translate into better risk management, more resilient strategies, and ultimately, long-term business success (including retention and cultural strength).

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I find Westpac’s approach to board diversity both progressive and practical. By setting measurable goals and partnering with diversity advocacy groups, they’ve created a board that reflects a broader spectrum of gender, ethnicity, and professional expertise.

This diversity fosters richer discussions, challenges conventional thinking, and leads to more balanced, innovative decisions—critical for navigating complex governance and business challenges.

It’s encouraging to see a major institution embrace inclusive leadership not just as a value, but also as a strategic advantage.

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How has Westpac's approach to board diversity, including setting measurable goals and partnering with diversity advocacy groups, contributed to enhanced decision-making and governance within the company?

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How has Westpac's approach to board diversity, including setting measurable goals and partnering with diversity advocacy groups, contributed to enhanced decision-making and governance within the company?

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Board diversity has contributed to enhanced decision making as a diversity brings broader skills sets, views, experiences to ensure broader, richer, deeper discussion and perspectives. Better representing the richness, broadness and diversity of the community they service through better policy, procedure, systems and processes. A diverse board may start to enter new markets that they did not know existed or knew how to enter if the Board is diverse impacting the bottom line as just one example.