Westpac and Jabiluka

Westpac and Jabiluka: the Facts

JABILUKA | THE NORTHERN TERRITORY

Westpac (Trading as Challenge Bank in Western Australia) is helping to finance the Jabiluka Uranium Mine project. Westpac Life Insurance controls nine million shares in North Ltd, the parent company of Energy Resources Australia (ERA). Westpac provides a $1.5 million overdraft capacity to ERA. Westpac Custodian Nominees is listed as the number one shareholder in North. Westpac is one of the major bankers to both North and ERA.

Westpac is the only Australian financial institution to sign the United Nations Environment Program Statement by Financial Institutions, a commitment to "anticipate and prevent environmental degradation" and to "foster openness and dialogue relating to environmental matters with ... shareholders, employees, customers, governments and the public".

They have also pledged to take a "precautionary approach to environmental management which strives to anticipate and prevent potential environmental degradation".

Westpac's own environment policy states the bank will "seek to take environmental issues into account in its lending decisions" and that it will "meet or exceed recognised community environmental standards". A 1998 Newspoll revealed that 67% of the Australian population were opposed to the Jabiluka project. Westpac is clearly in breach of its own and international environmental policies.

Westpac is a major sponsor of the "Green Olympics". It is claiming an environmental conscience it clearly doesn't have. We demand that the bank honour its commitments to community standards and international agreements.

Kakadu could be placed on the World Heritage in Danger List in July because of Jabiluka. Public pressure and scrutiny regarding Westpac's involvement in the project will only increase. We ask Westpac to help Australians Stop Jabiluka by:

asking ERA to halt construction while the World Heritage Committee investigates the project

use its 9 million shares in North Ltd to pressure it to drop the Jabiluka project

cease their shareholder facility operated by Westpac Nominees whch holds the largest package of shares in North and ERA

cancel banking services to ERA and North, and cancel ERA's overdraft capacity

What you can do:

Ring Westpac on 1 800 800 388

Arrange a meeting with your branch manager to discuss your concerns

Fax a letter to Westpac's CEO David Morgan - 02 9226 4128

Help Make Westpac Accountable for Jabiluka

This is only a sample letter. Please write your own concerns. A couple of lines will do!

Sample Letter to Westpac

Dear Managing Director,

RE: Investment in Jabiluka

I am very concerned with Westpac Custodian Nominees' involvement with the proposed Jabiluka Uranium Mine within the borders of Kakadu National Park.

The mine is against the wishes of the traditional owners and is clearly a threat to the natural and cultural values which have made Kakadu an Australian icon.

I consider the social and ethical impact of projects to be very important. Kakadu National Park is far more important than short term benefits such as profits or jobs.

I urge you to look further into your dealing with ERA and North Limited, and to consider the ethical ramifications of your actions. I urge you to change your investments to ventures that are not going to damage our country for hundreds of thousands of years, and that do not go against the express wishes of the landholders of the area.

Please raise this concern at the next board meeting and pass on my concerns to North Ltd and Energy Resources of Australia.

I want to believe that your intentions are directed towards a better future for all, but I fail to see how they can be when your company is involved in a business that is responsible for the destruction of our precious environment.

I look forward to your Reply,

Yours Sincerely,

Don't forget to mention if you are a customer or member of the company.

the Anti-Nuclear Alliance of Western Australia
email nfreewa@iinet.net.au