Westpac Banking Corporation has outlined its comprehensive mental health strategy and set targets for gender diversity, including a 40:40:20 ambition for women in senior leadership roles. The company’s mental health strategy is overseen by the Chief Mental Health Officer and includes dedicated mental health training and access to free, confidential counselling for employees and their immediate families.
Material actions and disclosures
Westpac’s mental health initiatives include psychosocial risk monitoring embedded in employee surveys, workforce planning, and organisational change processes. The company reports a 91% participation rate in employee health and wellbeing initiatives, placing it in the top quartile globally.
Westpac also reports a 2% average gender pay difference for like-for-like roles and a 26.5% median gender pay gap for total annual reward, down from 28.1% in the previous year. The company aims to maintain rigorous reviews and clear leadership accountability for pay equity.
Westpac’s gender diversity targets include a 40% women representation on the Board by FY27, aligning with the Workplace Gender Equality Agency (WGEA) target. The company also aims to increase women in senior leadership and specialist roles through targeted actions such as the Altitude sponsorship program and the MobWay senior hiring initiative for Aboriginal and Torres Strait Islander peoples.
Westpac’s mental health strategy and gender diversity targets are part of its broader commitment to employee engagement and inclusion. The company continues to support its teams to do their best work and strengthen inclusion through initiatives such as the LEAD program for mid-level leaders and the Neuro-inclusion coaching for leaders to support neurodivergent employees.
Westpac’s sustainability report and annual report provide further details on its sustainability commitments, targets, and other supporting information.