Question

[Aqualim]

Explain how the adoption of triple bottom line could help Westpac improve its performance in the area of social responsibility

Thanks in advance

[*ryan777*]

i know what triple bottom line is but what do you mean by "reporting"?
it sounds like trying to put a monetary figure on socialy responsible actions which is very hard to do

[Aqualim]

I think cause our business teacher is our accounting teacher, he may have just wrote it by accident. But i'll change it anyway

[luken93]

correct me if i'm wrong but could this possibly relate to the marketing campaign they did when they rose the interest rate above the rates of the other big 4 banks? good luck mate, first SAC on monday :|

[Aqualim]

Yeah, it came with an ethical and social responsibility article, stating how they rose their interest rates double what th reserve banks did.

Within the article is says;

"Triple bottom line reporting is a high-minded concept, requiring companies to go beyond their financial oobligations to shareholders and account for their activities in support of the people who work for them, the communities in which they operate, and the global environment

Westpac was not alone when the banks were attacked for closing rural branches and failing to live up to social expectations. The bank since turned the experience into a big plus through the preparation of a 'social impact report' that helped take it to the top spot in the financial sector of the Dow Jones global sustainability indices, a sign that the company supports the concept of sustainable development"

Not sure how any of that will help me answer the question though.

[chocolate05]

the way i would answer that is first give the definition for TBL. then mention how the 'social impact report' indicated to westpac that they wernt doing a good job yada yada yada... and so through strategies they achieved their objective to improve and meet the expectations of social responsiblity..