Banks help destroy old growth
In another first for corporate Australia, The Wilderness Society along with over 500 shareholders in four big banks (ANZ, Westpac, CBA and National Australia Bank) have called for a halt to all investment in old growth logging. This is the first time that all four banks have been formally requested to discuss their part in forest destruction.
As a result, banks will have to send a copy of the resolution to approximately 2.5 million shareholders raising the issue of environmental responsibility.
Currently the Commonwealth, ANZ, NAB and Westpac banks directly invest, on behalf of themselves and others, in many of the large logging and woodchipping companies in Australia.