ACCR is very pleased that our work political expenditure by Australian companies has had an impact. NAB is one of the companies we researched .
ACCR had commenced the process of putting a resolution about political expenditure at the NAB AGM in December. However on 20 September NAB changed its website to say that its policy was now to not make any more political donations.
ACCR would like to congratulate the NAB board on the new policy and to thank all fellow NAB shareholders who volunteered to assist us. ACCR will not proceed with the NAB resolutions.
The Australian Electoral Commission's (AEC) records show that NAB has paid $553,000 to Australian political parties in the past three financial years. Of this, three quarters went to the Liberal party and the remaining quarter to the ALP. NAB did not disclose any payments to smaller parties or independents.
NAB's policy on political donations states "Our donations are not to express support for one side over another”. Shareholders are concerned that NAB does not appear to be doing what it says it will do with what is ultimately shareholders money.
You can see the proposed resolution that we did not lodge here.
NAB policy Background:
NAB’s new policy announced 20 Sept 2016: http://www.nab.com.au/content/dam/nabrwd/About-Us/nab-political-contract-communications-donaitons-policy.pdf
You can see the AEC records at http://periodicdisclosures.aec.gov.au/Returns/56/TZPU1.pdf , http://periodicdisclosures.aec.gov.au/Returns/51/ROHR0.pdf , & http://periodicdisclosures.aec.gov.au/Returns/55/SUMU8.pdf