Global business magazine Fortune has recognised National Australia Bank (NAB) as one of 50 companies changing the world; ranked 22 in the second annual Change the World List released this week.
NAB became the first Australian company to make the list, which recognises companies having a positive social impact through activities that are part of their core business strategy, and ranked ahead of global companies including Unilever, Johnson & Johnson, CVS Health and IBM.
A founding member of the Shared Value Project, NAB was recognised for their shared value approach to helping tackle the enormous social issues associated with growing household debt in Australia.
Working with a range of partners, NAB redesigned its approach to working with customers facing financial difficulty and introduced find new ways to help customers deal with financial hardship.
“We are just trying to understand how to help our customers into a better place,” said Joseph Seychell, general manager of NAB’s hardship program.
Peter Yates AM, Chair of the Shared Value Project congratulated NAB on being included in the list of global companies changing the world, saying it is an endorsement of the competitive advantage companies can gain through the adoption of shared value.
“NAB’s recognition as one of the 50 companies changing the world reflects the real engagement that NAB has made in driving solutions to societal problems in a way that is profitable, scalable and sustainable,” Peter Yates said.
NAB was among four Australian companies nominated for the list including Bendigo & Adelaide Bank, BHP Billiton and IAG.
A total of 200 companies with annual revenues of $1 billion or more were nominated by business, academic, and nonprofit groups with the final list determined by Fortune writers and editors based on a measureable social impact, business results and the degree of innovation.
Fortune Change the World List
The Change the World list recognises companies that have had a positive social impact through activities that are part of their core business strategy. The 2016 list also includes the global company Nestlé, also a Founding Member of the Shared Value Project.