NAB's management team is generally very good but in the past, it's had a poor records on ethics and Christian morality.
Of the banks, similarly Melbourne-based ANZ is the worst, but NAB has also unjustifiably joined the anti-coal inner city obsession.
Great to see the CEO of Adani (Barvus Mining) calling out bank executives in 'The Australian' of Friday 25 June 2021: (see below):
Bank executives sit around at expensive dinner parties in Brunswick and Middle Park, drink French and Spanish vino and airily sneer at Maitland and Mackay coal miners who earn Australia billions of dollars in exports, facilitate the delivery of high quality coal to India, Indonesia and Philippines and thus ensure that billions in developing nations have access to the 24/7 cost-effective electricity that those in Ascot, Balmain and Cottesloe take for granted:"Adani Australia chief executive Lucas Dow has accused banking and insurance executives of turning their backs on the coal sector because they do not want to be “uncomfortable” at inner city dinner parties.
Ahead of an appearance at an inquiry into prudential regulations in Australia’s export industries, Mr Dow said the banks’ reluctance to lend to the resources sector would send jobs to Russia, South Africa and Colombia.
“What we are concerned about is the misguided actions of the banks really imperilling the resources sector by withdrawing the financial services and the banking and insurance services from the sector,” Mr Dow said.
“We are developing the Carmichael mine project, but Adani is actually the world’s largest solar producer in the world. We are playing our part in the transition. We are walking the talk whereas others are simply talking the talk.”
Mr Dow said the banks were wrong if they believed they could lower global emissions by choking the Australian coal industry.
“It couldn’t be further from the truth. Countries like Russia, South Africa, Colombia, they are all itching at the bit to fill that void. And given coal is abundant it will come from other countries,” he said.
“The competitive advantage we have here in Australia is our coal is some of the highest quality on the planet. So in effect, if you were to displace Australian coal it is only going to be substituted with higher emitting (coal).
“The challenge we are seeing is the banks aren’t really contemplating on how to move through that transition and are taking what we consider an ideological position and saying ‘we don’t support the coal sector’.”
Mr Dow said there is no “formulated policy in this space”, declaring banks and insurance companies should prove a project does not stack up if they refuse to finance it.
“When we have approached the banks they have never been able to point to a particularly well thought out policy ... to support the sector inclusive of transitioning,” he said.
“Without a doubt the activists have captured their ear and in some instances it has probably made for some uncomfortable dinner parties for some of those directors.
“The part I hope the parliamentary inquiry can contemplate is: the banks don’t seem to have any problem with loaning our employees money for houses, for jetskis for cars and effectively benefiting or profiting from the hard work of our folks, then turn around and say they won’t support our people and the sector.”
While accepting that lenders should be able to act according to their principles, Mr Dow said an effectively functioning democracy needs a “level playing field and a clear understanding as to what the rules of the game are”.
“And today we are not seeing that from the banking and insurance sector,” he said.
“Beyond that as well, I think it needs to come down to transparency and assessment.
“If the bank turns around and they assess the project and they don’t believe the financials stack up or there is a credit risk, then that is a different story.”
- Forums
- ASX - By Stock
- NAB
- News: NAB NAB Plans On Releasing Outcome Of Oil And Gas Financing Review Later This Year
News: NAB NAB Plans On Releasing Outcome Of Oil And Gas Financing Review Later This Year, page-8
Featured News
Add NAB (ASX) to my watchlist
|
|||||
Last
$35.79 |
Change
-0.410(1.13%) |
Mkt cap ! $110.3B |
Open | High | Low | Value | Volume |
$36.54 | $36.57 | $35.70 | $133.8M | 3.720M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1741 | $35.77 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$35.79 | 3551 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1741 | 35.770 |
3 | 718 | 35.750 |
1 | 10974 | 35.740 |
2 | 1600 | 35.720 |
6 | 18218 | 35.710 |
Price($) | Vol. | No. |
---|---|---|
35.790 | 3551 | 1 |
35.800 | 5735 | 2 |
35.810 | 29 | 1 |
35.820 | 10219 | 3 |
35.830 | 6487 | 1 |
Last trade - 16.10pm 14/08/2024 (20 minute delay) ? |
Featured News
NAB (ASX) Chart |