NAB’s greenwashing and ethical ‘Fee-nomenon’

Doctor of Philosphy (Business) student Veronica Schulz is the winner of the 2024 Natoli Student Ethics Competition for a postgraduate student.

 

In a world where corporate greenwashing has become all too common, the case of NAB stands as a glaring example of ethical hypocrisy. NAB proudly flaunts its supposed commitment to carbon neutrality while shamelessly burdening its customers with exorbitant account fees during cost-of-living crises. The blatant disregard for the financial well-being of everyday Australians epitomises the ethical bankruptcy that plagues the corporate world.

Their claim of carbon neutrality reeks of tokenism, a shallow attempt to appease stakeholders while conveniently ignoring the harm inflicted on Australians, such as charging clients for non-existent services. Such actions expose the hollowness of corporate ethics, rendering frameworks and guidance from organisations like the Australian Institute of Company Directors meaningless in the face of unchecked greed.

The fact that society remains ambivalent toward the ethical conduct of corporations speaks to the pervasive apathy that has permeated our collective consciousness. Australians have grown accustomed to corporate malfeasance, numbed by a relentless barrage of scandals and betrayals of trust.

Holding corporations accountable requires more than just righteous indignation; it demands concerted action to challenge the status quo and push for systemic change. It is incumbent upon consumers to vote with their wallets, to support businesses that align with their values and shun those that prioritise profit over people. Regulators must enact meaningful reforms that incentivise ethical behaviour and penalise those who flout their responsibilities to society.

The case of NAB serves as a reminder of the urgent need to redefine society’s expectations of corporate conduct. We cannot afford to remain passive bystanders in the face of corporate malpractice. Reclaiming our power as consumers, Australians must demand a future where ethics are not just a marketing ploy but a guiding principle of corporate governance. Only then can we truly build a more just and sustainable world for future generations.