BNZ and Westpac worst transnational corporations in NZ in 2005
Congratulations to the Bank of New Zealand and Westpac Banking Corporation for being joint winners of the 2005 Roger Award - assessed by an eminent panel of judges as being the worst transnational corporations operating in New Zealand in 2005.
"The BNZ and Westpac are the Roger Award's first co-winners. They won because of tax avoidance, profiteering, bullying of the Government and banking authorities, blatant attempts to lure Kiwis into debt, and treatment of their workers. To quote the Judges' Report: "…many of the practices they have adopted also apply to the other two large Australian-owned banks ASB and ANZ– and had they also been nominated then the likelihood is that all four would have been joint winners. Together these banks constitute a '‘gang of four'’ wielding huge power and influence over the NZ economy and operating solely in their own interests rather than that of their accountholders, employees and the wider community"”
Third Place: Toll Holdings
Forth Place: Telecom
Special Award for the Protection of Profit and Privilege at the Expense of Public Health: Guardian Healthcare, British American Tobacco and Merck, Sharp and Dohme.
Judges: John Minto, Laila Harre, Mary-Ellen O'Connor and Marie Leadbeater. The judges statement can be read here.
For more reasons why the banks won the Roger Award this year, see the Roger Report (written by me) and the Sue Newberry's Financial Analysis.
The Roger just made Nightline. Apparently the banks have no comment to make...
Tags: Politics, New Zealand, Corporates, Westpac, BNZ