NAB is the first bank to find poor treatment to animals with welfare schemes that will help the future lending decisions.
This will be applied to any business which includes animals. They have been approached with animal welfare and environmental issues.
NAB will examine the principles periodically against the latest developments in relevant legislation, standards, regulations, and animal welfare science.
NAB said the principles were based on general acceptance, contemporary, federal and state government regulations.
The bank expected the customers to meet the needs of animals in the domains of nutrition, health, behaviour and psychological state and will cease dealing with businesses if there is an indication of an important breach of welfare rules.
We’re hoping this announcement by NAB will encourage other four banks to see animal welfare as a core part of their business and lending practices.
This happens when one bank does something the rest tend to follow the same shortly afterwards. This is called a compliant oligopoly.
Just as NAB would lend money to someone with an unlawful record, we must always allow someone who has done the wrong thing in the past the chance to show they’ve changed.