Meet Siobhan Toohill, the dynamic former Chief Sustainability Officer of Westpac who is now embarking on an exciting portfolio career. In 2024, she won the prestigious Women in Leadership Award in the financial services (banking sector), a testament to her outstanding contributions. With a passion for integrating sustainability into corporate strategy, Siobhan has been at the forefront of initiatives addressing climate action, human rights, and strategic philanthropy. Her innovative approach and dedication to making a positive impact make her a true leader in the field of sustainability. Discover what drives Siobhan, the challenges she has overcome, and the wisdom she imparts to the next generation of women in this field.
Q1.
Could you tell me about your job and your day-to-day responsibilities?
As a Chief Sustainability Officer (CSO) my role was to set the overarching sustainability strategy for a bank and develop more specific policies and action plans for climate, nature and human rights. I've also been involved in strategic philanthropy and have set up social impact programs.
Most days start with a media scan for specific climate and social issues that might impact or be useful for the organisation I'm working for. This means a quick check of local news websites, checking my favourite UK/US/European writers on LinkedIn and listening to ABC’s Radio National.
A challenging issue might mean swift work to plan a response or course of action with my team. Or sharing insights around initiatives or papers that might’ve dropped in the UK/Europe overnight.
I love to ride my e-bike into work. This 20-minute period in Sydney’s traffic requires my full attention and often a combat mindset. I especially treasure riding over the old swing bridge at Darling Harbour - taking a look out to the wider harbour to the north as I prepare to enter into the city for the day.
Fuelled up with a coffee, I usually launched into meetings with the team - checking how we're progressing on our projects, and most importantly how we’re partnering with stakeholders across the organisation. Later in the day, I might meet with investors, NGOs or industry groups like the Australian Sustainable Finance Institute or sustainability leaders from other companies on research or collaborations to lift and scale sustainability performance. I may also have a governance meeting where I’ll provide updates on how we're progressing on aspects of strategy, on policy updates or discuss emerging risks or plans for disclosures.
The close of my office day involved reviewing papers and drafting policy and strategic work from the team – an opportunity to really read, reflect and provide feedback, give direction or ask questions. We might do that face-to-face, or might read their materials first, and then catch up. I especially enjoy exploring ideas with the team - brainstorming how we might approach the net zero transition for a specific sector, or how we might help different bankers across the Group better understand the risks and opportunities associated with natural capital. I might close the day by jotting down a few ideas for an upcoming speech or presentation.
On average, one night a week I would jump on overseas calls with the UN's Environment Programme Finance Initiative (UNEPFI). I was the co-chair of UNEPFI's Banking Board overseeing the Principles for Responsible Banking and was also a member of the governing body of the UN/GFANZ's Net Zero Banking Alliance, providing the leading accepted guidance for banks to set net zero targets for their financed emissions. Australia always ends up with calls in the middle of the night - but generally worked well for me - after my working day and family dinner, and (usually) before bedtime.
Q2.
What is the most rewarding aspect of your role?
I love seeing people grow - as leaders, and as they build their knowledge around sustainability. In my CSO role it was especially exciting to be able to support bankers, who in turn work with customers, helping them to shift and embrace more sustainable, more humane solutions - and then measuring and reporting on that impact.
In corporate sustainability, we're pretty fortunate that through sustainability including climate disclosures, we have feedback loops, helping us remain focused on the impact of our plans – and with this transparency of performance shared widely with stakeholders. It’s enormously satisfying.
I’m so grateful that it's deeply purposeful work. At times it's challenging. Business leaders focused on short-term financial performance can be reluctant to take on new commitments and invest in new solutions. Indeed, some sustainability initiatives, while intended to have a long-term positive impact might have short-term consequences for the bottom line. That said, skilful sustainability leaders learn to prioritise and navigate these complexities.
I've often said to teams I lead: each night as sustainability professionals we can reflect that we tried to make something better each day - and while it might feel small, together we’re inching towards an outcome that through the scale of a bank is likely to have a significant ripple effect.
Q3.
What advice would you give young women in university at the start of their careers?
While you're at university, don’t shy away from dreaming big. But also, be patient. Even though your first few roles might feel quite modest, work on your long-term game plan and set your sights high for what you hope to achieve over the course of your career.
Be open to opportunities even if you feel you don't have the requisite experience. Early in your career can be a time to take risks, exploring different and emerging sectors, and being the first to back new solutions - you have less to lose, and the lessons you learn will strengthen you as a leader.
When you're starting out, rather than chasing the biggest salary, look for inspiring leaders who will grow you, and empower you to shine. Some of my earliest managers remain my closest advisors and confidants. From those
Q4.
What is one change that you would like to see for women in your field?
I'd like to see more women with sustainability expertise sitting at executive and boardroom tables. Leaders with sustainability expertise bring long-term strategic expertise as well as honed stakeholder engagement skills – so they’re well placed to lead businesses to navigate the future, as well as make sense of competing stakeholder perspectives. With women having dominated leading corporate sustainability teams to-date, I’m hopeful to see these women take on executive and board roles, guiding and making strategic decisions where there are social and environmental consequences, as well as long-term value to be realised.
While sustainability roles have been traditionally skewed to women, we're now seeing more men step into the most senior roles. I'm curious as to why this might be the case: were women more willing to take career risks when corporate sustainability was still forming as a profession? Are men stepping in now that CSO roles are being elevated to the C-suite/reporting to the C-suite? Or, now that sustainability roles are increasingly linked to product development and financial deals - are men more comfortable putting themselves forward? My hope is that women embrace the evolving nature of sustainability roles and maintain at least equal representation (and reward).
Q5.
What initial experiences or influences ignited your passion for corporate sustainability?
We're all shaped by family and formative childhood experiences. I've always valued time in nature - my parents carried me in a backpack on my first bushwalk when I was only a few weeks old. As a foreman on construction sites, my grandfather had a deep sense of social justice for his co-workers. I was also educated by remarkable women in primary and high school. They opened my mind, teaching me to embrace logic, evidence and an appreciation of history (lessons learnt from the past), and the power of the truth to advocate for change for the future.
On a more pragmatic level, the Sydney Olympics were a game changer for sustainability in Australia, particularly the property sector. Sydney hosting the first green Olympics meant that developers and constructors keen to win tenders had to learn fast. The experiences of creating a sustainable Olympic village led to the establishment of the Green Building Council of Australia and the GreenStar rating tool. GreenStar ratings are part and parcel of building new office buildings in Australian CBDs,
The groundwork of the Sydney Olympics enabled me to evolve my day job in large listed property company from architecture and urban design to one solely focused on sustainability. I have loved being at the front end of innovation, developing strategy and identifying what matters most for both today and tomorrow, shaping new tools and solutions, and measuring impact.
I'm also fascinated by what it takes to create change in large organisations, and across systems.
At the heart of it all, it's about people - and I love helping people learn and grow as leaders, willing to ask hard questions, and determined to leave communities and places in better shape.
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14.08.2024
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