Diana Beere v National Australia Bank
Federal Court of Australia | NSD715/2024
In response to media enquiries about this matter we provide the following background.
About the claim
Diana Beere, long-term shareholder in the National Australia Bank Limited (NAB), filed an application in the Federal Court of Australia on 5 June 2024, seeking access to internal company documents under section 247A of the Corporations Act 2001 (Cth) (Corporations Act).
Ms Beere sought access to documents held by NAB in relation to the bank’s reported corporate loan financing to the following companies that have or are proposing new thermal coal projects:
- New Hope Ltd,
- Whitehaven Coal Ltd.
Documents were sought in the context of NAB’s commitment to no longer finance new thermal coal projects. The commitment was first announced in late 2017.
In addition, Ms Beere’s concerns extend to NAB’s potential contribution to adverse human rights impacts arising from its reported financing of:
- the Coastal GasLink gas pipeline project in Canada by way of a project finance loan,
- Santos Limited and its Barossa gas project near the Tiwi Islands, by way of a corporate loan facility that was rolled over from an acquisition loan for the Barossa project.
Internal NAB documents were sought arising from concerns that the bank did not adequately carry out human rights due diligence on the projects in accordance with its human rights policy.
The request to inspect the books
An application made under section 247A of the Corporations Act allows members (shareholders) of a company to apply to the Court to make an order authorising the shareholder to inspect the books of the company.
Ms Beere and NAB corresponded about her concerns from April 2022. Prior to filing Ms Beere obtained a number of documents from NAB under a confidentiality deed. Ms Beere understood at the time of filing that NAB required a court order, or its clients’ consent, to provide her a number of remaining documents.
Ms Beere sought relevant board and committee packs, loan and project assessments, and loan documents. In the case of the Coastal GasLink pipeline, amongst other things, Ms Beere sought access to independent third party assessments on the project’s compliance with human rights requirements under the Equator Principles.
Progress
A hearing of the application was scheduled for 25 November 2024 but days earlier the remaining documents sought were provided to Ms Beere by NAB. As a result, the hearing was vacated.
The parties provided written submissions to the Court on costs. On 20 December 2024 the Court ordered NAB to pay Ms Beere’s legal costs and the proceeding was dismissed.
The legal team
Diana Beere was represented by Equity Generation Lawyers.
Alice Zheng was the plaintiff’s counsel.
