Investing in opportunity - Corporate & social responsibility 2019 - RDI REIT
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Investing in opportunity
Corporate & social
responsibility 2019
RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
We have made significant improvement in the areas
of monitoring and development of performance
indicators, the so called “walking the talk”.
Liz Peace
Chair of the CSR Committee
Committee members
Liz Peace (Chair) Independent Appointed 25 January 2018
Mike Watters Appointed 23 August 2014
Adrian Horsburgh Appointed 23 August 2014
Donald Grant Appointed 1 December 2016
Committee meetings held during the year Composition
The CSR Committee is chaired by Liz Peace,
October 2018 an independent Non-executive Director.
As the primary purpose of the CSR Committee
Matters discussed is to safeguard the interests of stakeholders,
• Whistleblowing • EPCs it was considered appropriate that Liz Peace
• Stakeholder engagement • GRESB results be appointed the designated Director to
• CSR roadmap represent employees’ interests on the Board.
The Committee includes three of the four
Executive Directors and meetings are
January 2019 attended by the CSR advisers, asset managers,
the health and safety officer and the Company
Matters discussed Secretary to ensure that the Group’s CSR
• EPCs • EPRA sBPR strategy is implemented into day-to-day
• Health & Safety report • Data quality operations.
• Stakeholder engagement Operations
The CSR Committee met four times during the
year. Attendance of meetings can be found
April 2019 on page 92. The Committee operates within
Terms of reference, which were approved by
Matters discussed
the Board on 24 July 2018 and can be found
• Health & Safety report • Employee survey on the Company’s website www.rdireit.com
• Social value assessment • GRESB submission
• Stakeholder engagement
July 2019
Matters discussed
• Half year EPRA sBPR performance data • Stakeholder engagement
• ISO14001:2015 • 2020 target setting
• Biodiversity policy
02
RDI REIT P.L.C. Corporate & social responsibility 2019
CSR target roadmap
Progress achieved against CSR targets set for 2019
Resilient governance Resilient investment Resilient assets
Continue to develop a German Health, Safety Continue to independently verify the performance of our Undertake energy audits across our managed assets
and Environmental programme to align with our assets through certification of our portfolio. to identify actions to achieve 25 per cent reduction in
UK approach. energy use by 2030 (against 2017 baseline year).
Review and report on progress made.
RDI has enhanced the German Health & Certification of HIX Southwark Hotel was Energy audits were completed at two of our
Safety programme during the year with completed in February 2019. St Dunstan’s Shopping Centres during the year, providing
greater alignment with the UK programme. (Monument) serviced offices was selected for suitable energy conservation measures for
All Health and Safety issues are constantly 2019 and achieved a “Very Good” rating in no cost, low and high cost improvements.
being monitored and actions are undertaken October 2019. The audits also included analysis of water
immediately to resolve any issues or consumption and practices related to waste
outstanding actions. management to ensure a holistic appraisal
of each site with respect to their impact on
the environment.
Undertake third party verification of our EPRA Demonstrate our commitment to procuring 100 per cent Improve monitoring and reporting of waste data and
environmental performance measures. renewable energy in so far as reasonably practicable. performance across our managed assets.
We engaged with an external assessor to Latest annual consumption figures illustrate Waste management data has improved
verify our EPRA environmental performance 48 per cent of electricity sourced from during the course of the year with access
measures. renewable sources, an increase from to better quality data reported and an
42% in the prior year. increased number of assets, more efficient
reporting underpinned by reporting
expectations laid out within contractor
agreements.
Implement a pilot scheme at selected assets for Complete an employee focus session on health and Expand the tenant satisfaction survey to include all
an Environmental Management System ISO14001 wellbeing. managed assets.
compliant.
For the first time, RDI registered a property RDI continues to care for the health and Asset managers record all engagements
to ISO14001:2015 and was awarded a score wellbeing of our employees. We invited an with commercial tenants in a timely
of 81 per cent. Our centre managers have external consultant to deliver a focus session manner. This will be incorporated as part of
promptly resolved all outstanding actions to all employees. The session was received RDI’s stakeholder engagement initiative.
from the assessment. well and successfully increased awareness on
physical and mental health.
Good progress
Sound progress
Some progress
CSR targets set for 2020
Resilient governance Resilient investment Resilient assets
Pilot supplier self-assessment questionnaire to adhere Improve coverage of our managed properties to Implement a Biodiversity policy across the managed
to RDI REIT P.L.C. Code of Ethics for suppliers. Environmental Management Systems to ISO14001:2015 properties.
certification.
Integrate annual CSR performance targets for our Commit to procuring 100 per cent electricity on a Continue to undertake actions to support the journey
employees with progress reported on annually. renewable energy tariff, subject to availability, by 2022. to achieving our corporate energy reduction target of
25 per cent by 2030.
Promote a standard tenant fit-out guide in accordance Continue to independently verify the performance of our Further integrate ESG data within day‑to‑day
with industry best practice for all assets. assets through certification of our portfolio. operational performance management.
03
RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
Resilient governance
e We will uphold the highest standards in ethical behaviour and support our workforce.
a nc
ern We seek to operate in a manner that fosters open stakeholder engagement and
ov
Resilient investment
t g demonstrates best practice in social and environmental risk management.
il ien
R es Resilient investment
We undertake to realise the full potential of our investments for both our shareholders
and the communities in which we operate.
Re
sil
ien
Resilient assets
ta We are mindful of our wider role as placemakers and we aim to contribute to the long
sse
ts term prosperity of the communities in which we invest. In doing so, we will undertake asset
management which minimises risk and maximises asset value whilst providing the best
experience possible for occupiers and visitors alike.
Growing our business sustainably EPRA Sustainability Best Practices Taskforce on Climate-related
RDI is committed to measuring and improving Recommendations (“sBPR”) Financial Disclosures (“TCFD”)
our environmental, social and governance RDI is committed to reporting in alignment RDI supports the recommendations of the
(“ESG”) performance. with EPRA Sustainability Best Practices TCFD and will seek to incorporate these
RDI participates annually in the Global Real Recommendations and is proud to have recommendations into our reporting over
Estate Sustainability Benchmark (“GRESB”) received our first Gold award for our EPRA time. We actively manage climate related
Real Estate assessment. Encouragingly this disclosure within our 2018 Annual Report. issues across our business by, amongst
year, we have made significant improvement The EPRA sBPR Awards recognise companies others:
for disclosing the best-in-class reports which
in the areas of monitoring and development • upgrading assets with EPC ratings F&G
of performance indicators, the so called aim to promote transparency by improving
to a minimum target rating of D;
“walking the talk”. comparability and the quality of sustainability
reporting for listed real estate companies • procuring electricity from renewable
This is reflected in the GRESB scores, which across Europe. sources and committing to procure 100
RDI has maintained at 62 per cent, and in per cent on renewable tariffs within three
delivering a significant improvement in RDI acknowledges the importance of years;
the GRESB Aspects Monitoring and (“EMS”) advancing sustainability reporting practices
within the real estate industry, providing
• assessing flood risks across the portfolio
Environmental Management Systems and with a view to reduce associated risk
Performance Indicators. investors and other stakeholders with greater
over time;
transparency, and has aligned its sustainability
The GRESB Public Disclosure Assessment disclosure in accordance to the majority • encouraging and facilitating green forms
specifically rates the accessibility of ESG of core requirements of the third version of transportation;
information for listed property companies and of sBPR. This consists of ten EPRA Social • continuing to expand our building
Real Estate Investment Trusts. RDI maintained Performance Measures at corporate level, certification programme, targeting “Good”
an ‘A’ rating for our level of public disclosure, including diversity, gender pay gap, employee or “Very Good” ratings; and
above the GRESB global average of ‘C’. training and development, performance • continuing the progress towards our
We will continue our focus on these areas in appraisals, employee turnover, injury and stated energy reduction target of 25 per
the forthcoming year. absentee rates, asset health and safety cent by 2030.
and community engagement metrics. We
have also reported on EPRA Environmental Certifications
Sustainability Performance Measures, During the past year RDI has launched a
covering energy consumption and associated programme to increase the number of assets
GHG emissions, certification, water use and that hold green building certificates, to verify
waste management across our portfolio. This building performance and help identify
year, RDI has decided to undertake third party improvement opportunities. Following the
verification of selected EPRA environmental first BREEAM In-Use assessment at our
performance measures. Southwark Hotel last year, which achieved a
“Very Good” rating for performance, RDI has
since undertaken an assessment at our St
Dunstan’s serviced office during the course of
this year, which has achieved another “Very
Good” rating for performance.
04
RDI REIT P.L.C. Corporate & social responsibility 2019
RDI has also achieved a “Very Good” rating in
Resilient With respect to our employees and, where
BREEAM New Construction at Bicester Link governance applicable, stakeholders, RDI will:
9 (Plot 1A) for Shell & Core and at design
Approach • ensure there are no instances of
stage for a drive-thru food & beverage outlet
discrimination either directly or indirectly;
at The Arches Retail Park, Watford (Shell RDI seeks to operate efficient processes and
only). RDI is also proud to have achieved procedures that demonstrate social and • treat all employees, prospective
an impressive audit score of 81 per cent environmental risk management and foster employees, agents, contractors, tenants
in compliance with the Environmental open stakeholder engagement. RDI will also and suppliers fairly and equally, regardless
Management System (“EMS”) certification continue to uphold the highest standards of of their gender, age, race, sexuality or
standard ISO14001:2015 at our St George’s ethical behaviour and actively support our disability;
Shopping Centre, Harrow and is committed to workforce. • promote learning and development with
improving its EMS coverage throughout 2020. a focus on fostering innovation;
RDI’s approach to delivering on these
commitments includes: • seek to diversify our workforce to support
CSR employee objectives the nature of RDI’s operations or the
We encourage our employees to engage • complying with all applicable regulation communities in which we operate, taking
in socially responsible initiatives. In the and preparing for anticipated future into account relevant skills, experience,
forthcoming year, each employee has been regulation, and its implications; knowledge, personality, ethnicity
allocated a CSR objective upon which RDI will • providing confidence to stakeholders and gender whilst maintaining our
provide the support and time necessary for of our sound management of CSR risks responsibility to select the best candidate;
each individual to achieve their objective. through our ongoing annual participation
• recognise our social and moral duty
in the most prominent industry to offer opportunities to people with
CSR strategy benchmark survey, the GRESB Real Estate disabilities and doing all that is practicable
At RDI, we are committed to being Assessment; to meet their needs;
environmentally and socially accountable • ensuring employees receive appropriate
to all stakeholders, particularly to our • uphold our commitments under our Code
training on ESG issues, and providing of Ethics which promotes honesty and
colleagues, customers, shareholders and the bespoke training on sustainability topics to integrity in business dealings and conduct
wider community in which we operate by those that require it; commensurate with an organisation of our
understanding and proactively managing ESG
• maintaining best practice in health and size. Any breaches will lead to disciplinary
risks and opportunities that can impact on safety management to the benefit of proceedings and, if appropriate,
income growth and net asset value. tenants, contractors, customers and disciplinary action; and
Within the existing strategy our commitments employees;
• provide all employees with a handbook
and actions focus on three key pillars; • requiring suppliers to adhere to a outlining RDI’s key policies, which are
Resilient governance, Resilient investment code of ethics (available on our website designed to encourage a pleasant working
and Resilient assets. RDI seeks to ensure www.rdireit.com), covering, inter alia, environment, free from discrimination,
that our governance and risk management anti‑bribery and modern slavery; undue stress or bullying. RDI recognises,
framework, together with the investment respects and upholds all UK employment
• continual relationship with first
and asset strategy, continue to be resilient class sustainability advisers to rights and human rights and outlaws any
to the ever‑changing economic, social and provide leadership and guidance on forms of modern slavery.
environmental landscape. Our CSR roadmap sustainability across the business;
sets out a series of actions, targeting both Performance
short and medium term strategic objectives. • fostering a culture of openness;
Good progress was made during 2019 in
• operating a sustainability focused data
relation to CSR governance. We implemented
The CSR Committee uses targets and carefully management system; and
a pilot Environmental Management Scheme
selected KPIs to measure progress, reported • from 2019 onwards, commissioning (“EMS”) at one of our UK Shopping Centres
by key stakeholders within the business verification of our environmental that is ISO14001:2015 compliant.
responsible for the day-to-day management reporting data, to ensure our disclosure
of those targets. The CSR Committee meets and reporting is accurate. The benefits of implementing ISO14001:2015
regularly to review progress against the CSR include the identification of areas for
roadmap, review sustainability performance improvement and increased environmental
data and receive updates on current, potential efficiency, sharing best practice, identification
and future compliance matters relating to UK of areas of non-compliance, protection against
and German CSR legislation. penalties, legal proceedings and reputational
damage and providing essential credits
for other certifications, such as GRESB and
BREEAM In-Use.
05
RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
Resilient Focused sustainability training which was In line with best practice, we continue to
governance continued delivered to all employees based at RDI’s voluntarily reported RDI’s gender pay gap.
head office and across its operational locations, The most recently published analysis is set
Performance continued has been incorporated into RDI induction out below.
Given the positive outcome of the pilot, we format and available resource materials for
intend to continue improving our portfolio existing employees. Ensuring our employees Mean Median
coverage. See Case Study on page 78. are sustainability literate and made aware Gender pay gap 17% 7%
In addition, we appointed Grant Thornton of related matters helps bring sustainability Gender bonus pay gap 52% 14%
as our sustainability assurance provider to to life and allows for the integration of many Proportion of females
independently verify our key EPRA sBPR initiatives into everyday activities throughout receiving a bonus 96%
performance measures in accordance with the workplace. RDI’s employee induction Proportion of males
ISAE3000. Sustainability assurance provides programme now includes sustainability receiving a bonus 92%
rigour and confidence in the quality of the awareness, with attention drawn to RDI’s CSR
data we collate and report. strategy and initiatives, highlighting available Putting this in perspective, at RDI, women’s
opportunities to collaborate. mean hourly rate is 17 per cent lower than
Each year the CSR targets are structured to men’s. In other words, when comparing mean
pursue continual improvement in our GRESB RDI is committed to maintaining its culture
hourly rates, women earn 83 pence for every
Real Estate Assessment score. GRESB results of openness and transparency. Details of
£1 that men earn.
are categorised into Implementation and the Companyʼs employees and culture are
Measurement, to which a score is attached, discussed on page 76. However, like many other companies in our
and Management and Policy, which is also sector, we have a lower proportion of females
It is RDI’s aim to extend diversity within
scored. In 2019, we maintained our 2018 in middle management roles than we would
the Group and acknowledge, accept and
overall score and notably increased our like, as demonstrated below.
accommodate the differences between
Aspect scores for Monitoring & EMS and individuals. RDI strives to treat all employees, Proportion of females and males
Performance Indicators. prospective employees, agents, contractors,
in each quartile band
RDI developed and published a Board tenants and suppliers fairly and equally,
approved stakeholder engagement policy regardless of their gender, sexual orientation, Female Male
covering all areas of our business and family status, race, colour, nationality, Upper 33% 67%
elevated the prominence of stakeholder religious or political belief, age or disability. Upper middle 14% 86%
impact in Board decision making. Engagement RDI is committed to having an appropriate Lower middle 2% 98%
initiatives are reported on quarterly to the level of diversity that reflects the nature of Lower 52% 48%
Board through the CSR Committee. RDI’s operations and which best supports the
RDI has met its 2019 obligations under the achievement of strategic objectives. Over the We are satisfied that the apparent divergence
CRC Energy Efficiency Scheme for a final time, last year there has been a slight improvement in pay is wholly attributable to less female
given the Government decision in March in diversity levels, as can be seen in the representation in higher-paying roles. RDI is
2016 to close the scheme upon completion figures overleaf. The Nominations Committee committed to ensuring that equivalent roles
of the compliance year, which ended on regularly considers skills, experience, attract equivalent pay, regardless of gender.
31 March 2019. knowledge, personality, ethnicity and gender Employee turnover increased marginally
of the Board and has set a target to extend in 2019. All employees are based in the UK
RDI has its own dedicated Health and the female representation at Board level to at
Safety Manager whose role it is to provide or Germany, where there are few human
least one third by 2020. rights issues. No human rights concerns or
guidance and support to tenants, contractors,
customers and employees alike. The key whistleblowing reports were received from
objective being to improve reporting employees during the year.
consistency and risk management across RDI.
06RDI REIT P.L.C. Corporate & social responsibility 2019
Employees and diversity
Total (1) Men % (1) Women % (1)
Board non-executives 7 (7) 5 71 (71) 2 29 (29)
Board executives 4 (4) 4 100 (100) 0 0 (0)
Senior management 9 (8) 3 33 (50) 6 67 (50)
Other employees 218 (232) 119 56 (55) 99 45 (45)
Total (including Board non-executives) 238 (251) 131 55 (56) 107 45 (44)
All employees working part time (2) 36 (50) 11 31 25 69
All employee leavers (total) (2) 51 (44)
(1) Figures for 2018 are shown in brackets.
(2) All employees excludes Board non-executives.
Resilient Performance
Gender split across RDI
investment RDI has again invested time with its CSR
231 9
advisers to prepare utilities (electricity,
Approach
fuels, district heating and water) and waste
RDI seeks to implement an effective investment data sets aligned to the latest version of
Employees Senior strategy that realises the full potential of our EPRA sBPR (sustainability best practice
investments for both our shareholders and the
management communities in which we operate throughout
recommendations). We have included the
properties with a specific indicator boundary
the investment life cycle. based on operational control for utilities
RDI’s approach to delivering on this and waste management. Across the two
commitment includes: geographic locations, data has been collated
across 33 (out of 34) properties for energy,
• identifying investment risks during
22 (out of 24) for water and 23 (out of 32) for
acquisition due diligence and
waste management.
opportunities to add value;
• considering the social and environmental The CSR Committee has continued to focus
performance of our assets; on improving its green building certification
Men – 55% Men – 33% across the portfolio. The Committee
Women – 45% Women – 67% • monitoring and measuring our resource
identified and supported the certification
consumption to identify efficiencies;
to BREEAM In-Use on our serviced offices
• reducing our carbon emissions footprint at our St Dunstan’s, Monument location, on
by reducing energy use and associated which a rating of “Very Good” was achieved.
costs; and Various other assets and developments
• maintaining a high level of tenant are being considered for certification as
satisfaction. the CSR Committee recognises the benefits
and increasing need for properties to
be refurbished, managed and operated
responsibly.
A tenant engagement programme was
completed at our UK Shopping Centres.
Overall, all centres achieved over
80 per cent of respondents as either
satisfied or very satisfied. Centre managers
follow up with tenants regarding issues,
challenges and opportunities which came
to light from the results. These follow up
sessions are then documented as part of
our stakeholder engagement programme.
07RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
Resilient • change in energy use intensity is reported Performance data
assets for each asset segment against the 2017 RDI is committed to measuring and
baseline year; and monitoring the environmental impact of
Approach
• overall change in energy intensity is energy, water usage and waste management
RDI will undertake asset management which then calculated using the following which falls under its operational control. RDI
maximises asset values whilst providing predetermined weightings: has adopted the EPRA sBPR (3rd version) as
the best experience possible for occupiers the basis of its reporting in accordance with
and visitors alike. • offices 80 per cent;
core requirements.
RDI’s approach to delivering on this • shopping centres 15 per cent; and
As committed during 2018, we have reviewed
commitment includes: • retail 5 per cent.
reporting processes, significantly reduced
• engaging with and contributing to Meaning that our performance within the the number of estimated data points and
charitable and community initiatives on offices portfolio accounts for 80 per cent of improved overall data accuracy.
an ongoing basis; our target, with shopping centres and retail
contributing another 20 per cent. We have restated data for 2017 and 2018
• engaging with local authorities and where more accurate data was acquired.
supporting their community campaigns; Other highlights from the year: Notably, electricity data for 2017 was restated
• collaborating with tenants to conceive as data for two assets was confirmed to be
• we have continued monitoring Health,
and promote joint community projects; Safety and Environmental (“HSE”) incomplete.
• understanding, enhancing and promoting compliance audit scores across our UK Fuels usage has seen a significant
RDI’s role as a placemaker, with a focus portfolio whilst expanding coverage adjustment due to an exclusion of tenant
on creating and maintaining prosperous in both the UK and into the German direct usage, which has been previously
communities in the local areas where we portfolio; accounted for incorrectly at one asset. GHG
invest; emissions have been recalculated to reflect
• regular monitoring and reporting of the
• ensuring key environmental and social UK portfolio’s EPC risk, to ensure all assets adjustment in energy use, as well as using
risks are well managed when RDI is and units have a valid EPC rating; the emissions factors from the environmental
undertaking development activities and agency for Germany.
• further improving energy, water and waste
throughout the management of our data coverage and quality; Water figures included significant estimates
portfolio; and in the 2018 disclosure and have been replaced
• continued to participate in fundraising
• wherever possible, facilitating the activities and charitable activities at with actual data where possible.
transition to greener energy use. each UK Shopping Centre. This year’s Reporting boundary restated for 2017 and
elected charity is LandAid, who bring the 2018, including properties sold during the
Performance property industry together to support respective reporting years. The data for
RDI has set an energy reduction target, life-changing projects for young people these properties was included in the earlier
committing to reduce energy intensity by facing homelessness. We are excited to be disclosures where possible, and the adjusted
25 per cent based on a 2017 baseline by the working with them; and boundaries now reflect this. Other points to
year 2030.
• biodiversity initiatives such as consciously report include:
Target methodology: incorporating diverse plant species
• 2 per cent reduction in LfL energy use
within landscaping projects at assets and 1 per cent reduction against the 2017
• reduction of 25 per cent by 2030; in Farnborough and Kingston and the
• the energy intensity target applies across intensity target; and
installation of our first insect hotel at
our managed UK retail parks, shopping Banbury Cross Retail Park. • 5 per cent reduction in LfL GHG emissions.
centres and offices; Significantly improved data coverage for
• with the intensity reported annually Energy Performance Certification waste resulted in larger amounts reported
for each asset segment since 2017, (“EPC”) risk and large year‑on‑year variances, upon which
expressed as electricity equivalent RDI’s exposure to EPC risk from the present we are pleased to increase the data coverage.
(kWh eq.) per segment specific area and forthcoming requirements of MEES and One asset this year sent waste to landfill.
denominator per year; present Section 63 legislation has been well We will work with our contractors to address
• NLA (Net Lettable Area) is used as a managed, with every applicable UK property this issue in 2020.
denominator for offices, estimated CPA having a valid EPC rating. To future proof our
(Common Parts Area) for shopping centres portfolio, the CSR Committee has established
and calculated car parking area for retail; a target to achieve a minimum EPC rating of D
• the electricity equivalent is calculated to for all planned refurbishments and upgrade
reflect the approximate thermodynamic works to our portfolio assets.
differences between electricity, fuels
and heat. Electricity = 1, fuels = 0.4 and
thermals = 0.5, in line with REEB (The
Real Estate Environmental Benchmark)
methodology;
08RDI REIT P.L.C. Corporate & social responsibility 2019
Independent practitioner’s limited assurance report
to the Board of RDI REIT P.L.C. on selected environmental data
We have been engaged by RDI REIT P.L.C. with the Reporting Criteria. This responsibility Our limited assurance
(“RDI”) to perform limited assurance includes the design, implementation and procedures included:
procedures in respect of selected maintenance of internal control relevant to The limited assurance procedures performed
environmental data (hereafter “Selected the preparation of the Selected Information were based on our professional judgement
Information”) contained in the RDI Corporate that is free from material misstatement, and included:
Social Responsibility Report for the year ended whether due to fraud or error.
31 August 2019 (”the Report”). • review and assessment of the systems
Our independence and quality control processes and controls to aggregate,
Scope and subject matter We have complied with the independence validate and report the data;
The Selected Information subject to our and other ethical requirements of the Code • discussions with key personnel
limited assurance engagement for the year of Ethics for Professional Accountants responsible for the relevant process and
ended 31 August 2019 consists of: issued by the International Ethics Standards governance thereof;
Board for Accountants, which is founded on • review of information provided by third
• energy – totals in MWh for electricity,
fundamental principles of integrity, objectivity,
district heating and cooling, fuels; parties and through enquiry, the existence
professional competence and due care, of any assurance provided on the quality
• energy – proportion estimated (%); confidentiality and professional behaviour. of information and underlying processes
• energy – renewables (%);
Grant Thornton UK LLP applies International and controls applied; and
• greenhouse gas emissions – Scope 1, Standard on Quality Control 1 and accordingly • analytical procedures and sample testing
Scope 2 (location and market based) and maintains a comprehensive system of quality on collated data and conversion factors
Scope 3 greenhouse gas (GHG) emissions control including documented policies and applied.
in tonnes CO2e; procedures regarding compliance with ethical The procedures performed in a limited
• greenhouse gas emissions – proportion requirements, professional standards and assurance engagement vary in nature from,
estimated (%); applicable legal and regulatory requirements. and are less in extent than for, a reasonable
• water – water usage in m3; assurance engagement. As a result, the level
Our responsibility
• water – proportion estimated (%); of assurance obtained in a limited assurance
Our responsibility is to express a limited engagement is substantially lower than the
• waste (landlord-managed) – total waste
assurance conclusion on the Selected
in metric tonnes; assurance that would have been obtained
Information based on the procedures we had we performed a reasonable assurance
• waste (landlord-managed) – proportion have performed and the evidence we have engagement.
estimated (%); obtained. We conducted our limited assurance
• normalisation – ratios for Energy, GHG engagement in accordance with International Accordingly, we do not express a reasonable
and Water; and Standard on Assurance Engagement 3000 assurance conclusion.
• disclosure coverage – number of assets. (Revised), “Assurance Engagements Other
than Audits or Reviews of Historical Financial Limited assurance conclusion
The Selected Information subject to our Information” (“ISAE 3000 (Revised)”) and Based on the procedures we have performed,
limited assurance engagement for the year International Standard on Assurance as described in this report, and the evidence
ended 31 August 2017 consists of: Engagements 3410, “Assurance Engagements we have obtained, nothing has come to our
• energy – totals in MWh for Electricity, on Greenhouse Gas Statements” (“ISAE attention that causes us to believe that the
District heating and cooling, Fuels; 3410”), issued by the International Auditing Selected Information is not prepared, in all
and Assurance Standards Board. These material respects, in accordance with the
• energy – proportion estimated (%); and
Reporting Criteria.
standards require that we plan and perform
• energy – renewables (%).
this engagement to obtain limited assurance
The GHG data is reported in accordance about whether the Selected Information is Use of our report
with the criteria set out in The Greenhouse free from material misstatement. This report is made solely to the Board of RDI,
Gas Protocol: A Corporate Accounting as a body, in accordance with the terms of
A limited assurance engagement undertaken
and Reporting Standard (Revised Edition), our engagement letter. Our work has been
in accordance with ISAE 3000 (Revised) and
jointly issued by the World Business undertaken so that we might state to the
ISAE 3410 involves assessing the suitability
Council for Sustainable Development and Board of RDI those matters we are required
in the circumstances of RDI’s use of the GHG
the World Resources Institute (the “GHG to state to them in an independent limited
Protocol as the basis for the preparation of
Protocol”). The location based GHG figures assurance report and for no other purpose.
the Selected Information, assessing the risks
are calculated using emissions factors To the fullest extent permitted by law, we do
of material misstatement of the Selected
from both the UK Government and the not accept or assume responsibility to anyone
Information whether due to fraud or error,
International Energy Association for each other than RDI and the Board of RDI as a
responding to the assessed risks as necessary
respective reporting period. The market based body, for our work, for this report, or for the
in the circumstances, and evaluating
GHG figures are calculated using supplier conclusions we have formed.
the overall presentation of the Selected
emissions factors. Together these all form the
Information. A limited assurance engagement
“Reporting Criteria”. Grant Thornton UK LLP
is substantially less in scope than a reasonable
assurance engagement in relation to both Chartered Accountants
Responsibilities of RDI
the risk assessment procedures, including an Cambridge
Management is responsible for the
understanding of internal control, and the
preparation of the Selected Information 24 October 2019
procedures performed in response to the
contained in the Report. The Selected
assessed risks.
Information has been prepared in accordance
09RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
EPRA sustainability performance measures for our managed portfolio
Units of
Impact area measurement EPRA sBPR code Indicator Index
Energy MWh Elec-Abs, Electricity Landlord Procured (Whole Building)
Elec-LFL
Landlord Procured (Common Parts/Shared Services)
Landlord Procured (Tenant Areas)
Total
Renewable
DH&C-Abs, District heating Landlord Procured (Whole Building)
DH&C-LFL and cooling
Total
Renewable
Fuels-Abs, Fuels Landlord Procured (Whole Building)
Fuels-LFL
Landlord Procured (Common Parts/Shared Services)
Landlord Procured (Tenant Areas)
Total
Renewable
TOTAL ENERGY
Proportion estimated
kWh/revenue Energ-Int Energy intensity Portfolio intensity – kWh/£million net rental income
Retail – kWh/car parking area (UK assets only)
kWh/sqm Offices – kWh/NLA (UK assets only)
Shopping centres – kWh/CPA (UK assets only)
% change in energy intensity (Weighted Average)
Coverage – no. of assets
Total no. in organisational boundary
Building Certification & Labelling (Cert-Tot) % floor area (m2) covered in managed boundary
% of managed portfolio BREEAM or SKA certified 3%
% of managed portfolio BREEAM or SKA certified, including St Dunstan‘s(1) 5%
(1) St Dunstan's certification completed shortly after 31 August 2019.
10RDI REIT P.L.C. Corporate & social responsibility 2019
Absolute (Abs) Two year Like-for-Like (LfL)
% change % change % change
2017 2018 2019 vs 2017 vs 2018 2018 2019 Trend vs 2018
7,530 5,873 7,465 -1% 27% 4,517 4,495 0%
5,844 5,412 5,289 0 -2% 5,215 4,969 -5%
132 nr 368 179% — 0 0 — —
13,506 11,286 13,122 -3% 16% 9,731 9,464 -3%
37% 42% 48%
4,288 3,438 3,694 -14% 7% 3,438 3,694 7%
4,288 3,438 3,694 -14% 7% 3,438 3,694 7%
0% 0% 0%
4,013 3,754 3,015 -25% -20% 2,027 1,888 -7%
1,282 1,731 1,542 20% -11% 1,731 1,542 -11%
224 179 35 -84% -81% — — — —
5,519 5,665 4,592 -17% -19% 3,758 3,430 -9%
0% 0% 0%
23,313 20,388 21,408 -8% 5% 16,927 16,587 -2%
7% 6% 2%
249.3 202.5 227.5 -9% 12%
4.7 4.7 4.4 -5% -6%
211.8 227.8 211.9 0% -7%
175.6 171.0 160.2 -9% -6%
-1% -7%
45 27 33 22 22
53 55 34 25 25
11RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
EPRA sustainability performance measures for our managed portfolio continued
Units of
Impact area measurement EPRA sBPR code Indicator Index
GHG emissions Tonnes CO2e GHG-Dir-Abs, Direct Scope 1
GHG-Indir-Abs, Indirect
GHG-Indir-LfL Scope 2 (location based)
Scope 2 (market based)
Scope 3
TOTAL GHG(1)
Proportion estimated
Coverage – no. of assets
Total no. in organisational boundary
tCO2e/revenue GHG-Int GHG intensity tCO2e/£million net rental income(2)
Water Cubic metres Water-Abs, Water-LfL Water Landlord Procured
TOTAL WATER
Proportion estimated
Coverage – no. of assets
Total no. in organisational boundary
Water-Int Water intensity m3/£million net rental income
Waste Tonnes Waste-Abs, Total weight of waste Recycled
Waste-LfL by disposal route
Off-site Materials Recovery Facility
Incineration with energy recovery
Sent to landfill
% weight Recycled
by disposal route
Off-site Materials Recovery Facility
Incineration with energy recovery
Sent to landfill
TOTAL WASTE
Proportion estimated
Coverage – no. of assets
Total no. in organisational boundary
(1) Scope 1 – emissions from combustion of fuel and operation of facilities.
Scope 2 – emissions from purchase of electricity, heat, steam and cooling.
Scope 3 – includes landlord-obtained consumption where sub-metered to tenants and transmission & distribution losses for electricity.
(2) GHG intensity is calculated including Scope 1, Scope 2 and Scope 3 emissions (total GHG emissions, location based). Scope 1 and 2 (location based)
intensity is equal to 74 tCO2e/£million net rental income for 2018 and 82 tCO2e/£million net rental income for 2019.
12RDI REIT P.L.C. Corporate & social responsibility 2019
Absolute (Abs) Two year Like-for-Like (LfL)
% change % change
2018 2019 vs 2018 2018 2019 Trend vs 2018
1,034 856 -17% 704 644 -8%
6,460 6,839 6% 4,689 4,558 -3%
6,174 6,398 4% 4,261 3,708 -13%
304 366 20% 267 197 -26%
7,798 8,062 3% 5,660 5,399 -5%
6% 2%
27 33
55 34
77 86 11%
107,245 119,915 12% 101,134 102,301 1%
107,245 119,915 12% 101,134 102,301 1%
8% 4% —
19 22
42 24
1,065 1,274 20%
281 839 198% 255 336 32%
90 350 289% 78 87 11%
1,092 1,709 56% 1,053 1,086 3%
0 11 100% 0 11 100%
19% 29% 50% 18% 22% 20%
6% 12% 96% 6% 6% 1%
75% 59% -21% 76% 71% -6%
0.0% 0.4% 100% 0.0% 0.7% 100%
1,464 2,909 99% 1,386 1,520 10%
30% 2%
14 23
54 32
13RDI REIT P.L.C. Corporate & social responsibility 2019
Corporate & social responsibility
continued
EPRA social and governance performance measures
EPRA code Performance measure Indicator 2018 2019
Diversity-Emp Employee gender diversity Board of Directors 18% Female 18% Female
82% Male 82% Male
Employees 44% Female 45% Female
56% Male 55% Male
Diversity-Pay Gender pay ratio Gender pay gap(1) 20% Mean 17% Mean
Emp-Training Employee training and development Average hours 14.4 17.0
Emp-Dev Employee performance appraisals Proportion of employees 48% 31%
Emp-Turnover New hires Total number and rate 60 (25%) 51 (22%)
Turnover Total number and rate 44 (17%) 64 (27%)
H&S-Emp Employee health and safety Injury rate (per 100 hours worked) 0.3% 0.6%
Absentee rate (per days scheduled) 3% 2%
Number of work related fatalities 0 0
H&S-Asset Asset health and safety Proportion of assets(2) 100% 100%
assessments
H&S-Comp Asset health and safety compliance Number of incidents; unresolved within the 0 0
required timeframe
Comty-Eng Community engagement, impact Proportion of assets(2) 18% 18%
assessments and development
programmes
Gov-Board Composition of the highest Number of executive Board members 4 4
governance body
Number of independent/non-executive Board members 1 Chairman 1 Chairman
4 independent 4 independent
non-executives non-executives
2 non-executive 2 non-executive
Average tenure on the governance body 4.6 years 5.4 years
Number of independent/ non-executive Board members with 1 1
competencies relating to environmental and social topics
Gov-Selec Process for nominating and Narrative on process:
selecting the highest governance Process applicable for financial years 2018 and 2019:
body
• Nominations Committee reviews the mix of the Board to identify any potential area of weakness;
• diversity is considered;
• an external executive search agency is engaged when searching for a new non‑executive;
• a long list of diverse candidates with the right experience is drawn up;
• candidates with the right experience will be invited for an interview;
• a smaller number of candidates will be shortlisted;
Those shortlisted will be discussed by the Nominations Committee;
• the best two candidates will be interviewed by the CEO followed by an interview with the Nominations
Committee;
• in-depth discussion between the Nominations Committee and all the independent non-executives to
consider each candidate; and
• final recommendation will be made to the Board followed by an announcement to the shareholders.
Gov-CoI Process for managing conflicts of Narrative on process:
interest Process applicable for financial years 2018 and 2019:
• Directors are not to accept any other appointment or any arrangements which might be expected to lead
to a conflict of interest arising, without the consent of the Board;
• any possible appointment is discussed with the Chairman to ensure that there are no conflicts of interest
or that a Director’s independence is not compromised; and
• the Company maintains a Conflicts of Interest Register.
(1) Gender pay gap ratios reported in 2018 and 2019 relate to the 12 months ended 5 April 2017 and 5 April 2018 accordingly, in line with the Gender Pay Gap
reporting regulations.
(2) Proportion of assets restated for 2018 for Asset health and safety assessments and Community engagement.
14RDI REIT P.L.C. Corporate & social responsibility 2019
EPRA commentary In relation to intensity of environmental For 2018 and 2019, there have been
We present consolidated property energy, performance, we have continued to use no reported fugitive emissions from air
greenhouse gas (“GHG”), water and waste data net rental income as the denominator to conditioning refrigerant leaks and top-up
on both an absolute (“Abs”) and like-for‑like be consistent with our GHG disclosure of refrigerant volume.
(“LfL”) basis, covering assets in our UK and methodology. In addition, we have
German portfolios. We believe that adopting introduced performance against our energy Data notes
this approach provides greater transparency intensity target. Scope 1 emissions reduced by 17 per cent due
and comparability for our stakeholders in to changes to our property portfolio, reduced
respect to the environmental performance Methodology demand for heating and via implantation of
of assets under management. RDI REIT P.L.C.’s carbon emissions disclosure efficiency improvements across our assets
has been produced in accordance with in the UK. Scope 2 emissions have seen an
As per mandatory greenhouse gas guidance issued in the ISO 14064-1:2006 increase due to portfolio changes and an
disclosure, our organisational boundary for international standard and the GHG Protocol increase in use of district heating and cooling
environmental disclosure is based on the Corporate Accounting and Reporting which has offset reduction in our two year
principle of operational control, and therefore Standard (Revised Edition). Location based like‑for‑like portfolio electricity use.
includes all property assets where we are emissions factors for the UK are sourced
responsible for the procurement of energy, from BEIS for each respective reporting CSR adviser’s statement
water and waste services. A total of 34 assets period and, for Germany, the latest emissions As RDI’s strategic adviser on corporate social
fall within the boundary for 2019 and 55 for factors available from Umweltbundesamt responsibility (“CSR”), Savills would like to
the 2018 reporting period. The 2018 boundary (environmental agency in Germany). acknowledge the continual improvement
has been restated to include assets sold in the We reported both the “location-based” demonstrated by RDI in terms of their focus
first half of the financial year 2018. and “market-based” emissions resulting on how they have chosen to implement,
During 2019 we have reviewed our data from purchased electricity to comply with maintain and improve their CSR strategy.
management processes and have increased the guidance on the reporting of Scope 2 RDI remains a proactive company that
data accuracy and reduced estimation. As a GHG emissions under the GHG Protocol. considers their CSR responsibility to be
result, some of the asset level data has been The location-based method uses an average embedded within their core operations and
restated for previous years, and this has emissions factor for the national grid on which integrated within their investment strategy
been reflected in the EPRA Environmental electricity consumption occurs. The market for short, medium and long term growth.
Performance table. based method reflects emissions from the Our engagement with RDI has shown that
electricity that companies have chosen to employees have a high level of interest in
In terms of absolute energy consumption
purchase in the market. Where a market CSR initiatives and are well equipped to
change, electricity consumption increased by
based emissions factor is unavailable the support their implementation. By ensuring
16 per cent and gas consumption decreased
residual mix or location-based factor has that sufficient time and resources are made
by 19 per cent in the past year, predominately
been applied. This method has been used available, RDI continues to effectively tackle
due to a combination of property disposals
in alignment with the GHG Protocol’s quality both the straightforward and the more
acquisitions and increased occupancy/
criteria. Data is disclosed in accordance with challenging targets ahead.
(and heating demand) across our multi-let
the requirements of the Companies Act 2006 We confirm that the environmental data
properties. District heating consumption
(Strategic Report and Directors’ Reports) published in this report provides a true
increased due to increased demand within
Regulations 2013. representation of RDI’s current performance.
our German shopping centre assets.
The boundary of RDI’s carbon emissions Savills will continue to act in their capacity
LfL electricity consumption decreased by
disclosure is based on the principle of as external CSR advisers to RDI by providing
3 per cent and water consumption increased
operational control. Therefore, emission suggestions for enhancement to CSR structure
by 1 per cent.
sources within real estate assets owned and focus, third party guidance and in
and managed by RDI are included in the assisting improvements to data coverage, data
reported emission figures. We do not have collection and reporting and to attain their
responsibility for any emissions sources 2020 CSR targets.
that are not included in our consolidated
statement. Emission sources relating to Jonathan Hale
occupier activities that do not fall under the Associate Director
operational control of RDI are excluded where
Savills
possible. Where landlords obtain energy and
the data split of consumption within tenant 24 October 2019
demises and landlord-controlled areas is
unavailable, emissions associated to the
whole building’s energy consumption are
included in Scope 2.
15RDI REIT P.L.C. Corporate & social responsibility 2019
Stakeholder engagement
RDI recognises the importance of building strong relationships
with our stakeholders to ensure the long term success of the
Company for the benefit of stakeholders and shareholders alike.
Indices help us to measure,
guide and differentiate
the effectiveness of our
sustainability strategy
The protection of the Our employees play
and performance.
environment is essential an important role in
in combatting global warming contributing to the
and we are working with our performance and long term
stakeholders in order to success of the Company.
achieve a 25% reduction By investing in our
in energy usage by 2030 workforce we improve
across our managed offices, efficiency and productivity
retail parks and shopping and improve retention.
Indices
centres in the UK.
Environment Employees
We thrive when our
communities prosper.
Building a strong, broad and
Understanding our
liquid investor base through
communities helps us create
clear, transparent and
successful inclusive places Communities Investors
reliable communication is
that contribute to the
paramount to building a
prosperity of the wider
successful business for the
neighbourhood and are
benefit of all stakeholders.
attractive to tenants.
Government & Tenants
Local Authorities
Taking good care of
We are committed to our tenants ultimately
transparency and results in taking good
co-operation in our Suppliers Agents & care of all stakeholders.
relationships with By gaining insight into
Consultants the business
government bodies
(e.g. obtaining planning requirements of our
permissions to improve or tenants we are able
redevelop our properties). to ensure a high
retention rate and
stable income stream
from our assets.
A collaborative relationship with
our suppliers ensures that we Agents and consultants act on
receive high quality products our behalf, therefore it is
and services complying with our fundamental that we ensure
sustainability requirements for they understand our business
all major events, developments, requirements and meet the
refurbishments and high standards of conduct
construction. that we set ourselves.
16RDI REIT P.L.C. Corporate & social responsibility 2019
Engagement undertaken
Employees Investors Tenants
• Annual employee satisfaction survey completed • Full year and half year results roadshows • Tenant communication tool, Mallcomm,
with 82 per cent of respondents happy at work (United Kingdom and South Africa) rolled out to include West Orchards, totalling
• Employee feedback workshop held to report • Investor roadshows (London, Leeds and 100 per cent of UK Shopping Centre portfolio
findings of survey and establish actions Manchester) • Tenant review meetings held throughout
• CEO addressed concerns in relation to the • HSBC Real Estate Conference the year
Cromwell offer with staff meetings and • Peel Hunt Property Conference
Company-wide email communication
• Instinctif Investor and Analyst property
• Three team-building sessions tour – London
• Annual training sessions – GDPR, anti‑bribery, • Sales desk briefings
tax evasion and the new Corporate
• Annual EPRA Conference
Communities
Governance Code
• Publication of quarterly Company factsheet – • UK shopping centres ran an annual programme
• Mental health and wellbeing awareness printed and online
of events to engage with communities
session held • UK shopping centres nominated a Charity
of the Year, supporting through awareness
and fundraising
• Devised and implemented a literacy campaign
Suppliers working with local primary school children
• Suppliers Code of Ethics distributed to all new in Harrow
Agents & Consultants
and existing suppliers, improved procurement • Collaborated with Coventry BID and two
• Monthly meetings for Retail portfolio and prompt payment universities to deliver a student event,
• Quarterly meetings for Commercial portfolio welcoming 10,000 new students to the city
• Head office staff and associates participated
in the Royal Parks half marathon to raise funds
for charity
Government & Local Authorities
Environment • Centre Managers at shopping centres in
Harrow and Coventry hold position of Business
• Achieved EPRA Gold status for 2018 CSR Improvement District Chairperson
performance measures Indices
• • Asset managers met with Council members,
ISO14001:2015 Accreditation achieved at
planning departments and BID representatives • EPRA sBPR best practice recommendations
St. George’s shopping centre, Harrow utilised as our CSR disclosure benchmark.
in Harrow and Coventry
• BREEAM New Construction (Design Stage)
• Meetings with Westminster Council regarding
For our 2018 report, EPRA awarded us Gold
Interim Certificate of a “Very Good” rating Standard in recognition of the quality of
the redevelopment of Charing Cross Road,
achieved for Unit 1b Link 9, Bicester and new our disclosures
London
Costa drive-thru at The Arches Retail Park,
• Ongoing negotiations with Southwark Council in
• Active participation in GRESB. Following our
Watford fourth annual submission, we continue to target
relation to Newington House and Coburg House
• EV charging points at our shopping centres an improved score year‑on‑year
have been used over 8,053 times, saving over • Negotiations with Cherwell Council regarding
28.71 tonnes of CO2e Link 9, Bicester
17RDI REIT P.L.C. Corporate & social responsibility 2019
Stakeholder engagement
continued
Board engagement and Principal decisions are those that are material Despite certain concerns, the employee
decision making to RDI but are also significant to any of our survey found that staff, on the whole,
Historically, Board engagement and decision stakeholder groups. In deliberating principal considered RDI to have a strong team spirit
making has primarily focused around the decisions, the Board will consider feedback and that it was an enjoyable place to work.
needs of investors. It is recognised that, going from stakeholders, ensure that high standards Senior management were seen to contribute
forward, both the Board and the Company of business conduct are met, will strive to to a positive work culture, demonstrating a
culture must change to ensure that the needs protect the Company’s reputation, and will strong work ethic that permeates down to
of all stakeholders are considered and that endeavour to act fairly between its members. the staff. The entrepreneurial nature of the
this process be embedded into everyday executives and the agility of the Board to
operations.
Employees and Company culture respond to opportunities created an exciting
The Board was aware that the principal atmosphere in which to work, as an integrated
This process started in 2018 with the decisions taken during the year would likely team. People felt valued at work, with line
identification of key stakeholders, as unsettle staff and tried to address concerns managers operating an open-door policy
shown overleaf, and the adoption of a by keeping employees well informed of and willing to listen to ideas, which could be
stakeholder engagement policy. Throughout events. Separately, meetings were held to quickly implemented. Employees have a clear
2019 Directors were provided with a list explain the interim and final results of the understanding of their career path and are
of decisions that were to be proposed Company and advise of the Company’s encouraged to reach their full potential at
during Board meetings and a list of those progress during the year. Strategy was RDI. Employees are respected and are well
stakeholders that would be affected by those explained, the consequences of the Aviva rewarded, with the remuneration structure
decisions when taken. event of default clarified and the offer aligned with that of the executives.
To build on this going forward, from the Cromwell Property Group was As a small organisation, in terms of
memorandums included in Board packs communicated to all staff. Despite certain employees, RDI considers everyone’s
will provide information on the impact on unsettling events, management were pleased contribution to be important and the success
stakeholders, and the policy on Matters that only a marginal increase in turnover was of our culture relies on every team member
Reserved for the Board will be amended to experienced. At the head office, exit interviews living up to the Group’s values. The Group’s
document the decision making process. were conducted and comments reported to values are documented in a Code of Ethics
the executives. which provides guiding principles to ensure
Although the Chairman and the executives
meet regularly with investors and all feedback Although employees are encouraged adherence to the strictest standards of
is relayed to the Board, the Board will seek to ask questions and raise concerns at ethical conduct, fair dealing and integrity in its
to meet more stakeholders in 2020 and Group meetings, feedback and the level of business practices. The Group’s philosophy
will be kept informed of all engagement staff satisfaction is more readily obtained is underpinned by the principles of honesty,
undertaken by the Company, which is through an anonymous employee survey integrity, respect and dignity, and includes
currently only reported to the CSR Committee. held annually. Following a fall in the level of (but is not limited to):
Further training will be provided to staff to satisfied staff from 85 per cent to 82 per cent
• conduct befitting the reputation of the
re-iterate the importance of stakeholders to in 2019 an employee focus session was set up
Group;
the business. Each employee, including the to address some of the points that had been
executives, has been set a CSR target as part raised. This session excluded management • confidentiality of information;
of their performance objectives to embed and the feedback obtained was reported to • protection and proper use of assets;
CSR in the Company’s culture. See page 110, the executives and to Liz Peace, the Chairman • conflicts of interest;
Changes to the Remuneration Policy. of the CSR Committee, a Non‑executive • anti-bribery;
Director, who has been appointed the
An overview of Board meetings and
employee representative on the Board.
• legitimate share dealings;
stakeholders considered can be found • diversity;
As a result of the findings, a number of
on page 91.
changes were implemented, with additional • best practice corporate governance;
Principal decisions staff benefits being offered, an intranet • protection of the environment;
introduced to aid internal communication,
Principal decisions taken by the Board during • to act as a considerate landlord;
further team‑building events organised and
the year were as follows, and are discussed in • compliance with unlawful and unethical
a health and wellbeing seminar arranged.
the Chairman’s statement: behaviour; and
• disposal of the German portfolio, affecting • reporting of unlawful and unethical
investors, tenants, lenders, suppliers and behaviour.
employees; EPRA Social Performance measures regarding,
• default on the Aviva financed UK shopping inter alia, training, turnover, health and safety
centre facility, affecting lenders, tenants can be found on page 72.
and employees; and
Diversity within the Group is discussed on
• rejection of an offer for the Company by pages 64, 65 and 89.
the Cromwell Property Group, affecting
investors, tenants, lenders, suppliers and
employees.
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