Ensuring good governance
To ensure good governance throughout Redevco, we have systems in place that control how the company takes decisions, meets its legal obligations and achieves its operational requirements. We have an ethical, value- driven culture based on dialogue, respect and integrity, where issues are addressed swiftly and transparently.
Good governance helps us to attract and retain talent, manage costs and build trust with employees, investors, tenants, suppliers and other stakeholders. It ensures continuity, creates value for our shareholders and other stakeholders and helps Redevco be a sustainable organisation.
Our approach to responsible governance Redevco’s Business Integrity Principles are a key component in building and maintaining a strong, unified culture across Redevco. The Business Integrity Principles are centred around four core values, being:
- Integrity: we do business fairly and honestly at all times and in all matters.
- Excellence: we strive to always improve our work by finding better and more efficient solutions.
- Balance: with continuity in mind, we think and act as a partner to our stakeholders.
- Team Spirit: sharing knowledge and exchanging ideas across the group helps us act as one.
For each of these core values, the Business Integrity Principles describe what we expect from each other when we cooperate and do business. We organise trainings annually for all employees to discuss our values and any dilemmas we face when applying these values in our day-to-day work. After these trainings, employees are asked to sign a document stating that they adhere to the way we work as described in the Business Integrity Principles.
In 2022, 100% of employees signed this commitment (100% in 2021) and 89% completed the integrity training (91% in 2021). For new employees, an onboarding programme is in place that clearly explains our values and Business Integrity Principles.
Maintain a high business integrity awareness - KPI: % of employees who signed BIP
At the end of 2020, Redevco adopted a Diversity & Inclusion Policy and created the Redevco Inclusivity, Diversity & Equality Board (RID&E) to strengthen our existing ethos and to maintain a workplace in which everyone feels welcome, included, and respected. Read more on the RID&E Board here.
To promote this inclusive culture, acknowledge the value of diversity and harness talent, the Redevco NextGen Board was established in 2021. The NextGen Board supports the Redevco Board with idea generation and innovation, advisory and delegated decision-making. In addition, the Board asks the NextGen Board to handle and make decisions on certain projects and issues that call for traction or refreshing resolutions. Read more about the NextGen board here.
More information on the Diversity & Inclusion Policy, Redevco’s ESG Policy and the Business Integrity Principles is available on our corporate website.
Good brakes allow us to drive faster
In 2022, we continued using the slogan ‘Good brakes allow us to drive faster’. This slogan represents our approach to risk management. To achieve our strategic objectives, we need to think, decide and act fast. And though it may seem counter-intuitive, good brakes allow us to go faster, secure in the knowledge that the risk is under control. This is the role fulfilled by Redevco’s Governance Risk & Compliance (GRC) framework, designed in line with the COSO ERM principles*.
The framework supports management in identifying, analysing, evaluating and mitigating risks that may impact the achievement of our long-term strategic objectives. It supports a better understanding of risks and mitigating measures, minimises losses and incidents and enables Redevco to benefit from opportunities. Components of the framework are:
- Business Integrity – providing guidance on ‘the way we work’ and establishing boundaries for Redevco’s activities.
- Decision-Driven Organisation – a framework that describes the decision-making structure based on ‘three lines of defence’, each with clear mandates, roles and responsibilities.
- Risk-Based Policies – instructions and guidelines providing details on material business processes.
- Risk & Control – setting out how risks are identified and managed through effective controls described
in the risk and control matrix.
- Compliance – setting out how internal compliance is achieved on the basis of the GRC framework. Redevco’s GRC framework is considered essential for achieving our long-term strategic objectives and ensures a responsible governance approach is in place.
*The Committee of Sponsoring Organisations of the Treadway Commission’s enterprise risk management framework is a widely accepted risk management
standard organisations use to help manage risks in an increasingly turbulent, unpredictable business landscape.
Redevco’s Whistleblowing Policy was updated in 2022 based on the EU Whistleblowing Directive 2021 to protect employees and other stakeholders and encourage them to report concerns about potential
incidents of bribery, fraud, misconduct or other violations of our values and Business Integrity Principles. To ensure all colleagues know the reporting procedure, the policy is discussed during the annual integrity training. The Whistleblowing Policy is available on Redevco’s website. No cases were reported under this policy in 2022.
“To achieve our strategic objectives, we need to think, decide, and act fast. And though it may seem counterintuitive, good brakes allow us to go faster.”