Governance of sustainability activities
Our Sustainable Business Operations team is located in Amsterdam. It is primarily responsible for developing, implementing and overseeing the execution of Mission 2040: our long-term sustainability ambition towards a Net Zero Carbon portfolio by 2040. This team drives our sustainability initiatives for assets under management, and each member is involved in one of our signature projects.
The Head of Sustainable Business Operations reports to the Board member responsible for HR, Communications & Sustainability. Under the new governance structure, an ESG update and Mission 2040 status report is a recurring agenda item at the monthly Board meetings. The team also co-operates closely with the Client & Fund Management Team, which represents our investor clients to ensure that relevant and appropriate ESG parameters are included in investment mandates. Furthermore, collaboration with the global asset management community, and especially the country Portfolio Directors (PD) through monthly PD meetings, ensures regular engagement with those who are ultimately responsible for executing our sustainability initiatives at an asset level.
Our Portfolio Directors oversee the delivery of asset improvement initiatives, while our Asset Managers are responsible and accountable for executing relevant initiatives (such as BREEAM improvements, or other actions that will drive down Energy Intensity or Carbon Intensity) at a property level. They receive support from colleagues who have become sustainability specialists (there is at least one in each Redevco country team), and from members of the central Sustainable Business Operations team.
We organised two ‘Sustainability Days’ in 2020. This virtual programme included presentations from architects and engineers to provide participants with increased Net Zero Carbon knowledge. We also underscore the importance of sustainability by including a BREEAM improvement target in the objectives of all Redevco colleagues eligible for our Short-term Incentive scheme.
Furthermore, our Sustainable Business Operations team sets the corporate sustainability targets for Redevco’s office operations. This focuses on areas such as office energy use, company cars and air travel to drive initiatives that decrease our organisational carbon footprint.