STAKEHOLDER ENGAGEMENT AND MATERIALITY
Getting our priorities right
Redevco values stakeholder dialogue as a vital part of conducting effective materiality assessments. We engage with a wide range of stakeholders, including shareholders, investor clients, occupiers, suppliers and employees.
We update our materiality matrix every two years, consistent with the Global Reporting Initiative (GRI) guidelines. Our latest materiality assessment took place between December 2021 and February 2022. The assessment was executed by an external consultant. During this assessment we collected quantitative and qualitative input from key stakeholder groups: shareholders, investor clients, occupiers and employees. This materiality assessment identified eight material topics: Greenhouse gas (GHG) emissions, Innovation, Responsible rent and lease management, Renewable energy, Responsible governance, Employer of Choice combined with Equality, Diversity & Inclusion, Climate resilience and Responsible resource use.
Our Management Team subsequently ran a maturity exercise that resulted in the top four most urgent topics: Climate resilience, GHG emissions, Innovation and Responsible rent and lease management. These topics are important to our stakeholders, but not as mature as one might expect in our organisation. We will be implementing a number of improvements, that we are currently discussing, on these topics and will report on the results in our next Responsible Investment Report.
Our previous materiality matrix from late 2019 resulted in seven material topics: Climate-resilient portfolio, Emissions, Encouraging responsible investment, Social and environmental influence of portfolio, Responsible rent and lease management, Responsible governance and Employer of choice / Employee development. While there are similarities between the high-ranking material topics from the 2019/20 edition and the 2021/22 edition, we do note a sharpening of definitions and a slight shift in importance of some topics on the matrix.
A similar maturity exercise resulted in the top three most urgent topics: Climate-resilient portfolio, Emissions and Encouraging responsible investment. Over the past two years we have taken this feedback to heart and have been working on implementing various recommendations regarding these topics. Examples include adopting and publishing our ESG Policy on our website which describes our overall approach to a host of material ESG topics relevant to our business. We have also developed and implemented a climate risk tool for our portfolio, which allows us to take potential physical risks to real estate as a result of climate change into account in our investment proposals for both new acquisitions and significant redevelopments.