Stakeholder engagement and materiality
Redevco recognises the importance and value of proactively seeking feedback from – and running materiality assessments with – a wide range of stakeholders. These include shareholders, client investors, tenants, suppliers and employees.
In line with GRI guidelines, we update our materiality matrix every two years. Our most recent materiality assessment was conducted at the end of 2019 and will be repeated later in 2021. This materiality assessment 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. In 2020 several conversations with our shareholders and investor clients confirmed that the 2019 materiality matrix is still relevant.
Our Management Team subsequently ran a maturity exercise that resulted in the top three most urgent topics: Climate-resilient portfolio, Emissions, and Encouraging responsible investment. These topics are important to our stakeholders,but not as mature as one might expect in our organisation. We have taken this feedback to heart and over the past year, despite the impact of COVID-19 on work priorities, we have been working on implementing a number of recommendations regarding these three topics in our Transaction Management, Asset Management and Corporate Communications activities. Examples include publishing our ESG Policy on our website and describing our overall approach to all topics that came out of the materiality assessment. We are also in the process of finalising a climate risk tool for our portfolio, which will allow us to take potential climate risks into account in our investment proposals for both new acquisitions and significant redevelopments.
Our previous materiality matrix showed business integrity, future-proofing the portfolio, energy use and employee engagement & enablement as the four highest material topics. Compared to our last materiality matrix, we now see a shift in the top 4 environmental topics have become more material. New typology: responsible governance can be compared to business integrity, emissions is related to energy use and future-proofing the portfolio can be compared to climate-resilient portfolio. Encouraging responsible investment was a new topic in our latest materiality assessment. Employer of choice & employee development can be compared to a combination of employee engagement & enablement and employee development. This topic is still material, but no longer in the top4.