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ESG update report 2022
50 | Eurocommercial Properties N.V. | |||
Report of the Board of Management | 2022 | |||
Environmental, Social and Governance
Our ESG strategy
At Eurocommercial, we recognise that building a sustainable and resilient business is the foundation for long-term success. Our ESG and business strategies are carefully aligned and we approach each business decision with a long-term view, supported by detailed research in order to evaluate its environmental and socio-economic impact. While each of our shopping centres presents its individual set of challenges and opportunities, we have developed a broad ESG vision and strategy to ensure that we can meet global challenges and the future demands of our customers, tenants and employees, while creating sustainable centres. Our ESG approach is centred around three strategic pillars: Be green, Be engaged,
Be responsible. These pillars guide our efforts to reduce our environmental impact, engage with our stakeholders, and act with responsibility towards society and the environment.
Materiality assessment
ESG applies to all aspects of our business operations. In 2020, we mapped out particular
topics and targets in order to help us develop our business with impact while enhancing value. These clear objectives underpin our current strategy.
The fi rst step was to execute a detailed materiality assessment in order to thoroughly assess a wide range of ESG topics. We then selected which topics would create the most value for the Company and its stakeholders, while in line with the United Nations Sustainable Development Goals on the global agenda. We carefully examined the core components of our business strategy, progressing their integration with our ESG strategy over
the short, medium and long term. An analysis among peers, data collection from different key stakeholders and in-house workshops helped develop a materiality matrix to determine the main ESG topics and their relative importance corresponding to the Global Reporting Initiatives (GRI) materiality principles. As we develop our ESG programme, we will continue to evaluate and revise it where appropriate and be ready to respond to new circumstances and opportunities as they arise.
EUROCOMMERCIAL MATERIALITY MATRIX
for external stakeholders High
Connectivity and accessibility
Climate change and carbon impact
Innovation an technology
Cyber security and data privacy
Health and safety | |
of building users | |
Customer and | Tenant engagement |
and satisfaction |
visitor attraction
Energy management
Building certification
Medium Level of importance
Green infrastructure and biodiversity | Water conservation | |
Local community | Waste and resource | |
Strategic partnerships | engagement | management |
Revitalize neighbourhoods | Renewable energy | Diversity and inclusion |
Responsible | ||
procurement | Business integrity | |
Sustainable corporate operations | Employee engagement | |
and satisfaction |
Medium | Level of importance for internal stakeholders | High |
Be green | Be engaged | Be responsible |
Eurocommercial Properties N.V. | 51 |
Report of the Board of Management 2022 |
Three strategic pillars
Each of our shopping centres offers its own set of challenges and opportunities, yet we have developed a broad ESG vision and strategy to ensure that we can meet global challenges and the future demands from our visitors, tenants and employees, while creating sustainable shopping centres. Our approach is articulated around three strategic pillars: Be green, Be engaged and Be responsible.
Climate change and carbon impact
Connectivity and accessibility
Cybersecurity | |
and data privacy | |
e | |
l | |
b | |
i | |
s | |
n | |
Employee engagement | o |
p | |
and satisfaction |
s e r eB
Business integrity
Energy management
Waste and resource management
e | g |
B | |
r | |
e | |
e | |
n |
Health and safety of building users
B | ||||
e | ||||
n | e | Customer and | ||
a | g | visitor attraction | ||
g | ||||
e | ||||
d | ||||
Tenant engagement | ||||
and satisfaction |
Diversity and inclusion
Local community engagement
Eurocommercial ESG commitments
Be green | Be engaged | Be responsible |
Operate carbon neutral by 2030 | Maintain all customer satisfaction | Zero breaches against the Code of |
scores above 7.5 by 2025 | Conduct annually |
Zero waste to | Improve the average retailer |
landfi ll by 2030 | satisfaction scores towards 7.0 |
by 2025 |
Create an attractive and professional workplace
BREEAM certifi cations in place for all shopping centres by 2025
Roll out the Eurocommercial | Introduce Green Finance framework |
Retail Academy® at an additional | |
eight shopping centres by year- | |
end 2023 |
52 | Eurocommercial Properties N.V. | ||||
Report of the Board of Management | 2022 | ||||
Environmental, Social and Governance (continued)
Why ESG matters for Eurocommercial
For the past 30 years, Eurocommercial has been committed to promoting ESG through various initiatives. We aim to benefi t all stakeholders
by investing in retail properties and fostering community gathering places. Our goal is to provide opportunities for entrepreneurs to connect with their target audience and generate income, resulting in sustainable fi nancial returns for our shareholders.
Eurocommercial must strive for greater sustainability in the future for a variety of reasons. With the global population growing and the effects of climate change becoming more evident every day, it is essential that businesses make efforts to reduce their environmental impact and operate in a more responsible and sustainable manner. This is especially important for companies such as Eurocommercial, which owns and operates retail properties across Europe.
In addition to the moral and ethical considerations, increased sustainability could also bring numerous
- nancial benefi ts. For example, energy effi cient buildings cost less to operate and maintain, resulting in lower service charges for our tenants and higher net income. Moreover, corporate sustainability initiatives can improve a company's reputation and help to attract more customers and investors.
Overall, it is clear that improved sustainability is an important measure of Eurocommercial's future success. The Company needs to take action to reduce pollution, conserve resources, and improve effi ciency in order to remain competitive and ensure long-term viability. With the right strategies and investments, Eurocommercial Properties can drive further growth and success.
Drivers for | Eurocommercial's management | |
ESG | Description | approach |
Carefully | Continuously assess potential risks and |
monitor and | opportunities posed by climate change, |
manage ESG- | which can affect our properties and |
related risks | communities. The investment community |
requires increased transparency regarding | |
the potential fi nancial consequences of | |
climate change |
In 2022, we initiated an evaluation of the potential climate change risks faced by the Company to effectively address any physical and transition risks. We plan to implement mitigation and adaptation measures and improve our internal policies and procedures.
Maintaining health and safety and improving measures at our shopping centres is a priority. The indoor environmental quality has now taken on added signifi cance due to the recent pandemic. It is important to continue to adhere to the highest standards for the comfort and well-being of our customers, tenants and employees.
At our shopping centres, we ensure that all Health & Safety requirements are met, and go further by investing in monitoring tools such as CO2 meters to constantly check air quality inside our premises. Furthermore, we monitor our customers' comfort and satisfaction with their journey through our centre.
Efficient use of Reducing operational expenses for
resources our tenants to enable them to run their businesses at lower costs, while also offering energy-effi cient, more sustainable retail spaces.
We have made considerable effort to achieve operational excellence leading to decreased costs and a reduced carbon footprint.
Investments including solar panels, LED lights, upgraded Building Management Systems and advanced monitoring tools enable us to maintain reasonable energy costs and savings.
Eurocommercial Properties N.V. | 53 |
Report of the Board of Management 2022 |
As a responsible owner, we must offer shopping centres with effi cient waste management, water conservation, biodiversity, material usage, sustainable
transportation, etc.
Eurocommercial has achieved Green Building Certifi cations for its entire real estate portfolio. These certifi cations provide the teams with guidelines to regularly measure and compare assets in order to reduce carbon emissions, energy consumption, waste, conserve water, focus on using safer materials, and minimise pollution.
To comply | European regulations provide a roadmap to |
with evolving | a low-carbon economy which will require our |
regulations | organisation to improve transparency and |
comply with external reporting requirements | |
(such as the EU Taxonomy and the | |
Corporate Sustainability Reporting Directive). |
We are taking proactive steps to improve our monitoring of our environmental and social impact and providing timely updates to stakeholders. We invest in smart meters in preparation for external verifi cation of environmental data and include sustainability data in our business plans and quarterly reports.
We adhere to stricter national and local environmental legislations and adapt our properties to comply with changing building codes that support the low-carbon initiatives of national governments and to improve energy effi ciency in order to reduce carbon emissions and upgrade Energy Performance Certifi cates (EPC).
Our "Be Green" pillar provides a plan to decrease our carbon footprint and optimise energy use. Our goal is to be carbon neutral in all scope
1 and 2 emissions by 2030 and to establish a reduction target for scope 3 emissions. We are also updating our Energy Performance Certifi cates to meet national regulations.
Positive | In order to respond to evolving societal |
stakeholder | needs, such as the development of |
engagement | omnichannel retail and the changing |
customer journey, we adapt our shopping | |
centres to serve as retail destinations and | |
community hubs that provide services | |
and amenities to meet the demands of the | |
community. |
In 2022, the Company conducted internal workshops to promote a more concentrated, community-oriented approach to managing our properties while interacting with our stakeholders.
Having a good relationship with tenants is important to create a welcoming and enjoyable shopping experience for customers in our centres. We strive to work closely with our retailers as business partners.
We evaluate levels of tenant satisfaction through regular surveys and communication. We
also establish Green Committees to promote sustainable practices. Our Retail Academy assists tenant employees to develop and improve their skills and knowledge in good customer service.
To maintain | Financial markets require sustainable |
a positive | investments. Sharing information and data |
reputation in | is required to access funding in the form of |
the real estate | green loans and bonds. |
market |
In 2022, Eurocommercial established a Green Finance Framework and integrated ESG factors into individual loans.
To become a preferred business partner and establish a reputation as a trustworthy, long- term real estate investor.
Our teams maintain long-term relationships with the main participants in their local markets including tenants, investors and fi nancing partners.
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Eurocommercial Properties NV published this content on 19 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 08:49:07 UTC.