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Schroders

PRI reporting framework 2019

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Selection, appointment and monitoring third-party property managers

PR 07. ESG issues in selection, appointment and monitoring of third-party property managers

07.1. Indicate if your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party property managers.

07.2. Indicate how your organisation includes ESG issues in your selection, appointment and/or monitoring of third party property managers.

Types of actions

Coverage

Types of actions

Coverage

Types of actions

Coverage

07.3. Provide a brief description of your organisations selection, appointment and monitoring of third party property managers and how they contribute to the management of ESG issues for your property investments.

We typically have long term relationships with property managers which are country/sector specialists and the service provided is reviewed on an ongoing basis. When new assets are acquired these are often taken on by existing managers for that country/sector specialism.

We have established sustainability requirements for property managers and are seeking to ensure the service provided by all property managers at least meets these requirements. In the UK we have developed key performance indicators for the principal property managers to encourage improvement in their standards of service. This framework has also been established with most European property managers including for new property manager instructions made in 2018.

The property managers are key to developing the environmental sustainability credentials of each building as they are responsible for the daily management and operation of the building. We review and discuss energy and water consumption, waste management practices and tenant activity together with the property manager and our sustainability consultant six monthly or annually depending on the asset. Sustainability information and data is held on our sustainability consultant's proprietary software system which is used by us and the property managers. We aim to have sustainability objectives for all assets where we in our role as landlord have some control over the management of the asset.

For any new proposed property manager we seek confirmation they can provide a service in line with our sustainability requirements with this monitored through the key performance indicators.


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