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Storebrand ASA

PRI reporting framework 2020

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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.

Generally on selection and contracts in real estate: this is done in accordance with Storebrand Procurement Policy, where commitment to sustainability is stated clearly. (https://www.storebrand.no/site/stb.nsf/Get/get243081ebe800720432893fda3022676b/$FILE/2013_Innkjopspolicy_Storebrand_Engelsk.pdf). Usually it is also done with the professional support of Storebrand sourcing department. 

E.g. contractors are obliged to sign UN Global compact's 10 principles, are asked to provide their code of conduct and to sign Storebrand's general procurement requirements, which constitute part of the contract with the supplier /contractor. Sustainability requirements include among others:
• Obligation to have and maintain environmental management system (ISO 14001, EMAS, Nordic Swan or Eco-Lighthouse)
• Obligation to maintain carbon /climate neutrality through offsetting carbon emissions

More specifically, third party manager selection and appointment process includes both required ESG qualifications and ESG competition criteria that are more specific to the services in demand:

1) Pre-assessment of market and facility management companies through request for interest, evaluation of submitted papers and presentation in meetings, where ESG policy, standards and achievements are focused.

2) Development of request for proposal (including ESG requirements and competition criteria, also covering monitoring and developoment of ESG standards in the portfolio), distribution to selected companies, and evaluation of offers, where ESG counts for at least 20 % of the total evaluation points.

Our latest facility manager selection process resulted in the first Norwegian Vested Management Contract, where ESG is heavily weighted in the common main goals and targets of the partnership and the contract. This constitutes part of the framework for ESG standards in property monitoring and management.

Main goals of the contract/delivery: 1) to be the preferred actor in the market for existing and future tenants, 2) the optimization of costs and property value, 3) to be in the lead on sustainable property management, and 4) the partners shall have a very good relation, and the employees shall be proud to work with the prospering partnership.

Selected targets (4/7): to extrafulfill tenants' expectations (tenant satisfaction index); to live up to laws, regulations and internal guidelines (100% closure of deviations); reduced environmental footprint and increased social responsibility (GRESB five stars); high degree of proudness and satisfaction among manager's employees (motivation index).


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