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Renaissance Property Securities Pty Ltd

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Engaged with several companies during the year to promote increased and improved disclosure on remuneration reports. We also outlines our preferred remuneration structure to certain individual companies. We also made it clear to a particular company that we will not tolerate any softening of performance hurdles in remuneration structures to simply accommodate softer market conditions at some future stage, and that we would vote against them if this occurred. 
Encouraged the Chairman of a property company to drop a directorship as he has been criticised by proxy advisors for having too many directorships. He agreed and has since dropped one of his directorships.
Encouraged two large property companies/trusts to consider further diversity of though at Board level, including bringing in people from other industries and from academia.
Engaged with several large property companies/trusts on their readiness for the Modern Slavery Act. We got differing answers, so we decided to frame a questionnaire for all the stocks in our portfolio. This has now been sent out to them to complete.
We received feedback from a financial planner and member of a local chamber of commerce in Western Australia that the owner of their local shopping centre (a listed property trust known to us) had been overly agressive with some of the local tenants and had not at any stage engaged with the local business community or any of its initiatives. We raised with the trust during our regular six monthly meeting with management who promised to look into it. Additionally, we spoke to the local real estate agent who manages the centre on behalf of trust and he said he would ensure the centre manager attended future chamber of commerce meetings so as to be more aware of the local community's concerns and initiatives.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Through our normal engagement with a particular property trust, we noticed that water usage intensity had increased in their industrial property portfolio. We asked management to explain the reason for this and they attributed it to water usage being under control of the tenants and that certain industrial users had heavier water requirements, thereby simply blaming it on tenant mix. We then queried whether management had discussed water requirements with tenants and whether they have put forward any potential solutions to those tenants. They replied that this particular summer, where that Australian drought has been particularly harsh, management has communicated to industrial tenants that Sydney Water has introduced Level 2 water restrictions. Management has since then also reviewed irrigation controls, and in addition, has implemented an awareness campaign within all bathrooms to promote occupants identification ot any leaks or dripping taps to assist in mnimising water use. They have also increased the use of consultants to add further metering in order to identify water leaks sooner.


SG 11. Dialogue with public policy makers or standard setters (Private)


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