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.
Third-party property managers are selected, appointed and monitored using the following tools:
- Mandatory Due Diligence Questionnaire ('DDQ') including ESG questions
- ESG Consultation: Internal meeting with PM to discuss any potential issues arising out of DDQ and how to resolve these
ESG Implementation: External meeting with manager to explain the issues and propose solutions and potential implementation of ESG conditions in contracts (for example: GRESB participation is mandatory and we expect new investments to achieve an above average GRESB score within 3 year).
Formal Assessment: GRIG Specialist provides written opinion for review by Investment Committee (chaired by CIO)
Annual (Manager) Review: review if conditions were met
- Ongoing Engagement (mainly based on GRESB results)