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PRI reporting framework 2020

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Pre-investment (selection)

PR 04. Incorporating ESG issues when selecting investments

04.1. Indicate if your organisation typically incorporates ESG issues when selecting property investments.

04.2. Provide a description of your organisation`s approach to incorporating ESG issues in property investment selection.

We have established a direct investment ESG Due Diligence (DD) framework. Depending on the type of property asset we will identify and undertake due diligence on the material ESG factors. 

The framework sets out key ESG risks to be considered and we request information to review to be able to undertake our ESG assessment.

Our team then prepare an ESG report detailing any risks or opportunities to be considered.

We consider whether the company has the following:

Environmental Issues
 Environmental/sustainability Policy
 Environmental Management System
 Regular Environmental impact audits undertaken
 Environmental breaches of underlying asset/controversies
 Toxic Emissions and waste management, including recycling
 Carbon Emissions
 Physical Climate Risk
 Supply chain risk from water scarcity, extreme weather events
 Energy/water Efficiency
 Renewable energy targets
 Biodiversity and Land Use

Social
 Labour rights
 Labour management and Human Rights in the supply chain including Modern Slavery
 Worker Safety
 Worker Safety in Supply Chain
 Product Safety
 Human Capital Development
 Social initiatives
 Social Licence to operate/community engagement

Governance:
 Bribery & Corruption
 Management remuneration
 CEO have had direct equity in business?
 Controlling shareholder
 Board Structure
 Accounting
 Audit Practices
 Diversity
 Code of conduct

We consider materiality based on the underlying property asset. Depending on the investment will determine material ESG issues.

04.3. Indicate which E, S and/or G issues are typically considered by your organisation in the property investment selection process, and list up to three examples per issue.

Environmental example 1, description

          We prefer buildings that are rated by NABERS and have a rating of 4 and above
        

Environmental example 2, description

          Environmental impact studies are undertaken to understand what risks are present in terms of flooding
        

Environmental example 3, description

          We ask our managers to incorporate a 'resilence' assessment as part of their due diligence.  We have also undertaken a physical risk assessment of our property portfolio to understand how 'resilient' it is to physical impacts from climate change.
        

Social example 1, description [OPTIONAL]

          We have an approved strategy to invest in affordable housing
        

Social example 2, description [OPTIONAL]

          Assessment of whether cladding is approved and not a fire hazard
        

Social example 3, description [OPTIONAL]

          Supplier assessment to ensure supply chain risks are monitored and assessed.
        

Governance example 1, description

          Seek to ensure there is an independent board in place
        

Governance example 2, description

          Prefer structures that allow investor rights
        

Governance example 3, description

          Ensure all direct assets have the appropriate policies and procedures in place
        

04.4. Additional information. [Optional]


PR 05. Types of ESG information considered in investment selection

05.1. Indicate what type of ESG information your organisation typically considers during your property investment selection process.

05.2. Provide a brief description of how this ESG information was incorporated into your investment selection process.

Our investment recommendations include assessment of the investment case and ESG risks and opportunities.  The information is used to prepare the investment recommendation. 


PR 06. ESG issues impact in selection process

06.1. Indicate if ESG issues impacted your property investment selection process during the reporting year.

06.2. Indicate how ESG issues impacted your property investment deal structuring processes during the reporting year.

06.3. Additional information.


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