Why it is important:
Scentre Group has a clear strategic direction for growing its business, through owning, managing and developing the best retail assets in Australia and New Zealand. To continue to grow, our focus needs to be on a sustainable business model that creates genuine value for all our stakeholders. Every Westfield centre stimulates significant economic activity and investment opportunities, as well as providing direct and indirect employment – through normal operations and major redevelopments. Scentre Group recognises that its economic performance may be impacted by a number of risk factors associated with property ownership, property management and development, financing and general economic conditions.
Our engagement with stakeholders:
We engage with co-owners and our investor community to understand the sustainability benchmarks and surveys of significance to them. Annually, we provide our stakeholders with transparent disclosure of our strategies, management systems and performance through these surveys and our results.
Our management approach:
Objective: Deliver long-term financial sustainability by balancing short-term financial imperatives with longer-term financial performance.
Management: Sustainable economic value creation is managed through the development of feasibility studies for our development projects and business cases for investment in new technologies.
Measurement: Global Real Estate Sustainability Benchmark (GRESB) and Carbon Disclosure Project (CDP) scores; the inclusion of minimum sustainability requirements in all development feasibility studies; and the inclusion of whole-of-life measures within all business cases for plant, equipment or technology.
Our 2016 results:
- Participated in GRESB and CDP
- Reviewed feasibility study templates to include sustainability aspects and ensure adequate management sign-off by Finance and Development
- Reviewed business case templates to translate electricity usage and efficiencies into non-financial metrics
Our future programs and initiatives:
- Continue participating in GRESB and CDP investor surveys to improve transparency and disclosure of existing sustainability practices