Cromwell European REIT Releases FY 2019 Sustainability Report; All ESG Targets Achieved
Some key highlights:
- Best practice approach to sustainability enhances value for Unitholders
- Key performance metrics exceed IPO forecasts
- 43% jump in GRESB score attests to environmental, social, and governance (“ESG”) progress
- Direct board oversight of sustainability performance
- Manager guided by robust five-pillar sustainability framework, with key management personnel having ESG-related key performance indicators (“KPIs”)
- ESG leadership particularly important amid global COVID-19 pandemic
CEREIT’s core objectives are to provide Unitholders with regular and stable distributions and deliver long-term net asset value growth. The Board has set a strategic direction for the management team to achieve this through executing the following key strategies: active asset management, acquiring for growth, responsible capital management and a best-practice approach to corporate governance and sustainability.
For CEREIT’s inaugural Sustainability Report, ten material ESG matters were identified through a formal materiality assessment exercise facilitated by EY, which involved key stakeholders from the Sponsor, the Manager and the Property Manager. CEREIT’s sustainability approach presented in this report has been formulated to report on the initiatives and targets under each of these matters, striking a balance between financial results and corporate governance, internal and external stakeholder engagement and environmental stewardship. The Board oversees the management and monitoring of these ESG matters, supported by the management team.
CEREIT’s sustainability journey is just beginning. The Board looks forward to the support of all stakeholders in creating a sustainable future for generations to come.
CEREIT Sustainability Commitments
The CEREIT Manager has committed to clearly defined sustainability targets that are measured and monitored. Senior management team has Key Performance Indicators focused on specific ESG targets:
1. GRESB is a leading environmental, social, and governance (“ESG”) benchmark for real assets
2.Environmental Management Systems
3. BREEAM refers to the Building Research Establishment Environmental Assessment Method, the world’s leading sustainability assessment method for master planning projects, infrastructure and buildings. It recognises and reflects the value in higher-performing assets across the built environment lifecycle, from new construction to in-use and refurbishment. BREEAM is used as an asset-level sustainability certification
4.LEED refers to Leadership in Engineering and Design, a certification program focused primarily on new, commercial building projects and based upon a points system. LEED-certified buildings, when well maintained, produce less waste products and are more energy-efficient than they would be otherwise