Download PDF

2019

Infrastructure Public Disclosure

Reference Guide

Contents

Disclaimer: 2019 GRESB Infrastructure Public Disclosure Reference Guide

The 2019 GRESB Infrastructure Public Disclosure Reference Guide (“Reference Guide”) accompanies the 2019 GRESB Infrastructure Public Disclosure indicators. The Reference Guide reflects the opinions of GRESB and not of our members. The information in the Reference Guide has been provided in good faith and is provided on an “as is” basis. We take reasonable care to check the accuracy and completeness of the Reference Guide prior to its publication. While we do not anticipate major changes, we reserve the right to make modifications to the Reference Guide. We will publicly announce any such modifications.

The Reference Guide is not provided as the basis for any professional advice or for transactional use. GRESB and its advisors, consultants and sub-contractors shall not be responsible or liable for any advice given to third parties, any investment decisions or trading or any other actions taken by you or by third parties based on information contained in the Reference Guide.

Except where stated otherwise, GRESB is the exclusive owner of all intellectual Infrastructure rights in all the information contained in the Reference Guide.

About GRESB

GRESB is the environmental, social and governance (ESG) benchmark for real assets. Working in collaboration with the industry, GRESB defines the global standard for sustainability performance in real assets providing standardized and validated ESG data to more than 90 institutional investors, representing over USD 22 trillion in institutional capital.

For more information, visit gresb.com. Follow @GRESB on Twitter.

Introduction

Financial regulators increasingly require organizations to disclose ESG-related policies, performance and risks. Proactive transparency enables infrastructure companies to operate ahead of this global trend. Effective public disclosure also facilitates active stakeholder engagement and empowers investors to make sound investment decisions. GRESB Infrastructure Public Disclosure is unique in its focus to measure only material ESG disclosures by listed infrastructure companies and vehicles. The evaluation is based on a set of indicators aligned with the GRESB Infrastructure Asset Assessment, allowing for a comparison of ESG disclosure performance between GRESB participants and select non-participants. It also provides investors with a resource hub to access ESG disclosure documents across their full investment portfolio.

GRESB Infrastructure Public Disclosure data is initially collected by the GRESB team for selected companies, including the entire GLIO Global Coverage Index as well as both 2018 GRESB Infrastructure Asset Assessment participants and non-participants. All constituents have the opportunity to review and update this data before it becomes accessible to GRESB Investor Members. GRESB Infrastructure Public Disclosure consists of four Aspects: Governance of Sustainability, Implementation, Operational Performance and Stakeholder Engagement. Together, these Aspects contribute towards a Public Disclosure Level, expressed through an A to E sliding scale.

2019 GRESB Public Disclosure Indicators changes and introduction of Materiality

The first GRESB Public Disclosure dataset was created for Real Estate property companies and REITS with GRESB now fine-tuning this from its original format to fit the infrastructure industry. Since the last Real Estate Public Disclosure iteration there have been changes in indicators collecting data on ESG objectives, as well as the option to select alignment and adoption of the TCFD or SASB recommendations for indicators relating to disclosure of reports such as annual or sustainability reports .These changes have also been reflected and incorporated into the 29 GRESB Infrastructure Public Disclosure Indicators.

Additionally, this year for certain indicators of the Infrastructure Public Disclosure dataset GRESB will evaluate constituents based on whether a topic is material to them based on a sub-set of existing factors already being used in the GRESB Infrastructure Asset Assessment, namely sector and primary location. The indicators affected will be D12, and all indicators falling under the section “Operational Performance”.

About the GRESB Infrastructure Assessments

The GRESB Infrastructure Assessments are an ESG engagement and benchmarking tool for institutional investors, fund managers, infrastructure companies and asset operators working in the infrastructure space.

The GRESB Infrastructure Assessments consist of two complementary components, a Fund Assessment and an Asset Assessment. Both components address critical aspects of ESG performance through a standardized, globally applicable, reporting and benchmarking framework. The GRESB Infrastructure Assessments focus on operating investments, infrastructure assets, companies and funds, and cover the full breadth of infrastructure sectors, including:

The GRESB Infrastructure Assessment provides investors with actionable information and tools to monitor and manage the ESG risks and opportunities of their investments, and to prepare for increasingly rigorous ESG obligations. GRESB Infrastructure Assessment participants receive comparative business intelligence on where they stand against their peers, a roadmap with the actions they can take to improve their ESG performance and a communication platform to engage with investors.

All listed infrastructure companies and vehicles are encouraged to participate in the 2019 GRESB Infrastructure Asset Assessment in addition to GRESB Infrastructure Public Disclosure. Participation in the GRESB Infrastructure Asset Assessment involves submitting information for 47 indicators, arranged in seven Aspects, covering the most material ESG issues for real estate investors. The submitted data is validated, scored and benchmarked, resulting in an in-depth analysis of the sustainability performance of companies and funds, in both absolute terms and relative to peers. The two sets of information are complementary. GRESB Infrastructure Asset Assessment provides information about an infrastructure company or vehicle’s ESG performance, while GRESB Infrastructure Public Disclosure provides insights into the company or vehicle’s level of transparency through public disclosure of ESG data.

GRESB Infrastructure Public Disclosure Data Collection

2019 Public Disclosure information is initially collected by GRESB, in the period May 1st through June 1st, 2019. The data is then pre-filled in the online GRESB Portal for further review by the relevant listed infrastructure company or vehicle. GRESB collects publicly disclosed data provided by participants in good faith and does not perform any checks on the quality of this data. It is the responsibility of the constituent to check the accuracy of this data and to update any information that is missing, inaccurate, or out of date.

In light of this product’s mission to promote transparency, all evidence collected by GRESB or provided by constituents will be disclosed to GRESB Investor Members. GRESB collected evidence on a presence/absence basis, recognizing that documentation may be available that better reflects the entity’s sustainability efforts. Constituents are therefore encouraged to check and update any data collected and pre-filled by GRESB.

How to Update GRESB Infrastructure Public Disclosure Data

Step 1: Log into the GRESB Portal

As of April 1st, users new to GRESB need to start by creating a GRESB Portal Account. This can be done free of charge by completing the registration form. Ensure to sign-up with the email address sent the “Review your 2019 Public Disclosure data email”. Registering with this email address will automatically link your user account to an Assessment with pre-filled Public Disclosure data. In the registration form, select that you are interested in the GRESB Infrastructure Assessment and enter your contact information. Once this step is complete, your public disclosure data will become available for viewing and editing.

Users new to GRESB need to start by creating a GRESB Portal Account. This can be done free of charge by completing the registration form. Ensure to sign-up with the email address sent the “Review your 2019 Infrastructure Public Disclosure data email”. Registering with this email address will automatically link your user account to an Assessment with pre-filled Public Disclosure data. In the registration form, select that you are interested in the GRESB Infrastructure Assessment and enter your contact information. Once this step is complete, your public disclosure data will become available for viewing and editing.

People who already have a GRESB user account do not need to create a separate account for GRESB Infrastructure Public Disclosure and can review their data immediately by going to and logging into the portal.

If you are unsure whether GRESB has collected and pre-filled 2019 Infrastructure Public Disclosure data for your organization, please visit GRESB Helpdesk.

Step 2: Access GRESB Infrastructure Public Disclosure indicators

In 2019, the Infrastructure Public Disclosure Indicators are available separately from the GRESB Asset and Fund Assessments. GRESB Participants and Public Disclosure constituents for which data has previously been collected, can access the data by first selecting the entity name in the overview section and subsequently selecting “Public Disclosure Indicators”.

Constituents for which Public Disclosure data has not been pre-filled by GRESB can participate in GRESB Infrastructure Public Disclosure, by selecting “Start new Assessment” and subsequently selecting Public Disclosure indicators.

If you are unsure whether GRESB has collected and pre-filled 2019 Public Disclosure data for your organization, please contact GRESB Helpdesk.

Step 3: Review data collected for each indicator

Use the "Contents" button, located in the top-left corner to navigate through each aspect. Constituents should review each Public Disclosure indicator in-depth, to assess whether the data collected by the GRESB team is accurate, up-to-date and complete. If a hyperlink refers to an inaccurate data source, select the discard bin in the evidence field to dissociate the hyperlink from the indicator.

While reviewing the indicators, please note the following:

Step 4: Submit GRESB Infrastructure Public Disclosure data

Constituents can confirm that their GRESB Infrastructure Public Disclosure dataset is complete by submitting the data. Please note that GRESB maintains the right to use or update any incomplete datasets for scoring purposes.

Step 5: Complete the 2019 GRESB Infrastructure Assessment

The 2019 GRESB Infrastructure Public Disclosure information is analyzed and scored separately from the 2019 GRESB Infrastructure Assessments, resulting in a Public Disclosure Level. All listed Infrastructure companies and vehicles, dependent on their structure, are encouraged to participate in the 2019 GRESB Infrastructure Asset and/or Fund Assessment. Please see the respective 2019 GRESB Infrastructure Asset Reference Guide and 2019 GRESB Infrastructure Fund Reference Guide for guidance on completing these Assessments and to understand which one suits your company best. If you are unsure of which one you should be filling out, please contact GRESB Helpdesk.

Reporting Scope and Boundaries

Public availability

GRESB Infrastructure Public Disclosure consists of a sub-set of indicators from the GRESB Infrastructure Asset Assessment, modified for the purpose of measuring levels of ESG disclosure through the following publicly available sources:

All data collected by GRESB for pre-filling was derived from these sources. Constituents may provide publicly disclosed data from other sources, as long as this is a means of official disclosure by the organization (e.g., 10-K filings or PRI Reports). Information disclosed through public channels, such as twitter or personal blogs, is not deemed an official disclosure by the organization.

Material that is disclosed through internal channels (e.g., email, presentations, internal websites), or that requires any form of (online) registration to access, is not deemed “publicly available”.

Reporting scope

All evidence needs to relate directly to the investable entity, i.e. the listed / public company. In case the day-to-day management responsibilities of the listed company are outsourced to a third-party investment manager, ensure that the text box below the evidence field includes a clear description of how this is applicable to the entity. Evidence will not be accepted without a clear explanation.

Reporting period

GRESB Infrastructure Public Disclosure assesses an entity's most recent ESG disclosures efforts. Constituents are encouraged to update any pre-filled evidence, so that it reflects their most recent ESG disclosures. Data provided through an Annual Report or stand-alone Sustainability Report, as well as operational consumption data (e.g., energy, water, GHG, waste), must as a minimum relate to the entity’s 2017 reporting year (calendar or fiscal). Employee and tenant satisfaction surveys must as a minimum have been undertaken in the past three years.

Language

Preliminary data collected by the GRESB team focusses on documentation disclosed in English. Constituents may provide additional evidence in the form of hyperlinks to web pages or documents in languages other than English. However, this needs to be accompanied by an English description of the evidence’s content in the text box underneath the evidence field. Without a clear English description, the evidence will not be accepted.

Location of relevant information

In order to facilitate the data validation process, constituents should use the assigned text box to indicate where in the web page or online document the relevant information can be found. Participants should ensure that the relevant page can be accessed within two steps. A description of these steps needs to be provided in the text box underneath the hyperlink field. The constituent has the obligation to ensure that the hyperlink is functioning. Broken links are the responsibility of the constituent and will be interpreted as the absence of evidence.

Timeline and Process

Initial data collection by GRESB (May 1 – June 1, 2019)

GRESB checked and updated the information included in GRESB Infrastructure Public Disclosure 2018 and collected information for constituents of the GLIO Global Coverage Index in the period February 1 and April 1, 2019.

Data review by constituents (June 3 - July 1, 2019)

GRESB Infrastructure Public Disclosure 2019 will be open for review starting June 3 through July 1, 2019. During this period, listed Infrastructure companies and vehicles can review their pre-filled Public Disclosure data collected by GRESB and in tandem complete the 2019 GRESB Infrastructure Assessments.

Data validation by GRESB (July - September, 2019)

All data provided, updated, or amended by GRESB Infrastructure Public Disclosure constituents will be checked and validated using the GRESB Validation Portal by GRESB and its parent company, GBCI, based upon the reporting scope and boundaries, definitions and Interpretations, described in this document, in the period July - September, 2019. During this period, GRESB maintains the right to expand on the 2019 GRESB Infrastructure Public Disclosure Constituent universe, by collecting data on additional listed Infrastructure companies and vehicles.

Launch of Public Disclosure results (September 4, 2019)

The 2019 GRESB Infrastructure Public Disclosure results will be made available to the listed companies included in the analysis, as well as to GRESB Investor Members, on September 4, 2019. The results will be released in parallel with the 2019 GRESB Infrastructure Assessments results.

Scoring and Analyses

The 2019 GRESB Infrastructure Public Disclosure information includes 29 indicators, covering four Aspects. Each indicator is scored between zero and full points, depending on the availability of evidence and selected answer options. Combined, these indicators add up to a maximum of 100 points. Constituents receive a GRESB Infrastructure Public Disclosure Level, from A to E, based on the following scale:

GRESB Infrastructure Public Disclosure Level Number of points received
A 80 - 100
B 60 - 79
C 40 - 59
D 20 - 39
E 0 - 19

Data provided, updated, or amended by GRESB Infrastructure Public Disclosure constituents will be validated.

GRESB puts an entity’s Infrastructure Public Disclosure Level into context by assigning it to a comparison group based on country/region and Infrastructure sector. Note that an entity’s Public Disclosure comparison group differ from the Peer Group.

Who can see my data?

The 2019 GRESB Infrastructure Public Disclosure results will be made available via the GRESB Portal to GRESB Investor Members and parties independently subscribed to the dataset in September 2019. The results will be disclosed together with the evidence collected by GRESB and provided by the constituents.

GRESB Investor Members with a listed data subscription are able to view the Public Disclosure level and supporting information for all entities. The 2019 GRESB Infrastructure Public Disclosure results will be published via the GRESB Portal in September 2019.

Additional Resources

2019 GRESB Infrastructure Asset Reference Guide: This guide accompanies the 2019 GRESB Infrastructure Asset Assessment. Guidance is included for all the Assessment’s indicators and it’s seven respective Aspects.

2019 GRESB Infrastructure Fund Reference Guide: This guide accompanies the 2019 GRESB Infrastructure Fund Assessment. Guidance is included for all Assessment indicators that comprise GRESB Infrastructure’s seven Aspects.

2018 GRESB Public Disclosure Results: This snapshot provides an overview of the aggregate results of the 2018 Infrastructure Public Disclosure indicators.

GRESB Helpdesk: If you need assistance on other topics or wish to contact a member of the GRESB team directly, you can use the online contact form.

Providing Feedback

Participants can give feedback during the Assessment process and immediately after submitting their Assessment response using the evaluation form available in the GRESB Portal or by filling in the GRESB helpdesk form.

GRESB Infrastructure Public Disclosure Indicators

Materiality Determinants

Not scored

Intent

Determine whether the primary location of the infrastructure company or vehicle is developed or developing. This information is used for materiality-based scoring and to determine peers for benchmarking and reporting purposes. The status of every country is determined by using the UN country classification guidelines available here. The only Super‐region used is Asia Pacific, grouped from Asia (code 142 in the UN classification) and Oceania (code 142 in the UN classification). Depending on the primary location selected, certain issues may become more relevant to a constituent and impact scoring.

Terminology

Developed: Developed countries are Japan, Canada, United States, Australia, New Zealand, Israel and Europe.

Developing: Developing countries are any that are not classified as developed under the UN country classification guidelines.

Mixed: Mixed means that the entity is located in locations that are a mix of developed and developing countries.

Requirements

Select the appropriate Primary Location based upon where the majority of the infrastructure company or vehicle’s operations take place. As a default, GRESB have used the stock exchange locations provided by GLIO for each constituent to situate them. Any constituent may change this default if they do not agree.

Scoring

This indicator is not scored but does affect materiality of issues.

References

United Nations Standard Country or Area Codes for Statistical Use (M49)

Not scored

Intent

Determine the primary sector of the infrastructure company or vehicle. This information is used for materiality-based scoring and to determine peers for benchmarking and reporting purposes.

Terminology

Sector: A group of specific industrial activities and types of physical assets and technologies.

Requirements

Select the appropriate sector by clicking on the drop-down list or by typing in a keyword. Attempt to select the entity’s core sector at the most granular class level. If unable to identify one core sector for the entity at this level then work backwards up towards the Superclass level. The full list of sectors aligns to the EDHECInfra TICCS™️ standard Industrial Classifications.

Scoring

This indicator is not scored but does affect materiality of issues.

References

EDHECInfra, The Infrastructure Company Classification Standards (TICCS™️), 2018

Disclosure Methods

5 points , MP, G

Intent

The intent of this indicator is to assess the methods of disclosure used by the entity, whether this disclosure is aligned with recognized sustainability reporting frameworks and/or assured by a third party.

Terminology

Assured/Verified: The process of checking data, as well as its collection methods and management systems, through a systematic, independent and documented process against predefined criteria or standards. Assurance/Verification services should be in line with a standard and can only be provided by accredited professionals.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Stand-alone Sustainability Report(s): A report dedicated to the organization’s ESG performance.

Sustainability performance: Indicators of environmental, social, or governance (ESG) management, implementation, or performance.

Requirements

Select yes or no. If yes, select all applicable sub-options and indicate where the information is disclosed.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Alignment with sustainability reporting framework: Select the sustainability reporting framework(s) that the stand-alone Sustainability Report is aligned with.

In order to be accepted during validation, the report must include a reference to the applicable sustainability standard. An example of good practice would be to also indicate the degree of alignment with the standard in the open text box underneath the hyperlink (e.g., GRI Standards, Core or Comprehensive.

Reporting level: Select the applicable reporting level. For most listed infrastructure companies and vehicles this will be entity (e.g., the listed/investable vehicle):

  • Entity: Related specifically to the named entity, where entity is defined as the investable portfolio for which you are submitting an Assessment response.
  • Group: Related to the group of companies of which the participating entity forms a part.

Reporting year: Provide the reporting year that the report covers. This must at a minimum be the 2017 reporting year (financial or calendar).

Third-party verified or assured: Indicate if the report is either verified or assured by a third party using a sustainability related assurance/verification scheme.

In order to be accepted in validation, the report must include either a verification or assurance statement, listing the name of the third-party that conducted the review on the sustainability data and assurance/verification scheme used.

An example of a commonly used sustainability assurance/verification scheme is ISAE 3000 (a full list of schemes is available in Appendix 1).

Scoring

Points are awarded based on disclosure of (1) alignment with a sustainability reporting framework and (2) verification or assurance of the sustainability data.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practice Recommendations in Sustainability Reporting, September 2017

GRI Sustainability Reporting Guidelines, 2016: 202-1; 205-3; 308-2

International Integrated Reporting Framework (IIRC Framework), 2013

Sustainability Accounting Standards Board (SASB), 2018

Task Force on Climate-Related Financial Disclosures (TCFD), 2018

5 points , MP, G

Intent

The intent of this indicator is to assess the methods of disclosure used by the entity, whether this disclosure is aligned with recognized sustainability reporting frameworks and/or assured by a third party.

Terminology

Annual report: A yearly record of an organization’s financial performance that is distributed to investors under applicable financial reporting regulations.

This can also be a 10-k.

Assured/Verified: The process of checking data, as well as its collection methods and management systems, through a systematic, independent and documented process against predefined criteria or standards. Assurance/Verification services should be in line with a standard and can only be provided by accredited professionals.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Sustainability performance: Indicators of environmental, social, or governance (ESG) management, implementation, or performance.

Requirements

Select yes or no. If yes, select all applicable sub-options and indicate where the information is disclosed.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Alignment with sustainability reporting framework: Select the sustainability reporting framework(s) that the report is aligned with.

In order to be accepted during validation, the report must include a reference to the applicable sustainability standard. An example of good practice would be to also indicate the degree of alignment with the standard in the open text box underneath the hyperlink (e.g., GRI Standards, Core or Comprehensive).

Reporting level: Select the applicable reporting level. For most listed infrastructure companies and vehicles this will be entity (e.g., the listed/investable vehicle):

  • Entity: Related specifically to the named entity, where entity is defined as the investable portfolio for which you are submitting an Assessment response.
  • Group: Related to the group of companies of which the participating entity forms a part.

Reporting year: Provide the reporting year that the report covers. This must at a minimum be the 2017 reporting year (financial or calendar).

Third-party verified or assured: Indicate if the report is either verified or assured by a third party using a sustainability related assurance/verification scheme.

In order to be accepted in validation, the report must include either a verification or assurance statement, listing the name of the third-party that conducted the review on the sustainability data and assurance/verification scheme used.

An example of a commonly used sustainability assurance/verification scheme is ISAE 3000 (a full list of schemes is available in Appendix 1).

Scoring

Points are awarded based on disclosure of (1) alignment with a sustainability reporting framework and (2) verification or assurance of the sustainability data.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

D2.1 and D2.2 are first benchmarked and scored individually. The two scores are then added up and capped at a maximum of 5 points.

References

EPRA Best Practice Recommendations in Sustainability Reporting, September 2017

GRI Sustainability Reporting Guidelines, 2016: 202-1; 205-3; 308-2

International Integrated Reporting Framework (IIRC Framework), 2013

Sustainability Accounting Standards Board (SASB), 2018

Task Force on Climate-Related Financial Disclosures (TCFD), 2018

5 points , MP, G

Intent

The intent of this indicator is to assess the methods of disclosure used by the entity, whether this disclosure is aligned with recognized sustainability reporting frameworks and/or assured by a third party.

Terminology

Assured/Verified: The process of checking data, as well as its collection methods and management systems, through a systematic, independent and documented process against predefined criteria or standards. Assurance/Verification services should be in line with a standard and can only be provided by accredited professionals.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Integrated Report: A report that is aligned with the requirements of the International Integrated Reporting Council (IIRC) Integrated Reporting Framework (December 2013).

Sustainability performance: Indicators of environmental, social, or governance (ESG) management, implementation, or performance.

Requirements

Select yes or no. If yes, select all applicable sub-options and indicate where the information is disclosed.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Alignment with sustainability reporting framework: Select the sustainability reporting framework(s) that the stand-alone Sustainability Report is aligned with.

In order to be accepted during validation, the report must include a reference to the applicable sustainability standard. An example of good practice would be to also indicate the degree of alignment with the standard in the open text box underneath the hyperlink (e.g., GRI Standards, Core or Comprehensive.

Reporting level: Select the applicable reporting level. For most listed infrastructure companies and vehicles this will be entity (e.g., the listed/investable vehicle):

  • Entity: Related specifically to the named entity, where entity is defined as the investable portfolio for which you are submitting an Assessment response.
  • Group: Related to the group of companies of which the participating entity forms a part.

Reporting year: Provide the reporting year that the report covers. This must at a minimum be the 2017 reporting year (financial or calendar).

Third-party verified or assured: Indicate if the report is either verified or assured by a third party using a sustainability related assurance/verification scheme.

In order to be accepted in validation, the report must include either a verification or assurance statement, listing the name of the third-party that conducted the review on the sustainability data and assurance/verification scheme used.

An example of a commonly used sustainability assurance/verification scheme is ISAE 3000 (a full list of schemes is available in Appendix 1).

Scoring

Points are awarded based on disclosure of (1) alignment with a sustainability reporting framework and (2) verification or assurance of the sustainability data.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

D2.1 and D2.2 are first benchmarked and scored individually. The two scores are then added up and capped at a maximum of 5 points.

References

EPRA Best Practice Recommendations in Sustainability Reporting, September 2017

GRI Sustainability Reporting Guidelines, 2016: 202-1; 205-3; 308-2

International Integrated Reporting Framework (IIRC Framework), 2013

3 points , MP, G

Intent

The intent of this indicator is to assess the methods of disclosure undertaken by the entity. ESG disclosures on websites are easily accessible for a variety of stakeholders.

Terminology

Dedicated section on corporate website: A section of the organization’s website that explicitly addresses ESG performance.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Sustainability performance: Indicators of environmental, social, or governance (ESG) management, implementation, or performance.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points are awarded if a specific, dedicated section of the website covers the entity/group’s involvement and efforts within the field of sustainability.

Reporting level: Select the applicable reporting level. For most listed infrastructure companies and vehicles this will be entity (e.g., the listed/investable vehicle):

  • Entity: Related specifically to the named entity, where entity is defined as the investable portfolio for which you are submitting an Assessment response.
  • Group: Related to the group of companies of which the participating entity forms a part.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

Governance of Sustainability

1.5 points , MP, G

Intent

Clear strategic or cross-cutting overall ESG objectives help to translate purpose into action — they can facilitate the integration of ESG management with other business management processes. Objectives should be the longer-term goals derived naturally from policies. Having clear ESG objectives also demonstrates commitment to monitoring and improving ESG performance.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

General sustainability objectives: Strategic or cross-cutting objectives to improve overall ESG performance that are not specific to environmental, social or governance issues. For example, relative position on sustainability indices or rankings.

Measurable: Sustainability and/or ESG objectives that relate to quantifiable goals or strategic developments.

Timebound: An objective with reference to a time frame allowing for monitoring/progression towards the goal.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

A disclosure on specific general sustainability objectives should at a minimum include the following:

  • Clear business aspirations that positively impact a metric related to overall improvement of the entity with regards to its general sustainability performance.

Examples can include, but are not limited to, targets set for achieving building certifications, or relative position on sustainability indices or rankings.

Best practice disclosures on general sustainability objectives often contain the following elements:

  • Clear objectives and targets relating to specific projects or topics. Progress updates against these targets.
  • Time bound elements around the objectives.
  • Explanation regarding the extent of integration with financial objectives
  • Explanation of the extent to which integration of ESG objectives with business strategy and/or financial objectives foster further alignment.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.7, Analysis

GRI Sustainability Reporting (2016): 1.2, Sustainability context

SASB (March 2016)-Real Estate Owners, Developers & Investment Trusts: IF0402-05

1.5 points , MP, G

Intent

Disclosing specific environmental objectives informs investors and other stakeholders about the integration of sustainability into the strategy of the company and the efforts made to reduce negative environmental externalities.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Environmental objectives: Overall environmental goal, arising from the environmental policy, that an organization sets itself to achieve. The objectives should be quantifiable and correlated with the organization’s ambitions. In turn, they determine targets, which are detailed performance requirements necessary to achieve the environmental objectives.

Measurable: Sustainability and/or ESG objectives that relate to quantifiable goals or strategic developments.

Timebound: An objective with reference to a time frame allowing for monitoring/progression towards the goal.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

A disclosure on specific environmental objectives should at a minimum include the following:

  • Clear business aspirations that positively impact the environment.

The stated objective will not be awarded points if it refers to sustainability/ESG in general, and does not cover a specific environmental topic.

Examples can include, but are not limited to, specific targets to reduce energy consumption or GHG emissions, targets set for achieving building certifications, or measures to promote biodiversity.

Best practice disclosures on environmental objectives often contain the following elements:

  • Clear objectives and targets relating to specific projects or topics. Progress updates against these targets.
  • Time bound elements around the objectives.
  • Explanation regarding the extent of integration between environmental and financial objectives
  • Explanation of the extent to which integration of ESG objectives with business strategy and/or financial objectives foster further alignment.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.7, Analysis

GRI Sustainability Reporting (2016): 1.2, Sustainability context

SASB (March 2016)-Real Estate Owners, Developers & Investment Trusts: IF0402-05

1.5 points , MP, G

Intent

Disclosing specific social objectives informs investors and other stakeholders about the integration of sustainability into the strategy of the company and the efforts made to improve upon positive societal impacts.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Measurable: Sustainability and/or ESG objectives that relate to quantifiable goals or strategic developments.

Social objectives: Objectives to improve absolute or relative on social issues, such as stakeholder engagement or health and well-being.

Timebound: An objective with reference to a time frame allowing for monitoring/progression towards the goal.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

A disclosure on specific social objectives should at a minimum include the following:

  • Clear business aspirations that positively impact society.

The stated objective will not be awarded points if it refers to sustainability/ESG in general, and does not cover a specific social topic.

Examples can include, but are not limited to, organization of charitable/local community events, improving employee satisfaction, supporting local employment opportunities.

Best practice disclosures on social objectives often contain the following elements:

  • Clear objectives and targets relating to specific projects or topics. Progress updates against these targets.
  • Time bound elements around the objectives.
  • Explanation regarding the extent of integration between social and financial objectives
  • Explanation of the extent to which integration of ESG objectives with business strategy and/or financial objectives foster further alignment.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.7, Analysis

GRI Sustainability Reporting (2016): 1.2, Sustainability context

SASB (March 2016)-Real Estate Owners, Developers & Investment Trusts: IF0402-05

1.5 points , MP, G

Intent

Disclosing specific governance objectives informs investors and other stakeholders about the efforts made to improve corporate governance issues.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Governance objectives: Objectives to improve entity governance. These can relate to governance structures and composition of the organization and how this relates to economic, environmental and social dimensions, or the entity’s approach to corporate governance issues such as transparency, board composition, or bribery and corruption.

Measurable: Sustainability and/or ESG objectives that relate to quantifiable goals or strategic developments.

Timebound: An objective with reference to a time frame allowing for monitoring/progression towards the goal.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

A disclosure on specific governance objectives should at a minimum include the following:

  • Clear business aspirations that positively impact the governance of an Infrastructure company or vehicle

The stated objective will not be awarded points if it refers to sustainability/ESG in general, and does not cover a specific social topic.

Examples can include, but are not limited to, the implementation of measures that promote transparency or targets set for board diversity.

Best practice disclosures on governance objectives often contain the following elements:

  • Clear objectives and targets relating to specific projects or topics. Progress updates against these targets.
  • Time bound elements around the objectives.
  • Explanation regarding the extent of integration between goverenance and financial objectives
  • Explanation of the extent to which integration of ESG objectives with business strategy and/or financial objectives foster further alignment.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.7, Analysis

GRI Sustainability Reporting (2016): 102-22, Composition of the highest governance body and its committees

SASB (March 2016)-Real Estate Owners, Developers & Investment Trusts: IF0402-05

2 points , MP, G

Intent

The intent of this indicator is to identify human resources allocated to sustainability. Having personnel dedicated to sustainability issues increases the likelihood that the Infrastructure company or vehicle’s ESG objectives will be properly managed and targets will be met.

Terminology

Dedicated sustainability task force: A formally established group of individuals who meet to discuss and monitor the implementation of the organization’s sustainability objectives.

Dedicated team member: An employee whose main responsibility is defining, implementing and monitoring the sustainability objectives at organization and/or entity level.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Responsible for: A person or group of people who work on the implementation and completion of the task, project or strategy.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the disclosure(s) contains evidence of:

  • The existence of a sustainability committee; OR
  • A dedicated employee responsible for sustainability

Points will not be awarded if sustainability is simply among the employee’s responsibilities.

Best practice disclosures include the name of a committee/task force responsible for sustainability and demonstrate how it fits in with the rest of the board and committees, with regards to role and policy-making abilities.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

GRI Sustainability Reporting Standards (2016): 102-20

GRI Sustainability Reporting Standards (2016): 103-32

Recommendations of the Task Force on Climate-Related Financial Disclosures (June 2017): Governance A&B

3 points , MP, G

Intent

Policies on environmental issues assist organizations with incorporating sustainability criteria into their business practices. Disclosing environmental policies provides investors and other stakeholders with assurance that solid sustainability processes and procedures are in place.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Environmental issues: The impact on living and non-living natural systems, including land, air, water and ecosystems. This includes, but is not limited to, biodiversity, transport and product and service-related impacts, as well as environmental compliance and expenditures.

Policy: Defines an organizational commitment, direction or intention as formally adopted by the organization.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the disclosure(s) contains either:

  • An online policy document (PDF), describing the organization’s efforts towards solving environmental issues; OR
  • A separate webpage with a header that includes the word “Policy” detailing the company’s approach to environmental issues; OR
  • A disclosure within an Annual Report/filing, with a description of the business’ approach towards environmental initiatives. At a minimum this must consist of 3 paragraphs, detailing separate environmental issues.

Examples of environmental topics include, but are not limited to biodiversity and habitat, climate change adaptation, waste management, environmental attributes of building materials.

Best practice disclosures include an easily accessible online PDF document, signed by the chief executive officer or approved by the board, outlining the process and methods by which the listed Infrastructure company or vehicle applies and upholds its environmental management practices and processes.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

The United Nations Framework Convention on Climate Change, 1994 Global Reporting Initiative

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 7.9, Narrative on performance

GRI Sustainability Reporting Standards (2016): GRI, 301, 302, 303, 304, 305, 306, 307; GRI, 416

3 points , MP, G

Intent

Policies on social issues assist organizations with incorporating sustainability criteria into their business practices. Disclosing social policies provides investors and other stakeholders with assurance that solid sustainability processes and procedures are in place.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Policy: Defines an organizational commitment, direction or intention as formally adopted by the organization.

Social issues: Concerns the impacts the organization has on the social systems within which it operates.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the disclosure(s) contains either:

  • An online policy document (PDF), describing the organization’s efforts on social issues/topics; OR
  • A separate webpage with a header that includes the word “Policy” detailing the company’s approach to social issues; OR
  • A disclosure within an Annual Report/filing, with a description of the business’ approach towards social initiatives. At a minimum this must consists of 3 paragraphs, detailing separate social issues.

Examples of social topics include, but are not limited to occupational safety, employee performance and career development, diversity and equal opportunity.

Best practice disclosures include an easily accessible online PDF document, signed by the chief executive officer or approved by the board, outlining the process and methods by which the Infrastructure company or vehicle drives societal value, and manages stakeholder relations.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 7.9, Narrative on performance GRI Sustainability Reporting Standards (2016)

GRI, 301, 302, 303, 304, 305, 306, 307; GRI, 416

ILO Declaration on Fundamental Principles and Rights at Work

3 points , MP, G

Intent

Policies on governance issues assist organizations with incorporating the management of governance issues into their business practices. Disclosing governance policies provides investors and other stakeholders with assurance that adequate governance processes and procedures are in place.

Terminology

Corporate governance issues: Governance structure and composition of the organization. This includes how the highest governance body is established and structured in support of the organization’s purpose, and how this purpose relates to economic, environmental and social dimensions.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Policy: Defines an organizational commitment, direction or intention as formally adopted by the organization.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the disclosure(s) contains either:

  • An online policy document / or documents (PDF), containing the organization’s governance policies

Examples of social topics include, but are not limited to, corruption, fraud, whistleblowing and remuneration at the corporate level, conflict of interest policies.

Best practice disclosures would contain a full suite of governance policies, easily accessible and aligned with good corporate governance standards and control mechanisms.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): (2017): 7.9, Narrative on performance

GRI Sustainability Reporting Standards (2016): 102-35; 102-37; 205

RobecoSAM Corporate Sustainability Assessment (2017): 3.1.7

3 points , MP, E

Intent

Environmental and social performance targets guide organizations and their employees towards measurable improvements and are a key determinant to integrate sustainability into business operations.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Environmental and Social Impact: A measurable performance outcome of operations undertaken by an asset/company. E.g. energy consumption, GHG emissions, water consumption/discharge/pollution, waste management, air pollution, biodiversity & habitat, or other related indicators.

Long-term reduction targets: A measurable target that projects three or more years into the future.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded and considered a long-term target if it fulfills the following criteria:

  • The target is measurable and refers to the reduction in negative impact of one of the listed environmental or social topics
  • The target is set for 2020 or a later date

A best practice example would include:

  • Alignment with a recognized national or global standard, e.g The Science Based Targets
  • An accompanying action plan or policy document detailing how to achieve the set targets

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the checkbox issues for a constituent and in turn impact scoring too.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 7.9, Narrative on performance

Recommendations of the Task Force on Climate-Related Financial Disclosures (June 2017): Metrics and Targets- C

The Science Based Targets Initiative (2016)

Implementation

3 points , IM, E

Intent

Integration of a constituent’s ESG case studies/initiatives and business performance is important both for the sustainability of the business and the community affected. It marks the link between doing good, and strengthening the core business of a constituent.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

ESG case study: A report or summary of the efforts undertaken by the entity to make an individual asset or portfolio more sustainable, describing the efforts undertaken and results of these actions, such as environmental resources reduced, or (potential) economic gains.

ESG initiative: A cohesive program, action or project, that displays the entities sustainability leadership efforts, setting it apart from other entities (e.g. research publications, philanthropic efforts, or unique sustainability related innovations).

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the constituent can provide:

  • One or more case studies that show a clear link how sustainability related efforts have a positive impact (either financially or on stakeholders)
  • A unique ESG initiative undertaken by the organization. This can be in the shape of a project, charity drive, or research publications.

The above can be part of the documents D1-D4 or any other stand-alone public document that a constituent may disclose.

A best practice ESG initiative or case study includes:

  • A detailed overview of how the ESG-focused initiative brings clear added-value to the organization’s core business and works towards providing a sustainable competitive advantage.
  • Case studies that detail sustainable asset improvements and present quantitative outcomes.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

5 points , IM, E

Intent

The intent of this indicator is to assess the achievement and maintenance of entity-level ESG related management system accreditations. The presence and application of an ESG-related management standard or comparable framework is an indicator of an entity’s commitment to effectively action ESG issues.

Terminology

Alignment: To agree and match with a recognized sustainability standard (either voluntary or mandatory).

Accreditation (Certification): Third-party recognition of meeting the requirements of a recognized standard.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Points will be awarded if the constituent can provide evidence of:

  • A Management Standard name that they are accredited (certified)/aligned to, and if accredited (certified), then the year of accreditation.

A best practice disclosure often includes:

  • Specific information about the accreditations and certifications achieved or maintained by the entity. This evidence may include a copy of an official certificate or other confirmation of the certification or credential.
  • Formal documentation or correspondence (e.g.letter) from a certification a certification body or consultant.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

3 points , IM, E

Intent

Asset-Level certificates and energy ratings provide a measure of asset quality that may provide benefits for occupants, society and the environment. Asset-Level certifications and energy ratings also serve as an additional layer of transparency and accountability to inform investors and occupiers on the sustainability performance of an asset.

Terminology

Asset-Level certification: Recognition that a project has satisfied the requirements of a certification scheme. A certificate typically indicates the name and location of the project, version of the rating system, date of certification and level of recognition.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Energy Rating: A scheme that measures the energy efficiency performance of buildings.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

In order for points to be given for the sub-options selected, the following must be present in the supporting evidence:

  • Name and location of the Infrastructure project.
  • Name of the certification.

A best practice disclosure often includes a concise overview of which assets in the portfolio are certified, and which are not certified, or to be certified. Information of the certified portfolio then includes:

  • Name and location of the Infrastructure project.
  • Version of the rating system.
  • Date of certification and level of recognition.

Scheme Name/Sub-scheme Name: A list of provisionally validated certification schemes is provided in Appendix 7 of the GRESB Infrastructure Asset Assessment Reference Guide . If you wish to add a new scheme, please contact GRESB Helpdesk and you will be asked to complete the validation questions for the scheme (see Reference Guide Appendix 8).

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

Operational Performance

4 points , IM, E

Intent

The intent of this indicator is to assess the entity’s measurement of air pollution emissions, other than GHGs. The emission of air pollutants emissions can have significant impacts on human health and the environment. The emissions of air pollutants may also constitute a significant risk factor for regulation and social license to operate.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Air Pollutant Data: Emission data on pollutants of major public health concern include ozone-depleting substances (ODS), NOx, SOx, particulate matter (PM) and/or other standard categories of air emissions identified in relevant regulations.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute air pollutants data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up air pollutant emissions recorded by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Metrics and Targets- C

4 points , IM, E

Intent

The intent of this indicator is to assess the entity’s measurement of impact on biodiversity and habitat. Impacts on biodiversity and habitat management may create significant risks with respect to regulation or social license to operate.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Biodiversity & Habitat Data: Data pertaining to biodiversity and habitat impacts as measured by wildlife or threatened/endangered species fatality(ies), or habitat maintenance/removal/restoration/enhancement/protection.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute biodiversity and habitat data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up biodiversity & habitat data recorded by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

Global Reporting Initiative, GRI 304: Biodiversity, 2016

International Union for Conservation of Nature (IUCN), Guidelines for Applying Protected Area Management Categories, 2008

UN Sustainable Development Goals relevant for this indicator;

4 points , IM, E

Intent

Energy consumption and the corresponding cost often represent a significant financial outlay and accounts for a large share of an asset’s environmental footprint. Data measurement and consistent reporting of energy consumption help organizations to increase the energy efficiency of their portfolio, thus reducing economic and environmental impacts associated with fossil fuel energy use.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Energy consumption data: Data obtained through monitoring the energy consumption of the asset/company portfolio. The operational energy consumption of asset/company portfolio leads to substantial environmental impact. Monitoring consumption is an important basis for reducing this impact.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute energy data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up energy consumption by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

Monitoring the generation of energy is also acceptable to receive points due to the nature of some sectors in the infrastructure industry.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

GRI Sustainability Reporting Standards (2016): 102-20

GRI Sustainability Reporting Standards (2016): 103-32

Recommendations of the Task Force on Climate-Related Financial Disclosures (June 2017): Governance A&B

4 points , IM, E

Intent

The intent of this indicator is to assess health and safety performance associated with the entity’s employees. The health and safety of employees is a common key performance indicator for infrastructure operators.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Health and Safety Data: Data pertaining to health and safety of employees, contractors, customers and community as recorded by the fatalities and injuries maintenance/removal/restoration/enhancement/protection measure provided by a firm for the reporting year.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute health and safety data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up energy consumption by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

Global Reporting Initiative, GRI 403: Occupational Health and Safety, 2018

UN Sustainable Development Goals relevant for this indicator;

4 points , IM, E

Intent

The use of renewable energy reduces economic and environmental impacts associated with fossil fuel energy use and its generation is the core business for certain sectors. Generation of on-site renewable energy generation also implies that an infrastructure portfolio might be less subject to market shifts in energy prices.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Renewable energy data: Data obtained through monitoring the renewable energy generation of the portfolio. Renewable energy is defined as any source of energy that can be used without depleting its reserves including sun, wind, water, biomass or Earth’s core using technologies available on-site, such as photovoltaic panels, wind turbines, transpired solar collectors, solar hot water heaters, solar thermal energy, small-scale hydroelectric power plants, geothermal energy, landfill gas.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Best practice disclosures provide a detailed overview of whether this energy is generated and consumed off-site or on-site.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.2, Coverage; Elec-Abs

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-01; IF0402-02; IF0402-03

Recommendations of the Task Force on Climate-Related Financial Disclosures (June 2017): Metrics and Targets- A

4 points , IM, E

Intent

Disclosure of Greenhouse Gas emissions facilitate investor carbon foot printing and enables efficient capital allocation to industries with low environmental impacts. In addition, many countries have introduced mandatory GHG emissions reporting, or considering introducing this. Proactive Infrastructure companies and vehicles stay ahead of this trend.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

GHG emissions: GHGs refers to the seven gases listed in the GHG Protocol Corporate Standard: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); nitrogen trifluoride (NF3) and sulphur hexafluoride (SF6).

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute greenhouse gas emissions data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice GHG disclosures are aligned with the GHG Protocol and provide a clear description on the methodology used. Emissions are broken down into Scope I, Scope II (location-based) Scope II (market-based), and Scope III. In addition, emissions are recorded by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

GHG Protocol Scope II Guidance, 2015

Realpac, Whose Carbon is it?, 2010

GRI Sustainability Reporting Standards, (2016): 305-1; 305-4

4 points , IM, E

Intent

Disclosure of water consumption data provides investors with the information to monitor their environmental impact, reduce the burden on potable water consumption and wastewater systems, assess exposure to risks of disruptions in water supplies.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Water consumption data: Data obtained through monitoring the water consumption of the portfolio. The operational water consumption of buildings leads to substantial environmental impact. Monitoring consumption is an important basis for reducing this impact.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute water consumption data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up water consumption recorded by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

EPRA Best Practices Recommendations on Sustainability Reporting 3rd version, (September 2017): 5.2, Coverage

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-01; IF0402-02; IF0402-03

4 points , IM, E

Intent

The intent of this indicator is to assess the entity’s measurement of water resource impacts. The discharge of water can have significant impacts on human health and the environment. Relatively high levels of discharge can potentially create liabilities or regulatory risk.

Terminology

Absolute data: An absolute measure of specific operational metrics provided by a firm for the reporting year.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Intensity Data: A measure of the relevant operational metric in absolute value per unit of an appropriate denominator, including but not limited to: revenue and output.

Like-for-like data: A metric that enables comparison of results between years whilst controlling for changes such as expansions and acquisitions of the portfolio that could over or understate the values of one year as compared to another.

Portfolio data coverage: Information about the part of the portfolio for which the data is disclosed. This can be a percentage of the number of assets/facilities covered.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Absolute water discharge/pollution data must be a measure given in a metric value and be comparable.
  • Like-for-Like consumption data must state the use of the Like-for-Like methodology when calculating values.
  • Intensity data should be recorded using a clear, appropriate denominator.
  • Portfolio Coverage points can only be awarded if a clear percentage of the number of assets/facilities covered by the value stated.

Best practice disclosures would split up water discharge/pollution recorded by Infrastructure sector (if the entity is involved in multiple sectors) and/or location, and clearly indicate for which areas data is disclosed/available.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

This indicator is affected by materiality. Selections made in D-RC1 and D-RC2 will impact the relevancy of the indicator for a constituent and in turn impact scoring too.

References

CDP, Water Questionnaire, 2017

Global Reporting Initiative, GRI 303: Water, 2016

UN Sustainable Development Goals relevant for this indicator;

4 points , IM, E

Intent

Disclosure of waste data provides investors with valuable insights into the environmental impacts investment portfolios have.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Waste production data: Data obtained through monitoring the waste production associated with the asset/company portfolio. The operational waste production of assets/facilities leads to substantial environmental impact. Monitoring waste data is an important basis for reducing this impact.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

Best practice disclosures would split up waste production by Infrastructure type (if the entity is involved in multiple sectors) and disposal route and clearly indicate for which percentage of asset data is disclosed/available.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, (September 2017): 5.2, Coverage

RobecoSAM Corporate Sustainability Assessment (2017): 4.2.5, Waste

GRI Sustainability Reporting Standards, (2016): 306-2

Stakeholder Engagement

3 points , IM, S

Intent

Infrastructure companies and vehicles that take action to understand employee satisfaction are prone to have a better understanding of critical issues within the business and can engage with staff to facilitate needs and thus improve employee retention.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Employee Satisfaction Survey: Survey measuring overall and work‐specific employee satisfaction at the individual and organizational levels. The survey should directly address employee concerns and include the opportunity to provide recommendations for improvement.

GRESB only accepts employee satisfaction surveys undertaken in the past three years.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Points will be awarded if it is disclosed that the employee satisfaction surveys are conducted at regular intervals, or
  • If the use of a survey is reported upon in an annually published report.

A best practice example would include the date of the most recent employee survey, the percentage of employees covered, and the regularity with which the surveys are carried out, as well as the outcomes/action items derived from this survey.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

GRI Sustainability Reporting Standards, (2016): 102-43, Approach to stakeholder engagement

3 points , IM, S

Intent

An effective customer engagement program facilitates communication with the customers, and can bring to light sustainability concerns and suggestions which can be integrated into operational and ESG decision-making. This can ultimately allow a company to be aware and stay ahead of trends that may have otherwise threatened its license to operate.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Customer engagement programs/initiatives: Customer engagement is meant to increase the satisfaction of customers and their concerns. An effective engagement program facilitates communication with the customers of the asset and its output. An infrastructure company can become aware of a wider range of sustainability related concerns and suggestions which can be integrated into operational and ESG decision-making. Thereby reducing risks such as the license to operate and capitalizing on other opportunities as a result of it.

Examples of sustainability related customer engagement programs include, but are not limited to, sponsoring or organizing events on awareness for environmental or social issues.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • The supporting evidence should display how the sustainability related engagement with the customer creates a channel that would not have been there before and allows for identification of other sustainability trends & risks to the infrastructure company.

Such engagement could deal with topics such as air pollution or waste for example.

The engagement ideally improves the satisfaction and awareness of the customer, allowing them to come back with feedback that would not have been received otherwise.

A best practice example would include:

  • A clear outline of what the engagement project is and how it relates to a sustainability aspect
  • How frequently and with which customers this engagement is carried out
  • A clear relationship between the effort made, and customer satisfaction/well-being

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-12

GRI Sustainability Reporting Standards, 2016: 102-43, Approach to stakeholder engagement

3 points , IM, S

Intent

This indicator examines if the organization discloses if it engages with customers regarding their satisfaction in a structured manner. Increased customer satisfaction leads to increased customer retention ratios, thus improving the revenue prospects and financial risk for Infrastructure companies and vehicles.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Customer satisfaction survey: A written survey conducted by the entity, or by a third party on its behalf, which gives the customer the opportunity to provide feedback on the services provided.

GRESB only accepts customer satisfaction surveys undertaken in the past three years.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Points will be awarded if it is disclosed that the customer surveys are conducted at regular intervals, or
  • If the use of a survey is reported upon in an annually published report.

A best practice example would include the date of the most recent customer survey, the percentage of tenants covered, and the regularity with which the surveys are carried out, as well as the outcomes/conclusions of this survey.

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

GRI Sustainability Reporting Standards (2016): 102-43, Approach to stakeholder engagement

3 points , IM, S

Intent

Fostering relationships with local stakeholder communities strengthens the reputation of Infrastructure companies and vehicles.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Community engagement program: Strategies used by the entity to support communities associated with its operations, such as supporting charities and community groups, enhancement programs for public spaces, or facilitating local employment creation.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • Evidence must show that the community with which the organization is engaging and operating in, is affected by, or associated with operations and activities of the vehicle or infrastructure company

A best practice example would entail the following:

  • Outline of what the engagement program entails and its overall objective
  • Explanation of how this community is affected by the organization’s activities and what benefits this program brings
  • Examples of specific activities within the program and their scope

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.9

3 points , IM, S

Intent

Effective stakeholder engagement programs are often critical in preventing or addressing controversy that may create regulatory risks, legal liabilities, or undermine the entity’s social license to operate and maximizing opportunities for creating shared value. An effective engagement program with other stakeholders outside of employees, customers and the direct local community is a sign of a company considering the effects of its operations from an ESG lens across the broader spectrum. It can good awareness for the various channels that risks, and opportunities may stem from. This can ultimately allow a company to be aware and stay ahead of trends that may have otherwise threatened its operations.

Terminology

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participant organization.

Engagement programs/initiatives: Programs that raise awareness or start a discussion with a stakeholder of the infrastructure company or vehicle.

Examples of sustainability related engagement programs include, but are not limited to, engaging with suppliers and/or contractors regarding their sustainability practices when procuring material or working for the respective infrastructure company or vehicle.

Requirements

Select yes or no. If yes, disclose where the online information can be found.

Evidence: URL. Ensure that the hyperlink is not outdated and the relevant page is directly accessible. It is possible to provide multiple hyperlinks.

  • The supporting evidence should display how the sustainability related engagement with the stakeholder creates a channel that would not have been there before and allows for identification of other sustainability trends & risks to the infrastructure company or vehicle.

Such engagement could deal with topics such as air pollution or waste for example.

The engagement ideally improves the relationships with stakeholders, allowing them to come back with feedback that would not have been received otherwise.

A best practice example would include:

  • A clear outline of what the engagement project is and how it relates to a sustainability aspect
  • How frequently and with which stakeholder this engagement is carried out
  • A clear relationship between the effort made, and the value-added

Scoring

The answer options are validated using the hyperlink(s) collected by GRESB or provided by the constituent. Points are contingent upon the validity of the disclosure.

References

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-12

GRI Sustainability Reporting Standards, 2016: 102-43, Approach to stakeholder engagement

Appendix 1

Assurance and Verification Schemes