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2023

Infrastructure Public Disclosure

Reference Guide

Contents

Disclaimer: 2023 GRESB Infrastructure Public Disclosure Reference Guide

The 2023 GRESB Infrastructure Public Disclosure Reference Guide (“Reference Guide”) accompanies the 2023 GRESB Infrastructure Public Disclosure Indicators and is published both as a standalone document and in the GRESB Portal alongside each Assessment indicator. 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 property rights in all the information contained in the Reference Guide. We will publicly announce any such modifications.

About GRESB

Mission-driven and investor-led, GRESB is the environmental, social and governance (ESG) benchmark for real assets. We work in collaboration with the industry to provide standardized and validated ESG data to the capital markets. The 2022 Real Estate benchmark covered more than 1,800 property companies, real estate investment trusts (REITs), funds, and developers. Our coverage for Infrastructure is more than 800 infrastructure funds and assets. Combined, GRESB represents USD 8.6 trillion AUM. More than 170 institutional investors, with over USD 51 trillion AUM, use GRESB data to monitor their investments, engage with their managers, and make decisions that lead to a more sustainable real asset industry.

For more information, visit gresb.com. Follow GRESB on LinkedIn or @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 2022 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.

2023 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. In 2019 GRESB Infrastructure released its own Infrastructure Public Disclosure dataset for the first time. This year's Infrastructure Public Disclosure indicators have remained the same as those used in 2020, 2021 and 2022 datasets.

As with prior years, 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, namely sector and primary location. This methodology is already being applied in the GRESB Infrastructure Asset Assessment using the GRESB Materiality Assessment which assigns levels of relevancy to different ESG issues based on a set of factors that the participant fills out. Infrastructure Public Disclosure uses the issues affected by sector and primary location to determine the relevancies of certain issues covered by its indicators. If a factor is of medium or high relevance it affects a participant's score. If the relevance is deemed to be low or not relevant, the issue does not affect a participants score. For more information on how this works feel free to try out our

GRESB Infrastructure Public Disclosure Indicators

The Infrastructure Public Disclosoure Dataset contains 30 indicators that assess the transparency of each entity assessed. A further 2 indicators are included in order to determine materiality of some of the ESG issues contained within the assessment and allow for sector and geography specific variables to be taken into account.

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.

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 ESG issues.

References

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.

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.

Scoring

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

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.

References

EDHECinfra, The Infrastructure Company Classification Standards (TICCS™️), 2022

Disclosure Methods

5.2 points , 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.

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.

Stand-alone Sustainability Report: The report must reference the reporting year or the year prior. For example, a Sustainability Report referencing 2021 or 2020 actions and/or performance, is valid. A Sustainability Report in reference to 2020 or earlier is not valid. Standalone sustainability reports must be published separately from the Annual Report.

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.

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 participating entity.

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.

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

5.2 points , 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.

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.

Annual Report: The report must reference actions and/or performance from the reporting year. For an entity reporting on calendar year 2021, the Annual Report must cover the year January -December 2021. An Annual Report referencing 2020 calendar year actions and/or performance is not valid unless it is explicitly noted that the 2020 Annual Report has not been published yet.

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.

Terminology

Annual report: A yearly record of an entity’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 participating entity.

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

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

5.2 points , 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.

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.

Integrated Report: The document upload or URL provided must contain clear evidence of alignment with the International Integrated Reporting Council (IIRC) Integrated Reporting Framework (December 2013). Integrated reports can reference 2020, 2019, or 2018 performance and/or actions.

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.

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 participating entity.

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.

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

3.1 points , 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.

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.

Terminology

Dedicated section on corporate website: A section of the entity’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 participating entity.

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

Intent

The intent of this indicator is to assess the entity's commitment to ESG leadership standards or principles. By making a commitment to ESG leadership standards or principles, an entity publicly demonstrates its commitment to ESG, uses organizational standards and/or frameworks that are universally accepted and may have obligations to comply with the standards and/or frameworks.

Requirements

Select Yes or No: If selecting Yes, select applicable sub-options.

Public commitment:Commitment must be public (e.g via public register) and the entity a member/signatory.

Requires action:The commitment requires the entity to take action (where participant has indicated that it does).

Scoring

This indicator is not scored and is for reporting purposes only.

Terminology

EV100:

A global initiative bringing together forward looking companies committed to accelerating the transition to electric vehicles (EVs) and making electric transport the new normal by 2030.

RE100:

RE100 is a global initiative uniting businesses committed to 100% renewable electricity, working to massively increase demand for and delivery of renewable energy. RE100 is convened by The Climate Group in partnership with CDP.

Powering PastCoal Alliance (PPCA):

A coalition of countries, states and business working towards the global phase-out of unabated coal power.

Science Based Targets Initiative:

The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature (WWF) which has a goal of enabling companies setting science based targets to reduce GHG emissions.

Task Force on Climate-related Financial Disclosures:

The Task Force on Climate-related Financial Disclosures will develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders.

The Responsible Labor Initiative (RLI):

A multi-industry, multi-stakeholder collaboration stemming out of the forced labor commitments and programs of the Responsible Business Alliance (RBA), formerly the Electronic Industry Citizenship Coalition (EICC).

UNFCCC Climate Neutral Now Pledge

A pledge representing a group of signatory companies and governments taking the lead on reducing emissions and accelerating the global journey to a climate-neutral future.

UN Global Compact:

The UN Global Compact is a voluntary initiative based on CEO commitments to implement universal sustainability principles and to take steps to support UN goals.

UN Global Compact Our Only Future:

A global movement of leading companies aligning their businesses with the most ambitious aim of the Paris Agreement, to limit global temperature rise to 1.5°C above pre-industrial levels.

World Business Council for Sustainable Development’s Call to Action:

A global, CEO-led organization of over 200 leading businesses working together to accelerate the transition to a sustainable world and helping member companies become more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and societies.

WorldGBC’s Net Zero Carbon Buildings Commitment:

The Net Zero Carbon Buildings Commitment (the Commitment) challenges companies, cities, states and regions to reach Net Zero operating emissions in their portfolios by 2030, and to advocate for all buildings to be Net Zero in operation by 2050.

30% Club:

A campaign group of Chairs and CEOs taking action to increase gender diversity on boards and senior management teams.

Governance of Sustainability

1.6 points , 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.

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.

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 participating entity.

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.

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

1.6 points , 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.

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.

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 participating entity.

Environmental objectives: Overall environmental goal, arising from the environmental policy, that an entity sets itself to achieve. The objectives should be quantifiable and correlated with the entity’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.

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

1.6 points , 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.

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.

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 participating entity.

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.

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

1.6 points , G

Intent

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

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.

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 participating entity.

Governance objectives: Objectives to improve entity governance. These can relate to governance structures and composition of the entity 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.

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

2.1 points , 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.

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.

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 ESG 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 participating entity.

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

References

RI Standards (2021): 2-12 Role of the highest governance body in overseeing the management of impacts

GRI Reporting Standards (2021): 2-14 Role of the highest governance body in sustainability reporting

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

3.1 points , 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.

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.

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 participating entity.

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, contamination, GHG emissions, energy, water, waste, natural hazards, supply chain environmental standards, and product and service-related impacts, as well as environmental compliance and expenditures.

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

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; GRI, 416

3.1 points , 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.

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.

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 participating entity.

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

Social issues: Concerns the impacts the entity has on the social systems within which it operates. This includes, but is not limited to community social and economic impacts, safety, health & well-being.

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; GRI, 416

ILO Declaration on Fundamental Principles and Rights at Work

3.1 points , 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.

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.

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 participating entity.

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

References

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

GRI Reporting Standards (2021): 2-19: Remuneration Policies and 205: Anti Corruption

RobecoSAM Corporate Sustainability Assessment (2017): 3.1.7

3.1 points , 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.

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 a date beyond the current reporting year provided in the Entity Characteristics of your entity. Select "manage" in your asssessment view of the portal to adjust this for any entity

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.

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 participating entity.

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.

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

3.1 points , 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.

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.

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 participating entity.

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 entity’s ESG leadership efforts, setting it apart from other entities (e.g. research publications, philanthropic efforts, or unique ESG related innovations).

5.2 points , 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.

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.

Alignment and accreditation are not scored differently.

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.

3.1 points , 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.

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 9 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 certification templates document(see Appendix 10).

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.

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 participating entity.

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

Operational Performance

Determined by materiality , 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.

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.

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 participating entity.

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.

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

Determined by materiality , 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.

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.

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 participating entity.

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.

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;

  • SDG 14: Life Below Water
  • SDG 15: Life on Land

Determined by materiality , E

Intent

The intent of this indicator is to assess the entity’s measurement of and target setting for energy performance. The use of energy is both a direct cost and a critical source of local, regional, and global environmental impacts.

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.

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 participating entity.

Energy data: Data obtained through monitoring the energy consumption or production 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.

References

RI Reporting Standards (2021): 2-12 - Role of the highest governance body in overseeing the management of impacts

GRI Reporting Standards (2021): 2-14 - Role of the highest governance body in sustainability reporting

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

4.2 points , 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.

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.

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 participating entity.

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.

Employee: Individual who is in an employment relationship with the entity, according to national law or its application.

Contractor: Person or organization working onsite or offsite on behalf of an entity. A contractor can contract their own workers directly, or contract subcontractors or independent contractors. Suppliers are not considered contractors for the purpose of this indicator.

User: Users are people that interact physically with the asset when they use its services.

Community: Persons or groups of people living and/or working in any areas that are economically, socially or environmentally impacted (positively or negatively) by the operations.

References

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

UN Sustainable Development Goals relevant for this indicator;

Determined by materiality , 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.

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.

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 participating entity.

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.

References

GHG Protocol Scope II Guidance, 2020

Realpac, Whose Carbon is it?, 2010

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

Determined by materiality , E

Intent

Disclosure of water inflows/withdrawal 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.

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.

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 participating entity.

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 inflows/withdrawals: Water drawn into the boundaries of the entity from all sources (including surface water, ground water, rainwater, and municipal water supply) as well as water reuse, efficiency, and recycling, including the entity's consideration of whether water sources are significantly affected by withdrawal of water.

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

Determined by materiality , E

Intent

The intent of this indicator is to assess the entity’s measurement of water outflows/discharges. 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.

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.

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 participating entity.

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 outflows/discharges: Discharge of water to water bodies (e.g. lakes, rivers, oceans, aquifers and groundwater) or to third-parties for treatment or use.

References

CDP, Water Questionnaire, 2017

Global Reporting Initiative, GRI 303: Water, 2016

UN Sustainable Development Goals relevant for this indicator;

Determined by materiality , E

Intent

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

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.

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 participating entity.

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.

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.

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

3.1 points , 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.

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.

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 participating entity.

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 based on the reporting year provided in the Entity Characteristics of your entity. Select "manage" in your assessment view of the portal to adjust this for any entity

References

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

3.1 points , 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.

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.

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 participating entity.

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.

References

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

GRI Reporting Standards, 2021: 2-29, Approach to stakeholder engagement

3.1 points , 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.

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.

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 participating entity.

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.

References

GRI Reporting Standards, 2021: 2-29, Approach to stakeholder engagement

3.1 points , 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 participating entity.

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

3.1 points , 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.

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.

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 participating entity.

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.

References

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

GRI Reporting Standards, 2021: 2-29, Approach to stakeholder engagement

Appendix 1

Assurance and Verification Schemes