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MITCHELL GOLDHAR

Executive Chairman and CEO

Message from the Executive Chairman and CEO

At SmartCentres, we take the long view.

For over 30 years, we have been building better, more affordable communities across Canada through enhancing access to convenient, value oriented retail options.

“It means doing the right thing and creating lasting value in the communities in which we operate for our tenants and our unitholders.”

ESG SNAPSHOT

200+

PROJECTS IDENTIFIED FOR LAND INTENSIFICATION

94%

of retail sites with BOMA Best Silver Achieved in 2022

55%

OF RETAIL TENANT PORTFOLIO COMMITTED TO NET ZERO BY 2050

227

Electric vehicle charging Stations at properties

3,000

RESIDENTS IN OCCUPANCY AT SMARTVMC

50+

COMMUNITY, FUNDRAISING & CHARITABLE EVENTS

Environment

Because our business is buildings, SmartCentres strives to find new methods of reducing its environmental footprint.

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Our Environmental Initiatives

We are continually exploring and implementing environmental programs and technologies that will minimize our environmental footprint while providing an attractive return on investment.

To date we have installed or initiated:
  • 170+ EV chargers at 14 locations, with 40 additional SmartCentres branded EV planned
  • High albedo roofs and solar panels on a number of our shopping centres
  • LED lighting retrofits and automated control systems
  • Stormwater management and drought resistant landscaping
  • Waste management and diversion programs

Green Buildings

Green building certifications such as LEED and BOMA Best provide an independent means of identifying sustainably constructed and operated buildings. We currently have two LEED certified buildings and 36 BOMA Best certified buildings.

In 2021, we:
  • Initiated a portfolio-wide energy measurement program in order to establish a baseline
  • Initiated a portfolio-wide water use and waste management program in order to establish a baseline
  • Submitted our initial GRESB benchmark survey

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Social

People matter most for us. That means being an enlightened employer, landlord, partner, and member of the community.

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Our Communities

For over 30 years, SmartCentres has been an integral part of thriving Canadian communities.
As long-term neighbours invested in the success of the neighbour¬hoods in which we build, we proactively seek to engage, understand, and support community groups through open communication, sponsorships, and events.

In 2022, we:
  • Launched our ‘Helping People, Changing Lives’ program where employees
    volunteered hours to various charitable organizations.
  • Recorded 1475 hours in Training & Development programs.
  • Set and achieved social objectives including conducting Employee and Tenant Satisfaction Surveys.
  • A) Undertook a Company-wide employee satisfaction survey. The top three outcomes were:
    • A 91% response rate – reflecting a very high participation and reliability in the results;
    • A 75% overall satisfaction score;
    • Implementation of specific action items by the organization including greater health and wellness accessibility, as well as a new employee healthcare spending account.
  • B) Undertook a Tenant Satisfaction Survey
    • Based on the key outcomes, SmartCentres initiated a number of enhanced tenant communications to address concerns raised.
    • In addition, SmartCentres initiated community communications to ensure tenants and their customers were aware of changing regulation and what was being done by the landlord to keep everyone safe and minimize risk.
In 2021, we:
  • Provided space for 18 COVID vaccination clinics
  • Made donations on behalf of each of our 385 Associates to help another person in need in our community. Our donations supported the Vaughan Food Bank, Moisson Montreal Food Bank, Vancouver Food Bank, The Scott Mission and The Ronald McDonald House.
  • Encouraged SmartCentres Associates to donate over 150 toys and bikes to the City of Vaughan Toy Drive and CP24 CHUM Christmas Wish

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Governance

SmartCentres is committed to the highest standards of corporate governance.

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Board Oversight of ESG

SmartCentres has a longstanding commitment to conduct our business in a manner that is ethical, transparent, and accountable to our investors and other stakeholders. This includes the way we oversee and manage ESG related matters. SmartCentres’ Board of Trustees (the Board) is responsible for governance and oversight of ESG Strategy.

In 2022, we:
  • Set and achieved objectives for Governance including updating the Privacy and Cyber-Security Policy
  • Formalized the constitution of the Board of Trustee ESG committee
  • Integrated ESG targets into compensation assessment of all employees
  • Board of Trustees engaged with top institutional unitholders to gather feedback
In 2021, we:
  • Established an orientation program for new Trustees and new committee members that includes ESG-related issues
  • Provided an ESG educational presentation to the Board
  • Approved the ESG Materiality Assessment and management’s 3-year ESG plan
  • Began to integrate ESG responsibilities into Board Committee charters
  • Initiated quarterly management updates to the Board on ESG progress

Board Composition And Diversity

Our Board is comprised of a group of highly experienced professionals with a diverse mix of skills, experience, knowledge, and backgrounds. The Corporate Governance Committee reviews the skills, knowledge, and effectiveness of the Board, its committees, and individual Trustees on an annual basis. Trustees are encouraged to attend educational events to deepen their knowledge. A list of events attended by our Trustees in 2021 is provided in the 2022 Management Information Circular.

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