ENVIRONMENTAL
SOCIAL GOVERNANCE.
MITCHELL GOLDHAR
Executive Chair and CEO
ESG Highlights and Achievements
Environmental
55%
of retail tenant portfolio committed to net zero by 2050 and growing
231
Electric vehicle charging stations across
the portfolio
90%
of retail properties achieved
BOMA Best Gold certification
Governance
38%
of Board directors are women
75%
of Board directors are independent
31 POINT INCREASE
in 2024 Global Real Estate Sustainability Benchmark score over 2022 submission 1
Our ESG Approach
We maintain a three-year rolling plan and update our ESG strategy on an annual basis. Outlined below are our current ESG Objectives
At SmartCentres, we are committed to doing our part to reduce our contributions to climate change.
By Actioning our Net Zero Strategy
- Commenced development of Net Zero Strategy
- Identified baseline of emissions, from operations, tenant-controlled spaces and embodied carbon from developments
- Looking how we can work with tenants to meet our mutual net zero goals
By Managing Risk Associated with Climate Change
- Completed Scenario Analysis to identify the risk and opportunities that will impact our business under different climate warming scenarios
- Communicated findings and actioned recommendations
By Assessing Green Financing Opportunities
- To benefit our business, we evaluate sustainable financing options like sustainability linked loans and green bonds for low carbon technologies like district energy and geothermal
As a leading owner and operator of value-oriented open air shopping centres, seeking out continuous, incremental improvements is in our DNA.
Supporting for our Tenants to
- Meet our mutual environmental goals for energy, water and waste management through Green Leases
- To meet tenant net zero commitments- 55% of our retail tenant GLA have committed to net zero by 2050.
- Improve exterior lighting with our extensive LED retrofit program
Obtain Green Building Certifications
- 90% of SmartCentres’ retail properties achieved BOMA Best Gold Certification in 2023 Supporting Sustainable Transportation
- By providing access to EV charging and bicycle racks across our portfolio
SmartCentres is committed to developing mixed-use communities that prioritize people and the planet in the built environment.
Holistic Approach to Building Complete Communities
- Include high-quality, accessible buildings, and usable spaces
- Incorporating diverse perspectives in how communities are designed
- To create places where people want to live, and businesses want to operate
Creating Transit-Oriented Communities
- Built around fast and frequent public transit
- Supports residents to reduce emissions from transportation
Sustainable Communities
- Densification of existing properties
- Walkable, pedestrian-friendly communities, with segregated bike lanes
- Hierarchy of open spaces that put nature and green space at the heart of design
Reducing our GHG emissions across our portfolio is important to our tenants, our customers and our investors.
The journey to reducing our GHG emissions from our operations and development activities are continuing to mature for SmartCentres as we look to expand our understanding of climate related emissions associated with our tenant-controlled spaces, and emissions associated with the embodied carbon from our growing development pipeline.
Social
People matter most for us. That means being an enlightened employer, landlord, partner and member of the community.
Strive to create an environment where our people feel feels welcomed, supported and valued; a place where they know they can grow.
Support our Associates
- Employee Engagement Survey with high response rate of 91%
- Achieved high satisfaction score of 75%
- Extensive benefit programs, SmartCentres proactively supports the health and wellbeing of our Associates
Diversity, Equity, Inclusion, and Belonging
- Committed to fostering a diverse, equitable, and inclusive work environment
- People managers are trained in fair selection processes
- Continually monitor and report on progress for diversity metrics
Talent Management
- Program to identify high-potential individuals and support career development
- Charter Professional Accreditation program, to support Associates obtain professional designation
- Learning Management System platform gives Associates access to learning content to improve their skills, knowledge and capabilities
We believe strongly that our collaborative approach to ESG is having an impact, which is why we will continue to work with our tenants on the sustainability initiatives that matter to them.
Strong long-term relationships with Tenants
- Monthly communications with our tenants on sustainability best practices
- Regular meetings with tenant representatives to discuss to sustainability topics
- Undertook a Tenant Satisfaction Survey and actioned program to address findings
For over 30 years, SmartCentres has been an integral part of thriving Canadian communities.
Supporting the Communities where we own and operate
- Long-term neighbours invested in the success of the neighbourhoods
- Developments include “Super Amenities” which provide dedicated areas for exercise, mindfulness, social connections, childcare, and healthcare
- Proactively seek to engage, understand, and support community groups through open communication, sponsorships, and events
At SmartCentres, we care about doing the right thing. Taking care of the needs of all Canadians is central to our purpose, and that includes our Associates. We believe that our success is rooted in our people and culture.
SmartCentres’ approach to Corporate Governance is supported by the pillars of risk management, accountability, enhanced technology, and improved reporting.
Management Responsibility
- Enhanced governance through improved enterprise resource planning systems, updated segregation of duties and authority levels
- Completed an enterprise risk management to update its general risk management process
- Measured performance of its Executive Officers, and all Associates, against personal-level performance as well as a set of trust-level performance metrics, or “Trust Targets”
- Risk management practices are engrained in our corporate culture and ensure a strong control environment Associate Code of Conduct
- All Associates will endeavour to conduct themselves in a professional and courteous manner that is consistent with the Code of Business Conduct
- Effective use of technology is being embedded into processes to create efficiency and engage with our Associates ESG Oversight and Learning
- We work to maintain a high level of competency through ongoing staff training and routine assessment of areas.
- Associates access to learning content to improve their skills, knowledge and capabilities
- A management taskforce to oversee the day-to-day progression of SmartCentres’ key ESG initiatives
The Board believes that sound governance practices are essential to achieve the best long-term interests of SmartCentres.
Responsible for the stewardship of SmartCentres
- Annually adopts and annually reviews a strategic planning process
- Approves the strategic plan of SmartCentres, which takes into account, among other things, the opportunities and risks of the business
- Comprised of a group of highly experienced professionals with a diverse mix of skills, experience, knowledge, and backgrounds
38%
of Board Trustees are women
15%
of Board Trustees are visible minorities
75%
of Board Trustees are independent
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