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Resilient governance

Objective

Redefine International will uphold the highest standards of ethical behaviour and actively support our workforce. The Group seeks to operate in a manner that fosters open stakeholder engagement and demonstrates best practice in social and environmental risk management.

Approach 

Redefine International seeks to operate efficient processes and procedures that demonstrate social and environmental risk management, and foster open stakeholder engagement. The Group will also continue to uphold the highest standards of ethical behaviour and actively support our workforce.

The Group's approach to maintaining these commitments includes:

  • complying with all applicable regulation and preparing for anticipated future regulation, and its implications;
  • providing confidence to stakeholders of our sound management of CSR risks through our ongoing participation in the most prominent industry benchmark survey, the Global Real Estate Sustainability Benchmark (“GRESB”);
  • ensuring employees receive appropriate training on social and environmental issues, and providing bespoke training on sustainability topics to those that require it;
  • maintaining best practice in health and safety management to the benefit of tenants, contractors, customers and employees;
  • appointing firstclass sustainability advisers to provide leadership and guidance on sustainability across the business;
  • operating a robust data management system to ensure our disclosure and reporting is accurate; and
  • fostering a culture of openness.

Employees

Approach

With respect to our employees, the Group will:

  • ensure that no applicant or employee is discriminated against either directly or indirectly;
  • treat all employees, prospective employees, agents, contractors, tenants, and suppliers fairly and equally, regardless of their gender, age, race, sexuality or disability;
  • promote staff training and development with a focus on fostering innovation;
  • seek to diversify our workforce to support the nature of the Company’s operations or the communities in which we operate, whilst maintaining our responsibility to select the best candidate;
  • recognise our social and moral duty to offer opportunities to people with disabilities and doing all that is practicable to meet their needs;
  • uphold our commitments under our Code of Ethics which promotes honesty and integrity in business dealings and conduct commensurate with an organisation of our size. Any breaches will lead to disciplinary proceedings and, if appropriate, disciplinary action; and
  • all employees are provided with a handbook outlining the Company’s key policies, which are designed to encourage a pleasant working environment, free from discrimination, undue stress or bullying. The Company recognises, respects and upholds all UK employment rights and human rights.

Performance

Solid progress was made during 2016 in relation to CSR governance.

We recognise the importance of staying ahead of regulatory changes. The Company has therefore spent considerable time during 2016 compiling EPC data ahead of the Minimum Energy Efficiency Standards (“MEES”) regulations to identify and address those units where ratings had not been collected together with addressing those with F and G ratings. We have also conducted the Group’s Energy Savings Opportunity Scheme (“ESOS”) assessment.

Redefine International submitted its first fully participating response to the GRESB survey in 2016. We’re extremely pleased to report a 65 per cent increase in the overall score achieved. Notwithstanding the work that still needs to be completed, this is a great result and demonstrates our commitment to sustainability in what we do and positions the Company well for the future.

All employees and Directors received training on CSR issues during 2015 with training in 2016 being limited to new employees at our Shopping Centres. Training for all staff is scheduled to occur again during 2017.

Redefine International is pleased to have appointed a Group Health & Safety Manager during the year whose role it is to provide guidance and support to tenants, contractors, customers and employees alike.

During the year the Group changed its CSR advisers from Jones Lang LaSalle to Savills. Savills are the dominant property manager assigned to the Group’s UK portfolio therefore it made sound commercial sense to combine the two from the perspective of efficient data management and reporting. The CSR Committee were extremely impressed with the high level of competency demonstrated by the Savills sustainability team who were appointed in March.

The Committee extends its sincere thanks to Jones Lang LaSalle for their support in development of the Group’s CSR strategy and framework.

The Group continues to reap the benefits of an environmental data reporting system which is able to collect and analyse quarterly performance data from a growing portfolio. The Company has met our obligations under the CRC Energy Efficiency Scheme with allowances purchased to cover 2016 emissions of 8,590 tonnes of CO2 at a cost of £145,171.

Redefine International is committed to maintaining its culture of openness and transparency. Team spirit is fostered through regular meetings and team building days to encourage the different departments to work together and for staff to discuss matters with the executives on an informal basis. As the Company expands, and the number of employees and responsibilities increase, the Board committees have ensured that the necessary internal controls have been implemented, and that executives and employees remain well rewarded. The Board recognises the importance of culture and providing a good working environment to attract and retain high calibre staff. To this end, a survey was undertaken during the year to ascertain whether employees felt valued and motivated. The Board was pleased that there was a positive response to the survey and it was noted that analysts regard Redefine International to have a highquality management team, that boasts one of the best net cost per head rates in the sector.

The Company has sought to extend diversity within the Group. Board diversity is unchanged during the year and is being considered by the Nominations Committee. Diversity at senior management level has improved with the appointment of a female Head of Investor Relations during the year.

Employee turnover has remained relatively high as in the previous year but in line with the pace of change the Group continues to experience.

All employees are based in the UK or Germany, where there are few human rights issues. No human rights concerns or whistleblowing reports were received from employees during the year.

 

Further information

For further information on the Group's Health & Safety Policy and Anti-Bribery Policy, click here 

The Board reviews the Group's Anti-Bribery and Health & Safety Policies annually and these are communicated to all the Group's employees. Staff training is provided periodically.

We confirm that no disciplinary events have occurred nor fines imposed on the Company in relation to Anti-Bribery or corruption.

All employees of our retail business received Health & Safety training during the last three years.

Our performance and targets

 

Case studies

Title PDF
CSR – Birchwood shopping centre, Warrington pdf, 576KB, opens in a new window
Grand Arcade – Community Initiative pdf, 720KB, opens in a new window