Integrity and transparency |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its boundaries | How we create value, Glossary | |
103-2 | The management approach and its components | How we create value, Internal controls and risk management | |
103-3 | Evaluation of the management approach | The management approach is evaluated monthly and the findings from the monitoring and testing programme of compliance are reported to and discussed with the statutory Board of Directors . In addition, quarterly and annual reports on compliance-related findings are reported to investors and the Supervisory Board. In 2018, Bouwinvest also conducted a Systematic Integrity Risk Analysis (SIRA). There were no compliance incidents in 2018 . The company did identify several potential improvements in the course of the year. One of these is the improved alignment of the compliance programme with the risk framework to report on risk aspects rather than the operation of the regulations. We started on this project in 2018. | |
205-3 | Confirmed incidents of corruption and actions taken | There were no instances of corruption in 2018. | |
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Energy |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its boundaries | How we create value | |
103-2 | The management approach and its components | How we create value, Strategy responsible investment and business, Responsible investment, About this report | |
103-3 | Evaluation of the management approach | Each quarter, the reduction in energy consumption realised per sector fund, complete with an evaluation, is reported to the Board of Directors and investors. In the third quarter, the fund strategy and fund plan for the next three years are revised and submitted to the investors for approval. During the revision of the strategy, the ESG targets (including energy reduction) are evaluated and the approach and the targets are adjusted if this is deemed necessary. Last year, the auditor provided assurance for the KPI 'energy reduction' for the first time.
It emerged from the evaluation of the energy reduction of the Dutch funds that our energy provider makes the energy consumption data available too late to report on and evaluate the reduction realised in the previous quarter. This is why the reporting on this KPI is always a quarter in arrears. To gain access to this data earlier, in 2019 Bouwinvest plans to work on gaining direct access to energy consumption data via its own energy data management system, which will enable us to report on energy consumption in a timely manner and make any adjustments that may be required. As a result of the GRI evaluation, we now plan to use a baseline year. This will be included in the next evaluation.
Responsible investment, About this report | |
302-4 | Reduction of energy consumption | We have not set a baseline year for the reduction of energy consumption. We have a year-on-year reduction target in connection with the like-for-like portfolio comparison. Responsible investment,About this report, ESG performance indicators | |
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Emissions |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its boundaries | Bouwinvest has no direct influence on the emissions of its tenants
How we create value | |
103-2 | The management approach and its components | How we create value | |
103-3 | Evaluation of the management approach | The CO2 emissions reduction is an expression of energy reduction that is evaluated each quarter and reported to the Board of Directors and investors. The reduction of the CO2 emissions of the real estate portfolio is calculated on an annual basis and reported in the annual reports at fund and group level. The outcome is then evaluated and adjustments are made if necessary. The 1.3% emissions reduction is not (yet) in line with our target of 2%, despite the measures the funds have taken. This target has not been achieved due to the fact that the most impactful measure we have taken, the installation of solar panels on our rental homes, contributes to the CO2 reduction of our tenants. This year we will devote more attention to measures that impact our CO2 emissions as a landlord and we will look at whether we can incorporate the CO2 emission reduction in our quarterly reporting to increase the frequency of our evaluations . | |
305-5 | Reduction of GHG emissions | We have not set a baseline year for the reduction of GHG emissions. We do have a year-on-year reduction target in connection with the like-for-like portfolio comparison.
ESG performance indicators, Glossary | |
305-4 | GHG emissions intensity | ESG performance indicators, Glossary | |
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Occupational Health & Safety |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | For new-build projects, Bouwinvest primarily closes turnkey contracts with project developers. Because the developer is the contract party to the contractor, we have no direct influence on the agreements related to contractor's registration of the construction site as a considerate construction site.
How we create value | |
103-2 | The management approach and its components | How we create value | |
103-3 | Evaluation of the management approach | Considerate construction sites are reported twice yearly to the Board of Directors and the shareholder. If necessary, adjustments are then made. We publish the results in the annual report and this is audited by the auditor.
Despite the fact that Bouwinvest managed to get one of the largest construction projects in the portfolio (Central Park in Utrecht) registered as a considerate construction site, we failed to achieve our target . The main reason why construction companies do not register as Considerate Constructors is the extra effort required and the registration costs.
Responsible investment | |
403-7 | Prevention and mitigation of occupational health
and safety impacts directly linked by business
relationships | Responsible investment, ESG performance indicators | |
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Construction and real estate |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its boundaries | Strategy responsible investment and business | |
103-2 | The management approach and its components | Responsible investment | |
103-3 | Evaluation of the management approach | Bouwinvest reports its sustainability performance to investors each quarter at fund, mandate and group level, complete with evaluation. In the third quarter, the strategies for the funds/mandates for the next three years are revised and submitted to investors for approval. During the revision of the strategy, the ESG targets are evaluated and the approach and the targets are adjusted if this is deemed necessary. The auditor provided assurance for the related KPIs for the first time in 2018.
The results were in line with expectations and are above our minimum target. Bouwinvest consequently raised the target for the next three years. The approach was not changed. Responsible investment, Glossary | |
405-1 | TYPE AND NUMBER OF SUSTAINABILITY CERTIFICATION, RATING AND LABELING SCHEMES FOR NEW CONSTRUCTION, MANAGEMENT, OCCUPATION AND REDEVELOPMENT | Responsible investment, ESG performance indicators | |
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Cybersecurity and privacy |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | IT and data-related sections of buildings do not fall within the scope of the management approach.
How we create value | |
103-2 | The management approach and its components | Bouwinvest's goal is: no significant incidents in the field of personal data.
How we create value | |
103-3 | Evaluation of the management approach | Bouwinvest uses the annual Systematic Integrity Risk Analysis to evaluate privacy and the processing of personal data. In 2018, two data breaches were reported and investigated. Bouwinvest consequently took additional control measures. For instance, the company agreed with one of its data processors that files would no longer be stored locally and only on network drives. In the case of another processor, the parties reviewed the work instructions for the use of a specific application. | |
418-1 | Substantiated complaints concerning breaches of customer
privacy and losses of customer data | In 2018, Bouwinvest did not receive any privacy-related reports from external parties. Nor did the company receive any significant privacy-related reports from regulatory bodies. Two data breaches were reported and investigated in 2018. | |
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Responsible organisation |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | Trends, How we create value | |
103-2 | The management approach and its components | How we create value | |
103-3 | Evaluation of the management approach | The Residential Fund's acquisition team monitors the number of mid-rental segment homes that are acquired. Investment proposals for acquisitions state explicitly whether a complex contains mid-rental segment homes and how many it contains, plus what conditions have been set for the mid-rental segment homes. At the end of each year, the result is explained in the Residential Fund's annual report . In 2018, the Residential Fund added 756 rental homes in the mid-rental segment (rental price from €711 to €1,250 per month) to its portfolio. This addition was in line with the residential fund's target to add 1,500 homes in this segment to its portfolio in the period 2018-2020. In view of the sharp rise in owner-occupier house prices over the past few years and the measures local authorities are taking to increase the number of homes for low-income and middle-income households, we will continue to focus on the addition of homes in this residential segment to our portfolio.
We have decided that in 2019 we will increase our focus on the lower end of the mid-rental segment (€711 to € 1,000 per month) as there is huge demand for homes in this segment. One of our targets on this front is related to the number of homes in this lower end of the mid-rental segment are included in new acquisitions. | |
Company specific, no direct relation with GRI or SASB standard | Add residential units in mid-rental segment | In 2018, the Residential Fund added 756 homes in the mid-rental segment (rental price from €711 to €1,250 per month ) to its portfolio, with 613 of these in the lower mid-rental segment (€711 to €1,000 per month). | |
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Satisfied tenants and users |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | How we create value | |
103-2 | The management approach and its components | Both Bouwinvest and its property managers are in regular contact with its tenants and users. Each quarter, both parties share their experiences with tenants and users. The two also conduct periodic surveys among these target groups on specific topics to gain more insight into their needs and requirements. To gain more insight into client contacts and the quality of the services we provide, we have started a project to fully digitalise the so-called client journey of our tenants and users. How we create value | |
103-3 | Evaluation of the management approach | We measure the satisfaction of our tenants via an annual tenants satisfaction survey. The teams in direct contact with tenant evaluate the results of this survey. Any actions aimed at improving the above-mentioned client journey are included in the annual planning cycle. We also publish the results of the survey in our annual reports. And we discuss the results of the survey with our property managers, so they can make their own contribution.
We scored an average of 7.4 in our most recent tenant satisfaction surveys, which is above our target and in line with our expectations. Following an evaluation, we have decided that we want to improve the comparability of our surveys. We are therefore planning to study how we can increase the uniformity and consistency of the questions and topics in our surveys.
Key figures
Glossary | |
Company specific, no direct relation with GRI or SASB standard | Average tenant satisfaction | Key figures, ESG performance indicators | |
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Client-centric approach to investors |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | How we create value | |
103-2 | The management approach and its components | How we create value | |
103-3 | Evaluation of the management approach | Client satisfaction is our highest priority. This is why we take into account the wishes of our clients when developing products and take client feedback very seriously. Bouwinvest conducts regular client satisfaction surveys among its clients and set itself the goal of an average client appreciation score of at least 7. The results of the surveys are discussed with the Board of Directors and reported in the annual report. The most recent client satisfaction survey among our investors showed an upward line and was in line with our expectations. It turns out that in practical terms it is not always feasible to conduct the survey at the current frequency of once every two years. Client focus is strategically important, so we have made that a collective goal for all employees in 2019. We have also raised our target to a minimum score of 7.5 from 2019 onwards.
Key figures, ESG performance indicators, Glossary | |
Company specific, no direct relation with GRI or SASB standard | Average client appreciation | Key figures, ESG performance indicators | |
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Satisfied and engaged employees |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | How we create value | |
103-2 | The management approach and its components | The employee satisfaction survey revealed quite clearly that the quality of the working environment was inadequate. We reached agreement with the owner of our head office on improvements to the building and the renewal of technical installations. This project was started in 2018. We also modernised the work stations and adjusted them to modern requirements in 2018.
How we create value, Responsible business | |
103-3 | Evaluation of the management approach | To evaluate the satisfaction and engagement of our employees, we conduct an employee satisfaction survey every two years. We have this survey conducted by an external agency to increase its independence and reliability. We compare the results of our survey with those of other companies in the financial services sector. We discuss the results at a special employee meeting. We also do a deep dive into the scores per department and share any insights with the manager involved. We include potential improvements in our business planning. Our scores have been increasing every year for a number of years. The high response rate of 96% shows that our employees are enthusiastic about the survey. This reinforces our conviction that this approach works. We are the highest rated employer in the financial sector. However, a number of issues, such as office accommodation, efficiency and client focus will require additional attention in the coming period if we are to strengthen our solid position on the employment market. Following an evaluation, we have decided to raise our target to a minimum score of 7.5 for the next survey, which will be conducted in 2019. Key figures | |
Company specific, no direct relation with GRI or SASB standard | Average employee satisfaction | Key figures | |
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Technology and innovation |
GRI Standard | GRI disclosure | Reference or information | Omissions |
103 1-3 | Disclosure of Management Approach (DMA) | | |
103-1 | Explanation of the material topic and its Boundaries | How we create value | |
103-2 | The management approach and its components | How we create value | |
103-3 | Evaluation of the management approach | Each month, the CSR & Innovation department reports to the CEO on the progress made on innovations within Bouwinvest. The topics discussed include new and completed innovations. In addition to this, the department holds periodic discussions with the management and the Board of Directors to determine where more innovations are most needed. The CSR & Innovation department subsequently explores ways to meet these needs. This could be via an 'innovation cafe', where the topic is discussed with employees, talks with new players, or talks with innovation platforms. In 2018, Bouwinvest devoted extra attention to the topics of mobility, process automation and climate change.
Since 2017, Bouwinvest has been affiliated with the Holland Contech & Proptech platform. This platform organises various inspiring meetings and conferences that were attended by Bouwinvest employees. In 2018, we saw a need for a new platform, where Bouwinvest and other real estate players could exchange their knowledge and experiences of innovations and new technologies. This is why decided to join the ProptechNL platform, which is smaller and devotes a great deal of attention to the application of innovations at companies. We are particularly interested in blockchain technology, in view of the impact this has on increased transparency in the real estate market at an international level, plus the potential it offers to automate our business operations. We expect to learn more about the potential of this technology via our participation in the FIBREE platform. | |
Company specific, no direct relation with GRI or SASB standard | Connect with network and knowledge platforms in the field of innovation and technology | Our goal for last year was to join various knowledge platforms in the field of real estate and innovation. In 2018, Bouwinvest joined three knowledge platforms focused on innovation, new technologies and real estate. These are: Holland Contech & Proptech, ProptechNL and the Foundation for International Blockchain and Real Estate Expertise (FIBREE).
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