Our approach to ESG
Sep 28, 2017

We consider ESG risk and opportunities throughout the entire lifecycle of our investment process: acquisition, active management, asset creation and divestment.

We undertake careful consideration of our ESG priorities under the framework of our Responsible Investment Policy, ESG Strategy and Minimum Standards, and Environmental Management System.

Our ESG investment objectives are the responsibility of all of our employees and partners, and key performance indicators related to ESG are linked to remuneration, transparency, outcomes, and driving accountability.

For more information, visit the Global Real Estate ESG Profile.

Report Profile

Our ESG report is distributed annually alongside GRE’s QIC Property Fund and QIC Shopping Centre Fund Annual Reports. The report is aligned to the Global Reporting Initiative’s (GRI) G4 Sustainability Reporting Guidelines in accordance with their ‘Core’ option.

This report:

  • Follows our 2016 ESG report, released on 30 September 2016
  • Covers the economic, environmental and social aspects we consider material to our business, as identified under the GRI G4 criteria
  • Incorporates a GRI Index with links to content under the G4 indicators - we strive to continuously increase the number of indicators we report against
  • Covers the physical domestic assets we manage, encompassing relevant properties held under the QIC Shopping Centre Fund (QSCF), the QIC Property Fund (QPF), the QIC Government Office Fund (QGOF), the QIC Active Retail Property Fund (QARP), and the recently formed QIC Australian Core Plus Fund (QACPF).
Independent Audit

An independent consultancy, Energetics, was engaged to assist with definitions of material boundaries and aspects for this report.

They also undertook a full review of the report, in alignment with the GRI G4 Guidelines, and provided independent validation.

WSP Parsons Brickerhoff was engaged to conduct an independent third party review of the greenhouse gas, energy and water inventories for 2016, in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (ISO 14064-3).

Memberships and Charters

QIC maintains memberships and affiliations with the following organisations and governing bodies, to provide overarching direction and oversight of our management of ESG across our asset portfolio:

  • United Nationals Principles for Responsible Investment (UNPRI)
  • Responsible Investment Association of Australasia (RIAA)
  • Investor Group on Climate Change (IGCC)
  • ESG Research Australia
  • Green Building Council of Australia (GBCA)
  • Global Real Estate Sustainability Benchmark (GRESB) Survey
  • Global Reporting Initiative (GRI) annual reporting requirements
  • National Greenhouse and Energy Reporting Scheme (NGER) annual reporting on energy use and greenhouse gas (GHG) emissions.
QIC Global Real Estate Sustainability Committee

Our ESG initiatives are governed and controlled by a Sustainability Committee chaired by Managing Director – Global Real Estate, Steven Leigh.

The committee includes senior directors from across our business as well as the Head of Responsible Investment and QICGRE’s National Sustainability Manager. The Committee sets the framework, priorities and implementation of ESG initiatives across our portfolio.

At a corporate level QIC has recently established an ESG Advisory Committee. The purpose of this management committee is to provide advice to the QIC Board on responsible investment matters.

Corporate Social Investment Framework

In 2016, QICGRE established a Corporate Social Investment (CSI) Framework to guide the way we contribute to the social, environmental and economic development of the communities within our sphere of influence through the establishment of partnership programs led by our core assets.

The CSI Framework focuses on the concept of creating shared value, through delivering outcomes that empower communities to address their priorities, while also being relevant for our business, and leveraging those opportunities which emerge from private investment in ways that are sustainable.

We’ve devised three primary areas of support, which can be applied across our asset portfolio to maximise efficiency and value – these areas are:

  • Overcoming social and economic disadvantage and fostering community vitality
  • Equality of educational opportunities
  • Championing sustainable environmental practices.

Delivered through our assets, we are partnering with our communities to deliver tangible and valuable ESG initiatives as a fundamental part of QIC’s responsible investment effort.

GRESB

The Global Real Estate Sustainability Benchmark (GRESB) survey provides visibility and transparency on the sustainability performance of investment portfolios and benchmarks their investments across the global property sector, providing comparative business intelligence and a roadmap for improving ESG performance.

Since commencing GRESB reporting in 2012, QICGRE has shown consistent improvement in its GRESB score and has outperformed both the GRESB average and its peer average over time.

QICGRE is ranked in the top 10% of participating real estate divisions globally. In 2017, all QICGRE funds improved their overall scores, moving up significantly in both regional and global rankings. 'Green Star' rating was maintained across all four funds.

FUND 2017 Improvement Overall Score vs Aust. Peers Global Ranking Australian Peer Ranking
QIC Shopping Centre Fund (QSCF) +8 90 vs 86 26 out of 823 5 out of 12
QIC Property Fund (QPF) +7 89 vs 86 31 out of 823 6 out of 12
QIC Government Office Fund (QGOF) +9 88 vs 77 40 out of 823 4 out of 19
QIC Active Retail Property Fund (QARP) + 4 87 vs 86 44 out of 733 7 out of 12
Environmental Management System

QICGRE’s integrated Environmental Management System (EMS) provides a structured management system to help the team to monitor and manage environmental impacts resulting from its business activities and to improve its environmental performance.

The EMS is consistent with the recognised international standard AS/NZS ISO 14001:2015, Environmental Management Systems – Specification with Guidance for Use (ISO 14001). Principal elements of the system include policy implementation, planning, implementation and operation, checking and review.

Specifically, the EMS covers the following aspects:

  • Greenhouse gas emissions
  • Building safety and materials
  • Transportation
  • Contamination
  • Natural hazards
  • Climate change
  • Socio-economic considerations
  • Regulatory obligations
  • Health and wellbeing (as it relates to building design and tenants, staff and customers).
image
Tags
ESG 2017