Our approach
Sep 28, 2018

We recognise that environmental, social and governance factors not only influence the long-term returns of our investment portfolios, but also impact the communities in which we operate.

As part of our commitment to delivering strong long-term investment performance to our clients, we integrate ESG considerations into our investment decision making process – from the top down and the bottom up.

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 and weighted to ensure transparency, outcomes and accountability.

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

Report profile

Our ESG report is distributed annually, aligning in 2018 with the release of the first QIC Sustainability Report.

The report is aligned to the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards in accordance with their ‘Core’ option.

This report:

  • Follows our 2017 ESG report, released on 29 September 2017
  • Covers the economic, environmental and social topics we consider material to our business, as identified under the GRI 103 Standards 
  • Incorporates a GRI Content Index with links to content under the GRI topics - we strive to continuously increase the number of topics we report against
  • Covers the physical Australian assets we manage, encompassing relevant properties held under the QIC Property Fund (QPF), the QIC Shopping Centre Fund (QSCF), the QIC Government Office Fund (QGOF), the QIC Active Retail Property Fund (QARP), and the QIC Australian Core Plus Fund (QACPF).
Independent audit

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

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

WSP Parsons Brickerhoff was engaged to provide a data assurance statement covering energy (electricity and gas), water and greenhouse gas inventories for 2017. The GHG and Energy was reported in accordance with the Greenhouse Gas Protocol – WSP has conducted the assurance review in accordance with the Corporate Accounting and Reporting Standard (ISO 14065).

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)
  • Property Council of Australia (PCA)
  • Global Real Estate Sustainability Benchmark (GRESB)
  • Global Reporting Initiative (GRI)
  • National Greenhouse and Energy Reporting Scheme (NGER).
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.

ESG strategy and minimum standards

Our ESG strategy and minimum standards were developed to assist in ensuring our sustainability objectives are incorporated and measured consistently across the portfolio, as well as clearly demonstrating sustainability performance and commitment to our stakeholders.

Mandatory standards and ESG guidelines are applied to standing assets and our development projects to ensure our properties will be designed and managed against our eight core focus areas.

As part of our commitment to ongoing review and improvements, we have implemented a new section on water harvesting and recycling in 2018.

Environmental Management System

The purpose of the QICGRE Environmental Management System (EMS) is to provide a framework to protect the environment and respond to changing environmental conditions in balance with socioeconomic needs. It specifies requirements that enable QICGRE to achieve the following intended outcomes:

  • Enhancement of environmental performance and operational efficiency
  • Fulfilment of compliance obligations 
  • Achievement of environmental objectives. 

The EMS is consistent with the recognised international standard AS/NZS ISO 14001:2016 Environmental Management Systems – Requirements with Guidance for Use (ISO 14001). A significant project has been undertaken this year, in collaboration with independent external advisors, to review and evolve the EMS to be more comprehensive and incorporate new focus areas.

Providing a systematic approach to environmental management, the EMS provides information to build success over the long term and creates options for contributing to sustainable development. An important element of this approach is this detailed environmental management manual to guide construction, major renovation and operational activities. 

This EMS manual establishes the processes and procedures for identifying, monitoring and addressing QICGRE’s environmental aspects and impacts, using the Plan-Do-Check-Act approach outlined in ISO 14001:

  • Plan: establish environmental objectives and processes necessary to deliver results in accordance with QIC’s environmental policy
  • Do: implement the processes as planned
  • Check: monitor and measure progress against the environmental policy, including its commitments, environmental objectives and operating criteria, and report the results
  • Act: take actions to continually improve.

The principal elements of the EMS are outlined below:

ESG 2018
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