Overview

Sustainability. Ecology. Prudence.

ESG at Mindspace REIT

Mindspace REIT has always deeply valued its people, communities, and the environment it operates in, while upholding corporate governance practices and aligning the interest of each stakeholder across – employees, vendors, occupiers, investors and unitholders.

The last two years have created a paradigm shift in perspectives towards sustainability. It has pushed organizations to intensify efforts in combating material ESG issues around their businesses. While our people remain invested in interventions that are good for the environment and working towards building strong communities; our investors regard us for our sustainability practices and high standards of governance. As we clearly chart out our ESG roadmap, we are encouraged by our tenants, some of the most revered global IT and corporate giants, whose ESG commitments seamlessly merge with ours. This enables us, with ease of executing our ESG priorities, to create a robust sustainable future.

Our responsibility encompasses every square foot of the workspaces that we nurture. Our sustainability approach is multi-pronged and converges Environmental, Social and Governance (ESG) aspects to create long-term value for all stakeholders. As a responsible business entity, we develop and execute mindful strategies that are in sync with our sustainability ambition and include:

  • Being a sustainability leader in the realty industry
  • Creating long-term value for stakeholders through an ESG focused business strategy
  • Prudent use of resources while building assets that are designed to be resource efficient through their lifecycle
  • Building a robust governance framework that provides relevant guidance to function ethically

While we are embedding sustainability across every aspect of our operations, we are deeply humbled by the commitment of stakeholders who support our growth journey. It is their invaluable trust that enables us to emerge as a more resilient and responsible business enterprise.

Our ESG commitments

We have aligned our ESG strategy to 10 out of the 17 Sustainable Development Goals (SDGs) that are defined by the United Nations Development Program (UNDP)


Overview

ESG framework

Aligned with our purpose of building an ecosystem that prioritizes environmental wellbeing, societal development, and mainstreaming the principles of rightful business conduct, our ESG framework identifies key pillars that have material impact on our value-creating abilities.

These have helped us set targets against which we measure our progress. A cornerstone for our sustainability outlook, these pillars have drawn key focus areas to build meaningful initiatives that allow us to create sustainable value for our stakeholders.

FY22 highlights

Environment

30-95%

Reduction in water consumption

80-100%

Reuse of construction waste

35%

Reduction in freshwater usage by re-use of treated water

Social

27%

Women at management level

9

Average ESG Training Hours per employee

300+

Employee hours spent on volunteering

+80%

Employee retention rate

Governance

66.67%

Ratio of Independent Directors to total Board as on March 31, 2022

100%

Key employees have been provided training on the anti-corruption policy

Resource Conservation and Efficiency

Through our mindful strategies, we aim to minimize impact on the environment by adopting sustainable practices such as optimum resource utilization, integrating technological interventions, working towards carbon-neutral operations and promoting green energy across all our projects.

Focus Area 1

Carbon Neutral Operations

Focus Area 2

Futuristic Buildings

Focus Area 1

Carbon Neutral Operations

Our aim is to decarbonize our business activities to transition towards a low-carbon economy. In this effort, our focus is directed towards reducing GHG emissions, adopting renewable sources of energy, and improving energy efficiency, among other initiatives.

Targets

Short term
Long term
Key KPI 1: Scope 1 + Scope 2 Emission Reduction
2025

21%

Reduction in emissions

2030

42%

Reduction in emissions

Key KPI 2: Share of Renewable Energy
2025

35%

Renewable energy in total energy mix (RE100)

2030

50%

Renewable energy in total energy mix (RE100)

Focus Area 2

Futuristic Green Buildings

We develop smart and futuristic green buildings that can be instrumental in implementing digital interventions, reducing power consumption, improving water savings, and enhancing resource efficiency to create more sustainable spaces. Through this initiative, we endeavor to effectively manage water, adopt the concept of a circular economy across our business, and accomplish accreditations that make us a reliable partner.

Targets

Short term
Long term
Key KPI 3: LEED Certified/IGBC certification
Year-on-year

100%

of all new developments to be LEED/IGBC certified with minimum Gold rating

2025

95%

Of total portfolio to be LEED/ IGBC certified with minimum Gold rating

Employee and Community Relations

Our efforts are directed at the holistic development of our employees by providing them relevant opportunities to learn and grow. We strive to meet the evolving needs of our tenants. Our initiatives also extend towards uplifting the communities around us.

Focus Area 3

Human Capital Development

Focus Area 4

Health and Safety

Focus Area 3

Human Capital Development

We recognize our workforce as our most valued asset. Hence, we focus on investing in the overall development of our employees and promote diverse views to fuel organizational growth. To this end, we emphasize employee learning and development to encourage our employees to upgrade their personal and professional competencies.

Targets

Short term
Long term
Key KPI 4: Gender Diversity
2022

27%

Women at management level

2023

29%

Women at management level

Key KPI 5: Training Hours
2022

9 hours

Average ESG training hours per employee

2023

10 hours

Average ESG training hours per employee

Focus Area 4

Health and Safety

We prioritize the health and safety aspects of our business. In this regard, we aim to undertake measures to ensure utmost health and safety of our employees and tenants. We endeavor to do this by incorporating the right strategies in our business activities to monitor and assess health-related risks and address them.

Targets

Short term
Long term
Key KPI 6: Number of Fatalities
Year-on-year

Aim to ensure

Zero fatalities

Responsible Business Conduct

We are committed to the highest standards of ethical conduct and integrity across our organization. We respect human rights of the stakeholders across our value chain. Also, we place great emphasize on applying stringent measures while empaneling suppliers to make sure they align with our sustainability vision.

Focus Area 5

Responsible Sourcing & Supplier Engagement

Focus Area 5

Responsible Sourcing & Supplier Engagement

Through our initiatives, we aim to apply stringent measures while sourcing or empaneling suppliers. Furthermore, we choose partners through extensive screening based on the ESG criteria.

Targets

Short term
Long term
Key KPI 7: Suppliers Covered Under Supplier Code of Conduct
2025

All Tier 1

Suppliers to be covered under Supplier Code of Conduct

2030

100%

Suppliers to be covered under Supplier Code of Conduct

Key KPI 8: Local Sourcing
2023

25%

of total value of all civil material

2025

40%

of total value of all civil material