At Mindspace REIT, our endeavor to emerge as a responsible organization motivates us to implement sustainable business practices across our operations. We are firmly committed to sustainable value creation for the environment, society and our organization by integrating an ESG-led approach. Our commitment is guided by our purpose and vision to create a lasting value for all our stakeholders.
Building a sustainable ecosystem
To be a sustainability leader in the realty industry by creating long-term value for stakeholders through ESG focused business strategy
Our ESG Strategic Framework is a multi-pronged approach that aims at creating value for all our stakeholders. The framework is driven by our resolute purpose of building an ecosystem that prioritizes environmental wellbeing, societal development and mainstreaming the principles of responsible business conduct.
Supported by our purpose, we have identified the key strategic pillars that encompass the aspects of ESG pertaining to the nature of our business. These pillars are the cornerstones of our ESG strategy that enable us to focus on and respond to material issues in order to fuel our growth and create value for all.
Through our strategic pillars, we have outlined the focus areas, which are critical to our business. These focus areas help us in developing and implementing meaningful initiatives that aim at addressing key material issues and exploiting opportunities.
We have a robust governance system that guides us in all our initiatives and ensures that our efforts are on the right path.
Through our responsible operations, we aim to minimize our impact on the environment by adopting sustainable practices such as optimum utilization of resources, integrating technological interventions, and promoting green energy across all our projects. Our focus areas under this strategic pillar include aspiring for carbon neutral operations and developing sustainable futuristic buildings.
Carbon Neutral Operations
We are mindful of the emissions generated through our business operations. We are committed to implement required measures 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, amongst other initiatives.
We develop smart and futuristic 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, we endeavor to effectively manage water, adopt the concept of circular economy across our value chain, and achieving accreditations that makes us a reliable partner.
Policy Support: We have developed a Resource Conservation and Efficiency policy, which emphasizes on our efforts towards using resources sustainably. The policy serves as a guidance document to develop and implement programs in line with our focus areas.
Our efforts are directed at the development of our employees by providing them relevant opportunities to learn and grow. We take resolute efforts to meet the evolving needs of our tenants. Our initiatives also extend towards uplifting the communities that surround us.
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 place a great emphasis on employee learning and development to encourage our employees to upgrade their personal and professional competencies. In addition to this, we believe that a diverse workforce is critical to our organization’s growth. We aim to promote a culture of diversity and inclusion to motivate our employees to share different opinions and perspectives.
Community and Tenant Relationships
We aim to ensure continuous engagement with our surrounding community and tenants to identify and address key issues, and to operate in a responsible manner. Our goal is to uplift the society by contributing towards their development by providing them the opportunities to thrive. Also, we aspire to regularly interact with our tenants to understand their expectations and acting on them to accelerate the satisfaction level of our tenant base.
Health and Safety
We prioritize on the health and safety aspect 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 right strategies in our business activities to monitor and assess health-related risks and address them.
Policy Support: Our Employee & Community Relations policy establishes guidelines to ensure good health and wellbeing of our employees and strong relationship with our communities.
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 a great emphasis on applying stringent measures while empaneling suppliers.
Human Rights & Ethical Conduct
We strive to respect Human Rights of stakeholders across our value chain on a foundation of ethical conduct for sustained economic growth. To this end, we focus on respecting the rights of the local communities by preventing human rights violations. Also, we aim to maintain a reliable grievance mechanism that helps us to record grievances and feedbacks, and take necessary actions to address them.
Responsible Sourcing & Supplier Engagement
Through our initiatives, we aim to apply stringent measures while sourcing or empanelling suppliers through a Supplier Code of Conduct that outlines the behaviours, which we expect of our suppliers to adhere to. Furthermore, we strive to take efforts during the process of supplier selection by screening them based on the ESG criteria.
We aim to build a responsible portfolio to minimize environmental footprint and mitigate climate risks. We plan to do this by integrating the aspects of ESG into our decision-making process to make responsible investments.
Policy Support: We have implemented the Responsible Business Conduct policy, which highlights our commitment to highest standards of ethical conduct and integrity. This policy guides the development and implementation of the programs that we endeavor to take for building a responsible portfolio.
Mindspace REIT’s ESG strategy is supported by a robust governance structure that acts as a guiding light towards achieving our purpose. Our governance structure ensures accountability, integrity and balance of authority by clearly defined roles and responsibilities of all the committees. Mindspace REIT’s corporate governance is summarized below:
ESG Steering Committee
The ESG Steering Committee comprises representatives from different functions. The Committee is primarily responsible for implementing the ESG strategy and roadmap. Additionally, it helps in providing the direction to the ESG programs.
The Committee appoints ESG mentors to lead various projects centered around our focus areas. The Committee provides guidance and operational insights to the ESG mentors. Furthermore, it meets on a quarterly basis to review the activities to ensure effective implementation of the programs.
The ESG mentors lead the initiatives under the strategic pillars. The mentors coordinate with the cross-functional teams to gather the resources required for the implementation of the initiatives. They are responsible for reviewing the Key Performance Indicators (KPIs) and targets. Additionally, the mentors oversee management processes to ensure compliance with regulatory standards and policies.
ESG Core Working Group
The ESG Core Working Group comprises Sustainability Champions who are responsible for the implementation of initiatives at the assigned asset. In addition to this, the Group is also accountable for recording and maintaining the ESG data, inputs and relevant information. Additionally, the core working group is responsible for engaging with the stakeholders including external rating agencies and auditors.