Our material ESG issues.
We are focused on our material ESG issues, which extends beyond reporting on them.
We recognise that sustainability is an important part of Precinct's business activities.
Precinct's Material Topics
Precinct’s material topics presented above are based on the materiality assessment undertaken in 2022 and meets the requirements of the updated GRI Standards 2021.
This analysis considered our organisation’s local operating environment, NZ legislation, industry standards, publicly available reporting of our peers in New Zealand and Australia and the opinions of sustainability experts. Our material ESG topics consider a wide range of information sources, including the opinion of our key stakeholders via interviews, research and surveys.
You can click here to read more in our 2022 Annual Report.
Client wellbeing is critical to the long-term success of our business. It's our goal to create environments in which our clients can thrive.
As a key goal, client wellbeing drives our lease renewal rates, the ability to attract and retain clients and the longevity of leases, making it a highly material issue.
Precinct treats its occupiers as valued clients. We consider their wellbeing to include economic success, positive social outcomes and benefiting from a healthy occupational environment. Our client focused approach applies through the full range of client interactions. This is from parking and concierge services, presentation of lobbies through to dealings in lease negotiations.
Health and Safety
As a corporate value and legislative requirement, health and safety is a material topic which we and our key stakeholders are committed to addressing.
The financial performance of Precinct is a highly material topic. Disclosure of our financial performance can be found in our annual reports and includes Precinct's financial statements.
Partnerships and Community
As a significant commercial real estate owner in Auckland and Wellington city centres the quality of our relationships with key partners and our communities are critical to our own success and the sustainable development outcomes we aspire to. We understand it's about people and supporting the communities in which we operate in.
The way we invest and develop, and the partnerships we foster are vital to the development of strong relationships within the communities where we operate. We see our business activity as a platform for strengthening communities and for creating environments in which people can thrive.
The quality of our relationships with key partners and our communities are critical to our own success and the sustainable development outcomes we aspire to. This makes the topic of Partnerships and Community a material one for Precinct.
Precinct supports both Auckland City Mission and Wellington City Mission. In addition to financial support, Precinct actively works together with both Missions on fundraising initiatives throughout the year.
In 2018 Precinct agreed to a 5-year financial commitment over and above our annual investment level to support Auckland City Mission’s HomeGround project – a multi-million dollar project which will create 80 new studio and one-bedroom units on the Mission’s current site. Homelessness is a significant issue in Auckland with a 2018 study identifying 336 people living without shelter and nearly 3000 people in temporary accommodation.
Developing and delivering sustainable designs for our built spaces is a learning journey for Precinct. Our ambition is to create spaces which generate environmental, social and economic benefits for a sustainable future.
We define sustainable design in our operational context as the process for creating built spaces which deliver net positive environmental, social and economic value.
Ethical Business Practice
Precinct is committed to the highest ethical standards and integrity.
Our Code of Ethics includes a whistle-blowing clause for reporting unethical or unlawful behaviour and the full code can be found on our website.
Precinct understands the business and cultural benefits of achieving a diverse and highly inclusive workforce. We are committed to promoting and improving diversity and inclusion at all levels across our business. Diversity includes, but is not limited to gender, age, disability, ethnicity, marital or family status, socio-economic background, religious or cultural background, sexual orientation and gender identity. Our core values, stakeholder expectations and NZX reporting requirements make diversity a material topic.
We are proud to be a member of Diversity Works New Zealand and proud to support The Women’s Empowerment Principles, a joint initiative of the UN Global Compact and UN Women. Precinct also supports TupuToa, a program launched in 2016 by the Maori and Pasifika corporate pathways project in conjunction with support from Global Women. Since it's inception, Precinct has recruited interns through this programme which has been very successful.
We have received Rainbow Tick Certification. Rainbow Tick is about accepting and valuing people in the workplace, embracing the diversity of sexual and gender identities.
We are also proud of Precinct's inclusion in the Bloomberg 2020 Gender-Equality Index (GEI). The 2020 Gender-Equality Index comprises 325 companies with a combined market capitalisation of USD12 trillion, headquartered in 42 countries and regions from 50 industries. Precinct's inclusion in this year's GEI is setting an example to advance women in the workplace through measurement and transparency.
Our approach to managing diversity is guided by our Diversity and Inclusion Policy.
Building Environmental Performance
Growing awareness of buildings’ environmental impacts and clients’ increased expectations, make the environmental performance of our buildings a material issue. The environmental performance of our buildings includes the energy they consume, the waste they generate and their operational carbon footprints. To manage our buildings’ environmental performance we’ve taken a disciplined approach to meeting our clients’ expectations around optimal operating conditions while maintaining a focus on energy efficiency.