Primaris REIT is committed to achieving our business objectives, while acting in a manner consistent with our core values and commitment to best practices. This includes consideration of the impacts our assets and operations have on the environment and the communities where we operate, as well as fostering strong relationships with our employees, tenants, transaction counterparties, and our investors.
To support this commitment, and in addition to adhering to environmental laws and regulations, we have adopted the following pillars:
Environment
To reduce our environmental footprint and use resources efficiently.
Social
To be an inclusive employer and landlord of choice, and a community gathering place.
Governance
To maintain integration and oversight of ESG into our strong governance and disclosure practices.
Steps Included:
1. Integration into the Board Mandate
2. ESG Materiality Assessment
3. Integration into Enterprise Risk Management
4. Strategic Plan and Implementation Roadmap
ESG Journey
In 2022, Primaris developed a Board-led three-year ESG strategic plan that aligns to the Trust’s mission, vision, values, and business strategy, and supports long-term value creation. The 2023-2025 ESG strategic plan (the “ESG Plan”) identifies Primaris’ key ESG priorities, goals, actions, and performance measures. The ESG Plan will evolve over time as Primaris progresses and adapts to the changing needs of operating and investing environments.
The ESG Plan has evolved over time as Primaris progresses and adapts to the changing needs of operating and investing environments. The ESG Plan focuses on materiality, broad stakeholder perspectives, accountability and measurable results. It is aligned to the ESG standards, frameworks, and potential incoming regulation on which investors concentrate, including the Sustainability Accounting Standards Board (“SASB”) Real Estate Standard (IF-RE), recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), Canadian Sustainability Disclosure Standards (“CSDS”) S1 and S2 standards; and GRESB, the global ESG benchmark for real assets.
Through transparency and measurable action, the ESG Plan is intended to safeguard financial success and reputation. Primaris approached the development of the ESG Plan by first creating a strong governance foundation.
Environment | Social | Governance | |
---|---|---|---|
Reduce our environmental footprint and use resources efficiently | Be an inclusive employer and landlord of choice, and provide community gathering places | Integrate ESG into our strong governance and disclosure practices | |
Material ESG Factors | Energy management* | Tenant relations* | Business ethics and transparency* |
GHG emissions and climate change* | Employee relations* | Supply chain | |
Water and waste management | Community relations | ||
Tenant sustainability impacts | |||
Green buildings |
*denotes material ESG factors that are core to Primaris
Approach to ESG
Primaris organized the material ESG factors identified in the ESG materiality assessment into three ESG pillars:
Linking ESG to Strategic Pillars
Primaris has a well-articulated business strategy comprised of three pillars:
Retailer Affordability
Consolidation Opportunity
Disciplined Capital Allocation
The REIT’s material ESG factors are strongly linked to business strategy:
Material ESG Factors | Link to Strategic Objectives | |||
---|---|---|---|---|
Retailer Affordability | Consolidation Opportunity | Capital Allocation | ||
Environment | Energy Management* | |||
GHG Emissions & Climate Change* | ||||
Water and Waste Management | ||||
Tenant Sustainability Impacts | ||||
Green Buildings | ||||
Social | Tenant Relations* | |||
Employee Relations* | ||||
Community Relations | ||||
Governance | Business Ethics & Transparency* | |||
Supply Chain |
Primaris has five material ESG factors under the Environmental pillar – energy management, tenant sustainability impacts, GHG emissions and climate change, green buildings, and water and waste management.
Energy Management
Integrate energy considerations into property investment analysis and operational strategy
Reduce energy consumption
Increase energy efficiency
GHG Emissions & Climate
Reduce GHG Emissions
Manage climate-related risks
Green Buildings
Integrate green building considerations into property investment analysis and operational strategy
Increase green building certification levels
Tenant Sustainability Impacts
Increase tenant sub-metering
Increase tenant engagement in ESG operational initiatives
Water & Waste Management
Reduce water use and increase efficiency
Reduce waste generation
Be an inclusive employer and landlord of choice, and provide community gathering places.
Tenant Relations
Continuous improvement of tenant engagement and satisfaction
Maintain high standards of tenant success
Employee Relations
Maintain high standards of employee health, safety and wellbeing
Improve employee engagement
Enhance employee training
Community Relations
Maintain high standards of community engagement
Provide community support
Integrate ESG into our strong governance and disclosure practices.
Business Ethics & Transparency
Primaris is committed to prudent business ethics and transparency. We work towards achieving best practice in everything we do. Primaris’ Board was formed with all non-management Trustees being independent, each of whom was carefully selected for their specific skill sets and expertise, relevant to our business. Our Board is a tremendous strategic resource to management and investors.
The Board has adopted a written code of business conduct and ethics (the “Code of Conduct”) that applies to all Trustees, officers, and employees of the REIT. The Code of Conduct provides guidelines for maintaining the integrity, reputation, honesty, objectivity and impartiality of the REIT and its agents.
Primaris comprehensive policy library can be found in the investor relations section of the website, under Governance Documents or additional information can be found in our ESG Report.
Supply Chain
The procurement process is an effective way to integrate Primaris’ sustainability-specific requirements into its supply chain and to manage supply chain risks. Primaris’ supply chain engagement program incorporates ESG policies, program review and evaluation, and feedback sessions with stakeholders. Topics covered within the program include business ethics, environmental and human health-based process and product standards, health, safety, wellbeing, labour standards and working conditions. Primaris’ procurement policy applies to external contractors and suppliers.
For More Information
For more information about ESG at Primaris email ESG@primarisreit.com or you can view the 2024 ESG report. Additional information about Primaris REIT has been filed electronically with the Canadian securities regulatory authorities and is available online at www.sedarplus.ca.