Charter Hall Group For personal use only - ASX › asxpdf › 20131216 › pdf › 42ln0r30svypm1.pdf · 2013-12-16 · Charter Hall Group, our managed funds, wholesale unlisted,

Charter Hall GroupCorporate Responsibility & Sustainability Report 2013

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About this ReportCharter Hall Group (Charter Hall or the Group) publishes sustainability performance data on an annual basis to assist stakeholders in understanding the environmental, social and economic challenges facing our business, and the steps we are taking to respond to these in order to deliver long-term sustainable growth.

This Report is the second annual review of the Group’s corporate responsibility and sustainability practices and achievements, and covers the 2013 financial year (FY13). The Report focuses on our operations and properties in Australia. Our European, New Zealand and United States properties have again been excluded from this Report as these have been identified for sale.

The environmental data presented covers the activities over which Charter Hall has operational control in Australia as defined by the National Energy and Greenhouse Reporting (NGER) Act. The employee data only covers our Australian based employees.

Financial information in the Report is based on Charter Hall’s Securityholder Review and Annual Report summarising performance for the year to 30 June 2013, unless otherwise stated. The Corporate Responsibility & Sustainability (CR&S) Report, together with the Securityholder Review and Annual Report, provide a full account of performance for the reporting period.

We have prepared our Report in accordance with the Global Reporting Initiative G3.1 Reporting Guidelines to achieve a C application level. Banarra has provided independent limited verification of this Report in accordance with the GRI Reporting Principles with the exception of our energy and greenhouse data which has been independently assured by Environmental Resources Management (ERM).

Highlights 1

A Message from the Leadership 2

Who We Are and What We Do 4

What We Stand For 6

Our Strategy 7

Our Approach to CR&S 8

Our Stakeholders 10

Key Issues 11

Contents

Focus Areas 12

Sustainable Business 14

Our Workplace 18

The Environment 22

The Community 26

GRI Tables 28

Independent Verification Statement 32

Coles Distribution Centre, Perth WA

Cover: No.1 Martin Place, Sydney NSW

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Charter Hall / Corporate Responsibility & Sustainability Report 2013 / 1

Highlights

11.3%increase in operating EPS1

$1.2 billion in new equity secured

6.1Weighted average lease expiry

48%Representation of women in our workforce

97%Occupancy

6%Improvement in energy efficiency of office portfolio

$3.1 billionof transactions

18%Australian funds under management (FUM) growth

years

1. FY12 comparison excludes specific items.

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2

A Message from the Leadership

Welcome to Charter Hall’s second Corporate Responsibility and Sustainability (CR&S) Report which covers our activities for FY13.

Our vision is to be the smart property choice and we constantly strive to be smart about every aspect of what we do in order to create value. Corporate responsibility and sustainability considerations are important elements of this and are critical to how we enhance financial, social and environmental value across our business.

Last year our inaugural CR&S Report was an important step in the Group’s sustainability journey, as we committed to improve the transparency of information provided to our stakeholders by sharing how we build sustainability considerations into both our business strategy and operations.

This Report shows how we have built on the achievements highlighted in our inaugural Report and focuses on new initiatives undertaken since that time.

We know that sustainable, long-term success depends on strong relationships with our stakeholders, be they investors, securityholders, communities, tenants or our employees and we are always looking for ways to strengthen these relationships.

The Report’s theme of listening, understanding and acting reflects the approach we take to corporate responsibility and sustainability. We realise that it is only through careful and active engagement with our stakeholders that we can understand their opinions and priorities. This engagement is behind our strategic decision to refocus our strategy to concentrate on the core Australian property sectors of office, retail and industrial, which in turn positions us for sustainable, long-term success.

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David SouthonJoint Managing Director

David HarrisonJoint Managing Director


Our strategy of accessing, deploying and managing equity in Australian property and investing alongside our capital partners has enabled our business to generate superior income and capital growth – Charter Hall Group was the top performing Australian Real Estate Investment Trust (REIT) over financial year 2013, with a total shareholder return of 80.6% and 18% growth in Australian funds under management to $10.3 billion (total portfolio).

Our four core sustainability focus areas and priority objectives remain unchanged. They are: positioning our business for sustained success; reducing our environmental footprint and adding value to our properties; creating a workplace which supports high performing people; and engaging with communities and helping them to thrive.

We realise we are on a journey and we are gaining momentum in each of these focus areas. One highlight has been the number of new investment initiatives we have launched this year, with current partners looking to extend their portfolios and new partners choosing to invest with us. This growth is a recognition of our expertise, strong track record and ultimately our ability to deliver smart solutions. We have started our workplace journey and have made progress in embedding a new collaborative culture, and we are excited about our plans in this area for the next financial year.

We remain committed to achieving strong and sustainable returns for all our investors and to making a positive contribution to all of our other stakeholders over financial year 2014.

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Canberraa

4

Who We Are and What We DoCharter Hall Group is one of Australia’s leading property groups, with a total property portfolio worth more than $10 billion. We’re one of Australia’s largest third-party managers of both office space and supermarket-anchored retail centres, and we have a rapidly growing stable of industrial assets.

We’ve had over 22 years of experience delivering our strategy of accessing, deploying and managing equity in Australian office, retail and industrial property and investing alongside our capital partners. This strategy has enabled us to deliver smart property outcomes on behalf of our institutional, wholesale and retail investors.

Our integrated business model, coupled with our highly skilled and motivated team of around 300 employees across investment management, asset management, property management and project delivery, produces sustainable returns for our investors and positive experiences for our tenants and the community.

The Charter Hall Group was the top performing Australian Real Estate Investment Trust (REIT) over FY13, with a total shareholder return of 80.6% and 18% growth in Australian funds under management (FUM).

Charter Hall listed on the Australian Securities Exchange in 2005, under ASX Code CHC, with a total market capitalisation of $270 million. At the year end we were valued at approximately $1.2 billion. Charter Hall Group is a stapled security comprising a share in Charter Hall Limited (CHL), the operating business, and a unit in Charter Hall Property Trust (CHPT) that predominantly co-invests in the funds and partnerships the Group manages.

17 Office 9 Retail 11 Industrial 5

Total 25

EmployeesWestern Australian Assets

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Canberraa



Total 38


Total 71


Total 5


Total 36

Office 1 Retail 3 Industrial 2

Total 6


Total 6

Employee

Employees

Employees

Employees

Employees

Queensland Assets

New South Wales Assets

ACT Assets

Victorian Assets

Tasmanian Assets

South Australian Assets

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6

What We Stand For

We are committed to delivering strong and sustainable returns for our investors and securityholders, as well as positive experiences for our tenants and the community. We want to become Australia’s leading property investment and funds management business.

We take a hands-on approach by being responsible for our properties and accountable to our funds, clients and securityholders.

We are always looking for ways to strengthen our relationships with all our stakeholders, by listening to their needs and aspirations, seeking to understand their concerns and acting in their best interests. We want to be a trusted partner for all our stakeholders.

Our vision is for Charter Hall to be the smart property choice. This vision is supported by our values of integrity, accountability, collaboration, expertise and passion, which guide our people in everything they do.

Our values

Accountability Own the issue and the solution – be dependable

Be the spark that ignites others everydayPassion

Collaboration Share your brilliance with others to grow your success

Integrity The right thing before anything

Expertise Use your smarts and those around you

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Our Strategy

We use our specialist property expertise to access third-party capital from multiple sources of equity: wholesale, retail and listed. We aim to deploy that capital through creating and identifying attractive investment opportunities in Australia; managing those investments going forward; and utilising our balance sheet to invest alongside our partners, creating strong financial alignment.

This strategy enables us to create long-term sustainable value and generate superior income and capital returns for investors and Charter Hall securityholders.

As a fully integrated business with an experienced team, we are set up to make smart decisions about property and property funds.

Our vision guides our strategy of accessing, deploying, managing and investing equity in the core real estate sectors of office, retail and industrial.

Singleton Square, Singleton NSW

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ListeningUnderstanding

8

Our Approach to Corporate Responsibility and Sustainability

Corporate responsibility and sustainability considerations are an important part of how we enhance financial, social and environmental value across our business.

Our approach is to listen, understand and respond to the material issues identified by our stakeholders. Participating in constructive

dialogue with stakeholders has given us more knowledge about their views and opinions. These insights have helped us to identify the activities that add the most value for both us and society, shaping the way we conduct our business now and into the future.

Understanding what’s important

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ActingUnderstanding


At Charter Hall we build sustainability considerations into our business strategy and day-to-day operations.

Overarching responsibility for Charter Hall’s sustainability strategy rests with the Corporate Responsibility and Sustainability Working Group (CR&S Working Group) comprised of senior management from the Executive Committee (EXCO). The CR&S Working Group is responsible for providing leadership to the business on sustainability issues and oversees the implementation of the CR&S strategy.

Across the business, key group leaders assume responsibility for elements of the CR&S strategy and develop and implement appropriate sustainability action plans. Implementation is monitored through the CR&S Working Group. We regularly seek to evolve our sustainability approach and incorporate new ideas into the Group’s business strategy and vision.

Implementing our approach

171 Collins Street, Melbourne Vic.

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1010

Our StakeholdersListening to our stakeholders has always been important. Stakeholder feedback guides the way we conduct our business and the approach we take to corporate social responsibility and sustainability. We engage with a wide range of stakeholders on a regular basis including investors, tenants, industry groups and government, community, suppliers and contractors. During FY13 we engaged with our stakeholders through formal and informal activities.

Stakeholders Who they are How we engaged them in FY13

Investors We have over 31,000 investors in Charter Hall Group, our managed funds, wholesale unlisted, retail unlisted and listed funds.

• Survey

• Bi-annual investor newsletter

• Regular investor briefings, investor reports, annual general meetings, webcasts, results announcements, portfolio updates and one-on-one meetings.

Tenants Over 2,900 tenants occupy our managed office, retail and industrial properties.

• Annual tenant survey

• Regular newsletters, communications and face-to-face meetings.

Industry and Government

Local, state and federal governments in the communities in which we operate as well as national industry bodies.

• Group and individual participation with the Property Council of Australia, Green Building Council of Australia, Property Funds Association, NABERS and Better Buildings Partnership.

Community We have over 79 million visits by retail shoppers to our centres each year.

We also connect with many communities through our development projects.

• Support of local community initiatives within our retail centres

• Newsletters, community focus groups and meetings with local residents, community groups and businesses during the planning phase of our development activities

• Employee participation through our volunteer program, workplace giving and other activities.

Suppliers and Contractors

Organisations providing goods and services for our business activities.

• Supply chain analysis including procurement process review.

Our People We employ 299 people in Australia. • Annual employee survey, regular employee communications and six- monthly employee briefings by our Joint Managing Directors, intranet and corporate social networking tool.

Coles Distribution Centre, Perth WA

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Key IssuesThis year our CR&S Working Group reflected on the sustainability issues identified as significant to our business in the previous year, and re-evaluated them in response to feedback from our key stakeholders. Where direct feedback could not be captured from our stakeholders we relied on our people to act as proxies in our evaluation process. Our approach to identifying significant issues considers the AA1000 principles of inclusivity, materiality and responsiveness.

Through this evaluation process, the CR&S Working Group confirmed that our four core sustainability focus areas and priority objectives had not altered over the year and that all are still aligned with the Group’s business strategy and long-term business drivers. However we reviewed and updated our CR&S strategy and action plans in response to stakeholder feedback, making sure our actions were creating value for our business.

The four core sustainability focus areas significant to our business and to our stakeholders are:

The environmentManaging buildings efficiently is the most effective way for our business to lessen its environmental footprint and adds value to our assets over the long term.

Sustainable businessPositioning our business for sustained success means we need to understand and be able to respond to our stakeholders’ long-term expectations and needs.

Our workplaceAttracting, developing, retaining and supporting the best people enables us to deliver superior results for our investors over the long term.

The communityEngaging with and supporting local communities helps them and our business to thrive.

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12

Focus Areas

Sustainable Business

Our objective

To grow investor wealth by delivering smart property outcomes.

What we planned to do in FY13• Source equity to invest into core real estate sectors targeting

growth in the Australian FUM platform of 6–10%

• Continue to develop an efficient and scalable operating model

• Achieve our clients’ investment objectives

• Provide greater consistency and better information about our business to our stakeholders

• Further the accuracy and consistency of our CR&S reporting and seek third-party assurance in 2013

• Upgrade our website to provide an improved interface for our stakeholders

• Launch our revised Code of Conduct to enable us to instil our ethics and values across our people

• Review our corporate governance policies and framework against industry standards

• Undertake a review of our supply chain to determine opportunities to influence CR&S outcomes.

What we did in FY13 R Raised $1.2 billion of new equity

R Achieved 18% growth in Australian FUM

R Added six new partnerships and funds to the Group

R Released our first CR&S Report in December 2012 and sought third-party verification for our FY13 CR&S Report

R Upgraded our website and launched this in September 2013

R Revised our Code of Conduct to encompass a broader range of issues, reflecting third-party advice and industry practice

R Delivered training on our revised Code of Conduct to the majority of employees

R Completed initial review of our supply chain to determine key expense categories and vendors.

Our priorities for FY14• Target growth in the Australian FUM platform of 6–10%

• Continue to develop an efficient and scalable operating model

• Deliver on going strong performance of our funds to achieve our clients’ investment objectives

• Reweight our investment portfolio increasing the proportion of retail and industrial assets

• Diversify sources of debt funding for the managed funds platform

• Progress our stakeholder engagement approach to provide greater consistency and better information about our business

• Facilitate the move of our business to our new Head Office

• Continue to review our corporate governance policies and framework against industry standards

• Refresh tenant engagement and communication program, Charter Hall Advantage.

Our Workplace

Our objective

To create a safe and engaging work environment that attracts, develops, retains and supports high performing people.

What we planned to do in FY13• Increase the percentage of women in leadership and business

related roles by 2015

• Promote a culture that values diversity, inclusion and flexibility

• Provide a clear strategic direction to our employees

• Continue to evolve our organisational structure to support our strategy

• Provide access to development opportunities

• Implement effective systems and process for people to deliver results

• Evaluate performance against an improved balanced scorecard aligned with our strategic objectives

• Create a work/life balance working group to focus on providing a flexible workplace

• Invigorate our employees by providing a greener, healthier and more productive workplace for our Head Office

• Establish a Group wide occupational, health and safety (OHS) strategy and training plan to enhance our OHS capability

• Reduce voluntary turnover to 14% in FY14.

What we did in FY13 R Provided targeted leadership programs aimed at developing,

promoting and recruiting women

R Defined and aligned Charter Hall’s vision, values and strategy with a new way of working

R Initiated personal development plans with defined learning and development budget for all employees, with the average training hours for men at 4.8 hours and for women at 5.1 hours

R Implemented an online balanced scorecard with improved transparency and reporting that was completed by 91% of employees

R Developed flexibility guidelines and designed a suite of benefits to support flexible working

R Aligned our retail safety management system with AS4801 and applied for third-party certification

R Zero serious incidents and no lost time incidents involving Charter Hall employees or contractors in FY13

R Reduced voluntary turnover to 16%.

Our priorities for FY14• Continue to evolve our organisational structure to support our vision

and strategy

• Implement our ‘new way of working’ across our business

• Provide our people with a new Head Office that supports our transition to a truly collaborative culture

• Increase the percentage of women in leadership and revenue generating roles by 2015

• Provide access to development opportunities that support the growth of our managers

• Evolve our performance management to strengthen alignment with our strategic objectives, culture and values

• Reduce voluntary turnover to 14% in FY14

• Build our OHS capability by establishing a Group wide OHS strategy

• Continue to develop and implement knowledge management systems for the business

• Evolve our retail leasing platform capabilities and evaluate potential use by other sectors.

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The Environment

Our objective

To actively work to reduce our consumption of natural resources.

What we planned to do in FY13• Reduce energy usage by 4% and water usage by 2.5%

in our retail funds

• Establish energy and water performance targets for all office assets

• Complete NABERS Energy ratings on all eligible retail centres

• Improve the coverage and robustness of our waste recycling data

• Measure the carbon emissions associated with our business travel.

What we did in FY13 R Reduced energy usage in our managed retail properties by around

2.4% and water usage by around 3.5%1

R Improved energy efficiency of our managed office portfolio by around 6%

R Established energy performance targets for the majority of office assets

R Completed NABERS Energy and Water ratings on all eligible retail centres

R Extended the coverage of our waste data for the majority of retail assets

R Tracked our carbon emissions associated with our business travel.

Our priorities for FY14• Target a 5% reduction in energy and water usage in our retail assets

• Target a 30% waste recycling rate in our retail assets

• Conduct water efficiency road maps and establish water performance targets for the majority of office assets

• Implement an updated energy management program to deliver greater performance improvements across our office assets

• Formalise property specific NABERS Energy targets for our office assets

• Continue to roll out NABERS Energy and Water ratings for all eligible retail centres.

The Community

Our objective

To make a positive contribution to the communities where we work and operate.

What we planned to do in FY13• Improve the success of Charter Hall’s volunteer program

by increasing the number of volunteer opportunities available to our employees

• Increase employee participation in our workplace giving program

• Improve our internal communications and employee awareness of community programs

• Further evolve our community involvement strategy for our retail centres.

What we did in FY13 R Donated over $186,000 to good causes through

our charitable giving program

R Raised over $160,000 for local charities through our development project charity partnership program

R Evolved Charter Hall’s volunteer program to support both team and individual events in order to increase participation

R Developed our partnership approach with three key charities establishing volunteering opportunities for our employees

R Supported our local communities by providing space and support to community groups local to our retail centres.

Our priorities for FY14• Increase employee uptake of volunteer leave

• Evolve our approach to community and charity partnerships to better align with our corporate vision and values

• Develop and implement a community engagement strategy for our retail centres to build on our shopping centre vision to be ‘the community square for today’

• Explore opportunities in our retail development projects for further ‘meet and greet’ events that connect local community members and national retailers.

1. Energy and water reductions are provided on a like for like basis that is it excludes data for properties sold or purchased in the current year.

171 Collins Street, Melbourne Vic.

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Sustainable BusinessOur objective is to grow investor wealth by delivering smart property outcomes.

Our relationships with investors, securityholders, tenants, communities and our people are the foundations for a sustainable business.

This is why we actively seek to engage with our stakeholders – listening to their needs and aspirations and acting in their best interests. This engagement is behind our strategic decision to concentrate on the core Australian property sectors of office, retail and industrial, which in turn positions us for sustainable, long-term success.

However, for Charter Hall sustainability is more than the financial returns we derive for our investors. We have the ability to make a positive contribution to communities and tenants via our shopping centres, offices and industrial facilities.

We seek to integrate this broad understanding of sustainability through our business model by focusing on: • delivering long-term business success

• being a trusted partner to our stakeholders, and

• enhancing corporate governance practices.

Our approach Our decision in 2012 to simplify our business strategy to focus on the core property sectors of office, retail and industrial in Australia was the result of significant discussions with all our stakeholders, as we sought to understand their needs and identify appropriate investment opportunities.

This year we have continued to execute and clearly communicate this strategy, acting in the best interests of all our stakeholders to deliver success for our business and ensure its long-term sustainability.

InvestorsListening to our investors has helped us understand both their investment requirements and timeframes. There continues to be strong demand from international and local investors in Australian property assets using a manager who has a deep understanding of the market. In response to this we have continued our strategy of growing our Australian portfolio and divesting our offshore and opportunistic portfolios. We expect this divestment to be completed by the end of 2014.

We regularly commission independent reviews of our major investors’ perceptions of our strategy, financial and operating performance, management quality and corporate governance practices. Responding to these reviews and other research we refined and improved the communication of our business model, improved our business systems, aligned our people and capability and put in place a strategy to reweight the Charter Hall investment portfolio to enhance the overall return on equity.

After the success of Charter Hall Direct Industrial Fund (DIF1) and in direct response to demand from investors, self managed super funds (SMSFs) and financial advisers for another vehicle providing exposure to prime industrial property, we launched a second diversified industrial fund offering, Direct Industrial Fund No.2 (DIF2), in December 2012.

We continue to respond to the new and growing demand for wholesale partnership fund structures. Partners such as global pension funds are choosing Charter Hall because of our deep knowledge of the Australian property market, strong governance structures and our track record of delivering income and capital returns. By actively investing alongside our partners we build their trust.

TenantsWe seek to understand both the day-to-day and long-term needs of our office, retail and industrial tenants. Providing quality service to our tenants is critical to ensuring the long-term sustainability and performance of our business.

Our integrated approach means that our property specialists work closely with our tenants over the long term, thinking ahead and providing tailored accommodation solutions by acquiring, managing, developing and repositioning buildings to meet their requirements.

Our peopleOur people are key to our long-term success and we have continued our focus on building the expertise in our team and a scalable operating model that supports growth within our funds management platform and provides our people with the systems and capability to actively manage our property portfolios.

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84

9.9

8.5

97

95

6.5

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

6.2

6.1

Weighted average lease expiry

Years

98

Occupancy

%

8.4

Funds under management (Australia)

$ Billion

89

90

Proportion of Charter Hall earnings generated from annuity style income

%

84

9.9

8.5

97

95

6.5

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

6.2

6.1


Years

98

Occupancy

%

8.4


$ Billion

89

90


%

84

9.9

8.5

97

95

6.5

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

6.2

6.1


Years

98

Occupancy

%

8.4


$ Billion

89

90


%

84

9.9

8.5

97

95

6.5

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

FY13

FY12

FY11

6.2

6.1


Years

98

Occupancy

%

8.4


$ Billion

89

90


%


To support our people we have enhanced our operating model, improved our core systems and provided greater clarity on our long-term future direction and goals. We now have a refreshed brand, underpinned by a clearly articulated vision for our people and the business. We continue to employ skilled people in our growing divisions, bringing new and valuable relationships to Charter Hall.

Our performance Delivering long-term business success We have continued to deliver strong performance in FY13, delivering an 11.3% increase in operating earnings per security and an 18% growth in Australian funds under management to $10.3 billion (total portfolio). This was partially driven by securing $1.2 billion of new equity from investors across all equity sources.

This year we completed $2.1 billion of property acquisitions and $1.0 billion of divestments, consistent with our strategy of accessing, deploying and managing equity in core Australian real estate and investing alongside our partners.

We recognise annuity style income contributes to our long-term success, providing greater stability of underlying earnings for our securityholders. This year we increased the proportion of operating earnings generated from annuity income to 90%.

We actively manage fund portfolios and properties to achieve the required returns for investors and for Charter Hall where we invest our equity alongside our partners. This has led to an improvement in our investment yield from 6.7% to 7.5%.

We also increased the return on equity for our investors from 9.9% to 11.2%. This increase reflects the impact of our refocused strategy that concentrates our resources and capital on our core markets and products, namely Australian property in the office, retail and industrial sectors.

We recognise the security of our long-term income depends upon actively managing our properties to create value. Our property and asset management teams seek to ensure that properties within our managed property platform are occupied by high-calibre tenants over the long term. This year we maintained high occupancy levels (97%) across all sectors, leasing over 300,000 square metres to new and existing tenants. This occupancy level reflects the quality of our underlying portfolio and our ability to deliver property solutions that meet tenant requirements.

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Being a trusted partner to our stakeholdersThis year our wholesale partnership business continued to grow as current partners extended their investment portfolios with us and new partners chose to invest with us. This business now represents 37% of Charter Hall’s managed property platform and has delivered our strongest growth in revenue this year.

For the year to 30 June 2013 our managed wholesale pooled funds, Charter Hall Core Plus Industrial Fund (CPIF) and Charter Hall Core Plus Office Fund (CPOF), were ranked first and second within their respective sectors in IPD/Mercer pooled property fund index.

We launched a tenant engagement and communication program, Charter Hall Advantage, in FY12, aiming to improve tenant satisfaction and retention across our portfolio and since then we have continued to engage our tenants. However this year our core focus has been on our internal operational platform and new products. We intend to refresh Charter Hall Advantage in 2014. Our tenant retention remains high and we have a weighted average lease expiry of 6.1 years across all property sectors.

This year we have made a conscious effort to provide our stakeholders with more consistent and accessible information about our activities and our decision to concentrate on the core sectors of office, retail and industrial has allowed for greater clarity; with investors and analysts now reporting a better understanding of our business model. Our new website with improved functionality has also assisted in this regard. It aligns with our refreshed brand and allows us to continue to improve the quality of information available to our stakeholders.

Enhancing corporate governance practices Across all of the funds that we manage we are regularly reviewing corporate governance practices to ensure they align with market practice and meet the expectations and protect the interests of our stakeholders. This year we appointed Ernst & Young to provide internal audit responsibilities, including pre and post project implementation reviews, with a view to establishing a full internal audit function in the near future.

We also introduced a new Code of Conduct to foster professional integrity and responsible behaviour within the workplace and provided training to the majority of employees.

Our priorities for FY14 We have set the following priorities for the coming year:

Delivering long-term business success • Source equity to invest into core real estate

sectors, targeting FUM growth of 6-10%

• Continue to develop an efficient and scalable operating model to attract new investors, funds, properties and tenants and to deliver a higher quality of service

• Deliver ongoing strong performance of our funds to achieve our clients’ investment objectives

• Reweight our investment portfolio increasing the proportion of retail and industrial assets

• Diversify sources of debt funding for the managed funds platform.

Being a trusted partner to our stakeholders• Progress our stakeholder engagement

approach to provide greater consistency and better information about our business

• Facilitate the move of our business to our new Head Office and in doing so manage the change to a ‘new way of working’ for our people; including flexible working arrangements and paper independence

• Refresh tenant engagement and communication program: Charter Hall Advantage.

Enhancing corporate governance practices • Continue to review our corporate

governance policies and framework against industry best practice.

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WorkZone 202 Pier Street, Perth WA


Charter Hall has recently launched WorkZone Trust, its ninth fund in a successful series of unlisted property funds.WorkZone Trust aims to provide investors with sustainable and stable, tax-advantaged income and the potential for capital growth through an investment in this newly constructed A-grade office building located in the Perth CBD.

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81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%

Workforce gender by job band

Senior Management ProfessionalManagement Administration

2.0 131

1 1.4

1 1.6

1 1.0

Average remuneration ratio by job band

Senior Management ManagementProfessional Administration

2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%

Workforce by age and gender

Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37

Employee changes this year by gender

New employees Leavers

0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10

Workforce by employment contract type

Full time CasualPart time Contract

43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6

Employee changes this year by age


31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%



2.0 131

1 1.4

1 1.6

1 1.0



2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%


Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37



0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10



43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6



31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

18

Our Workplace

The passion, commitment and ‘can-do’ approach of our people is our greatest strength and they are central to building a sustainable business. This coupled with their deep industry knowledge and strong relationships will help us achieve our vision to be the smart property choice.

We are committed to creating an environment that supports our people and to do this we are focusing on:• transforming to a high performance culture

• building the capacity of our people, and

• developing our systems for growth.

Our approach Over the last few years our business has grown rapidly. Therefore, we recognised the need to evolve our people strategy in order to support our people to fulfil their potential.

Last year we made significant changes to our organisational structure to align with our new strategic focus on investors and tenants.

This year we have undertaken a strong engagement program, focusing on building understanding of our people, our stakeholders and our business needs. We reflected

on feedback from our annual employee engagement survey and other engagement channels and as a result we are now working to transform our business into a truly collaborative culture aligned with our refreshed business vision, direction and goals.

Our people strategy is centred around three focus areas: transforming culture, building capacity and enabling systems. During the year we developed a range of initiatives to support these focus areas and these initiatives will be implemented over the next few years.

Our performance Transforming to a high performance cultureWe are striving to bring our people closer together through a collaborative and inclusive culture in order to achieve operational and performance excellence.

This year we started the journey by asking our executive committee and senior leadership team to reflect on what it is that sets Charter Hall apart. From these discussions we developed a compelling vision supported by new values. We launched these alongside an interactive internal intranet.

Our objective is to create a safe and engaging work environment that attracts, develops, retains and supports high performing people.

Note: FY12 has been restated to reflect the new job bands created in FY13

For

per

sona

l use

onl

y

81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%



2.0 131

1 1.4

1 1.6

1 1.0



2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%


Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37



0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10



43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6



31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

Female

Male


Board of Directors by gender

To ensure that our new values become more than words, we created ‘the new way of working’; a model designed to achieve collaboration, accountability and passion in our work. We are focusing on diversity, flexible working, and health and wellbeing to help make this happen.

In FY13 we transformed our Diversity Committee from a compliance-focused body to a strategy and policy setting committee and invited representatives from across the business to participate. Over the past year our focus has been on implementing and embedding initiatives to maximise opportunities for women in management, support flexible working, and prevent harassment in the workplace.

In FY13 women represented 48% of our total workforce (including permanent, temporary and casual employees), a slight decrease on FY12. In management levels, representation of women remained at 27%. We continue to focus on the development, promotion and recruitment of women through targeted leadership programs and our revised recruitment processes seek to eliminate any conscious bias.

For the second year in a row we conducted an external benchmarking exercise for all employees’ remuneration and we confirmed that overall we provide pay equity for similar roles.

This year 92% of our employees who were on parental leave returned and our first male employee took primary carer’s parental leave. We know that our people want to be able to make personal choices to create a healthy balance between their work and their external responsibilities. Therefore, in FY13 Charter Hall developed a suite of benefits to support our people and their managers to achieve this. Our benefits include purchased leave, career break, an employee assistance program and the option of working from home.

During FY13 we recorded zero fatalities, serious incidents or lost time incidents involving our employees or contractors. We evolved our management of occupational health and safety, aligning our retail safety management system with AS4801 and applying for certification. We aim to continue to improve our practices as we develop a Group wide strategy.

Building the capacity of our peopleEncouraging our people to continue to grow and develop their potential is fundamental to delivering our business goals. Clearly defined roles and goals allow our people to work efficiently and effectively. We also focus on understanding their performance and development needs and exploring their career aspirations.

This year we implemented a range of new programs designed to develop key competencies of our people and improve their connection with Charter Hall. During the year, 91% of our permanent employees completed performance reviews through a new online balanced scorecard system that provides greater transparency and facilitates discussion on individual goals and performance. We also initiated a personal development plan for all employees with a defined learning and development budget for each person. The average learning and development undertaken this year was 4.8 hours for male employees and 5.1 hours for females, a slight increase on last year for all employees.

We recognise that as our business evolves so does our team. In FY13 our total workforce turnover reduced to 23%, with voluntary turnover at 16%. While this remains high, we have listened and responded to the concerns of our employees and we anticipate this will decrease as we keep up our focus on a positive workplace culture, expressed in our ‘new way of working’. We see this expectation reflected in our ability to recruit good people, with 96 people joining our business during the year.

For

per

sona

l use

onl

y

81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%



2.0 131

1 1.4

1 1.6

1 1.0



2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%


Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37



0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10



43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6



31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%



2.0 131

1 1.4

1 1.6

1 1.0



2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%


Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37



0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10



43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6



31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

81%M

M

M

M

M

M F

F

F

F

FY13 FY13

FY12

FY12

19%

71%

60%

29%

40%

8% 92%

79% 21%

67%

56%

33%

44%

6% 94%



2.0 131

1 1.4

1 1.6

1 1.0



2% <30

30–50

>50

<30

30–50

>50

18%

44%

6%

25%

5%

11% 20%

36%

3%

27%

3%


Male Female

FY13 FY13

FY12

FY12

M

F

M

F

53 37

25 33

33 37



0 20 40 60 80 100 120

0 50 100 150 200 250

0.0 0.5 1.0 1.5 2.0 2.5 3.0

143 105

1 20

3

10 17

131 107

2 16

1

1 10



43 31 <30

30–50

>50

<30

30–50

>50

53

12

42

6

26 19

30

2

45

6



31 20

12.5%

87.5%

F

F

F

F

M

M

M

M

M

M

M

M

F

F

F

F

F

F

F

F FY12

FY13

20

Developing our systems for growthWe understand that we need to empower our people so that they can achieve their personal and professional aspirations. In FY12 we initiated a program to investigate our existing systems and processes in order to identify the changes we needed to make to ensure our people have the right operating systems and structure for success.

We have made significant progress this year, streamlining our systems and providing our people with a single enterprise resource planning (ERP) platform that can adapt and grow with Charter Hall. This business wide ERP system (Yardi) supports our office, retail and industrial property and investment management teams.

This year we responded to the concerns of our retail leasing team and introduced a leasing platform to streamline the documentation and approval process. This leasing system is intended to enable our people to complete leasing deals faster, reducing the shop-closure period. Our investment in this platform will continue next year as we develop our reporting and forecasting capabilities.

A core focus this year has been on developing our knowledge management capability to support the collaborative culture expressed in our ‘new way of working’. As our Head Office moves to a new workplace in 2014 we have developed a platform to provide the connectivity, flexibility and collaboration of an activity-based workplace. To support this our Charter Hall intranet was launched early in FY14 and provides a single point of access for all news, information and resources as well as augmenting social collaboration within the business.

Note: Data on employee changes includes only permanent employees. FY12 has been restated to ensure data is comparable with FY13.

Note: 83% of our workforce are on full time permanent contracts.

For

per

sona

l use

onl

y

Case Study


Our priorities for FY14We have set the following priorities for the coming year:

Transforming to a high performance culture• Continue to evolve our organisational

structure to support our vision and strategy

• Implement our ‘new way of working’ across our business

• Provide our people with a new Head Office that supports our transition to a truly collaborative culture

• Building the capacity of our people

• Increase the percentage of women in leadership and revenue generating roles by 2015

• Provide access to development opportunities that support the growth of our managers

• Evolve our performance management to strengthen alignment with our strategic objectives, culture and values

• Reduce voluntary turnover to 14% in FY14

• Build our occupational health and safety capability by establishing a Group wide occupational health and safety strategy.

Developing our systems for growth• Continue to develop and implement

knowledge management systems for the business

• Evolve our retail leasing platform capabilities and evaluate potential use by other sectors.

Belinda Kalinin joined Charter Hall’s Brisbane office four years ago and has worked through a period of what she calls “dynamic change”.

“From a leadership point of view, working at Charter Hall has been a really interesting path for me”, she says. Belinda ran the Property Management team in Queensland and is now Senior Asset Manager and state leader.

Belinda enjoys the agility and positive outlook of the Group. She joined in the midst of the GFC: “In the market at that time, there were a lot of businesses that were really struggling. But when I looked at Charter Hall, they were doing some really positive and interesting things, pushing through with some really great acquisitions. They accepted that the environment was challenging but they were continuing to move forward, to pick up on great opportunities.

“We’ve continued to do that. That’s what exciting about Charter Hall.

“Knowledge and expertise will get you so far in property but if you’ve got a really active and excited and passionate group of people … irrespective of the [financial] climate there’s always something going on”.

Belinda has noticed and appreciated an increased thoughtfulness and emphasis on processes.

“We’re bigger now, so there’s a lot more structure and accountability around the things that we do and the internal communication paths have changed for the better. But it’s not a static, process-led organisation. We understand that processes are important to support our growth, but what’s refreshing is that the processes haven’t overtaken the passion for what everybody does; we’re not bogged down in the detail.”

Belinda Kalinin Senior Asset Manager, Queensland

For

per

sona

l use

onl

y

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547

Greenhouse gas emissions1

Scope 1 (direct emissions) (Tonnes CO2-e)Scope 2 (indirect emissions) (Tonnes CO2-e)

FY13

FY12

387

194

413

FY11213

444

Energy efficiency in our managed properties1

Retail (MJ/sqm GLA) Office (MJ/sqm GLA)

0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500

Total energy consumed (GJ)

Purchased electricity Diesel ConsumptionGas consumption

442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729

Total water used in our managed properties1 in KL

Retail OfficeIndustrial

0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78

Water efficiency in managed properties 1 in KL/sqm

Retail (KL/sqm) Office (KL/sqm)

205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3

Average NABERS Water ratings

CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8

Average NABERS Energy ratings 1, 2

CHOT CHDPFCPOF PFA

22

The EnvironmentOur objective is to actively work to reduce our consumption of natural resources.

As an integrated property group we are well positioned to improve the environmental sustainability of buildings in our portfolios. In our case, managing buildings efficiently is the most effective way our business can lessen its environmental footprint. We believe the responsible management of buildings also contributes to our economic sustainability, by adding value to our assets over the long term.

We also appreciate that our stakeholders expect us to sustain and protect the environment through the ownership, operation and development of our buildings. We do this by focusing on:• reducing our environmental footprint, and

• improving the environmental performance of our managed properties.

Our approach We aim to minimise our overall environmental impact in both the operation of our existing properties and in the development of new properties. Our comprehensive sustainability management system captures the environmental performance data of all the properties we manage. This means we can actively consider and monitor resource use, providing our operational teams with the tools to understand each building’s performance, and working collaboratively with tenants to fine tune a building’s operation.

In 2013 we updated our reporting systems to track energy and water usage and the waste recycling performance of all our properties on a monthly basis, enabling our operational and management teams to evaluate performance against targets.

We also integrated environmental target setting into our annual strategic asset planning process for office and industrial properties and into the annual business planning process for our retail properties. This ensures that in the allocation of capital expenditure we seek to improve both the operational performance and environmental efficiency of each property.

In our retail portfolio we set environmental targets each year as annual performance improvement targets. In our office portfolio we set environmental targets periodically as National Australian Built Environment Rating Scheme (NABERS) ratings and these are reviewed annually.

This year we reviewed the energy management programs used within our office portfolio and developed a new strategy to help identify further efficiencies and also build capacity and support for facilities managers. Our new strategy covers three areas: consistent data management and analysis across the portfolio to identify anomalies

in consumption; a dynamic information analysis service that facilitates collaboration between facilities managers; and a building tuning program.

Our performance Reducing our environmental footprint: energy and carbon emissionsThe majority of the Group’s total energy consumption comes from electricity consumed in our managed properties. During the year the Group’s total energy consumption and carbon emissions increased by around 6%. However, this can be attributed largely to changes in our portfolio, specifically acquisitions and divestments in existing funds and the management of new funds such as the PFA Diversified Property Trust (PFA).

Reducing our environmental footprint: energy efficiencyOur office portfolio achieved a 6% improvement in energy efficiency (also known a energy intensity) in FY13 as a result of a number of targeted capital expenditure projects and our focus on energy performance management.

In our retail portfolio our energy efficiency decreased by 6%. However, over half of this change can be attributed to new shopping centres reported on for the first time in FY13. A fairer reflection of our performance would exclude properties sold in prior years or purchased in the current year. By this measure our retail properties improved their energy efficiency by 2.4%. We will continue to develop and implement a consistent energy monitoring and management approach to improve the energy efficiency of our retail portfolio in FY14.

1. Slight adjustment to previously stated figures to reflect final invoiced usage. Usage is based on invoiced usage, where invoices are unavailable usage is estimated based on average daily consumption for the property.F

or p

erso

nal u

se o

nly

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA


1. Scope 1 and Scope 2 emissions are reported according to our operational control boundary and in accordance with the calculation methodologies required under NGER Act and associated instruments.

2. Slight adjustment to previously stated figures to reflect final invoiced usage.

Charter Hall’s sources of emissionsScope 1 – direct emissionsCharter Hall’s direct emissions are caused by the gas and diesel consumed for base building services in our managed retail, office and industrial properties and direct emissions from the leakage of refrigerants from our air conditioning units.

Scope 2 – indirect emissionsCharter Hall’s indirect emissions arise from the electricity consumed for base building services in managed retail, office and industrial properties and in offices tenanted by Charter Hall.

Reducing our environmental footprint: waterWater is an essential but constrained resource that we need to manage effectively. We have implemented monthly reporting and assessment practices across our retail and office portfolios, encouraging our operational teams to address water wastage and to seek opportunities to improve water management practices.

In our office portfolio our water efficiency (measured in kilolitres or square metres of lettable area) was unchanged. We intend to sharpen our focus in FY14 to become more water efficient. To do this we are implementing a water road map which will systematically identify water saving opportunities in order to reduce consumption and improve NABERS Water ratings.

In our retail centres we continue to work on the operational management of water. However, many of our centres are still reliant on manual meter readings or water bills to track performance. Whilst the overall water efficiency of our retail portfolio has declined, on a like for like basis (that is comparing the properties consistently held in FY12 and FY13), we have seen a 3.5% improvement in efficiency. We are continuing to investigate the cost effectiveness of improving the metering in our retail properties to allow us to effectively respond to water wastages.

Reducing our environmental footprint: wasteWe are committed to managing our waste responsibly. We aim to minimise waste sent to landfill by re-using and recycling waste wherever possible. In this way we reduce our environmental footprint and save on costs related to waste disposal.

We continue to focus on two key challenges identified in FY12: ensuring the waste and recycling data provided by our waste contractors is sufficiently robust and establishing appropriate recycling targets for our portfolios. This year we established

1. Retail includes all retail properties managed by Charter Hall; Office includes Charter Hall Core Plus Office (CPOF), Charter Hall Office Trust (CHOT) and Charter Hall Direct Property Fund (CHDPF). Metrics provided for properties held for a full 12 months. Efficiency figures are calculated from total energy consumption for each asset class divided by the total lettable area. Energy efficiency is not presented for industrial funds, as it is not directly comparable due to the diversity of this sector.

1. Includes water used in all managed properties held in the financial year. Usage is based on invoiced usage, where invoices are unavailable usage is estimated based on average daily consumption for the property.

2. Slight adjustment to previously stated figures to reflect final invoiced usage.

For

per

sona

l use

onl

y

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA

5,840

4,858

5,255

94,476

FY13

FY122

99,482

96,374

FY11

388,712 FY13

46,374

484

362,739 FY121

53,175

300

363,276 FY11

59,894

1,547



FY13

FY12

387

194

413

FY11213

444



0 20000 40000 60000 80000 100000

0 500001000001500002000002500003000003500004000000 100000200000300000400000500000600000700000800000

0 100 200 300 400 500



442,683 FY13

601,418

26,503

362,999 FY122

577,663

28,438

294,781 FY11

595,946

24,729



0.0 0.2 0.4 0.6 0.8 1.0

0.78 FY13

0.79

0.75 FY12

0.79

0.81 FY11

0.78



205

13%

88%

3.3 FY13

3.4

3.0

3.1

3.2 FY12

3.4

3.1

3.1 FY11

3.2

2.3


CHOT CHDPFCPOF PFA

4.1 FY13

3.6

3.7

4.0

4.0 FY12

3.3

3.7

3.6 FY11

2.9

2.8


CHOT CHDPFCPOF PFA

24

a national waste management contract for the retail portfolio that has improved our waste data collection and waste management practices in this sector. We are investigating a similar approach for our office portfolio and will delay reporting on our waste management data until this is in place.

Our retail business has set a 30% waste diversion from landfill target and will continue to work closely with our retailers and service providers to achieve this. To encourage waste segregation and improve recycling rates this year we focused on improving the signage and layout of our waste management areas. We will continue to implement this program in FY14.

Improving the environmental performance of our managed properties Once again this year we completed NABERS Energy and Water ratings on all our managed office properties. We also completed ratings on all eligible retail centres, that is those larger than 15,000 square metres gross lettable area (GLA).

All our office funds maintained or improved their average NABERS Energy ratings. Since 2011 Charter Hall Direct Property Fund (CHDPF) has improved its portfolio average rating by over 0.5 stars, with five of the properties increasing their ratings by at least one star since 2011. CHDPF achieved this by integrating sustainability performance decisions into their CAPEX approval and strategic asset planning process.

We continued to use the NABERS rating tool across our office funds to assist in identifying energy efficiency projects. We set energy targets for all core office properties to align with lifetime renewal of plant and equipment and major lease renewals.

The NABERS rating tool for shopping centres continues to be developed to reflect shopping centre specific operational issues. We are working with the NABERS team through a technical working group to evolve this tool. Key operational employees completed training and became accredited assessors able to conduct NABERS ratings on our portfolio. NABERS Energy and Water ratings were completed at Bateau Bay, Caboolture Park, Carnes Hill, Lake Macquarie and Wanneroo. We are analysing these results and will develop our approach to improving these ratings as our understanding increases.

Our priorities for FY14We have set the following priorities for the coming year:

Reducing our environmental footprint• Target a 5% reduction in energy and water

usage in our retail assets

• Target a 30% waste recycling rate in our retail assets

• Conduct water efficiency road maps for the majority of our office assets

• Implement an updated energy management program to deliver greater performance improvements across our office assets.

Improving the environmental performance of our managed properties• Formalise property specific NABERS Energy

performance targets for our office assets and establish water performance targets

• Continue to roll out our NABERS Energy and Water ratings for all eligible retail centres.

1. Metrics provided for properties held for a full 12 months. Efficiency figures are calculated from total water consumption for each asset class divided by the total lettable area.

1. Average portfolio NABERS base building energy ratings for our office fund are provided without Green Power.

2. NABERS ratings are not held for PFA prior to FY13, as this fund was not managed by Charter Hall.

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Charter Hall Direct Property Fund (CHDPF) is an unlisted property fund that primarily invests in a diversified portfolio of office properties. The fund has applied a consistent and targeted approach to managing the sustainability performance of its portfolio and has improved its average NABERS Energy rating from 2.1 stars in 2007 to 3.6 stars today.

This steady improvement in performance was achieved through focused management practices combined with targeted capital expenditure. Our management approach ensured that an energy road map was developed for each asset, identifying the energy efficiency measures that could be applied and the cost and payback for each activity. Low cost measures that delivered rapid return on investments were implemented across the portfolio. These included metering and monitoring systems to track and analyse anomalies in consumption, variable speed drives, building tuning and building management system improvements and sensor lighting controls.

We built on these low cost measures using our annual strategic asset planning process and identified targeted capital expenditure opportunities that could further improve performance aligned with major tenant lease renewals, plant life expiry and market expectations.

For example, at 2 Wentworth Street we initially focused on increasing our understanding of how the building was operating by improving the sub-metering system and supporting our facility manager to identify and respond to energy consumption variances on a daily basis. We then upgraded and replaced the HVAC units and cooling towers, providing variable speed drives to manage changes in demand. These measures combined with lift modernisation work and building tuning have almost halved the energy consumption since 2008.

Fund outcomesWe estimate that since the staged implementation of our energy efficiency program in 2007 we have reduced energy consumption by approximately 30% across the portfolio and generated savings of just over $3 million in energy costs for the fund and our tenants. The resulting reduction in carbon dioxide emissions across this period is equivalent to taking approximately 7,400 cars off the road.

Charter Hall Direct Property Fund Steadily improving building performance

Property 1

NABERS Energy Rating – 2007

NABERS Energy Rating – 2013

Energy Reduction

1 Nicholson Street, Vic. 1.0 stars 4.0 stars 50% reduction since 2007

2 Wentworth Street, NSW 1.5 stars 4.5 stars 43% reduction since 2008

200 Queen Street, Vic. 2.5 stars 4.5 stars 46% reduction since 2009

504 Pacific Highway, NSW 2.5 stars 3.5 stars 38% reduction since 2008

68 Pitt Street, NSW 1.5 stars 3.5 stars 31% reduction since 2007

1. This is a selection of CHDPF properties.

68 Pitt Street, Sydney NSW

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The CommunityOur objective is to make a positive contribution to the communities where we work and operate.

We invest in and manage over 180 office, retail and industrial assets – which means every day over 300,000 people shop, work and socialise in our properties.

We want to connect, engage and contribute to communities local to our properties, helping them to thrive.

We recognise that building strong relationships with local communities will provide long-term benefits for both the community and our business.

Our people are passionate about giving back to communities through:• supporting local community projects

and charities, and

• engaging with communities local to our development activities.

Our approach There are many ways we support local communities: through various charitable giving programs; creating welcoming spaces for communities to interact; and by providing opportunities for charities and local community groups to use our properties.

Charter GivingCharter Giving gives back to communities in several ways. Charter Hall Group makes corporate donations to a number of charities and sponsors individual employee fundraising efforts. Charter Giving encourages and supports team building events, such as Movember. It also encompasses our workplace giving program where employees donate to charities of their choice and our volunteer program where employees volunteer their time or skills.

We’ve listened to the concerns and interests of our employees and so our corporate donations focus on giving to homeless and underprivileged Australians, and health programs for youth and children.

Community groups and charities Our business operations provide opportunities for us to partner with and support local people and businesses and we listen to their needs and the needs of local community and charity groups. In our retail centres for example, we provide dedicated mall areas for charitable activities, we host community health campaigns and community events.

Community engagementWe actively engage with local community members through the whole development cycle, from the start of the planning process, seeking to understand and respond to the needs of local communities. We recognise that each community is unique and therefore we tailor our community engagement approach to respond to their particular concerns.

Our development project charity partnership program sees all development projects select and partner with a local charity. The aim of this program is to build strong community connections for the long term.

Our performance Supporting local community projects and charitiesThis year we continued our partnerships with the Property Industry Foundation, Variety and HeartKids Australia. Our ongoing support of these national organisations helps us to develop more meaningful relationships, benefiting both our people and the community. Through national fundraising campaigns, such as our Christmas ‘Decorate to Donate’ program, we again raised $15,000 for Variety and increased public awareness of this charity in 35 communities across Australia.

We recognise our employees individually support a number of other charities and we continued to support and encourage their endeavours. This year we supported a further 15 charities through a broad range of activities including employee fundraising events, sponsorships and donations. In total Charter Hall donated over $186,000 to charities in FY13.

Our retail business contributed to a range of community focused initiatives this year, including hosting mobile health screening facilities and community support groups, and organising fundraising events with retailers such the Biggest Morning Tea, in support of the Cancer Council.

We continued to encourage our employees to participate in volunteering activities. Every employee is given one day of paid volunteer leave per year and we aim to provide a range of volunteering opportunities for them to participate in, ranging from team events to pro-bono assistance.

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FY13

FY12

160,000

228,000

56,000

FY11212,000

41,000

Charity support

Charity donationsDevelopment project charity partnership program fundraising

0 50000 100000 150000 200000 250000

186,500


Our teams have been active this year, with our investor relations and investment management team preparing lunch for over sixty people at the Wayside Chapel, a charity supporting homeless people on and around the streets of Sydney’s Kings Cross. Our property management team once more used their professional skills to lend a hand to various not-for-profit organisations needing to find, lease and fit-out new premises.

Engaging with communities local to our development activities During FY13 we also continued our development project charity partnership program, raising over $160,000 supporting four key charities. Our development teams continued to seek out new ways of encouraging our partners, contractors and service providers to join with us in raising funds for local charities. Sausage sizzles, lawn bowls and the sale of site signage rights were just some of their successful initiatives.

We continued to engage with local community members throughout our development activities. For example at South Headland, where we are expanding our retail centre, we launched a new initiative to connect national retailers with local franchisees to foster new business opportunities. Our successful ‘meet and greet’ event connected over 50 local community members with national retailers and we are looking at rolling out this initiative on other projects.

Our priorities for FY14Supporting local community projects and charities• Increase employee uptake of volunteer

leave by increasing the types of volunteering opportunities available

• Evolve our approach to community and charity partnerships to better align with our corporate vision and values.

Engaging with communities local to our development activities • Develop and implement a community

engagement strategy for our retail centres to build on our shopping centre vision to be ‘the community square for today’

• Explore opportunities in our retail development projects for further ‘meet and greet’ events that connect local community members and national retailers.

“Before we started the Singleton Square redevelopment the local community thought we were just the big city guys coming to change their country town. But now the project is finished the locals have embraced the Square and taken ownership of it,” says Ashleigh Johnson, Marketing Manager at Singleton Square.

Ashleigh believes it was Charter Hall’s effective community engagement processes that changed community perceptions of the development. Charter Hall’s charity partnership program also made a difference. “We selected the Singleton Cancer Appeal Committee as our local charity and our fundraising throughout the redevelopment helped to build a lot of community trust and goodwill,” she says.

The Singleton Square team raised over $50,000 for the Singleton Cancer Appeal Committee through events such as a dinner with a speaker Darren Flanagan (one of the heroes of the Beaconsfield Mine rescue). And whenever the Committee needed a place to promote their activities they were given access to free casual mall leasing space within the centre.

“Our charity partnership program was an excellent way for us to demonstrate our genuine concern for local issues. And we’re going to continue to help this community thrive however we can”, says Dwayne Lord, Asset Manager. “We want Singleton Square to be a place where people come to connect.”

Singleton Square

Singleton Square, Singleton NSW

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GRI Indicator Description

Reported in FY13 (Yes/ Partial) Location in Report / Direct Response

1. Strategy and Analysis

1.1 Statement from the most senior decision-maker of the organisation.

Yes A message from the leadership, P2

2. Organisational Profile

2.1 Name of the organisation. Yes Charter Hall Group

2.2 Primary brands, products, and/or services. Yes Charter Hall Group Securityholder Review 2013, P4–8

2.3 Operational structure of the organisation, including main divisions, operating companies, subsidiaries, and joint ventures.

Yes Who we are and what we do, P4

2.4 Location of organisation’s headquarters. Yes 333 George Street, Sydney NSW 2000

2.5 Number of countries where the organisation operates, and names of countries with either major operations or that are specifically relevant to the sustainability issues covered in the report.

Yes This Report relates to our operations in Australia. Our European, New Zealand & US properties have been excluded as the majority have been sold during the year or are to be marketed for sale in the short to medium term.

2.6 Nature of ownership and legal form. Yes Listed Entity

2.7 Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries).

Yes Charter Hall Group Securityholder Review 2013, P4–6

2.8 Scale of the reporting organisation. Yes Who we are and what we do, P4

2.9 Significant changes during the reporting period regarding size, structure, or ownership.

Yes Who we are and what we do, P4

2.10 Awards received in the reporting period. Yes Self managed super fund award 2013. Commercial property winner SMSF member category.

3. Report Parameters

3.1 Reporting period. Yes 2013 Financial Year

3.2 Date of most recent previous report (if any). Yes 2012 Financial Year

3.3 Reporting cycle (annual, biennial, etc.) Yes Annual

3.4 Contact point for questions. Yes [email protected]

3.5 Process for defining report content. Yes Our approach to CR&S, P8

3.6 Boundary of the report (e.g., countries, divisions, subsidiaries, leased facilities, joint ventures, suppliers).

Yes About this report, inside cover

3.7 State any specific limitations on the scope or boundary of the report (see completeness Principle for explanation of scope).


3.8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities that can significantly affect comparability from period to period and/or between organisations.


3.10 Explanation of the effect of any re-statements of information provided in earlier reports, and the reasons for such re-statement (e.g. mergers/acquisitions, change of base years/periods, nature of business, measurement methods).

Yes Minor adjustment to energy and water consumption data for FY12 following receipt of final invoices for this period.

Adjustment to boundary of workplace data for FY12, removing temporary employees to align with FY13.

Adjustment to new hires and leavers data for FY12, to include only permanent employees and align with FY13.

Global Reporting Index

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3.11 Significant changes from previous reporting periods in the scope, boundary, or measurement methods applied in the report.

Yes None

3.12 Table identifying the location of the Standard Disclosures in the report.

Yes GRI Index

4. Governance, Commitments, and Engagement

4.1 Governance structure of the organisation, including committees under the highest governance body responsible for specific tasks, such as setting strategy or organisational oversight.

Yes Our approach to CR&S, P8

CHC Annual Report 2013, P13

4.2 Indicate whether the Chair of the highest governance body is also an executive officer.

Yes CHC Annual Report 2013, P13

4.3 For organisations that have a unitary board structure, state the number and gender of members of the highest governance body that are independent and/or non-executive members.

Yes CHC Annual Report 2013, P13

4.4 Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body.

Yes CHC Securityholder Review 2013, P25

4.14 List of stakeholder groups engaged by the organisation.

Yes Our stakeholders, P10

4.15 Basis for identification and selection of stakeholders with whom to engage.

Yes Our stakeholders, P10

Economic Performance Indicators

EC1 Direct economic value generated and distributed, including revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments.

Yes Indicators FY12 $’000

FY13 $’000

Revenues 132,579 158,738

Operating costs (47,514) (36,726)

Employee wages & benefits (62,952) (62,731)

Payments to providers of capital (64,648) (74,733)

Payments to governments 432 (1,738)

Community investments (228) (187)

Economic Value Retained (42,331) (17,377)

Environmental Performance Indicators

EN3 Direct energy consumption by primary energy source.

Yes The Environment, P22

EN4 Indirect energy consumption by primary source.


EN8 Total water withdrawal by source. Yes The Environment, P23

EN16 Total direct and indirect greenhouse gas emissions by weight.


EN22 Total weight of waste by type and disposal method.

No The Environment, P23For

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Social Performance Indicators

LA1 Total workforce by employment type, employment contract, and region broken down by gender.

Yes Our Workplace, P18

Our Workforce comprises 299 employees.

State Male Female

NSW 120 103

QLD 8 23

VIC 14 9

WA 10 7

ACT 1 3

SA 1 0

LA2 Total number and rate of new employee hires and employee turnover by age group, gender, and region.

Yes

Our Workplace, P18

State New hires Leavers

No. Rate1 No. Rate1

NSW 77 26% 55 18%

QLD 7 2% 6 2%

VIC 6 2% 5 2%

WA 6 2% 1 0%

ACT 0 0% 1 0%

SA 0 0% 0 0%

Age Group Rate of new hires1

Rate of leavers1

<30 10% 7%

30–50 18% 14%

>50 4% 2%

Gender Rate of new hires1

Rate of leavers1

Male 14% 10%

Female 18% 12%

1. Rate of new hires/leavers entering workforce (based on percentage of total workforce).

LA10 Average hours of training per year per employee by gender and by employee category.

Partial Our Workplace, P18

Training is currently tracked by gender only.

LA12 Percentage of employees receiving regular performance and career development reviews by gender.

Yes 92% male and 90% of female permanent employees completed performance reviews in FY13.

Data is provided for permanent full time and permanent part time employees.

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LA13 Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity.

Yes Our Workplace, P18

Board of Directors age profile

Age Group

30–50 50%

>50 50%

Employee composition by job band, gender & age

Job Band Age Group (Male / Female)

<30 30–50 >50

Senior Management

0% / 0% 69% / 19% 13% / 0%

Management 0% / 0 % 64% / 24% 7% / 5%

Professional 4% / 18% 49% / 21% 7% / 2%

Administration 0% / 37% 6% / 40% 2% / 15%

We do not collect data on minority groups on the grounds of potential discrimination.

SO3 Percentage of employees trained in organisation’s anti-corruption policies and procedures.

Yes 100% non-management staff trained in FY13 and 93% management staff.

SO6 Total value of financial and in-kind contributions to political parties, politicians, and related institutions by country.

Yes Zero contributions were made in FY13.

SO8 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations.

Yes There were no significant fines, non-monetary sanctions imposed, or cases brought through dispute resolution mechanism in FY13.

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Banarra Charter Hall Group 2013 Verification Statement Page 1 of 2

Independent Verification Statement

Charter Hall Group FY13 Corporate Responsibility and Sustainability (CR&S) Report

To Charter Hall Group‟s stakeholders,

Banarra was commissioned by Charter Hall Group (Charter Hall) to verify selected data sets as contained in Charter Hall‟s CR&S Report for the year ending 30 June 2013. This is Banarra‟s first independent verification with Charter Hall.

Verification Scope and Criteria

The scope of Banarra‟s verification included six data sets as contained in Charter Hall‟s 2013 CR&S Report.

Each data set, as well as the criteria that Banarra used to verify the data, is presented in Table 1. Banarra also used the Global Reporting Initiative (GRI) Principles for Defining Report Quality (balance, clarity, accuracy, timeliness, comparability and reliability) to form an opinion on the overall quality of the data.

Table 1: Verified Data Sets Including Verification Criteria

CR&S Report Section Data Set Verification Criteria

Our workplace

GRI LA2 – Total number and rate of new employee hires and employee turnover by age group, gender and region

GRI G3.1 Indicator Protocol for LA2

GRI LA14 – Ratio of basic salary and remuneration of women to men by employee category, by significant locations of operation

GRI G3.1 Indicator Protocol for LA14

The environment

GRI EN8 - Total water withdrawal by source GRI G3.1 Indicator Protocol for EN8

Average NABERS rating National Australian Built Environment Rating System (NABERS) Ruling: Revised method for „Calculating average NABERS rating for publication‟ (8 November 2011)

CRE1 - Building energy intensity GRI G3.1 Construction and Real Estate Sector Supplement Indicator Protocol for CRE1

Focus areas – Sustainable Business

Qualitative Statements from the Report –

“Revised our Code of Conduct to encompass a broader range of issues, reflecting third-party advice and industry best practice”

“Delivered training on our revised Code of Conduct to the majority of employees”

GRI G3.1 Principles for Defining Report Quality

Verification Methodology

Within the above scope, Banarra‟s verification methodology included an assessment of the quality of the specified data sets by:

Reviewing internal documentation and systems relating to data management, including in relation to data collection, collation, reporting and quality assurance processes;

Analysing information gathered to determine the extent to which Charter Hall‟s performance data and supporting documentation align with the specified verification criteria;

Independent Verification StatementF

or p

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nal u

se o

nly

CR

EA

tE

D B

Y D

ES

IGN

At

E

Banarra Charter Hall Group 2013 Verification Statement Page 2 of 2

Visiting Charter Hall‟s head office and conducting interviews with five Charter Hall data owners to check the reliability, completeness and accuracy of data, including through re-calculations and cross-checks with source data; and

Checking the accuracy of selected qualitative statements in the Report through interviews and reviewing documentary evidence.

Findings and Recommendations

Based on the verification methodology outlined above, Banarra concludes that there is no evidence that the data disclosed in relation to GRI LA2, GRI EN8, Average NABERS ratings, GRI CRE1 and the qualitative statements included in the scope are not correct in all material aspects and are not a fair representation of Charter Hall‟s performance during the year ending 30 June 2013.

In relation to GRI LA14 – ratio of basic salary and remuneration of women to men by employee category, by significant locations of operation – Banarra‟s verification identified that Charter Hall‟s workplace-related data management system is currently not capable of producing meaningful and relevant data that satisfies the intent of this GRI indicator. As a result, Charter Hall confirmed during Banarra‟s verification the decision to exclude LA14 from its FY13 CR&S Report and its intention to address this gap in the coming reporting period. Banarra recommends Charter Hall reviews the GRI guidance and requirements on the compilation and reporting of LA14 to better understand its intent and be able to meet its requirement next year.

The following opportunity for improvement was identified:

Our workplace

GRI LA2 – Total number and rate of new employee hires and employee turnover by age group, gender and region: Banarra‟s data checks revealed a number of inaccuracies related to this indicator that were subsequently rectified by Charter Hall. Banarra recommends that Charter Hall revises its workplace data collation and reporting management process to include systematic and appropriate quality control steps in order to increase data reliability and accuracy.

Responsibilities and Independence

Charter Hall was responsible for the preparation of all the CR&S Report content, stakeholder identification and engagement as well as material issue identification and response. Banarra‟s responsibility was to provide an independent verification opinion on selected data sets contained in Charter Hall‟s FY13 CR&S Report as specified in the scope of this statement. This opinion is provided to Charter Hall‟s management through both this statement and a management report with further detail on the findings and recommendations outlined in this statement. Any reliance third parties may place on this statement is entirely at their own risk.

Banarra was paid by Charter Hall to conduct this assignment. Banarra has previously provided a pre-verification review of Charter Hall‟s FY12 CR&S Report. Other than this, Banarra declares itself independent in relation to Charter Hall and its stakeholders. There is a detailed statement on our independence, impartiality and competencies at www.banarra.com.

Bastien Mignonneau Senior Consultant

Banarra Sydney, Australia 25 November 2013

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This report is printed on Revive Laser. Revive Laser is Australian made, 100% recycled, FSC ® Certified and carbon neutral. The Revive family of products also supports Landcare Australia and the restoration and replanting of land fill sites throughout Australia.

www.charterhall.com.au

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Documents

Charter Hall Group For personal use only - ASX › asxpdf › 20131216 › pdf › 42ln0r30svypm1.pdf · 2013-12-16 · Charter Hall Group, our managed funds, wholesale unlisted,