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GRESB NORDICS SEMINAR, 13.4.2015 ANNE KAISER
GRESB – SURVEY IN THE NORDICS
“…To get to a point where better
sustainability means better business. Talking
about sustainability only and not connecting
it to economic and social data will not
enhance its
“GRESB – survey visualizes connection
between sustainability work and progress to all
employees. It gives a new, concrete
meaning to sustainability work.”
“As an investor, I am not an expert in this field, but it would be naive to assume that GRESB is covering all aspects or issues of sustainability?!?”
“GRESB – survey “status” will be
required not only by investors, but also by
banks and creditors…”
#GRESBHELSINKI
• GRESB – survey serves real estate companies, funds and investors.
• Sustainability monitoring, benchmarking, improvement and communication.
• 42 basic questions (and 14 for new construction and major renovations).
• Management, disclosure, risks, performance indicators, building certifications and stakeholder engagement.
• An overall score is allocated to each GRESB – survey participant with peer group comparison.
• Participation to GRESB – survey is free of charge.
GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARK (GRESB)
• November 2014 – April 2015
• Interviews and Webropol on-line –surveys
• MSc in CSR and Ethical management (bfi Wien, Austria)
• Ramboll Finland Oy and Environmental School of Finland
THERE ARE NO STUPID QUESTIONS ?
Target group Responses Sample size Response rate
GRESB – pioneers 14 15 93 %
GRESB - potentials 17 70 24 %
GRESB – investors 7 33 21 %
Non-GRESB - investors 3 50 6 %
TOTAL 41 168 24 %
“Swedish real estate company operating in
Nordic countries”
”Real estate company or user/owner from Finland operating in
Nordic and Baltic countries.”
“Asset manager from Canada or Netherlands”
• “Multiple sustainability reporting”?
• Benefits of GRESB – survey?
• Does GRESB help to improve sustainability performance?
• GRESB and sustainability in value chains?
• Challenges and hints for starters?
• Development of GRESB- survey?
• Awareness and interest towards GRESB – survey?
RESEARCH AIMS TO UNDERSTAND…
MULTIPLE REPORTING ?
Most used sustainability reporting and assessing schemes are: GRESB, GRI, UNGC and CDP
GRI remains the most important reporting scheme for GRESB – potentials.
Companies, funds and investors using GRESB rank
it the most important.
HOW MUCH TIME IS SPENT FOR REPORTING?
• Average time between 80 and 160 hours. • GRESB- survey in 16 to 40 hours
• More than 160 hours.
Some companies and funds don’t / can’t estimate the time dedicated for sustainability reporting.
BENEFITS GRESB – SURVEY OFFERS? The most used sustainability reporting and assessing
schemes are: GRESB, GRI, UNGC and CDP
Top three benefits for GRESB investors:
1. Improved transparency on sustainability 2. Easier implementation of own
sustainability objectives 3. Improved skills and knowledge of
sustainability analysis
Top three benefits for GRESB pioneers:
1. Communication and branding benefits 2. Improved credibility of sustainability
reporting 3. New ideas and practices for improving
sustainability performance
DOES GRESB – SURVEY HELP TO IMPROVE SUSTAINABILITY PERFORMANCE?
“As first indicators are created and monitored.”
”New ideas from peer group and survey itself.”
”It shows our strenghts and weaknesses; focus areas.”
”It visualizes connection between sustainability work and progress to all employees.”
”It pushes for structured management of sustainability and shows where the industry is heading to.”
”Improved transparency and communication with our investors.”
”It puts sustainability issues on the agenda of top management.”
”Engaging with companies not participating into GRESB – survey, with issues and ideas from GRESB, we improve overall sustainability performance of the portfolio.”
”New ideas we never before thought about.”
GRESB – SURVEY AND SUSTAINABILITY IN VALUE CHAIN
“Inspired to identify focus areas regarding stakeholders.”
“GRESB emphasises stakeholder
engagement.”
Most efficient means for integrating sustainability into value chain:
1. Communication 2. Setting common sustainability objectives 3. Developing incentives “win-win”
• Division of energy consumption between property types in multi-purpose properties = a lot of manual calculation and aggregation.
• Amount of data is challenging for small organizations or organizations with large number of properties.
• Some questions difficult to understand and without common clarification.
• Data collection and processing existing data into “GRESB” – format.
• Survey is very rigid and given data must be very exact.
CHALLENGES WITH GRESB - SURVEY
• First time reporting is a starting point in a process of continuous improvement, not as judgement of existing policies.
• Often there is no clarification for your questions, make your own conclusions, explain them and be consistent.
• Reserve enough time. Get familiar with the guidance.
• Commit top management and all the parties needed for reporting process.
• Share and publish your sustainability efforts; it makes it easier.
HINTS FOR STARTERS
• Better synergy with GRI G4 reporting would encourage more companies to participate.
• Possibility to notice “non-relevant” questions without influence on the overall score.
• To be more open with access to overall scores
“introduction” tool for more companies to participate.
• Innovations should be simplified into “best practices”, obligatory for all participants and shared for the good of whole industry.
• Summary of uploaded documents.
• Progress bar, “scoremeter” with estimate of the score to be reached..
DEVELOPMENT IDEAS FOR GRESB - SURVEY
• It will become key sustainability standard and tool for sustainability improvement.
• Growth by the number of users: investors, banks and creditors.
• Data analysis will develop => More unified questions and detailed level of reporting.
• Building level certification importance may grow in the future.
• It will expand and become harder to “digest” for investors.
HOW IS GRESB- SURVEY GOING TO DEVELOP IN COMING FIVE YEARS?
TOPICS FOR DISCUSSION
• Should GRESB emphasize more social responsibility issues?
• GRESB is not a reporting standard, it is ranking scheme?
• Transparency, IR communication principles ? Other stakeholders?
• If companies don’t disclose GRESB benchmark information should GRESB become more open itself?
• Should GRESB develop services for other audiences and stakeholders too?
SUMMARY
• GRESB - survey is considered very important sustainability ranking scheme by respondents, backed up by GRI reporting.
• GRESB - survey is material and practical framework which improves sustainability performance of companies, funds and investor members. • Benchmark data with peer organizations directs sustainability efforts, helps in
allocation of resources, brings sustainability on the top management agenda and connects companies with investors on sustainability issues.
• GRESB – survey participation requires dedication, time,
resources and willingness to meet challenges.
GRESB - POTENTIALS 1. Benchmark information missing from sustainability
reporting frameworks 2. Benchmarking with peers is
believed to improve sustainability performance
GRESB - POTENTIALS
