Accreditations and Commitments

Score or equivalent

We are committed to 11 SDGs addressing issues we can meaningfully impact

 

Overview
In 2015, UN countries adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (‘SDGs’). The SDGs call for worldwide action among governments, business and civil society to end poverty and create a life of dignity and opportunity for all, within the boundaries of the planet.

 

Methodology 

There is no official process for supporting the SDGs. Instead, companies are encouraged to select which goals are aligned with their business activities and report on how they are working to achieve them.

 

Observation

We have specific targets and annually track our progress against them. Please see Our Environmental & Social Targets for more information.

 

Score or equivalent

4th consecutive year reporting

 

Observation

NewRiver publicly supports the TCFD Recommendations and is in its 4th consecutive year of reporting in alignment with them. We continued to develop our capabilities and refine our internal processes and systems to equip the business to respond to emerging and evolving climaterelated risks.

NewRiver is a signatory to the BBP’s Climate Commitment. The Commitment acknowledges the transformation that is required across the real estate sector to deliver net zero buildings by 2050. The aim of the Commitment is to leverage collaborative and tangible, strategic action on climate change; increase transparency and accountability, enabling the market to operate and compete effectively; and provide clear ‘client’ demand for net zero assets, driving the industry to respond. Click here for more information.

NewRiver has joined the BPF’s Net-Zero Pledge, which calls on BPF members to become net-zero carbon by 2050 at the very latest. Click here for more information.

Score or equivalent

Award: Gold

 

Overview

EPRA sBPR are intended to raise the standards and consistency of sustainability reporting for listed real estate companies across Europe – Each year, EPRA recognises companies which have issued best-in-class annual sustainability performance reports.

Methodology

EPRA partner with JLL to score the public disclosure of EPRA members against: 16 Performance Measures relating to energy, water, waste and building certifications; and 10 Overarching Recommendations which underpin good quality disclosure. Scores are provided out of 100%, with awards provided for entries with at least 12 Performance Measures disclosed and scores of 60-69% (Bronze); 70-85% (Silver); and 85%+ (Gold).

 

Observation

Awards are given to listed real estate companies in recognition of excellence in the transparency and comparability of their ESG disclosures. NewRiver was one of only nine companies to newly receive a Gold award in 2021, and one of only two to improve performance from Bronze to Gold over the course of only 12 months. We retained our Gold award for our 2022 report.

Score or equivalent

Score: 70/100 (Standing Investments) and 90/100 (Development Projects)

 

Overview

NewRiver has been a GRESB participant since 2016 and a Member of GRESB since June 2019.

 

Methodology

The GRESB assessment evaluates performance against three ESG 'Components' - Management, Performance, and Development. The Management Component measures the entity's strategy and leadership management, policies and processes, risk management and stakeholder engagement. The Performance Component measures the entity's asset portfolio performance. The Development Component measures the entity's efforst to address ESG-issues during design, construction and renovation of buildings. Each Component is divided into several 'Aspects' which comprise of individually scored 'Indicators'. Indicator scores are totalled on a weighted basis to derive an overall GRESB Score out of 100. 

In addition to a GRESB Score, entities are provided with a GRESB Rating, ranked from 1 to 5 stars, which relates to which quintile of global GRESB Scores the entity fell into. Entities with a score higher than 50 for both the Management and Performance Components receive the 'Green Star' designation.

Observation

We ranked in first place in the “Management” module of the assessment out of 901 participants across Europe; retaining our perfect score in the social and governance aspects. Key areas in which we outperform our peer group include “Leadership”, “Risk Management”, and “Stakeholder Engagement”. We also achieved Global Sector Leader status for our performance in the Development Benchmark, for which we ranked first place in our European peer group. 

Score or equivalent

Score: B (FY22)

 

Overview
CDP, formerly the Carbon Disclosure Project, runs a global disclosure system that enables companies, cities, states and regions to measure and manage their environmental impacts. – Investors, businesses and policy makers use the data to inform decisions, manage risk and capitalise on opportunities.

Methodology
CDP collects data from companies, cities and states on their environmental performance and produces detailed analysis on critical environmental risks, opportunities and impacts. Every year, CDP scores participating companies from A to D- based on an assessment of their awareness, management and leadership on climate change.

Observation
NewRiver seeks to be transparent in its approach to climate action, and participating in the CDP is an essential part of the way we achieve this. In the 2022 benchmarking process, we retained our score of ‘B’; testament to the dedication of our business to driving alignment with a best practice approach to climate risk management.

Score or equivalent

Score: 3

 

Overview

FTSE Russell’s ESG Ratings and data model allows investors to understand a company’s exposure to, and management of, ESG issues. The ESG criteria are based only on publicly available data, and in assessing ESG practice FTSE Russell does not accept data or information privately provided by companies. The ESG ratings include over 4,100 securities in 47 Developed and Emerging markets, comprising the constituents of the FTSE All-World Index, FTSE All-Share Index and Russell 1000 Index.

Methodology
The ESG Ratings comprise an overall rating scored out of 5, which breaks down into underlying ‘Pillars’ and ‘Themes’. The assessment has three Pillars (Environmental, Social and Governance) and 14 Themes which each feed into the Pillars. These are built on over 300 ‘Indicators’ (with 10 to 35 Indicators per Theme). An average of 125 of these Indicators are applied to each company, based on individual circumstances. Subject to certain other requirements, companies in Developed markets with an ESG Rating of 3.3 or higher out of 5 are eligible for inclusion in the FTSE4Good Index.

Observation

In our most recent assessment, we received an overall ESG Rating of 3 out of 5, above the ‘Retail REIT’ average of 2.7 and ‘Financials’ industry average of 2.5. Our key strengths identified by FTSE’s assessment include Corporate Governance (5/5), Risk Management (4/5), Anti-Corruption (4/5), and Human Rights & Community (4/5). We have identified the following areas as opportunities for improvement: Pollution & Resources, Social Supply Chain, and Water Security.

Score or equivalent
As of 2022 we received an MSCI ESG Rating of A, with our governance practices recognised to lead those of global and home market peers.

 

Overview
MSCI ESG ratings provide insight into ESG risks and opportunities within multi-asset class portfolios. MSCI rate 7,000 companies according to their exposure to industry significant ESG risks and their ability to manage those risks relative to industry peers.

Methodology
MSCI ESG Ratings are based only on publicly available information. Ratings are constructed based on data points across 37 ESG Key Issues, split into: Environmental: Climate change, natural resources, pollution & waste, environmental opportunities; Social: Human capital, product liability, stakeholder opposition, social opportunities; and Governance: Corporate governance, corporate behaviour. To arrive at a final letter rating (AAA to CCC), the weighted average of Key Issues scores are aggregated and normalised based on industry-specific considerations.

Observation
We ranked significantly above the industry average for governance, but below the industry average for green building certifications. We have identified this as a key area of opportunity for us, and this forms part of our short-medium term strategy for our assets.