Annex 2: GRI Content Index for ‘In accordance’ - Core

GRI Content Index for 'In accordance' - Core *

Indicator

Disclosure

Reference

GRI 102: General disclosures

1. Organisational profile

102-1

Name of the organisation

About Vesteda, p.6

102-2

Activities, brands, products, and services

About Vesteda, p.6
Key portfolio characteristics, p.8

102-3

Location of the organisation's headquarters

De Boelelaan 759, 1082 RS Amsterdam

102-4

Number of countries operating

Vesteda operates exclusively in the Netherlands.
About Vesteda, p.6
Key portfolio characteristics, p.8

102-5

Nature of ownership and legal form

Governance and risk management - Legal structure, p.67

102-6

Markets served

Vesteda operates exclusively in the Netherlands.
About Vesteda, p.6
Key portfolio characteristics, p.8

102-7

Scale of the reporting organisation

Key portfolio characteristics, p.8
Key developments 2017, p.11
Organisation, Organisational Structure and Workforce, p.63-64
Notes to the consolidated financial statements, p.92, p.107-109

102-8

Information on employees and other workers

Organisation, Organisational Structure and Workforce, p.64
Of Vesteda's total workforce there is no significant share of workers who are not employees.

102-9

Supply chain

Key developments, p.22-24
CSSR, Sustainability in the chain, p.59
Governance and risk management - Legal structure, p.67
Value chain, p.79

102-10

Significant changes to the organisation and its supply chain

About Vesteda, Key milestone dates in the life of the fund, p.7
Key Developments 2017, p.11
CSSR, Sustainability in the chain, p.59

102-11

Precautionary Principle or approach

Risk related to Portfolio Strategy, the risk that Vesteda is unable to meet its CSSR targets and ambitions, p.74-75
'In control' statement, p.75

102-12

External initiatives

Key developments, Portfolio Strategy, relative performance: MSCI, p.23
Financial and non-financial inormation: INREV Guidelines, p.82
Ethics and integrity, Code of Conduct, p.71
Corporate Sustainability and Social Responsibility, Governance - Responisble business: GRESB, p.62

102-13

Memberships of associations

Participant in the sustainability taskforce of the Association of Dutch Institutional Property Investors in the Netherlands (IVBN),
Participant in the Dutch Green Building Council (DGBC),
Member of the National Renovation Platform (NRP)
Founding partner of the Green Business Club Zuidas (GBC-Z).

(Corporate Sustainability and Social Responsibility, Envrionmental - Improve sustainability, sustainability in the chain: IVBN)

2. Strategy

102-14

Statement from senior decision-maker

Foreword Managing Board, p.12-13

3. Ethics and integrity

102-16

Values, principles, standards, and norms of behavior

Governance and risk management - Ethics and Integrity, p.71

4. Governance

102-18

Governance structure

Governance and risk management, p.67-70

5. Stakeholder Engagement

102-40

List of stakeholder groups

About this report, Content report, p.76

102-41

Collective bargaining agreements

The percentage of total employees covered by collective bargaining agreements was 91% at year-end 2017, p.142
About this report, Dialogue with stakeholders, p.80-81

102-42

Identifying and selecting stakeholders

About this report, Content report, p.76

102-43

Approach to stakeholder engagement

About this report, Dialogue with stakeholders, p.80-81

102-44

Key topics and concerns raised

About this report, Dialogue with stakeholders, p.80-81

6. Reporting practice

102-45

Entities included in the consolidated financial statements

Notes to the consolidated financial statements - 2: Basis of preparation, p.91-92
All entities included in the financial statements are also in scope for the rest of the report.

102-46

Defining report content and topic Boundaries

About this Report, Material aspects, p.76
About this report, Scope, p.78
Notes to the consolidated financial statements - 2: Basis of preparation, p.91-92

102-47

List of material topics

About this Report, Material aspects, p.76

102-48

Restatements of information

Notes to the consolidated financial statements - 2: Basis of preparation, p.91

102-49

Changes in reporting

About this Report, Material aspects, p.76

102-50

Reporting period

January - December 2017

102-51

Date of most recent report

The Vesteda annual report 2016 was published on 12 April 2017

102-52

Reporting cycle

Annually

102-53

Contact point for questions regarding the report

Colophon, p.159

102-54

Claims of reporting in accordance with the GRI Standards

About this report, Material aspects, p.76

102-55

GRI content index

Annex 2: GRI Content Index for 'In accordance' - Core, p.142-147

102-56

External assurance

Assurance report of the independent auditor, p.83-84

GRI 103: Management approach

103-1

Explanation of the material topic and its Boundary

About this Report, Material aspects, p.76-77

103-2

The management approach and its components

About this Report, Material aspects, p.76-77
Value chain, p.79
Dialogue with stakeholders, 80-81

103-3

Evaluation of the management approach

About this Report, Material aspects, p.76-77
Value chain, p.79
Dialogue with stakeholders, 80-81
Governance and risk management - The scope of risk management, p.72-73

Topic Specific Standards

GRI 201: Economic performance (Economic performance)

201

Management approach disclosures

Economic performance is very relevant to our participants. Vesteda is a core residential fund with a low-risk character. We aim to offer our participants a stable distribution and real long-term value growth. The Managing Board is responsible for the organisation’s economic performance and the Supervisory Committee Board supervises the fund. Part of the individual remuneration of members of the Managing Board depends on the company’s economic performance. Please also refer to our Governance and risk management chapter.

201-1

Direct economic value generated or distributed

Management Report - Notes to the results, Key figures, p.27
Management Report - Notes to the results, Key figures, Equity, p.29-30
Notes to the consolidated financial statements, 7. Property operatings expenses, p.100
Notes to the consolidated financial statements, 9. Management expenses, p.101
Notes to the consolidated financial statements, 12. Tax, p.101

GRI 205: Anti-corruption (Business Integrity)

205

Management approach disclosures

Business integrity is closely linked to our reputation, given that acting with integrity also protects our reputation and the reputation of the industry we operate in. Our integrity concerns all of Vesteda’s employees. To safeguard our integrity, we have our own integrity policy. We strive to guarantee our integrity on all fronts. For instance, all new participants have to undergo a KYC test, employees have to abide by our code of conduct, we have a whistle blower scheme and we screen certain parties we conduct business with. The goal of our integrity policy is to prevent either Vesteda or any of our employees getting involved in incidents, unlawful acts and legal violations that might damage the trust in the organisation or the financial markets and as a consequence could lead to reputation damage. All employees are responsible for safeguarding and implementing our integrity policy on a day to day basis. The Compliance Officer firstly draws up the policy and any changes to said policy for approval by senior management. Any cases of integrity incidents are registered and are taken in regard in potential policy renewal. The Compliance Officer monitors the correct implementation of the approved policy by the business and reports any material integrity incidents to senior management each quarter. The senior management is responsible for the correct implementation of and compliance with the policy Business Integrity.

205-3

Confirmed incidents of corruption and actions taken

Governance and risk management - Ethics and Integrity, p.71

GRI 308: Supplier environmental assessment (Sustainability in the supply chain)

308

Management approach disclosures

Sustainability is an integral part of our organisation and we aim to improve our performance year by year. Because a large part of our impact lays outside of our organisation, for example at our partners and tenants, we believe it is also necessary to take steps within our supply chain. As of 2016, we started asking our significant suppliers and a number of other preferred suppliers to sign the IVBN’s sustainability declaration suppliers. This sustainability declaration covers environmental, social and ethical topics. The responsibility for this process is part of the Operations department and specifically of the team leader contract management and procurement. It is our goal to take care of embedding the supplier declaration in our internal processes in such a way that all new suppliers, before engaging with Vesteda, sign and work in accordance with the IVBN.

308-1

Percentage of new suppliers that were screened using environmental criteria

Corporate Sustainability and Social Responsibility - Sustainability in the chain, p.59

GRI 414: Supplier social assessment (Sustainability in the supply chain)

414

Management approach disclosures

Sustainability is an integral part of our organisation and we aim to improve our performance year by year. Because a large part of our impact lays outside of our organisation, for example at our partners and tenants, we believe it is also necessary to take steps within our supply chain. As of 2016, we started asking our significant suppliers and a number of other preferred suppliers to sign the IVBN’s sustainability declaration suppliers. This sustainability declaration covers environmental, social and ethical topics. The responsibility for this process is part of the Operations department and specifically of the team leader contract management and procurement. It is our goal to take care of embedding the supplier declaration in our internal processes in such a way that all new suppliers, before engaging with Vesteda, sign and work in accordance with the IVBN.

414-1

New suppliers that were screened using social criteria

Corporate Sustainability and Social Responsibility - Sustainability in the chain

GRI 416: Customer health and safety (healthy buildings and sustainable innovations)

416

Management approach disclosures

Vesteda believes it is important that the homes in our portfolio are healthy. This implies that they are free of high-risk asbestos, that central heating boilers are checked regularly, lifts are checked regularly, that thermal energy installations are provided with new filters and that risk maps have been drawn up for every residential building. Although these measures are of a more technical nature, their impact can have a high social impact on the lives and well-being of our tenants.

Asbestos
Houses built before 1994 can contain asbestos. This is not necessarily a health threat. Despite the fact that there is no legal obligation for asbestos-related inspections, beyond roofs and in the event of any plans for demolition or renovation work, Vesteda plans to conduct asbestos inspections at all the properties in its portfolio that have not already been inspected. Our technical manager is responsible for the execution of these checks and reports the results to the Operations department.

Central heating boilers
All central heating boilers are checked periodically for maintenance purposes, to improve their life-time, and to mitigate any risks from the emission of carbon monoxide due to inefficient combustion. The Operations department is responsible for this.

Lifts
All lifts that are fully-owned by Vesteda (so not owned by third parties or by owners’ associations) are certified by accredited certification bodies. The Operations department is responsible for the execution and for updating all certificates.

Thermal energy installations
To safeguard the air quality in our residential buildings, it is necessary to replace filters in our thermal energy installations regularly. All filters in our residential buildings are replaced annually. The Operations department is responsible for this.

Risk map
Our ambition is to draw up a risk map for every residential building. We use these maps to identify the most significant risks and follow these up. The Operations department is responsible for both the execution of this aspect and the management of the process.

416-1

Assessment of the health and safety impacts of product and service categories

Corporate Sustainability and Social Responsibility - Healthy and safe houses
We do not report the percentage of significant products for which health and safety impacts are assessed for improvement. We do however aim to provide further quantitative insight into the house improvements we perform. We believe it to be far more relevant to report quantitatively about all significant improvements made, as the type and intensity of improvements vary per residential builing and unit. We will continue to monitor stakeholders’ expectations about this topic and align our reporting accordingly.

Own indicator

Relevant initiatives & activities regarding sustainable innovations

Corporate Sustainability and Social Responsibility - Strategic project: Electric Cars De Boel, p.59

GRI 419: Socioeconomic compliance (Compliance)

419

Management approach disclosures

Governance and risk management - 3. Compliance risks related to non-compliance with legislation and regulations, p.73

In addition to having a good reputation and to be a good and reliable investment, we also have to comply with all relevant laws and regulations (internal and external). Compliance is therefore a part of our Corporate Governance. With respect to compliance, two of our main aims are to incur no (monetary) sanctions and to retain our AFM license. In 2017, we have appointed a Compliance Officer (CO). Our CO is responsible for the overall compliance programme and monitoring that compliance is embedded in our organisation. The CO monitors our compliance and reports to the Managing Board and Nomination and Remuneration Committee. If necessary, the CO adjusts its activities (advice, monitoring) accordingly. The annual compliance programme therefore has a dynamic character. Additionally, the Compliance Officer is also acting as “Compliance Officer AIFMD” (Alternative Investment Fund Manager Directive) and monitors compliance with the laws and regulations supervised by the AFM, our CFO is responsible for fiscal compliance, and our General Counsel is responsible for legal compliance. The Risk Committee manages the risk management framework, which also covers compliance risks. Since 2007, Vesteda has issued an 'in control' statement regarding the financial reporting risks and since 2012 we have issued a general 'in control' statement.

419-1

Non-compliance with laws and regulations in the social and economic area

There were no significant fines paid by Vesteda in 2017.
Governance and risk management - Ethics and Integrity, p.71

GRI CRE - Products and services (green certification & sustainable construction and maintenance)

 

Management approach disclosures

We use sustainable maintenance and renovation to improve the living environment of our tenants. This can include getting rid of draughts and mould. We also strive, among other things, to improve the energy labels of our homes. By aiming for sustainable maintenance and renovation, we also try to play our part in global developments such as the government’s Energy Agreement and agreements reached at the climate summit COP21. Our goal is to make sure that 80% of Vesteda’s portfolio has a green label (at least energy label C) by 2020. The remaining 20% should have at least energy label D, and 0% should have energy label E, F or G. Portfolio Strategy is responsible for the progress in and supervision of our energy labels. The labels are updated according to energy-related measures and based on expiry dates (10 years). An overview is reported each quarter and sent to Operations. In 2015, Vesteda decided to invest more than €20 million extra in making our residential portfolio more sustainable. This will enable Vesteda to surpass the agreements made in the Energy Agreement by 2020. This ambitious package of measures includes building insulation, the replacement of installations with energy-efficient variants and the generation of sustainable energy through the placement of solar panels. We will make these changes on a residential building by residential building basis and in phases in the year 2017 through 2020.

GRI CRE8

Products and Service Labelling

Corporate Sustainability and Social Responsibility - Strategic project: Portfolio Sustainability Improvement, p.56
Corporate Sustainability and Social Responsibility - Strategic project: Sustainable acquisitions, p.61

Other for Vesteda material indicators that are not included in the topic specfic GRI indicators

Transparency and Corporate Governance

Own indicator

Management approach disclosures

To be a good and reliable investment, we have to make sure our organisation is well managed and controlled. Within the Vesteda organisation, corporate governance has been structured in accordance with best practice guidelines, with an emphasis on transparency and engagement and this has been laid down in the Terms and Conditions of the fund. Further, to the extent practicable and applicable, Vesteda applies the principles of the Dutch Corporate Governance Code. Vesteda Residential Fund FGR is a mutual fund for the joint account of participants under Dutch law. The fund is managed by Vesteda Investment Management B.V. The manager is responsible for the long-term strategy, the daily management and administration of the fund and the assets under management, within the framework of the Terms and Conditions of the Fund. The Supervisory Committee, comprising a minimum of five members, is responsible for the supervision of the fund. The Supervisory Committee has also set up an Audit Committee and Nomination and Remuneration Committee. Every Supervisory Committee member is independent in the sense defined in the Dutch Corporate Governance Code. With respect to its composition, Supervisory Committee strives to achieve the best possible balance between know-how and experience in the fields of management, compliance, risk management, financial reporting and knowledge of real estate and investments. To monitor the transparency of our organisation we use the self-assessment of the INREV Guidelines. Over 2017, our overall compliance rate with the INREV Guidelines was 80%. We have not set quantitative targets on transparency and corporate governance. Results of the self-assessment are evaluated internally.

Insight in Corporate governance

Governance and Risk management, p.67-70

 

Transparency is in accordance with
INREV Guidelines

About this report - INREV Guidelines, p.82

Tenant satisfaction

Own indicator

Management approach disclosures

A home is a basic need and we want to provide our tenants with a safe home and good services. We conduct two types of surveys to monitor our performance. This year, we invested in a new partnership with external party CustomEyes to conduct the yearly image survey. This is part of a sector-wide benchmark. The results are shared with tenants and evaluated within the Vesteda Managing Board. The Portfolio Strategy department is responsible for this. Our target for this survey is a tenant satisfaction score of at least 7. Second, to monitor and improve the services we provide, external party KCM conducts continuous surveys based on direct feedback from our tenants. Our Operations department is in daily contact with our tenants, dealing with the intake of new tenants, requests for repair and maintenance, and handling complaints. We use the findings of these surveys for a process of continuous improvement in our service levels. The targets for this survey are as follows: Repair requests at least a 7.6, Intake at least a 7.3, My Vesteda at least a 7.5, Complaints at least a 5.7 (ones and tens are not counted in this score).

Outcomes of the tenant satisfaction benchmark and the KCM survey

Tenant survey, p.33-36

  • * Unless otherwise indicated, all GRI Standards listed refer to the 2016 version of the Standards.