International Reporting Standards

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Property Council | Monday, 1 June 2009 1:04 AM | One Comment

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International Reporting Standards

There are many other international programs relevant to the property arena.

Australian property companies, particularly those that operate across all spheres of the sector, have signed up to many of these programs, even though few specifically address the unique features of the industry.

The leading schemes are:

Dow Jones Sustainability Indexes (DJSI) – these indices provide asset managers with benchmarks to manage sustainability portfolios.
FTSE4Good – this series measures the performance of companies that meet globally recognised corporate responsibility standards, to facilitate investment in them. It focuses primarily on the creation of responsible investment products.
Global Reporting Initiative (GRI) – the GRI proposes to develop a real estate sector supplement. GRI has conducted a preliminary analysis of corporate responsibility reporting metrics and practices.
UNEP Finance Initiative (UNEP FI) – to date, the UNEP FI (and its property working group) has focussed on socially responsible investment. It recently produced a set of case studies on responsible property investing divided into 10 elements:

o energy conservation;
o environmental protection;
o voluntary certifications;
o public transport oriented developments;
o urban revitalisation and adaptability;
o health and safety;
o worker well being;
o corporate citizenship;
o social equity and community development; and
o local citizenship.

UNEP Sustainable Building and Construction Initiative (UNEP SBCI) – a new item in the SBCI business plan is to “develop global benchmarks for sustainable buildings and construction.”

This voluntary guide draws on the thinking contained in these global standards.

The metrics outlined in this guide refer to specific elements of international standards, where relevant.