Mirvac to pause reporting to the Global Real Estate Benchmarking Group (GRESB)

Mirvac is committed to transparency on its sustainability performance and has reported to GRESB for the past 10 years. It has been a valuable tool in helping to increase standards and disclosure across the property industry globally.

Since refreshing This Changes Everything in 2018, however, we have noted a number of differences in priorities between GRESB and our sustainability strategy (which exists to serve our business and our community of stakeholders), and as a result, we have not targeted top quartile GRESB performance.

As well as alignment with the Mirvac strategy, we are also mindful of maintaining an appropriate balance between delivery of strong performance and disclosure. We proactively share ESG performance data through indices reporting, our annual investor toolkit, ESG events on key topics, and through engagement with interested securityholders.

Following recent changes to GRESB’s governance, systems and strategic priorities, as well as impacts to GRESB’s data quality assurance, we have decided to suspend our reporting to GRESB for two years. This will allow time for their intended improvements to take place. We will evaluate our decision again in early 2023.

Our strong focus remains on disclosing our climate-related risks and opportunities in line with the recommendations set out by the Task Force on Climate-related Financial Disclosures (TCFD), the framework under which we have reported against for the past two years. We are also fortunate to have a robust and highly regarded suite of sustainability ratings tools (such as Green Star and NABERS) in Australia.

As well as continuing to work closely with our industry peers on improving standards and benchmarks, we will look to maintain a high level of accessible ESG data on our website, and continue to make ourselves available to investors for specialised or general briefings.

We will continue to report in alignment with expectations from the UN Principles for Responsible Investment, the UN Global Compact, the Global Reporting Initiative, National Greenhouse and Energy Reporting, the London Benchmarking Group, and RE100.