Property for Industry
Getting ESG strategy and reporting sorted
When New Zealand's largest specialised investor in industrial property wanted to strengthen their Environmental, Social and Governance ESG reporting, they put a strategy in place first. Property for Industry (PFI) are an NZX-listed company with over NZD$1.4bn in assets, managing 94 industrial properties across the country. Chief Operating Office and CFO Craig Peirce admits that building out PFI's existing ESG reporting might have been an option, but taking a strategic approach to identifying material sustainability issues and setting a clear strategy for addressing them was far more likely to deliver value over the long run.
"Engaging with our internal and external stakeholders helped us to clarify which sustainability issues were material to the business. Getting this right from the start helped us to develop a useful strategy and report on the issues that matter most" says Peirce.
"We've now got a clear statement on our approach to ESG and can point our shareholders and stakeholders to it."
PFI used the Global Reporting Initiative (GRI) Standards to communicate their ESG strategy and performance in their 2019 Annual Report