Strategy and Analysis

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-1 Statement from the most senior decision-maker of the organisation.

Chair and CEO's Review

Annual Review pgs 4-9

G4-2 Description of key impacts, risks, and opportunities.

Chair and CEO's Review
Annual Review pgs 4-9

Strategy
Annual Review pgs 10-11

Delivering FY15 commitments
Annual Review pgs 12-13

Developments
Annual Review pgs 36-37

Carbon Disclosure Project 2014
Questions 2.1(a)(b), 5, 6, pgs 5, 20, 26

Organisational Profile

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-3 Name of the organisation. Dexus
   
G4-4 Primary brands, products, and/or services.

Dexus

Dexus Investor centre

Third Party Funds

Dexus's primary products/brands/services are detailed on its website.  
G4-5 Location of organisation's headquarters. Directory
   
G4-6 Number of countries where the organisation operates, and names of countries with either major operations or that are specifically relevant to the sustainability issues covered in the report. Properties
Dexus operates in Australia and New Zealand  
G4-7 Nature of ownership and legal form. About Dexus
Dexus (DXS) is a publicly traded real estate investment trust listed on the Australian Securities Exchange.  
G4-8 Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries).

About Dexus
Annual Review pgs 2-3

Office
Annual Review pgs 24-31

Industrial
Annual Review pgs 32-35

Third Party Funds
Annual Review pgs 38-41

Properties

2015 Property Synopsis

   
G4-9 Scale of the reporting organisation.

Consolidated Statement of Comprehensive Income
Annual Report pg 48

Consolidated Statement of Financial Position
Annual Report pg 49

About Dexus
Annual Review pgs 2-3

Office
Annual Review pgs 24-31

Industrial
Annual Review pgs 32-35

Developments
Annual Review pgs 36-37

People and Culture
Annual Review pgs 44-47

Employees
2015 Performance Pack

Properties

   
G4-10 Number of employees by employment type, gender, and region Employees

 


2015 Performance Pack
   
G4-11 Percentage of total employees covered by collective bargaining agreements.   Zero. Dexus does not have any collective agreements as all employees are employed under individual contracts which comply with the National Employment Standards.  
G4-12 Description of the organisation's supply chain. Supply Chain DMA
   
G4-13 Significant changes during the reporting period regarding the organisations size, structure, ownership or its supply chain

Highlights
Annual Review pg 1

Chair and CEO's Review
Annual Review pgs 4-9

Strategy
Annual Review pgs 10-11

Group Performance
Annual Review pgs 22-23

   
G4-14 Explanation of whether and how the precautionary approach or principle is addressed by the organisation.

Corporate Governance Statement
Annual Report, Principle 7, pg 17

Corporate Governance - policies

The Compliance, Risk & Governance team oversees Dexus's risk, compliance and corporate governance programs. These programs support the development and implementation of compliance, risk management and corporate governance procedures across the business to minimise risk.

In line with the precautionary approach, activities that could potentially cause harm to the public or the environment receive heightened focus. Where the risk of human or environmental harm is high, the activity is not undertaken.

Dexus has developed both a Compliance Management Framework and Risk Management Framework outlining how compliance and risk is addressed and managed at Dexus.
 
G4-15 Externally developed economic, environmental, and social charters, principles, or other initiatives to which the organisation subscribes or endorses.

Sustainability Approach

Enriched Environment

2015 UNPRI Transparency Report

Memberships and Affiliations

Awards

Dexus's corporate voluntary commitments include: United Nations Principles for Responsible Investment (UNPRI), Carbon Disclosure Project (CDP), National Carbon Offset Standard (NCOS), FTSE4Good, CitySwitch, Better Buildings Partnership, Dow Jones Sustainability Indexes (DJSI) and Global Real Estate Sustainability Benchmark (GRESB).  
G4-16 Memberships of associations (such as industry associations) and national or international advocacy organisations in which the organisation holds a governance position, participates in projects or committees, provides substantive funding beyond routine membership dues or views membership as strategic. Memberships and Affiliations
Dexus participates in several Australian and international associations and organisations. Memberships are regularly reviewed for relevance to the business and alignment with the corporate strategy. They include: the Property Council of Australia; the Investor Group on Climate Change (IGCC); the Green Building Council of Australia; and the Better Building Partnership Leadership Panel and technical working groups. Dexus is also a signatory to the United Nations Principles for Responsible Investment (UNPRI) and an Investor Member of the Carbon Disclosure Project (CDP).  

Identified Material Aspects

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-17 List all entities included in organisation's consolidated financial statement. Directory

 


Annual Report pg 101
G4-18 Process for defining report content (how applied Principles)

About This Report
Annual Review (inside cover)

Material Issues
Annual Review pgs 16-17

Introduction
2015 Performance Pack

In FY15 Dexus transitioned from the GRI Sustainability Reporting Guidelines ( version 3.1) to the materiality based G4 sustainability guidelines which it used to define the 2015 Dexus Annual Review content.
G4-19 List all material Aspects identified in the process for defining report content.

Material Issues
Annual Review pgs 16-17

Introduction
2015 Performance Pack

G4-20 For each material Aspect, report the Aspect Boundary within the organisation. About This Report

 


Annual Review (inside cover)

Material Issues
Annual Review pgs 16-17

Introduction
2015 Performance Pack

Tenants and Customers - Green Leases
2015 Performance Pack

Environment
2015 Performance Pack

Assurance Criteria

G4-21 For each material Aspect, report the Aspect Boundary outside the organisation. About this report
Annual Review (inside cover)

Material Issues
Annual Review pgs 16-17

Introduction
2015 Performance Pack

Tenants and Customers - Green Leases
2015 Performance Pack

Environment
2015 Performance Pack

Assurance Criteria

Tenants and Customers DMA

Supply Chain DMA

Governance DMA

Environment DMA

G4-22 Report the effect of any restatements of information provided in previous reports. Dexus has restated various financial metrics to reflect the one-for-six security consolidation completed on 14 November 2014.

Dexus updates its environmental information from prior years where new information becomes available. This has resulted in non-material restatements of historical figures which have been applied to all years since 2008 base year for consistency. Figures in some tables may not sum due to rounding. Repetition only occurs when there is an overlap of reporting periods.
G4-23 Report significant changes from previous reporting period in the Scope and Aspect Boundaries There have been no significant changes from previous reporting periods in the boundary, or measurement methods applied in the report.

Stakeholder Engagement

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-24 Provide a list of stakeholder groups engaged by the Organisation Tenants and Customers DMA

 

People and Culture DMA

Supply Chain DMA

Governance DMA

Environment DMA

During the year Dexus engaged at an organisational level with key stakeholder groups including debt and equity investors, third party investors, suppliers, tenants, employees, senior management, industry representatives, investor representatives, and government. Dexus also engaged in asset-level engagement with its key stakeholders including tenants, suppliers, local community and local government.
G4-25 Basis for identification and selection of stakeholders with whom to engage. About This Report

 


Annual Review (inside cover)

Material Issues
Annual Review pgs 16-17

Sustainability Approach

Introduction
2015 Performance Pack

Dexus referred to the GRI Sustainability Reporting Guidelines (version 4) to set the report's boundaries in relation to material issues and key performance indicators. As part of its process to review material issues Dexus reviewed internal and external materials and consulted with internal stakeholders to identify stakeholders with whom to engage. Stakeholder groups were prioritised based on their relevance to Dexus business or the property sector.

 

Through this process Dexus identified its key stakeholders as comprising current and prospective investors, employees, tenants, customers, suppliers and the community. Dexus's Sustainability Approach and engagement strategy has been developed to effectively engage with these key stakeholders to understand and respond to their needs, as well as focusing on environmental performance and relevant issues.

G4-26 Organisation's approach to stakeholder engagement (including frequency by type and stakeholder group, and any specific to report process) About This Report

 


Annual Review (inside cover)

Material Issues

Annual Review pgs 16-17
Sustainability Approach

Introduction

2015 Performance Pack
Tenants and Customers DMA

People and Culture DMA

Supply Chain DMA

Governance DMA

Environment DMA

Dexus's stakeholder engagement framework seeks to tailor its relationships with each individual stakeholder group. Dexus regularly surveys its major stakeholder groups including semi-annual investor survey (DXS and DWPF investors), annual tenant surveys (across office, industrial and retail) and the annual employee engagement survey. In FY15 Dexus also surveyed 39 of its major tier 1 suppliers.

In preparing the 2015 Annual Review, Dexus engaged with employees across the business for their input regarding performance information and commentary, as well as details of their engagement with external stakeholders, including survey results. Dexus also engaged directly with investor representatives via one-on-one sessions to gather their input. From their feedback DEUXS enhanced the structure and content within the 2015 Annual Review.

Dexus also engages regularly in a variety of ways, including: committees and working groups; one-on-one meetings; monthly distribution of information; partnerships; memberships; and online and postal feedback mechanisms. In FY15 Dexus identified material issues through stakeholder engagement as part of its transition to the GRI G4 reporting protocol.

Dexus also presents its half year and annual results together with quarterly operational performance. These presentations are webcast through the Dexus website and allow for investor Q&A from investors present at the meeting as well as via phone. Investors are also able to engage with the Board at the AGM, which is also webcast. Dexus has an Investor Relations Application available on smart phones.
G4-27 Key topics and concerns that have been raised through stakeholder engagement, and how the organisation has responded to those key topics and concerns, including through its reporting. Sustainability Approach

 

FY16 Commitments
Annual Review pg 14-15

Material Issues
Annual Review pgs 16-17

Introduction
2015 Performance Pack

Report Profile

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-28 Reporting period (e.g., fiscal/calendar year) for information provided. Fiscal year 2015 (1 July 2014-30 June 2015)
G4-29 Date of most recent previous report (if any). Fiscal year 2014 (1 July 2013-30 June 2014)
G4-30 Reporting cycle (annual, biennial, etc.) Reporting cycle is annual, period ending 30 June 2015
G4-31 Contact point for questions regarding the report or its contents. Online Enquiry
Investor Enquiries: Registry Infoline: 1800 819 675 Investor Relations: +61 2 9017 1330; or Email: ir@dexus.com
G4-32 Report the 'in accordance' option the organisation has chosen; the GRI Content Index for the chosen option; and reference to the External Assurance Report. About This Report
Annual Review (inside cover)
G4-33 Organisation's policy and current practice with regard to seeking External Assurance for the report. Directors' Report Section 17
Annual Report, pg 46

Introduction
2015 Performance Pack

PwC Assurance Report

Assurance Criteria

PricewaterhouseCoopers (PwC) has audited Dexus's financial reports and provided Limited Assurance over key aspects of Dexus's sustainability performance as reported in the 2015 Annual Review and within the online reporting suite on the Dexus website.

Governance

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-34 Governance structure of the organisation, including committees under the highest governance body responsible for specific tasks, such as setting strategy or organisational oversight. Board Committees

 

Corporate Governance

Corporate Governance 
Annual Review pgs 18-19

Corporate Governance Statement
Annual Report, Principles 1, 2 on pgs 9-13 and Principle 17 on pg 17

Dexus Funds Management Limited (DXFM) is the Responsible Entity of each of the four trusts that comprise Dexus Property Group. DXFM is also responsible for the management of a number of third party funds and mandates. Dexus's corporate governance framework applies to all funds and mandates. Refer to the terms of reference for the Board and Board Committees for details of their mandates and composition (including number of independent members and/or non-executive members).
G4-35 Process for delegating authority for economic, environmental and social topics from the highest governance body to senior executives and other employees Governance DMA
G4-36 Whether the organisation has appointed an executive-level position or positions with responsibility for economic, environmental and social topics, and whether post holders report directly to the highest governance body. The Executive Director Finance and Chief Operating Officer (COO) is a member of… Read more the Dexus Board and has overall operational responsibility for economic, environmental and social topics.
G4-37 Processes for consultation between stakeholders and the highest governance body on economic, environmental and social topics. If consultation is delegated, describe to whom and any feedback processes to the highest governance body Corporate Governance Statement

 


Annual Report, Principle 6, pg 16

Investor Relations
Annual Review, pg 48

Dexus has four Board Committees to assist in fulfilment of its responsibilities. There are seven committees advising the Group Management Committee (the senior executives of the organisation). Employees are able to make recommendations through these forums as well as directly to senior management. 

 

Security holders may attend the Annual General Meeting (AGM) in person to meet the Board of Directors and Executive team. The Investor Relations team facilitate engagement with investors including regular meetings with investors. A feedback mechanism and enquiry facility is available on the Dexus website to facilitate investor and stakeholder feedback. Additionally, investors can make enquiries through the Registry infoline.

Investor enquiries were materially related to their investment i.e. distributions, tax statements and performance and limited enquiries on CR&S topics.

G4-38 Composition of the highest governance body and its committees Board of Directors

 


Annual Report pgs 4-5

Corporate Governance Statement
Annual Report, Principle 2, pgs 10-11

Directors' Report Section 6
Annual Report, pg 45

G4-39 Indicate whether the Chair of the highest governance body is also an executive officer. Board of Directors

 


Annual Report pgs 4-5
G4-40 Nomination and selection processes for the highest governance body and its committees and the criteria used for nominating and selecting highest governance body members, including considerations of diversity, independence, expertise and experience relating to economic, environmental, social topics, stakeholder involvement. Selection and appointment of non-executive directors

 


Board Policies

Selection and appointment of new directors
Board Policies

DXFM Structure

The Board Nomination, Remuneration & Governance Committee advises the Board in fulfilling its responsibilities by overseeing all aspects of Director, Group Management Committee and Key Management Personnel remuneration, and Board nomination and performance evaluation. The Committee also oversees aspects of Human Resources management.
G4-41 Processes for the highest governance body to ensure conflicts of interest are avoided and managed, and if these are disclosed to stakeholders. Corporate Governance Statement

 


Annual Report, Principle 3, pgs 14-15

Directors' Report Section 6
Annual Report, pgs 45

The Group has strict policies which address conflicts of interest including: Director Code of Conduct; Employee Code of Conduct; Conflicts of Interest Policy; Securities Trading Policy (including Inside Information); and Gifts and Entertainment. Potential conflicts and related party transactions are overseen by the Compliance Manager and are reported on a regular basis to the Board.
G4-42 Highest governance body's and senior executives' roles in the development, approval, and updating of the organisation's purpose, value or mission statements, strategies, policies, and goals related to economic, environmental and social impacts. Corporate Governance Statement

 


Annual Report, Principle 3, pg 13

Governance DMA

Environment DMA

G4-43 Measures taken to develop and enhance the highest governance body's collective knowledge of economic, environmental and social topics Governance DMA

 

Environment DMA

G4-44 Processes for evaluation of the highest governance body's performance with respect to governance of economic, environmental and social topics, as well as actions taken in response to evaluation of the highest governance body's performance with respect to governance of economic, environmental and social topics, including, as a minimum, changes in membership and organisational practice. Corporate Governance Statement

 


Annual Report, Sections 2.1, 2.9, 4.1, 7.1, pgs 9-17
G4-45 Highest governance body's role in the identification and management of economic, environmental and social impacts, risks, and opportunities, including its role in the implementation of due diligence processes, and indicate whether stakeholder consultation is used to support the highest governance body's identification and management of economic, environmental and social impacts, risks, and opportunities Material Issues

 


Annual Review pgs 16-17

Introduction
2015 Performance Pack

Governance DMA

G4-46 Highest governance body's role in reviewing the effectiveness of the organisation's risk management process for economic, environmental, and social topics. Corporate Governance Statement

 


Annual Report, Section 7.1, pg 17

Directors' Report Section 5
Annual Report, pg 44

G4-47 Frequency of the highest governance body's review of economic, environmental, and social impacts, risks and opportunities Corporate Governance Statement

 


Annual Report, Section 7.2, pg 17

Directors' Report Section 2
Annual Report pgs 18-19

G4-48 Highest committee or position that formally reviews and approves the organisation's sustainability report and ensures that all material Aspects are covered. The 2015 Dexus Annual Reporting Suite has been reviewed and approved by senior… Read more executives and managers across all business units with final approval provided by the Chief Executive Officer in accordance with Dexus's Marketing and Communications Materials approvals policy.
G4-49 Process for communicating critical concerns to the highest governance body. Corporate Governance Statement
Annual Report, Section 7.2, pg 17

Governance DMA

G4-50 Nature and total number of critical concerns that were communicated to the highest governance body and the mechanism(s) used to address and resolve them. Corporate Governance Statement

 


Annual Report, Section 7.2, pg 17
G4-51 Remuneration policies for the highest governance body and senior executives including fixed and variable pay, performance-based pay, equity-based pay, bonuses, deferred or vested shares, sign-on bonuses or recruitment incentive payments, termination payments, clawbacks and retirement benefits. Indication of how performance criteria in the remuneration policy relate to the highest governance body's and senior executives' economic, environmental and social objectives. Directors' Report Section 3

 


Annual Report, pgs 19-33
G4-52 Process for determining remuneration, indicating if remuneration consultants are involved in determining remuneration, whether they are independent of management and other relationships which the remuneration consultants have with the organisation Directors' Report Section 3

 


Annual Report, pgs 19-33
G4-53 How stakeholders views are sought and taken into account regarding remuneration Chair and CEO's Review

 

Annual Review pgs 4-9 Corporate Governance Statement

Annual Report, Principle 6, pg 16

G4-54 Ratio of the annual total compensation for the organisation's highest-paid individual in each country of significant operations to the median annual total compensation for all employees in the same country. Employees

 


2015 Performance Pack
G4-55 Ratio of percentage increase in annual total compensation for the organisation's highest-paid individual in each country to the median percentage increase in annual total compensation for all employees (excluding the highest-paid individual) in the same country. In FY15 the ratio of percentage increase in annual total compensation for Dexus's Chief Executive Officer to the median percentage increase in annual total compensation for all employees (excluding the CEO) was 3.51.

Ethics and Integrity

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-56 Description of the organisation's values, principles, standards and norms of behaviour such as codes of conduct and codes of ethics About Dexus

 

Corporate Governance

People and Culture DMA

Corporate Governance Statement
Annual Report, Section 3.1, pg 14

2015 UNPRI Transparency Report

G4-57 Internal and external mechanisms for seeking advice on ethical and lawful behaviour and matter related to organizational integrity, such as helplines or advice lines Corporate Governance Statement
Annual Report, Principle 4, pg 15 and Principle 7, pg 17
G4-58 Report the internal and external mechanisms for reporting concerns about unethical or unlawful behaviour and matters related to organisational integrity, such as escalation through line management, whistleblowing mechanisms or hotlines.