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 Report pgs 4-5

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

Chair and CEO's Review
Annual Report pgs 4-5

Strategy
Annual Review pgs 3

Recognise and Manage Risk

FY17 commitments

2016 Carbon Disclosure Project
Questions 2.1(a)(b), 5, 6, pgs 5-6, 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.

Who we are

Property portfolio

Dexus's primary products/brands/services are detailed on its website.  
G4-5 Location of organisation's headquarters.

Directory

 Level 25, Australia Square, 264 George Street Sydney NSW 2000  
G4-6 Number and name of countries where the organisation has significant operations or that are specifically relevant to the sustainability topics covered in the report

About Dexus

Annual Report pg 2

Dexus operates in Australia  
G4-7 Nature of ownership and legal form. Corporate Governance
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).

Office
Annual Report pgs 6-7

Industrial
Annual Report pg 8

Developments
Annual Report pg 9

   
G4-9 Scale of the reporting organisation.

Consolidated Statement of Comprehensive Income
Annual Report pg 52

Consolidated Statement of Financial Position
Annual Report pg 53

About Dexus
Annual Report pg 2

People and Culture
Annual Report pgs 12-13

Thriving People
2016 Performance Pack

Dexus Portfolio

   
G4-10 Number of employees by employment type, gender, and region Thriving People
2016 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

About Dexus
Annual Report pg 2

Chair and CEO's Review
Annual Review pgs 4-5

Supply Chain DMA  

 

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

Recognise and Manage Risk

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

2016 UNPRI Transparency Report

Memberships and Affiliations

Recognition and 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
 

Identified Material Aspects and Boundaries

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-17 Entities included in the organisation’s consolidated financial statements or equivalent documents Corporate Governance
G4-18 Process for defining the report content and the Aspect Boundaries and implementing the Reporting Principles for Defining Report Content Material Issues

Materiality
2016 Performance Pack

G4-19 Material Aspects identified in the process for defining report content

Material Issues

Materiality
2016 Performance Pack

G4-20 For each material Aspect, report the Aspect Boundary within the organisation

Material Issues

Materiality
2016 Performance Pack

Thriving People
2016 Performance Pack

Enriched Environment 
2016 Performance Pack

G4-21 For each material Aspect, report the Aspect Boundary outside the organisation

Material Issues

Materiality
2016 Performance Pack

Thriving People
2016 Performance Pack

Enriched Environment 
2016 Performance Pack

G4-22 Report significant changes from previous reporting periods in the Scope and Aspect Boundaries

2016 Financial Report, Dexus Diversified Trust - Section 10 - page 39 of 99 (PDF page 43)

2016 Financial Report, Dexus Industrial Trust - Section 9 - page 4 of 42 (PDF page 109)

2016 Financial Report, Dexus Office Trust - Section 9 - page 4 of 47 (PDF page 153)

2016 Financial Report, Dexus Operations Trust - Section 9 - page 4 of 52 (PDF page 202)

Enriched Environment 
Resource Consumption Methodology - 2016 Performance Pack

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 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.

Material Issues

Materiality
2016 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 of engagement by type and by stakeholder group, and an indication of whether any of the engagement was undertaken specifically as part of the report preparation process

 

 

Sustainability Approach 

Material Issues

Materiality
2016 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 preparing the 2016 Annual Report, 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 2016 Annual Report.

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.

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 QandA 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 Material Issues

Materiality
2016 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 2016 (1 July 2015 - 30 June 2016)
G4-29 Date of most recent previous report (if any).  Fiscal year 2015 (1 July 2014 - 30 June 2015)
G4-30 Reporting cycle (annual, biennial, etc.)  Reporting cycle is annual, period ending 30 June 2016
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 the reference to the External Assurance Report GRI Index
2016 Performance Pack
Dexus referred to the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines to determine the report’s boundaries for guidance on identifying and reporting its material issues, management approaches and reporting key performance indicators within its Sustainability Approach. The 2016 Annual Reporting Suite has been prepared in accordance with GRI G4 Core reporting guidelines and nominated indicators have been externally assured.
G4-33 Organisation’s policy and current practice with regard to seeking external assurance for the report

Directors Report
Annual Report pg 29 

Boundaries and independent assurance
2016 Performance Pack

PwC Assurance Report 

2016 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 2016 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 of the highest governance body Board Committees

 

Corporate Governance

Corporate Governance Statement
Principles 1, 2, 4, 7, 8

Dexus Funds Management Limited (DXFM) is the Responsible Entity of each of the four trusts that comprise Dexus. 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 Report 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 General Manager, Customer and Marketing is a member of the Dexus' Executive Key Management Personnel 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 Corporate Governance Statement
Principle 6           

Contact Us

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 14-15

Directors Report
Sections 1-2, pgs 29-30
Sections 6, pg 49

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

Board of Directors
Annual Report pgs 14-15

Directors Report
Section 3 Remuneration Report, pgs 31-49

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 Selection and appointment of non-executive directors

 

Corporate Governance Statement

Principle 2

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 whether conflicts of interest are disclosed to stakeholders

Corporate Governance Statement

Principle 3

Directors Report 
Section 6, pg 49

Board Policies

Corporate policies

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
Section 2.6 - Access to training and information         

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
Section 2.1, 1.6, 4.1, 7.1      
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

Corporate Governance Statement
Section 7.1, 7.4   

Material Issues

Materiality
2016 Performance Pack

G4-46 Highest governance body’s role in reviewing the effectiveness of the organisation’s risk management processes for economic, environmental and social topics. Corporate Governance Statement
Section 7.1, 7.2, 7.4 

Operating and Financial Review - Risks
Annual Report pg 27

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

Directors Report
Section 2 Attendance of Directors at Board Meetings and Board Committee Meetings, Annual Report pg 30          

Corporate Governance Statement
Section 7.2 Risk Management

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 2016 Dexus Annual Reporting Suite has been reviewed and approved by senior 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
Section 7.2 Risk Management

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
Section 7.1, 7.2, 7.4

Operating and Financial Review - Risks
Annual Report pg 27

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 Remuneration Report, pgs 31-49
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 Remuneration Report, pgs 31-49
G4-53 How stakeholders’ views are sought and taken into account regarding remuneration

Chair and CEO's Review
Annual Report, pg 5

Corporate Governance Statement
Principle 6 - Respect the Rights of Security Holders

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 (excluding the highest-paid individual) in the same country Thriving People
2016 Performance Pack
G4-55

Ratio of percentage increase in annual total compensation for the organisation’s highest-paid individual in each country of significant operations to the median percentage increase in annual total compensation for all employees (excluding the highest-paid individual) in the same country

In FY16 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 1.75

Ethics and Integrity

GRI Description Disclosure Reference Disclosure Comments External Assurance
G4-56 Organisation’s values, principles, standards and norms of behavior such as codes of conduct and codes of ethics Dexus Experience

Wellbeing

Dexus Values

Corporate Governance Statement
Section 3.1 Codes of Conduct, 3.4 Responsible Investment

2016 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 - Principle 4 - Safeguard Integrity in Corporate Reporting

Corporate Governance Statement - Principle 3 - Act Ethically and Responsibly

Corporate Governance Statement - Principle 7 - Recognise and Manage Risk

G4-58 Internal and external mechanisms for reporting concerns about unethical or unlawful behavior, and matters related to organisational integrity, such as escalation through line management, whistleblowing mechanisms or hotlines Governance DMA