Abbreviations

AR - 2018 Dexus Annual Report

FR - 2018 Dexus Financial Report

PP - 2018 Dexus Performance Pack

CGS - 2018 Corporate Governance Statement

DMA - 2018 Disclosures on Management Approach

GRI 102: General disclosures

Disclosure Number Disclosure Reference Remarks/Omissions
102-1 Name of Organisation

Our business 

102-2 Activities, brands, products and services

Our business

Property portfolio

Third Party Funds Management

Workspace Dexus

Dexus does not produce or sell any products that are banned in certain markets.
102-3 Location of headquarters Contact us Level 25, Australia Square, 264 George Street Sydney NSW 2000
102-4  Location of operations  About Dexus - AR p 2 Dexus operates in Australia
102-5 Ownership and legal form Corporate Governance Dexus (DXS) is a publicly traded real estate investment trust listed on the Australian Securities Exchange 
102-6 Markets served

Who we are

Our business

 
102-7 Scale of organisation

About Dexus - AR p 2

Our Strategy - AR p 4

Operating and Financial Review - Risks - AR p 51

Consolidated Statement of Comprehensive Income - AR p 59

Consolidated Statement of Financial Position - AR p 60

Investor Information - Top 20 Security holders at 31 July 2018 - AR p 110

 
102-8 Information on employees and other workers Thriving people - PP p 38-39   
102-9 Supply chain

Supply chain DMA - p 26-27

Strong communities - PP p 29-31

 
102-10 Significant changes to the organisation and its supply chain

Chair and CEO Review - AR pg8

Operating and Financial Review - AR p 43

Strong communities - PP p 29-31 

 
102-11 Precautionary principle or approach

CGS - Principle 7- Recognise and manage risks - CGS p 16

Sustainability Approach

 
102-12 External initiatives

Memberships and affiliations

2018 UNPRI Transparency Report

2018 CDP Report

Human Rights policy

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).
102-13 Memberships of associations

Memberships and affiliations

Leading cities - PP p 17

 
102-14 Statement from senior decision-maker Chair and CEO Review - AR p 8  
102-15 Key impacts, risks and opportunities

Chair and CEO Review- AR p 8

Strategy - AR p 4

Operating and Financial Review - Risks and Megatrends - AR p 51

Delivering FY18 Commitments - AR online

2018 CDP Report - p 9-39 Module: Risks and Opportunities

Governance DMA - p 37-48

People and Culture DMA - p 13-25

Supply Chain DMA - p 26-36

Customers and Community DMA -  p 3-12

Environment DMA - p 49-61

 
102-16 Values, principles, standards and norms of behaviour

Dexus experience

Wellbeing

People and Culture DMA - p 16 - Dexus Values

Principle 3 - Act Ethically and Responsibly - CGS p 12

 
102-17 Mechanisms for advise and concerns about ethics

Principle 3 - Act Ethically and Responsibly - CGS p 12

Principle 4 - Safeguard Integrity in Corporate Reporting - CGS p 13

Principle 7 - Recognise and Manage Risk - CGS p 16

Governance DMA - p 42-43

Whistleblower Policy

 
102-18 Governance structure

CGS - p 2-3

Principle 1 - Lay solid foundations for management and oversight - p 4-5

Principle 2 - Structure the Board to Add Value - CGS - p 6-11

Principle 3 - Act Ethically and Responsibly - CGS p 12

Principle 4 - Safeguard Integrity in Corporate Reporting - CGS p 13

Principle 7 - Recognise and Manage Risk - CGS p 16 

 
102-19 Delegating authority

Principle 3 - Act Ethically and Responsibly - 3.4 Sustainability and responsible investment - CGS p 12

Governance DMA - Management Approach - p 37

People and Culture DMA - Management Approach - p 14

Supply Chain DMA - Management Approach - p 29

Customers and Community DMA - Management Approach - p 5

Environment DMA - Management Approach - p 50

 
102-20 Executive level responsibility for economic, environmental and social topics  Principle 3 - Act Ethically and Responsibly - 3.4 Sustainability and responsible investment - CGS p 12  
102-21 Consulting stakeholders on economic, environmental and social topics

Contact us

Principle 6 - Respect the Rights of Security Holders - p 15

Governance DMA - Stakeholder Engagement - p 47

People and Culture DMA - Stakeholder Engagement - p 23-24

Supply Chain DMA - Stakeholder Engagement - p 26-36

Customers and Community DMA - Stakeholder Engagement - p 10

Environment DMA - Key Stakeholders - p 59

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 info line.

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

102-22 Composition of the highest governance body and its committees

Board of Directors - AR p 20

Governance - AR p 18

Directors' directorships in other listed entities - AR p 55

Principle 2 - Structure the Board to Add Value - CGS - p 10

 
102-23  Chair of the highest governance body

Board of Directors - AR p                    

 
102-24 Nominating and selecting the highest governance body

Principle 2 - Structure the Board to Add Value - CGS - p 6

Selection and Appointment of Non-Executive Directors - Board policy

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.
102-25  Conflicts of interest

Board policies

Corporate polices

Principle 2 - Structure the Board to Add Value - CGS - p 6

Principle 3 - Act Ethically and Responsibly - CGS p 12

Directors' directorships in other listed entities - AR p 55

Dexus 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.
102-26 Role of highest governance body in setting purpose, values and strategy

Principle 1 - Lay solid foundations for management oversight - CGS p 4

Governance and Board activities across the year - p 18-19, 22-23

Governance DMA - Management Approach - p 37

People and Culture DMA - Management Approach - p 14

Supply Chain DMA - Management Approach - p 29

Customers and Community DMA - Management Approach - p 5

Environment DMA - Management Approach - p 50

 
102-27 Collective knowledge of highest governance body

Principle 2 - Structure the Board to Add Value - CGS - p 6

Governance - Board skills and experience - p 18             

People and Culture DMA - 5.5 Leadership development - p 21

 
102-28 Evaluating the highest governance body's performance

Principle 1 - Lay solid foundations for management oversight - CGS p 4

Board performance evaluation policy

Board activities across the year - AR p 22-23

 
102-29 Identifying and managing economic, environmental and social impacts

Principle 7 - Recognise and Manage Risk - CGS pg 16

Operating and Financial Review - Risks and Megatrends - AR pg 51

Material issues - PP pg 3

Boundaries and Independent Assurance - PP p 5

Governance DMA - p 37

People and Culture DMA - p 13

Supply Chain DMA - p 26

Customers and Community DMA - p 3

Environment DMA - p 49

 
102-30 Effectiveness of risk management processes

Principle 7 - Recognise and Manage Risk - CGS p 16

Operating and Financial Review - Risks and Megatrends - AR p 51

Governance DMA - p 37

 
102-31 Review of economic, environmental and social topics

Directors Report - Attendance of Directors at Board meetings and Board committee meetings - AR p 54

Principle 7 - Recognise and Manage Risk - CGS p 16

Governance DMA - p 37

 
102-32 Highest governance body's role in sustainability reporting Principle 3 - 3.4 Sustainability and responsible investment - CGS p 12 The 2018 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.
102-33 Communicating critical concerns

Principle 7 - Recognise and Manage Risk - CGS p 16

Governance DMA - p 42-43

 
102-34 Nature and total number of critical concerns

Board activities across the year - AR p 22-23

Operating and Financial Review - Risks and Megatrends - AR p 51

Environment - Climate-related risks and opportunities - PP p 50

 
102-35 Remuneration policies

Principle 8 - Remunerate fairly and responsibly - CGS p 17

Remuneration Report - AR p 24-42 

 
102-36 Process for determining remuneration

Remuneration Report - AR p 24-42 

 
102-37 Stakeholders' involvement in remuneration

Chair and CEO Review - AR p 8

Principle 6 - Respect the Rights to Security Holders - CGS p 15

Remuneration Report - AR p 24-42 

2017 Annual General Meeting

2017 Annual General Meeting results

 
102-38 Annual total compensation ratio Thriving People - PP p 43 In FY18 the ratio of the Dexus Chief Executive Officer's annual total compensation to the median annual total compensation for all employees (excluding the CEO) was 31.2:1. Ratios for fixed compensation are reported within the Thriving People section of the Sustainability Performance Pack.
102-39 Percentage increase in annual total compensation ratio  Thriving People - PP p 43 In FY18 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 3.3:1
102-40 List of stakeholder groups

Governance DMA - Stakeholder Engagement - p 47

People and Culture DMA - Stakeholder Engagement - p 23-24

Supply Chain DMA - Stakeholder Engagement - p 26

Customers and Community DMA - Stakeholder Engagement - p 10

Environment DMA - Key Stakeholders - p 59

During the year Dexus engaged at an organisational level with key stakeholder groups including debt and equity investors, third party investors, suppliers, customers, employees, senior management, industry representatives, investor representatives, and government. Dexus also engaged in asset-level engagement with our key stakeholders including customers, suppliers, local community and local government.
102-41 Collective bargaining agreements Thriving People - PP p 41 Zero. Dexus does not have any collective agreements as all employees are employed under individual contracts which comply with the National Employment Standards (NES). All employees are covered by an Award or NES. These awards or standards clearly indicate the all employees are free to associate. Dexus places its employees on an individual agreement, which can not under legislation, remove any rights an employee has under an award for NES.
102-42 Identifying and selecting stakeholders

Material issues - PP p 3

Boundaries and Independent Assurance - PP p 5

Governance DMA - Stakeholder Engagement - p 47

People and Culture DMA - Stakeholder Engagement - p 23-24

Supply Chain DMA - Stakeholder Engagement - p 26

Customers and Community DMA - Stakeholder Engagement - p 10

Environment DMA - Key Stakeholders - p 59

Dexus referred to the GRI Standards (2016) 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, 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.

102-43 Approach to stakeholder engagement

Sustainability approach

Material issues - PP p 3

Boundaries and Independent Assurance - PP p 5

Governance DMA - Stakeholder Engagement - p 47

People and Culture DMA - Stakeholder Engagement - p 23-24

Supply Chain DMA - p 26

Customers and Community DMA - Stakeholder Engagement - p 10

Environment DMA - Key Stakeholders - p 59

 

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 and industrial), supplier engagement surveys, and the bi-annual employee engagement survey.

In preparing the 2018 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 Dexus enhanced the structure and content within the 2018 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 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.

102-44 Key topics and concerns raised

Material issues - PP p 3

Sustained value - PP p 6

Leading cities - PP p 13

Future enabled customers  - PP p 20

Strong communities - PP p 26

Thriving people - PP p 33

Enriched environment - PP p 44

 
102-45 Entities included in the consolidated financial statements About this report - AR p 63  
102-46 Defining report content and topic boundaries

Material issues - PP p 3

Boundaries and Independent Assurance - PP p 5

 
102-47 List of material topics

Material issues - PP p 3

Boundaries and Independent Assurance - PP p 5

 
102-48 Restatements of information

Other disclosures - Note 25 - AR p 99

Dexus Industrial Trust - p 32 - Note 15

Dexus Office Trust p 37 - Note 18 (PDF p 80)

Dexus Operations Trust p 40 - Note 25 (PDF p 128)

Enriched environment - Resource consumption methodology - PP p 52

 
102-49 Changes in reporting   There have been no significant changes from previous reporting periods in the boundary, or measurement methods applied in the report.
102-50 Reporting period   Fiscal year 2018 (1 July 2017 - 30 June 2018)
102-51 Date of most recent report   Fiscal year 2017 (1 July 2016 - 30 June 2017)
102-52 Reporting cycle    Reporting cycle is annual, period ending 30 June 2018
102-53 Contact point for questions regarding the report

Directory - AR p 113

Contact us

102-54 Claims of reporting in accordance with the GRI standards

Directory - AR p 113

GRI content index

 
102-55 GRI content index GRI content index  
102-56 External assurance

Principle 4 - Safeguard Integrity in Corporate Reporting - 4.1 Board Audit Committee - CGS p 13

Directors' Report, Audit - AR p 56

Independent Auditor's Report - AR p 101

Material issues - PP p 3

2018 PwC Assurance Report

Selection and Appointment of External Auditors Policy

PricewaterhouseCoopers (PwC) is an independent auditor engaged by Dexus to audit Dexus's financial reports and provide a Limited Assurance opinion over key aspects of Dexus's sustainability performance as reported in the 2018 Annual Report and within the online reporting suite on the Dexus website.