Morguard advanced its sustainability practices
through property enhancements and community
engagement.
- Morguard's Canadian office and retail portfolio reduced energy
consumption by 4.2%, reduced our emissions by 12.3% and reduced
water consumption by 16.8%.
- Morguard launched its first diversity, equity, and inclusion
(DEI) employee survey.
- Morguard completed its first 'double' materiality
assessment.
MISSISSAUGA, ON, June 29,
2023 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) today released its 2022 Sustainability Report, prepared in
accordance with the Global Reporting Initiative's Universal
Standard. The Report details Sustainable Morguard's environmental,
social and governance ("ESG") achievements and strategy. For
Morguard, embracing sustainability involves adopting and sharing
values that protect the natural environment, mitigate risk, and
help build and support communities. Sustainability also involves
optimizing the performance of our buildings and investments. To
download the 2022 Sustainability Report and Highlights, visit
morguard.com/sustainability.
"Sustainable Morguard demonstrates our commitment to ESG and
reducing our carbon footprint," said K. Rai
Sahi, Chairman and CEO, Morguard. "In 2022, we continued to
launch new programs and practices to meet the environmental,
social, and governance challenges of the day, while continuing to
deliver long-term value to our stakeholders."
Integral to reporting in accordance with GRI's Universal
Standard is a company's materiality assessment. Morguard initiated
its first materiality assessment in 2017 and in 2022 conducted our
first double materiality assessment – assessing important ESG
topics based on environmental and societal impact as well as the
financial materiality to Morguard and our stakeholders. To define
sustainability priorities for a wide range of stakeholders,
Morguard evaluated priority ESG topics and conducted working
sessions with internal and external stakeholder groups, as well as
with senior leaders. This evaluation revealed the topics that were
most critical to stakeholders, including business ethics and
integrity, climate change resilience, and energy/water/waste
management as primary topics, and will inform the company's
go-forward sustainability strategy.
Sustainable Morguard's key ESG highlights from the Report
are:
Environmental
Morguard continues to be guided by our leading GreenLink
Environmental Policy as we focus on reducing environmental impacts
and engaging our residents and tenants in sustainable
practices.
Environmental highlights from 2022:
- Morguard's Canadian office and retail portfolio used 4.2% less
energy, generated 12.3% less GHG emissions and consumed 16.8% less
water, compared to the 2019 baseline.
- Morguard attained a total potable water savings of 1,186,000
litres at our office properties and 8,573,000 litres at our
industrial properties over the year.
- Morguard managed 63 buildings certified though the BOMA Best®
program and 9 Morguard office properties were ENERGY STAR®
certified.
In 2022, Morguard concentrated on developing, acquiring and
maintaining high-performance buildings while actively mitigating
and managing operational costs, and the risks and opportunities
associated with climate risk.
Social
Morguard continued its commitment to foster a culture that promotes
diversity, equity and belonging. In 2022, the company conducted its
first DEI employee survey in which employees scored Morguard at
least 75% favourable in five of the six dimensions scored. Morguard
also fully embraced an Employee Value Proposition (EVP) that is
driven by its desire to understand and adapt to employees' wants
and concerns.
We have established standards for ethical behaviour and
integrity within the organization while also encouraging its
employees to get involved in community endeavours.
Social highlights from 2022:
- Morguard held a Wellness Week in the fall of 2022, to support
and promote employee wellness from a holistic perspective.
- Morguard established social partnerships with non-profit
organizations at close to 40% of its properties to help communities
prosper by supporting various social causes.
A building is part of the fabric of a local community, a place
where people live, work, shop, and gather. That is why Morguard
works with tenants, residents, members of the local community and
public stakeholders throughout a property's lifecycle to help
support the needs of neighbourhoods and keep abreast of evolving
sustainability standards to ensure we are meeting them.
Governance
Morguard has strong governance practices in place that are
essential to providing long-term value to our tenants, employees,
partners, communities, and investors. To lead by example, Morguard
consistently cooperates with other private and public sector
organizations to exchange knowledge and encourage further
sustainability efforts. Morguard also introduced various
best-in-class, responsible initiatives that demonstrate its deep
commitment to environmental action, community involvement and
good corporate citizenship.
Governance highlights from 2022:
- In 2022, Morguard established an Information Management
Committee composed of representatives from senior management and
cross functional leads to provide management oversight on laws,
regulations and other matters related to privacy, security, and
data protection.
- Morguard participated and collaborated on City of Mississauga
District Energy's proposed energy projects, participated in the
Real Property Association of Canada (REALPAC) and served on the
organization's Human Resources and ESG Committees.
- Morguard advanced board and senior management training
initiatives on cybersecurity, environmental regulation and
management, risk, and insurance.
"Sustainability is a mindset, movement and culture that embraces
forward-looking values and resilience," said Beverley Flynn, Senior Vice President, Legal,
Risk, and Sustainability. "At Morguard, we believe that
sustainability requires collective efforts to lead the change. We
are committed to using our voice in developing and maintaining
sustainable business practices in our industry."
About Morguard Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, hotel and residential holdings owned directly and
through its investment in Morguard Real Estate Investment Trust and
Morguard North American Residential REIT. Morguard also provides
real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets is
valued at $18.6 billion.
Please visit www.morguard.com or follow us
on LinkedIn.
SOURCE Morguard Corporation