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Sustainability Report 2017 2 Contents WESTFIELD CORPORATION LIMITED SUSTAINABILITY REPORT 2017 2 CONTENTS Highlights 3 1 Co-CEOs Message 4 2 About this Report 5 3 Who We Are 6 4 Materiality & 8 Stakeholder Engagement 5 Sustainability Pillars 14 5.1 Environment 15 5.2 Our People 31 5.3 Community 44 5.4 Marketplace 56 6 Governance & Risk 61 7 Appendices 66 7.1 Environmental Performance Index 67 7.2 GRI Index 78 8 Corporate Directory 91 NY (Westfield World Trade Center) Cover: Westfield London HIGHLIGHTS 3 2016 ENVIRONMENT OUR PEOPLE COMMUNITY MARKETPLACE $9.5B RETAIL DEVELOPMENT PROGRAM Westfield London & Westfield Stratford Recognised as a Top 30 employer Westfield London nominated for CURRENT PROJECTS: City:1st UK shopping centres awarded by the UK’s “Working Families the 2016 West London Business the Carbon Trust Triple Standard Top Employers Benchmark” “Community Investment Award” CENTURY CITY $1B investment. 6,000 new permanent jobs 4,000 new construction jobs UTC $600M investment. 2,288 new permanent jobs WINNER Awarded a Silver Banding for gender in the 4,400 new construction jobs UK’s “Business in the Community” benchmark Westfield Europe National Gold Winner 2016 (the UK’s most comprehensive benchmark for Westfield Corporation named as a “Energy Management Shopping Centres” workplace gender and race diversity) Mayor’s Corporate Commitment LONDON PHASE 2 Organisation by the Mayor of London £600M investment. 8,000 new permanent jobs 1,500 new construction jobs VALLEY FAIR $1.1B investment. 5,000 new permanent jobs Joined the UK Government’s campaign ‘Think, Westfield Europe winner of the Sceptre 2,500 new construction jobs Act, Report’ to demonstrate commitment to 2016 “Waste Management Award” gender equality in the workplace Hosted the 2016 Westfield London Job Fair Launched inaugural Connected Commerce Accelerator Program Hosted the June 2016 Westfield World Trade Center Job Fair Westfield Stratford City bestowed a 2016 National BALI Award 5-star rating on Yelp 1. 4 CO-CEOS MESSAGE We are proud to present Westfield Corporation’s 2017 Sustainability Report. This is our third Sustainability Report following our demerger from Westfield Group in July 2014 and the establishment of Westfield Corporation as a separate corporate entity. Westfield Corporation creates and operates retail In 2016 we have: and entertainment destinations in the world’s • Built the depth and breadth of our leading markets. We are focused on creating sustainability team; great experiences for retailers, consumers and brands and have significantly enhanced • Commenced work on setting sustainability our resources and capability in the areas of targets and developing our sustainability events, entertainment, digital technology and strategy; and data analytics. • Implemented initiatives to improve our Our business is wide-reaching and we have sustainability reporting including obtaining a broad range of stakeholders. We recognise third party assurance of our data. the importance of being a responsible corporate citizen and are committed to making a positive As was the case in 2016, Westfield Corporation contribution to the social, environmental and will again this year, participate in both the GRESB economic wellbeing of the communities that and CDP surveys. we are part of. This report sets out our performance and progress The extent of our commitment to sustainability across our four key sustainability pillars: The is reflected in the steps we have taken to Environment; Our People; Communities; and embed corporate social responsibility into our the Marketplace. We appreciate that many of our business. In 2015 we created the foundation stakeholders are interested in the progress we are for our Company’s sustainability program by: making in improving our sustainability performance and we hope you find this report informative. • Adopting Group-wide Sustainability and We look forward to updating you on our progress Environmental policies; and welcome your feedback on our sustainability program, which can be provided by emailing us at: • Implementing stakeholder engagement programs; and [email protected] • Establishing a sustainability reporting framework. Peter Lowy Steven Lowy AM Co-CEO Co-CEO Westfield Corporation Westfield Corporation 2. ABOUT THIS REPORT 5 REPORTING PERIOD SCOPE THIRD PARTY ASSURANCE Following the creation of Westfield The Environmental data set out in this Report has Corporation in July 2014, this report represents been subject to independent external assurance THIS REPORT COVERS THE the second full 12 month period for which we by DNV-GL Business Assurance USA, Inc. have reported sustainability data. Our 2015 PERIOD 1 JANUARY 2016 TO data is the base year against which we have tracked and reported our progress in 2016. ADDITIONAL INFORMATION & QUESTIONS 31 DECEMBER 2016 AND IS ALIGNED The assets covered in this report are those that Westfield Corporation has had operational control For additional sustainability information of, for six months or more, during 2016. These including detailed environmental data, please WITH THE GLOBAL REPORTING assets include shopping centres, office buildings refer to the Appendices to this report. These as well as our UK and European construction Appendices include our reporting definitions, INITIATIVE (GRI) G4 SUSTAINABILITY and development sites. At the time of preparation boundaries, our environmental data and of this report our US business has been unable information on the GRI Index. to track GHG emissions and to collate other REPORTING GUIDELINES. environmental data relating to construction activity undertaken by contractors as part of our US development program. In future years our US business will attempt to obtain applicable FTSE4GOOD construction activity data from contractors. INDEX All amounts in this report are in US dollars unless Westfield Corporation otherwise specified. is included in the FTSE4Good Index This report does not extend to those assets in which Westfield Corporation has a nancialfi interest but is not responsible for managing on a day-to-day basis. Westfield World Trade Center officially opened in August 2016 and as such is not included in this year’s report as we did not have operational control of this centre for six months or more during the Reporting Period. Six centres were included in our 2016 Sustainability Report (Carlsbad, Connecticut Post, Mainplace, Vancouver, Fox Valley and Hawthorn) but are not included in this Report because they were divested in late 2015. Westfield World Trade Center 3. WHO WE ARE 6 Westfield Corporation is an Australian listed entity (ASX Code: WFD). We create and operate flagship retail and entertainment destinations in the world’s leading cities that deliver great physical and digital experiences for retailers, consumers and brands. In 2016 more than 400 million For more information about customers visited our centres Westfield Corporation please select from the following links: generating more than $15 billion in annual retail sales across approximately Organisation and Operations 6,400 retail outlets. www.westfieldcorp.com/about Board and Senior Management Team Today Westfield Corporation employs www.westfieldcorp.com/about/board more than 1,700 staff and owns and www.westfieldcorp.com/about/management operates 35 centres across the United Financial Performance (2016 Annual Report) States and United Kingdom. Of these https://www.westfieldcorp.com/news_ 35 centres, 17 are flagship centres in announcements/westfield-corporation-2016- major world centres. annual-financial-report/ We have $31 billion in Total Assets Development Program under Management and a $9.5 billion www.westfieldcorp.com/new-developments retail development program. We also Property Portfolio have residential opportunities in the www.westfieldcorp.com/properties UK and US. Corporate Governance & Policies www.westfieldcorp.com/about/governance Audit and Risk Committee Charter www.westfieldcorp.com/about/governance 3. WHO WE ARE 7 CHICAGO | IL OLD ORCHARD LONDON | UK FLAGSHIP LONDON FUTURE FLAGSHIP CONNECTICUT STRATFORD CITY WHERE MERIDEN REGIONAL CROYDON TRUMBULL CITY/COUNTRY WE ITALY MILAN WASHINGTON OPERATE SOUTHCENTER NORTHERN CALIFORNIA NEW YORK ROSEVILLE WORLD TRADE CENTER SAN FRANCISCO SOUTH SHORE VALLEY FAIR SUNRISE OAKRIDGE NEW JERSEY LOS ANGELES | CA GARDEN STATE PLAZA CENTURY CITY CULVER CITY FASHION SQUARE MARYLAND SANTA ANITA ANNAPOLIS TOPANGA MONTGOMERY PALM DESERT WHEATON VALENCIA SAN DIEGO | CA UTC HORTON PLAZA MISSION VALLEY NORTH COUNTY PLAZA BONITA FLORIDA BRANDON BROWARD CITRUS PARK COUNTRYSIDE SARASOTA SOUTHGATE 8 MATERIALITY & STAKEHOLDER ENGAGEMENT 4.1 MATERIALITY 4.2 STAKEHOLDER ENGAGEMENT 4 4.1 MATERIALITY 9 The Global Reporting Initiative (GRI) G4 Guidelines place materiality at the forefront of the reporting process. For the purposes of developing a strategic approach to managing sustainability and aligning with GRI G4 Guidelines we have determined our material issues by adopting the following four step process. 1. IDENTIFICATION 2. ASSESSMENT 3. MATERIALITY 4. PRIORITISATION We engaged with our major We assessed the issues identified VERIFICATION We prioritised the sustainability stakeholders to identify the issues by taking into account independent We identified which issues raised issues based on their importance that are of greatest concern to third party guidelines such as the by our stakeholders were material to our business and our stakeholder them. This included engaging with GRI G4 Guidelines, benchmarking by further discussing the outcomes expectations. and obtaining
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