The Sustainability Committee is the ultimate responsible for the implementation of our ESG strategy, it meets every two months and reviews progress of our goals; as well as ESG risks either current or upcoming. It is directly accountable to the CEO and Deputy CEO.
Our Sustainability committee is:
Our ESG initiatives are audited every 6 months, once to our internal auditors which report findings and risks to the Audit Committee and once to the external auditor which reviews our performance and results reported on the Annual Integrated Report.
If findings are relevant, the Audit Committee escalates them to the Technical Committee which can also communicate concerts to our CBFI Holder´s Assembly.
Our Sustainability Committee receives also relevant training on CSR practices, including diversity, property accessibility, environmental best practices, health and safety regulatory changes, etc.
FUNO has an annual variable compensation component in it´s remuneration policies. Such variable compensation includes evaluation on ESG performance indicators depending on the role; for example:
In 2019, AMEFIBRA (Asociación Mexicana de FIBRAS) created its Sustainability Committee with the aim to promote best ESG practices in Mexico. FUNO´s sustainability director chairs AMEFIBRA Sustainability Committee.
We strive to remain leaders in our sector; and this includes our ability to conduct our business in a sustainable manner. Our sustainability strategy focuses on material aspects and initiatives that will generate the most positive impact on our social and environmental surroundings.
Our materiality study allowed us to identify 6 action guidelines, which require strength within FUNO in all three aspects: Environmental, Social Responsibility and Corporate Governance.
These will be our focus points in the upcoming years 2017-2020. However, we do look forward to work in all relevant issues identified in our materiality study.
FUNO´s sustainability has been strengthening and has become institutionalized hand by hand with the organizations development and growth. In 2016, we created our corporate sustainability department and became signatories of the United Nations Global Compact, to support and promote best practices within the organization related to environment, human rights, labor practices and anti-corruption.
As a result of our commitment to the UNGC, the above-mentioned action guidelines have also been aligned with the Sustainable Development Goals, to which Mexico has commited and FUNO willingly contributes to their achievement.
Defining our sustainability strategy, took several months, through this process, we defined: what sustainability meant for FUNO? Which were our key issues? What is the reference background? And all of the above, led to defining our 6 action guidelines.
For our materiality assessment, we adopted the “International Integrated Reporting Framework” principles, which stablish that an organization should focus and report on those issues affecting substantially, the ability of such organization to create value in the short, medium and long term.
Our materiality assessment was conducted by an independent professional consultant, who used an approved methodology to identify relevant issues for our stakeholders; it allowed us to establish six action guidelines which will be the focus of our efforts in the next few years.
As a result, we obtained our materiality matrix and the level of risk and maturity for different issues. The assessment considered three aspects for every issue:
Our materiality assessment covered all our operations; including office, industrial and retail. Similarly, we identified good business practices at the international level, risk for every issue and the focus and attention given by the following stakeholders:
To these, we added the results of interviews conducted to employees and sustainability analysts. Our assessment identified 26 relevant issues to our stakeholders: