Sustainability Approach& Data Pack

X0AT

FY23 Sustainability Data Pack`

Sustained Value

Thriving People

Enriched Environment

Disclosure Frameworks

DXS Financial Performance
DXS Portfolio Snapshot
DXS Capital Management

Our Workforce
Diversity and Inclusion
Work Health and Safety
Recruitment & Retention
Human Capital Development
Engagement and Flexible Work
Remuneration

EnergyWater
Materials
Air Emissions
GHG Emissions
Green Building Certifications
Progress Towards Commitments

GRI Index
SASB Index

Portfolio Summary

Future-enabled customers

Strong Communities

Dexus (DXS)
Dexus Industria REIT (DXI)
Dexus Convenience Retail REIT (DXC)

Customer Experience

Supply Chain
Giving and Volunteering

Dexus Annual Reporting Suite
The FY23 Dexus Sustainability Data Pack should be read in conjunction with the FY23 Annual Report and FY23 Sustainability Management Approaches. These documents areprepared in adherence to the International Integrated Reporting Framework principles of materiality, stakeholder responsiveness, and reliability and completeness. They are also
prepared in accordance with the GRI Standards and the SASB Real Estate Standards. Nominated metrics in this pack are third party assured where indicated.
FY23 Annual Report - Integrated report covering the key activities and Data outcomes for Dexus including our strategy, our integrated financial and non-financial Data, risk
management, corporate governance, remuneration and our financial statements.
FY23 Sustainability Management Approaches - how we respond to, manage and evaluate our material ESG matters, together with GRI and SASB Indexes.
FY23 Sustainability Data Pack - comprehensive Sustainabiltiy datasets supporting our annual report, with disclosures on Data in the current year against previous periods, anddisclosure of progress against targets.
To access these documents, visit www.dexus.com/2023-reporting-suite

Acknowledgement of Country

Dexus acknowledges the Traditional Custodians of the lands on which we operate and recognise their ongoing connection to land, waters and community. We pay our respects toFirst Nations Elders past, present and emerging, and remain committed to supporting reconciliation across our business.

Important notice
While every effort is made to provide accurate and complete information, Dexus does not warrant or represent that the information in this pack is free from errors or omissions or issuitable for your intended use. The information provided in this pack may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining
independent advice. Subject to any terms implied by law and which cannot be excluded, Dexus accepts no responsibility for any loss, damage, cost or expense (whether direct orindirect) incurred by you as a result of any error, omission or misrepresentation in this presentation. All information in this pack is subject to change without notice. This pack is not
an offer or an invitation to acquire Dexus securities or any other financial products in any jurisdictions, and is not a prospectus, product disclosure statements or other offering
document under Australian law or any other law. It is for information purposes only.

FY23 Dexus Sustainability Data Pack

Sustainability Data Pack

X2A0T< HomeFinancial highlights

Key metrics
Net profit after tax ($m)

FY18

FY19

FY20

FY21

FY22

FY23

1,728.90

1,281.00

927.7

1,138.40

1,615.90-752.70

Adjusted Funds From Operations ($m)

485.5

517.2

550.5

561.7

572.2

555.0

Adjusted Funds From Operations (cents per security)

47.7

50.3

50.3

51.8

53.2

51.6

Adjusted Funds From Operations per security growth (%)

5.1

5.5

0.0

3.0

2.7

-3.0

Funds From Operations ($m)

653.3

681.5

730.2

717

757.6

738.5

Funds From Operations (cents per security)

64.2

66.3

66.7

66.1

70.4

68.7

Distribution (cents per security)

47.8

50.2

50.3

51.8

53.2

51.6

Return on Contributed Equity (%)

7.6

10.1

9.0

8.3

9.7

8.0

NTA per security ($)

9.64

10.48

10.86

11.42

12.28

10.88

Gearing (look-through)(1) (%)

24.1

24

24.3

26.7

26.9(2)27.9(3)

Average maturity of debt (years)

7.0

6.7

6.9

6.2

5.5

5.1

Total security holder return (%)

7.5

39.4

-25.7

22

-12.3

-6.3

(1). Adjusted for cash and debt in equity accounted investments and excludes Dexus's share of co-investments in pooled funds.
(2). Look-through gearing including Dexus’s share of co-investments in pooled funds was 27.8% as at 30 June 2022.
(3). In FY23, pro forma including proceeds and payments for transactions post 30 June 2023 that have settled before 16 August 2023. Excluding these impacts, look-throughgearing is 30.3% at 30 June 2023. Look-through gearing including Dexus's share of co-investments in pooled funds is 31.7% at 30 June 2023.

Dexus total return data (%)
1 year

3 years*% p.a.

5 years*% p.a.

10 years*% p.a.

Dexus-6.30%

0.10%

0.80%

7.40%

S&P/ASX 200 Property Accumulation Index

8.10%

8.10%

3.50%

7.70%

10.0%
8.0%
6.0%

4.0%
2.0%
0.0%

1 year

3 years*% p.a.

-2.0%

5 years*% p.a.

-4.0%

-6.0%
-8.0%

* Annual compound returns.

FY23 Dexus Sustainability Data Pack

Dexus

S&P/ASX 200 Property Accumulation Index

10 years*% p.a.

X3A0T< HomeDexus portfolio snapshot
Key metrics

Portfolio value ($A)

Net lettable area (sqm)

Funds From Operations(2)

Like-for-like income growth

Occupancy (by income)Occupancy (by area)

Lease duration (by income)Weighted average capitalisation rate

1-year total return

FY18

FY19

FY20

FY21

FY22

FY23

Dexus portfolio$13.3bn$15.6bn$16.5bn$17.5bn$18.4bn$17.4bn

Office$11.0bn$13.2bn$14.2bn$14.0bn$13.3bn$12.3bn

Industrial$2.2bn$2.3bn$2.2bn$3.0bn$4.3bn$4.1bnHealthcare$0.1bn$0.1bn$0.1bn$0.5bn$0.6bn$0.4bnRetail----$0.1bn$0.2bnOther(1)

-

-

-

-

$0.1bn$0.4bnDexus portfolio

2,869,403

3,045,759

3,157,733

3,390,818

3,912,940

4,439,694

Office1,495,238

1,546,264

1,614,907

1,475,836

1,368,977

1,584,645

Industrial

1,322,557

1,447,539

1,474,970

1,842,023

2,543,963

2,855,049

Healthcare

51,60851,95667,856

72,959--

Office$603.8m$610.5m$671.4m$658.3m$655.6m$597.6m

Industrial$132.7m$137.3m$124.2m$122.2m$152.4m$163.5m

Co-investments(7)
in pooled funds
Office

-

-

-

$8.1m

$29.1m$35.9m

4.50%

3.40%

2.4%(3)

2.3%(3)

2.7%(3)

5.6%

Industrial

3.0%

8.0%

Office

96.0%

98.0%

96.5%

Industrial

98.3%

97.0%

Office

95.7%

97.8%

Industrial

98.8%

OfficeIndustrial

(4)

(6)

3.1%

(5)

2.4%

95.2%

95.6%

95.9%

95.6%

97.7%

98.1%

99.4%

96.6%

94.6%

95.2%

95.3%

98.8%

97.9%

98.7%

99.0%

99.7%

4.6 years

4.4 years

4.2 years

4.6 years

4.7 years

4.8 years(2.1)%

3.7%(6)

4.8 years

4.7 years

4.1 years

4.4 years

4.7 years

4.8 years

Dexus portfolio

5.52%

5.26%

5.05%

4.91%

4.64%

5.11%

Office

5.37%

5.15%

4.97%

4.91%

4.75%

5.21%

Industrial

6.40%

5.92%

5.66%

4.92%

4.29%

4.76%

Office

16.9%

10.6%

7.5%

5.7%

7.1%

-5.2%

Industrial

13.6%

12.9%

11.8%

23.5%

18.9%

5.2%

(1). Includes investments in DREP1, real estate securities funds and from FY23 infrastructure.
(2). On 1 July 2014, the group adopted the Property Council of Australia definition of FFO. The Directors consider FFO to be a measure that reflects the underlying Data of thegroup. FFO comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Accounting Standards and adjusted for: property
revaluations, impairments and reversal of impairments, derivative and foreign exchange mark-to-market impacts, fair value movements of interest bearing liabilities, amortisationof tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items (including write
off of IFRIC SaaS customisation expenses), amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon inocme.
(3). Including rent relief and provision for expected credit losses effective LFL growth was FY20 +2.4%, FY21 +0.9% and FY22 +4.4%.
(4). Excluding one-off income in FY19 was 2.5%.
(5). In FY22, LFL income excludes business parks, rent relief and provision for expected credit losses. Including business parks, effective LFL was 2.1% and face LFL was+4.0%. Including business parks, rent relief and provision for expected credit losses, effective LFL was +2.4% and face LFL was +4.1%.
(6). In FY20 and FY21 excluded rent relief and provision for expected credit losses, including those impacts effective LFL growth was FY20 +0.1%, FY21 +4.5%.
(7). Includes distribution income from Dexus’s co-investment stakes in pooled funds and excludes joint venture and partnership income which is proportionately consolidated in
Note 1 Operating Segments within Dexus’s Financial Statements.

FY23 Dexus Sustainability Data Pack

X4A0T< HomeCapital management
Key metrics
Cost of debt

(1)

Average maturity of debt
Hedged debt (including caps)(2)Gearing (look-through)Headroom(3)(6)

S&P/Moody’s credit rating

FY18

FY19

FY20

FY21

FY22

4.2%

4.0%

3.4%

3.2%

2.7%

FY23
3.7%

7.0 years

6.7 years

6.9 years

6.2 years

5.5 years

5.1 years

71%

74%

78%

81%

65%

86%

24.1%

24.0%

(4)

24.3%

26.7%

(5)

26.9%

27.9%(6)$0.9bn$1.0bn$1.6bn$1.1bn$1.9bn$2.5bn

A-/A3

A-/A3

A-/A3

A-/A3

A-/A3

A-/A3

(1). Weighted average for the year, inclusive of fees and margins on a drawn basis.
(2). Average for the year.
(3). Adjusted for cash and debt in equity accounted investments, excluding Dexus's share of co-investments in pooled funds.
(4). Pro forma including proceeds and payments for transactions post 30 June 2020 that were expected to settle before 30 September 2020. Look-through gearing
at 30 June 2020 was 26.3%.
(5). Look-through gearing including Dexus’s share of co-investments in pooled funds was 27.8% at 30 June 2022.
(6). Pro forma including proceeds and payments for transactions post 30 June 2023 that have settled before 16 August 2023. Excluding these impacts, look-through gearing
is 30.3% at 30 June 2023. Look-through gearing includes these impacts and Dexus's share of co-investments in pooled funds is 31.7% at
30 June 2023.

Diversified mix of debt
Type of Debt

Per cent

Bank facilities

55%

Commercial paper

1%

MTN

13%

USPP

20%

Exchangeable Notes

11%

Bank facilities
Commercial paper

MTN
USPP
Exchangeable Notes(1)

Debt maturity profile
$m

DCM

Bank

FY24

373.3

-

FY25

124.7

600.0

FY26

440.1

732.2

FY27

482.5

833.4

FY28

600.0

1,350.0

FY29

121.2

550.0

FY30

524.3

200.0

FY31

-

200.0

FY32

500.0

-

FY33

328.6

-

FY34

-

-

FY35

-

-

FY36

-

-

FY37

-

-

FY38

-

-

FY39

105

-

2,500

2,000

1,500

1,000

500

0

(1). FY24 includes $325 million Exchangeable Notes based on investor put date.
DCM

FY23 Dexus Sustainability Data PackBank

Hedged profile
Weighted
average hedge
rate (excl margin)

Net fixed debt

Exchangeable
Notes(1)FY24

1,342.9743.8

1,714.6

905.5

2.0%

FY25

1,370.0

500.0

1,616.6

616.7

2.0%

FY26

1,246.7

500.0

518.7

1,400.0

2.8%

FY27

1,163.3

500.0

227.8

800.0

2.7%

FY28

1,213.3

166.7

-

400.0

2.3%

Interest rate
Interest rate caps
swaps(1). In FY24, $325m series 1 Exchangeable Notes based on investor put date.
5,000

3.0%

4,500
4,000

2.5%

3,500
3,000
2,500

2.0%

2,000
1,500

1.5%

1,000
500

-

1.0%
FY24

Net fixed debt

FY25

Exchangeable Notes(1)FY26Interest rate swaps

FY27Interest rate caps

FY28

Weighted average hedge rate (excl margin)

Debt facilities(1)Facility limit

Drawn

Maturity

(A$m)

(A$m)

dates

600

150

FY25

A$

450

13

FY26

A$

750

-

FY27

A$

1,350

425

FY28

A$

550

550

FY29

A$

200

200

FY30

A$

200

200

FY31

A$

100

78

FY26

A$

185

185

FY26

A$

130

130

FY27

A$

200

200

FY30

A$

500

500

FY32

A$

30

30

FY39

A$

Series 1

291

291

Jul-23 - Jul-28

US$

Series 2

225

225

Feb-24 - Feb-27

US$

Series 3

286

286

Dec-24 - Dec-26

US$

Series 4

100

100

Jun-28A$

Series 5503

503

Nov-29 - Nov-32

US$

Series 5

150

150

Nov-29 - Nov-32

A$

Series 675

75

Oct-38A$

Series 1

325

325

Mar-24

A$

Series 2

500

500

Nov-27

A$

7,700

5,116

Bilateral bank debt

Commercial paper(2)Medium term notes

US senior notes (USPP)(3)Exchangeable notes(4)

Subtotal
Currency translation and fair value adjustments

280

280

Deferred borrowing costs and debt modifications

(23)

(23)

Exchangeable Notes(4) adjustments

(63)

(63)

Total interest-bearing liabilities

7,894

5,310

Bank guarantees facilities (including utilised)
Cash
Headroom including cash

(175)
124
2,533

(1). Does not include debt facilities in equity accounted investments or Dexus's share of co-investments in pooled funds.
(2). Based on maturity date of commercial paper standby facility.
(3). USPP US$ amount shown at the cross-currency swap contract rate.
(4). Based on investor put date in FY24.

FY23 Dexus Sustainability Data Pack

Currency

X6A0T< HomeWorkforce statistics
By employment type (FTEs)

Permanent full-time(1)

Fixed term full-time(1)Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

181

216

236.8

240

269

495.4

Male

176

207

228

225

286

447

All

357

423

464.8

465

555

942.4

Female

14

27

15

15

18

28

Male

13

11

12

13

14

14

All

27

38

27

28

32

42

26.8

31.3

27.3

26.3

29.3

49.6

Female
Male

0

0

0.8

0.9

0.9

2.3

All

26.8

31.3

28.1

27.2

30.2

51.9

Female

2

4.8

2.4

2.8

1.4

4.5

Male

0

0

1.4

0

0

1.2

All

2

4.8

3.8

2.8

1.4

5.7

Female

–

–

–

–

–

–

Male

–

–

–

–

–

–

All

0

0

0

0

0

0

Female

8.4

12.2

1

0

0

0

Male

5.8

7.6

1.8

0

0.8

0

All

14.2

19.8

2.8

0

0.8

0

Female

232.2

291.3

282.5

284.1

317.7

577.5

Male

194.8

225.6

244

238.9

301.7

464.5

All

427

516.9

526.5

523

619.4

1042

Contingent workers(2)

All

49

54.4

49

53.2

95.9

104.6

Workforce by Location (%)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

42

46

46

45

40

43.4

Male

38

36

39

38

37

35.1

All

80

82

85

83

77

78.5

Female

5

4

3

3

4

3.7

Male

4

4

3

3

3

2.6

All

9

8

6

6

7

6.3

Female

6

5

4

5

7

4.4

Male

3

3

4

5

7

4.7

All

9

8

8

10

14

9.1

Female

1

1

1

1

1

1.4

Male

1

1

1

1

1

0.8

All

2

2

2

2

2

2.2

Female

–

–

–

–

–

2.3

Male

–

–

–

–

–

1.2

All

–

–

–

–

–

3.5

Female

–

–

–

–

–

0.3

Male

–

–

–

–

–

0.1

All

–

–

–

–

–

0.4

Permanent part-time(1)Fixed term part-time(1)Contractor

CasualTotal workforce

Australia

NSW

QLD

VIC

WA

New Zealand

AucklandWellington(1). From FY18, Dexus separated reporting of permanent and fixed-term employees.
(2). Corporate contractors, agency temps or consultants that performed work on a time and materials basis (e.g. a project with a defined beginning and end date). A ‘corporate contractor’ isan individual contracted by Dexus to perform work prescribed by Dexus, usually at a Dexus corporate office location. Corporate contractors generally cannot be replaced with a new individual
performing the same work, without terminating the existing contract and creating a new contract for the new individual. Using terminology within the reporting standard GRI 403: Occupational
Health and Safety 2018, corporate contractors are characterised by Dexus having both control of work and control of the workplace.

FY23 Dexus Sustainability Data Pack

X7A0T< HomeDiversity and inclusion
Gender diversity (number of people)
Gender diversity in the workforce (number)

All employees (FTE)

All employees (Headcount)

Gender diversity in management (number) (1,2)

Employees in senior management (FTE)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

232.2

291.3

282.5

284.1

317.7

577.5

Male

194.8

225.6

244

238.9

301.7

466.5

All

427

516.9

526.5

523

619.4

1044

Female

249

310

300

307

338

607

Male

199

229

252

252

309

472

All

448

539

552

559

647

1079

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

39.3

47.7

–(1)

–

–

–

Male

77.8

83.8

–

–

–

–

All

117.1

131.5

–

–

–

–

41

50

49

52

59

75

FemaleEmployees in senior management (Headcount)

Employees in executive team (Headcount)

Employees at all management levels (Headcount)

Male

78

84

89

98

105

121

All

199

134

138

150

164

196

Female

–

2

2

3

3

16

Male

–

6

6

7

6

43

All

–

8

8

10

9

59

Female

–

157

156

160

189

162

Male

–

151

177

178

227

229

All

–

308

333

338

416

391

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

54

56

54

54

51

55

Male

46

44

46

46

49

45

Female

56

58

54

55

52

56

Male

44

42

46

45

48

44

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

34

–

–

–

–

–

Male

66

64

–

–

–

–

Female

36

37

36

36

36

38.3

Male

66

63

64

77.8

64

61.7

Female

–

25

25

30

33

27.1

Male

–

75

75

70

67

72.9

Female

–

51

47

47

45

41.4

Male

–

49

53

53

55

58.6

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

43

43

37.5

42.9

43

71.4

Male

57

57

62.5

57.1

57

28.6

Gender diversity (%)
Dexus workforce by gender (%)
All employees (FTE)

All employees (Headcount)
Gender diversity in management (%)(1,2)

Employees in senior management (FTE)

Employees in senior management (Headcount)

Employees in executive team (Headcount)

Employees across all management (Headcount)
Board gender diversity (%)
Percentage of Non-Executive Directors(1). Prior to FY19, Dexus reported on gender diversity in senior management based on FTE. From FY19, Dexus reports on gender diversity across a broader range of management levels
based on headcount and will no longer provide reporting on gender diversity using FTE. The use of headcount is consistent with the standards used by the Australian Government Workplace
Gender Equality Agency and with other diversity metrics reported by Dexus.
(2). FY23 data on gender diversity in senior management has been independently assured.
Commentary and methodology
All people data is taken from each year’s headcount report as at 30 June, produced by Dexus People and Culture.
‘Senior management’ includes executive management and senior management positions within the Dexus workforce. Executive management and senior management positions include
Dexus employees whose role is mapped to one of the following four occupational categories: ‘CEO/head of business’, ‘KMP (key management personnel)’, ‘other executives/generalmanagers’, and ‘senior managers’, as outlined within worker classification guidance Standardised occupational categories of managers: February 2018 published by the AustralianGovernment’s Workplace Gender Equality Agency (WGEA). ‘Non-Executive Directors’ are independent directors of DXFM and does not include the CEO who is counted in the senior
management team for the purposes of workforce reporting.

FY23 Dexus Sustainability Data Pack

Cultural diversity
Main cultural / ethnic identity

Gender

FY21

FY22

FY23

Australian

All

60.5

56.9

43.7

British

All

4.1

6.7

7

Chinese Asian

All

3.1

5.4

7.2

Multi-ethnic

All

3.1

4

5.3

Mainland South East Asia

All

3.8

3.3

3.6

New Zealandar

All

2.3

2.3

4.7

Southern Asian

All

2.3

1.9

2.6

Western European

All

2

1.7

1.6

Eastern European

All

1

1.7

1.6

Southern European

All

1.3

1.5

1.6

Maritime South East Asian

All

0.8

1.5

3.2

Southern and East African

All

1

1.1

1.2

Other

All

1.8

0.8

1.4

Irish

All

2

0.8

1.4

North African and Middle Eastern

All

0.3

0.8

0.3

Arab

All

0.8

0.6

1.4

Northern European

All

0.5

0.6

0.4

Other North East Asian

All

0.3

0.6

1.1

Southern Eastern European

All

0.3

0.6

1.2

South American

All

0

0.2

0.5

North American

All

0.8

0.2

0.5

Jewish

All

0.3

–

0.3

Polynesian

All

–

–

–

Aboriginal/Torres Strait Islander

All

–

–

–

% of survey respondents

Commentary
Data is sourced from Dexus’s May 2022 internal employee Pulse survey, which asked employees “How would you describe your own MAIN identity in cultural/ethnic terms?” Of the 643
employees invited to respond to the survey, 522 (81%) employees provided a response to this question (including employees who selected “Prefer not to say”).

Country of origin
Country / region of birth

Gender

FY21

FY22

FY23

Australia

All

69.2

68.2

60.1

Other country not listed

All

3.6

4.4

4.4

Chinese Asia (includes Mongolia)

All

2.3

3.3

6.2

New Zealand

All

3.1

2.5

4.9

Southern and East Africa

All

1

2.5

2.6

Southern Asia

All

2.8

2.1

3

Maritime South-East Asia

All

1.8

1.3

2.9

Mainland South-East Asia

All

1.8

1.3

1.8

Ireland

All

0.5

0.8

0.8

Western Europe

All

1.3

0.8

0.9

Eastern Europe

All

0.8

0.4

0.5

South America

All

0.5

0.4

0.7

Japan and the Koreas

All

0.3

0.4

0.5

United Kingdom, Channel Islands and Isle of Man

All

4.6

0.4

3.7

Middle East

All

–

0.2

0.1

South Eastern Europe

All

–

0.2

0.4

Northern America

All

0.8

0.2

0.8

Northern Europe

All

0.5

–

0.3

North Africa

All

0.3

–

0.1

Melanesia

All

–

–

0.1

% of survey respondents

Commentary
Data is sourced from Dexus’s May 2022 internal employee Pulse survey, which asked employees “Which country where you born in?” Of the 643 employees asked to respond to the survey,
522 (81%) employees provided a response to this question (including employees who selected “Prefer not to say”).

FY23 Dexus Sustainability Data Pack

Age diversity
Employee age range (% by headcount)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

12

15

13

13

12

10.3

Male

7

6

8

9

10

6.9

All

18

21

21

22

23

17.2

Female

36

37

36

36

34

36.9

Male

31

30

31

28

29

28.4

All

68

66

66

64

63

65.25

Female

6

6

6

6

6

8.2

Male

8

7

7

8

9

9.4

All

14

13

13

14

15

17.55

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Annual leave

All

6,447

6,976

7,666

7,611

8,147

9,990

Long service leave

All

140

108

61

113

66

268

Parental leave unpaid

All

686

771

2,234

2,425

2,790

2,351

Parental leave paid

All

1,148

1,317

1,291

1,862

1,957

3,061

Sick and carer’s leave

All

1,197

1,327

1,274

1,256

1,938

1,931

‘Dexus days’

All

1,552

1,571

1,903

2,172

1,827

1,737

Leave without pay

All

256

296

312

92

380

519

Other leave

All

438

205

266

301

379

188

All

2.8

2.6

2.4

2.4

3.1

1.9

Employees under 30 years old

Employees 30 to 50 years old

Employees over 50 years old

Leave and absenteeism
MetricLeave days taken (days)

Absenteeism
Absentee Rate (sick days lost per FTE)

(1)(1). FY23 data independently assured.
Commentary and methodology
Leave data is gathered for each reporting period from payroll system records. The data is consolidated into the categories displayed in the report as follows:- Long service leave: Long service leave only
- Parental leave unpaid: Parental leave unpaid only
- Parental leave paid: Primary and non-primary paid parental leave- Sick and carer’s leave: Sick leave, carer’s leave only
- Dexus Days: additional annual leave- Leave without pay: Leave without pay only
- Other leave: Study leave, volunteer leave, jury duty, special bereavement or compassionate leave, and purchased leave

Definitions
Absentee Rate (AR) – the number of personal leave days per full time equivalent workers employed is calculated as follows: Absentee Rate = (Total number of Personal Leave days taken) /(Closing FTE)

FY23 Dexus Sustainability Data Pack

X8A0T< HomeWork health and safety
MetricGender

FY18

FY19

FY20

FY21

FY22

FY23

Dexus employee WHS incidents
Recorded injuries

All

18

19

5

10

21

8

Lost-time injuries/diseases

All

1

0

0

2

0

0

Cases of work-related ill health

All

0

0

0

1

0

0

Fatalities

All

0

0

0

0

0

0

Lost Time Injury Incidence Rate (LTIIR)

All

0.23

0

0

0.38

0

0

Lost Time Injury Frequency Rate (LTIFR)(1)

All

1.28

0

0

2.1

0

0

Occupational disease rate (occurrences per million hours worked)

All

0

0

0

0

0

0

Lost day rate (days lost per million hours worked)

All

7.7

0

0

68.14

0

0

Recorded injuries

All

–

–

21

20

35

62

Lost time injuries

All

–

–

10

0

6

3

Fatalities

All

–

–

0

0

0

0

LTIFR

All

–

–

2.99

0

2.26

1.04

Recorded hours worked

All

–

–

3,343,131

2,382,271

2,657,742

2,889,757

Fraud, bribery and corruption

All

–

0

0

0

0

0

Discrimination

All

–

0

0

0

0

1

Privacy

All

–

0

1

0

1

4

Other Whistleblower matters

All

–

1

0

0

0

3

Other Employee Code of Conduct breaches

All

–

0

5

6

7

5

Employee relations matters

All

1

–3

–

–

–

–

Site-based contractor WHS incidents(2)

Employee relations matters(1). FY23 data independently assured.
(2). Dexus commenced public reporting of site-based contractor WHS incidents in FY20.
(3). Prior to FY19, employee relations matters were reported collectively as per the ‘employee relations matters’ row at the bottom of the table. There is no reporting for employee relations
matters from FY19 because the matters are now reported according to the more detailed categories provided.

Commentary and methodology
Work health and safety (WHS) incidents account for all recorded incidents pertaining to Dexus employees and includes corporate contractors. The system of rules applied in recording andreporting accident statistics include Australian Standard 1885.1 1990, Workplace injury and disease recording standard as well as definitions within GRI 403: Occupational Health and Safety
2018, from the Global Reporting Initiative (GRI) Standards.

FY23 Dexus Sustainability Data Pack

Definitions for Work Health and Safety Metrics
Term
Fatalities

Lost day rate (LDR)

Description
Fatalities that occur as a result of an injury or disease occurrence.
The number of days lost to injuries/diseases for each one million hours worked is calculated asfollows:
Days lost due to injuries/diseases
LDR =×1,000,000
number of hours worked

The number of occurrences of injury or disease for each one million hours worked is calculated asfollows:
Lost Time Injury Frequency Rate (LTIFR)

number of lost time injuries/diseases
LTIFR =

number of hours worked

×1,000,000

The number of occurrences of injury/disease for each one hundred full time equivalent employees
is calculated as follows:
Lost Time Injury Incidence Rate (LTIIR)

number of lost time injuries/diseases
LTIIR =

number of full-time equivalent employees

×100

Lost-time injuries/diseases

Those occurrences that resulted in a fatality, permanent disability or time lost from work of one
day/shift or more and if the incident relates to a Dexus employee, is recorded via a WorkCoverclaim.

No lost-time injuries/diseases

A work-related injury or disease (including a permanent disability or a fatality) that results in one ormore days absent from work (not including the day of injury) and is supported by a workers
compensation certificate.

Number of Dexus employee hours worked in the period

Refers to the total scheduled number of hours worked by all Dexus employees as recorded at
30 June of each year. Dexus offers employees flexible work arrangements and staff are employed
under individual contracts that stipulate 38 hours per week for each full-time employee. As Dexus
does not track employee working hours and staff do not engage in overtime or shift work, Dexus
has defined the ‘number of hours worked’ as 1,824 hours per annum (equal to 240 days x 7.6
hours) per full- time employee.

Is defined as the number of workers who were employed by Dexus as recorded at 30 June 2022.

Number of full-time equivalent employees (FTEs)

Number of workers

Occupational disease

FTE data for the purpose of these statistics represents the active Dexus workforce, and is basedon the metric ‘Total FTE’ as defined by the Australian Public Service Commission, as the numberof full-time equivalent employees directly employed by the organisation at a point in time wherepart-time employees are converted to full-time equivalent based on the hours they work as aproportion of the hours for a full-time employee.

Is defined as the number of workers who were employed by Dexus as recorded at the end of 30
June 2022.
Headcount data for the purpose of these statistics represents the active Dexus workforce and isbased on the metric ‘Total Headcount (ongoing)’ as defined by the Australian Public Service
Commission, as the number of ongoing employees directly employed by Dexus at the point in time
described above.
A disease arising from the work situation or activity (such as stress or regular exposure to harmful
chemicals), or from a work-related injury.
The number of occurrences of occupational diseases for each one million hours worked is
calculated as follows:

Occupational disease rate (ODR)

number of occurrences of occupational diseases
ODR =number of hours worked

×1,000,000

Recorded injuries

Recorded incidents that resulted in lost time and/or for which first aid or medical treatment wasadministered. Prior to FY20, lost time injuries were not included in this number.

Site-based contractor

An individual employed by an organisation other than Dexus, who performs work as directed bytheir employer at an operational asset controlled by Dexus. In these situations, Dexus generally
has a contract with the third-party organisation to provide a service (e.g. cleaning, security), andthe third party organisation can select different individuals to provide the service without varying its
contract with Dexus. Using terminology within the reporting standard GRI 403: Occupational Healthand Safety 2018, site-based contractors are characterised by Dexus having control of theworkplace, but not having control over the individual’s work.

FY23 Dexus Sustainability Data Pack

X9A0T< HomeRecruitment
MetricGender

FY18

FY19

FY20

FY21

FY22

FY23

Female

127

173

144

164

208

376

Male

64

108

111

130

169

255

All

191

281

255

294

377

631

Percentage of total employees eligible for collective bargaining agreements All

100

100

100

100

100

100

All

–

–

–

–

–

–

All

–

–

–

–

–

–

New hires

Total number of new hires

Collective bargaining arrangements

Number of employees employed under collective bargaining agreements
Percentage of total employees covered by collective bargaining
agreements(1)(1)(1.) 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 that all employees are free to associate. Dexus places its employees on an individual agreement, which cannot
under legislation, remove any rights an employee has under an award for NES.

Retention
Voluntary turnover rate (%)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

0

0

0

0

0

0

Male

17

0

0

0

7

7

Female

8

9

4

13

13

5

Male

3

13

3

5

14

12

Female

41

12

-

13

20

13

Male

21

7

12

8

7

14

Female

15

16

13

11

24

11

Male

22

19

5

14

22

15

Female

18

20

21

15

25

25

Male

4

11

15

-

13

16

Female

16

15

12

12

22

18

Male

13

14

6

8

16

19

Total voluntary turnover

All

15

14

9

10

19

18

All turnover (%)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

–

23

37

19

28

25

Male

–

19

21

18

20

26

All

1

21

30

18

24

25

FY18

FY19

FY20

FY21

FY22

FY23

–

–

95

100

100

94

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

216.2

276

282

241

307

563

Male

181.8

218

238

197

287

450

All

398

494

520

438

594

1013

Female

14

23

30

41

39

58

Male

7

5

16

23

23

32

All

21

28

46

64

62

90

Female

12

21

29

38

35

57

Male

7

5

16

23

23

31

All

19

26

45

61

58

88

Executive management

Senior management

Middle management

Professional/technical

Administration/operations

Total voluntary turnover by gender

All turnover

Key talent retention rate (%)

Gender

Key talent retention

All

Parental Leave
Parental leave retention rates

Employees entitled to take parental leave

Employees that took parental leave in reporting year

(1)

Returned to work in reporting year after parental leave (1)(1). From FY19, Dexus reports parental leave and retention rates are based on headcount, prior years are based on FTE.

Parental leave retention rates
Return to work rate (%)
Returned to work after parental leave and remained at Dexus after 12months (%)

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

86

91

97

93

90

98

Male

100

100

100

100

100

97

Female

92

100

90

6

16

54

Male

100

100

100

14

16

29

Commentary and methodology
The turnover calculation is a count of voluntary departures divided by the count of employees as at 30 June in each year. All relevant headcount data is taken from the headcount reports
produced by Dexus People and Culture at 30 June each year. The employee count reflects the total number of people employed by Dexus and accounts for circumstances such as flexible
work arrangements and inactive employees on parental leave that are counted in full as departures.

FY23 Dexus Sustainability Data Pack

X10AT< HomeTraining and development
MetricGender

FY18

FY19

FY20

FY21

FY22

FY23

Female

222

145

139

222

145

454.25

Male

689

644

481

583

249

1041.5

Female

984

1,205

1,187

1,410

943

684.1

Male

1785

1891

1966

2649

1142

794

Female

462

550

689

727

580

585.65Training hours by work category
Executive management

Senior management

Middle management

Male

582

582

555

487

1252

1,091

Female

1,727

2,590

3,331

3,097

1,461

2,291

Male

856

1404

2245

1964

1630

1,861

Female

438

1059

1,153

1,101

827

655

Male

263

308

527

405

246

272.5

Female

3,833

5,549

6,499

6,557

3,956

5,060

Male

4,175

4,829

5,774

6,088

4,519

4,670

Total

8,008

10,37812,273

12,645

8,475

9,730

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

111

48

46

56

48

28.39

Male

57

54

34

42

17

24.22

Female

26

19

27

29

17

11.59

Male

27

26

26

32

13

10.18

Female

29

23

23

24

13

6.72

Male

24

21

24

19

27

10.09

Female

14

17

22

20

9

6.5

Male

12

16

20

19

13

8.77

Female

9

16

23

16

10

7.11

Male

11

12

24

14

8

8.79

Female

17

19

23

21

12

7.7

Male

21

21

24

24

15

10.7

Gender

FY18

FY19

FY20

FY21

FY22

FY23(1)

Internal

All

2,312

3,760

2,820

3,251

955

2,538

External

All

1,898

2,389

2,361

747

3,356

4,910

Hours of compliance training

All

3,798

4,228

7,094

8,648

4,169

2,282

FY18

FY19

FY20

FY21

FY22

FY23

Female

100

100

100

100

100

100

Male

100

100

100

100

100

100

Professional/technical

Administration/operations

Total

MetricAverage training hours by work category
Executive management

Senior management

Middle management

Professional/technical

Administration/operations

Average training hours by gender

MetricHours of internal and external training

MetricData reviews
Data reviews performed (%)(1) During the year, compliance training courses were digitalised and streamlined, reducing the time to complete.
Commentary and methodology
Training data is taken from the training database at the end of each reporting year. Data is categorised and consolidated to provide training hours completed for each category. Data includes
compliance training covering Human Rights issues as well as the Dexus Code of Conduct which addresses discrimination, harassment and bullying.
During the year, all employees received communication and completed training about policies and procedures related to fraud, anti-corruption and human rights. Employees are required todeclare their compliance with Dexus’s Code of Conduct on an annual basis. Anti-corruption policies and procedures are included as part of this compliance. Compliance training is compulsory
for every employee.

FY23 Dexus Sustainability Data Pack

X1A0T< HomeEngagement and flexible working
MetricGender

FY18

FY19

FY20

FY21

FY22

FY23

(7)

Employee engagement
Survey participation rate(1) (%)

All

82

75

74

70

84

80

Engagement rate(2, 3) (%)

All

87

81(2)

83

71

70(3)

70

All

–

40

61

43

33

(4)

–

Gender

FY18

FY19

FY20

FY21

FY22

FY23

Female

75

102

11

110

58

83

Male

16

38

45

29

26

9

Female

–

–

–

–

17(5)

–

Male

–

–

–

–

15

(6)

–

Employee Net Promoter Score(4)

MetricFlexible working
No. of formal flexible work arrangements

No. of flexible/hybrid work arrangements

(5)

(6)

(1). Engagement information is sourced directly from internal employee engagement surveys administered during the year. The figures reported above are an average of employee surveys
administered during the reporting period.
(2). In FY19, Dexus began delivering employee engagement surveys at least twice annually, instead of a larger survey once every two years. Engagement scores reported in FY19 are thus
not directly comparable to previous years and should not be considered indicative of a trend.
(3). In FY22, Dexus began measuring engagement on a new platform, Culture Amp. The FY22 engagement score is the aggregated measure of five questions, rather than three questions inprevious years. The engagement score reported in FY22 are thus not directly comparable to previous years and should not be considered indicative of a trend.
(4). The Employee Net Promoter Score (eNPS) captured and reported up intil FY22.
(5). The number of flexible work arrangements reported include formal agreements where employees have indicated that they work part-time, work remotely or flexibly according to an agreed
schedule, job share, receive extended leave without pay for a period greater than one month, or purchase additional annual leave. The reported figures do not include informal flexible andhybrid work arrangements where employees work remotely or vary their hours of work on an ad hoc basis. All employees are eligible for informal flexible work arrangements and agree sucharrangements with their managers as required.
(6). The number of flexible/hybrid working arrangements reported includes employees accessing ad-hoc flexibility, usually while still maintaining their normal workload.
(7). FY23 engagement scores reflect only Dexus employees prior to the AMPC integration.

FY23 Dexus Sustainability Data Pack

X12A0T< HomeRemuneration ratios
Metric

FY18

FY19

FY20

FY21

FY22

FY23

Gender pay ratio (base salary)(1) by employee band (Male:Female)
Executive management

1:1

1.1:1

0.9:1

0.9:1

1:1

0.9:1

Senior management

1.2:1

1:1

1.1:1

1:1

1.1:1

1.1:1

Middle management

1.1:1

1:1

1:1

1:1

1:1

1:1

Professional/technical

1.1:1

1.1:1

1.1:1

1.1:1

1:1

1:1

Administration/operations

1.1:1

1.2:1

1:1

1:1

1:1

1:1

Metric

FY18

FY19

FY20

FY21

FY22

FY23

Ratio of the CEO total annual compensation to the median employee total
annual compensation

31.2:1

36.3:1

33.9:1

41.6:1

39.6:1

24.6:1

Ratio of the percentage increase in CEO total annual compensation to thepercentage increase in median

3.3:1

14:-2(2)

0:7

21:-2(2)

0:5

0:03

CEO/Employee compensation ratio(1). Salary represents an employee’s package including fixed cash and superannuation. Category ratios are calculated by taking the average male salary and comparing it to the average
female salary.
(2). In FY19 and FY20, the large increase in total number of employees resulted in an overall decrease to median employee total annual compensation based on FY18. This results in a ratiowith a negative denominator that cannot be reduced further.

FY23 Dexus Sustainability Data Pack

X14A0T< HomeCustomer experience
Customer survey
FY18

FY19

FY20

FY21

FY22 (1)FY23

Office

8.3

8.6

8.6

8.6

8.6

8.6

Industrial

8.3

8.6

8.8

8.3

Healthcare

–

–

–

–

7.8

8.2

8.2

8.7

–

–

Office

33

46

47

49

47

50

Industrial

28

45

63

31

Healthcare

–

–

–

–

Retail

–

27

39

24

–

–

Office

46

48

42

54

54

58

Industrial

45

46

27

25

Healthcare

–

–

–

–

Retail

79

78

79

83

–

–

FY18
97
68
-

FY19
92
62
-

FY20
98
88
-

FY21
93
95
-

FY22
95
97
100

FY23
96
97
95

91

90

97

96

96

96

Surveyed overall satisfaction with Property Management Team (score out of 10)

Retail

7.9

7.5
8.6

Net Promoter Score (score between -100 and +100)

20

4
38

Survey participation rate (%)

29

44
68

(1). In FY22 we initiated customer surveys for customers in our healthcare portfolio.

X14A0T

Green leases
Take-up of green leases within new lease agreements (%)
OfficeIndustrial
Healthcare
Total portfolio(1)(1). Excludes AMP Capital
Commentary
Dexus has a standard green lease clause in new leases across the portfolio and monitors the take-up of this clause by customers across each portfolio.

FY23 Dexus Sustainability Data Pack

X16A0T< HomeSupply chain
Procurement and supply chain monitoring
Procurement and supply chain monitoring

FY18

FY19

FY20

FY21

FY22

FY23

Critical suppliers

111

96

175

94

90

59

Critical suppliers % of operational spend

45

38

37

44

38

60

67

66

51

66

75

54

Supplier Net Promoter Score(1)

Supplier assessment and monitoring
3rd Party ESG Assessments (via EcoVadis)

68

3rd Party ESG Assessments % of operational spend (%)

39

3rd Party Modern Slavery Assessments (via Informed 365)

258

3rd Party Modern Slavery Assessments % of operational spend (%)

35

Contractor monitoring spot checks conducted

1,190

1,163

1,150

1,357

1,415

1,308

Contractor monitoring coverage of operational spend (%)

39

41

36

Supplier management engagement assessment response rate (%)

35

68

70

43

1

46

31

11

Supplier management engagement assessment coverage of operational
spend (%)

9

26

38

53

27

2

19

Supplier employee engagement assessment response rate (%)15(1). Net Promoter Score is based on a range of -100 to +100.
Commentary and methodology
Operational spend is defined as spend which is procured and voluntarily engaged. We define a critical supplier as a material outsourced supplier whose failure could significantly impact theoperations of the business. Critical suppliers are retained on a centralised Supplier List

Operational procurement spend breakdown
Operational procurement spend breakdown%

Environmental and social risk rating (key risks)

Capital Works

31

High (safety, product country of origin human rights, product recyclability, worker skill levels,
appropriate wages and benefits, subcontracting)Statutory fees and levies
Cleaning

25
8

Very lowHigh (appropriate wages and benefits, migrant labour, safe handling of chemicals, wasteenvironmental impacts)

Facility managers & management expenses

5

Very low

Energy5

Medium (greenhouse gas emissions, land degradation, price and supply reliability)

Security

4

Medium (safety, worker skill levels, public relations)Electrical, fire protection and plumbing

4

Low

Mechanical & vertical transport

4

Medium (safety, working in confined spaces, accreditation systems)

Maintenance & other property expenses

4

Low

Legal, insurance and compliance3

Low

Façade and grounds keeping

2

Water

2

High (product country of origin human rights, product recyclability, worker skill levels, appropriate
wages and benefits, safety)
MediumMarketing & leasing

1

Low

Other

2

Commentary and methodology
Operational spend data relates to all non-development related spend with external providers and is collected from Dexus’s financial system and assigned to a spend category based on the
supplier name and the code attributed to the spend item. Risk ratings are based on a periodic group-wide supply chain sustainability risk assessment that identifies and categorises theenvironmental risks relevant to our geographical operations and the types of products and services we procure.

FY23 Dexus Sustainability Data Pack

X17A0T< HomeCommunity contribution
Volunteering and donations
FY18

FY19

FY20

FY21

FY22

FY23(2)

Corporate donations ($)

296,078

263,118455,065

196,334

353,242

278,574

Employee volunteering activities ($)

74,858147,189

44,916

21,231

58,17257,526In-kind support ($)

626,596794,729

632,544614,237

253,171

1,394

Commercial initiatives(1) ($)

-

-

-

-

144,420

145,920

Management Cost

-

-

-

-

-

4,922

Leverage

-

-

-

-

-

149,513

Total ($)

997,532

1,205,035

1,132,525

831,802809,005

637,849

FY18

FY19

FY20

FY21

FY22

FY23

878

1,711

493

220

621

592.8

Value donated or raised

Hours volunteered
Dexus volunteering program (hours)(1). Commenced reporting in FY22.
(2). In FY23 we saw a reduction in the amount of community investment due to changes in how we calculate and value space donated for community use, to align with our peers in theproperty sector. This approach moves away from reporting the lost revenue for providing space, to measuring the actual costs we have incurred in providing a space.
Charitable donations
Activities comprise:– Financial contributions to nominated charities– Direct financial contributions to nominated charities and not-for-profit organisations plus proceeds from fundraising events held by charitable organisations within Dexus-managed
buildings and shopping centres– Community sponsorships, advertising and promotions– A dollar-for-dollar matching program– The value of goods purchased for charity events and appeals– In-kind support
Dexus offers in-kind support to not-for-profit organisations or community groups to support their cause/fundraising activities and includes the provision of goods or services and the value of
space provided in the building at no charge.
Commercial initiatives
Refers to business-related activities in the community to directly the support the success of the company in partnership with charities or community organisations.
Activities may include:– Sponsorship of events, publications and activities that promote corporate brands or corporate identity– Support for universities, and research and other charitable institutions related to the company’s business– Exceptional one-off gifts of property and other assets
Volunteering
Employee volunteering activities include:– Volunteering leave taken in company time by Dexus employees to undertake community work–

Participation on charity committees/boards where the individual is acting in the capacity as a Dexus employee

Volunteer hours are calculated as the total full-time equivalent hours worked by employees in nominated community and charitable activities, capped at 7.6 hours per employee which isequivalent to Dexus’s volunteering leave entitlement.

FY23 Dexus Sustainability Data Pack

< Home
X18A0T

Enriched Environment
Resource consumption data preparation
Resource consumption data is derived from office, industrial, retail, convenience retail, hotels and healthcare properties owned or managed by Dexus for part or all of
the 12 months ending 30 June 2023, with the inclusion of Dexus corporate tenancies.
Dexus has prepared its environmental dataset to fully align with the Greenhouse Gas Protocol, and the National Greenhouse and Energy Reporting Act and Climate
Active Carbon Neutral Standard calculation methods and factors where applicable. Prior years’ data has been updated to reflect current information whereapplicable, resulting in minor restatements. Repetition only occurs when there is an overlap of reporting periods. There may be small discrepancies in the totals insome tables due to rounding.
Like-for-like data has been based on a portfolio whereby operational control and data for energy and water was available for the full 24-month like-for-like period.

Reporting boundaries
Boundary Name and Description

Boundary Name and Use

Dexus operational control for corporate
reporting and carbon neutrality

Dexus has applied the principles contained within the National Greenhouse and Energy ReportingAct 2007 and its associated guidelines to determine the operational control of its properties acrossAustralia. Dexus has operational control of a facility if it has the authority to introduce and implement
any or all of the operating, health and safety and environmental policies for the facility.

X18A0T– Group managed portfolio environmental metrics– Progress against commitments and Data targets– Achieving carbon neutrality under Australia’s Climate Active
Carbon Neutral program

Where Dexus has operational control of a facility, it reports 100% of energy, water, waste andemissions applicable to base building operations. Dexus excludes energy consumption from tenant
spaces where the tenant receives separately metered energy invoices and excludes whole facilities
where they are leased to a single tenant occupying the entire premises.
The boundary includes environmental data and emissions relating to Dexus’s corporate operations,comprising Dexus regional office tenancies and proportion of corresponding base building services
attributable to each tenancy, as well as corporate travel across all staff employed directly by Dexus
nationally.
This boundary also serves as Dexus’s ‘Organisation carbon neutral boundary’ for the purposes ofachieving carbon neutrality under Australia’s Climate Active Carbon Neutral Standard.

Equity share boundary based on landlord control forfund reporting– NABERS portfolio averages– Portfolio environmental metrics and intensities for:• Dexus (DXS) listed portfolio• Dexus Industria REIT (DXI) portfolio• Dexus Convenience Retail REIT (DXC) portfolio‘Landlord controlled’ and ‘tenant controlled’ areas are defined by GRESB within its Real Estate
Assessment Reference Guide. In essence, this boundary consists of reporting on all common areabuilding spaces and services on all properties within a Dexus entity on an equity share basis,
irrespective of whether Dexus or another landlord has operational control. The separation is defined
between landlord and tenant, not between operators.
Tenant spaces, and buildings that are wholly under the control of tenants (e.g. through triple net
leases) are not reported.

Location-based vs market-based emissions accounting
Dexus has traditionally reported its greenhouse gas emissions in accordance with NGER and the GHG Protocol using ‘location-based’ emissions accounting,whereby Scope 2 and Scope 3 emissions from electricity purchases are accounted for using published state-based electricity grid emissions factors.
In conjunction with Dexus’s target to achieve and maintain net zero greenhouse gas (GHG) emissions from 2022, since 2018 Dexus has also adopted market-based
emissions accounting as defined within the GHG Protocol Scope 2 Guidance. Market-based electricity emissions calculations take into account purchases ofrenewable energy directly via Power purchases Agreements or GreenPower and supplied via retailers in line with Australia’s Renewable Energy Target.
Dexus has separated its electricity purchases between renewable electricity (direct purchases and indirect via retailers), which is accounted for as zero emissions,and remaining non-renewable electricity, which is deemed to be derived from fossil fuels, where emissions are accounted for by applying state-based ‘residual mix
factors’.
Residual mix factors representing the emissions from fossil fuel electricity generators are derived from the Scope 2 & 3 location-based factors above for each state,by scaling them for the proportion of electricity generated from fossil fuels by subtracting the Renewable Power Percentage (RPP) from total (or 100%) of electricity
supplied. This approach assumes that the proportion of renewable energy is equitably distributed across Australia.
Refer to the Dexus 2023 Assurance Criteria for further details including the list of consumption and emission sources, and references for factors that have been
applied.

FY23 Dexus Sustainability Data Pack

Glossary
Term

Description

Carbon emissions

See GHG

Carbon offset

Fully accredited and traded carbon credits from programs such as The Gold Standard and the
Verified Carbon Standard from project activities that prevent, reduce or remove greenhouse gas
emissions from being released into the atmosphere to compensate for emissions occurring
elsewhere.

Climate Active

Australia’s Climate Active Carbon Neutral Program

CFCs

Chlorofluorocarbons (CFCs) are nontoxic, non-flammable chemicals containing atoms of carbon,
chlorine, and fluorine. CFCs are believed to be a major cause of stratospheric ozone depletion.

Energy productivity

An indicator of the amount of economic output derived from each unit of energy consumed.

Emissions productivity

An indicator of the amount of economic output derived from each unit of greenhouse gas emissions.

ESC

Energy Savings Certificate (a tradeable certificate created from accredited savings under the ESS).

ESSNSW Government Energy Savings Scheme

GBCA

Green Building Council of Australia

GHG

Greenhouse gas emissions, measured in equivalent tonnes of carbon dioxide (t CO 2-e) - (gasesthat contribute to climate change, the main ones being carbon dioxide CO 2, methane CH4, nitrous
oxides NOx, sulphur oxides SOx, Nitrogen Trifouride NF3 and CFCs/HCFCs). Also referred to ascarbon emissions.

GHG Protocol

The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard – guidance on
accounting and reporting greenhouse gas emissions

Greenhouse Gas Protocol: Scope 2 Guidance

Guidance on accounting and reporting Scope 2 emissions

GreenPower

Emission-free electricity sourced via a certified GreenPower ProductGreen Star

Green Star: an Australian sustainability rating tool and certification system for building design andconstruction, operation, fitouts and communities.

GRESB

Global Real Estate Sustainability Benchmark

HCFCs

Hydrochlorofluorocarbons (HCFCs) are compounds containing carbon, hydrogen, chlorine andfluorine. Industry and the scientific community view certain chemicals within this class of compounds
as acceptable temporary alternatives to chlorofluorocarbons. The HCFCs have shorter atmospheric
lifetimes than CFCs and deliver less reactive chlorine to the stratosphere where the "ozone layer" isfound.

LGC

Large-scale generation certificate: a tradeable 'certificate or origin' generated from producing
renewable energy in Australia

NABERS

National Australian Built Environment Rating System

NGER

National Greenhouse and Energy Reporting Act

NZ-EC

New Zealand Energy Certificate: a tradeable 'certificate of origin' generated from producing
renewable energy in New Zealand.

RE100

Voluntary initiative for companies committed to sourcing 100% renewable power.

RPP

Renewable Power Percentage, published annually by Australia’s Clean Energy Regulator.

SBT, SBTi

Science-based target, Science Based Targets initiative: a global partnership that promotes anddefines best practice in emissions reductions and net-zero targets in line with climate science.

SIP

Strategic Improvement Plan, prepared by Dexus that capture energy, water and waste improvement
opportunities and forecast a pathway towards resource efficiency targets.

TCFD

Task Force on Climate-related Financial Disclosures: a set of recommendations for voluntary,consistent climate-related financial risk disclosures for use by companies in providing information toinvestors, lenders, insurers, and other stakeholders.

FY23 Dexus Sustainability Data Pack

< HomeEnvironmental summary - Group managed portfolio

Metric

FY18

FY19

FY20

FY21

FY22

FY23

Scope 1 & 2 greenhouse gas emissions (t CO2-e) – Group managed portfolio
Scope 1(1)18,943

17,742

17,29815,744

12,924

12,346

Scope 2 (location-based)(1)

131,218

127,353

117,610

98,046

94,01487,614

Subtotal Scope 1 & 2

150,161

145,095

134,909113,790106,938

99,960

Scope 3 greenhouse gas emissions (t CO2-e) – Group managed portfolio (4)1. Purchased goods and services

258

706

289

292

293

540

3. Fuel- and energy-related activities (not included above)

19,044

16,84014,492

12,352

11,291

10,906

5. Waste generated in operations

17,231

15,73913,050

8,983

10,062

15,342

6. Business travel

1,039

1,095

35

35

309

1,054

561

528

297

297

137

203

Subtotal Scope 3(1)38,13434,90928,163

21,95922,092

28,046

Total Scopes 1, 2 & 3

188,295

180,004

163,071

135,749

129,030

128,006

Total net energy consumption (GJ)(1)

723,639

689,520641,676

563,679

577,549598,250

Total net energy consumption (MWh)201,011

191,533

178,243

156,577

160,430

166,1811,767,434

1,721,631

1,513,123

1,097,064

1,060,491

1,345,439

Waste to Landfill (tonnes)

10,450

9,615

8,021

5,261

5,089

8,015

Recycling (tonnes)(2)

7,001

6,363

4,934

2,985

2,955

5,109

Total waste (tonnes)(1,2)

17,451

15,977

12,955

8,246

8,045

13,124

7. Employee commuting

Energy and water consumption

Water consumption (kL)(1)
Waste and recycling

Diversion (%)

40%

40%

38%

36%

37%

39%

Waste data coverage across office and retail portfolio

99%

100%

100%

100%

98%

97%

Waste data coverage across entire portfolio(3)

72%

70%

69%

71%

63%

62%

(1). FY23 data independently assured.
(2). Excludes secure paper.
(3). Coverage by net lettable area across Dexus-managed office, retail, industrial, healthcare and convenience retail properties.
(4). Relates to operational and corporate emissions, and excludes Developments and Fitouts.

FY23 net energy use by source (MWh)FY23 Dexus Sustainability Data Pack

FY23 GHG emissions by source (location-based)

X20AT

X20AT< HomeEnergyEnergy consumption by source (MWh)Boundary:

Group-Managed portfolio including corporate offices

Sub-category

MetricNatural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production
Non-renewableenergy (MWh)Like-for-like
12 Month
Change %

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

45,942
1,302
126,387
173,630
27,089292
27,381
201,011
96%

38,168
1,702
117,985
157,855
33,383295
33,678
191,53397%

35,757
1,026
104,995
141,778
36,152276
36,427
178,206100%

36,195
1,088
83,388120,671
34,7701,020
35,790156,461100%

41,2231,826
043,049115,670
1,711
117,381
160,43098%

41,9131,519
043,432
121,002
1,747
122,749
166,181
99%

39,9181,617
041,53597,224460
97,684
139,219100%

39,7351,504
041,239111,021582
111,603
152,842
100%

-1%
14%
27%
14%
10%
0%

14%

18%

20%

23%

73%

74%

70%

73%

4%

18%

22%

26%

30%

100%

100%

100%

100%

0%

2,166
0
0
2,166

1,885
0
30
1,914

686
0
286
972

1,456
0
2,027
3,483

2,442
121
3,048
5,611

2,358
78
2,611
5,047

1,107
0
1,715
2,822

1,187
0
1,226
2,414

7%

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %

92
138
5.0

94
103
4.5

86
90
3.7

78
81
3.6
75

78
80
6.2
102
12

83
75
5.9
112
17

82
102
4.7
102

84
79
5.0
134

3%
-23%
7%
31%

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

29,4691,261
98,218
128,947
22,064247
22,310151,258
100%

30,656
1,666
94,457
126,779
28,451250
28,701
155,480100%

28,466979
84,082
113,527
31,260231
31,491145,018100%

30,603
1,007
68,557100,167
31,308295
31,603
131,770
100%

33,7001,659
035,36092,194280
92,474
127,833100%

34,7981,297
036,09591,544356
91,900127,996
100%

32,6361,491
034,12780,607261
80,869114,995
100%

32,9981,294
034,29285,596356
85,952120,244
100%

1%
-13%

15%

18%

22%

24%

72%

72%

70%

71%

2%

19%

23%

27%

32%

100%

100%

100%

100%

0%

2,105
0
0
2,105

1,825
0
30
1,855

622
0
264
886

698
0
244
942

944
0
192
1,136

878
0
57
936

858
0
192
1,049

877
0
57
935

2%

0%
-7%

-28%
-14%

Energy intensity (kWh/sqm)
Boundary:

Group-Managed portfolio

Sub-category

MetricEnergy Intensity(kWh/sqm)

OfficeRetailIndustrial
Healthcare
Convenience RetailLike-for-like

Energy consumption by sector
SectorOffice assets under operational control

Sub-category

MetricNatural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production
Non-renewableenergy (MWh)FY23 Dexus Sustainability Data Pack

Like-for-like
12 Month
Change %

0%
6%
36%
6%
5%
0%

-70%
-11%

SectorRetail assets under operational control

Sub-category

MetricNatural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production
Non-renewableenergy (MWh)SectorIndustrial assets under operational control

Sub-category

MetricLike-for-like
FY19

FY20

FY21

FY22

FY23

FY22

FY23

16,382
11
24,58640,979
4,386
45
4,431
45,410
100%

7,402
8
19,96527,375
4,185
45
4,230
31,605
100%

7,190
11
17,45424,655
4,082
45
4,127
28,782
100%

5,232
19
10,836
16,087
2,530
717
3,246
19,333
100%

5,849
28
0
5,877
14,204933
15,13721,014
100%

4,846
100
0
4,946
19,984989
20,97325,919
100%

5,849
17
0
5,866
9,610
0
9,610
15,476
100%

4,713
97
0
4,810
17,622
21
17,642
22,453
100%

-19%
487%

10%

13%

14%

17%

72%

81%

62%

79%

27%

15%

17%

19%

23%

100%

100%

100%

100%

0%

49
0
0
49

48
0
0
48

49
0
22
71

724
0
1,776
2,500

944
0
1,869
2,812

1,029
0
1,563
2,592

7
0
1,516
1,523

60
0
1,162
1,221

798%

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

91
29
2,953
3,074
527
0
527
3,601
86%

110
29
2,881
3,019
604
0
604
3,623
90%

101
37
2,731
2,869
639
0
639
3,507
100%

160
61
2,861
3,082
668
0
668
3,750
100%

1,038
112
0
1,150
6,909
299
7,209
8,359
96%

1,183
93
0
1,276
6,813
197
7,010
8,286
98%

798
83
0
881
4,879
0
4,879
5,760
100%

938
84
0
1,022
5,459
0
5,459
6,481
99%

15%

17%

18%

18%

86%

85%

85%

84%

-1%

15%

17%

19%

19%

100%

100%

100%

100%

0%

12
0
0
12

11
0
0
11

15
0
0
15

24
0
7
32

344
121
988
1,453

234
78
991
1,302

33
0
7
40

34
0
7
41

2%

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

200
1
481
682
112
9
121
803
100%

635
27
0
662
1,297
199
1,496
2,158
100%

1,086
28
0
1,114
1,524
206
1,730
2,844
100%

635
27
0
662
1,297
199
1,496
2,158
100%

1,086
28
0
1,114
1,459
206
1,665
2,779
100%

68%
12%
3%
11%
29%
0%

15%

69%

61%

69%

60%

-14%

20%

100%

100%

100%

100%

0%

9
0
0
9

210
0
0
210

217
0
0
217

210
0
0
210

217
0
0
217

3%

Natural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production

Sector

Healthcare assets under operational control

Sub-category

MetricNatural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production

SectorConvenience Retail assets under operational control

Sub-category

Metric

FY23 Dexus Sustainability Data Pack

84%
45%
0%

-23%
-20%

FY18

12 Month
Change %
18%
2%
16%
12%
12%
13%
-1%

8%
3%

Like-for-like

Non-renewableenergy (MWh)Natural Gas
DieselGrid Non-renewable electricity
Total non-renewable electricity
Grid renewables
Renewable energy
Onsite generation consumed(MWh)Total renewable
Total net energy use (MWh)Data coverage by area
Proportion of energy from
Statistics (%)
renewable sources (%)
Proportion of electricity sourced
from renewables (%)
Used onsite
Renewable andnon-renewable
Used by customers
energy generation
Used offsite via energy network(MWh)
Total energy production

-18%
83%

Like-for-like

Non-renewableenergy (MWh)Non-renewableenergy (MWh)12 Month
Change %FY18

12 Month
Change %
71%
6%

3%

Like-for-like
FY19

FY20

FY21

FY22

FY23

FY22

FY23

0
0
196

0
0
250

0

0

196
196
97%

250
250
87%

0
0

0
0

100%

100%

100%

100%

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

12 Month
Change %X21A0T

X21A0T< HomeWater
Water consumption by source (kL or cubic metres)
Boundary:

Group-Managed portfolio including corporate offices

Sub-category

MetricPotable Water (kL)Non-potable water(kL)

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area
Statistics (%)

Like-for-like

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %1,756,866

1,716,816

1,505,570

1,075,145

1,041,850

1,326,775

843,178

1,148,616

36%

0

0

0

0

0

0

0

0

10,568

4,815

7,553

21,91918,641

18,664

18,641

18,6640%

10,5681,767,434
100%

4,815
1,721,631
99%

7,553
1,513,123
98%

21,919
1,097,064
100%

18,641
1,060,491
100%

18,664
1,345,439
100%

18,641
861,819100%

18,664
1,167,280
100%

0%
35%
0%

1%

0%

0%

2%

2%

1%

2%

2%

-26%

Proportion of water fromrecycled/reused sources (%)

Water intensity (kL/sqm)
Boundary:

Group-Managed portfolio

Sub-category

MetricWater Intensity(kL/sqm)

OfficeRetailIndustrial
Healthcare
Convenience RetailLike-for-like
FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %

0.70
1.29
0.23

0.70
1.08
0.28

0.59
0.91
0.26

0.41
0.78
0.20
0.31

0.36
0.77
0.17
0.44
1.42

0.47
0.88
0.18
0.54
3.24

0.37
0.86
0.16
0.44

0.47
0.92
0.17
0.51

28%
7%
4%
15%

Water consumption by sector
SectorOffice assets under operational control

Sub-category

MetricPotable Water (kL)Non-potable water(kL)

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %1,142,668

1,144,305

981,874

674,756

572,663

705,319502,474

654,220

30%

0

0

0

0

0

0

0

0

10,568
10,568
1,153,236
100%

4,815
4,815
1,149,120
100%

7,553
7,553
989,428100%

21,91921,919696,675100%

18,641
18,641
591,304100%

18,664
18,664
723,983100%

18,641
18,641
521,114100%

18,664
18,664
672,884
100%

0%
0%
29%
0%

1%

0%

1%

3%

3%

3%

4%

3%

-22%

Statistics (%)

Proportion of water fromrecycled/reused sources (%)

SectorRetail assets under operational control

Sub-category

MetricPotable Water (kL)Non-potable water(kL)

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area
Statistics (%)

Proportion of water fromrecycled/reused sources (%)

FY23 Dexus Sustainability Data Pack

Like-for-like

Like-for-like
FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %423,834

332,269

289,959

185,072

201,668

302,594130,977

262,957

101%

0

0

0

0

0

0

0

0

0
423,834100%

0332,269100%

0289,959100%

0
185,072100%

0201,668100%

0302,594100%

0130,977100%

0262,957
100%

0%

0%

0%

0%

0%

0%

0%

0%

101%
0%

SectorIndustrial assets under operational control

Sub-category

MetricPotable Water (kL)Non-potable water(kL)

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area

Like-for-like

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %190,364

240,242

233,736

211,955

234,741

250,762

200,466

220,944

10%

0

0

0

0

0

0

0

0

0
190,364100%

0240,24295%

0233,73694%

0211,955100%

0234,741100%

0250,762100%

0200,466100%

0220,944
100%

0%

0%

0%

0%

0%

0%

0%

0%

Statistics (%)

Proportion of water fromrecycled/reused sources (%)

Sector

Healthcare assets under operational control

Sub-category

MetricPotable Water (kL)Non-potable water
(kL)

FY18

Like-for-like
FY19

FY20

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area
Statistics (%)

Proportion of water fromrecycled/reused sources (%)

SectorConvenience Retail assets under operational control

Sub-category

MetricPotable Water (kL)Non-potable water(kL)

Water withdrawn from local
utilities
Externally sourced recycled
water
Onsite greywater
Total non-potable water

Total water use (kL)
Data coverage by area
Statistics (%)

Proportion of water fromrecycled/reused sources (%)

FY23 Dexus Sustainability Data Pack

FY18

10%
0%

FY21

FY22

FY23

FY22

FY23

12 Month
Change %

3,361

9,261

13,761

9,261

10,495

13%

0

0

0

0

0

0
3,361
100%

0
9,261
100%

0
13,761
100%

0
9,261
100%

0
10,495
100%

0%

0%

0%

0%

0%

FY21

FY22

FY23

FY22

FY23

23,51654,339

0

0

0

0

0
23,516100%

054,339
100%

0
0

0
0

0%

0%

13%
0%

Like-for-like
FY19

FY20

12 Month
Change %X2A0T< HomeMaterials
Operational waste and recycling by stream (tonnes)
Like-for-like

Boundary:

Group-Managed portfolio including corporate offices

Sub-category

Metric

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %Cardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

2,698
1,278
2,261

2,713
780
1,881

2,263
396
1,350

1,624
120
923

1,600
122
1,022

2,537
207
1,542

1,121
98
925

2,284
184
1,493

104%
87%
61%

302

515

555

275

174

691

148

641

333%

59
403
7,001
10,45017,451
72%

78
396
6,363
9,615
15,977
70%

49
322
4,934
8,021
12,955
69%

38
6
2,985
5,261
8,246
71%

30
8
2,955
5,089
8,045
63%

65
67
5,109
8,015
13,124
62%

28
7
2,328
3,447
5,775
61%

65
64
4,732
7,005
11,737
61%

131%
841%
103%
103%
103%
0%

40%

40%

38%

36%

37%

39%

40%

40%

0%

Operational waste and recycling intensity (kg/sqm)
Boundary:

Group-Managed portfolio

Sub-category

MetricTotal waste andreycling Intensity(kg/sqm)

Waste to landfill
Intensity (kg/sqm)

OfficeRetailIndustrial
Healthcare
Convenience Retail
OfficeRetailIndustrial
Healthcare
Convenience RetailLike-for-like
FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

6.4
22.2
0.0

6.0
20.1
0.0

4.5
16.7
0.0

2.7
16.0
0.0
0.1

2.2
16.9
1.2
1.1
70.5
1.3
11.0
1.0
0.9
41.0

3.5
22.7
1.5
2.7
39.8
2.1
13.8
1.2
2.1
26.6

2.4
20.4
0.0
1.1

3.7
26.1
0.0
2.7

1.4
12.0
0.0
0.9

2.2
15.6
0.0
2.1

3.5
14.8
0.0

3.4
13.0
0.0

2.7
11.1
0.0

1.7
10.4
0.0
0.1

12 Month
Change %
53%
28%
134%
50%
30%
134%

Operational waste and recycling by sector

Like-for-like

SectorOffice assets under operational control

Sub-category

Metric

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %Cardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

1,489
1,273
1,637

1,526
780
1,329

1,204
396
931

791
119
501

637
120
495

841
186
747

618
97
471

828
164
735

34%
69%
56%

240

473

539

257

154

329

130

316

142%

59
0
4,698
5,802
10,500
100%

78
2
4,189
5,650
9,839
100%

49
6
3,124
4,483
7,608
100%

38
6
1,711
2,844
4,555
100%

30
8
1,445
2,184
3,629
100%

49
25
2,177
3,185
5,362
99%

28
7
1,352
2,041
3,393
100%

49
22
2,113
3,072
5,184
99%

75%
222%
56%
50%
53%
-1%

45%

43%

41%

38%

40%

41%

40%

41%

2%

FY23 Dexus Sustainability Data Pack

Like-for-like

SectorRetail assets under operational control

Sub-category

Metric

FY18

FY19

FY20

FY21

FY22

FY23

FY22

FY23

12 Month
Change %Cardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

1,209
5
624

1,187
0
552

1,059
0
418

833
1
422

804
1
512

1,554
19
767

499
1
454

1,449
19
758

190%
1314%
67%

62

42

16

18

17

325

17

325

1764%

0
403
2,304
4,648
6,952
95%

0
393
2,174
3,965
6,138
100%

0
316
1,810
3,538
5,348
100%

0
0
1,274
2,416
3,690
97%

0
0
1,335
2,492
3,827
86%

16
42
2,721
4,259
6,981
89%

0
0
972
1,389
2,361
76%

16
42
2,608
3,896
6,505
87%

168%
180%
175%
15%

33%

35%

34%

35%

35%

39%

41%

40%

-3%

SectorIndustrial assets under operational control

Sub-category

Metric

FY18

Like-for-like
FY19

FY20

FY21

Cardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

Sector

Healthcare assets under operational control

Sub-category

MetricFY18

Convenience Retail assets under operational control

Sub-category

MetricCardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

FY23 Dexus Sustainability Data Pack

FY18

FY23

FY22

FY23

28
0
14

21
0
14

0
0
0

0
0
0

2

37

0

0

0
0
45
222
266
16%

0
0
72
275
347
16%

0
0
0
0
0
14%

0
0
0
0
0
14%

17%

21%

FY22

FY23

FY22

FY23

4
0
1

8
1
1

4
0
1

8
1
1

0

0

0

0

0
0
4
16
21
86%

0
0
10
37
48
70%

0
0
4
16
21
86%

0
0
10
37
48
86%

131%
129%
130%
0%

22%

22%

22%

22%

1%

FY22

FY23

FY22

FY23

126
0
0

114
0
14

0
0
0

0
0
0

0

0

0

0

0
0
126
175
301
26%

0
0
128
258
386
58%

0
0
0
0
0
0%

0
0
0
0
0
0%

42%

33%

-1%

Like-for-like
FY19

FY20

FY21

Cardboard
Paper
Comingle
Organics and used cooking
Recycling (t)oil
E-wasteOther
Total recycling
Waste (t)Waste sent to landfill
Total waste and recycling (t)Data coverage by area
Statistics (%)
Proportion of waste diverted
from landfill (%)

Sector

12 Month
Change %FY22

12 Month
Change %104%
39%

Like-for-like
FY19

FY20

FY21

12 Month
Change %X23A0T< HomeAir emissions
Emissions to air
Dexus estimates it emitted the following air emissions through combustion of natural gas and diesel within generators, cogeneration engines and fire pumps.

Estimated air emissions (tonnes)

FY18

FY19

FY20

FY21

FY22

FY23

Nitrogen Oxides (NOx)

25.8

25.1

18.6

19.5

26.7

24.5

Carbon Monoxide (CO)

7.0

7.4

4.9

5.1

7.8

6.8

Sulphur Dioxide (SOx)

0.1

0.1

0.1

0.1

0.1

0.1

Particulate matter ≤ 2.5 m

1.2

1.2

0.9

0.9

1.3

1.2

Particulate matter ≤ 10 𝜇m

1.3

1.2

0.9

0.9

1.3

1.2

Volatile organic compounds(VOCs)
𝜇

1.0

1.0

0.7

0.8

1.1

1.0

FY18

FY19

FY20

FY21

FY22

FY23

Greenhouse gas emissions by gas type
Greenhouse gas emissions (t CO2-e)
Direct greenhouse gas emissions
8,829

7,491

6,875

6,971

8,087

8,138

Methane (CH4)

17

14

13

13

15

16

Nitrous oxide (N2O)

6

5

5

5

6

6

Carbon dioxide (CO2)Chlorofluorocarbons (CFCs) & hydrofluorocarbons(HCFCs)

10,091

10,232

10,406

8,754

4,816

4,187

Sulphur hexafluoride (SF6)

0

0

0

0

0

0

Perfluorocarbon (PFC)

0

0

0

0

0

0

Nitrogen trifluoride (NF3)

0

0

0

0

0

0

18,943

17,742

17,29815,744

12,924

12,346

Scope 2 location-based GHG emissions

131,218

127,353

117,610

98,046

94,01487,614

Scope 3 location-based GHG emissions

38,13434,90928,163

21,95922,092

28,046

Scope 1, 2 & 3 location-based GHG emissions

188,295

180,004

163,071

135,749

129,030

128,006

Scope 1 GHG emissions
Indirect greenhouse gas emissions

FY23 Dexus Sustainability Data Pack

X24A0T

X24A0T< HomeGreenhouse gas emissions
Net-greenhouse gas emissions inventory
Metric

FY18

FY19

FY20

FY21

FY22

FY23

GJ

13,871

25,74333,94045,009339,001

354,478

MWh

3,853

7,151

9,428

12,502

94,167

98,466

GJ

83,651

94,43596,34280,58077,411

81,129MWh23,236

26,232

26,762

22,38321,503

22,536

GJ

454,992

424,744377,983

300,19800MWh126,387

117,985

104,995

83,38800GJ552,514544,923508,265

425,786

416,412435,607MWh

153,476

151,367

141,185

118,274

115,670

121,002

Grid-purchased electricity
Renewable Electricity – Direct voluntary renewable electricity
purchases supported by an energy attribute certificate
Renewable Electricity – Renewable energy portion of gridpurchases (LGCs) via Energy Retailers in line with Australia’s
Renewable Energy Target (RET)
Non-renewable Electricity – Balance of grid- purchases via
Energy Retailers accounted using
grid residual mix emission factors
Total grid-purchased electricity consumption

Market-based GHG emissions
Market-based GHG emissions (t CO2-e)(2)

FY18

FY19

FY20

FY21

FY22

FY23

Scope 1 GHG emissions (t CO2-e)

18,943

17,742

17,29815,744

12,924

12,346

Scope 2 market-based GHG emissions (t CO2-e), comprising:

127,417

120,034

107,933

85,404

0

0

-

-

-

-

-

-

127,417

120,034

107,933

85,40400Electricity – Renewable purchases accounted using
source-based emission factor supported by an energy
attribute certificate
Electricity – grid-purchases accounted using grid
residual mix emission factors
Scope 3 GHG market-based emissions (t CO2-e)

37,591

34,042

27,10020,518

11,992

18,464

Scope 1, 2 & 3 market-based GHG emissions (t CO2-e)

183,951

171,819

152,331

121,665

24,91730,810Voluntary offsetting
Voluntary carbon offsets units surrendered by Dexus(1)

Net GHG emissions (t CO2-e)(2)

-

-

5,000

5,801

24,91730,810183,951

171,819

147,331

115,86400(1). Offsets comprise eligible offset units, each relating to 1 tonne of carbon dioxide equivalent, recognised under Australia’s Climate Active Carbon Neutral Standard.
(2). FY23 data independently assured.

Net greenhouse gas emissions intensity chart
Dexus’s Scope 1, 2, and 3 location-based operational emissions intensity (shown as bars above the x-axis) demonstrates continued reductions from ongoing investment inenergy efficiency.
Of the remaining emissions for this reporting period, 76% has been avoided by sourcing renewable electricity and the final 24% has been balanced through carbon offsets.

FY23 Dexus Sustainability Data Pack

Carbon offsets
Dexus has retired offsets from the following domestic and international projects.
Project Type

Location

Project Name

Unit TypeVintage

Units

WA

Western Farm Trees Restoration

ACCU

2021/22

13

WA

Carbon Conscious Carbon Capture Project 1

ACCU

2021/2246

NSW

Nyaliga Fire Project

ACCU

2021/22

2,156

WA

Bamboo Station

ACCU

2021/22

4,000

QLD

Strathburn Station

ACCU

2021/22

2,813

QLD

North Kimberley Pastoral Lease Carbon Abatement

ACCU

2021/22

113

WA

Mt Mulgrave Savanna Burning Project

ACCU

2021/22

5,923

QLD

Jandra / Nulty Regeneration

ACCU

2020/2124

NSW

Darling River Eco Corridor #30

ACCU

2021/22

168

Domestic units
Carbon removal - Environmental Plantings

Carbon avoidance - Savanna Fire Management

Carbon removal - Human Induced Regeneration
Total domestic units
International units

15,256

Renewable Energy - Solar

India

Bundled Solar Power Project by Mahindra Susten Private Limited VCU

2018

3,300

China

Hebei Shangyi Dongshan Wind Farm Project

CER

2018

1,100

India

Bundled Wind Power Project in Madhya Pradesh Gujarat andKerala by D.J. Malpani

VCU

2017

1,525

TaiwanEcoAustralia Projects (InfraVest Changbin & Taichung Wind
Taiwan + Myamyn Conservation Australia)

VER

2017

1,275

Cambodia

Production and dissemination of Ceramic Water Prifiers byHydrologic in the Kingdom of Cambodia

VER

2016

150

Indonesia

Rimba Raya Biodiversity Reserve Project

VCU

2014

150

BrazilEvergreen REDD+ Project

VCU

2020

2,780

Uruguay

Guanare Forest Plantations

VCU

2018

12,189Renewable Energy - Biomass

India

1.6 MW BUNDLED RICE HUSK BASED COGENERATIONPLANT BY M/S MILK FOOD LIMITED (MFL) IN PATIALA(PUNJAB) & MORADABAD (U.P) DISTRICTS

VCU

2018

464

Carbon Avoidance - Agriculture Forestry and Other Land Use

BrazilJari Pará REDD+ Project

VCU

2016/17

Renewable Energy - Wind

Renewable Energy - Biomass

Carbon Avoidance - Agriculture Forestry and Other Land Use

Carbon Removal - Environmental Plantings

Total international units
Total domestic and international offset units
Carbon Offset Retirement Summary

359
23,292(1)

Offsets retired to achieve net zero emissions in FY23

38,548Units
30,810

Offsets retired in excess of FY23 Group Inventory

2,045

Subtotal offset units retired against FY23 Group Inventory

32,855Additional retirements
Offsets retired as a true-up against FY22 Group Inventory
Offsets retired during FY23 to relating AMP Capital properties and future banking

716
4,977

Subtotal additional offset units retired

5,693

Total offset units retired in FY23

38,548(1). Each offset represents a reduction or removal of one tonne of carbon dioxide equivalent (CO2-e).

FY23 Dexus Sustainability Data Pack

< Home
X25A0T

X25A0T

Green building certification - portfolio averages
NABERSNABERS portfolio average (star)(1)

FY17

FY18

FY19

FY20

FY21

FY22

FY23

4.8
4.6
3.6
–
–

4.9
4.7
3.6
–
–

5.0
4.8
3.5
–
–

5.0
4.8
3.7
2.7
4.0

5.1
5.0
4.5
2.7
4.7

5.3
5.0
4.7
3.0
4.9

4.9
4.9
4.5
3.3
4.8

NABERS Energy with GreenPower

3.5

3.4

3.8

4.0

4.3

4.6

4.6

NABERS Energy
NABERS Water

3.5
2.7

3.4
3.5

3.8
3.5

4.0
3.6

4.3
3.6

4.6
3.8

4.6
3.5

FY17

FY18

FY19

FY20

FY21

FY22

FY23

2
2
1
-

2
2
1
-

2
2
1
2

4
5
3
2

4
5
3
3
3

4
5
3
2
3

4
5
3
3
2

Dexus group office portfolio
NABERS Energy with GreenPowerNABERS Energy
NABERS Water
NABERS Waste(2)NABERS Indoor Environment(2)Dexus group retail portfolio (star)(1)

Green Star Performance
Green Star Performance average (star)(1)
Group
OfficeRetailIndustrial(3)Healthcare(1). As at 30 June each year.
(2). Dexus commenced publishing portfolio average ratings for NABERS Waste and NABERS Indoor Environment in FY20.
(3). Selected assets only.

FY23 Dexus Sustainability Data Pack

< Home

Progress towards commitments
Net zero by 2022 progress (t CO2-e)
In FY21, Dexus committed to achieve net zero emissions by FY22 across managed portfolio

Net zero by 2022 progress (t CO2-e)

FY18

FY19

FY20

FY21

FY22

FY23

Total Scope 1 & 2 market-based GHG emissions

146,360

137,777

125,232

101,147

12,924

12,346

Scope 3 market-based GHG emissions

37,591

34,042

27,10020,518

11,992

18,464

Voluntary abatement via Certified offsets

00-5,000-5,801-24,917-30,810

183,951

171,819

147,331

115,86400Total net greenhouse gas emissions

Scope 1 & 2 science-based target progress
In FY19, Dexus set a science-based target, certified by the Science Based Target Initiative (SBTi) and committed to reduce absolute scope 1 and 2 GHG
emissions 70% and absolute scope 3 emissions 25% by 2030 from a 2018 base year.
Scope 1 & 2 science-based target progress

FY18

FY19

FY20

FY21

FY22

FY23

Dexus Scope 1 emissions (t CO2-e)

18,943

17,742

17,29815,744

12,924

12,346

Dexus Scope 2 market-based emissions (t CO2-e)

127,417

120,034

107,933

85,40400Dexus Scope 1 & 2 market-based emissions (t CO2-e)

146,360

137,777

125,232

101,147

12,924

12,3462,813,767

2,856,294

2,954,079

2,988,338

3,354,038

3,365,628

Net lettable area (sqm)

FY30 target

44,396

Progress: 100% of electricity needs sourced from renewables (RE100)
In FY20, Dexus became a signatory to RE100 and committed to source 100% of its electricty from renewable sources by 2030.

100% renewable electricity target

FY18

FY19

FY20

FY21

FY22

FY23

FY30 target

Proportion of electricity needs sourced from renewables

18%

22%

26%

30%

100%

100%

100%

Progress: Deliver an average 5 star NABERS Indoor Environment rating across the group office portfolio by FY25
In FY20, Dexus committed to deliver an average 5 star NABERS Indoor Environment rating across the group office portfolio by FY25, delivering initiatives toenhance occupant health and wellbeing.
NABERS Indoor Environment

FY19

FY20

FY21

FY22

FY23

Group office portfolio average

-

-

4.7

4.9

4.8

FY25 target
5.0

Net lettable area covered (%)

-

-

65%

70%

84%

>95%

FY25 target

Progress: Deliver an average 4 star NABERS Waste rating across the group office portfolio by FY25
In FY20, Dexus committed to deliver an average 4 star NABERS Waste rating across the group office portfolio by FY25.

NABERS Waste

FY19

FY20

FY21

FY22

FY23

Group office portfolio average

-

2.7

2.7

3.0

3.3

4.0

Net lettable area covered (%)

-

-

70%

70%

79%

>95%

FY23 Dexus Sustainability Data Pack

X28A0T< HomeDexus (DXS) Portfolio
Dexus portfolio – Absolute and like-for-like inventories
Like-for-like(2)Absolute

Metric12 monthchange

(1)

FY21

FY22

FY23

FY22

FY23

23,211

17,123

19,934

18,143

19,38018,019

-7.0%

182

475

734

485

660

483

-26.8%

74,29038,388000097,68355,986

20,66918,62820,04018,502

10,831

17,30352,043

48,72645,86546,708

1.8%

0

132

176

221

169

221

30.7%

Total renewable energy consumption

10,831

17,43552,21948,94646,03446,928

1.9%

Total energy consumption

108,51473,421

72,887

67,574

66,07365,430-1.0%

Percent electricity from renewable sources

13%

31%

100%

100%

100%

100%

0.0%

Percent energy use from renewable sources

10%

24%

72%

72%

70%

72%

2.9%

619,078474,539

395,415

417,974

342,311392,36914.6%

013,954

12,281

11,774

12,281

11,774-4.1%

619,078

488,494

407,696429,747

354,591

404,142

14.0%

0%

3%

3%

3%

3%

3%

0.0%

Waste to landfill

1,350

2,040

1,723

1,964

1,310

1,928

47%

Recycled waste

1,931

1,233

1,108

1,427

933

1,388

49%

Total waste

3,280

3,274

2,831

3,390

2,243

3,317

48%

Diversion from landfill

59%

38%

39%

42%

42%

42%

1%

Percent waste data coverage (office & retail)

68%

100%

100%

99%

100%

99%

-1%

Base year
Energy consumption (MWh)Natural gas
Non-renewable energy

DieselElectricity – grid-purchases

Total non-renewable energy consumption
Renewable energy

Electricity – GreenPower and LGC
purchases
Solar energy-7.7%

Water (kL or cubic metres)
Potable water from water authorities
Recycled water recovery
Total water consumption incl. recycled water
Percent water use from recycled sources
Waste and recycling (tonnes)

Greenhouse gas emissions (t CO2-e)
Scope 1

4,335

7,018

5,594

4,745

5,229

4,621

-12%

Scope 2 – location-based

78,70245,84442,15235,31137,40034,196-9%

Scope 3 – location-based GHG emissions

14,521

9,299

8,542

8,176

7,317

7,970

9%

Scope 2 – market-based

70,581

38,96700

0

0

Scope 3 – market-based GHG emissions

13,096

8,521

4,173

4,613

3,444

4,505

31%

Total Scope 1, 2 & 3 location-based GHG emissions

97,55862,161

56,28848,232

49,946

46,787-6%

Total Scope 1, 2 & 3 market-based GHG emissions

88,01154,506

9,767

9,358

8,673

9,126

5%

0

-312

-9,767-9,358-8,673-9,1260%88,011

54,1940000Adjustments due to voluntary offsets surrendered by Dexus
Total net greenhouse gas emissions

Equity – accounted lettable area under landlord control (annual weighted average square metres)
Office528,437

876,951

839,530

747,566

738,171

715,190-3%

Retail9,459

54,395

55,13939,19624,254

24,424

1%

394,517368,343

427,102404,424360,204

359,716

0%

0

2,676

5,272

5,180

5,272

5,180

-2%

Industrial
Healthcare(1) FY08 is the base year for energy, water and greenhouse gas emissions. FY12 is the base year for waste diversion from landfill.
(2) Properties under landlord control for FY22 and FY23 periods.

Dexus portfolio – Energy and emissions productivity
Energy and emissions productivity (market-based)
Revenue ($m)(2)Energy productivity ($m revenue per GJ consumed)
Scope 1 & 2 emissions productivity ($m revenue/t.CO2-e)
Scope 1, 2 & 3 emissions productivity ($m revenue/t.CO2-e)

Base year(1)
702
1,798
9,373
7,979

FY21
1,378
5,212
29,95625,272

FY22
1,324
5,047
236,702135,573(1) FY08 is the base year for energy, water and greenhouse gas emissions. FY12 is the base year for waste diversion from landfill.
(2) Total Operating Segment Revenue

FY23 Dexus Sustainability Data Pack

FY23
1,304
5,361
274,869
139,365

2.98x energy productivity
29.33x emissions productivity
17.47x emissions productivity

Dexus portfolio – Consumption/emissions on an intensity basis

Office portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)
Waste diversion from landfill (%)
Retail portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)
Waste diversion from landfill (%)
Industrial portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)
Healthcare portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)

Like-for-like(2)FY22

Base year(1)FY21

Dexus portfolio
FY22

FY23

169
1
134
118

78
0
56
49
37%

78
0
51
6
39%

82
0
48
5
40%

81
0
53
6
39%

83
0
49
6
40%

2%
20%
-7%
-13%
0%

1,362
9
712
712

55
0
32
32
40%

60
1
34
7
39%

55
1
27
7
46%

101
1
47
14
49%

83
1
40
12
46%

-18%
24%
-15%
-19%
0%

16
0
14
14

5
0
4
4

8
0
6
0

9
0
6
1

9
0
7
0

10
0
7
1

5%
7%
-1%
90%

75
0
48
48

102
0
56
7

134
1
65
13

102
0
56
7

134
1
65
13

31%
15%
16%
81%

MetricFY23(1) FY08 is the base year for energy, water and greenhouse gas emissions. FY12 is the base year for waste diversion from landfill.
(2) Properties under landlord control for FY22 and FY23 periods.

Dexus portfolio - NABERS
NABERS portfolio average(star)(1)
Dexus listed office portfolio
NABERS Energy with GreenPowerNABERS Energy
NABERS Water
NABERS Waste(2)NABERS Indoor
Environment(2)Dexus lited retail portfolio (star)(1)
NABERS Energy with GreenPowerNABERS Energy
NABERS Water

FY18

FY19

FY20

FY21

FY22

FY23

4.9
4.7
3.6
–
–

5.0
4.8
3.6
–
–

5.0
4.8
3.7
2.6
4.1

5.1
5.0
4.5
2.6
4.8

5.3
5.0
4.8
2.9
4.9

4.9
4.9
4.6
3.3
4.7

2.0
2.0

2.0
2.0
2.0

2.5
2.5
2.0

3.0
3.0
2.0

4.0
4.0
3.5

3.5
3.5
2.0

FY18

FY19

FY20

FY21

FY22

FY23

2

2

5

5

5

5

Dexus portfolio - Green Star Performance
Green Star Performance
average (star)(1)
All sectors(1). As at 30 June each year.
(2). Dexus commenced publishing portfolio average ratings for NABERS Waste and NABERS Indoor Environment in FY20.

FY23 Dexus Sustainability Data Pack

12 monthchangeX29A0T< HomeDexus Industria REIT (DXI)
Dexus Industria REIT portfolio – Absolute and like-for-like inventories
FY20(1)

FY21(1)

FY22

FY23

107

146

220

245

0

0

23

7

1,636

1,773

0

0

1,743

1,919

244

252

Electricity – GreenPower and LGC
purchases

383

414

2,144

1,121

Solar energy

135

150

308

197

518

564

2,452

1,317

Total energy consumption

2,261

2,483

2,696

1,569

Percent electricity from renewable sources

24%

24%

100%

100%

Percent energy use from renewable sources

23%

23%

91%

84%

14,375

19,66818,818

13,200000014,375

19,66818,818

13,200

0%

0%

0%

0%

Waste to landfill

-

28

222

275

Recycled waste

-

58

45

72

Total waste

-

86

266

347

Diversion from landfill

-

67%

17%

21%

Percent waste data coverage

-

20%

79%

77%

MetricEnergy consumption (MWh)Natural gas
Non-renewable energy

DieselElectricity – grid-purchases

Total non-renewable energy consumption
Renewable energy

Total renewable energy consumption

Water (kL or cubic metres)
Potable water from water authorities
Recycled water recovery
Total water consumption incl. recycled water
Percent water use from recycled sources
Waste and recycling (tonnes)

Greenhouse gas emissions (t CO2-e)
Scope 1

20

27

146

209

1,635

1,763

1,693

803

644

281

554

537

1,635

1,763

191

0

644

281

378

419

Total Scope 1, 2 & 3 location-based GHG emissions

2,298

2,071

2,393

1,548

Total Scope 1, 2 & 3 market-based GHG emissions

2,298

2,071

715

628

0

-2,071

-715

-628

2,298

0

0

0

59,92762,91364,60649,139FY20(1)-

FY21(1)
66
7,339
36,642
31,676

FY22
93
9,579
275,742
129,956

FY23
105
18,545
501,372
166,901

Scope 2 – location-based
Scope 3 – location-based GHG emissions
Scope 2 – market-based
Scope 3 – market-based GHG emissions

Adjustments due to voluntary offsets surrendered by Dexus
Total net greenhouse gas emissions

Equity – accounted lettable area under landlord control (annual weighted average square metres)
Industrial(1) Data collected under APN Property Group prior to Dexus ownership.

Dexus Industria REIT (DXI) portfolio – Energy and emissions productivity
Energy and emissions productivity (market-based)
Revenue ($m)(2)Energy productivity ($m revenue per GJ consumed)
Scope 1 & 2 emissions productivity ($m revenue/t.CO 2-e)
Scope 1, 2 & 3 emissions productivity ($m revenue/t.CO 2-e)
(1) Data collected under APN Property Group prior to Dexus ownership.
(2) Total Operating Segment Revenue

FY23 Dexus Sustainability Data Pack

Dexus Industria REIT (DXI) portfolio – Consumption/emissions on an intensity basis

Industrial portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)

FY20(1)

FY21(1)

FY22

FY23

37.7
0.2
27.6
27.6

39.5
0.3
28.5
28.5

41.7
0.3
28.5
5.2

31.9
0.3
20.6
4.3

FY20

FY21(2)

FY22

FY23

-

4.5
4.5
4.6

5.0
5.0
4.1

4.9
4.9
4.9

FY20

FY21

FY22

FY23

-

-

-

3

(1) Data collected under APN Property Group prior to Dexus ownership.

Dexus Industria REIT (DXI) portfolio – NABERS
NABERS portfolio average(star)(1)
Industrial business park portfolio
NABERS Energy with GreenPowerNABERS Energy
NABERS Water

Dexus Industria REIT (DXI) portfolio – Green Star Performance
Green Star Performance
average (star)(1)
Industrial business bark(1). As at 30 June each year.
(2). Data collected prior to acquisition of APN Property Group by Dexus.

FY23 Dexus Sustainability Data Pack

X30AT< HomeDexus Convenience Retail REIT (DXC)
Dexus Convenience REIT portfolio – Absolute and like-for-like inventories
MetricFY22FY23Natural gas

00Diesel00Electricity – grid-purchases00Energy consumption (MWh)Non-renewable energy

Total non-renewable energy consumption
Electricity – GreenPower and LGC
purchases
Renewable energy
Solar energy

0

0

196

250

0

0

Total renewable energy consumption

196

250

Total energy consumption

196

250

Percent electricity from renewable sources

100%

100%

Percent energy use from renewable sources

100%

100%

23,51654,339Water (kL or cubic metres)
Potable water from water authorities
Recycled water recovery

0023,51654,3390%0%Waste to landfill

175

258

Recycled waste

126

128

Total waste

301

386

Diversion from landfill

42%

33%

Percent waste data coverage

26%

58%

Total water consumption incl. recycled water
Percent water use from recycled sources
Waste and recycling (tonnes)

Greenhouse gas emissions (t CO2-e)
Scope 10

0

Scope 2 – location-based

156

183

Scope 3 – location-based GHG emissions

325

520

Scope 2 – market-based00

Scope 3 – market-based GHG emissions

303

485

Total Scope 1, 2 & 3 location-based GHG emissions

482

703

Total Scope 1, 2 & 3 market-based GHG emissions

303

485

Adjustments due to voluntary offsets surrendered by Dexus

-303

-485

0

0

16,588

16,771FY22
5578,683
183,085

FY235965,854122,494

Total net greenhouse gas emissions
Equity – accounted lettable area under landlord control (annual weighted average square metres)
Convenience Retail

Dexus Convenience Retail REIT (DXC) portfolio – Energy and emissions productivity
Energy and emissions productivity (market-based)
Revenue ($m)(1)Energy productivity ($m revenue per GJ consumed)
Scope 1 & 2 emissions productivity ($m revenue/t.CO 2-e)
Scope 1, 2 & 3 emissions productivity ($m revenue/t.CO 2-e)
(1) Total Operating Segment Revenue

FY23 Dexus Sustainability Data Pack

Dexus Convenience Retail REIT (DXC) portfolio – Consumption/emissions on an intensity basis

Convenience Retail portfolio
Energy consumption (MJ/sqm)
Water consumption (L/sqm)
Scope 1 & 2 emissions (kgCO2-e/sqm)
Scope 1 & 2 market based emissions (kgCO2-e/sqm)
Waste diversion from landfill (%)

FY23 Dexus Sustainability Data Pack

FY22

FY23

12
1
10
0
42%

17
3
13
0
33%

Sustainability Approachand Procedures

Sustainability
Approach andProcedures
The Sustainability Approach and Procedures
explains how Dexus manages the economic,
environmental and social impacts related to its
business.
It aligns with the Global Reporting
Initiative (GRI) Standards and the
SASB Real Estate Standards, whichprescribe organisations to disclosedetails of their approaches tomanaging material sustainability
issues they have identified.
The Sustainability Approach andProcedures is a component of the2023 Annual Reporting Suite. It
should be read in conjunction withthe 2023 Annual Report, 2023
Sustainability Data Pack, and the2023 Corporate GovernanceStatement.

Enhancing impact
reporting
Reporting is crucial for providing
decision-useful information to
Dexus stakeholders, and forenhancing our strategy andapproach over time throughbenchmarking our performance. To
address these objectives, ourapproach to reporting includes thefollowing aspects:– Regular materiality assessmentsthat inform both strategy andreporting (refer to Dexus 2023
Annual Report, Materiality
assessment)– Alignment of sustainability
reporting content with the GRI
Standards and the SASB Real
Estate Standards– Publication of an integrated
Annual Report since 2019,aligned with the International
Integrated Reporting Council<IR> Framework
The Dexus Sustainability Approachdirects the business to create
sustained value through delivering
a positive impact (and reducing any
negative impacts) for its
stakeholders and the environment,
as expressed through its objectives.

We use the principles of impact
mapping to communicate how oursustainability approach activities
lead to benefits for employees andcustomers and for Dexus. The
outputs, outcomes and impacts in
the impact map also serve as
indicators for us to evaluate our
performance and continuously
enhance our approach.

1.0 Corporate governance
1.1 Overview
Dexus aspires to thehighest standards ofcorporate governanceand has embedded
policies and procedures
to enhance corporate
performance andprotect the interests ofkey stakeholders.

Dexus believes that good corporate
governance supports:– A culture of ethical behaviour
resulting in an organisation that actswith integrity.
– Improved decision-making
processes– Better controls and risk
management– Improved relationships withstakeholders– Accountability and transparency– Creation of sustainable value forinvestors.
Dexus’s Corporate Governance
Framework applies to the Dexus group.

Dexus’s structure is well establishedand ensures we always operate in thebest interests of our investors. We
promote transparency, ongoing
dialogue, and compliance in order toavoid conflicts of interest and haveembedded a governance frameworkthat enhances our performance.

1.2 Corporate governanceframework
Our corporate governance approach
supports the group’s strategic
objectives. The group’s governancestructure ensures accountability and abalance of authority by clearly defining
the roles and responsibilities of theBoard and executive management.
This enables the Board to provide
strategic guidance while exercising
effective oversight. Dexus’s corporate
governance is summarised on thefollowing page.

Corporate Governance framework
Responsible Entity Boards for unlisted Funds | Co-ownerCommittees for Joint Ventures

Dexus Board (Board)

Board Committees

Sub-committees

Audit Committee | Nominations Committee | People &Remuneration Committee | Risk Committee | Environmental,
Social & Governance Committee

Advisory/Unitholder Committees | Investment Committees

Group Management Committee (GMC)
Responsible for risk management and ensuring statutory, legal and regulatory compliance, including ongoing compliancewith Dexus policies and procedures.
Corporate Executive Committee (CEC)
Responsible for overseeing the implementation of Dexus’s strategy in relation to ESG policies and practices as well as
overseeing portfolio risk and compliance initiatives, linking these to business operations and corporate governance.
Operational oversight
Risk team | Compliance | GovernanceManagement Frameworks
Risk Management Framework | Compliance Management Framework | Governance Framework
Reporting and transparency
Management reporting | ASX disclosure | Performance disclosure | Regulatory reporting | Sustainability reporting

2

Dexus 2023 Sustainability Approach and Procedures

Board and management
committees
Dexus Funds Management Limited(DXFM) is the Responsible Entity of eachof the trusts that comprise Dexus.
DXFM, along with other responsible
entities in the group, is also responsible
for management of third-party funds
on behalf of the group’s third party
capital partners.
The Board implements a corporate
governance framework that applies tothe Dexus group.

To assist stakeholders in accessing key
documents outlining our approach tocorporate governance, we maintain a
Corporate Governance section on our
website.
www.dexus.com/corporategovernanceWe publish a Corporate GovernanceStatement that presents ourgovernance framework against the
ASX Corporate Governance Principles& Recommendations – Fourth Edition(ASX Principles) and discloses how wecontinue to meet each of the ASX
Principles during the financial year.

While the framework adopted by
Dexus meets the requirements of the
ASX Principles, it also addresses
additional aspects of governancewhich the Board considers important.
The Dexus board has five Board
Committees to assist in the fulfilment of
its responsibilities. There aremanagement committees including theGroup Management Committee(comprising senior executives of theorganisation).
Employees can makerecommendations through theseforums as well as directly to senior
management.

The table below describes Board and management committees with a focus on governance, risk management andassurance.

Committee

Governance role

Dexus Board (Board)

The Board sets the tone, culture and objectives of risk and compliance managementat Dexus. It sets the corporate standard and culture, establishes effective
governance, oversees business performance and provides ultimate accountability forthe group. The Board implements a corporate governance framework that applies tothe investments of Dexus and its funds and third-party capital partners.

Board People & Remuneration
Committee

Oversees all aspects of Director, Group Management Committee (GMC) and Key
Management Personnel remuneration and aspects of human resource management.
The Committee reports directly to the Board.

Board Audit Committee

Reviews the integrity and quality of the group’s financial statements and disclosures
including auditing, accounting and financial reporting processes. The Committee
reports directly to the Board.

Board Risk Committee

Oversees group risk management, WHS and compliance. The Committee reports
directly to the Board.

Board ESG Committee

Oversees the implementation and management of sustainability/ESG practices andinitiatives throughout Dexus. The Committee reports to the Board.

Board Nomination Committee

Oversees all aspects of Dexus Board renewal, Board and Committee performance
evaluation, Board Committee membership, and Director nominations.

Group Management Committee (GMC) Oversees business operations including its management of compliance, risk,
governance and sustainability. The GMC comprises the executive team and is chairedby the CEO. The Committee reports to the Dexus board.
Corporate Executive Committee (CEC) Oversees the implementation of Dexus’s strategy in relation to ESG policies andpractices as well as portfolio compliance and risk initiatives. The Committee isaccountable to the GMC and comprises of the Chief Operating Officer (Chair), Chief
Financial Officer, and General Counsel. The Committee also oversees the activities of
the Anti-Modern Slavery Working Group, Climate Resilience Working Group, Energy
Procurement Working Group, Social Impact Working Group and Reconciliation Action
Plan (RAP) Working Group.
Property Executive Committee (PEC)

Chaired by the Chief Executive Officer (CEO), PEC members include the Chief
Investment Officer (CIO), Chief Financial Officer (CFO) and Executive General
Managers overseeing operational and strategic objectives relating to property
performance, development and trading and funds management

Investment Committees

Reviews and endorses all major investment proposals (including acquisitions,divestments, developments and major capital works) concerning Dexus and each of
our third-party capital partners and funds.

3

Dexus 2023 Sustainability Approach and Procedures1.3 Governance for unlisted
Funds

Advisory/Unitholder
Committees

For the unlisted Funds within the group,
dedicated Boards have been
established that are comprised whollyor predominantly of non-executive
directors and independent of the
Dexus Board. In addition, Advisory/Unitholder Committees have been
established comprising Unitholder
appointed representatives.

Advisory/Unitholder Committees havebeen established to assist in theoversight of governance practices.
Membership consists of investor
representatives and are governed byCharters that may only be amended byan ordinary resolution of investors of
the Fund.

The appointment of external directors
to those Boards requires theendorsement of the relevant Funds’
Advisory/Unitholder Committee.

Advisory/Unitholder Committees are
responsible for making
recommendations to the Responsible
Entity in accordance with their Terms ofReference which may address.

All Dexus Boards are subject to Termsof Reference and meet on a regularbasis. Agendas and packs are issued
prior to Board meetings and minutes ofmeetings are recorded.
Board performance is subject to anannual review which involves nonexecutive directors and Executive
directors completing surveys andparticipating in interviews. For DXFM
and DXAM the process is facilitated byan independent external expert every
third year.
Responsible Entity Boards are
responsible for reviewing andapproving recommendations in respectof each of the Fund’s major decisions,
including acquisitions, divestments,
developments, major capital
expenditure and the approval of theannual Investment Plan.

Investment Committees
Dexus has established Investment
Committees to consider and approve(or endorse as appropriate) acquisitionand divestment proposals,
developments, major capital
expenditure and certain leases relating
to Dexus and each of its Funds andthird-party capital partners. The
authority delegated to the Investment
Committee by the various Boards andthird-party capital partners may varydepending on the risk appetite of therelevant Board and third-party capital
partner.
The relevant Fund Manager must votein favour of a transaction referred to an
Investment Committee that impacts
the Fund (or third-party capital
partnership) for the transaction to beapproved.

– conflicts of interest involving
transactions and other dealings
between related parties– approval or rejection of proposed
new Investors of the Fund
– a proposed candidate for a
replacement Fund Manager– the endorsement of theappointment of external directors to
the Board of the Responsible Entity– any proposal to materially change
the Fund’s Investment Policy– the Fund’s investment strategy andmaterial changes to the strategy.
Resolutions of Advisory/Unitholder
Committees are not binding on the
Responsible Entity, however the
Responsible Entity must call an Investor
meeting if requested to do so by theAdvisory/Unitholder Committee as
outlined in the relevant Terms ofReference or Constitution.

1.4 Co-owner Committees
Co-owner (or Joint Venture)
Committees have been established for
Dexus’s third-party capital partnerarrangements. The Committees’ Termsof Reference are established via
agreement between the parties.
Membership consists of ownerrepresentatives.
Approval of significant transactions
such as asset acquisitions, disposals,
developments, significant leases andcapex, generally requires approval of
the co-owners (in accordance with theco-owner agreements).
Meetings are generally convened on aquarterly basis. An agenda is issued,
and minutes of the meetings arerecorded.

4 Dexus 2023 Sustainability Approach and Procedures

1.5 Operational oversight
Risk teamThe dedicated Risk team, led by the
Head of Risk, is responsible for thedevelopment, implementation andoversight of Dexus's risk management,
insurance and WHS&E programs.
The Risk team enables, empowers andsupports the creation of safe, resilient
spaces where people thrive andensures Dexus’s objectives areachieved within the group's appetite
for risk.
Dexus’s risk management process is an
integral part of management anddecision-making, and is integrated into
the structure, operations andprocesses of the organisation. Dexus’s
process for managing risk aligns to
ISO31000:2018 and involves thesystematic application of policies,
procedures and practices including but
not limited to:– Communication and consultation
with appropriate external andinternal stakeholders– Defining the scope of risk
management activities,
understanding the external andinternal context in which Dexus
operates and defining the risk
criteria relative to objectives.
– Conducting risk assessments
performed to identify, analyse andevaluate risks.
– Planning and implementing risktreatment, assessing theeffectiveness of controls anddetermination that the risk profile isaligned with Dexus’s risk appetite,strategy and culture.
– Monitoring and review of risks toprovide assurance and improve thequality and effectiveness of process
design, implementation andoutcomes.
– Reporting to Management andBoards including the Fund Boards,
Corporate Executive Committee,
Group Management Committee,
Dexus Board Audit Committee andDexus Board Risk Committee– Providing induction and training tosupport all employees’ awareness ofand ability to execute their risk
management responsibilities.

Compliance teamGovernance team

Dexus has established a dedicatedCompliance team reporting to the
Head of Compliance.

Dexus has established a dedicatedGovernance team reporting to the
Head of Governance.

The Compliance team seeks to ensure
Dexus’s approach to compliance isshaped by the leadership teamapplying core values, ethical andcommunity standards and strives forcontinuous improvement through open
communication in relation to
governance and compliance practices.
The Compliance team encourages
awareness, demonstrates commitment
and fosters a strong complianceculture.

The Governance team is responsible foroverseeing governance andcompany/committee secretarial
arrangements across all Boards andBoard Committees and works closelywith the Funds Management team insupporting our third-party capital
partner arrangements.

Dexus has developed and maintains a
Compliance Management Frameworkthat complies with the guidelines of theInternational Standard for ComplianceManagement Systems – ISO 196001.
The framework is based on theprinciples of good governance,
proportionality, transparency andsustainability.

– Company Secretarial support andcorporate governance advice

Functions of the Compliance teaminclude:– Supporting the identification andongoing review of applicable
compliance sources and obligations– Assessment of compliance risks– Review and analysis of exceptions– Drafting and agreeing compliancepolicies and procedures– Provision of induction and training to
all Dexus employees on relevant
compliance matters in accordancewith an annual Compliance Training
Plan– Conducting monitoring and review
procedures to avert or detect
incidents of non-compliance inaccordance with an annualCompliance Monitoring Plan
– Oversight of financial crime(AML/CTF) compliance, privacy,financial services complaints,
compliance incident framework andconflict management– Reporting to management, Boards
and third-party capital partners on
Compliance Incidents andcompliance initiatives.

5

The team is responsible for:– Best practice Corporate
Governance for the group– Preparing agendas, collating anddistributing packs and recording
minutes of meetings of the Boards,
Board Committees, Co-ownerCommittees and Joint Venture
Committees– Ensuring the delivery of Dexus’s
Internal Audit Program– Managing investor due diligencequestionnaires and assisting in theverification of key documents– Undertaking monitoring of Fund andCo-owner agreements and socially
responsible leasing activities.

1.6 Operational practices
We have developed a ComplianceManagement Framework and a Risk
Management Framework outlining how
we identify and address complianceand risk management.
These frameworks support thedevelopment and implementation ofcompliance, risk management andcorporate governance procedures
across the business. The Risk
Management Policy applies to all
Dexus employees who are required tounderstand, promote and be
responsible for ensuring that controls
are in place to effectively manage risks
that apply to activities within their dayto-day responsibility.
The management frameworks support
customers, third party capital partners,
people development, supplierpartnerships and engagement withincommunities.

Dexus 2023 Sustainability Approach and Procedures

The frameworks are reviewed on anannual basis to ensure they remaincurrent and adequately address therisks inherent in managing the business.

Compliance Management
Framework
Compliance is a vital component of ourcorporate governance approach andassists in:– Building trust with investors,
customers and clients– Protecting our brand and reputation– Promoting our values– Demonstrating to industry and thecommunity that we act with integrity
and do the right thing.
– Complying with laws, regulations
and industry standards
Dexus’s Compliance Management
Framework satisfies the requirementsof the International Standard forCompliance Management Systems –ISO 37301:2021. Activities conductedwithin the framework comply with therelevant Australian legislation andregulations including the Corporations
Act, Privacy Act, Competition &Consumer Act, Tax & Stamp Duty
legislation, Retail Leases Act, Real
Estate Licensing Acts, Environmental
Acts and Regulations, and Anti- Money
Laundering & Counter Terrorism
Financing Act and ASX Listing Rules.
We promote a culture of compliancethrough a framework in which all
employees contribute and participate.
The Compliance team oversees thecompliance management framework
while the entire business is responsible
for ensuring that their businessprocedures adhere to Dexus’s policies.
Activities within the ComplianceManagement Framework include:– Legislative and regulatory change– Employee training– Compliance monitoring andreporting– Handling exceptions and incidents
of non-compliance– Handling investor complaints– Communication– Continuous improvement

Record keeping
We have a Records Management
Policy which provides guidance inrelation to the storage and retention ofrecords for Dexus. Records must be
created and maintained to satisfy
business and regulatory requirements
as well as industry operating
standards. The policy covers all typesof records including paper andelectronic media.

Delegations of authority
We have operating limits in place thatset out the authorities of employees tocontract on behalf of a Dexus entity ora fund that Dexus manages.

Conflicts of interest
Management of conflicts of interest at
Dexus is addressed by the following
policies:– Directors’ Code of Conduct– Employee Code of Conduct(incorporating Gifts, benefits &entertainment)– Conflicts of Interest and Related
Party Transactions Policy– Securities Trading Policy (including
Inside Information)
Together they inform employees ofwhat constitutes a conflict of interestand describe the processes in place for
identifying and managing them.
Conflicts may arise in a variety ofsituations:– Related party dealings and otherbusiness conflicts– Allocating property transactions
amongst clients or third-party
capital partners– Tenant (customer) conflicts– Transfer of assets between schemes
or clients– Personal conflicts
Dexus board members are required toadhere to the Directors’ Code of
Conduct. Directors must comply withthe legal framework governing theoperations of Dexus, which includes
anti-corruption policies andprocedures.

All actual or potential conflicts arereported to Dexus’s Compliance teamso that necessary controls are put inplace to effectively manage theconflict. These controls may include:– Ensuring a transaction is conducted
at arm’s length.
– Removal of conflicted employees orteams from a transaction or decision– Establishing information barriers sothat employees and teams operate
solely in the interests of therespective funds or third-party
capital partners.
– Avoiding a transaction
We maintain a Conflict-of-Interest
Register which provides a central
record of all material conflicts to ensurethat they are effectively identified andmanaged. Conflicts of interest arereported to the Board Risk Committee
quarterly.

Anti-bribery and corruption
We are committed to achieving thehighest corporate standards andworking against corruption in all its
forms, including extortion and bribery.
The Fraud, Corruption and Bribery(Prevention and Awareness) Policy
outlines expectations for employee
conduct relating to lobbying, meetings
with law makers and receiving gifts andbenefits. Dexus does not make political
donations or provide gifts to politiciansor public servants. As per the Dexus
Political Donations Policy, Dexus
employees and Directors areprohibited from using Dexus funds forpolitical contributions. Where we
engage with government we do so inan ethical and transparent manner.
Section 5.4 Stakeholder Engagement
provides additional detail on our
approach to engaging withgovernment.

Transparency and continuous
disclosure
We take an industry-leading approach
to transparency and disclosure of
responsible investment practices. Thisis supported by the Property Council ofAustralia’s Voluntary Best Practice
Guidelines for Disclosing Funds From
Operations (FFO) and Adjusted Funds
From Operations (AFFO). These
measures enable a transparent
comparison of financial performance
between Dexus and its listed property
peers.

6 Dexus 2023 Sustainability Approach and Procedures

We are committed to providing
investors, the broader market andother stakeholders with accurate andtimely information about material
activities. We comply with thecontinuous disclosure requirements of
the Corporations Act and ASX Listing
Rules. A Continuous Disclosure
Committee oversees compliance with
the Continuous Disclosure Policy.
We respond annually to several
investor surveys and benchmarks,
publish research papers, and formallydisclose group performance inaccordance with best practiceframeworks published by theInternational Integrated Reporting
Council (IIRC) and the Global Reporting
Initiative (GRI). The Fraud, Corruption
and Bribery (Prevention andAwareness) Policy

Compliance monitoring
We conduct ongoing compliancemonitoring to ensure that business units
are operating in accordance with legal
and internal requirements. We also
ensure that management and theBoard have sufficient risk andcompliance information to enable themto exercise their responsibilities anddischarge their duties effectively.

Internal Audit program
Internal audit is an independent,
objective assurance and consulting
activity designed to add value andimprove our operations.
Internal audit assists in improving
business performance by providing an
independent and disciplined approachto evaluate and strengthen risk
management, business processes,
internal controls and governanceactivities across the organisation.
The Corporate Executive Committee(CEC) oversees the group’s risk
management, compliancemanagement and Internal Audit
program. KPMG performs the activities
of an Internal Audit function which
reports to the CEC and Board Audit
Committee.
We maintain an Internal Audit Charter
which sets out the roles, responsibilities,
authorisation, activities and reporting
relationships of the Internal Audit
function. The Charter is reviewed andapproved by the Board Audit
Committee on an annual basis.

The Internal Audit function includes
examining, evaluating and monitoring
the adequacy and effectiveness ofgovernance, risk management,
financial and operational controls
designed to manage risks and achieve
objectives.
Internal Audit program activities
involve:– Developing and implementing aflexible annual internal audit plan,
adopting an appropriate riskbased approach, which is approvedby the CEC and Board Audit
Committee– Assisting us to promote awarenessof key risks, our risk culture and risk
mitigation activities.
– Supporting audit activities throughfacilitation, process design andadvisory services– Reporting on the outcomes ofinternal audits to senior
management, the CEC and Board
Audit Committee and, depending on
the scope of the audit, otherrelevant Board Committees– Keeping our employees informed ofemerging trends and successful
practices in internal auditing.
– Assisting in the investigation ofsignificant suspected fraudulent
activities and notifying findings to
the CEC, Board Audit Committee
and Board Risk Committee– Conducting follow up activities on
the status of agreed significant, highand moderate rated
recommendations.

Board evaluation
We recognise that performancemeasurement and management are
integral to our Board’s success, and webelieve that Board evaluations cancontribute significantly to performanceenhancement at the organisational,
Board and Director levels.
The Board Nomination Committee
oversees the Board performance
evaluation program. The evaluation
process looks at the performance of
the Board and its committees.

Individual Director performance is also
evaluated. When appropriate, an
independent expert is retained to
conduct the evaluation. Any areas for
improvement identified in theperformance evaluation process areagreed by the Board Nomination
Committee which oversees theimplementation of processenhancements.
The Performance Evaluation Policy
outlines a formal approach to review
and improve performance
management.

External feedback andgrievance procedures
We are committed to continuous
improvement and seek toappropriately address feedback
received from investors, customers,
employees and other stakeholders. Anygrievance escalated to the Head ofGovernance or Head of Compliance isaddressed through grievance orcomplaints policies and procedures.
For example, an investor complaint
may relate to grievances involving ourfinancial products/services or privacy
matters.
A customer complaint may relate to asignificant issue relating to poor service
or a poor customer experience.
We maintain policies and procedures
to address grievances formally raisedby stakeholders in relation to Dexus,
our products or services, or theprocesses we use for dealing withfeedback itself. Our grievance processemphasises conciliation to ensure that
inappropriate and unlawful practices
cease and that grievances areresolved in a sensitive and timely
manner.
Resolution is subject to an agreed
rectification plan that is developed andactioned in accordance with the Dexus
Compliance Management Framework.
Regulatory authorities may be notified
and involved in the procedure to
resolve the incident if required.
The complaints policies and associatedprocedures are designed to ensure
that:– Investor, customer, client andpotential client complaints are dealt
with fairly, promptly and consistently

7

Dexus 2023 Sustainability Approach and Procedures– Regulatory requirements arecomplied with
– Any underlying control problems or
weaknesses identified by acomplaint are appropriately
addressed
In accordance with the Australianstandards for complaints handling, weseek to:– Resolve complaints throughmutually agreed solutions– Treat complaints and complainants
appropriately– Provide adequate assistanceparticularly to those who facebarriers to access– Improve business procedures toprevent reoccurrence– Provide clear guidelines of theresolution process and time frame– Provide reasonable access toresources– Ensure processes and outcomescomply with regulations– Maintain open communication
regarding progress– Ensure the complainant is protected
as stipulated in the Privacy Act
Should a complaint require subsequent
remedial action, this may involve
training, amendments to procedures orcontrols, or enhancements tomonitoring or review processes.
A register of grievances is maintained
and reported to the Board Risk
Committee and the Board ESG
Committee.

Internal grievances andwhistleblowing
To maintain a positive and productive
work environment, we have
implemented a whistleblower program.
An important part of the program is theopen and honest discussion of ethicalissues. We encourage employees toraise problems with their manager.
Should this not be possible for any
reason, employees are encouraged toraise their concerns of possible
breaches of law or procedure,irregularity, compliance issue, ethicalissue or anything else of concern withrepresentatives from either theGovernance team, the GeneralCounsel, Dexus’s statutory auditors, orDexus’s appointed internal auditors.

We have also appointed an
independent disclosure management
service provider, Your-Call, to enable
employees, and employees of services
providers on site to report securely,anonymously and confidentiallyinformation about dishonesty, fraud,unsafe environments, unethical andother inappropriate behaviour in theworkplace.

Tax and overseas operations
The Dexus group operates and earns
revenues exclusively in Australia. Allrevenues remain in Australia and Dexus
does not shift profits to otherjurisdictions. The Dexus Annual Reportdiscloses additional information about
the group’s approach to taxation.

Risk Management Framework
Effective risk management is critical tovalue creation and requires anunderstanding of risks during all phasesof investment from asset selection,acquisition, allocation, ownership andmanagement through to divestment.
Responsible investment and active
property management principles areintegrated into our sustainability
approach.
All Dexus employees are required tounderstand, promote and be
responsible for ensuring that controls
are in place to effectively manage risks
that apply to activities within their dayto-day responsibility, including risks
associated with business decisions,processes, systems or people andexternal events.
Dexus’s Risk Management Framework
articulates our approach to managing
risk. The framework is aligned to theAustralian and New Zealand Standard
for Risk Management – Guidelines
ISO 31000:2018. The key objective of
the Framework is to provide Dexus
employees with a foundation fromwhich the business can achieve its
strategy by effectively identifying andmanaging the risks and opportunities
that impact on the realisation of thatstrategy.
The framework defines Dexus’s process
for managing risk and involves thesystematic application of policies,
procedures and practices including but
not limited to:– Communicating and consulting withappropriate external and internal
stakeholders– Defining the scope of risk
management activities,
understanding the external andinternal context in the environment
in which Dexus operates anddefining the risk criteria relative toobjectives.
– Conducting risk assessments to
identify, analyse and evaluate risks.
– Planning and implementing risktreatment, assessing theeffectiveness of controls anddetermining that the risk profile isaligned with Dexus’s risk appetite,strategy and culture.
– Monitoring and review of risks toprovide assurance and improve thequality and effectiveness of process
design, implementation andoutcomes.
– Reporting to management andboards including to the Corporate
Executive Committee (CEC), GroupManagement Committee (GMC),
Board Audit Committee and Board
Risk Committee– Providing training to support
employees’ awareness of and ability
to execute their risk management
responsibilities. This extends to our
key business partner CBRE via
annual risk roadshows addressing
risk, operational and ESG topics.
Our property portfolio varies bygeographic location, asset type andtenant type. These variables present
specific risks that are managed,
monitored and audited in relation to
health and safety, building safety,
environmental, security and insurance
risks.
External review of work health andsafety (WHS) and environmental
procedure management is conducted
through a comprehensive risk audit andreview program to identify, evaluate
and mitigate risk in the following areas:– Health and safety audits:
compliance/ spot audits, ISO
45001:2018 audit/ gap analysis, ISO
certification audit, principal
contractor audit, incident
investigations (as and when theyoccur)– Building safety: Property risk
assessments (including and not
limited to confined space, heightsafety, and plant risk assessment),
and facade condition audits.

8 Dexus 2023 Sustainability Approach and Procedures– Environmental: Hazardous materials
assessment and audit,
Environmental management
assessment and audit, ISO 14001
audit/gap analysis, ISO certification
audit– Security: security risk assessment,
external security review– Insurance risk: underwriting
assessment, insurance valuations
program, risk engineering program
We have developed an in-houseproperty risk management andauditing tool, Periskope, that provides
systematic and rigorous property risk
profiling. Periskope is a single point ofaccess for tools and data, assisting inproperty risk management.
Dexus completes an annual review of
its risk management framework
applicable to all employees. Risk
management policies, procedures andgovernance committee structures arereviewed to ensure continuous
improvement and to minimise the risk of
ethical or corruption breaches.
The review process involves thefacilitation of risk workshops with senior
management to review and update
the risk register. Dexus has a Fraud,
Corruption and Bribery (Prevention andAwareness) Policy that outlines its
commitment to ethical behaviour.

Risk appetite
Risk appetite is the amount of risk abusiness is willing to accept to achieve
its strategy. It promotes the principle of‘freedom within boundaries’ to assist
management in executing the strategy.
In accordance with the ASX Corporate
Governance Principles& Recommendations and ASIC
Regulatory Guide (RG) 259, the Boardof each Responsible Entity sets the risk
appetite for the business. The risk
appetite consists of statements which
are a combination of principles whichalign to our strategic objectives.
The Risk Appetite Statement helps toguide decisions by outlining risks forwhich we have no appetite and risks
we may be willing to accept provided it
is transparent, prudently managed andjustified by the returns of the businessin the pursuit of strategic objectives.

Risk Appetite Statements are subject
to annual review, or more frequently ifthere is a significant change to thebusiness or operating environment andapproved annually by the respective
boards.

1.7. Work health and safety(WHS)
We recognise our duty of care to ourcustomers, employees, investors,
agents, contractors, service providers
and the wider community to ensure all
Work Health, Safety and Wellbeing(WHS&W) risks arising from our businessare appropriately managed. To
achieve this, we have implemented acomprehensive ISO 45001:2018
accredited workplace health andsafety management system to ensure
the effective management of WHS&W
risks across the portfolio.

1.8. Evaluation and process
improvement
We seek to continuously improve ourgovernance approach through:– An annual review of the ComplianceManagement Framework and Risk
Management Framework– Independent reviews such as
internal audits and reviews
undertaken by industry experts.
– Attending industry forums andseminars, including those provided
by law firms and regulators.
– Circulars and newsletters from law
and accountancy firms andregulators

We believe that teamwork is essential
in everything we do. Therefore, while
management plays a key role increating a safe and healthy work
environment, optimal success can only
be achieved when responsibility isshared between all stakeholders.
We also recognise our duty of care to
the health and safety of contractors.
As the activities of contractors can beof a high-risk nature, we implement
contractor management software
across all managed properties toensure all properties across theportfolio have a standard approachand a system for the WHS&W
management of contractors thatcomplies with relevant Legislation,
Codes of Practice, Standards and theDexus WHS&W system.

9

Dexus 2023 Sustainability Approach and Procedures2.0 Customers and communities
2.1 Overview
Supporting the
success of ourcustomers, thewellbeing of building
occupants, thestrength of our local
communities and thecapabilities of our
suppliers.

Dexus owns and manages adiverse property portfolio including
office, industrial, retail andhealthcare properties. Our
customers vary in size from small
businesses to major corporate andgovernment organisations
including:– Listed and privately heldcompanies in the fields ofbanking, property management,
insurance, legal, transport andlogistics, retailing,telecommunications and mining.
– State and federal government
agencies that require minimumbuilding performance standards.
– Small to medium enterprises
including accountants andconsultants.
– Major supermarkets anddepartment stores– Media and entertainment
cinema operators– Small independent retailers,
cafes and restaurants
Focus areas for our Future Enabled
Customers approach include:– Customer workplace andprofessional services: providing aseamless, efficient customer
experience that maximisescustomer satisfaction with theirworkplace and with property
management.
– Networking and customer
connection: facilitating
connections within customer
communities through networking
events, exclusive offers fromretailers, and community partner
activations.
– Occupant health, safety andwellbeing: prioritising health andsafety at our properties,
engaging with customers about
healthy and safe workplaces,
and connecting customers withproducts and services that
support their wellbeing.

10 Dexus 2023 Sustainability Approach and Procedures– Customer environmental
sustainability: collaborating withcustomers to understand how
we can assist them to meet theirsustainability aspirations throughresource efficiency, green
leasing and workforce
engagement.
The boundary for our approachencompasses all customers within
the Dexus group portfolio, with
impacts felt across their businesses
and their employees.

2.2 Management framework
Several areas of our business, under the leadership of the Board and Group Management Committee (GMC), collaborate todeliver our objectives of Future Enabled Customers and Strong Communities. Insight into the relevant management structure
and policy framework is provided below.

Future Enabled Customers management framework
Dexus Board (Board)
Oversight and approval of targets and general strategies for customer experience
Board ESG Committee
Oversight of processes and mechanisms for building relationships with customers (including review of complaints from
customers and third-party capital partners)
Group Management Committee (GMC)
Ultimate responsibility for alignment of customer experience and community contribution activities with Dexus’s strategy
Property Executive Committee (PEC)
Management sub-committee with responsibility for overall guidance of effective property management
Delivery functions
Customer | Project Delivery Group | Property Management | Sponsorship and Events | Marketing | Communications andCorporate Affairs | Sustainability | Risk | Compliance | Building Technology
Focus areas
Customer experience | Networking and customer connection | Health, Safety and Wellbeing | Environmental sustainability |Community partnership activations
Policy Framework
Work Health, Safety and Wellbeing Statement | Corporate Responsibility | Complaints Policy | Dexus Customer Promise

2.3 Management practices
Our Customer Promise
Our aspiration is to be renowned forcustomer centricity and property.
Our Customer Promise drives theway in which we operate andcontributes to our goal of being aworkplace partner of choice. We
know that our customers are more
likely to be satisfied when we listen
to their concerns and address theirneeds. Our customer-centric
approach is underpinned by ourCustomer Promise to:– Listen, understand and respondto customer needs.
– Make things ‘simple and easy’.
– Innovate to enrich the customer
experience.
We take an active leasing
approach to drive portfolio
performance and reduce forward
lease expiry. Our ‘simple and easy’lease is designed to simplify
negotiations and adopts acommon-sense approach centredon creating a partnership with ourcustomers in the execution of thelease.

11

Our portfolio-wide approach toforward leasing provides flexibility
to accommodate customers’ needs
within the group portfolio,
enhancing customer retention andminimising downtime.
We value our customers’ opinions
and actively engage to assesscustomer satisfaction levels, gather
feedback on our performance, andgain insights to drive innovation.
We have conducted annual
customer surveys since 2013 tounderstand customer sentiment,
drive improvements, and monitor
the impact of initiatives. Our survey
encompasses the performance ofour people, buildings and services,plus customer future needs andgeneral feedback.

Dexus 2023 Sustainability Approach and Procedures

Customer workplace andprofessional services
Dexus’s product and service
offering aims to provide a seamless,efficient customer experience thatmaximises customer satisfaction
with their workplace and withproperty management. We
understand that when ourcustomers are satisfied, they are
more likely to renew their lease with
us for longer periods and refer us totheir peers.
Listening to our customers, we havecurated a range of services thatare carefully designed to satisfy
their everyday needs and enhancethe experience of the people whowork in our properties. The services
we provide are grouped into thefour key pillars of Wellbeing,
Convenience, Community andSustainability.
– Wellbeing: Offering services andamenities that promote thehealth and wellbeing ofcustomers through quality endof-trip facilities, yoga, Pilates
and fitness classes

– Convenience: Delivering a
convenient work experiencethrough five-star concierge,transport solutions, simple andeasy leases, and access to
Dexus Place, a tailoredextension of our customers’ work
environment that includes
meeting, training andconference facilities andbespoke event space supported
by state-of-the-art technology– Community: Creating customer
communities through activations
in our office foyers, on-site
retailers and online property
portals providing workplacenews and information, eventsand retail offerings– Sustainability: Working with ourcustomers to achieve energy,
water and waste efficiencies fortheir tenancies along withsustainable fit-out designs

Our approach to building
technology
Dexus’s approach to building
technology seeks to digitally enable
our buildings to maximise value forall stakeholders. Technology can
maximise value through managing
risk, reducing costs and increasing
revenues. It can also enhance thehealth and wellbeing of customers
as well as their overall experience
with the building, while reducing
energy consumption and impact on
the environment. Meeting theseobjectives necessitates anapproach that directs investment
into scalable solutions.
Dexus’s Building Technology Teamleads the delivery of our Building
Technology Strategy and Smart
Building Blueprint. Dexus’s crossfunctional Smart Building
Collaboration Team combinesinternal expertise with contributions
from external partners including
consultants, suppliers, and industry
groups to ensure a consistent,holistic approach to technology
deployment across our assets.

Dexus has developed a Smart
Building Blueprint for deployment
across the portfolio which continues
to evolve through research andstakeholder feedback. Sometechnologies delivered through theblueprint include:– Premium in-building mobile
phone connectivity– Frictionless, touchless accessmanagement, cardless visitor
management, digital concierge– Occupancy sensors with realtime people tracking.
Building technology supports thedelivery of the Dexus Sustainability
Approach through enablingemissions reductions, healthy indoor
environments, and building
resilience. Some key areas wherebuilding technology overlaps withsustainability include:– Building management system
functionality analysis to identify
low cost, high value
opportunities for enhancing
energy efficiency.
– Technology audits to support life
cycle analysis and upgrade
forecasting.
– Digital layering of buildings,
mobility services, public realm,
and infrastructure information to
inform precinct-level design
opportunities at the concept
phase of development projects.
– Facilitating healthy buildings
through CO2 removal and air
treatment– Real time occupancy counting
to maintain occupant healthand safety.
– Touchless technologies– Platforms for enabling peer-topeer energy trading and theintegration of embedded
networks, battery storage andelectric vehicles at theappropriate time.

The motivation, value drivers,
strategic outcomes, and priority
enablers of our Building Technology
Strategy are summarised in thetable below.

12 Dexus 2023 Sustainability Approach and Procedures

Networking and customer
connection
Every Dexus office property is acommunity of individuals. As alandlord, we support the customer
experience by facilitating
connections within property
communities through networking
events, exclusive offers fromretailers, and community partner
activations. We know that when
individuals feel connected to others
and to their workspace, they lookforward to coming into work andare more engaged, which has apositive impact on our customers’
businesses.
We facilitate networking andcommunity connection within manyof our office buildings through:– Online building portal – aplatform to inform customers ofimportant information andactivations within the property,
including events and activations.
– Events and activations – acurated program of networking
events, wellbeing activations,cultural and diversity
celebrations that create
community cohesion andenhance customer experience.
– Retail offerings, partnerships andpromotions – exclusive offersthat connect Dexus customers
to each other, and provide themwith the services and productsthat they need.

2.4 Customer health andwellbeing
Our customers have access to arange of health and wellbeing
services, offerings and amenities
within their properties and via
online building portals. Types ofamenities available include end-oftrip facilities, bicycle storage, group
fitness, yoga and Pilates classes.

Maintaining safe buildings
for customers, occupantsand visitors
We seek to be a market leader
when it comes to the safety of ourproperties, including the preventionof physical harm, stopping the
spread of disease, and providing
healthy workplace environments.
All Dexus-managed properties arecovered by a safety management
system that is certified against ISO
45001:2018 to address work health,safety and liability property risks.
Hazards and risks are assessed
through a range of mechanisms
including regular inspections, third
party audits, and ongoing
communication with customers,
facility managers, and otherstakeholders.
The inspection and audit program
are designed to identify, assess andmonitor risks associated with Dexus
properties including generalhousekeeping, fire, essential
services, plant and equipment,
building structure, and emergency.
The inspection and audit program
are systematically implemented
with frequency requirements
generally based on risk. Where
hazards are found, corrective
actions are established and logged
in Dexus’s risk management system(Periskope) to be tracked until
resolution of hazard.
Customer involvement is critical for
ensuring a safe and productive
workplace environment. Dexus
engages with customers whererequired, to identify, assess andmitigate workplace
hazards/impacts, review risk
processes, introduce or changemonitoring procedures andpropose changes to premises, work
systems, plant or substances used.
The Dexus Work Health Safety &Liability Manual contains detailed
instructions on hazard and incident
reporting, including key steps to betaken by stakeholders for eachtype of hazard or incident.

13

Certain incidents must be
escalated to Dexus senior
management and to the relevant
regulator depending on the natureof the incident, as specified in the
manual. Dexus senior management
provides a quarterly report to theBoard Risk Committee with an
update on WHSE performance
including incidents and injuries
experienced at Dexus assets (andDexus workplaces).

Healthy buildings – indoor
environmental quality
We believe we have an importantrole in enhancing the health andwellbeing of our customers byproviding a healthy physicalenvironment. We recognise industry
trends towards healthy living andevidence-based researchdemonstrating the costs of illhealth to corporate productivity.
The following activities areincorporated into our operational
plans to ensure healthy indoor
environments:– Conducting air filter reviews andreplacements/upgrades– Reviewing procedures to ensure
adequate fresh air ventilation,
filtration of return air andacceptable thermal comfort.
– Updating the air quality
specifications in Dexus’s
Environmental Management
Manual (which will help set
expectations for future
procedures and investment
related to indoor air quality)

Dexus has also expanded the useof NABERS Indoor Environment(NABERS IE) ratings across theportfolio, to help benchmark indoor
environmental quality and inform
continued enhancement of how weensure healthy buildings across theportfolio. Dexus is targeting a 5star average NABERS IE rating for
its office portfolio by 2025. At selectdevelopments, we elect to obtain
WELL Certification to further
enhance a property’s health andwellbeing performance.

Customer environmental
sustainability
We actively manage theenvironmental performance of ourproperties and target continuous
improvement to reduce energy
consumption, water use, andcarbon emissions, as well as
provide optimal working
environments. This assists ourcustomers in meeting their own
sustainability objectives andpriorities by providing workplaces
that are designed and operate to
the highest sustainability
standards. Customers directly
benefit via reduced costs fromresource consumption efficiencies
and productivity improvementsfrom healthier working
environments.

– Establishing alerting protocols to
forewarn customers of ambient
air quality conditions as well as
specify mitigating actions forfacility teams to follow.

We engage with customers onsustainability upgrades to theirbuildings and how they can achieve
efficiencies in their tenancies. We
provide fit-out guides thatencourage the use of sustainableproducts and whole-life costings,
which enable customers tounderstand how reuse andrecycling can have positive impact
towards costs and carbon
emissions.

We actively manage property
accessibility, indoor environment(internal temperature, humidity andair quality), acoustics, access tonatural light, and overall
performance to create comfortableindoor working environments thatmaximise health and productivity.

We aim to drive improvements incustomers’ energy efficiency
through green building committees
and other programs. These
programs include involvement in
the annual Earth Hour campaign
and the NABERS Energy and Water
ratings and tenancy ratings.

Dexus 2023 Sustainability Approach and Procedures2.5 Evaluation and continuous improvement
Dexus uses the below impact map to communicate and evaluate the expected outcomes and impacts of its Future Enabled
Customer activities.

Future Enabled Customers impact map
Customer experience
Customer outcomes

Activities

Outputs– Customer
Support Centre– Project Delivery
Group– Security services– Concierge
services– Mobility services– Dexus Place– Speculative suites– National leasingteam– Improved customer
access to products/
services, including theirworkforce.
– Reduced customer
business downtime– Facilitate customer
future needs, including
expansion to newspace.
– Improvements tocustomer workplace– Improved navigation
for guests and visitor
experience– Online building
portal– Events andactivations– On-site retailofferings,
partnerships andpromotions– Improved customer
access to products/
services, including theirworkforce.
– Customer participationin events, activations,portal– Increased exposure forretailer customers– Health andwellbeing offering– End-of-trip
facilities– Workplace indoor
environmental
quality– Maintaining
building safety– Improved customer
access to products/
services, including theirworkforce.
– Customer workforce
awareness of
wellbeing information– Increased participationin health and wellbeing
activities and use of
facilities provided for
active transport.
– Customers have highquality indoor
environments– Resource
efficiency– Reducing fit-out
waste– Green leasing– 5 Star average NABERS
Indoor Environment by2025– WELL Certification for
select developments.
– Reduced emissions
from customer
workplace– Customer space uses
less energy, water andgenerate less waste.
– Uptake of green leases– Customer
satisfaction withworkspace, overall
property, andproperty
management– Reduced customer
operating costs

Customer benefit

Dexus benefit– Increased customer
likelihood to renew.
– Enhanced customer
capabilities,
productivity– Strengthened
customer capabilities
and workforce
engagement,enhancing customer
productivity– Strong customer
relationships– Increased
customer renewals– Increased property
occupancy(reducedvacancy), WALE,
building
valuations.
– Non-rent revenue
streams– Expand reach of
Dexus platform to
non-customers

Networking and customer connection– Customer
satisfaction withproperty– Enhanced networks
among customers
and their workforces– Enhanced customer
workforceengagement, talentattraction andretention– Increased customer
likelihood to renew.
– Enhanced customer
capabilities,
productivity– Strengthened
customer capabilities
and workforce
engagement,enhancing customer
productivity– Increased
customer renewals– Increased property
occupancy(reducedvacancy), WALE,
building
valuations.
– Non-rent revenue
streams

Health, safety and wellbeing– Customer
satisfaction withworkplace, overall
property, andproperty
management– Enhanced networks
among customers
and their workforces– Enhanced customer
workforceengagement, talentattraction andretention– Enhanced occupant
health and wellbeing– Increased customer
likelihood to renew.
– Enhanced customer
capabilities andworkforceengagement,
productivity– Strengthened
customer capabilities
and workforce
engagement,enhancing customer
productivity

Customer environmental sustainability

14 Dexus 2023 Sustainability Approach and Procedures– Measure and verify
our operational
efforts to ensure
healthy indoor
environments.
– Verify the holistic
health and wellbeing
performance of newbuildings.
– Reduced customer
operating cost
– Enhanced customer
workforceengagement, talentattraction andretention– Facilitate customers’
own environmental
objectives– Increased customer
likelihood to renew.
– Strengthened
customer capabilities
and workforce
engagement,enhancing customer
productivity– Increased
customer renewals– Increased property
occupancy(reducedvacancy), WALE,
building
valuations.
– Non-rent revenue
streams– Expand reach of
Dexus platform to
non-customers– Sustain Premium
grade officebuildings– Increased property
occupancy(reducedvacancy), WALE,
building
valuations.
– Non-rent revenue
streams– Expand reach of
Dexus platform to
non-customers– NABERS and GreenStar Performance
ratings

3.0 Strong Communities
3.1 Overview
We interact with thebroader community
where we operate.
Our most material
community-related
issues are health, safety
and security; andeconomic impact on
local communities.

We interact with the broader
community where we operate.
Our most material community-related
issues are:

Health, safety and security
We have a duty of care to ensure ourproperties are safe and deliver healthy
environments. We promote health andwellbeing through community
programs and activities and in thedesign of spaces.

Economic impact on local
communities
We are a major stakeholder in thecommunities where we operate, andcontribute to local communities via
corporate giving, community
collaborations and partnerships,
providing local employment
opportunities both through ourdevelopments and through ourcustomers’ occupation of ourproperties, and through deliveringcommunity infrastructure including
creating spaces where the community
can interact. It extends to ourcontributions to First Nation peoples
and reconciliation in Australia throughcreating opportunities for careerdevelopment and economic
participation for First Nations peoples
in the property industry and enabling
Dexus employees and customers toparticipate in meaningful activities thatwill strengthen their awareness andcultural understanding.
The boundary for our approachencompasses initiatives andactivations with our two major
community partners, Planet Ark andBlack Dog Institute, as well as activities
with community partners in thecommunities in which we operate.

15

Dexus 2023 Sustainability Approach and Procedures3.2 Strong Communities management framework
Several areas of our business, under the leadership of the Board and Group Management Committee (GMC), collaborate todeliver our objective of Strong Communities. The table below provides insight into the relevant management structure andpolicy framework.

Strong communities’ management framework
Dexus Board (Board)
Oversight and approval of targets and general strategies for customer experience and community contribution
Board ESG Committee
Oversight of the implementation and management of sustainability/ESG practices and initiatives throughout Dexus
Group Management Committee (GMC)
Ultimate responsibility for alignment of customer experience and community contribution activities with Dexus’s strategy
Corporate Executive Committee (CEC)Management sub-committee overseeing the integration of social impact initiatives into the Dexus Sustainability ApproachSocial Impact Working Group (SIWG)
Internal working group implementing Dexus’s social impact
strategy, including management of the major community
partnerships

Reconciliation Action Plan Working Group (RAPWG)Internal working group implementing Dexus’s ‘Reflect’Reconciliation Action Plan including awareness, educationand engagement activities

Delivery functions
Customer | Sustainability | Office, Industrial and Healthcare Property Management | Retail Operations and Development
Sponsorship and Events | Marketing | Communications and Corporate Affairs
Focus areas
Community investment through corporate philanthropy | Activations and partnerships | Employee volunteering |Reconciliation
Policy framework
Social Impact Strategic Framework | Dexus Community Guidelines | Dexus ‘Reflect’ Reconciliation Action Plan | Modern
Slavery Statement and related policies

3.3 Management practices
Social Impact Strategic
Framework
Local community contribution andengagement across our property
portfolio ensures we can support theprosperity, cohesion and wellbeing of
the communities in which we operate.
This section describes local community
contribution and engagement across
our property portfolio. Dexus also
consults with the community on new
developments and refurbishments toaddress community concerns, and toincorporate features that benefit ourcustomers and the broader community.

Dexus’s capacity to create value isinfluenced by the strength of its
relationships with the communities inwhich it operates. During FY23, theSocial Impact Working Group (SIWG)
continued to implement Dexus’s Social
Impact Strategic Framework.
The Framework aligns with Dexus’s
Sustainability Approach and isdesigned to streamline community
activities and maximise the value
created for the communities in which
we operate.

16 Dexus 2023 Sustainability Approach and Procedures

As part of the Framework, Dexus has atiered partnership model, detailing how
charity contributions and activities will
be approached, covering:– Sponsorship– In kind contribution– Workplace giving– Employee volunteering,participation, and donations– Mentoring and networking– Brand recognition for charity
partners

Employee guidelines forsupporting community
organisations
We encourage our people toparticipate in activities that help to
support the community – this can bedone during work hours or during theirown personal time. We haveestablished guidelines for how ourpeople can fundraise or volunteer forcommunity organisations and make apositive social impact.
Any community activity being
undertaken by an employee where
they are representing Dexus or
involving our suppliers, customers or thebroader team should align with the
Dexus Sustainability Approach acrossthe areas of:– Health and Wellness– Strong Communities– Diversity and Inclusion– Environment

Community partnerships thatdrive sustained value

Community investment
through corporate
philanthropy

Dexus’s two major community partners,
Black Dog Institute and Planet Ark,
complement Dexus’s Sustainability
Approach and strengthen its social
impact as an organisation, delivering
positive outcomes for the communities
in which we operate, our people andour customers.

Employee volunteering

Dexus continues to work with thesepartners in the following areas:
Black Dog Institute: Is the only
research institution in Australia
dedicated to mental health andsuicide prevention with a national focus
across all age demographics with a key
focus on:– Evolving the mental healthawareness and education of ourpeople in line with our Safe & Well
program– Engaging with the communities inwhich we operate through targeted
and meaningful activations acrossour retail, industrial and officespaces.
– Aligning the extensive research of
the Black Dog Institute to our
Sustainability Approach and utilising
it to support our people andcustomers across various initiatives.
Planet Ark: Is one of Australia’s leading
environmental behaviour changeorganisations, with a focus on working
collaboratively and positively with
communities, the government, andbusinesses with a key focus on:– Educating our people andcustomers on environmental
sustainability topics, including
resource reduction and recycling– Empowering our people andcustomers to make positiveenvironmental changes.
– Improving Dexus buildings’
environmental footprint

17

Dexus 2023 Sustainability Approach and Procedures

We provide our people with one day of
paid volunteering leave per year, toenable them to contribute their time toa charity of their choice. We also
encourage teams to volunteer
together to both support community
causes and build team cohesion.
Examples of team volunteering
activities have included bush care,
preparing meals for families at shelters,
and assisting with larger fundraising
events.
In-kind support, activations andpartnerships
A key component of Dexus’s
community contribution comes fromthe use of our assets for community
causes. Dexus-managed retail centres
act as community hubs, and leveragerelationships within their local
catchments to deliver fundraising
events that support local causes.
Key areas of contribution include:– Use of Dexus retail space or officelobby space (at no charge) bycommunity organisations seeking tofundraise or enhance awareness of
their cause.
– Activating public spaces creating
vibrant spaces and experiences,using placemaking to bring thecommunity together– Working with local authorities andthe community to proactively
maintain safe precincts, retail centre
management works with at-riskyouth through local youth groups
and schools to promote safer
communities– Connections with other localorganisations such as local councils,chambers of commerce and industry
groups on community issues

3.4 Evaluating outcomes and benefits
Dexus regularly reviews its community engagement strategy and maintains regular contact with its community partners. We
use the following key performance indicators to measure the outputs and impacts of our community engagement program.

Community contribution
objective
Community investment throughcorporate philanthropy

Activations and partnerships

Outputs−−−

Employee volunteering−

18 Dexus 2023 Sustainability Approach and Procedures

Impacts

Financial value of cash donations
to charitable organisations andcommunity partners−

Financial value of space provided
for use by charitable organisations
and community partners.
Financial value of use ofawareness-raising tools such as
online portals and lift screens forour community partners
Total community volunteering
hours and percentage
participation of all Dexus
employees

−

−

−
−
−
−

Direct support for community
issuesEnhanced reputation within thecommunities in which we operate
Enhanced connections between
our customers and local
communities
Support for community issues by
providing access to customers.
Partnerships that drive meaningfulvalue and create impact
Enhanced employee engagement
and wellbeing
Enhanced connections between
our employees and community
organisations and partners

4.0 Supply chain
4.1 Overview
A strong network ofsupply chain partners
who support delivery of
our services tocustomers.

Dexus partners with suppliers toachieve operational efficiencies,
enhance customer amenity andpositive environmental outcomes. We
develop long-term partnerships that
address sustainability impacts andcreate shared value.
Dexus acknowledges our responsibility
to ensure that standards relating topeople, the environment and thecommunities in which we operate are
maintained and continuously improved
throughout our supply chain. We
recognise that we can have a positive
influence on our suppliers, contractors
and their employees, products andservices and through positive,
collaborative relationships, we will
create shared value. We recognise thecentral role that suppliers play in
optimising asset performance,
managing risk and delivering customer
amenity.
Dexus partners with its suppliers to:– Provide products and services that
represent good quality and value,
are fit for purpose, and comply withall legal requirements andstandards.
– Operate accordingly to soundenvironmental principles including
reducing carbon emissions in linewith Dexus’s commitments.
– Consider the impacts of theiractivities on the social andenvironmental sustainability of thecommunities in which we operate.

– Manage their employees andupstream service providers ethicallyby upholding human rights, fairlabour management practices anddiversity and inclusion principles,and addressing modern slavery, inline with Dexus’s signatorycommitment to the United Nations
Global Compact– Provide their employees with a safe
work environment, and theappropriate equipment, training andsupport19

Dexus 2023 Sustainability Approach and Procedures

4.2 Supply chain
management framework.
We adopt a long-term approach to
managing and maintaining supplier
relationships through a robust set ofbusiness procedures which guide
supplier screening, selection andengagement. A suite of policies,
principles and performance standards
underpin our supply chain approach.
As a signatory to the United Nations
Global Compact and the United
Nations-supported Principles of
Responsible Investment (PRI), we
manage our supply chain to accountfor human rights, environmental, socialand economic factors in its purchasing
decisions.
Our Sustainability Procurement
Procedure and Supplier Code of
Conduct helps minimise potential
impacts from our upstream supply
chain. Sustainable procurement is built
into all supplier engagements throughrequiring supplier compliance with thepolicies listed in the table below. Referto our website at www.dexus.com for
publicly available policies.
In addition to this procedure suppliers
providing services to Dexus managed
properties who do not endorse Dexus’s
Supplier Code of Conduct via an
annual attestation are prevented fromundertaking new work with thebusiness.

The table below outlines our governance structure and approach to supply chain management.

Supply chain management framework
Dexus Board (Board)
Responsibility for approving and overseeing compliance with supply chain policies and statutory disclosures
Board Risk Committee
Responsibility for reviewing and overseeing incorporationof suppliers into Dexus risk and compliance frameworks

Board ESG Committee
Oversight of Dexus’s approach to managing modern slavery
risk in the supply chain platform wideGroup Management Committee (GMC)
Oversight of Dexus’s procurement framework and coordinating its application across the group
Property Executive Committee (PEC)
Responsibility for oversight of property-level projects andwork health and safety issues, including where projects
and issues involve suppliers

Corporate Executive Committee (CEC)Management committee overseeing the management ofmodern slavery risk and other ESG considerations in Dexus’s
supply chain.

Governance, Sustainability, Risk and Compliance teams−
Oversight of modern slavery policies and procedures−
Providing training to Dexus people about modern
slavery−
Monitoring compliance−
Investigating whistleblower matters and othergrievances.
−
Assisting with the assessment of modern slavery risk

−
−
−
−
−
−

Dexus/CBRE Facilities management teams
Operational procurement
Supplier due diligence
Supplier contractual monitoring
Awareness training for high-risk industry workers
Supplier assessment and engagement on modern slavery
Suppliers spend analysis and overall risk assessments

Policies and Procedures
Sustainable Procurement Procedure & Supplier Code of Conduct | Tendering |Human Rights | Environment Policy & Statement | Work Health Safety & Wellbeing Statement |Fraud, Corruption and Bribery (Prevention and Awareness) Conflicts of Interest | Dexus Operating Limits | Embargo Supplier
Procedure and List | External Service Providers | Procurement Procedure | Purchasing | Travel | Corporate Card

−
−
−
−
−
−
−

Implementation practices
Supplier monitoring
Procurement−
Supplier audited Internal Controls Reports (e.g. GS007)
Business procedures for procurement
annual or as contracted.
Category based evaluation standards, minimum−
Supplier attestations quarterly or as contracted
requirements and weightings.
confirming compliance to contract, SLAs, and Supplier
Risk and opportunity assessment
Code of Conduct
Supplier engagement and new supplier engagement−
Informed 365 Modern Slavery Questionnaire
process−
EcoVadis ESG Assessments and Corrective Action Plans
Pre-qualification process−
Targeted
3rd party Modern Slavery Audits
Tendering process−
Regular Monitoring of contract KPIs and SLAs
Modern slavery risk ranking, performance−
Rapid Induct contractor management system.
−
In-house property risk management system−
Project Control Group meetings and reports−
Transactional, Preferred, Strategic, and Critical suppliersegmentation.
−
Spend and criticality analysis.
−
Supplier self-assessments−
Contractor spot checks and corrective action plans−
Tier 2 supplier identification

20 Dexus 2023 Sustainability Approach and Procedures4.3. Supply chain objectives
Whilst always conscious of delivering
appropriate commercial outcomes forour customers and investors, we aspire
to and dedicate focus towards using
our aggregate spend to positively
influence environmental, social, andgovernance standards with our
suppliers, products, and workers.
We take a long-term view to partnerwith our suppliers to achieve quality
service and appropriate commercial
outcomes for our customers, investors,
and suppliers. We collaborate with
suppliers to take action and report on
progress to address specificenvironmental, social and governanceoutcomes through enhanced due
diligence, risk profiling, 3rd party
assessments, and continuous
improvement plans.

General supply chain
management priorities
Dexus’s supply chain encompasses adiverse range of products and services
which are grouped into procurement
categories.
Our supply chain goals are to:– Maintain an efficient procurement
process: operating under soundgovernance that achieves the bestvalue for money, meets businessand client requirements and delivers
financial and sustainability
outcomes based on a whole-of-life
costing.
– Identify key risks and opportunities:
particularly in high value, highimpact contracts and improve theoverall impacts of the products andservices we procure.
– Mandate that suppliers abide by
all minimum standards and laws: inthe countries in which they operate.
– Maintain safe workplaces: in linewith our goal for ‘no harm’, safe work
environments with zero fatalities.

– Challenge suppliers: to deliver
tangible, innovative and sustainable
solutions that deliver mutually
beneficial outcomes.
– Assess and evaluate performance:Continue to assess each contract’s
merits against a set of sustainability
principles and ensure environmental
and social impacts are assessed inline with our policies and objectives,
emerging best practice and industry
standards.
– Communicate on objectives:
Mandate that all suppliers
acknowledge and abide by the
Dexus Sustainable Procurement
Policy & Supplier Code of Conduct.
Ensure prospective and new
suppliers understand sustainabilityrelated contract criteria andrequirements.
– Build and maintain key
competencies: Maintain sustainableprocurement capability by engaging
and upskilling employees andimplementing sustainableprocurement training forprocurement and contract
managers.
– Engage and seek feedback:
Collaborate with suppliers and seek
feedback as part of contract
management.
– Target spending based on aligned
goals: Where appropriate, increase
the purchase of products that
support community-based charities,
are carbon neutral or have a lower
carbon footprint, or are more
efficient or meet internationallyrecognised sustainability
performance standards.
– Support communities: Where
appropriate, we partner or
encourage supplier participation incharitable community engagement,
and support suppliers to take action
to promote equity, diversion andinclusion in our community.

– Treat suppliers and contractors
fairly: with respect and dignity
demonstrating probity, equity andtransparency.
– Partner on ESG outcomes: continue
to develop and manage
relationships with suppliers andcontractors to encourage them topromote a best practice approachto employment practices, social
impact and the environment.

21

Dexus 2023 Sustainability Approach and Procedures

Supplier Segmentation
Dexus’s supply chain encompasses adiverse range of products and services
which are grouped into procurement
categories. Dexus segments its
suppliers into four segments to focus on
suppliers that have the biggest impact
on these categories, objectives andgoals.
– We define a critical supplier as: amaterial outsourced supplier whose
failure could significantly impact thecorporate or portfolio operations.
– We define a key supplier as: asupplier integral to ongoing
operations, typically a partner, or
strategic relationship, whose failure
could significantly impact theoperations at an individual asset or
Dexus in the short term.
– We define a preferred supplier as:
having been assessed againstcommercial, sustainability and risk
criteria and is approved for use as apreferred supplier in accordancewith the sustainable Procurement
PolicyA list of preferred, key and criticalsuppliers is maintained for eachprocurement category and. The list is
published internally. The preferredsupplier list is updated on a regularbasis as an outcome of procurement or
supplier management activity.
– We define a transaction supplier as:
any supplier which is approved for
Dexus to transact with.
We regularly assess and rationalisetransactional suppliers where possible
by identifying partners that can best
meet our needs and optimise their
engagement across our portfolio. This
leads to fewer suppliers and closer
relationships with our business and agreater alignment of interest. It alsopresents a greater opportunity toembed our sustainability approachwith suppliers.
– We define an embargoed supplier
as: a supplier that does not meet
our required standards and is not
approved to transact with. Dexus
maintains a list of Embargoed
suppliers in accordance with Dexus’s
internal Embargo Policy.

Dexus’s internal Embargo Policy
outlines our approach to managing
contractors and service providers that
do not meet our required standards. It
identifies the circumstances in which acontractor or service provider will beplaced on the embargo list and sets
the criteria in which a supplier can beassessed to be removed. Should wedetermine to place a supplier on theembargo list, we will not engage withthat contractor or service provider until
the issues of concern have been
appropriately addressed. The embargo
list is updated on an ongoing basis.

Understanding supply chain
sustainability risk exposure
Dexus undertakes risk assessments ofour supply chain, this risk assessment
takes into account external factors
such as industry of operations, countryof operations, criticality to our business,
procurement category and volume ofspend.
Upon verification of risk level, we
request selected preferred, key andcritical suppliers to participate in
EcoVadis, a 3rd party ESG risk
assessment. This assessment is tailoredto the size and industry of the supplierand covers across 4 key themes:
Environment, Labour and Human
Rights, Ethics and Sustainable
Procurement.

The outcomes of this assessment areevaluated to verify any residual risks ofindividual suppliers and benchmark
their performance across the 4 themes.
Any residual risks are managed using acorrective action plan with the supplierwith set time frames to address
improvement areas. Suppliers taking
part in this assessment also haveaccess to learning resources to assist in
their development of policies,
implementation and reporting on
strategies to address sustainability risk
within their business and can then bereassessed once those items
addressed.

Understanding supply chain sustainability risk exposure

1. Establishing
External
driverse.g. legislation, regulation, and societal sentimentInternal drivers
e.g. sustainability approach, risk management framework, code of conduct, and spend analysis

2. Risk assessment

Lifecycle of a projectDue diligence andassessment actions

Risk identification

Risk analysis

Risk evaluation

Based on contextual
factors e.g. countryof origin, skill
requirements, use ofhazardous materials
or substances

Mapped against
Dexus material
ESG issues

Procurement
categories ranked byinherent risk rating

Review against
supplier spend
analysis

Material issue
hotspots mappedby procurement

3. Risk
Supply chain engagement and monitoring informed by risk ratinge.g. contract KPIs/SLAs, performance meetings, supplier self-assessment

The outcome of the risk assessment is arisk matrix of sustainability risk
exposures across each of our major
supply chain categories. The matrix
informs procurement processes andsustainability ambitions, including

specification of requirements, andquestions during tendering and thescreening of suppliers and corrective
actions required of existing suppliers.

22 Dexus 2023 Sustainability Approach and Procedures

In addition, the matrix is referenced forestablishing contract key performanceindicators (KPIs) and the adoption ofbest practice sustainability
management and monitoring over the
lifecycle of the project.

Procurement and supply chain management approach
Our staged procurement and contract management process optimises performance and supplier service levels, manages risk,
maintains symbiotic supplier relationships in order to realise shared value.
The overall risk rating for the procurement category and spend details the extent to which due diligence and suppliermonitoring is undertaken.
The lifecycle for managing categories, procurement and supplier monitoring comprises:

Project stage
0.

Due diligence actions

Supply chain
sustainability
risk assessment
and spendanalysis

Assessment outcomes−−

Periodic risk assessment conducted inaccordance with our Risk Management
Framework to evaluate our procurement
categories against external contextual
factors.
Procurement categories are ranked byinherent risks material to Dexus to informprocurement and supply chain
monitoring activities
Internal Audit of Operating Limits policy−

Internal Audit of Operating Limits policy−

Internal Audit of Operating Limits policy−

The standard balanced scorecard as
applied to each category−

Supplier management systems track onsite contractor activity and ensure
contractors maintain licences andinsurances.
The Supplier management frameworkspecifies frequency of review meetings
between Dexus and suppliers
Site-level contractor spot checks
evaluate performance and inform
corrective action plans where required.
Evaluation against contract KPIs and
SLAs
Suppliers periodically complete a selfassessment to provide us with insights
into their business-related sustainability
issues and gather feedback on its
performance as a partner
Suppliers periodically complete a selfassessment to provide us with insights
into their business-related sustainability
issues and gather feedback on its
performance as a partner−

1.

Project is
proposed−−

2.

Project isapproved−

3.

Quotesobtained orformal tender isissued−4.

Service provider
is selected

5.

Service provider
is appointed

−
−
−

−
−

6.

Project owners follow procurement procedures
to develop and present a project businesscase to decision makers.
Project assigned risk level in accordance with
Tendering and Operating Limits Policies
Articulate project sustainability goals
Project owners procure services directly withinagreed limits and preferred panel, or work with
our procurement team to procure major
services via formal tender
Business units work with our procurement team
to issue project brief to service providers.
Service providers may be prequalified andselected on our preferred supplier panel.
Sustainability prequalification criteria specified
Service providers are evaluated during arigorous and structured screening and rankingof suppliers, using a category specificbalanced scorecard to assess service provider
capability, ESG performance, service delivery
and value
We review proposed services to confirm fairvalue upfront and avoid later uplift.
Service providers contractually agree to the
Dexus Sustainable Procurement policy andSupplier Code of Conduct

Service isundertaken−
7.

Service ismonitored−

Our procurement team monitors supplierperformance through site feedback, regularperformance meetings and tracking against
KPIs

−
−
−

8.

Project
completion

−
−

23

We evaluate the effectiveness and value formoney as part of retaining service providers.
We conduct a supplier spend analysis tomaintain a current view of critical suppliers andcommodities

Dexus 2023 Sustainability Approach and Procedures−

Tender documentation and service
agreements integrate sustainability
policies and key performanceindicators. Dexus communicates its
expectations and ESG requirements toall suppliers and requires each one tooperate in line with our Sustainable
Procurement Procedure & Supplier
Code of Conduct as well as
understand Dexus’s requirements andcommitments outlined in its Human
Rights Policy.
With each supplier engagement Dexus
seeks to ensure that investment
considerations:– Address impact on supply chainsand comply with Dexus’s Supplier
Code of Conduct including
materials, contractors, consultants
and other professional services.
– Are in line with recognised andaccepted local labour andemployment practices where thatinvestment results in employment or
engagement of suppliers,
contractors and professional service
providers fit for purpose, and comply
with all legal requirements andstandards.
Specific standards regarding ESG areagreed with suppliers based on the
prepared design brief. All work carriedout must comply with the brief. We
prioritise supplier engagements basedon the commodity/ service involved,
the size of the contract, supplier values
and its criticality to Dexus’s business
operations.
A supplier assessment process takes
into account labour practices, social,environmental and human rights issues.
Suppliers are encouraged to work with
us to reduce carbon emissions, adopt
sound environmental principles,manage their people ethically, drive
positive supplier relationships andconsider the impacts of their activities
on the communities in which they
operate.
Ongoing data collection andperformance analysis provides abenchmark for site teams that oversee
supplier services. This provides valuable
insights on how performance trends
vary over time and across sites. Thisdata is used as an input into initial
reviews of supplier contracts andperiodic reviews of our panel ofpreferred suppliers.

4.4 Addressing modern
slavery risk in our supply
chain
We are aware of the following modern
slavery risk factors across our supply
chain:– Use of low-skilled, contract, and/or
migrant labour– Subcontracting and use of thirdparty labour hire agencies– A highly competitive and cost driven
business sector.
– Procurement of specific materials(the production of which may involve
modern slavery)– Supplier operations in countries withweak or opaque commitments tohuman rights
Based on this understanding of modern
slavery risk factors, our supply chain
sustainability risk assessment
suggested the following categories as
focus areas: cleaning and waste
management services, security
services, capital works at operational
assets, development works, IT,
corporate merchandise, andprocurement of materials sourced fromoverseas.
Relevant contractual documentation
contains modern slavery requirements
and we have enhanced theconsideration of modern slavery risk
factors during the supplier selection
process. We also deliver awarenesscampaigns to educate suppliers andtheir workforces about modern slavery
and how to report concerns, throughintegration of modern slavery
information into site induction terminals
and signage in key locations acrossassets in our portfolio.
We conduct due diligence on suppliersboth before and during our
engagement with them, to understandhuman rights risk exposure and any
potential breaches. As part of theProperty Council of Australia Modern
Slavery Working Group, we
collaborated with industry peers
through to develop a common supplierdue diligence Modern Slavery
Questionnaire, and this is implemented
across our supplier base.

24 Dexus 2023 Sustainability Approach and Procedures

We are using the responses to the PCA
Modern Slavery Questionnaire to
identify higher risk suppliers with whom
we should engage to ensure modern
slavery risks are appropriately
identified and managed with further
3rd party ESG assessment. We also
conduct surveys of the employees ofour suppliers to measure theeffectiveness of the Anti-Modern
Slavery practices implemented by our
suppliers.
We have established procedures toenable individuals within our supply
chain to identify and escalate
concerns. The Dexus Whistleblower
policy specifies grievance mechanisms
available to stakeholders to safely andanonymously raise concerns aboutmodern slavery in our operations andsupply chain. The Whistleblower Policy
includes reference to modern slavery
and specifies that its coverage
includes the workforces of Dexus
suppliers, as well as their spouses anddependents. We included this material
to make it clear to individuals in our
supply chain that Dexus wants to hearfrom them if they have concerns, andthat they will be covered under theprotections specified in the policy.
When a concern is raised, or weotherwise become aware that anindividual in our supply chain may be
impacted by modern slavery, weinvestigate the matter further and takeappropriate action. The appropriate
action would depend on whether
Dexus has caused the impact,
contributed to the impact, or is linked
to the impact through our business
relationships. In all cases, the focus ison mitigating the risk to the individual(s)experiencing the impact and using ourleverage to foster continuous
improvement.
More information on our approach toaddressing modern slavery risk in our
supply chain is provided in Dexus’s
annual Modern Slavery Statement,
which is available on the Dexus
website.

4.5 Procurement and supply
chain monitoring procedures
Our procurement procedures outline
the procurement process for Dexus andby authorised third party property
managers. The procedures accompany
the Dexus procurement-related
policies in the Supply Chain
Management Framework. The
procedures ensure that:– Service providers are engaged
based on merit and are only
appointed after appropriate due
diligence.
– Contracts with suppliers areadequate and are in accordancewith legal and regulatory
requirements.
– Performance of suppliers andcompliance with contractual andservice level arrangements aremonitored and reviewed.
– Conflicts of interest areappropriately identified andmanaged.
– Our interests are legally protected(including the avoidance offraudulent transactions)– Our insurances are notcompromised.
An important step in this process is
engaging with suppliers during tender
evaluation to determine their alignment
with Dexus’s to evaluate theeffectiveness of Dexus’s sustainability
aspirations and ongoing alignment
after engagement.

Tendering
Our tender process ensures that
service providers are chosen based on
merit and capacity to deliver works,
acceptance of Dexus’s or agreed
Terms and Conditions and Supplier
Code of Conduct and alignment with
Dexus’s sustainability aspirations. The
number of organisations invited totender varies taking into account a
project’s size, complexity, andprocurement guidelines. We arecommitted to a transparent andcompetitive tendering process. The
process is subject to detailed
monitoring and oversight.
Major tenders involve a prequalification
process and assessment by a panel
against agreed financial and nonfinancial metrics.
A Project Control Group (PCG) isestablished for high value projects. The
PCG includes appropriately qualified
representatives from Dexus, co-owners
and senior representatives of the coreservice providers and contractors or
consultants, for example builders,architect, project manager or leasing
agents.

Employee responsibilities andtraining
Our employees receive periodic
training on procurement best practices
as well as property-related products,
services, and requirements. This
provides them with the required skills
and industry knowledge toappropriately select and appoint
service providers.
All employees with responsibility forselecting, appointing, and monitoring
service providers must ensure
performance and compliance with
contractual agreements via standard
contract templates.

Supplier monitoring andrelationship management
We monitor the performance of major
contracts through:– Supplier audited Internal Controls
Reports (e.g., GS007) annual or as
contracted review process.
– Supplier attestations quarterly or as
contracted confirming complianceto contract, SLAs, and Supplier
Code of Conduct review process– Regular performance review
meetings with site teams thatassess performance against KPIs
and SLAs. Where required these arereviewed by Risk Committees andrelevant Boards– A Non-Conformance Reporting(NCR) process– Customer surveys covering the Net
Promoter Score (NPS) from the end
users’ perspective on the services
being delivered.
– Select contractor worker surveys
conducted via the contractor
management system.
– A requirement for annual attestationof compliance with the Dexus
Supplier Code of Conduct– Management of insurances,licences, and induction training via
the Contractor Management system– Annual contractor surveys of thepreferred suppliers that invite 360degree feedback.
– Performance metrics embedded in
the contract.
– High-level performance reviews that
occur at least half yearly andincorporate formal feedback frominternal stakeholders.
– Site and corporate team feedback,which is discussed with suppliers to
directly manage exceptions against
performance expectations.
Service agreements set out the leveland frequency of monitoring. Suppliersmust perform an appropriate level ofmonitoring, which may include a
combination of physical monitoring ofactivities and performance reports.

25

Dexus 2023 Sustainability Approach and Procedures4.6 Supplier Health and
SafetyDexus recognises its duty of care to
manage work health and safety risks
across its managed property portfolio,
including activities of its suppliers orcontractors. Dexus’s Work Health,
Safety and Wellbeing (WHS&W)
Statement outlines how we manage
risks at our properties. It states thegroup’s commitment to maintaining
safe properties, working withstakeholders to manage hazards, risks
and continuous monitoring.
Dexus implements a safety
management system that is certified
against ISO 45001:2018 to address
WHS&W risks across the portfolio.

The Dexus Work Health Safety &Liability manual sets out a consistent
approach for contractor management
across our portfolio. We focus oncontractor health and safety at oursites through:– Delivering Dexus Contractor
Induction and site-specificinductions that confirm contractor
qualifications and make them awareof site-specific risks and procedures
before work commences.
– Ensuring contractors are using thecontractor management systemand that they have supplied current
documentation (e.g., contractors’
licences, insurance certificates, Safe
Work Method Statements, WHS
Plans)

Dexus uses a third-party contractor
management system across all Dexus
managed assets to assist in contractor
engagement and monitor contractor
compliance with Dexus WHS&W
system.
Contractor employees are required to
identify the appropriate risk
assessments such as Safe Work
Method Statement (SWMS) and permits
prior to commencing works on-site in
the Contractor Management system(Rapid). Safety alerts are delivered
directly to the contractor employees
when they sign in.

26 Dexus 2023 Sustainability Approach and Procedures– Confirming that contractors
correctly use the risk assessments
and permits relevant to theiractivities– Consulting with contractors on WHS
activities through ‘tool-box talks’ orusing the Health & Safety meeting
agenda available in Dexus’s safety
management system– Reviewing contractor health andsafety performance throughconducting regular contractor spot
checks, which are to be conductedmonthly for Building Management
personnel

4.7 Grievance mechanism
Feedback from or about a contractor
that becomes a formal grievance isaddressed through Dexus’s Complaints
Policy.
Contractor employees also haveaccess to Dexus’s whistleblower
service, Your-Call, to enable contractor
employees to report grievances using asecure, anonymous and confidential
mechanism.

4.8 Evaluation and process improvement
Our procurement process is subject to ongoing, risk-based auditing and monitoring via the Risk team and Compliance team.
Potential breaches of procedures are investigated and may result in disciplinary action if substantiated. The table below
outlines our supply chain management and sustainable procurement framework.

Objective

OutputImpactSupply chain management and sustainable procurement
Maintain value aligned
partnerships

Number of critical key and preferredsuppliers
Supplier relationship satisfaction score (0to 10)
Value for money−−−

Stronger supplier relationships
Maintained service continuity.
Minimise costs associated with service
disruptions

Customer satisfaction survey
Feedback from customers and/or facility
managers
Supplier conformance and legal
compliance (fines, penalties and breachnotices)
Contract non-conformance reporting
Achievement of contract KPIs and SLAs−−

Customer satisfaction
Increased likelihood to renew leading tosustained revenue generation.
Reduced compliance costs−−−

Supplier Code of Conduct in contracts
affirmed by the contractor on an annual
basis.
Spot checks monthly
Identification of high-risk industry
participants or suppliers with high-riskcountry of operations
3rd part ESG assessments conductedwith selected preferred, key and criticalsuppliers with corrective action plans.
Targeted audits of suppliers in the highrisk industry grouping or with residual risk
Supplier KPIs related to human rights due
diligence.
Supplier coverage of modern slavery due
diligence questionnaire
Number of grievances
Incidents of non-conformance−−

Incidents of non-conformance
Corrective action plans−A ‘zero harm’ safe workplace targetingzero fatalities.
Selection and engagement of suitable
contractors via comprehensive due
diligence
process
Establishment of contractor WHSE metrics
including lead and lag indicators
Contractor WHSE training,communication and engagement (e.g.,
induction, safety alerts, contractor
meetings)
Contractor risk management (e.g., SWMS,
WHSE Project plans, permits)
Monitoring of contractor performance inaccordance with Dexus WHSE systemand contract requirements−−−

Effective service delivery

−
−
−
−
−

−

Human rights
Readiness for Modern
Slavery legislation

−
−
−
−
−
−
−

Fair Working Conditions−

Reduced compliance costs associatedwith human rights.
Enhanced reputation through minimal
human rights impacts at Dexus

Health and safety
Maintain a safety culture

−
−
−
−
−

−
−

27

Dexus 2023 Sustainability Approach and Procedures

−
−
−
−
−
−
−
−

Enhanced worker health and wellbeing
and engagement
Increase efficiency in risk management.
practices and achieving desired/positive outcomes
Reduced incidence of injury
Reduced compliance costs associatedwith WHS.
Enhanced reputation through minimal
WHS impacts at Dexus sites andpositive outcomes achieved.
Reduced insurance costs

5.0 Real assets
5.1 Overview
Developing, managing
and transacting real
assets to create a highquality portfolio acrossAustralia’s key cities.

As a real asset company, Dexus’s
properties and infrastructure assets arecentral to how we create value. We
actively manage our real estate andinfrastructure portfolio to enhance its
potential, while unlocking value throughdevelopment to further enhancequality or for higher and better uses.
Our real assets portfolio isconcentrated in Australia and New
Zealand’s major cities, which we
contribute to shaping as leading
destinations to live, work and play.
Our Leading Cities objective
contributes to urban prosperity bydirecting us to invest in, develop andmanage world class, sustainableproperties and precincts that enhance
local amenity and vibrancy. Across ourbuildings, we seek to attract highcalibre customers whose businesses
support local, regional and national
economies.
We expand our reach and engage
local communities throughcollaboration and consultation withauthorities and industry associations
and work together with peers andother stakeholders to lift urban
development standards and shareinsights.

Focus areas for our approach to
Leading Cities include:– Generating economic impact:
Responding to local community
interest in precincts anddevelopment projects that
contribute amenity, vitality andeconomic prosperity to their area.
– Integrating ESG into transactions:
Ensuring that sustainability factors
are considered in transaction
activity, to manage our portfolio’s
exposure to emerging risks andidentify potential opportunities.
– Showcasing sustainable
development: Using ourdevelopment projects todemonstrate how the urban form
can minimise its environmental
impact and enhance wellbeing.
– Stakeholder engagement: Working
with our stakeholders to understandwhat matters to them and using
their insights to enhance how we
operate.
The boundary for our approachencompasses Dexus’s group portfolio,
including development projects, with
impacts mainly felt by Dexus’s
customers, suppliers and local
communities.

5.2 Management framework
Several areas of our business, under
the leadership of the Board and GroupManagement Committee (GMC),
collaborate to deliver our objective of
Leading Cities.
Publicly available policies are available
atwww.dexus.com/corporategovernance

28 Dexus 2023 Sustainability Approach and Procedures

The framework below provides insight into the developments and transactions management structure and policy framework,
which is an important contributor to our Leading Cities objective.

Leading cities management framework
Dexus Board (Board)
Approval of business plans, investment strategies, property acquisitions, Dexus divestments and developments unlessdelegated to another committee
Group Management Committee (GMC)
Responsibility for developing short, medium and long-term strategies and business plans for achieving those strategies
Investment Committee
Consideration and approval or endorsement of investment and divestment proposals, developments, major capital
expenditure and certain leases concerning Dexus and each of its managed funds and clients
Chief Investment Officer
Oversight of group strategic direction, capital
allocation, and creating value throughdevelopment
Capital Transactions and Origination, andDevelopments team
Office | Retail | Healthcare | Industrial

Transaction andOrigination
responsibilities:– Identify andevaluate direct
investment
opportunities(and risks)– Develop andexecutebusiness
processes
relating to due
diligence,
documentationandonboarding ofacquisitions
anddevelopments.
– Originationand executionofdevelopment
opportunities

Development
responsibilities:– Actively manage
developments.
– Set project
objectives including
the Dexus feasibility,
vision and standards
to meet and exceed
customer
expectations.
– Manage authority
approval process.
– Manage the designand construction
process including
meeting Dexus’s
and customers’
briefs.
– Ensure the handoverof completed
projects to asset
management

Chief Operating Officer
Oversight of Dexus Sustainability Approach,government and other relevant stakeholder
engagement

Co-Heads ofInfrastructure 1
Oversight of Dexus
Infrastructure funds
management business*

Strategy teamCommunications,Technology,
Sustainability
and Property
Management
teams

Funds Management,
Asset Management,
and Origination teams
Transport | Energy |Health & Aged Care |Student
Accommodation | PPPs

Responsibilities:– In Identify andevaluate emerging
opportunities (andrisks)– initiate andundertake regularstress-testing ofbusiness modeland positioning.
– Engage with Board
and Senior
management indetermining andagreeing businesspriorities.
– Develop andexecute businesscases for targeted
initiatives.
Origination andexecution of
corporatetransaction
opportunities

Responsibilities:– Providetechnical
advice on
execution ofsustainability
objectives.
– Integrate
emerging
stakeholder
issues intobusinessstrategy.
– Governmentand otherrelevant
stakeholder
engagement

Responsibilities:– Identify andevaluate
investment
opportunities (andrisks)– Active investment
management
through voting
rights on boards
and board subcommittees– Sharing of bestpractice between
investee companies– Developing andexecuting on new
product offerings,
includingseparately
managed accounts
and comingled
funds

Policy Framework
Development and Construction | Due Diligence | Investment Procedures | Transactions Handbook | Capital Transactions
Excellence Method | Development Excellence Method | Environment | Biodiversity | Work Health, Safety & Wellbeing |Investor Communications | Continuous Disclosure

1 Dexus and AMP Limited (“AMP”) finalised binding documentation for an alternative Transaction structure for the acquisition of Collimate Capital’s realestate and domestic infrastructure business under a two-stage completion process, with First Completion occurring on 24 March 2023. The alternativetransaction structure allows First Completion of the Transaction without satisfaction of the condition precedent relating to the transfer of AMP’sownership interest in China Life AMP Asset Management (“CLAMP”) out of entities being acquired by Dexus under the Transaction.
First Completion enables integration of the Collimate Capital business into the Dexus platform, with Dexus entitled to the economics from First
Completion. Final Completion remains dependent on the ownership of CLAMP being transferred out of the relevant entities that Dexus has agreed topurchase.

29

Dexus 2023 Sustainability Approach and Procedures5.3 Management practices
Investment due diligence
Dexus has a rigorous process forevaluating the risks and opportunities
relating to investment decisions. This
includes reviewing long-term asset
plans and conducting appropriate
environmental due diligence on
acquisitions so that ESG risks are
identified and effectively managed.
The Investment Committee reports to
the General Management Committee
and is responsible for reviewing all
investment, divestment anddevelopment proposals for Dexus andits third-party capital partners.
The Investment Committee recognises
its fiduciary duty to act in the bestinterests of Dexus and its third-party
capital partners and uses a formal
process and templates to collect andevaluate a wide range of data relating
to risks, opportunities and impacts
before approving or endorsing each
investment decision.
The due diligence process is used to
identify ESG risks, such as exposure tophysical climate risk and the ability to
attract and meet customers’ demand
based on asset energy performance.
This process requires details (andexternal peer review by specialist
consultants) on the potential
acquisition’s environmental
performance, including NABERS andGreen Star ratings, energy and water
consumption and climate change
impact assessments. Building upgrade
and improvement plans, past energy
and water audits and environmental
risk assessments are also reviewed,
along with costings required to
implement upgrades to the property inline with the group’s net zero emissions
ambition.

Potential acquisitions are screened toensure responsible investment
principles are upheld. Outcomes of thedue diligence process influence Dexus’s
investment decisions are categorisedas:1.

Material issues could lead to theabandonment of the potential
investment.
2. Less significant issues, risks andopportunities may influence theinvestment price or the terms ofsale and may present opportunities
to reposition and add value tounder-performing properties
through environmental, carbon andclimate resilience initiatives.
3. No material issues are identified.
In summary, if an investment fails tomeet the ESG due diligence criteria, it
may prevent a transaction fromproceeding.
Developments
The Development team identifies ESG
issues in the due diligence process that
may affect an investment and arereviewed and approved by theInvestment Committee. It thencategorises them as:
1.

Material issues that may lead to theabandonment of the development
option.
2. Less significant issues, risks andopportunities that impact thedecision and/or the investment
metrics, or the scheme
recommendations.
3. Insignificant issues that are notdeemed to affect Dexus or its thirdparty capital partners.
If an issue is uncovered, decisions are
made whether to pursue thedevelopment opportunity or mitigate
the impact. We review environmental
metrics for development opportunities
with reference to our environmental
targets and objectives.
We seek peer reviews by specialist
consultants on insights on matters
including but not limited to generalsustainability, climate-related risks andthe climate resilience of thedevelopment’s design.

30 Dexus 2023 Sustainability Approach and Procedures

Development helps enable the deliveryof our strategic objectives and Dexus
has a strong track record in developing
high quality office, industrial, retail andhealthcare properties in key Australianmarkets. Our developments have afocus on delivering superior risk
adjusted returns through quality,
sustainability and enhancing publicamenity.

Drivers for sustainable development
Our approach to integrating sustainability into our development projects responds to a range of internal and external drivers
that underpin ongoing investment in property efficiency and financial and environmental sustainability. These include:

DriverRationale

Improving rental returns

The desire to reduce operating costs and manage risk associated with utility prices.
Reduced outgoings can mean that Dexus is able to increase profit margins.
Evidence has shown that the most efficient and sustainable buildings attract
premium rents

It makes financial sense

Investing in energy technology during design to reduce greenhouse gas emissions.
Project investments are paid back through reduced utility and maintenance costs ina reasonable timeframe.

Partnership approach to ESG tomeet customer demand andresponding to changing consumer
sentiment

Incorporating customers’ functional needs and ESG aspirations results in a tailoreddevelopment response that meets customers’ long-term space needs.
Customers, led by government agencies, are increasingly demanding highperforming, low carbon buildings to support them to meet their ESG needs.

Improving rental returns

Optimising design elements such as façade, lighting, and air conditioning tomaximise energy efficiency reduces outgoings for customers, leading to increased
demand for space, premiums rents and shorter vacancy periods.

Industry leadership andbenchmarking

Applying suitable focus to ensure that new properties are leaders in their respective
markets. Green Star, NABERS and WELL ratings enable our customers, investors,
and other interested stakeholders to assess the relative ESG performance of Dexus
properties against industry benchmarks

Future proofing

Ensuring new properties are best placed to deal with potential future issues
including introduction of environmental minimum standards, taxes or financial
penalties associated with resource use and greenhouse gas emissions, and newlegislation

Attracting and retaining investors

Meet increasing investor appetite for low carbon investments.

Demographics andaccessibility
Development design is informed by our
Research team, which provides insights
into market and demographic trends.
These insights are combined with local
community engagement feedback andincorporated into development briefs
to ensure that the completed property
will meet market and demographic
demand now and into the future.
Properties are designed to offer
flexibility and adaptability in tenancy
design. Where appropriate, Dexus
invokes inclusive design by engaging
local communities, governments,
employees, and other groups tocontribute to the design, so the built
outcome is reflective of the interestsand diversity of its users and otherstakeholders.
All developments are required toensure accessibility in accordance withthe provisions of the Australian
Disability Discrimination Act 1992.

31

Site selection and design
A large proportion of ourdevelopments, particularly across theoffice, industrial, healthcare and retail
portfolios, occur within existingdeveloped areas (i.e., brownfield sites).
We seek development opportunities inproperties in highly connected urban
environments and integrate ourdevelopments with multi modaltransport networks and facilitate active
transport options. Our developments
aim to create city precincts thatenhance the amenity and vitality ofAustralia’s central business districts.
When selecting sites in greenfield
locations and developing site design,
our projects seek to protect, restore
and conserve aquatic ecosystems,
farmland, floodplain functions, andhabitat for threatened andendangered species.
These features are often protected
through development approvalconditions that we comply with and attimes seek to exceed in order toachieve a net positive biodiversity

Dexus 2023 Sustainability Approach and Procedures

outcome (see Dexus’s Biodiversity
Policy).
Development approval conditions andother measures included indevelopment contracts help minimise
negative impacts of construction bydirecting projects to:– Manage waste by diverting
construction and demolitionmaterials from disposal.
– Manage waste by diverting reusable
vegetation, rocks and soil from
disposal.
– Protect air quality during
construction.
– Protection of surface water andaquatic ecosystems by controlling
and retaining construction
pollutants– Protect and restore habitat andsoils disturbed during construction.
Developments seeking Green Star
Buildings certification are directed tominimise negative impacts ofconstruction through the redefined
Responsible and Positive categories.

Environmental impact assessments arecarried out at all sites and on selectedsites social impact assessments areundertaken.

Integrating sustainability
factors into development
projects
We partnership led approach with ourcustomers in the preparation of design
briefs for new developments andrefurbishments. Design briefs describe
the scope and nature of thedevelopment works and incorporate
requirements and minimum standards
relating to sustainability issues andperformance for key areas including:– Biodiversity and habitat– Location and transportation– Building safety– Supply chain– Climate change and adaptation– Water consumption– Energy consumption andgreenhouse gas emissions– Waste management– Environmental and health attributesof building materials– Health and wellbeing during
construction and for futureoccupants
Each design brief is unique to thedevelopment or retrofit, however an
overarching document is created foreach works project for the purposes oftendering and holding contractors toaccount against a fully documented listof requirements.
Dedicated project control groups are
established to oversee various aspectsof each development through its
design, construction andcommissioning.

Green building certifications
Dexus selectively rates new
developments against the Green
Building Council of Australia’s (GBCA)
Green Star certification and continues
to present Green Star opportunities toall pre-lease construction
opportunities. Dexus targets to achieve
at least 5 Star Green Star ratings for
projects registered in the legacy GreenStar Design & As Built v1.3 rating or 4
Star under the new Green Star
Buildings v1 ratings across all new officeand healthcare developments as well
as select industrial developments.
Selected office developments seek
excellence in property health andwellbeing by targeting WELL
certification from the International
WELL Building Institute.

Infrastructure Investment andDue Diligence
Dexus Infrastructure invests in assets
with core risk return profiles, particularlybrownfield PPPs, regulated energy
utilities, transport, health, aged care,and student accommodation. We
consider ESG issues as a key
component of our mainstream
investment process as demonstrated
by explicit protocols across the fullscope of our investment process, fromthe identification of new opportunities,
throughout origination and due
diligence, and in post-acquisition
management of the investment.
Rigorous investment process controls
are in place to ensure high quality
consideration of ESG issues regardlessof sector, fund, investment style orgeography. These are reinforced by
Dexus’s integrated corporate
responsibility framework that commits
our organisation to making responsible
investment decisions on behalf of ourinvestors.

When considering the key sustainability
issues likely to impact our infrastructure
investment portfolios, we assess thephysical location of a facility or service,environmental impacts and constraints,
community and social implications, thedynamics of the sector or industry inwhich they operate and the businesspractices of related counterparties.
Furthermore, we consider the scope ofgovernance arrangements in place toprotect the long-term interest ofinvestors. The materiality of specificissues will vary greatly between each
investment given its uniquecharacteristics and the contractual
arrangements between counterparties.
Common sustainability considerations
include environmental legislation,
biodiversity, occupational health andsafety, community safety, stakeholder
management, community grievances,board composition, shareholder rights,
succession planning, audit processes
and sustainability considerations.
Pre-Investment Approach
When originating new investment
opportunities, we apply both aqualitative and quantitative approachin assessing the risks, opportunities andpotential impact of sustainability
issues. Sustainability issues are
considered in the very early stages ofinvestment analysis and addressed
throughout the investment approval
process. We believe the process ofquantifying the financial impact ofsustainability risks provides a greaterappreciation of commercial
significance and the sustainability ofbusiness operations. Our investment
team has sought to continuously
improve the way in which weincorporate quantitative analysis into
our investment process.
To achieve the highest standards ofquality in sustainability integration, thefollowing process controls are present
throughout the investment process:Stage 1 - Opportunities pipeline report:
The Infrastructure division produces
regular reports on the status oftransactions underway. The
opportunities pipeline report provides
an overview of investment
characteristics, deal metrics, key
investment risks and the status of each
opportunity. Sustainability risks areincluded in the key investment risks
sections and are sector or transaction
specific, dependant on the status of
the deal.

32 Dexus 2023 Sustainability Approach and Procedures

Stage 2 - Concept approval paper: An
investment concept paper is prepared
for the Infrastructure Investment
Committee and required to contain aprescriptive list of transaction specificsustainability issues that theinvestment team will explore during
detailed due diligence. The concept
paper must also include identificationof any sustainability resources required
during due diligence (i.e., collaboration
and/or secondment of internal
expertise and/or specialist external
consultants).
Stage 3 - Due diligence: Following
concept approval, an investment
opportunity is taken through an
exhaustive process of due diligence.
Given the complex nature of
infrastructure transactions, theinfrastructure team may appoint
external advisors where specialist skills
or technical knowledge are required,e.g. engineering and environmental
consultants. The investment team is
responsible for allocating transaction
specific sustainability issues anddrawing a conclusion on sustainability
due diligence in order to ‘Price, Transfer
or Monitor’ any sustainability factors
associated with the transaction.
Stage 4 - Final approval paper: A
detailed investment paper is presented
to the Infrastructure Investment
Committee for final approval. This
paper provides conclusions fromsustainability due diligence and themethodology to price, transfer ormonitor sustainability issues. Pricing
sensitivities on specific sustainability
issues are presented to provide
transparency of their commercial
relevance. An explicit strategy to
mitigate all material sustainability risks(through price, transfer, and monitor
approach) must be provided prior toCommittee approval.
Stage 5 - Completion noting paper:
Subsequent to financial close, acompletion paper and investment pack(consisting of all due diligence researchand data room materials, internal
approvals and documentation
associated with the transaction) is
compiled for future reference. The
investment completion paper must be
submitted to the Infrastructure
Investment Committee within 28 daysof transaction completion. All
sustainability due diligence materials
are retained within this pack.

33

Post-Acquisition Management
The following approaches are utilised
by Dexus Infrastructure following
acquisition of an Infrastructure asset:– Active ownership and asset
management: Dexus places astrong emphasis on the active
management of its infrastructure
assets. Transparency and influenceof sustainability performance istypically achieved through board
representation, CEO and senior
management dialogue, strong
relationships, and contractual
arrangements with third-party
operators. Dexus also initiates
sustainability focused research andstrategic propositions, based on a
wealth of internal experience in theasset class and across responsible
investment themes. Each
Infrastructure investment is assigned
a dedicated asset manager, whose
responsibilities include sustainability
monitoring and management.
– Board representation: Board
representation allows Dexus to playa direct and active role inmonitoring, assessing, andinfluencing the financial andsustainability performance of ourinvestments. Board members are
responsible for ensuring
sustainability issues are consideredin the context of the operational
performance, corporate strategy,
and broader stakeholder
relationships. Board representation
also ensures strong governance andenforcement of legislativecompliance, approval of risk
management frameworks, andimplementation and engagement of
sub-committees. Board
representation is shared amongst
senior members of the Infrastructure
Team and external appointees who
have the necessary industry
experience and skill.
– Third-party operators: While core
infrastructure assets generally havetheir own board and in-housemanagement team to address
corporate and operational issues,
some social infrastructure
investments rely heavily on thirdparty operators to provide
operational support, maintenance,
and facilities management
activities. Where infrastructure asset
managers are responsible formanaging third-party service

Dexus 2023 Sustainability Approach and Proceduresdelivery, monitoring, and driving
improved sustainability performanceis an important aspect of the role.
Monitoring of sustainability related
activities is facilitated throughstandardised reporting, site
visits/inspections by the investment
team and regular forums withstakeholders to progresssustainability initiatives for each of
the investments.
– Periodic Sustainability Appraisals:
Sustainability factors andmanagement practices areappraised on an asset specificbasis. Evaluation conclusions areincorporated into investee company
dialogue, co-investor engagement,
budgeting, valuation and asset
management practices. Whilesustainability appraisal outcomes
are typically focused on improved
transparency and risk management,
strategic propositions may also be
developed where opportunities exist
to leverage sustainability factors for
improved profitability.
– Leveraging best practice: Each newdue diligence process, periodic
sustainability appraisal or
implemented initiative typically
identifies new learnings that can beof benefit across our global portfolioof assets.

5.4 Stakeholder engagement
Building and nurturing strong working
relationships with our stakeholders is
critical to our value creation. Our key
relationships include investors, third
party capital partners, customers,
communities, our people, suppliers,
government, and media. Stakeholder
engagement supports these
relationships and enhances Dexus’s
capacity to create value through thefollowing objectives:– Helping Dexus identify and act onvalue creation opportunities (e.g.,acquisitions)– Identifying megatrends and material
issues for Dexus to integrate into its
corporate strategy andSustainability Approach– Understanding the impacts that
Dexus has on its stakeholders,
including local community impacts.
– during development activity, andhow Dexus can enhance positive
impacts and minimise negative
impacts.

– Learning about best practice
initiatives in sustainable
development that can enhance
Dexus’s leadership in managing
environmental, social andgovernance (ESG) issues.

Dexus maintains an active program ofengagement activities to support value
creation. Dexus’s values compriseOpenness and Trust, Empowerment,
and Integrity which all underpin its
approach to stakeholder engagement.

– Providing feedback to Dexus onwhat is working well, and how Dexus
can improve its service delivery.

We aim to build lasting relationships
with our stakeholders through an active
program of engagement activities. As
part of our periodic materiality
assessment, we involve groups of our
key stakeholders to help identify key
issues that impact our ability to create
value for our stakeholders over the
short, medium and long term.

– Collaborating with peers, partners
and suppliers to improve industry
standards and enhance thebenchmark for Australian realestate.

Dexus has developed an overarching
Stakeholder Engagement Guidelinethat identifies its key stakeholder
groups and relevant engagement
objectives and typical engagement
activities. The Dexus Stakeholder
Engagement Guideline atwww.dexus.com/corporategovernance

5.5 Evaluation and continuous
improvement
We continuously evaluate our overall
strategy and employ several
mechanisms to monitor performanceagainst strategic objectives, reportprogress to the GMC, and drive
continuous improvements from thelessons learned.
The table below specifies key
performance indicators that we use toevaluate our Leading Cities outputs
and impacts.

Leading cities
Economic contribution

Sustainable
development

Stakeholder
engagement

Output–Value of portfolio–

Portfolio occupancy rates–

Constructions jobs supported atdevelopment projects.

–

Gross value added to the economy fromdevelopment projects–

Green building certifications achieved atselected development projects including
but not limited to Green Star (5 Star GreenStar Design & As Built v1.3, or 4 Star GreenStar Buildings v1), NABERS, WELL–

Design to achieve net zero emissions inoperation–

Meetings with investors, government, andother stakeholders–

Benchmark ESG performance–

Disclosures via Annual and half-year
reporting–Media reach–Social media analytics (followers andengagement)–

Community engagement for all
development activities–

Fit for purpose engagement methods

34 Dexus 2023 Sustainability Approach and Procedures

Impact–Leading destinations that attract
economic activities to our cities–

Economic contribution to location
communities–

Demonstration of sustainable
development outcomes–

Environmental and health impacts as
described elsewhere in this document(e.g., improved health from reduced
pollution, enhanced occupant
wellbeing)–

Enhanced reputation fromstrengthened stakeholder sentimentand strong, consistent communication–

Enhanced communication to generalpublic–Enhanced reputation from strong
positioning of brand and businessactivity–

Understanding and responding totrends of interest–

Positive relationships during and after
development–

Enhanced reputation

6.0 Thriving People

6.1 Overview
Building an engaged,
capable, and inclusive
workforce, adopting
high performance ways
of working, to deliver on
our strategy.

Our Thriving People objective
recognises the direct relationshipbetween the capability of our people
and the success of our business.
When we effectively engage ourpeople, develop their capabilities, andprovide opportunities for growth, we
can harness realise their full potentialand enhance our sustained value
creation.
The focus areas for our approach toThriving People are:– Employee engagement andretention: the more enthusiastic andengaged our people are, the more
likely they are to remain at Dexus
and contribute positively, leading togreater productivity outcomes,
lower recruitment costs andincrease employee satisfaction. We
are focused on creating andsupporting a culture where ourpeople are fulfilled by their work andhave opportunities to grow.
– Professional development: creating
learning opportunities and offeringdevelopment is a core componentof attracting and retaining atalented workforce. We support theongoing growth of our people byproviding targeted and structured
learning and development thatmeets their unique needs.
– Inclusion and diversity: an inclusive
workplace with a diversity of views isa driver of competitive advantage.
Diversity means valuing an
individual’s race, gender identity,age, religious belief, ethnicity,
cultural background, economic
circumstance, disability, expressionof thought and sexual orientation as
well as their experiences, skills, andcapabilities to create a businessenvironment that embraces a rangeof perspectives.

35

Dexus 2023 Sustainability Approach and Procedures– Workplace health, safety, andwellbeing: we have a duty of care to
our people, as well as investors,
customers, agents, contractors,
service providers and the wider
community to ensure workplace
health, Safety and Wellbeing(WHS&W) risks are appropriately
managed. We recognise that safety
incorporates more than physicalsafety, with psychological safety
and wellbeing contributing
significantly to productivity
outcomes and employee
engagement. We value our people
and recognise the intrinsic
importance of their health andwellbeing as well as its impact on
business performance.
The boundary for our approachencompasses all Dexus employees
across our corporate offices and sitebased teams within the Dexus group
portfolio.

6.2 Management Framework
Several areas of our business, under
the leadership of the Board and GroupManagement Committee (GMC),
collaborate to deliver our objective ofThriving People.
Several policies are publicly available
atwww.dexus.com/corporategovernance

The table below provides insight into the relevant management structure and policy framework.

Thriving People management framework
Dexus Board (Board)
Responsibility for approving remuneration outcomes and people policies
Board People & Remuneration Committee
Oversight of people practices by reviewing and endorsing key policies and practices around employee
engagement, professional development, succession planning, culture, inclusion, and diversity.
Group Management Committee (GMC)
Responsibility for alignment of Dexus’s corporate culture with its goals and objectives and sustaining competitive
advantage by maximising available human and other resources and encouraging employee commitment
People and Culture teamResponsible for executing Thriving People strategy
across:– Employee culture and engagement– Talent attraction and retention– Learning and development– Remuneration and benefits– Inclusion and diversity

Risk teamOversight of workplace health and safety

Policy Framework
Employee Code of Conduct | Inclusion and Diversity | Flexible Working | Work Health, Safety and Wellbeing Human
Rights | Whistleblower | Training and Education | Workplace Behaviour | Leave

6.3 Employee engagement
and performance
We nurture and sustain an engaged,
high-performing workforce thatembraces our purpose and ismotivated to deliver on Dexus’s
strategy. Employee Engagement
represents the level of pride,
enthusiasm and connection employees
have with Dexus. It is a measure of how
motivated people are to put in extra
effort and a sign of how committed
they are to staying. Engaged
employees are more likely to generate
and implement innovative ideas, apply
discretionary effort and act as brandcustodians.

Purpose and values
Our culture is critical to the foundationof our operating model. This year, weundertook an approach to define ouraspirational culture and have launched
a new purpose, set of values andemployee value proposition. This
incorporated top-down andbottom‑up insights to bring the desired
future cultural qualities to life throughthe articulation of target mindsets andbehaviours.

This year we launched our new purpose“Unlock potential, create tomorrow”,
which captures our unique capability to
expand what is possible and use that
potential to deliver long-term value forour investors, people, customers andcommunities. Our new values, “rally toachieve together” and “build trust
through action” describes the
behaviours and mindsets that bring tolife our evolving culture.

Employee Listening Strategy
We survey our people at least twice
per year to understand levels of
engagement and sentiment around theemployee experience and workplace
circumstances such as inclusion anddiversity, career and development,
leadership, change management,
health and wellbeing.

36 Dexus 2023 Sustainability Approach and Procedures

An outcome of these surveys is an
Employee Engagement Score, which
we use as a key metric comprised offive engagement questions which
encompass connection, motivation,and commitment. We also analyse
survey results by a range ofdemographics, including gender,
location, and business unit tounderstand how sentiment varies
across Dexus and to identify areas ofopportunity. Survey results and insights
are used to develop management
actions to lift engagement whererequired.

Employee attraction andretention
Ensuring the effective attraction,
engagement and retention of
employees is an integrated andcontinuous process of measurement
and adjustment. The GMC conducts a
capability assessment, talent andsuccession review and the Board
People & Remuneration Committee
oversees this process.
To attract new employees, we use
recruitment technology to support anenhanced best practice recruitment
process, supported by hiring managers
who have been educated on inclusive
communications and engagement. We
operate a careers website andadvertise roles across a range ofsearch platforms to capture talentpools for key job segments. This
enables efficient and effective accessto a diverse range of talent pools,
enabling the group to attract the best
available talent in the market.
To support the retention of existing
employees, we encourage all
employees to have individual
development plans, recognise andreward professional and personal
achievements, invest in learning andcareer development and actively
support internal mobility of our talent.

Performance management
and role clarity
Employees undertake ongoing checkins with their managers to agree on
and evaluate progress against targets
and objectives, career anddevelopment and day-to-day
employee experiences including needs.
We adopt a Scorecard methodology
to manage executive and employee
performance, which measurescontribution and achievements against
threshold, stretch and outperformancetargets. Scorecards also motivate allleaders and employees to strive foroutperformance within their teams.

Key performance indicators (KPIs) areagreed with each employee incollaboration with their manager, toprovide a measurable yardstickagainst actual performance. KPIs alignwith organisational goals and values
and vary for each employee dependingon their role. Our 3+1 approach tosetting personal objectives directs
employees to set three individual KPIs
that align with organisational goals,
and a personal Thrive goal that
identifies the one simple thing theyneed to thrive.
Thrive goals can relate to factors suchas career, passion, flexibility,
development, health or volunteering.

Reward, recognition andbenefits
Employees are rewarded forcontributing to the success and growthof the group. Our remuneration
structure is based on market
competitiveness, alignment with theachievement of financial andoperational objectives. We combine atargeted mix of remuneration
components including immediate
performance payments and deferredperformance payments linked toreturns over the longer term.
The Board People & Remuneration
Committee reviews trends in employee
reward structures and strategies inother comparable companies. The
annual employee remuneration review
considers gender pay gaps to maintaingender pay equity.
All employees are employed inAustralia and are paid a living wage
above the Australian National
Employment Standards.
Key components of our reward andrecognition program are:– Fixed Pay – each position ismatched to a comparable industry
role using benchmark data andcontinually reviews and assesses ourposition with an aim to be market
leaders.
– Benefits – comprises a Wellbeing
Subsidy, Dexus Days (5 days ofadditional leave annually), Employee
Share Ownership Plan and other
employment, lifestyle and financial
benefits.

37

Dexus 2023 Sustainability Approach and Procedures– Incentives – Group Incentive Plan,
Recognition Pool, Short- and LongTerm Incentive plans. Performance isgenerally assessed over a one-year
period commencing 1 July however,senior management and executives
also focus on a longer time horizon
through the deferred elements of
the Short-Term incentive plan (1 and2 years) and the Long-Term
incentive plan (3 and 4 years)
Our Recognition Pool ensures that we
reward performance that goes beyond
daily tasks, allowing for the
acknowledgement of great
performance through non-financial
means.
Some of the rewards in the Recognition
Pool include peer acknowledgement,
additional time off beyond standard
allowances, supporting education andexperiences of interest to theindividual.
Dexus offers several employee benefits
in line with contemporary Australianmarket practice. Benefits are offeredregardless of full-time or part-time
employment status but may be prorated in the case of leave and life
insurance benefits, which are based on
the employee’s regular salary level.
Temporary employees engaged via alabour hire agency or contracting
agreement receive benefits from theirprimary employer, the cost of which isfactored into the hourly rate or service
fee paid by Dexus. Temporary
employees are not eligible for thefollowing benefits: leave benefits, lifeand disability insurance, membership tothe corporate discount program, study
assistance.

Minimum notice periods for
Dexus employees
Notice periods at Dexus varydepending upon level of seniority of therole. The position of CEO must provide
6 months’ notice of intention to resign,and senior executives must provide
three months’ notice of their intention
to resign from their respective
positions. The minimum notice period
for termination of fixed term andpermanent employees’ employment is
two weeks’ during probation and one
month notice once ongoing
employment has been confirmed. For
casual employees, the notice period isone1 week.

Managing organisationalchanges
Effectively delivering against both ourstrategic and operational requirements
now and in the future results inconsideration of our organisational
capacity and the need for change.
Change initiatives vary in size andnature but can include adjustments toorganisation structures, policy, process,behaviours or a combination of thesefactors.
Organisational changes are managed
by identifying and assessing thechange objectives, likely impact,
stakeholders, dependencies, risks andbenefits. When a program of change isendorsed, the business unit or leader
sponsoring the change is accountablefor overseeing stakeholder
management, communications andreporting progress to Management.
Where a change involves
organisational redesign, consideration
is given to the capability requirementsaligned with our strategic andoperational goals.
Where organisational redesign resultsin significant changes or the closure ofa role, employees are informed in areasonable timeframe and wherever
possible, impacted employees areprovided development to meet the rolerequirements or internally redeployed.
Employees who involuntarily leave
Dexus may be eligible for careertransition support services, including
personal coaching, retraining, tools,
and support to assist with exploring
career options.
We provide career transition support
that is tailored to the seniority of theindividual and the role opportunities
that match their experience andskillset. All levels of career transition
support include access to amarketplace of services for theindividual to use “points” allocated to
select the wellbeing, career coaching,
reskilling, and career strategies to meettheir personalised goals.

Learning and development

Leadership development

At Dexus we take a blended learning
approach, recognising that the mostimpactful learning and development
comes from a combination of a variety
of sources:

Dexus Leadership capabilities aredefined by Management and endorsedby the Board People and Remuneration
Committee. The agreed leadershipcapabilities are embedded across thetalent lifecycle, including psychometricassessment process for candidates,
expectations set for leaders andemployees in induction and in thedesign of leadership development
programs, resources, and experiences.

– Experience: learning through doing– Exposure: learning through others– Education: formal learning such asclassroom sessions and online
learning
We design and implement acomprehensive learning anddevelopment curriculum to build
employees’ skills, knowledge andexperience to deliver businessobjectives. The Training and Education
Policy outlines the objectives fortraining employees with a focus on
strategic training needs that Dexus has
identified.
Managers work with their direct reports
to ensure they have the necessary
capacity, competence, knowledge,
training, seniority, and skills to performtheir role.
Our people work with their managers to
prepare and implement individual
development plans (IDPs) to maintainand build upon their skills, knowledge
and experiences to perform in theircurrent role and progress toward
career goals and milestones. Activities
within a development plan may include
role shadowing, individual strengths
assessments, coaching, mentoring,learning programs, professional
memberships, project opportunities,
study assistance or a talentmanagement process designed topromote employee development.
Training activities also extend todeveloping the capabilities of thegroup’s partner providers, including onsite training of facilities management
teams in the operation of enhanced
building management systems,
procurement, emergency practiceprocedures and customer service.

Employees remain eligible for our
Employee Assistance Program for up to
three months post their employment toprovide additional personal support
through any transition.

38 Dexus 2023 Sustainability Approach and Procedures

We conduct leadership development
programs to build and maintain thecapability of management and to drivecommercial and cultural change. Ourleadership programs include
individualised development plans thattarget improvement in specificbehaviours, skills and knowledge, alongwith experiences to enable success in
the leadership role. Lead@Dexus is ourcore leadership suite, including a oneday induction program to set
expectation to all new leaders, whether
they are leading others, teams, or theorganisation. Launched in 2023,
Lead@Dexus Leadership Conversations
Mastery is a further program to equip
Leaders with the tools to build highperforming and engaged teams.
An online performance management
system is used to manage and improve
the abilities of managers and to
facilitate employee self-development.
People managers are engaged inregular management forums to guidethem through the annual people cycle,
including just in time capability build
and resources to deliver key people
management experiences such as goal
setting, talent and succession,
performance reviews, career anddevelopment planning, as well as adhoc deep dives on topics such as
mental health and flexible working.
Forum content is regularly reviewed toensure it will continue to meet thecapability and role needs of leadersand managers.
In 2023, we also extended our internallearning program to include
Grow@Dexus, a program that provides
inclusive development opportunities forall employees.

6.4 Inclusion and diversity
We are committed to attracting andretaining a diverse workforce thatbrings a range of perspectives andhelps us execute our strategy in anever-changing business environment.

Diversity policies andpractices
Our Inclusion and Diversity Policy
embraces diversity in gender identity,
race, age, disability, sexual orientation,nationality, education, socioeconomic
background, work experience,
relationship status, family/ carer
responsibilities and personality. These
factors influence the uniqueperspectives that our employees bringto the workplace. Our people should
feel safe and empowered to bring theirwhole selves to work every day.

Gender diversity and pay
parityDexus is committed to closing thegender pay gap, with a goal toachieving and maintaining pay parity inlike-for-like roles.
Our approach to achieving gender pay
parity is consistent with Workplace
Gender Equality Agency (WGEA)
guidance, and includes:– Reducing the absolute pay gap
through progressive action andtarget to achieve 40:40:20 gender
representation in senior andexecutive management roles– Monitoring the market-relative pay
gap, which benchmarks employee
pay against appropriate market
benchmarks, and taking action torectify any material variation
between how females or males are
positioned against the relevantbenchmarks– Monitoring the peer-relative pay
gap, which compares the average
female and male full-time fixed pay
where the same role is occupied byat least three individuals from eachgender, and taking action to rectify
any instances where female andmale pay varies significantly in these‘like-for- like’ roles

Dexus’s approach to achieving gender
pay parity has been endorsed by
WGEA. It is designed to progressively
close the gender pay gap, provide
assurance that the remuneration
offered to employees is both ‘fair’ and‘equitable’, and identify where there
may be cases of conscious or
unconscious bias in the application of
our remuneration approach.
Other initiatives focused on supporting
gender diversity include:– Future Leaders in Property – thisprogram targets high school girls
interested in exploring career
opportunities within the property
industry, and is aligned to active
projects in Dexus’s development
pipeline– Property Council of Australia’s Girlsin Property Program - an industry
partnership that aims to raiseawareness among high school
students of the various career paths
available across the property
industry– Champions of Change Coalition –Darren Steinberg, Dexus CEO,champions gender equity within theproperty industry as part of theChampions of Change Coalition– Conferences and panels –Encouraging gender balanced
forums and panels for internal andexternal events, as well as
encouraging Dexus’s external
partners, suppliers and conference
organisers to adopt Dexus’s
approach.

Supporting parents andcarersFor employees where Dexus’s parental
leave policy applies, we provide paid
parental leave for both primary andnon-primary carers regardless ofgender. All parental leave benefits
exceed statutory minimums and areavailable to eligible employees
regardless of whether they are also
eligible for government-issued benefits.
For employees that have joined Dexus
from AMP Capital during the year, thepre-existing AMP parental leave
policies continues to apply and those
employees will transition to the Dexus
parental leave policy in FY24.
We do not have a minimum
employment period eligibility
requirement for access to thesebenefits.

39

Dexus 2023 Sustainability Approach and Procedures

We recognise the gender imbalance
regarding traditional caring
responsibilities and actively encourage
male employees to access paid
parental leave entitlements. We ensure
continuity of superannuation
throughout unpaid parental leave andprovide a return-to-work program tosupporting employees transitioning
from parenting to work (both part-timeand full-time).
Our inclusive Parental Leave Policy
complements our goals of attracting
and retaining the best talent and our
purpose to unlock potential, create
tomorrow. This is demonstrated by:– Return to work targets being
consistently achieved, which isindicative of our strong engagementwith working parents, our strategic
talent framework and inclusive
culture– An increase in males taking paid
primary carer leave which supports
our gender equality agenda– Employees supported with learningand development, career
continuation within the first year of
employment– Continued membership with parents
and carer support organisations
including ‘Pink Elephants’. Dexus’s
support of this charity that supports
employees and families who’ve
experienced miscarriage and earlypregnancy loss.
Parent and care support at Dexus goes
further than support during the earlystages of parenthood. We havepartnered with ‘Parents At Work’, aleading expert consultancy providing
work and family education to provide
Dexus parents and carers with accessto their Work + Family Hub. The hub
provides resources to support
employees as they prepare for leave,
manage their carer responsibilities orplan to support someone else.
Employees are invited to joininteractive webinars throughout theyear to connect with others and shareexperiences on how to make the worklife juggle work.

Flexible job design

6.5 Human rights

We strive to create a work environment
which encourages and promotes ahealthy work-life balance and offers
flexible working hours to support this.
Our Flexible Work Policy enables ourpeople to request access flexible
working arrangements with their
manager.

Our Human Rights Policy outlines
commitments to sustainableprocurement, First Nations rights, equal
opportunity and human rights
legislation. Dexus reviews and monitors
human rights against the policy
internally and with key service providers
and business partners. Section 4.0
Supply Chain details our approach tosupply chain management, including
upholding human rights andaddressing modern slavery.

The policy seeks to enable a culture ofinclusion and gender equity byempowering employees to adjust theirworking arrangement to best manage
their work and life commitments. The
policy aims to enhance employee
wellbeing and employee engagement,
team performance productivity andtalent retention.

Diversity networks, initiatives,
eventsWe have established several networks
and initiatives that embed inclusion
across the organisation and recognise
diversity in all its forms:– The Dexus TRIBE Network is an
employee-led group that celebrates
LGBTI+ inclusion in the workplace,
supporting Dexus’s broader
commitment to enabling
psychological safety at work
– The Reconciliation Action Plan
Working Group (RAPWG) is a crossfunctional and national working
group, established to progress themain objectives of the Reflect RAP
and to ensure that we deliver ameaningful contribution toreconciliation. NAIDOC Week andNational Reconciliation Week arerecognised annually toacknowledge the history, andcelebrate the culture andachievements of First Nations
people– Dexus also celebrates cultural
diversity on through theacknowledgement and celebrationof various days of cultural
significance throughout the year
– International Women’s Day iscelebrated annually to recognise
the success of all the women across
Dexus

The Dexus People and Culture teamuse a human rights due diligenceprocess including an identity and visa
status check during the recruitment
process. Any material issues such as a
candidate’s inability to evidence theirright to work will lead to theabandonment of potential
employment. All Dexus employees earn
wages above Australian legal
minimums and are free to associateand enter into collective bargaining
agreements.
We uphold human rights in our
workplace through:– Building an inclusive and diverse
workplace that is free fromdiscrimination, bullying andharassment, and that offers equal
opportunity in career advancement– Providing leave entitlements andother benefits enabling employees
to enjoy the right to family,
recreation and work-life balance– Focusing on employee health andsafety through risk management
and wellbeing initiatives– Training employees so they canrecognise the occurrence of
discrimination, modern slavery, andother human rights abuses, and feel
confident to speak up
Other focus areas identified by ourPeople and Culture team in recent
human rights assessments include:– Addressing the gap insuperannuation to primary carers
due to taking parental leave– Reviewing policies and support
systems available to employees
suffering from domestic violence– Providing services and support
systems to employees experiencing
mental health concerns

We conduct exit surveys for staff thatleave the business. The surveys help
Dexus determine whetherorganisational culture or human rights
considerations contributed to an
employee’s departure.

6.6 Employee Health andwellbeing
Dexus has established a Safe & Wellframework to support the mental,
physical, financial and work wellbeingof our people. Safe & Well provides abreadth of resources, freely accessible
to Dexus employees. These resources
work alongside our partnership with
Benestar (also known as the Employee
Assistance Program), which offers
counselling and coaching services to all
employees and their families. We also
partner with the Black Dog Institute
who specialise in the research ofmental health and provide support
through programs, digital tools, apps,
clinical services and public resources.

Maintaining a safe workspace
Health and wellbeing
Our Work Health, Safety and Wellbeing(WHS&W) statement demonstrates
Dexus commitment to WHS&W. We
recognise we have a duty of care to
our investors, tenants, employees,
agents, contractors, service providers
and the wider community to ensure all
Work Health, Safety and Wellbeing(WHS&W) risks arising from our businessare appropriately managed. To
achieve this, we have implemented acomprehensive ISO 45001:2018
accredited workplace health andsafety management system to ensure
the effective management of WHS&W
risks across the portfolio. The
Statement governs the development,
management and monitoring of
tailored WHS&W risk management
systems, training of personnel, anddesignation of responsibilities andresources to meet program obligations.
It also governs the group’s Return toWork policy for injured employees, inaddition to the monitoring, evaluating
and reporting of our WHS&L W
performance.
The key legislation governing Work
Health and Safety (WHS) at Dexus is
the Work Health and Safety Act andRegulations that varies across thestates where Dexus operates.
We implement a comprehensive
workplace health and safety program

40 Dexus 2023 Sustainability Approach and Procedures

that is certified under ISO 45001:2018,
an internationally applied standard for
occupational health and safety
management systems. Through thissystem, we comprehensively monitor
the health and safety of employees
and manage solutions to prevent
workplace incidents, risks andoccupational diseases.
Employee health and safety is
supported by our Periskope risk
management system, which contains
information on WHS and asset- related
incidents and risk assessments,
manuals, guidance material, tasks
management and audit information.
Upon inception and at least annually,
employees are trained on Dexus’s
health and safety management systemand the use of systems including
Periskope. Employees are made awareof their roles and responsibilities
regarding risk identification andreporting. Incident reports must becompleted for all incidents within 24
hours or as soon as reasonably
practicable. If the incident involves a
Dexus employee, it also must bereported to the Return-to-Work
coordinator and the Risk team as soon
as reasonably practicable.
We encourage our people to comeforward with concerns and reportincidents without fear of reprisals. The
Dexus Whistleblower Policy andindependent disclosure service are alsoavailable to Dexus employees whowish to raise concerns under theprotections available to whistleblowers
per Australian legislation.
Health and safety programs are
subject to annual external audit andimprovement plans are monitored by
the Risk team and the Dexus
Workplace Health, Safety andEnvironment (WHS&E) Committee. WHS
risk management is also overseen by
the Corporate Executive Committee(CEC), Group Management Committee(GMC), Board Risk Committee and theBoard.

41

Dexus Workplace Health,
Safety & Environment
Committee
The Dexus Workplace Health, Safety &Environment (WHS&E) Committee isopen to all employees and functions to:– Champion health, safety andenvironment initiatives in theworkplace– Participate and consult in WHS&E
matters– Ensure Dexus workers are
represented in health and safety
matters– Facilitate co-operation in
instigating, developing and carryingout measures to improve the healthand safety of workers– Assist in the ongoing developmentof safety standards, rules andprocedures– Consider and address findings fromhealth and safety audits ormonitoring reports

Ergonomics
An important component of ourapproach to ensuring a safe andhealthy work environment is theprovision of appropriate workstations
and resolving any ergonomic issues
that may arise. All employees complete
an ergonomic self-assessment anddevelop an action plan (if required)with their manager. If an employee
identifies an ergonomic hazard, it is tobe reported to their manager who willreport the issue to the Risk team or the
People & Culture team.
To support an autonomous hybrid
working model, our employees
complete a Flexible Working Hazard
checklist for workspaces outside of a
Dexus corporate office location. The
checklist ensures that employees
engaging in flexible or remote work arein a safe and appropriate environment.
In addition to incorporating WHS
training and an ergonomic selfassessment, the checklist evaluates the
proposed working environment forcommon hazards such as electrical,
fire, trip hazards, and other potential
concerns. All checklists must be
reviewed and signed off by theemployee’s manager.

Dexus 2023 Sustainability Approach and Procedures

Employee Work Health &Safety Training
We ensure all our employees areprovided with adequate information,
instruction and training to perform theirjob safely.
All Dexus employees undertake theDexus WHS&E induction uponcommencement of employment. Our
People and Culture team maintain arecord of employee attendance andensures that employees can access the
Dexus Employee Handbook.
The WHS&E representatives, Risk team,and People and Culture team identify
all additional WHS&E competencies forthe organisation and assign training toemployees as required. The People andCulture team assists our employees inmaintaining a training plan that is
documented in each employee’s
performance management process
and reviewed twice per year.
Additional WHS&E training
responsibilities are assigned to
employees with regard to:– WHS&E competency requirementsof existing policies and procedures.
– WHS&E competency requirementsof safe work practices– Levels of risk associated with workroles
– Specific licensing requirements (ifany)– Any industry qualifications that may
be required to carry out particular
task

6.7 Thriving People evaluation
framework
We use the principles of impact
mapping to communicate how oursustainability approach activities lead
to benefit for Dexus and our
stakeholders. The outputs, outcomes
and impacts in the impact map also
serve as indicators for us to evaluate
our performance and continuously
enhance our approach. Several of theindicators are reported annually in our
Annual Reporting Suite.

The table below summarises our approach to impact mapping to communicate how our sustainability approach activities
lead to benefit for Dexus and our stakeholders.

Thriving People impact map
Activities

Outputs

Employee Outcomes

Employee benefit

Dexus benefit

Employee engagement and performance
–
–
–
–
–

Employeelisteningstrategy
Performance
management
and role clarity
Recognition,
reward andbenefits
Activating the
Dexus purpose
KPI setting
process foreach employee

–
–
–
–

–

Employeeconfidence in role
purposeEmployeeconfidence in rolegoals/objectives
Employee
performance
reviews
Employeesatisfaction withenabling systems
and processes
Participation ininternal
networking andevents–––––Employees feelappropriately matchedto their roles
Enhanced employee
satisfaction with theirteam and manager
Employee trust in
management
Employees feel they
have a pathway toadvance at Dexus
Employees build
connections,friendships, networks at
work

–
–
–

Increased
employeeengagement
Increased
retention
Improved
sense offulfillment at
work–

Increased
employeeengagement
Increased
retention
Improved
sense offulfillment at
work
Customer NPS
Teamengagement–

Increased
employeeengagement
Increased
retention
Improved
sense offulfillment at
work
Customer NPS
Teamengagement––

Reducedemployeeturnover costs
and associatedmoralechallenges
Enhanced
employeeproductivity

Learning and development
–
–

–
–

–

–
–
–

Management
training
Leadershiptraining(including
inclusive
leadership)
Culture training
Technical /customertraining

Policies andpractices
including leave
entitlements
Flexible job
designSupporting
parents andcarersDiversity
networks,
initiatives,
events

–

–
–

–
–
–
–

Number of
employees
participating per
training activity

More diversity inworkforce
40:40:20 gender
representation in
Dexus senior andexecutive
management
roles
Uptake of flexible
working
Use ofparent/carer
support offering
Participation indiversity
networks,
initiatives andevents42 Dexus 2023 Sustainability Approach and Procedures–

Enhanced employee
skills in time
management,
managing people– Improved selfawareness ofdevelopment
opportunities– Enhanced capacity for
influencing,negotiating, strategic
problem solving– Employee
understanding of
expected values andbehaviours– Enhanced
understanding ofcustomer needs
Inclusion and diversity

–

–

–

–
–
–

Enhanced employee
sentiment regarding
their own inclusion
Enhanced employee
sentiment regarding
inclusion at Dexus
Enhanced employee
awareness of inclusionand diversity issues
Minimiseddiscrimination andharassment

–
–

–
–
–

–
–

–
–

–
–
–

–
–

Reducedemployeeturnover costs
and associatedmoralechallenges
Enhanced
employeeproductivity
Increasedcustomer
retention
Increasedcompetitive
advantage
throughenhancedcapabilities

Reducedemployeeturnover costs
and associatedmoralechallenges
Enhanced
employeeproductivity
Reduced risk ofcompliancebreachesThriving People impact map (continued)
Activities

Outputs

Employee outcomes

Employee benefit

Dexus benefit

Health and wellbeing–

Safe & Well
program

–
–
–
–
–

–
–

43

Employee uptakeof flu vaccines, andother offers
Employee accessto fresh foodCrisis/stressmanagement
support
Employeeawareness ofmental wellbeing
tools
Employeeparticipation in
fitness activities
Access to
Employee
Assistance
Programs

Dexus 2023 Sustainability Approach and Procedures

–
–
–

–

Reduced incidents offlu
Increased employee
consumption of fresh
food
Improved employee
physical fitness
through sustained
participation in fitness
Enhanced employee
confidence regarding
mental health

–
–
–

–

Increased
employeeengagement
Reducedabsenteeism
Improved
employeehealth andwellbeing
metrics––––

Reducedemployeeturnover costs
and associatedmoralechallenges
Enhanced
employeeproductivity
Increasedcustomer
retention
Increasedcompetitive
advantage
throughenhancedcapabilities

7.0 Enriched Environment

7.1 Overview
An efficient portfoliothat minimises ourenvironmental footprint
through optimizing theuse of resources andconsiders its
surroundings.

We recognise we have a duty of careto our stakeholders: investors,
customers, employees, agents and thewider community, to sustain andprotect the environment during themanagement of our property portfolio.
The group adopts a holistic,
precautionary approach toenvironmental challenges – from theboardroom to the plant room – toreduce operating costs, enhance
property values and improve customer
appeal, resulting in enhanced longterm returns for investors together withlower environmental risks.
Adopting a sustainable approach toproperty operations contributes to thefollowing outcomes:– Enhanced income through higher
rental premiums for sustainablebuildings– Reduced operations andmaintenance costs– Improved customer comfort andamenity– Enhanced business reputation– Improved employee productivity
and wellbeing– Investor demand

Our material environmental issues
include:– Energy consumption: Optimisingenergy usage positively impacts theenvironment while reducing
operating costs and exposures tovolatility in energy prices. Highperforming buildings attract
customers and increase occupancy
and customer retention. This
reduces financial risk, maximises thereturn on investment and gives
customers an environmentallyconscious space to occupy– Water consumption: Improving
water efficiency, on-site water
recycling and rainwater harvestingpreserves a precious natural
resource and reduces utility costs
which leads to reductions inoutgoings and maintenance costs.
These outcomes reduce operational
financial risks, improve reputation,
help to attract and retain customers
and maintain each property’s
market competitiveness.
– Waste management: Minimisingwaste and increasing recycling
through effective waste handling
reduces raw material use andavoids environmental and healthrelated hazards associated withsending waste to landfill.
– Biodiversity: Ecosystems and their
species perform importantbiological functions in theenvironment around us. Protecting
and enhancing biodiversity provides
places for native flora and fauna to
reside. Biodiversity contributes toprotecting areas from soil erosion
and floods, reducing climate changerisks, recycling nutrients to boost
farming productivity, capturing, andretaining water, assisting with
controlling pollution as well as
providing aesthetic value.
The boundary for these issues
encompasses all properties within the
Dexus group portfolio, with impacts felt
across occupants and visitors, as well
as local communities and habitats.

44 Dexus 2023 Sustainability Approach and Procedures7.2 Environmental impacts
management framework
We have established the following
business goals to minimise the overall
environmental impact of our operations
and guide the development ofenvironmental sustainability practices
and initiatives:– Increase stakeholder awareness ofthe benefits of investing insustainability and improved building
performance.

Several areas of our business, under
the leadership of the Dexus Board andGroup Management Committee (GMC),
collaborate to deliver these goals.

– Effectively manage environmental
risks for community health andwellbeing and to preserve theenvironment.

The table below provides insight into
the relevant management structure
and policy framework.

– Achieve high environmental
performance standards acrossDexus’s group property portfolio.

Publicly available policies are availableat www.dexus.com.

– Develop properties that are
sustainable and minimise resource
consumption and environmental
impacts.

Environmental impacts management framework
Dexus Board (Board)
Oversight of the integration of environmental considerations into Dexus’s strategy, risk management and statutory
reportingBoard ESG Committee
Oversight of the implementation of environmental initiatives to maintain Dexus’s position as a leader in sustainabilityGroup Management Committee (GMC)
Oversight of the integration of environmental initiatives into Dexus group strategy
Corporate Executive Committee (CEC)
Coordination of portfolio environmental initiatives, linking business operations and corporate governance
Property Executive Committee
Executive-level committee
overseeing property performance,development, and customer
objectives, including integration ofenvironmental sustainability into
asset operations

Dexus/CBRE Strategic
Management Committee
Partnership committee across CBREmanaged properties providing
oversight on delivery, performanceteam engagement and innovation

Retail Operations teamTeam managing property andfacility management operations
across Dexus- managed retail
centres

Enriched Environment delivery
Risk teamResponsibilities include:– Risk management
framework– Environmental
management system(ISO 14001 certified)– Supporting theidentification,assessment, andmanagement ofenvironmental risks

Sustainability teamResponsibilities include:– Resource efficiency– Employee
engagement– Industry engagement– Continuous
improvement targets– Carbon neutrality– Oversight of building
environmental ratings– Customer, investor
engagement

Office, Industrial,
Healthcare and Retailteams
Responsibilities include:– Building operations– Asset planning– Customer
engagement andgreen leasing– Sustainableprocurement

Developments andCapital Works teamResponsibilities include:– New developments– Major refurbishments– Customer fit outs

Policies and systems
Environmental Statement | Biodiversity | Work Health Safety & Wellbeing Statement | Environmental Management
System | Sustainable Procurement Policy | Supplier Code of Conduct

45

Dexus 2023 Sustainability Approach and Procedures7.3 Environment Policy
Dexus’s Environment Policy outlines its
commitment to minimising the overall
environmental impact of its operations.
The policy covers the group’s
environmental commitments anddetails the management system that
Dexus implements across the property
portfolio, including:– Managing and monitoring potential
risks and opportunities of climatechange– Identifying and implementing
compliance requirements– Educating, training, andcommunicating to stakeholders
about environmental impacts andcommitments– Actively developing and promoting
initiatives to improve environmental
performance.
– Providing transparent monitoring
and reporting of environmental
performance

7.4 Dexus’s commitments andtargets
In line with a precautionary approachto environmental challenges, each year
we set, review, and update corporate
commitments within our responsible
investment framework andsustainability approach, which arefocused toward minimising the overall
environmental impact of ouroperations, in the development,
management and refurbishment ofproperties.

Asset teams review and develop asset
plans to assist and prioritise projects
that maximise operational
performance and reduce resource
consumption. Asset plans covers thefollowing key elements:– Holistic building performance review– Asset plan review– Identify key opportunities.
– Develop business case to quantify
investment and project.

Water use
Nearly all water consumed acrossDexus’s portfolio is potable water
purchased from local water utilities.
Water consumption that is reported issourced from local utility waterproviders. Dexus does not consume
fresh surface water. Dexus consumes
an immaterial amount of bore water at
Willows Shopping Centre from arechargeable source which is notincluded in the reporting for water
consumption.

Assessing these elements informs thebuilding performance. This assists us toplan and implement optimum plantand equipment upgrades to maximise
energy efficiency and customer’s
comfort.
– Natural rainfall variability in Australia islarge, reflecting the diversity of
We implement viable projects
Australia’s climatic zones and seasonal
identified and aligned with a Strategic
patterns. Dexus recognises we can
Improvement Plan within the asset plan
have a positive impact by minimising
to complement the life cycle
water use across our portfolio andreplacement and building improvement
preserving available water sources forinvestment.
the general population. More efficient
usage of water also delivers cost
Examples of energy efficiency
savings for us and our customers.
initiatives include:– Improvement of air tightness andbuilding isolation/insulation

Our asset plan program also focuses
on water management. Examples of
initiatives that we have deployedinclude:– Upgrades to building management
and control systems (BMCS)– Optimising or upgrading cooling
towers– Mechanical works and retro
commissioning– Leak detection programs– Chiller replacements– Use of energy efficient boilers– Installation of sub-meters andenergy management systems– Lighting upgrades

7.5 Resource efficiency– ‘Virtual engineer’ building analytics

We target continuous improvements inenergy and water efficiency, andemissions reduction across the groupproperty portfolio. We use smart
meters to validate utility bills, identify
consumption and report anomalies.

– Onsite renewables including solar PV
and supportive infrastructure suchas battery storage.

Energy and water submetering havebeen installed in key office properties
to assist in quantifying opportunities
and measuring efficiency.

NABERS Energy and Water ratings areundertaken at least annually across thegroup’s office and retail portfolios.

– Electric vehicle charging facilities.
We embed sustainability practices
within industrial estate master planningfor new developments and throughtargeted technology and controls
upgrades. Master planning initiatives
reduce water and energy including theuse of solar hot water, rainwater for
irrigation and toilets use and native
landscaping.
We benchmark energy efficiency
performance against the leadingindustry benchmarks, NABERS andGreen Star. NABERS provides resource
consumption profiles for each property
and helps to identify improvements.

46 Dexus 2023 Sustainability Approach and Procedures– Use of water efficient appliances
including fitting water efficient
cisterns and fixtures in bathrooms toenhance water efficiency andtreating wastewater through central
blackwater and greywater
treatment plants, reducing potablewater consumption via the provisionof clean recycled water for thewashroom flushing system.
– On-site rainwater harvesting andrecycled water is used in toilet
facilities to irrigate gardens anddecorative plantings.
All water from Dexus properties isdischarged as sewage to water utilities
and is never discharged directly to thenatural environment. We ensure thatour discharged water meets minimum
requirements set out by local water
utilities, including any requirements
related to applicable tradewastewater permits. Stormwater isharvested for use on site or discharged
via stormwater drainage.

Waste management
Waste generated by Dexus activities
include:– Construction and demolition wastefrom development projects– Operational waste from theoperation of buildings andassociated with property usage bycustomers.
– Fit-out waste generated when defitting tenancies.
– Wastewater

Construction waste
Dexus-owned construction sites arewholly managed by third-party
contractors.
Dexus does not have operational
control of these sites and thus does notreport on construction waste. At mostsites, we require contractors to adopt
principles of the Green Star
certification that includes requirements
for diversion of construction waste fromlandfill.

We report waste tonnage andrecycling/ diversion rates for office andretail properties in line with bestpractice guidelines.
We include environmental sustainability
criteria in tender evaluation processes
for the provision of waste services tostandardise waste management andrecycling practices across the portfolio.
We utilise weight-scales where feasible
to directly measure waste andrecycling performance and conduct bin
profiling to assess contamination rates
and identify opportunities. These
enable us to capture relevant data on
waste management and recycling.

De-fit (strip out) waste
Dexus supports and implements the
BBP strip-out Waste Guidelines and foreach tenancy de-fit project we aim toconsistently achieve 80% materials
diversion.

Environmental Management Plans atconstruction sites generally include
Waste Management Plans that specify
recycling targets for demolition andconstruction waste.

We achieve this through a structured
approach including developing
inventories, structured removal, andsorting practices, and establishingdownstream materials receivers. We
actively identify charities and markets
for furniture re-use to increase waste
diversion from landfill.

Operational waste

Hazardous waste

We contribute to and have adopted
the City of Sydney’s Better Buildings
Partnership (BBP) best practiceguidelines for operational and strip-out
waste management.

Any hazardous waste produced by
Dexus or at Dexus assets is managedin accordance with the Dexus
Environmental Management System.
Dexus does not transport solid or liquidhazardous waste (as defined ashazardous under the Basel Convention
Annex) from one location to another fortreatment.

We implement waste management
plans for each property.
Comprehensive recycling streams are
standardised and implemented as partof cleaning and waste services. We
also look at other recycling
opportunities on a property- byproperty basis, for example recycling ofmaterials removed from the site when it
is under development; recycling ofdemolition material and providing
reusable materials during demolition to
local community groups.
We collaborate with customers andwaste contractors to introduce
recycling systems within their tenancies
and offer ad hoc services such as
electronic waste collection based on
customer needs.
Contractors also educate customers
on recycling practices to maximise theamount of waste that can be diverted
from landfill.

47

Biodiversity
Biodiversity risk exposure is reviewed
during the due diligence process for
new acquisitions and within periodic
valuations. Given the location of ourdevelopments primarily in urban andbrownfield sites, there is limited
exposure to biodiversity risks andopportunities for biodiversity
enhancement. Risk exposure typicallyextends to our industrial portfolio
where sites may be greenfield or may
be situated close to waterways.
Our Biodiversity Policy focuses onprotecting and enhancing biodiversity
in and around our properties. We
aspire to have a net positive impact on
biodiversity and have applied an
approach to avoid, minimise, restore,

Dexus 2023 Sustainability Approach and Procedures

and offset adverse biodiversity impacts
within its properties. This includes
making buildings and their surrounds aplace for native flora and fauna to
reside, and a place for people to enjoy.
Biodiversity is addressed in conjunction
with the Green Star certification
program, to determine if spaces can becreated or improved in developments
and building upgrades. For properties
in operation, we work to incorporate
biodiversity considerations withinlandscaping and grounds keeping
activities. We do not engage in mining,
exploration activities, operate
manufacturing sites or conduct
activities that lead to the extinction ofInternational Union of Conservation of
Nature (IUCN) listed endangered
species.
We recognise that our suppliers canalso impact on biodiversity. As outlined
in our Sustainable Procurement Policy
and Supplier Code of Conduct, weseek to source products or solutions
that enhance, protect, and retain
native biodiversity and collaborate withservice providers on influencing their
supply chain to assist us to achieve our
biodiversity objectives.

7.6 Environmental risk
management and hazardous
materials
We conduct a comprehensive risk audit
program to identify, evaluate andmitigate the following risks:– Personal health and safety audits:
compliance/spot audits, work
health and safety risk profile,certification of safety system tointernational standard ISO
45001:2018, Principal Contractor
audit, incident investigations– Building safety: Property risk
assessments (including and not
limited to confined space, heightsafety, and plant risk assessment),
and façade audits.

– Environmental: hazardous materials
review, initial site audit, site reinspections, certification ofenvironmental management system
to international standard ISO 14001– Security: security risk assessment,
external security review– Insurance risk: underwriting
assessment
We track the audit program via aproprietary online property risk
management and auditing tool thatenables systematic and rigorous
property risk profiling. This provides asingle point of access for tools anddata and improves the disclosure ofdue diligence data.

48 Dexus 2023 Sustainability Approach and Procedures

Environmental management
systemWe maintain an environmental
management system which is certified
against ISO 14001. This system andaccompanying manual form an integral
part of the Dexus Environmental
Management (EM) Program. The EM
program has been designed to identify,
assess, and manage environmental
risks across our portfolio, specificallyproperties under management,
developments and transactions, and topromote continual improvement.
The EM program involves the following
environmental management approach:Environmental aspects consideredwithin the day-to-day activities at ourmanaged properties include:

7.7 Evaluation and continuous
improvement– Storage of environmentallyhazardous materials –Environmentally hazardous materials
can have a significant
environmental impact if released tothe environment.

Our environmental programs are
subject to annual external audit.
Performance against goals ismonitored by corporate leadershipteams and the Risk team.

– Waste generation – Managementof solid and liquid waste materials
requires safe handling and disposal.
– Stormwater discharge – Release ofcontaminants to stormwater may
result in the degradation ofstormwater quality, with potential
subsequent impact on surface
waterways.
– Trade waste and wastewater
discharge – Discharge of
wastewater to sewer requires a
Trade Waste agreement. Release of
unlicensed discharges to sewer may
lead to prosecution.
– Emissions to atmosphere –Emissions to atmosphere (such as
the discharge from cooling towers
and kitchen exhausts, etc.) aremanaged to meet regulatory
standards. We also recogniseemissions of ozone depleting
substances and refrigerants from air
conditioning and refrigeration.
– Noise emissions – Noise andvibration may cause a nuisance toneighbouring properties orcustomers and give rise tocomplaints and subsequent
prosecution under environmental
legislation.
– Site contamination – Sitecontamination can result from lossof materials to soil and groundwater(leakage from underground storage
tanks is a common source of soil andgroundwater contamination)– Climate change – The
manifestations of climate change
include higher temperatures, alteredrainfall patterns, and more frequent
or intense extreme events such as
heatwaves, drought, and storms.
– Energy management – Energy
management activities aim to
reduce energy consumption
including electricity, natural gas anddiesel to minimise the overall
environmental impact of operations.

The Board ESG Committee, Board Risk
Committee and the Board oversee themanagement of environmental andsocial issues across the group.
Our management reviews performanceagainst its environmental objectives ona quarterly basis. We report on key
environmental commitments every six
months and report comprehensively on
all commitments within our Annual
Reporting Suite (available on our
website). This is in line withrequirements to transparently monitor
and report performance as outlined in
the Environment Policy.
We benchmark energy efficiency
performance against the leadingindustry benchmarks, NABERS andGreen Star. NABERS provides resource
consumption profiles for each property
and helps to identify improvements.
NABERS Energy and Water ratings areundertaken at least annually for
applicable office and retail assets
across its portfolio.
We employ measures to assess ESG
performance including:– Monitoring utility consumption(energy, water, and waste) patterns– Billing data: We record energy andenvironmental data in a centralised
environmental reporting system andfacility managers (FMs) receive
regular reports that track
performance.
– Meter data: FMs use interval andsub-meter data for finer granularity.
– Asset plans include energy/waterprojects identified from audits andemployee/customer suggestions.
– We conduct measurement andverification to confirm successfulproject implementation.
– Monitoring NABERS ratings forenergy and water for all eligible
properties. These ratings are heavily
scrutinised as they form the basis forinternal KPIs.
– Participating in investor and industry
benchmarking surveys

49

Dexus 2023 Sustainability Approach and Procedures

Environmental performance undergoes
ongoing review through:– Live monitoring of building
consumption by FMs– Monthly sustainability teammeetings involving stakeholders
from Dexus and its managing
agents.
– Monthly reporting of NABERS ratings
activity and tracking targets– Monthly review of energy and water
billing data and investigation intoadverse consumption trends– Quarterly Board ESG Committee
progress updates
We measure our success inenvironmental performance in thefollowing ways:– Completion of commitment
milestones– Achievement of targets– Feedback from customers andemployees– Awards and external recognition– Inclusion and rankings withinsustainability and leadership indices– Benchmarking against leadingindustry asset certifications such as
NABERS, Green Star, and ESG
benchmarks such as GRESBThe table below outlines key performance indicators that we use to measure outputs and impacts related to ourenvironmental performance:

Topic

Outputs

Impact––Energy efficiency
Maximise portfolio energy
efficiency

Energy intensity (MJ/sqm)–

Better utilisation of natural resources
accounting for portfolio changes
Reduced energy costs

Water consumption and efficiency
Target Australian best practice inbuilding water performance––

NABERS Water portfolio star rating
Water consumption–––

NABERS Waste portfolio star rating
De-fit waste resource recovery
rate target of 80%
Waste data coverage =Percentage of total office andretail lettable area with waste
data
Waste diversion (%) = total recycled
waste / (total recycled waste +waste to landfill)
Waste to landfill intensity = total
waste to landfill / total office andretails lettable area with waste
data–Green Star rating of ecologicalvalue/ nature credits for new
developments
Biodiversity KPIs/SLA in
landscaping contract
Investments in ‘nature-based’
carbon credit offsets––

Reduction in use of potable waterand better utilisation of water on site
Reduced water management cost

Waste management
Maximise data collection coverage
across office and retail portfolio.
Increase recycling rate and reduce
the percentage of waste sent tolandfill across office and retail
portfolio

–

–
–

–
–

–

Understanding of Dexus waste
management impacts
Reduced volumes of waste sent tolandfill and associated avoided
greenhouse gas emissions.
Diverted materials available forreuse, repurposing or recycling,
reducing reliance on new raw
materials.
Reducing waste management cost

Biodiversity
Net positive impact and haveintegrated.
biodiversity management within
the business–––

50 Dexus 2023 Sustainability Approach and ProceduresProtect and promote local ecology,enhancing ecosystem productivity
and agriculture, and maintaining
ecological diversity

8.0 Climate action
8.1 Overview
Maintaining a resilient
portfolio that is
positioned to thrive in a
climate-affected future.

We understand the increasing
environmental and social challenges
caused by climate-related impacts tothe environment and their effects on
our communities, and we recognise ourrole to limit those long-term effects ofhuman-induced climate change in linewith the goals of the Paris Climate
Agreement.
Climate change presents a range ofrisks and opportunities to Dexus’s
portfolio and business strategy. Theseissues are described in detail in Dexus’s
Towards Climate Resilience report, andcomprise:– Transition issues associated with thetransition to a low carbon economy(shifts to renewable energy,
customer and market preferences
for low emission properties,
reputational considerations)– Physical issues associated withclimatic changes (increasing
frequency and severity of extreme
weather, and longer-term climate
considerations such as sea level riseand higher maximum temperatures)
The risk to Dexus from the adverse
effects of climate change are variedwith new and updated information that
continues to emerge regarding thescale, likelihood and geographic areasthat could be impacted. In addition tounderstanding the physical risks toproperties and populations, Dexus, itscustomers and local communities arealso faced with transitional risks
including socio-economic effects,
resource availability, and health andwellbeing.

51

Dexus 2023 Sustainability Approach and Procedures

8.2 Climate resiliencestrategy
Dexus’s climate change resiliencestrategy involves:
1.

Reducing our impact: throughdecarbonisation, energy efficiency
and renewable energy

2.

Adapting to physical andtransition risks: relevant to ourproperties, people, andoperations, and leveraging climatechange- related opportunities

3.

Influencing our value chain: byengaging customers and suppliers
to reduce climate impacts andengaging other key stakeholders
on our climate resilience strategy.

4.

Robust climate governance: tosupport a culture that understands
and appropriately acts on
climate- related issues at board
and management levels.

Dexus seeks to build the capacity of
individuals, communities, and systems
in and around Dexus properties toadapt and grow with consideration tochronic stresses and acute shocks that
may result from the effects of climatechange.

The table below summarises Dexus’s climate change resilience strategy, described in detail in its Towards Climate Resilience
report.

Dexus climate resilience strategy
Reducing our impact
through decarbonisation, energy
efficiency and renewable energy

Adapting to climate change
Mitigating physical and transition risks
relevant to our properties, people, andoperations, and leveraging climatechange- related opportunities

Influencing our value chain
by engaging customers and suppliers
to reduce climate impacts, andengaging other key stakeholders

Mitigating our contribution to climatechangeAchieving and maintaining net zero
Scope 1 & 2 emissions:– through energy efficiency andrenewable energy andminimal offsets– Climate resilient building
technology: preparing ourportfolio for a low carbon
future.
– Climate resilient
developments: integrating life
cycle thinking and net zero
emissions targets into thedesign and development ofcity- defining properties andprecincts

Adaptations to enhance resilience– Climate resilient operations:addressing physical andtransition risks at the property
level.
– Climate resilient transactions:considering climate-related
issues in transaction due
diligence.
– Climate resilient research:
tracking environmental,social, economic, andpolitical factors that could
influence our resilience

Lifting industry practice andunlocking opportunities– Engaging with customers to
adopt a whole building
approach.
– Adopt a life-cycle approachand net zero emissions
targets in new developments(NABERS Energy and GreenStar commitments)– Procuring for a low carbon
supply chain

The strategy is supported by a robust
climate governance approach tosupport a culture that understands andappropriately acts on climate- related
issues at board and managementlevels.

Our climate resilience strategy
responds to a range of climate-related
issues that have been identified
through our scenario analysis and risk
management processes over the years,
as described below. Our view ofmaterial climate-related issues is
updated regularly based on research,evaluation of our climate resilience
actions, and additional scenario
analyses.

Dexus’s material climate-related issues across time horizons
Short term (0 – 2 years)

Medium term (2 – 7 years)

Long term (7 – 15 years)

–

–

–

–
–
–

–

–
–
–
–

Day-to-day acute physical risks
to properties from climate-related
eventsEnergy price volatility
Carbon offset pricing volatility
Integrate climate-related
considerations into financial andoperational planning and annual
budgets.
Requirement to integrate climaterelated issues and scenario
analyses into transactions due
diligence and development
design processes.
Increasing costs of conventional
waste management
Health and safety impacts at ourassetsGrowing customer and investor
demand for sustainable products
Existing and emerging technologythat can improve the efficiency ofbuilding operations

–
–
–
–
–
–

52 Dexus 2023 Sustainability Approach and Procedures

Rise of peer-to-peer energy
trading across decentralised
energy networks
Introduction of carbon pricing
schemes or changes toregulations
Increased demand for electricvehiclesMarket demands for of circular
economy waste management.
Potential policy shocks following
increasing severity of physicalclimate impacts.
Demands to reduce embodied
carbon across development andcapital works projects.
Change in investor expectations
and divestment away frombusiness that do not articulate aclear strategy for addressing
climate change risks

–

–
–
–
–

Stranded asset risk (e.g.
uninsurability, ability to lease/sell,
capital market risk, excessive
costs of adaptation/ remediation)
Sea level rise and other chronic
physical risks (such as rising mean
temperature, heat stress andwater stress)
Changes to social anddemographic makeup of cities
because of migration
Ability of supply chain toeffectively address climaterelated impacts.
Requirements to support
communities impacted by climatechange.
Activation of climate tipping
points create fundamental
changes to operating
environments

8.3 Climate action management framework
Dexus recognises its fiduciary duty for ensuring effective governance and risk management procedures are implemented tointegrate climate risks and opportunities across the group’s operations. Dexus’s corporate governance framework supports aculture that understands the importance of sustainability and ensures that climate-related issues are addressed
appropriately at board and management levels.
The table below summarises the governance framework applied to addressing climate-related impacts across Dexus group.

Climate action management framework
Dexus Board
Ultimate oversight of Dexus’s strategy, including the appetite for climate-related risks and opportunities and approach to
managing climate-related issues across its property portfolio and funds management activities
Board ESG Committee
Oversight of implementation of the Dexus Sustainability
Approach, including its approach to addressing climaterelated issues, and delivery of the group’s environmental
and sustainability initiatives and commitments, including
performance, challenges, and opportunities

Board Risk Committee
Reviews management action to address risk tolerances
exceeding measures set out in the Dexus Risk Appetite
Statement, including those relating to climate changeGroup Management Committee (GMC)
Leads and monitors the delivery of carbon reduction and climate resilience activities across the group
Corporate Executive Committee (CEC)
Responsible for overseeing the implementation of Dexus’s climate resilience strategy, policies, and practices as well as
overseeing portfolio risk initiatives and linking these to business operations and corporate governance
Climate Resilience Working Group
Cross functional group coordinating climate-related issue management across their respective teams, evaluating
performance of initiatives, and maintaining a current view of climate-related risks and opportunities
Sustainability team
– Oversees day-to-day carbon
reduction and climate resilience
activities across the group,
including regular review ofclimate-related risks andopportunities through scenario
analysis.
– Reports annual energy andemissions in line with the National
Greenhouse and Energy ReportingAct 2007 (NGER Act).

53

Risk team– Supports the execution of thegroup’s Risk Management
Framework which includes Dexus’s
risk appetite for ESG, including
climate change, and the inclusionof climate as a key risk.
– Responsible for Dexus’s
Environmental Management
System that is certified to ISO
14001

Dexus 2023 Sustainability Approach and Procedures

Property Executive Committee;
Dexus/CBRE Strategic Management
Committee– Operational accountability
for managing climate-related
issues, with support from theSustainability and Risk teams

8.3 Climate action
management framework
continued
The Board ESG Committee
complements the work of the Board
Risk Committee on climate-related
issues because of the inclusion ofclimate change in Dexus’s Risk
Appetite Statement and on Dexus’s
key risk register. Climate- related issues
are considered as one of several risks
and opportunities that guide decision
making in line with Dexus’s Risk
Management Framework and overall
strategy. The Corporate Executive
Committee is tasked with ensuring
effective management of risks thathave the potential to impact Dexus’s
strategy and outlook. As climatechange is a key strategic risk to Dexus
with potential impacts over the
medium to long term, it is actively
reviewed and managed within Dexus’s
Risk Management Framework.
Climate-related issues areincorporated into the group’s
operations through integration of the
Dexus Sustainability Approach into thegroup’s strategy and through theconsideration of climate change as a
key risk, which has resulted in thedevelopment of control measures anddetailed discussion of climate risk atleadership and board levels.

Climate change is a material issue for
Dexus, and the Board ESG Committee
is informed of climate-related risks andopportunities on a regular basis, alongwith planned and implemented actions
to manage these issues. The Board
ESG Committee meets quarterly toreview and approve relevant corporate
and compliance policies as well as
review reports on ESG performanceand climate-related risks, including
active projects, achievements, andperformance metrics.
The Dexus cross-functional Climate
Resilience Working Group
collaboratively coordinates climate risk
management initiatives across thegroup, meeting periodically to evaluate
performance and maintain a current
view of climate-related risks andopportunities.

8.4 Climate risk management
Climate change is listed on the Dexus
key risk register, which has resulted in
the development of control measuresand the detailed discussion of climate
risk at board and management levels.
The Board of Directors is ultimately
responsible for risk management,
including climate risk. The Board Risk
Committee is responsible for reviewing
the Group’s enterprise-wide risk
management framework, which isaligned to the principles of ISO
31000:2018.

Climate risk management
We use qualitative scenario analysis tohelp us understand and prepare for the
impacts of climate change on ourassets, markets, and economies.

Climate change has been incorporated
into relevant group policies andprocedures to provide guidance toemployees and inform all stakeholders
of Dexus’s commitment to managing
climate-related issues.

This involves use of climate warming
forecasts and modelling of plausible
future events to build scenarios fromwhich we can envisage the effects ofclimate change on our physicalenvironment as well as the impacts on
our future financial prosperity.

This includes Dexus’s Environment
Policy and Environmental Management
System (certified to ISO 14001), which
apply across the group to properties
under management as well as
developments and transactions.

We test our physical resilience andability to adapt by applying ‘highimpact’ warming scenarios and wemodel events linked to rapid
decarbonisation scenarios to highlighttransition risks and opportunities.

Scenario (source)

How the scenario has informed Dexus’s approach

Representative Concentration Pathway (RCP)
8.5 (Intergovernmental Panel on Climate
Change)Used to assess property physical risk exposure and identify likely highimpact climate-related outcomes, including the magnitude andspecific locations where they are likely to occur. The outcomes inform
Dexus’s acquisition strategy and physical property risk management
activities.

Science Based Targets initiative sectoral
decarbonisation trajectory using IEA 2°C
scenario (International Energy Agency)

Used to inform energy use and price modelling out to 2030, withcomparison against sector decarbonisation required to align with a 2°C
warming trajectory, to support the development of Dexus’s target toachieve net zero emissions.

Shared Socioeconomic Pathways(Intergovernmental Panel on Climate Change)

Used to define plausible trajectories of global warming within the
scenarios developed for Dexus’s Towards Climate Resilience report

Inevitable Policy Response, Forecast Policy
Scenario (Principles for Responsible Investment)

Incorporated into the “Delay and disruption” scenario within Dexus’s
Towards Climate Resilience report, to test the business’s strategy
against a forceful policy response to climate change in the near term.

Various scenarios for future climate impacts andpolicy pathways

Incorporated into the scenario analysis contained within Towards
Climate Resilience. The assumptions and references underpinning the
Towards Climate Resilience scenarios are available in the Dexus
Climate Scenario Analysis Supplement, available atwww.dexus.com/sustainability-reporting-library.

(e.g., CSIRO, Australian Bureau of Meteorology,
Australian Energy Market Operator

54 Dexus 2023 Sustainability Approach and ProceduresAs a result of the climate scenario
analysis, we developed threecompany- specific climate scenarios toinform our climate resilience strategy.
These are described in detail in our
Towards Climate Resilience report:– The “Dedication and delivery”
scenario: limits global warming to
below 2°C by 2100 and represents
an orderly transition to a lowcarbon economy based on theprioritisation of sustainable
development and global
collaboration. This transition will befacilitated by decentralised energy
grids, supportive policy, and astrong carbon price. The sharing
economy becomes mainstream, todrive waste reduction and resource
efficiency.
– The “Delay and disruption” scenario:
represents a disorderly transition toa low-carbon economy based on
abrupt policy shifts that occur after
years of delay. Business-as-usual
continues in the early 2020s, until
the growing momentum for climate
action leads to a forceful but
disorderly set of policy responses
before 2030 for which financial
markets are underprepared.
– The “Division and deterioration”
scenario: means global warming
may exceed 3°C by 2100 and this
scenario represents a failure todecarbonise. The mounting climate
impacts lead to protectionism and a
breakdown in international
cooperation that stymies climate
action. Governments deprioritise thelow-carbon transition whilestakeholders continue to mountpressure on business to fill the gap.
There are socio-economic disruptions
associated with extreme weather andlonger-term climate shifts, threats to
global supply chains from extreme
weather events and breakdowns ininternational free trade agreements aswell as mass migration which
contributes to notable demographic
changes and political challenges.

55

Addressing physical risk
Since 2011, Dexus has undertaken
portfolio-wide climate change risk
assessments to understand theexposure of its portfolio to physicalrisks such as increasing frequency andseverity of extreme weather, as well as
longer-term shifts in climaticconditions.
The most recent physical risk
assessments incorporated medium andlong-term greenhouse gas emission
scenarios from the Fifth Assessment
Report of the Intergovernmental
Panel on Climate Change, as well asclimate projections from the CSIRO andthe NSW Office of Environment andHeritage.
The RCP 8.5 scenario (outlined on page56) was chosen to identify high-impact
climate-related outcomes, including
the magnitude and specific locations
where hazards are most likely to occur.
A geospatial analysis was conducted
to map our properties against theirrelevant climate zones and link to thescenario outcomes. Risk exposure was
rated for each property using our twodimensional risk rating matrix, whichassesses likelihood and consequence
for each type of physical risk.
We also reviewed property-specificscenario data including flood maps,
and likely frequency and intensity ofbushfires and storms to assess each
property and identify hotspots in eachgeographical market. To sense-checkthese results we surveyed facility andoperations managers to assess climate
vulnerability at their properties. Analysis
has informed the overall level ofphysical risk exposure across all
existing properties and geographicalhotspots. Data is used to inform future
investments and establish mitigationplans for existing investments.
Properties which have been identified
as elevated risk through the portfoliowide climate risk assessment,
undertake site-specific climate risk
assessments to evaluate significant
climate- related vulnerabilities andadaptation actions. At the property
level, natural catastrophe risks areassessed as part of Dexus’s riskengineering audit regime which uses arisk adjusted approach to selecting
sites to audit. The assessment process
involves sensitivity analysis anddetermination of climate risk level

Dexus 2023 Sustainability Approach and Procedures

based on the inherent risk withreference to recent and historicalnatural disaster events such as flood,
cyclone, hurricane, windstorm andearthquake, geographical factors,
while factoring in climate change
projections and previous loss data.
Climate resilience is considered acrossall properties through its integration
into Dexus’s Environmental
Management System. This provides a
structured property risk management
process for head office and site-based
teams to evaluate sensitivities andvulnerability levels as well as develop
adaptation plans and actions moving
forward.

Addressing transition risk
Leveraging the business’ existingclimate risk approach and the climate
scenario analysis disclosed in its
Towards Climate Resilience report,
Dexus has conducted an economic
analysis of the climate- relatedtransition impacts relevant to Dexus’s
customer base over the next 10 years.
The economic analysis explored theimplications of transition risks to
Dexus’s customer base and the driversof financial performance relating to
specific economic indicators, such as
white-collar employment, industry
output, interest rates and Consumer
Price Index (CPI).
The economic modelling aligns with the“Dedication and delivery” and “Delayand disruption” scenarios from Dexus’s
Towards Climate Resilience report andmodelled climate-adjusted changes tothe macro-economic environment.
The climate-adjusted economic
analysis will be used by the business toforecast potential future financial
impacts to revenue, arising from
customer-related transition risks andopportunities.
We also conducted natural
catastrophe loss modelling using theinsurance industry catastrophe loss
and exposure models AIR Touchstone
v9.0 and Risk Frontiers. The modelling
quantifies the potential economic loss
associates with natural catastrophes
and this analysis assists Dexus inassessing the suitability of its current
insurance limits, which will assist both
Dexus and its insurers with stability ofaccess to Natural Hazard insurance
cover.

These findings are used to:– Integrate into the business’s broader
strategy.

This approach can also be expanded
to review key capital expenditure andoperational costs over time.

– Identify suitable metrics for ongoing
monitoring of climate transition risk.
– Indicate a pathway to futureclimate- related financial
disclosures (such as climateadjusted valuations and integration
into the financial statements).

Climate metrics and targets
We believe that ambitious targets leadto bold actions and the quest for
innovative solutions. Our net zero
emissions target has been verified by
the Science Based Targets initiative as
consistent with the effort required tolimit global temperature increases tobelow 1.5°C.

Below is a list of climate-related metrics and targets that the business tracks, monitors and regularly discloses:

Metrics––––

Commitments and targets

Total carbon emissions: Track total scope 1 & 2,plus scope 3 emissions from energy, water &wastewater, waste and recycling and corporate
travel and consumables for evaluating overall
portfolio impacts of Dexus’s managed assets.
Carbon footprint: Track corporate carbon
footprint which equates to total scope 1,2 & 3
emissions for voluntary offsetting of Dexus’s
management operations under Australia’s
Carbon Neutral Program
Carbon intensity: Track ongoing change in
intensity for group office portfolio (to account for
portfolio changes) against internal targets andexternal benchmarks.
Emissions productivity index: Track economic
output that is derived from each tonne ofgreenhouse gas emissions generated

Climate-related disclosures
Dexus discloses its approach toaddressing climate-related issues
within its Annual Reporting Suite, in
accordance with the Task Force on
Climate-related Financial Disclosures(TCFD) recommendations. The TCFD
recommendations provide an effective
lens for us to communicate withinvestors on where direct and indirectrisks and opportunities exist, and theaction we are taking to address them.
In addition, Dexus’s Towards Climate
Resilience report identifies
opportunities for evolving the business’
approach to managing climaterelated issues and describes actions
that Dexus can take to support its
resilience across a range of climate
scenarios.

–

–
–

–

Dexus has committed to a net zero future, acommitment that has been certified by the Science
Based Targets Initiative as aligned with a global
warming trajectory of under 1.5°C.
Achieve net zero operational carbon emissions by
FY22 across the group-managed portfolio
Reduce energy intensity by 10% across the groupmanaged office portfolio by FY25 against a 2019baseline.
Source 100% of electricity for base building power
needs from renewable sources from FY22 across thegroup-managed portfolio.

8.5 Reducing Dexus’s
emissions footprint
Dexus consumes electricity, naturalgas, diesel, and solar energy for theoperation of its property portfolio andaims to reduce emissions throughimproving resource efficiency,transitioning to clean energy sources
and minimising waste impacts.

Emissions management
Our continuous improvement approachto addressing environmental issues
includes a focus on reducing energy
consumption and greenhouse gas
emissions. Dexus aims to reduce its
emissions by:– Tracking greenhouse gas emissions
across the group portfolio andongoing disclosure of performance– Setting continuous improvementtargets– Conducting ongoing energy
management activities andinitiatives across operations

56 Dexus 2023 Sustainability Approach and Procedures– Implementing energy and water
efficiency and fuel switching
projects– Generating energy on site fromrenewable sources– Purchasing accredited, emissionfree Renewable Energy Certificatesand deploying renewable Energy
Supply Agreements across theportfolio– Incorporating environmental
performance into new
developments and investment
decision making– Maintaining carbon neutral
certification under the Climate
Active Carbon Neutral Standard via
participation in the Climate Active
Australian Government Carbon
Neutrality Program– Actively participating in industry
collaborations including GRESB andthe City of Sydney’s Better Buildings
Partnership

Renewable energy
We support the development of
renewable energy and distributed
energy generation across ourmanaged portfolio. As a signatory to
the RE100 Initiative, we are committed
to sourcing 100% renewable electricity
by 2030.
This is delivered through on-site solar
generation and off-site renewableenergy opportunities such as throughrenewable energy supply agreements.

Carbon neutral certification is achieved
through assessing our energy
consumption and developing anemissions management plan. The plan
focuses on reducing waste to landfill,increasing recycling, increasing the useof recycled products, reducing use of
consumables and paper andintroducing new technologies toreduce energy consumption.
In 2022, we achieved Climate Active
certification as an organization acrossan expanded reporting boundary
which now includes our managed
property portfolio, and in addition havecommenced certifying selected
properties via the Climate Active
Carbon Neutral Standard for buildings.

Dexus has an active management
approach towards its energy
procurement which helps progress thegroup’s net zero emissions target,
leveraging its scale to securecompetitive pricing, load flexibility and8.6 Stakeholder collaboration
renewable electricity supplies. All
on environmental
current electricity tenders request 100%
renewable electricity for base building
performance
consumption, which has become a
We collaborate across our value chain
standard approach across ourportfolio. These agreements typicallyand conduct ongoing activities tohave a future start date and in the
manage and improve environmental
interim we purchase accredited
performance. Key stakeholders include
customers, employees, facility
GreenPower or Large-scale Generation
management and suppliers.
Certificates (LGCs) until these
agreements take full effect. Our
Customers
approach is to source renewableelectricity from GreenPower accredited– We collaborate with customers topower stations; primarily wind andimprove their sustainability
solar.
performance and awareness throughinitiatives such as City Switch, a
We generate on-site energy acrossnational tenant energy efficiency
several properties, including emissionprogram. We are both a signatory andfree solar hot water, solar photovoltaic
a landlord within the program.
(PV). Through these initiatives, we seek
to harness natural resources to offset– We aim to drive improvements ingrid purchases of high-emissions coalcustomers’ energy efficiency throughfired electricity production.
green building committees and otherprograms. These programs include
Carbon neutrality
involvement in the annual Earth Hour
We have set a pathway to net zero
campaign and supporting andemissions through energy and resource
encouraging tenancy-focused NABERS
efficiency, renewable energy and
Co-Assess ratings. We undertake
nature-based offsets.
initiatives to receive regular, open
feedback from our customers.
We are a signatory to the AustralianGovernment’s Climate Active programand our corporate head office has
been certified as carbon neutral since2011. In line with the Climate Active
Carbon Neutral Standard, we offset
direct emissions from refrigeration andelectricity usage and indirect emissions
generated by waste to landfill, paperuse, airline travel and car mileage fornational employees, taxi travel, hirecars and employee commuting.

57

Customer feedback helps to determine
the important sustainability issues thatkeep property performance on theright track.

Dexus 2023 Sustainability Approach and Procedures

Facility managers
Dexus directly manages the majority ofproperties within the group portfolio.
The remaining co-owned properties
are managed either by the co-owners
or by a jointly appointed independent
property manager.
We engage with co-owners andindependent property managers toreview their performance against theproperty management agreements,
and to monitor alignment with ourpolicies, procedures and KPIs.
We work closely with our facility
manager partners for directly
managed sites which involves day-today interaction regarding operations
to maximise property performance,
deliver customer service and respondto customer needs.
We employ dedicated retailmanagement teams across directly
managed retail centres. These teams
work closely with the retailmanagement team to maximise theperformance of each centre within its
local community.

Suppliers
We engage with like-minded suppliers
on sustainability issues and practices.
We work with preferred property
services providers and equipmentvendors to select best-of-breed
products to minimise environmental
impacts while meeting performance
expectations. We communicate oursustainability expectations to all
suppliers through the Dexus
Sustainable Procurement Policy andSupplier Code of Conduct andsuppliers contractually agree tosupport these policies.

Industry collaboration

For example:

Dexus’s climate change resiliencestrategy not only involves mitigating its
impact through decarbonisation,energy efficiency and renewableenergy but also involves collaborating
across its value chain, engaging withcustomers and suppliers to reduce theirclimate impacts as well as engaging
with other key stakeholders. Dexus
actively participates in industry
collaborative initiatives to advocate forbroader adaptation to climaterelated issues, such as the promotion of
circular economy principles in waste
management, changes to buildingcode specifications, and incentives
that support investment in low carbon
initiatives.

– Dexus is a partner of the Green
Building Council of Australia’s
Carbon Positive Roadmap for thebuilt environment,

Dexus also actively participates inindustry collaboration as a way ofenhancing its understanding of climate
risks and climate resilience to enable amore comprehensive integration ofclimate risks across the businessactivities.

Our management reviews performanceagainst its environmental objectives ona quarterly basis. We report on key
environment commitments every six
months and report comprehensively on
all commitments within our Annual
Reporting Suite (available on our
website). This is in line withrequirements to transparently monitor
and report performance as outlined in
the Environment Policy.

– Dexus representatives sit on theProperty Council of Australia’s
National Sustainability Roundtable– Dexus publicly supports the World
Green Building Council’s Net Zero
Carbon Buildings Commitment

We measure our success in climate
resilience in the following ways:– Dexus is an active member of the
Climate Leaders Coalition– Completion of commitment
milestones

Industry collaboration– Monitoring of environmental risk
programOur environmental programs are
subject to annual external audit.
Performance against goals ismonitored by corporate leadershipteams and the Risk team.

– Achievement of decarbonisation
targets– Reductions in management costs
due to effective management oftransition risks

The Board ESG Committee, Board Risk
Committee and the Board oversee themanagement of environmental andsocial issues across the group.

The table below outlines key performance indicators that we use to measure outputs and impacts related to our climate
action performance:

Topic

Outputs

ImpactEnergy consumption and greenhouse gas emissions
Reduce like-for-like portfolio
energy use and greenhouse gas
emissions–––Absolute energy consumption (GJ)
Absolute scope 1 and 2 greenhouse gas
emissions (t CO2-e)
Source 100% of electricity for basebuilding power needs from renewablesources across the Group-managed
portfolio–

Reduce energy intensity by 10% acrossthe Group-managed office portfolio by
FY25 against a FY19 baseline.
Greenhouse gas emissions intensity (kgCO2-e/sqm) through focus on leading
performance
Climate risk assessments and minimise
exposure––

Reduction in extraction and use offossil fuels
Mitigation of climate change

Climate change impacts
Target Australian best practice–––58 Dexus 2023 Sustainability Approach and Procedures–

Lower greenhouse gas emissions inbuilding energy and emissions
performance
Mitigate climate change andeffectively manage physical andtransition risks

Sustainability GRI Index
and Assurance

X32A0T< HomeFY23 GRI Content Index
Standard Disclosures
Number

Disclosure

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

Reference

102–30Effectiveness of risk management processes Sustainability Approach and Data Pack – 1.0 Corporate Governance – Risk Management Framework

102–31

Review of economic, environmental, andsocial topics

102–32Highest governance body’s role insustainability reporting

Remarks/Omissions

Annual Report – pages 22-26 – Key risks
Annual Report – pages 28-29 – Materiality assessment
Sustainability Approach and Data Pack – entire document
Corporate Governance Statement – page 16 – Principle 7 – Recognise and manage risk
Annual Report – pages 22-26 – Key risks
Corporate Governance Statement – page 16 – Principle 7 – Recognise and manage risk
Annual Report – pages 74-81 – Board of Directors
Corporate Governance Statement – page 16 – Principle 7: Recognise and manage risk
Annual Report – pages 28-29 – Materiality assessment

102–33

Communicating critical concerns

Corporate Governance Statement – page 12 – Sustainability and responsible investment
Corporate Governance Statement – page 12 – 3.5 Sustainability and responsible investment

The 2023 Annual Report has been reviewed andapproved by senior executives and managers acrossrelevant business units.

Sustainability Approach and Data Pack – 1.0 Corporate Governance – 1.6 Operational practices
Corporate Governance Statement – page 17 – Principle 7 – Recognise and manage risk
Annual Report – pages 23, 31, 41, 53, 59, 65, 78 – Board Focus
Annual Report – pages 22-26 – Key risks

102–34Nature and total number of critical concerns

102–35

Remuneration policies

Annual Report – page 57 – Strengthening and aliging our approach to risk management
Corporate Governance Statement – page 18 – Principle 8 – Remunerate fairly and responsibly

102–36

Process for determining remuneration

Corporate Governance Statement – page 18 – Principle 8 – Remunerate fairly and responsibly

102–37

Stakeholders’ involvement in remuneration

102–38Annual total compensation ratio

Sustainability Approach and Data Pack – Data Pack – Thriving People – Remuneration

102–39Percentage increase in annual totalcompensation ratio

Sustainability Approach and Data Pack – Data Pack – Thriving People – Remuneration

102–40

List of stakeholder groups

Dexus Website – www.dexus.com/corporategovernance - Stakeholder Engagement Guidelines

102–41

Collective bargaining agreements

Sustainability Approach and Data Pack – Data Pack – Thriving People – Recruitment and Retention

102–42

Identifying and selecting stakeholders

102–43

Approach to stakeholder engagement

102–44

Annual Report – pages 28-29 – Materiality Assessment

102–45

Key topics and concerns raised
Entities included in the consolidated financial
statements

102–46

Defining report content and topic boundaries

Sustainability Approach and Data Pack – 1.0 Corporate governance, 2.0 Customers and communities, 3.0 Strong
communities, 4.0 Supply chain, 5.0 Real assets, 6.0 Thriving people, 7.0 Enriched environment, 8.0 Climate action

102–47

List of material topics

Annual Report – pages 28-29 – Materiality Assessment

102–48

Restatements of information

Sustainability Approach and Data Pack – Data Pack – Enriched Environment

102–49Changes in reporting

For FY23, Dexus combined its Annual Sustainability
Report and Annual Financial Report and is presenting
it as one a single Annual Report aligned with theIntegrated Reporting Framework.

102–50

Reporting period

Fiscal Year 2023 (1 July 2022 – 30 June 2023)

102–51

Date of most recent report

102–52

Reporting cycle

Annual Report – Cover – page 2 – About this report

102–53

Contact point for questions regarding thereportAnnual Report – page 123 – Making Contact
Dexus Website – https://www.dexus.com/get-in-touch
Annual Report – page 129 – Report Scope

102–54Claims of reporting in accordance with the
GRI Standards

102–55

GRI content index

Sustainability Approach and Data Pack – Data Pack – GRI Index

102–56External assurance

Annual Report – page 188 – Assurance over Integrated Report

Annual Report – pages 28-29 – Materiality Assessment

Annual Report – pages 53 – Board Focus
Corporate Governance Statement – page 18 – Principle 8 – Remunerate fairly and responsibly
Corporate Governance Statement – page 16 – Principle 6 – Respect the rights of security holders

Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – page 29 – Real assets – Stakeholder engagement
Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – 5.0 Real assets – 5.4 Stakeholder engagement
Dexus website – Discover Dexus – Sustainability – Sustainability approach
Annual Report – Cover Page 2 – Highlights
Annual Report – pages 28-29 – Materiality Assessment

Fiscal Year 2022 (1 July 2021 – 30 June 2022)
Reporting Cycle is annual, period ending 30 June
2023.

Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – page 1

Annual Report – pages 174-179 – Independent Auditor’s Report
Dexus Website – Sustainability Assurance Statement
Corporate Governance Statement – page 13 – Sub-Section: 4.1 Board Audit Committee
Dexus Website – Selection and Appointment of External Auditors Policy

FY23 Dexus Sustainability Data Pack

PwC is an independent auditor engaged by Dexus toaudit Dexus’s financial reports and provide an
Independent Limited Assurance Report over key
aspects of Dexus’s 2023 Sustainability Data asreported in the 2023 Annual Report and in the online
reporting suite on the Dexus website.

Material Topic Disclosures
Economic data and resilience
GRI Standard

Number

Disclosure

Reference

103–1

Explanation of the material topic and its
boundary

Annual Report – pages 28-29 – Materiality Assessment

103–2

The management approach and its
components

Sustainability Approach and Data Pack – 2.0 Customers and Communities and 3.0 Strong communities

103–3

Evaluation of the management approach

GRI 103: Management
Approach 2016

Remarks/Omissions

Sustainability Approach and Data Pack – 2.0 Customers and Communities and 3.0 Strong communities
Sustainability Approach and Data Pack – 4.0 Supply Chain
Sustainability Approach and Data Pack – 2.0 Customers and Communities and 3.0 Strong communities
Sustainability Approach and Data Pack – Data Pack – Customer Experience, Supply chain, Giving and Volunteering
Sustainability Approach and Data Pack – 4.0 Supply Chain
Annual Report – pages 2-3 – FY23 highlights
Annual Report – pages 30-73 – Financial
Annual Results Presentation – page 66

201-1

Direct economic value generated anddistributed

Annual Report – page 39
Annual report – page 118 – Changes in Equity
Annual report – page 119 – Cash Flows
Corporate Governance Statement – page 18 – Principle 8 – Remunerate fairly and responsibly
Sustainability Approach and Data Pack – Data Pack – Customer Experience, Supply chain, Giving and Volunteering
Annual Report – pages 22-26 – Key risks

201-2

Financial implications and other risks andopportunities due to climate change

Sustainability Data Pack – Enriched Environment – Performance towards commitments
Sustainability Approach and Data Pack – 7.0 Enriched Environment
Dexus Website, Towards Climate Resilience – pages 19-21 – Climate-related issues

GRI 201: Economic Data
2016

201-3

Dexus does not operate a defined benefit
superannuation scheme. Consistent with Australianlegislation, superannuation contributions are made tosuperannuation funds selected by employees. Dexus
contributes retirement provisions in line with
Australia’s employer superannuation guarantee
requirements.

Defined benefit plan obligations and otherretirement plans

In FY23 Dexus provided superannuation contributions
at the legislated contribution rate of 10%, unlesselected at a higher rate by an employee as part of avoluntary contribution.

201-4

Financial assistance received fromgovernment

GRI 203: Indirect
Economic Impacts 2016

203-2

Significant indirect economic impacts

GRI 204: Procurement
Practice 2016

204–1

Proportion of spending on local suppliers

205–1

Operations assessed for risks related tocorruption

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Energy

Dexus did not undertake any Energy Saving
Certificates (ESCs) transactions, resulting in $0
revenue for the year.

Sustainability Approach and Data Pack – Data Pack – Leading Cities
Sustainability Approach and Data Pack – Data Pack – Future Enabled Customers and Strong Communities

Sustainability Approach and Data Pack – Data Pack – Supply Chain

99.76% of operational expenditure for the group’s
managed portfolio are Australian-based suppliers. This
includes Australian divisions of international
companies.

Sustainability Approach and Data Pack – 1.0 Corporate governance – Risk Team
Corporate Governance Statement – page 17 – Principle 7 – Recognise and manage risk – 7.2 Risk management
Sustainability Approach and Data Pack – 1.0 Corporate governance – Conflicts of interest
Sustainability Approach and Data Pack – Data Pack – Thriving People
GRI 205: Anti-Corruption
2016

205–2

Communication and training about
anticorruption policies and procedures

Corporate Governance Statement – pages 5-10 – Principle 2 – Structure the Board to be effective and add value –2.8 Access to training and information
Corporate Governance Statement – pages 11-13 – Principle 3 – Instil a culture of acting lawfully, ethically, andresponsibly
Corporate Governance Statement – page 16 – Principle 7 – Recognise and manage risk – 7.2 Risk management
Dexus website – Corporate Governance – Policies - Directors’ Code of Conduct

205–3
GRI 206: Anti-Competitive
206–1
Behaviour 2016

Confirmed incidents of corruption andactions taken

Sustainability Approach and Data Pack – Data Pack – Thriving people – Work health and safety – Employee
relations matters
There were no legal actions brought against Dexus foranti-competitive, anti-trust or monopoly practices in
FY23

Legal actions for anticompetitive behaviour,
anti-trust, and monopoly practices

Customer engagement and experience
GRI Standard

Number

Disclosure

103-1

Explanation of the material topic and its
boundary

Reference
Annual Report – pages 22–26 – Key risks
Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – 6.0 Thriving People
Sustainability Approach and Data Pack – 2.0 Customers and Communities
Annual Report – pages 6-9 – Chair and CEO review
Annual Report – pages 22-26 – Key risks

GRI 103: Management
Approach 2016

103-2

The management approach and its
components

103-3

Evaluation of the Management Approach

Sustainability Approach and Data Pack – 6.0 Thriving People
Sustainability Approach and Data Pack – 2.0 Customer and Communities – Maintaining safe buildings forcustomers, occupants and visitors
Sustainability Approach and Data Pack – 2.0 Customers and Communities - 2.2 Management framework and 2.3
Management practices
Annual Report – pages 6–9 – Chair and CEO review
Annual Report – pages 52-57 – People and capabilities
Sustainability Approach and Data Pack – Data Pack – Thriving People – Work, Health, and Safety
Sustainability Approach and Data Pack – 2.0 Customers and Communities

GRI 416: Customer
Health and Safety 2016

416–1

Assessment of the health and safety impacts
of product and service categories
Annual Report – page 52 – People and capabilities: Safety audit score across Dexus workspaces

GRI 418: Customer
Privacy 2016

418–1

Substantiated complaints concerning
breaches of customer privacy and losses ofcustomer data

FY23 Dexus Sustainability Data Pack

Sustainability Approach and Data Pack – 6.0 Thriving People

Remarks/Omissions

Asset environmental data and optimisation
GRI Standard

Number

Disclosure

103–1

Explanation of the material topic and its
boundary

103–2

The management approach and its
components

103–3

Evaluation of the management approach

Reference

Remarks/Omissions

Annual Report – pages 22–26 – Key risks
Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – 7.0 Enriched Environment
GRI 103: Management
Approach 2016

Sustainability Approach and Data Pack – 7.0 Enriched Environment
Sustainability Approach and Data Pack – Data Pack – Enriched Environment
Sustainability Approach and Data Pack – 7.0 Enriched Environment – 7.7 Evaluation and continuous improvement

302–1

GRI 302: Energy 2016

302–2

Energy consumption within the organisation

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Energy

Information on upstream energy consumption outside
Dexus’s organisation boundary relates to energy
consumed by suppliers providing products andservices to Dexus. Dexus has engaged with key
suppliers to request information about their energy
consumption, but only a limited number of suppliers’
energy data is available.

Energy consumption outside of theorganisation

Downstream energy consumption relates to energy
consumption by tenants occupying Dexus buildings.
Dexus collects data for tenants across a proportion ofproperties, however this data falls outside of theoperational control boundary used for public disclosure.

GRI 303: Water andEffluents 2018

GRI 306: Effluents andWaste 2016

302–3

Energy intensity

302–4

Reduction of energy consumption

302–5

Reductions in energy requirements ofproducts and services

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – NABERS and Green Star

303–1

Sustainability Approach and Data Pack – 7.0 Enriched Environment – Water use

303–2

Interactions with water as a shared resource
Management of water discharge-related
impacts

303–3

Water withdrawal

303–4

Water discharge

Sustainability Approach and Data Pack – 7.0 Enriched Environment – Water use

303–5

Water consumption

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Water

306-3

Significant spills
Waste generation and significant wasterelated impacts
Management of significant waste-related
impacts

Sustainability Approach and Data Pack – 7.0 Enriched Environment – Hazardous Waste

306–1
306–2

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Energy
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Energy
Sustainability Approach and Data Pack – 7.0 Enriched Environment
Sustainability Approach and Data Pack – 7.0 Enriched Environment
Sustainability Approach and Data Pack – 7.0 Enriched Environment – Water use
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Water
Sustainability Approach and Data Pack – 7.0 Enriched Environment – Water use

Sustainability Approach and Data Pack – 7.0 Enriched Environment – Waste Management
Sustainability Approach and Data Pack – 7.0 Enriched Environment – Waste Management
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste andRecycling by stream
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste andRecycling by stream
Sustainability Approach and Data Pack – 7.0 Enriched Environment - 7.5 Resource efficiency

306–3

Waste generated

306–4

Waste diverted from disposal

306–5

Waste directed to disposal

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste by stream

308–1

New suppliers that were screened using
environmental criteria

Sustainability Approach and Data Pack – 4.0 Supply Chain

308–2

Negative environmental impacts in the supply
chain and actions taken

GRI 306: Waste 2020

GRI 308: Supplier
Environmental
Assessment 2016

Sustainability Approach and Data Pack – Data Pack – Strong Communities – Supply Chain
Sustainability Approach and Data Pack – 4.0 Supply Chain

In FY23, the business did not receive any complaints
or grievances regarding negative environmental impact
due to supplier and/or service provider activities.

Decarbonisation and circularity
GRI Standard

Number

Disclosure

103–1

Explanation of the material topic and its
boundary

103–2

The management approach and its
components

Reference
Annual Report – pages 22-26 – Key risks
Annual Report – pages 28-29 – Materiality Assessment
Sustainability Approach and Data Pack – 7.0 Enriched Environment

GRI 103: Management
Approach 2016

Sustainability Approach and Data Pack – Data Pack – Enriched Environment
Sustainability Approach and Data Pack – 7.0 Enriched Environment
Sustainability Approach and Data Pack – Data Pack – Enriched Environment

103–3

Evaluation of the management approach
Sustainability Approach and Data Pack – 7.0 Enriched Environment – 7.7 Evaluation and continuous improvement
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Greenhouse gas emissions by gas
type
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Greenhouse gas emissions by gas
type

305–1

Direct (Scope 1) GHG Emissions

305–2

Energy indirect (Scope 2) GHG Emissions

305–3

Other indirect (Scope 3) GHG Emissions

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Greenhouse gas emissions by gas
type

GHG Emissions intensity

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – GHG Emissions

GRI 305: Emissions 2016 305–4

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – GHG Emissions

305–5

Reduction of GHG emissions

305–6

Emissions of ozone-depleting substances(ODS)

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Air emissions

305–7

Nitrogen oxides (NOX), sulphur oxides(SOX), and other significant air emissions
Waste generation and significatn wasterelated impacts
Management of significant waste-related
impacts

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – Air emissions

306–1
306–2
306–3

Waste generated

306–4

Waste diverted from disposal

306–5

Waste directed to disposal

GRI 306: Waste 2020

Sustainability Approach and Data Pack – 7.0 Enriched Environment

Sustainability Approach and Data Pack – 7.0 Enriched Environment – Waste management
Sustainability Approach and Data Pack – 7.0 Enriched Environment – Waste management
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste andRecycling by stream
Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste andRecycling by stream
Sustainability Approach and Data Pack – 7.0 Enriched Environment – Waste management

FY23 Dexus Sustainability Data Pack

Sustainability Approach and Data Pack – Data Pack – Enriched Environment – FY23 Operational waste andRecycling by stream

Remarks/Omissions

Championing an inclusive and high performing culture
GRI Standard

Number

Disclosure

103-1

Explanation of the material topic and its
boundary

Reference

103-2

The management approach and its
components

103-3

Evaluation of the management approach

Sustainability Approach and Data Pack – Data Pack – Thriving People
Sustainability Approach and Data Pack – 6.0 Thriving People

401-1

New employee hires and employee turnover

Sustainability Approach and Data Pack – Data Pack – Thriving People – Recruitment and Retention

Remarks/Omissions

Annual Report – pages 22-26 – Key risks

GRI 103: Management
Approach 2016

Sustainability Approach and Data Pack – 6.0 Thriving People

GRI 401: Employment
2016
401-2

GRI: Labour Management
Relations 2016

Dexus website – Careers – Life at Dexus

Temporary employees engaged via a labour hireagency or contracting agreement receive benefits fromtheir primary employer, the cost of which is factored
into the hourly rate or service fee paid by Dexus.
Temporary employees are not eligible for the following
benefits: leave benefits, life and disability insurance,
membership to the corporate discount program, study
assistance.

Benefits provided to full-time employees thatare not provided to temporary or part-time
employees

Sustainability Approach and Data Pack – Data Pack – Thriving People – Recruitment and Retention

Sustainability Approach and Data Pack – 6.0 Thriving People

403-1

Occupational health and safety management
systemSustainability Approach and Data Pack – 6.0 Thriving People

403-2

Hazard identification, risk assessment, andincident investigation

Sustainability Approach and Data Pack – 6.0 Thriving People

Occupational health services
Worker participation, consultation, andcommunication on occupational health andsafetyWorker training on occupational health andsafetySustainability Approach and Data Pack – 6.0 Thriving People

Promotion of worker healthPrevention and mitigation of occupational
health and safety impacts directly linked bybusiness relationships
Workers covered by an occupational healthand safety management system

Sustainability Approach and Data Pack – 6.0 Thriving People

403-9

Work-related injuries

Sustainability Approach and Data Pack – 6.0 Thriving People

403-10Work-related ill health

Sustainability Approach and Data Pack – Data Pack – Thriving people – Work health and safety

404-1

Average hours of training per year per
employee

Sustainability Approach and Data Pack – Data Pack – Thriving People – Human Capital Development

404-2

Programs for upgrading employee skills andtransition assistance programs

403-5

403-8

404-3
405-1
405-2
406-1
407-1
GRI 407: Freedom of
Association and Collective 407-2
Bargaining 2016
407-3
GRI 410: Security
Practices

Dexus offers several employee benefits in line with
contemporary Australian market practice. Benefits areoffered regardless of full-time or part-time employment
status but may be pro-rated in the case of leave andlife insurance benefits which are based on theemployee’s regular salary level.

Minimum notice periods regarding
operational changes

403-7

GRI 406: Nondiscrimination 2016

Sustainability Approach and Data Pack – 6.0 Thriving People

402-1

403-6

GRI 405: Diversity andEqual Opportunity 2016

Sustainability Approach and Data Pack – 6.0 Thriving People

Parental Leave

403-4

GRI 404: Training and
Education 2016

Sustainability Approach and Data Pack – Data Pack – Thriving People

401-3

403-3

GRI 403: Occupational
Health and Safety 2018

Annual Report – pages 28-29 – Materiality Assessment

410–1

FY23 Dexus Sustainability Data Pack

Percentage of employees receiving regular
Data and career development reviews
Diversity of governance bodies andemployees
Ratio of basic salary and remuneration of
women to men
Incidents of discrimination and corrective
actions taken
Operations and suppliers in which the rightto freedom of association and collective
bargaining taken
may berisk
Measuresbyattheorganization in thereporting period intended to support rights toexercise freedom of association and
Incidents of discrimination and corrective
actions taken
Security personnel trained in human rights
policies or procedures

Sustainability Approach and Data Pack – 6.0 Thriving People

Sustainability Approach and Data Pack – 7.0 Enriched Environment

Sustainability Approach and Data Pack – 6.0 Thriving People
Sustainability Approach and Data Pack – 6.0 Thriving People

Sustainability Approach and Data Pack – 2.0 Customers and Communities and 3.0 Strong communities
Sustainability Approach and Data Pack – Data Pack – Thriving People – Work Health and Safety
Sustainability Approach and Data Pack – 6.0 Thriving People

Sustainability Approach and Data Pack – Data Pack – Thriving People – Human Capital Development
Sustainability Approach and Data Pack – 6.0 Thriving People – Learning and Development
Sustainability Approach and Data Pack – Data Pack – Thriving People – Human Capital Development
Sustainability Approach and Data Pack – Data Pack – Thriving People – Inclusion and diversity
Sustainability Approach and Data Pack – Data Pack – Thriving People – Remuneration
Sustainability Approach and Data Pack – Data Pack – Thriving people – Work health and safety – Employee
relations matters
Sustainability Approach and Data Pack – Data Pack – Thriving people – Recruitment and Retention
Sustainability Approach and Data Pack – Data Pack – Thriving people – Recruitment and Retention
Sustainability Approach and Data Pack – Data Pack – Thriving people – Work health and safety – Employee
relations matters
Sustainability Approach and Data Pack – 4.0 Supply Chain

Dexus employees are not involved in occupational
activities that have a high incidence or high risk of
specific diseases.

X3A0T2< HomeFY23 SASB Content Index
Topic

Accounting Metric
Energy consumption data coverage as apercentage of total floor area, by property
subsector

Energy Management

Water Management

SASB CodeClimate Change
Adaptation

Activity MetricReal estate activity
metrics

Disclosure Location (link to evidence or page #)Sustainability Approach and Data Pack – Data Pack – Energy

by floor area

Sustainability Approach and Data Pack – Data Pack – Energy

Gigajoules (GJ),

Sustainability Approach and Data Pack – Data Pack – GHG Emissions andEnergyPercentage (%)

Sustainability Approach and Data Pack – Data Pack – GHG Emissions andEnergyPercentage (%)

Sustainability Approach and Data Pack – Data Pack – Energy

Percentage (%)

Sustainability Approach and Data Pack – Data Pack – NABERS and GreenStar(1) Total energy consumed by portfolio
area with data coverage(2) percentage grid electricity(3) percentage renewable, each byproperty subsector

IF-RE-130a.2

Like-for-like percentage change in energy
consumption for the portfolio area withdata coverage, by property subsector

IF-RE-130a.3

Percentage of eligible portfolio that:(1) has obtained an energy rating and(2) is certified to ENERGY STAR®, byproperty subsector

IF-RE-130a.4

Description of how building energy
management considerations areintegrated into property investment
analysis and operational strategy

IF-RE-130a.5

Water withdrawal data coverage as apercentage of:(1) total floor area and percentage(2) floor area in regions with High orExtremely High Baseline Water Stress,
each by property subsector

IF-RE-140a.1(1) Total water withdrawn by portfolio areawith data coverage and(2) percentage in regions with High orExtremely High Baseline Water Stress,
each by property subsector

IF-RE-140a.2

Like-for-like percentage change in water
withdrawn for portfolio area with data
coverage, by property subsector

IF-RE-140a.3

by floor area

Not reported

n/aSustainability Approach and Data Pack – pages 45 and 47 – Enriched
Environment

Percentage (%)

Sustainability Approach and Data Pack – Data Pack – Waterby floor area

Sustainability Approach and Data Pack – Data Pack – Water

Thousand Cubic meters(m3)

Sustainability Approach and Data Pack – Data Pack – Water

Percentage (%)

Sustainability Approach and Data Pack – Data Pack – Water

Percentage (%)

Sustainability Approach and Data Pack – Data Pack – Watern/a

Sustainability Approach and Data Pack – 7.0 Enriched Environment(2) Not reported(2) Not reported

Percentage (%)
We offer green leases to tenants for a collaborative
approach to sustainability. These do not contain costrecovery clauses.

by floor area , Square
feet (ft2)

Generally, tenants occupying premises are separately
metered for grid electricity consumption, including
where embedded electricity networks are in place forapplicable assets. Water withdrawals at assets are
generally metered at the whole of asset or site.

Percentage of tenants that are separately
metered or sub metered for (1) gridelectricity consumption and (2) water
withdrawals, by property subsector

IF-RE-410a.2

Discussion of approach to measuring,
incentivizing, and improving sustainability
impacts of tenants

IF-RE-410a.3

n/aArea of properties located in 100-year
flood zones, by property subsector

IF-RE-450a.1

Square feet (ft2)

Description of climate change risk
exposure analysis, degree of systematic
portfolio exposure, and strategies for
mitigating risks

IF-RE-450a.2

n/aSASB Code

Unit of Measure

Dexus Metric of Qualitative Disclosure

Number of assets, by property subsector

IF-RE-000.A

NumberAnnual report – Real assets – pages 4, 44, 46, 48, 50 and 51

Leasable floor area, by property subsector

IF-RE-000.B

Square feet (ft2)

Annual report – Real assets – pages 44, 46, 48, 50, 51

Percentage of indirectly managed assets,
by property subsector

IF-RE-000.C

Percentage (%) by floor
area

Average occupancy rate, by property
subsector

IF-RE-000.D

Percentage (%)

FY23 Dexus Sustainability Data Pack

Comments

IF-RE-130a.1

Description of water management risks
IF-RE-140a.4
and description discussion of strategies
and practices to mitigate those risks
1) Percentage of new leases that contain acost recovery clause for resource
efficiency-related capital improvements
IF-RE-410a.1
and(2) associated leased floor area, byproperty subsector
Management of Tenant
Sustainability Impacts

Unit of Measure
Percentage (%)

Percentage (%)

by floor area

Sustainability Approach and Data Pack – 8.0 Climate Action

Not reported

Sustainability Approach andData Pack – 8.0 Climate Action

Not reported

Annual results Presentation – pages 20 and 24

Office and Industrial only

To the Directors of Dexus Funds Management Limited

Independent Limited Assurance Report on the preparation of theidentified Subject Matter Information in the Dexus 2023 Annual Report
and within the Dexus 2023 sustainability data pack in accordance withthe reporting criteria
The Board of Directors of Dexus Funds Management Limited, the responsible entity of the Dexus
Property Trust and the Dexus Operations Trust (the Trusts together form the Dexus stapled security
and collectively are referred to as “Dexus”) engaged us to perform an independent limited assurance
engagement in respect of the identified Subject Matter Information listed below in the Dexus 2023
Annual Report and the Dexus 2023 sustainability data pack for the year ended 30 June 2023 (the‘Subject Matter Information’).

Subject Matter Information and Criteria
We assessed the Subject Matter Information against the Criteria. The Subject Matter Informationneeds to be read and understood together with the Criteria. The Subject Matter Information and theCriteria are as set out below:
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Ɣ
Ɣ

Total Scope 1 GHG emissions - 12,346 tCO2-e
Total Scope 2 location-based GHG emissions - 87,614 tCO2-e
Total Scope 2 market-based GHG emissions - 0 tCO2-e
Total Scope 3 location-based GHG emissions - 28,046 tCO2-e
Total Scope 3 market-based GHG emissions - 18,464tCO2-e
Total net GHG emissions (Scope 1, 2 & 3 market-based emissions) - 0 tCO2-e
Total net energy consumption - 598,250 GJ
Total water consumption - 1,345,439 kL
Total waste to landfill - 8,015 tonnes
Total recycling - 5,109 tonnes
Percentage of female employees as at 30 June 2023 (FTE) - 55%
Percentage of females in senior management as at 30 June 2023 (headcount) - 38.3%
Percentage of female Non-Executive Directors as at 30 June 2023 - 71.4%
Absentee Rate (sick days lost per FTE) - 1.9
Lost time injury frequency rate (LTIFR) - 0
Fatalities - 0
Site-based Contractors Lost time injury frequency rate (LTIFR) - 1.04
Site-based Contractors Fatalities - 0

The criteria used by Dexus to prepare the subject matter information was prepared by Dexus
management and is titled 2023 Reporting Criteria presented at: https://www.dexus.com/discoverdexus/sustainability/sustainability-reporting-library and included as Appendix 1 to our Limited
Assurance Report (the ‘Criteria’)
The maintenance and integrity of the Dexus website is the responsibility of the management; the work
carried out by us does not involve consideration of these matters and, accordingly, we accept no
responsibility for any changes that may have occurred to the reported Subject Matter Information or
Criteria when presented on the Dexus website.

PricewaterhouseCoopers, ABN 52 780 433 757
One International Towers Sydney, Watermans Quay, Barangaroo NSW 2000, GPO BOX 2650 Sydney NSW 2001
T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.

Our assurance conclusion is with respect to the year ended 30 June 2023 and does not extend to
information in respect of earlier periods or to any other information included in, or linked from, the 2023
Dexus Annual Report and the Dexus 2023 sustainability data pack including any images, audio files orvideos.

Responsibilities of management
Management is responsible for the preparation of the Subject Matter Information in accordance with
the Criteria. This responsibility includes:•••

determining appropriate reporting topics and selecting or establishing suitable criteria formeasuring, evaluating and preparing the underlying Subject Matter Information;
ensuring that those criteria are relevant and appropriate to Dexus Funds Management Limited andthe intended users; anddesigning, implementing and maintaining systems, processes and internal controls over
information relevant to the evaluation or measurement of the Subject Matter Information, which is
free from material misstatement, whether due to fraud or error, against the Criteria.

Our independence and quality control
We have complied with the ethical requirements of the Accounting Professional and Ethical Standard
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards)
relevant to assurance engagements, which are founded on fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality and professional behaviour.
Our firm applies Australian Standard on Quality Management ASQM 1, Quality Management for Firms
that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other
Assurance or Related Services Engagements, which requires the firm to design, implement andoperate a system of quality management including policies or procedures regarding compliance withethical requirements, professional standards and applicable legal and regulatory requirements.

Our responsibilities
Our responsibility is to express a limited assurance conclusion based on the procedures we have
performed and the evidence we have obtained.
Our engagement has been conducted in accordance with the Australian Standard on Assurance
Engagements (ASAE 3000) Assurance Engagements Other Than Audits or Reviews of Historical
Financial Information and ASAE 3410 Assurance Engagements on Greenhouse Gas Statements.
Those standards require that we plan and perform this engagement to obtain limited assurance about
whether anything has come to our attention to indicate that the Subject Matter Information has notbeen prepared, in all material respects, in accordance with the Criteria, for the year ended 30 June
2023.
The procedures performed in a limited assurance engagement vary in nature and timing from, and areless in extent than for, a reasonable assurance engagement and consequently the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would havebeen obtained had a reasonable assurance engagement been performed. Accordingly, we do not
express a reasonable assurance opinion.

In carrying out our limited assurance engagement we:•made inquiries of the persons responsible for the Subject Matter Information;•

obtained an understanding of the processes and controls for collecting and reporting the Subject
Matter Information;•

performed analytical review procedures over the Subject Matter Information and obtained
explanations from management regarding unusual or unexpected variations;•reconciled the Subject Matter Information with underlying records;•

agreed underlying records back to supporting third party documentation on a sample basis;•

assessed the reasonableness of any material estimates made in preparing the Subject Matter
Information;•assessed the appropriateness of the GHG emission factors applied in calculating the Total Scope
1, 2 and 3 GHG emissions and tested the arithmetical accuracy of the GHG emission calculations;•tested the arithmetical accuracy of the net GHG emission calculations as well as theappropriateness of the market based emissions calculations;•performed limited substantive testing on a sample basis of the Subject Matter Information toassess that data had been appropriately measured, recorded, collated and reported;•

reviewed the Subject Matter Information to assess whether it has been prepared as described in
the criteria; and•considered the disclosure and presentation of the Subject Matter Information.

Dexus discloses Total Market Based net GHG emissions (net GHG emissions) including an offset
deduction from Dexus’ emissions for the year ended 30 June 2023 of 30,810 tonnes of CO2-e relating
to offsets. We have performed procedures as to whether these offsets were acquired during the year
(or when actual emissions are unknown before the year end up to the date of this report), as well asverifying their retirement with the relevant registries (or pending approval for retirement up until thedate of this report). We have also considered whether the description of them disclosed is areasonable summary of the relevant contracts and related documentation and have performed
procedures over the calculation of net GHG emissions. We have not, however, performed any
procedures regarding the external providers of these offsets, and express no conclusion about
whether the offsets have resulted, or will result, in a reduction of 30,810 tonnes of CO2-e.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for ourconclusion.

Inherent limitations
Inherent limitations exist in all assurance engagements due to the selective testing of the information
being examined. It is therefore possible that fraud, error or non-compliance may occur and not be
detected. A limited assurance engagement is not designed to detect all instances of non-complianceof the Subject Matter Information with the Criteria, as it is limited primarily to making enquiries ofmanagement and applying analytical procedures.
Additionally, non-financial data may be subject to more inherent limitations than financial data, given
both its nature and the methods used for determining, calculating and estimating such data. The

precision of different measurement techniques may also vary. The absence of a significant body ofestablished practice on which to draw to evaluate and measure non-financial information allows fordifferent, but acceptable, evaluation and measurement techniques that can affect comparability
between entities and over time. In addition, GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to determine emissions factors and the values
needed to combine emissions of different gases.
The limited assurance conclusion expressed in this report has been formed on the above basis.

Our limited assurance conclusion
Based on the procedures we have performed, as described under ‘Our responsibilities’, and theevidence we have obtained, nothing has come to our attention that causes us to believe that the
Subject Matter Information has not been prepared, in all material respects, in accordance with theCriteria as at or for the year ended 30 June 2023 (as identified in the Subject Matter Information andCriteria above).

Use and distribution of our report
We were engaged by the board of directors of Dexus Funds Management Limited on behalf of Dexus
Funds Management Limited, the responsible entity of the Dexus Property Trust and the Dexus
Operations Trust to prepare this independent assurance report having regard to the criteria specified
by Dexus Funds Management Limited and set out in this report. This report was prepared solely for
Dexus Funds Management Limited to assist the directors in responding to their governanceresponsibilities by obtaining an independent assurance report in connection with the Selected subject
matter.
We accept no duty, responsibility or liability to anyone other than Dexus Funds Management Limited inconnection with this report or to Dexus Funds Management Limited for the consequences of using or
relying on it for a purpose other than that referred to above. We make no representation concerning
the appropriateness of this report for anyone other than Dexus Funds Management Limited and if
anyone other than Dexus Funds Management Limited chooses to use or rely on it they do so at theirown risk.
This disclaimer applies to the maximum extent permitted by law and, without limitation, to liability
arising in negligence or under statute and even if we consent to anyone other than Dexus Funds
Management Limited receiving or using this report.

PricewaterhouseCoopers

Caroline Mara
Partner

Sydney15 August 2023

Appendix A

2023 reporting criteria

Criteria for reporting on selected information included
within the scope for assurance
The following criteria were used by Dexus to prepare the selected subject matter assured byPricewaterhouseCoopers (PwC) included within the 2023 Dexus Sustainability Performance Pack set out
below.
Section of Sustainability
Reporting

Matter subject to assurance

EnvironmentGroupenvironmentalsummary











Total Scope 1 location-based greenhouse gas (GHG) emissions (t CO2-e)
Total Scope 2 location-based greenhouse gas (GHG) emissions (t CO2-e)
Total Scope 2 market-based greenhouse gas (GHG) emissions (t CO2-e)
Total Scope 3 location-based greenhouse gas (GHG) emissions (t CO2-e)
Total Scope 3 market-based greenhouse gas (GHG) emissions (t CO2-e)
Total Net Scope 1, 2 and 3 greenhouse gas (GHG) emissions (t CO 2-e)
Total Net energy consumed (electricity, natural gas, diesel, solar) (GJ)
Water consumed (kL)
Total waste (tonnes)

Employees
Work statistics
Engagement andleaveWork health &safety, anddiscrimination

HR Indicators
Percentage of female employeesPercentage of females in senior management
Percentage of female non-executive directors
Absentee rate (days per employee)
Safety indicators

Lost time injury frequency rateFatalities

Site-based contractors Lost time injury frequency rate
Site-based contractor fatalities


Dexus believes that underlying data presented for other areas of the 2023 Annual Report is sound.

Parameters used in the preparation of the subject matter – Group environmental inventory
Dexus applied the following parameters in calculating the reported GHG emissions, energy and water
consumption data, and waste data described above:
Item

Description

Reportingperiod1 July 2022 to 30 June 2023

Reportingboundary

Unless otherwise stated, Dexus applied the principles contained within the National Greenhouseand Energy Reporting Act 2007 (NGERA) and its associated guidelines. Unless otherwise statedbelow, the reporting boundary comprises those facilities in Australia and New Zealand which fallunder the operational control of members of the group of which Dexus Holdings Limited is thecontrolling corporation for part of or all the 12 months ending June 30, 2023.
The operations covered under the scope of reporting are consistent with Dexus’s operation as aproperty business, being:Appendix A

1.

Property investment including directly owned assets and assets managed on behalfof third-party investors. Property investment comprises:a.
Office assetsb.
Industrial assetsc.
Retail assetsd.
Healthcare assetse.
Convenience Retail assetsf.
Hotel assets
2.
Occupied premises being Dexus occupied tenancies.
Property development is excluded from the boundary of operational control for Australia and New
Zealand. Operational control of the development site is handed over at Practical Completion of thedevelopment.
Infrastructure investments are excluded from the boundary of operational control for Australia and
New Zealand, as operational control is determined to be the responsibility of the external asset
operator.

Total Scope 1,
Total Scope 1, 2, and 3 GHG emissions comprises emissions within the reporting boundary for
2 and 3Australia as calculated using the formula below:
location-based
GHG emissionsܶ‫ͳ ݁݌݋ܿܵ ݈ܽݐ݋‬ǡ ʹǡ ܽ݊݀ ͵ ݈‫ݏ݊݋݅ݏݏ݅݉݁ ܩܪܩ ݀݁ݏܾܽ ݊݋݅ݐܽܿ݋‬ൌ ܵܿ‫ ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ͳ ݁݌݋‬൅ ܵܿ‫ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݊݋݅ݐܽܿ݋݈ ʹ ݁݌݋‬൅ ܵܿ‫ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݊݋݅ݐܽܿ݋݈ ͵ ݁݌݋‬Where:
Scope 1 GHG Emissions, Scope 2 location based GHG Emissions and Scope 3 location based
GHG Emissions are as defined within this criterion.
‘Scopes’ are defined under the international reporting framework of the World Resources
Institute/World Business Council for Sustainable Development reported in The Greenhouse Gas
Protocol: A Corporate Accounting and Reporting Standard and have been adopted by the NGERA.
Reporting is in alignment with the NGERA and its associated guidelines with the exception of Scope
3 GHG emissions as described below. GHG are measured in carbon dioxide equivalents andexpressed in tonnes (tCO2-e).
Total Scope 1,
Total Scope 1, 2, and 3 GHG market-based emissions comprises emissions within the reporting
2 and 3 market- boundary for Australia and New Zealand as calculated using the formula below:
based GHG
emissionsܶ‫ͳ ݈ܽݐ݋‬ǡ ʹǡ ܽ݊݀ ͵ ݉ܽ‫ݏ݊݋݅ݏݏ݅݉݁ ܩܪܩ ݀݁ݏܾܽ ݐ݁݇ݎ‬ൌ ܵܿ‫ ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ͳ ݁݌݋‬൅ ܵܿ‫ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݐ݁݇ݎܽ݉ ʹ ݁݌݋‬൅ ܵܿ‫ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݐ݁݇ݎܽ݉ ͵ ݁݌݋‬Where:
Scope 1 GHG Emissions, Scope 2 market based GHG Emissions and Scope 3 market based GHG
Emissions are as defined within this criterion.
‘Scopes’ are defined under the international reporting framework of the World Resources
Institute/World Business Council for Sustainable Development reported in The Greenhouse Gas
Protocol: A Corporate Accounting and Reporting Standard and have been adopted by the NGERA.
GHG are measured in carbon dioxide equivalents and expressed in tonnes (tCO2-e).
Scope 1 GHG
emissionsdexus.com

Scope 1 emissions (direct emissions) comprise GHG emission under associated with fuelcombustion and use of hydrofluorocarbons for the following sources:
Natural gas (used for heating air and water). Natural gas data is derived from supply
authority billing. Meter data and/or estimated data is applied based on Dexus’s
methodology, set out below, if billing data is unavailable at the time of reporting.

Diesel Oil (Diesel). Diesel data is collected from site operations managers and is sourced
from delivery invoices for diesel purchases and periodic diesel tank level readings. Billing
data and/or estimated data is applied based on Dexus’s methodology if billing data isunavailable at the time of reporting.

Refrigerant gases (used within air conditioning equipment). The data for refrigerant
gases is derived from a refrigerant register that lists all equipment under Dexus
operational control. Leakage is measured via equipment maintenance records ofrefrigerant top-ups or by applying an annual leakage rate as defined with the National
Greenhouse and Energy Reporting (Measurement) Determination, July 2022, with global
warming potentials relative to CO2 aligned with the IPCC Fifth Assessment Report (2014).

2

Appendix AGasoline (other than for use as fuel in an aircraft). Gasoline data is collected from site
operations managers and is sourced from invoices for purchases Billing data and/or
estimated data is applied based on Dexus’s methodology if billing data is unavailable atthe time of reporting.

Scope 1 emissions have been calculated according to the Australian Government’s National
Greenhouse and Energy Reporting (Measurement) Determination, July 2022 and the New Zealand
Government’s Measuring emissions: A guide for organisations: 2022 detailed guide, August 2022.
Scope 2
Scope 2 location-based GHG emissions comprise indirect GHG emissions associated with gridlocation-based purchased electricity used for lighting and power. The data is provided by supply authority billing.
GHG emissions Meter and/or estimated data is applied based on Dexus’s methodology if billing data is unavailable
at the time of reporting.
Scope 2 emissions have been calculated using published average grid emission factors according to
the Australian Government’s National Greenhouse and Energy Reporting (Measurement)
Determination, July 2022 and the New Zealand Government’s Measuring emissions: A guide fororganisations: 2022 detailed guide, August 2022.
Scope 2 GHG
Scope 2 GHG market-based emissions comprise indirect GHG emissions associated with gridmarket-basedpurchased electricity used for lighting and power. The data is provided by supply authority billing.
GHG emissions Meter and/or estimated data is applied based on Dexus’s methodology if billing data is unavailable
at the time of reporting.
‘Market-based’ Scope 2 emissions involve separate accounting for any type of energy or energy
attributed to a purchase via a contractual instrument, using source-based scope 2 emission factors
evidenced by electricity attribute certificates, as defined within The Greenhouse Gas Protocol:
Scope 2 Guidance.
Dexus has separated its electricity purchases into three categories for emissions calculations:
Renewable electricity:‘Supplied renewable electricity’ supplied as a proportion of total grid purchases fromenergy retailers within electricity supply arrangements, which involves retailers
surrendering Large Scale Generation Certificates (LGCs) for electricity consumed by
Dexus in line with Australia’s Renewable Energy Target (RET). These are evidenced byelectricity supply agreements and tax invoices for supply of electricity, as defined below‘Additional voluntary renewable electricity’ purchases made by Dexus that can be
accounted using source-based scope emission factors evidenced by electricity attributecertificates obtained and surrendered by or on behalf of Dexus, as defined below
Non-renewable electricity:‘Remaining electricity’ which is deemed to be derived from fossil fuels, where emissions
are accounted for by applying state-based ‘residual mix factors’, as defined below
Where:
Electricity supply agreements and tax invoices – agreements between Dexus and electricity
retailers for the supply of electricity, and subsequent invoices issued that state the volume ofelectricity consumed. These agreements and tax invoices include details for the sourcing of LGCs
in line with retailer requirements under the RET, with Dexus being the end-consumer of electricity.
Energy attribute certificates – instruments have been developed to track energy production
information (or its “attributes”) separately from actual energy delivery. These instruments typically
flow from energy generation facilities to energy suppliers and ultimately energy consumers to
support consumer claims about the type of energy used and its related attributes.
Dexus recognises the following schemes and certificates as energy attribute certificates and has
applied the nominated GHG emission coefficients listed in the table below for quantities of electricity
purchased and consumed, or volumes of certificates that retired under these schemes.

dexus.com

Energy attribute certificate scheme

Scope 2emissionfactorScope 3emissionfactorEvidence

GreenPower – electricity generated
under the National GreenPower
Accreditation Program(https://www.greenpower.gov.au/)

00

Tax invoices for the purchase ofGreenPower with retirement
managed by the GreenPower
providerLarge Scale Generation Certificates(LGCs) created by accredited
renewable energy power stations under
Australia’s Renewable Energy Target,
administered by the Clean Energy
Regulator

00Electricity tax invoices for‘bundled LGCs’, supported byelectricity contracts
Tax invoices for the purchase ofadditional LGCs and records ofretirements of certificates in theirrelevant registries.

3Appendix A

New Zealand Energy Certificates (NZECs) under the New Zealand Energy
Certificate System, created by existing
renewable electricity generators in New
Zealand and administered byadministered by the New Zealand Body
for Certificate Issuance (NZBCI).

00

NZ-EC purchase agreement withNew Zealand electricity retailers
Statement of Position issued by
Certified Energy
Records in the NZECS Registry

Contracts for electricity, such as powerpurchase agreements (PPAs) not
involving GreenPower nor LGCs, andcontracts from specified sources, where
electricity attribute certificates do notexist or are not required for a usage
claim.

Sourcespecific

State-based
coefficientsas perlocationbased
accounting

Tax invoices or other equivalentenergy attribute certificate.

1

For GreenPower and LGCs, a scope 3 emission factor = 0 is applied as losses are taken into
account in the creation of LGC’s in accordance with the GreenPower Program Rules Version 10,
page 14 and http://www.cleanenergyregulator.gov.au/RET/Scheme-participants-and-industry/Powerstations/Large-scale-generation-certificates/Large-scale-generation-certificate-eligibility-formula
Renewable Power Percentage (RPP) – The renewable power percentage represents the number(or percentage) of LGCs each liable entity (i.e., electricity retailer) is required to surrender each year.
Retailers in turn include the surrender of LGCs in electricity contracts, and as the end consumer ofelectricity, organisations like Dexus are receiving a proportion of total electricity in line with the RPP.
Dexus is applying the RPP as a close proxy for the national proportion of renewable energy supplied
to consumers via their electricity arrangements.
For reporting of assets in Australia:
The RPP is published annually by Australia’s Clean Energy Regulator:
http://www.cleanenergyregulator.gov.au/RET/Scheme-participants-and-industry/therenewable-power-percentage
For reporting of assets in New Zealand:
Although statistics on the proportion of renewable electricity production is published by
New Zealand Ministry of Business, Innovation and Employment(https://www.mbie.govt.nz/building-and-energy/energy-and-natural-resources/energystatistics-and-modelling/energy-statistics/electricity-statistics/), energy retailers within New
Zealand market are not mandated to purchase energy attribute certificates for a proportionof their electricity from renewables, which requires consumers to purchase energy
attribute certificates equivalent to 100% of their consumption.
For this reason, Dexus has assumed that the RPP for New Zealand = 0.
Market-based ‘residual mix’ factors – emissions factors relating to fossil fuel electricity generators,
and are derived from the published state-based grid emissions factors (location-based factors), andscaled for the proportion of electricity generated from fossil fuels by subtracting the Renewable
Power Percentage (RPP) from total (or 100%) of electricity supplied, as follows:ܴ݁‫ ݐ݂݂݊݁݅ܿ݅݁݋ܿ ݏ݊݋݅ݏݏ݅݉݁ ݎ݋ݐܿܽܨ ݔ݅ܯ ݈ܽݑ݀݅ݏ‬ൌ݈‫ݎ݋ݐ݂ܿܽ ݀݅ݎ݃ ݀݁ݏܾܽ ݊݋݅ݐܽܿ݋‬ሺͳͲͲΨ െ ܴܲܲሻScope 2 ‘location-based’ grid factors in Australia have been soured from the National Greenhouseand Energy Reporting (Measurement) Determination, July 2022.
Scope 3 ‘location-based’ grid factors in Australia have been soured from the National Greenhouse
Accounts (NGA) Factors, November 2022.
Scope 2 and 3 ‘location-based’ grid factors in New Zealand have been soured from the New
Zealand Government’s Measuring emissions: A guide for organisations: 2022 detailed guide, August
2022, Tables 9 & 12.
This approach has been adopted from the Property Council Scope 2 workbook, v1 28 June 2019
published by the Property Council of Australia, however the calculations are applied individually toeach state-based factor, rather than using a national approach.
This deviation has been adopted to maintain consistency with location-based reporting – noting thatonce the RPP is used to separate grid-supplied electricity into renewable and non-renewable, thisapproach results in equivalent emissions, should an organisation not make any additional voluntary
renewable energy purchases.

dexus.com

4Appendix A

Within this approach:Electricity attribute certificates acquired directly by Dexus and surrendered are deemed tobe additional to those surrendered to meet RET obligations in Australia, or similar
schemes in other jurisdictions
Given the interconnected nature of the National Electricity Market, it is assumed that the
proportion of renewable energy is equitably distributed across Australia, including Western
Australia
Emissions accounting for ‘accredited power stations’ – Dexus operates rooftop solar
photovoltaic (PV) systems that generate electricity from solar energy for consumption on-site by
Dexus, its customers or exported to the grid.
In some properties, the solar PV system has been registered as an Accredited Power Station as
defined in Australia’s Renewable Energy (Electricity) Act 2000 and is eligible to create LGCs basedon eligible electricity generated.
For the LGCs created, Dexus acknowledges that, as the energy attribute certificate, the LGCs
created carry the applicable renewable energy benefit and has the option to retire or transfer theseLGCs.
To avoid double-counting of renewable benefits (i.e. claiming solar and retiring LGCs), Dexus
accounts for all electricity generated from accredited power stations as being 100% exported to theelectricity grid and is substituted by an equivalent amount of ‘grid sourced’ electricity as an incoming
supply to the property. The substituted electricity is accounted for using the market-based emissions
methodology above, and in order to claim any renewable benefit, Dexus surrenders the equivalent
LGCs or NZ-ECs with the Clean Energy Regulator (in Australia) or Certified Energy (in New
Zealand) respectively.
Scope 3
Scope 3 location-based emissions (other indirect emissions) comprise GHG associated withlocation based transmission and distribution losses (“energy losses”) associated with energy use, waste sent to
GHG emissions landfill, recycled waste, and water/wastewater use, and emissions from corporate operations
including office paper use, corporate travel and employee commuting.
Data sources:−
Data for energy losses is that used to calculate scope 1 and 2 emissions.
−
Data for waste to landfill and recycled waste is provided by waste contractors directly or
collated by site managers from data provided by waste contractors. Estimated data isapplied based on Dexus’s methodology if billing data is unavailable at the time ofreporting.
−
Data for water consumption is provided by water utilities. Estimated data is applied basedon Dexus’s methodology if billing data is unavailable at the time of reporting.
−
Data for corporate operations has been compiled in accordance with the Climate Active
Carbon Neutral Standard for Organisations, October 2022.
Emissions factors and calculations:−
Scope 3 emissions for energy and waste to landfill have been calculated according to the
National Greenhouse Accounts (NGA) Factors, November 2022−
Scope 3 emissions for recycled waste have been calculated according to Department of
Sustainability, Environment, Water, Population and Communities: A study into commercial& industrial (C&I) waste and recycling in Australia by industry division: 2013, Table 21:
Greenhouse gas impacts of landfilling and recycling materials.
−
Scope 3 emissions for water/wastewater have been calculated using factors derived fromthe Climate Active Inventory (version 8.0) circulated on 20 March 2023, referencing theregional factor for the emission source ‘Water supply and wastewater treatment’.
−
Emissions for corporate sources included in the boundary have been calculated according
to the Climate Active Inventory (version 8.0) circulated on 20 March 2023. Corporate
sources included in the boundary are:oTelecommunications and use of Data Centres:Calculated via spend method via the aggregation of invoices and/or
appropriate records from the supplier of the serviceo
IT Equipment and Office Equipment hire:
Calculated via spend method via the aggregation of invoices and/or
appropriate records from the supplier of the serviceoPaper use including Carbon Neutral Paper:Calculated via the utilisation of weight-based records from the
supplier of the consumableoStationery:Calculated via spend method via the aggregation of corporate spend
records from Dexus’s accounting systemo
Employee Commuting and Working From Home:

dexus.com

5

Appendix A

Calculated via the information collected from a periodic Dexus
employee commuting survey and extrapolated based on current FTE
figures
Business travel, including flights, taxis. Personal car use, hire cars and parking:Business travel is calculated via the provision of records from Dexus’s
travel agent which detail kilometres travelled on domestic andinternational flights. Air travel is based on distance method. Personal
car use is calculated via distance-method using Dexus’s employee
records. Hire car and parking records are calculated via spend
method via the aggregation of corporate spend records from Dexus’s
accounting system
Printing, Couriers:
Calculated via spend method via the aggregation of invoices and/or
appropriate records from the supplier of the service
Hotel Accommodation:Hotel accommodation is calculated via activity method based on roomnight records from all domestic and international business travel, andprovided by Dexus’s travel agent
Bus shuttle:
Calculated via a distance-based method on annualised basis from thefrequency and distance of the bus shuttle travel route
Food and beverage:
Calculated via spend method via the aggregation of corporate spend
records from Dexus’s accounting system
Furniture:Calculated via spend method via the aggregation of corporate spend
records from Dexus’s accounting system


o

o

o

o

o

o

Scope 3 market As per the definition above, except that a scope 3 residual mix factor is used to calculate emissions
based GHG
for non-renewable electricity, in line with the Scope 2 market based GHG emissions definition.
emissions
For GreenPower, LGCs and NZ-ECs, a scope 3 emission factor = 0 is applied as losses are taken
into account in the creation of LGC’s in accordance with the GreenPower Program Rules Version
10, page 14 and http://www.cleanenergyregulator.gov.au/RET/Scheme-participants-andindustry/Power-stations/Large-scale-generation-certificates/Large-scale-generation-certificateeligibility-formula
Total Net Scope Total Net Scope 1, 2, and 3 GHG emissions comprises emissions within the reporting boundary for
1, 2 and 3 GHG Australia and New Zealand as calculated using the formula below:
emissionsܶ‫ͳ ݐ݁ܰ ݈ܽݐ݋‬ǡ ʹǡ ܽ݊݀ ͵ ‫ݏ݊݋݅ݏݏ݅݉݁ ܩܪܩ‬ൌ ܵܿ‫ ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ͳ ݁݌݋‬൅ ܵܿ‫ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݐ݁݇ݎܽ݉ ʹ ݁݌݋‬൅ ܵܿ‫ ݏ݊݋݅ݏݏ݅݉ܧ ܩܪܩ ݀݁ݏܾܽ ݐ݁݇ݎܽ݉ ͵ ݁݌݋‬െ ‫ݏݐ݁ݏ݂݂݋ ܩܪܩ‬Where:−−−−−‘GHG offsets’ comprises carbon offsets or carbon credits equivalent offset units that havebeen retired and/or offered for pending acceptance via the relevant registries eligible
under the Climate Active Carbon Neutral Standard for Organisations, administered by theAustralian Department of Climate Change, Energy, the Environment and Water.
The Climate Active Carbon Neutral Standard for Organisations provides a list of eligible
offset units that have been assessed as meeting the Standard’s offsets integrity principles.
These principles are designed to ensure that eligible offset units represent genuine andcredible emission reductions.
GHG offsets are created by eligible projects under recognised schemes and each offset
represents 1 tonne of abated or avoided carbon dioxide equivalent.
GHG offsets are created and tracked through market registers.
‘Scopes’ are defined under the international reporting framework of the World Resources
Institute/World Business Council for Sustainable Development reported in The
Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard and havebeen adopted by the NGERA.

Reporting is in alignment with the NGERA and its associated guidelines with the exception of Scope
3 GHG emissions as described above. GHG are measured in carbon dioxide equivalents andexpressed in tonnes (tCO2-e).

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Appendix A

Energyconsumed

Energy consumed comprises primary energy sources, namely natural gas, diesel and electricity
purchased by Dexus for facilities within the reporting boundary for Australia and New Zealand.
Energy consumed also comprises secondary electricity that is generated from conversion of solar
energy, and natural gas or diesel via combustion, for consumption within the facility.
Energy consumed is calculated as a total figure converting measured usage to gigajoules using themethods and conversion factors specified within the National Greenhouse and Energy Reporting(Measurement) Determination, July 2022.
Energy consumption has been based on quantities invoiced or metered by suppliers or Dexus.
Estimates are used when billing data is unavailable and these are based on Dexus’s methodology,
drawing from secondary sources such as meter data or based on seasonal historical estimates.

Energyproduced

Energy produced comprises energy captured from natural sources and the manufacture of energy
from transformation from another fuel source within Dexus for facilities within the reporting boundary
for subsequent consumption onsite or export offsite.
Energy produced comprises:Electricity production from solar radiation (solar PV). The data for electricity
production from solar radiation is derived from site-based sub meters. Estimated data isapplied based on Dexus’s methodology if meter data is unavailable at the time ofreporting.
oDexus measures and reports on total energy produced, separated into thefollowing end-use consumption outcomes:
Electricity consumed on site by Dexus
Electricity consumed on site by Customers
Electricity exported to the gridoDexus delineates between LGC-producing and non-LGC-producing systems asfollows:
a. Accredited Power Stations: Larger solar PV systems that are registered as an
Accredited Power Station as defined in Australia’s Renewable Energy(Electricity) Act 2000 are eligible to create LGCs based on eligible electricity
generated
i. Dexus applies a ‘grid-first’ approach and accounts for all electricity
generated from accredited power stations as being 100% exported tothe electricity grid and is substituted by an equivalent amount of ‘gridsourced’ electricity as an incoming supply to the property.
b.

Small scale rooftop solar systems: Smaller solar PV systems that are notregistered.
i. Dexus applies a ‘site-first’ approach’ whereby solar electricity ismetered and recorded as ‘Solar Electricity’. Where an embedded
network is operates at the property, solar benefit attributed to Dexus
first, then its customers and then the grid on an annual net-basis

Dexus measures and reports on total energy produced, separated into the following enduse consumption outcomes:oElectricity consumed on site by DexusoElectricity consumed on site by Customers
oElectricity exported to the grid
Solar energy end-usedexus.com

Accredited power
stationSmall scale rooftop solar
systemElectricity consumed on site by Dexus

0%

Variable based on metering,with benefit attributed first to
Dexus on an annual net basis

Electricity consumed on site by
Customers (exported offsite but not to a
network)0%

Variable based on metering,with remaining on-site benefit
attributed to customers on anannual net basis

Electricity exported off-site to a network

100% & matched byan equivalent amountof grid-electricity

Variable – remaining excess
production exported offsite asmeasured by property gateelectricity meters

Electricity production from thermal generation (cogeneration and diesel
generators). Data for electricity production from thermal generation is derived direct
measurement or from incoming natural gas or diesel utility data that is multiplied by7

Appendix A

efficiency factors of 32% for natural gas and 40% for diesel, which represent theestimated electricity yield. Estimated data is applied based on Dexus’s methodology ifmeter data is unavailable at the time of reporting.
Energy produced is calculated as a total figure converting measured usage to gigajoules using themethods and conversion factors specified within the National Greenhouse and Energy Reporting(Measurement) Determination, July 2022.
Total net energy Total net energy consumed is defined as the energy consumed minus the energy produced within
consumed
the reporting boundary. Net energy consumed excludes energy that is produced and exported‘offsite’ to a customer or a network.
Water
consumption

Water consumption is based on quantities invoiced or metered by suppliers.
Water consumption comprises:Water purchased by Dexus from local water authorities and suppliers for assets for which
Dexus has operational control

Recycled water from onsite greywater and blackwater treatment systems
Water consumption excludes water use from onsite rainwater harvesting.

Total waste

Total waste is based on volume or weight quantities invoiced by waste contractors.
Total waste comprises:
Waste measured in weight that is sent to landfill by waste and cleaning contractors onbehalf of Dexus and our customers for office and retail assets for which Dexus has
operational control.

Recycling measured in weight that is diverted from landfill by waste and cleaning
contractors on behalf of Dexus and our customers for office and retail assets for which
Dexus has operational control.
Where waste and recycling data is based off volumes rather than actual weights, waste
contractors use a predetermined density factor to report to Dexus in weight. Waste
contractors may apply different density factors based on their historical analysis ofdifferent waste collection practices employed at Dexus facilities. For example, there may
be variations in bin size and average bin fullness across different facilities.
Total waste excludes waste to landfill and recycling for Industrial, Convenience Retail and
Healthcare assets where Dexus does not have operational control over waste collection. Where
Dexus has operational control over waste collection at Industrial Business Parks, Industrial,
Convenience Retail and Healthcare assets, total waste is reported.
Furthermore, waste data may be not available for all office and retail facilities. The site area of
those facilities that have been reported represents 100% of the total lettable area of retail and officefacilities within the reporting boundary.

Data confidence Where primary data such as utility invoices have not been received, estimates are applied using theand estimation following prioritised data methodology:
1.
30-minute interval electricity, natural gas and water metering data supplied by
MP/MDA Metering Dynamics
2.
Estimated data using an estimate that accounts for seasonal variances derived by:a.
Derived from an actual figure for the same period in the prior year,
adjusted for the length of the gapb.
Derived from an actual figure for the prior month, adjusted for the length of
the gapc.
Interpolation between two adjacent actual readings, adjusted for the lengthof the gap
3.
Estimated data using the monthly average for the previous 12-month period.

Parameters used in the preparation of the subject matter - Employees
Dexus applied the following parameters in calculating the reported workforce diversity statistics,
absenteeism and safety statistics described above:
Item

Description

Reporting period

1 July 2022 to 30 June 2023

Reporting boundary

Unless otherwise stated below, the reporting boundary comprises employees (‘Dexus
workforce’, ‘Dexus employees’) across facilities in Australia and New Zealand which falldexus.com

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Appendix A

under the operational control of members of the group of which Dexus Holdings Limited
is the controlling corporation.
The ‘Dexus workforce’ or ‘Dexus employees’ includes staff employed full-time, part-time,
on fixed term contracts and on a casual basis and excludes independent
consultants/service providers and temporary staff sourced via external agencies.
Number of workers

Number of workers - Is defined as the number of workers who were employed by
Dexus as recorded at 30 June 2023.
Headcount data for the purpose of these statistics represents the active Dexus workforce
and is based on the metric ‘Total Headcount (ongoing)’ as defined by the Australian
Public Service Commission (https://legacy.apsc.gov.au/appendix-common-workforcemetrics), as the number of ongoing employees directly employed by Dexus at the point intime described above.

Number of full-time
equivalent employees

Number of full-time equivalent employees (FTEs) - Is defined as the number ofworkers who were employed by Dexus as recorded at 30 June 2023.
FTE data for the purpose of these statistics represents the whole Dexus workforce, andis based on the metric ‘Total FTE’ as defined by the Australian Public Service
Commission (https://legacy.apsc.gov.au/appendix-common-workforce-metrics), as thenumber of full-time equivalent employees directly employed by the organisation at apoint in time where part-time employees are converted to full-time equivalent based on
the hours they work as a proportion of the hours for a full-time employee.

Number of hours worked

Number of hours worked in the period - Refers to the total scheduled number of hoursof all Dexus employees as recorded at 30 June 2023. Dexus offers employees flexible
work arrangements and staff are employed under individual contracts that stipulate 38
hours per week for each full-time employee. As Dexus does not track employee working
hours and staff do not engage in overtime or shift work, Dexus has defined the ‘numberof hours worked’ as 1824 hours per annum (equal to 240 days x 7.6 hours) per full-time
employee.

Percentage of female
employees

The percentage of female full time equivalent workers employed is calculated as follows:‫ ݏ݁݁ݕ݋݈݌݉݁ ݈݁ܽ݉݁ܨ‬ሺΨሻ ൌ݊‫ݏݎ݁݇ݎ݋ݓ ݐ݈݊݁ܽݒ݅ݑݍ݁ ݁݉݅ݐ ݈݈ݑ݂ ݈݂݁ܽ݉݁ ݂݋ ݎܾ݁݉ݑ‬‫ݏݎ݁݇ݎ݋ݓ ݐ݈݊݁ܽݒ݅ݑݍ݁ ݁݉݅ݐ ݈݈ݑ݂ ݂݋ ݎܾ݁݉ݑ݊ ݈ܽݐ݋ݐ‬Where:
Number of full-time equivalent workers – as defined above
Number of female full time equivalent workers – A subset of the number of full timeequivalent workers defined above who identify themselves as female
Percentage of females
in senior management‘Senior Management team’ includes executive management and senior management
positions within the Dexus workforce.
Where:
Executive management and senior management positions include Dexus employees
whose role is mapped to one of the following four occupational categories: ‘CEO/head of
business’, ‘KMP (key management personnel)’, ‘other executives/general managers’,and ‘senior managers’, as outlined within worker classification guidance Standardised
occupational categories of managers: February 2018 published by the AustralianGovernment’s Workplace Gender Equality Agency (WGEA). Refer to:https://www.wgea.gov.au/sites/default/files/standardised-categories-managers.pdf
The percentage of females in senior management is calculated as follows:‫ ݐ݊݁݉݁݃ܽ݊ܽ݉ ݎ݋݅݊݁ݏ ݊݅ ݏ݈݁ܽ݉݁ܨ‬ሺΨሻ ൌ݊‫ݏݎ݁݃ܽ݊ܽ݉ ݎ݋݅݊݁ݏ ݈݂݁ܽ݉݁ ݂݋ ݎܾ݁݉ݑ‬‫ݏݎ݁݃ܽ݊ܽ݉ ݎ݋݅݊݁ݏ ݂݋ ݎܾ݁݉ݑ݊ ݈ܽݐ݋ݐ‬Where:
Number of senior managers – A subset of the total number of workers with a ‘Senior
Management team’ corporate title as defined above
Number of female workers – A subset of the number of senior managers defined
above who identify themselves as female
Percentage of female
non-executive directors

The percentage of female non-executive directors is calculated as follows:‫ ݏݎ݋ݐܿ݁ݎ݅݀ ݁ݒ݅ݐݑܿ݁ݔ݁ ݊݋݊ ݈݁ܽ݉݁ܨ‬ሺΨሻ݊‫ݏݎ݋ݐܿ݁ݎ݅݀ ݁ݒ݅ݐݑܿ݁ݔ݁ ݊݋݊ ݈݂݁ܽ݉݁ ݂݋ ݎܾ݁݉ݑ‬ൌ‫ݏݎ݋ݐܿ݁ݎ݅݀ ݁ݒ݅ݐݑܿ݁ݔ݁ ݊݋݊ ݂݋ ݎܾ݁݉ݑ݊ ݈ܽݐ݋ݐ‬dexus.com

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Appendix A

Where:
Number of non-executive directors – The total number of non-executive directors of
Dexus Holdings Limited as recorded at 30 June 2023
Number of female non-executive directors – A subset of the number of non-executive
directors defined above who identify themselves as female
Absentee Rate

Absentee Rate (AR) – the number of sick leave and carers leave days per full timeequivalent workers employed is calculated as follows:‫ ܴܣ‬ൌ

݊‫ݏݕܽ݀ ݁ݒ݈ܽ݁ ݏݎ݁ݎܽܥ ݀݊ܽ ݇ܿ݅ܵ ݂݋ ݎܾ݁݉ݑ‬݊‫ݏ݁݁ݕ݋݈݌݉݁ ݐ݈݊݁ܽݒ݅ݑݍ݁ ݁݉݅ݐ ݈݈ݑ݂ ݂݋ ݎܾ݁݉ݑ‬Where:
Number of full-time equivalent employees – as defined above
Work health & safety
definitions

Work health and safety (WH&S) incidents account for all recorded incidents pertaining to
Dexus employees and includes contractors employed directly by Dexus. All reported
incidents in FY21 related to personal injury.
The system of rules applied in recording and reporting accident statistics include
Australian Standard 1885.1 1990, Workplace injury and disease recording standard aswell as definitions within disclosure 403-2 and 403-9 from GRI 403: Occupational Healthand Safety 2018, from the Global Reporting Initiative (GRI) Standards.
No lost-time injuries/diseases – Those occurrences which were not lost-time
injuries/diseases and for which first aid and/or medical treatment was administered
Lost-time injuries/diseases – A work-related injury or disease (including a permanent
disability or a fatality) that results in one or more days absent from work (not including
the day of injury) and is supported by a workers compensation certificate.
Occupational disease – A disease arising from the work situation or activity (such as
stress or regular exposure to harmful chemicals), or from a work-related injury
Fatalities – Fatalities that occur due to an injury or disease occurrence arising from thework situation or activity

Lost Time Injury
Frequency Rate (LTIFR)

Lost Time Injury Frequency Rate (LTIFR) - the number of occurrences of injury or
disease for each one million hours worked is calculated as follows:‫ ܴܨܫܶܮ‬ൌ݊‫ݏ݁݅ݎݑ݆݊݅ ݁݉݅ݐ ݐݏ݋݈ ݂݋ ݎܾ݁݉ݑ‬Ȁ݀݅‫ݏ݁ݏܽ݁ݏ‬ൈ ͳǡͲͲͲǡͲͲͲ݊‫݀݁݇ݎ݋ݓ ݏݎݑ݋݄ ݂݋ ݎܾ݁݉ݑ‬Where:
Number of lost time injuries/diseases – the number of lost-time injuries/diseases
recorded during the reporting period as defined above
Number of hours worked in the period – as defined above
Fatalities Rate

Fatalities Rate (FR) - the rate of fatalities due to work-related injury is calculated asfollows:‫ ܴܨ‬ൌ

݊‫ݏ݁݅ݐ݈݅ܽݐ݂ܽ ݂݋ ݎܾ݁݉ݑ‬ൈ ͳǡͲͲͲǡͲͲͲ݊‫݀݁݇ݎ݋ݓ ݏݎݑ݋݄ ݂݋ ݎܾ݁݉ݑ‬Site-based Contractors
Lost Time Injury
Frequency Rate

Site-Based Contractors Lost Time Injury Frequency Rate– calculated using the same
approach as for Lost Time Injury Frequency Rate and applied across site-based
contractors.
Using terminology within the GRI 403: Occupational Health and Safety 2018 reporting
standard, site-based contractors are characterised by Dexus having control of theworkplace, but not having control over the individual’s work.

Site-based Contractors
Fatalities Rate

Site-Based Contractors Fatalities Rate– calculated using the same approach as for
Fatalities Rate and applied across site-based contractors.
Using terminology within the GRI 403: Occupational Health and Safety 2018 reporting
standard, site-based contractors are characterised by Dexus having control of theworkplace, but not having control over the individual’s work.

13 August 2023

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