Centro defines "Corporate Social Responsibility" (“CSR”) as the continuing commitment by business to behave ethically and to contribute to economic development while at the same time having regard to the quality of life of its employees, their families, the local community and society at large. In seeking to maximise risk managed growth for investors, Centro aims to follow the principles of CSR.
Centro recognises its position in the community, with thousands of people conducting their everyday shopping in a Centro environment. An intrinsic commitment of support to CSR by the entire Centro team demonstrates the strong feelings and intentions to uphold these values for all stakeholders.
The view of professional investor groups is that continual and lasting financial success is based on managing risks properly and that includes taking a longer-term and comprehensive view of business operations, not just financial factors.
Centro has appointed a CSR Working Group comprising a broad mix of Centro employees to address the ways in which Centro can identify CSR initiatives and find appropriate solutions.
Centro’s efforts and achievements to date in the area of CSR are detailed below.
Community Support Through Charitable Donations
Centro continues to commit to Australian organizations that assist in improving educational opportunities, lifestyle and health through partnerships with The Smith Family, the Peter McCallum Cancer Research Hospital and the newest of the partnerships being the Surf Life Saving Foundation.
Centro first became involved with The Smith Family in 2005 and continues to contribute $150,000 per annum to the Learning for Life programme. The Smith Family is a non-denominational Australian charity focused on improving prospects for underprivileged Australian children and families. Their locations have an 80% overlap with Centro centre catchment areas, thereby providing opportunity for the Centro centres and staff to also become involved.
An ongoing relationship that spans many years continues with the Peter McCallum Cancer Research hospital. An annual donation of $150,000 in 2007 saw funds being put to use for various research causes within the hospital.
Centro was pleased to announce in June 2007 a new corporate partnership with the Surf Life Saving Foundation. Centro Properties Group have committed a significant amount of funding towards the SLSF over a three year period commencing June 2007.
The Surf Life Saving Foundation is the fundraising arm of the Surf Life Saving Association (SLSA).
SLSA is an Australian icon whose activities are well-known both here and overseas. Founded in October 1907, SLSA is today a national organisation with a network of 304 Surf Life Saving Clubs covering all the coastal states around Australia and with a membership of over 113,000 people (more than half of whom are under 25).
Centro’s contribution will support SLSF’s Surf Safety Education Program. This program aims to advance beach and water safety in the community through the provision of additional surf safety education resources and communication programs.
In addition to Centro’s corporate charitable partnerships our shopping centres are also involved in their respective local community charities providing a very strong network of support to various causes.
Environmental Sustainability Initiatives
Centro recognises its responsibility as a corporate citizen with regard to environmental sustainability and the need to balance the interests of securityholders from a purely “Return on Investment” point of view against its obligations to the community as a whole. This is particularly important in regard to the responsible use of energy and water.
In recognition of this, Centro has already taken numerous steps to address its energy and water consumption, including the following:
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Management is working with the Green Building Council in Australia to develop a green star rating tool for the design of shopping centres. This rating is a similar concept to that which has already been introduced for domestic buildings. It is likely that the rating, once developed, will be applied to all new shopping centres;
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Recycling initiatives are in place at all centres. This is particularly evident in food courts where rubbish bins are segregated for different types of rubbish to allow recycling. Similar initiatives are also in place at the Centro corporate office, with paper and cardboard recycling established; and
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At several of Centro’s major sites water management plans have been introduced. These plans address the present use of water, and target measures and savings in storage and recycling of water. In addition to being applied at the centre level, the measures introduced are largely directed at the tenancy level, particularly at tenants who are major users of water.
In South Australia, Centro Colonnades has established itself as a shopping centre which cares for the environment, its customers and the community who live and work nearby. An environmental action group was set up in 1995 and has implemented many operational best practices.
As a result Centro Colonnades has won the Property Council of Australia Environmental Excellence Award for 2003, 2005 and 2006. It was also a merit winner in the internationally acclaimed MAXI awards in 2005 for its environmental initiatives. Furthermore, Zero Waste SA, a State government body, are now producing a guideline booklet for shopping centre waste management in SA based on the Centro Colonnades model.
Centro’s Commitment to a Healthy Workplace
In addition to the standard regulatory Occupational Health & Safety and Equal Opportunity practices which are upheld throughout the organisation, Centro has also instigated other initiatives, including:
The Employee Assistance Program (“EAP”), a professional and confidential counselling service which Centro provides as a benefit for all employees (full time, part time and casual) and their immediate families.
Centro provides an annual health and fitness assessment for senior corporate and centre management staff. The assessment covers many aspects of health and fitness including diet, weight management, exercise, cardiovascular fitness, flexibility and cholesterol testing.