Addressing Sustainability at Our Properties To ensure that our leadership drives sustainability and our properties consistently meet industry standards, we place a high priority on enhancing performance in key sustainability areas. Our Asset Manager revised the Sustainable Building Standards (SBS) in 2022 to consider developments in the sector and promote ongoing enhancements throughout our global portfolio. Our property management agreements incorporate the SBS, which mandates yearly progress reports to uphold sustainable practices. The SBS outline requirements and best practices for property teams, encouraging improvement in areas such as environmental and climate risks, water and waste management, nature and biodiversity, and social impacts. In addition to supporting certification requirements, enabling performance benchmarking, promoting leadership in our sustainable property commitments, and offering resources for Asset Managers and Property Managers, SBS assist us in meeting stakeholder expectations and industry standards. This strategy establishes a strong foundation for each property to support MUST's overarching sustainability objectives. At MUST, we ensure that both the Asset Manager and Property Manager teams comply with ESG standards. Meetings are held to align understanding and expectations between MUST, the Asset Managers and the Property Managers. Our Asset Manager organises sustainability training programmes and awareness initiatives for the Property Managers to enhance the implementation of our Real Estate Sustainability Framework. They also maintain a comprehensive property management playbook as a reference for expectations. Our property management agreements serve as a strategic framework for implementing sustainability initiatives. Our Asset Managers oversee the Property Managers, requiring compliance with our sustainability policies, timely updates aligned with the SBS, and monthly utility bill submissions where available. We also mandate annual sustainability reporting on ESG performance metrics to inform decisionmaking. Additionally, our Asset Managers maintain an annual scorecard to evaluate the Property Managers' adherence to agreements, including a qualitative assessment of their performance against our expectations. ANNUAL REPORT 2024 | 73
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