This document summarizes the key points from a presentation on the GRESB survey in the Nordics. The presentation covered how GRESB serves real estate companies, funds, and investors by providing sustainability monitoring, benchmarking, and communication. It was noted that participating in GRESB provides benefits like improved transparency, credibility, and ideas for improving sustainability performance. However, responding to the survey also requires significant time and resources. Overall, GRESB was seen as an important sustainability ranking scheme that can improve members' sustainability efforts through benchmarking and engaging with investors on ESG issues.

1. GRESB NORDICS SEMINAR, 13.4.2015
ANNE KAISER
GRESB – SURVEY IN THE NORDICS
“…To get to a point
where better
sustainability means
better business. Talking
about sustainability
only and not connecting
it to economic and
social data will not
enhance its
“GRESB – survey
visualizes connection
between
sustainability work
and progress to all
employees. It gives a
new, concrete
meaning to
sustainability work.”
“As an investor, I am
not an expert in this
field, but it would be
naive to assume that
GRESB is covering all
aspects or issues of
sustainability?!?”
“GRESB – survey
“status” will be
required not only by
investors, but also by
banks and
creditors…”
#GRESBHELSINKI

2. • GRESB – survey serves real estate companies, funds and investors.
• Sustainability monitoring, benchmarking, improvement and
communication.
• 42 basic questions (and 14 for new construction and major renovations).
• Management, disclosure, risks, performance indicators, building
certifications and stakeholder engagement.
• An overall score is allocated to each GRESB – survey participant with peer
group comparison.
• Participation to GRESB – survey is free of charge.
GLOBAL REAL ESTATE SUSTAINABILITY
BENCHMARK (GRESB)

3. • November 2014 – April 2015
• Interviews and Webropol on-line –surveys
• MSc in CSR and Ethical management (bfi Wien, Austria)
• Ramboll Finland Oy and Environmental School of Finland
THERE ARE NO STUPID QUESTIONS ?
Target group Responses Sample size Response rate
GRESB – pioneers 14 15 93 %
GRESB - potentials 17 70 24 %
GRESB – investors 7 33 21 %
Non-GRESB - investors 3 50 6 %
TOTAL 41 168 24 %
“Swedish real estate
company operating in
Nordic countries”
”Real estate company
or user/owner from
Finland operating in
Nordic and Baltic
countries.”
“Asset manager from
Canada or Netherlands”

4. • “Multiple sustainability reporting”?
• Benefits of GRESB – survey?
• Does GRESB help to improve sustainability performance?
• GRESB and sustainability in value chains?
• Challenges and hints for starters?
• Development of GRESB- survey?
• Awareness and interest towards GRESB – survey?
RESEARCH AIMS TO UNDERSTAND…

5. MULTIPLE REPORTING ?
Most used sustainability reporting and assessing
schemes are: GRESB, GRI, UNGC and CDP
GRI remains the most important reporting scheme
for GRESB – potentials.
Companies, funds and investors using GRESB rank
it the most important.

6. HOW MUCH TIME IS SPENT FOR REPORTING?
• Average time between 80 and 160 hours.
• GRESB- survey in 16 to 40 hours
• More than 160 hours.
Some companies and funds don’t / can’t estimate
the time dedicated for sustainability reporting.

7. BENEFITS GRESB – SURVEY OFFERS?
The most used sustainability reporting and assessing
schemes are: GRESB, GRI, UNGC and CDP
Top three benefits for GRESB investors:
1. Improved transparency on sustainability
2. Easier implementation of own
sustainability objectives
3. Improved skills and knowledge of
sustainability analysis
Top three benefits for GRESB pioneers:
1. Communication and branding benefits
2. Improved credibility of sustainability
reporting
3. New ideas and practices for improving
sustainability performance

8. DOES GRESB – SURVEY HELP TO IMPROVE
SUSTAINABILITY PERFORMANCE?
“As first indicators are
created and monitored.”
”New ideas from peer group and survey itself.”
”It shows our strenghts and weaknesses; focus areas.”
”It visualizes connection between sustainability work
and progress to all employees.”
”It pushes for structured management of sustainability
and shows where the industry is heading to.”
”Improved transparency and communication with our
investors.”
”It puts sustainability issues on the agenda of top
management.”
”Engaging with companies not participating
into GRESB – survey, with issues and ideas
from GRESB, we improve overall sustainability
performance of the portfolio.”
”New ideas we never before thought about.”

9. GRESB – SURVEY AND SUSTAINABILITY IN
VALUE CHAIN
“Inspired to identify focus areas regarding
stakeholders.”
“GRESB emphasises stakeholder
engagement.”
Most efficient means for integrating sustainability
into value chain:
1. Communication
2. Setting common sustainability objectives
3. Developing incentives “win-win”

10. • Division of energy consumption between property types in multi-
purpose properties = a lot of manual calculation and aggregation.
• Amount of data is challenging for small organizations or
organizations with large number of properties.
• Some questions difficult to understand and without common
clarification.
• Data collection and processing existing data into “GRESB” –
format.
• Survey is very rigid and given data must be very exact.
CHALLENGES WITH GRESB - SURVEY

11. • First time reporting is a starting point in a process of continuous
improvement, not as judgement of existing policies.
• Often there is no clarification for your questions, make your own
conclusions, explain them and be consistent.
• Reserve enough time. Get familiar with the guidance.
• Commit top management and all the parties needed for reporting
process.
• Share and publish your sustainability efforts; it makes it easier.
HINTS FOR STARTERS

12. • Better synergy with GRI G4 reporting would encourage more
companies to participate.
• Possibility to notice “non-relevant” questions without influence on
the overall score.
• To be more open with access to overall scores
 “introduction” tool for more companies to participate.
• Innovations should be simplified into “best practices”, obligatory
for all participants and shared for the good of whole industry.
• Summary of uploaded documents.
• Progress bar, “scoremeter” with estimate of the score to be
reached..
DEVELOPMENT IDEAS FOR GRESB - SURVEY

13. • It will become key sustainability standard and tool for sustainability
improvement.
• Growth by the number of users: investors, banks and creditors.
• Data analysis will develop => More unified questions and detailed
level of reporting.
• Building level certification importance may grow in the future.
• It will expand and become harder to “digest” for investors.
HOW IS GRESB- SURVEY GOING TO DEVELOP
IN COMING FIVE YEARS?

14. TOPICS FOR DISCUSSION
• Should GRESB emphasize more social responsibility issues?
• GRESB is not a reporting standard, it is ranking scheme?
• Transparency, IR communication principles ? Other stakeholders?
• If companies don’t disclose GRESB benchmark information should
GRESB become more open itself?
• Should GRESB develop services for other audiences and
stakeholders too?

15. SUMMARY
• GRESB - survey is considered very important sustainability
ranking scheme by respondents, backed up by GRI reporting.
• GRESB - survey is material and practical framework which
improves sustainability performance of companies, funds and
investor members.
• Benchmark data with peer organizations directs sustainability efforts, helps in
allocation of resources, brings sustainability on the top management agenda and
connects companies with investors on sustainability issues.
• GRESB – survey participation requires dedication, time,
resources and willingness to meet challenges.

16. GRESB - POTENTIALS
1. Benchmark information
missing from sustainability
reporting frameworks
2. Benchmarking with peers is
believed to improve
sustainability performance

17. GRESB - POTENTIALS

18. ANNE KAISER
+358 400 289 933
ANNE.KAISER@RAMBOLL.FI
THANK YOU!