Integrity is the keystone to Redevco’s Governance, Risk & Compliance (GRC) framework. It sets the ‘how we work together’ principles of our company, as colleagues and with our stakeholders.
Aside from ‘Integrity’ there are four other pillars to our GRC framework, which gives a coherent and integrated structure to our day-to-day work through guidance, risk management and controls. Our company’s Board and management regard the GRC framework as essential to achieving Redevco’s objectives.
Under the supervision of Redevco’s Board, the GRC department is responsible for the design, construction and maintenance of the framework, the practical applications of which are detailed below.
Our GRC framework supports a corporate culture where behaviour and decision-making at all levels are aligned with Redevco’s Business Integrity Principles, which are based on our core values of ‘Integrity’, ‘Excellence’, ‘Balance’, and ‘Team Spirit’. The GRC framework outlines “the way we work” principles, demonstrating our commitment to conducting business in a manner that respects the interests of our stakeholders, fair competition and applicable law. In return, we expect the same commitment from all of our business partners.
Integrity heads the list in the materiality assessment conducted with internal and external stakeholders, as it has done for many years. Figure 2.4 presents the key elements of Redevco’s Business Integrity Principles.
Over the past few years, Redevco has changed from a rather decentralised property management company into an integrated investment management company that oversees a number of vehicles with specific strategies on behalf of multiple investor clients. To help promote a greater amount of commitment to maintaining Redevco’s high standards, we invite new employees to an onboarding programme featuring corporate values and business integrity. We organise annual workshops for all employees at which we discuss updates of the Business Integrity Principles and the dilemmas that they face when applying these principles in their day-to-day work. At the end of these workshops, we ask employees to confirm that they will observe the Business Integrity Principles.
Redevco’s Whistleblowing Policy encourages employees to seek advice and report concerns about potential incidents of bribery, fraud or other violations of our Business Integrity Principles. We discuss the Whistleblowing Policy during the annual integrity workshops to ensure that all employees know the reporting procedure in case of any concern. In 2017, we investigated two cases raised under the protocol. For one case adequate actions have been taken to mitigate any integrity risk. The other case related to a personal conflict of interest which was not serious enough to constitute an incident.
We require all Redevco employees to adopt our way of working. In 2017, 100% of employees signed a commitment to observe the Business Integrity Principles (99.5% in 2016) and 80% participated in the annual integrity workshops (81% in 2016). Redevco’s managers play an essential role in setting the right example through their behaviour and communication. We will continue to search for new ways to keep this culture relevant to existing employees, introduce and transfer our company values to new employees and to measure compliance.