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Nov 27 2017

Westfield Corporation recognised for ESG initiatives & awarded for ESG performance by CDP

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Westfield Corporation (ASX:WFD) is pleased to report that its Environmental, Social and Governance (ESG) initiatives have been recognised in 2017 in a number of independent surveys.

Westfield creates and operates retail and entertainment destinations in the world’s leading markets. The Company was established in July 2014 following its demerger from the Australian and New Zealand operations of Westfield Group. Since its creation, Westfield Corporation has been committed to implementing ESG programs and to transparent reporting of its progress in this regard. 

In 2017 Westfield’s ESG efforts were assessed by GRESB, CDP, FTSE4Good and ACSI. 

GRESB, also known as the Global Real Estate Sustainability Benchmark, is an investor–driven organisation that assesses ESG performance of real estate portfolios globally. GRESB awarded Westfield a score of 76/100 (an improvement of 17 points on the Company’s prior year performance. Westfield outperformed its peer average score of 68 and the average GRESB participant score of 63. In addition, Westfield was awarded, for the first time, a “Green Star” rating, the highest designation of ESG performance by GRESB. 

CDP is an international, not-for-profit organisation providing a global system for companies to measure, disclose, and share environmental information. CDP gave Westfield a score of ‘A-’ for its ESG performance, a significant improvement on the Company’s prior year score of ‘C’ and ahead of many of its peers. Westfield received an award for “Most improved performance: Climate Change” at CDP’s Australia and New Zealand Awards this year.

FTSE4Good a tradable index, launched by The Financial Times Stock Exchange, designed to identify companies that demonstrate strong ESG practices, reviewed Westfield’s ESG performance during the year and confirmed that the Company continued to meet the Index inclusion criteria. Westfield remains a valued member of the FTSE4Good Index Series.

ACSI also known as the Australian Council of Superannuation Investors reviewed Westfield’s 2017 Sustainability Report and rated it as being at a “leading level” ahead of many of its peers.

Westfield’s ESG performance to date provides a solid foundation to continue to build its ESG efforts within the industry. For more information, Westfield’s latest Sustainability Report can be downloaded here: https://www.westfieldcorp.com/about/sustainability.