Goodman Sustainability Report 2023
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ASSETS UNDER MANAGEMENT
OFFICE LOCATIONS
PROPERTIES
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Development WIP
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Custom HTML Data Table – Corporate Governance
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Goodman Board Groups
Board Commitee
Risk and Compliance
Risk and Compliance
Risk and Compliance
Risk and Compliance
Group CEO
Management
Custom HTML Data Table – Corporate Governance
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UNSDGs
SUSTAINABLE PROPERTIES & PLACES
PEOPLE CULTURE & COMMUNITY
CORPORATE GOVERNANCE & PERFORMANCE
| Income Statement | 2019 $M |
2020 $M |
2021 $M |
2022 $M |
2023 $M |
| Gross property income | 114.6 | 115.9 | 112.4 | 138.0 | 122.8 |
| Management income | 469.7 | 511.2 | 383.9 | 511.4 | 438.9 |
| Development income | 1,134.3 | 882.6 | 1,492.0 | 1,441.6 | 1,407.2 |
| Net gain/(loss) on disposals of assets | 27.9 | 56.3 | 42.7 | 86.3 | 3.6 |
| Net gain from fair value adjustments on investment properties | 146.8 | 45.2 | 63.1 | 260.1 | 278.9 |
| Share of net results of equity accounted investments | 1,132.5 | 1,022.2 | 1,708.9 | 2,718.2 | 1,022.4 |
| Distributions from investments | – | – | – | 0.8 | - |
| Total income | 3,025.8 | 2,633.4 | 3,803.0 | 5,156.4 | 3,273.8 |
| Property expenses | (40.2) | (36.4) | (32.8) | (33.7) | (31.7) |
| Development expenses | (727.3) | (443.4) | (862.3) | (554.9) | (606.7) |
| Employee expenses | (191.9) | (203.7) | (210.8) | (258.9) | (271.6) |
| Share based payments expense | (196.6) | (164.0) | (268.8) | (257.6) | (286.0) |
| Administrative and other expenses | (75.8) | (88.6) | (83.2) | (90.4) | (100.9) |
| Total expenses | (1,231.8) | (936.1) | (1,457.9) | (1,195.5) | (1,296.9) |
| Profit before income tax | 1,794.0 | 1,697.3 | 2,345.1 | 3,960.9 | 1,976.9 |
| Net finance (expense)/income | (49.3) | (80.2) | 74.9 | (222.8) | (234.8) |
| Income tax expense | (116.8) | (113.0) | (108.1) | (324.1) | (182.2) |
| Profit attributable to Securityholders | 1,627.9 | 1,504.1 | 2,311.9 | 3,414.0 | 1,559.9 |
| Cash and receivables | 1,981.4 | 2,172.5 | 1,529.2 | 1,447.2 | 1,834.2 |
| Property assets | 2,966.1 | 3,081.4 | 3,279.0 | 4,148.0 | 4,399.9 |
| Equity accounted investments | 8,452.4 | 9,370.8 | 10,660.0 | 14,379.6 | 16,285.2 |
| Intangible assets | 840.0 | 845.8 | 822.6 | 795.4 | 850.1 |
| Other (including derivative financial instruments and contract assets) | 672.9 | 667.7 | 576.2 | 662.2 | 657.8 |
| Total assets | 14,912.8 | 16,138.2 | 16,867.0 | 21,432.4 | 24,027.2 |
| Payables, provisions and contract liabilities | 944.1 | 988.3 | 1,009.3 | 1,032.2 | 1,389.4 |
| Interest bearing liabilities | 2,975.0 | 2,938.5 | 2,060.3 | 2,832.2 | 3,292.9 |
| Other (including derivative financial instruments) | 471.2 | 690.8 | 635.9 | 1,143.2 | 1,320.1 |
| Total liabilities | 4,390.3 | 4,617.6 | 3,705.5 | 5,007.6 | 6,002.4 |
| Net assets attributable to Securityholders | 10,522.5 | 11,520.6 | 13,161.5 | 16,424.8 | 18,024.8 |
| Net tangible assets per security ($) | 5.34 | 5.84 | 6.68 | 8.37 | 9.12 |
| Gearing ratio (%) | 9.7 | 7.5 | 6.8 | 8.5 | 8.3 |
GRI
| Disclosure | Description | Location or direct response |
| 2-1 | Organisation details | Goodman Sustainability Report |
| How We're Structured - page 22 | ||
| Goodman Sustainability Report, Well Placed - page 17 Goodman Sustainability Report, How We're Structured - page 22 | ||
| 1-11 Hayes Road, Roseberry NSW 2018, Australia | ||
| 102-2 | Activities, brands, products, and services | What we do |
| 102-3 | Location of headquarters | 1-11 Hayes Road, Rosebery, NSW, 2018, Australia |
| 102-4 | Location of operations | Goodman sustainability report, strategic locations |
| 102-5 | Ownership and legal form | About us |
| 102-6 | Markets served | About us |
| 102-7 | Scale of the organisation | About us |
| 102-8 | Information of employees and other workers | Goodman sustainability report, Human capital |
| 102-9 | Supply chain | Modern slavery statement |
| 102-10 | Significant changes to the organisation and its supply chain | Annual Report - page 24 |
| 102-11 | Precautionary Principle or approach | Goodman’s risk management process includes evaluation using the precautionary principle. This means Goodman’s actions are based on potential ESG impact, instead of proven impact, as a precaution. |
| 102-12 | External initiatives | Goodman sustainability report, ESG affiliation and partnership - united nations sustainable development goals, SBTI, TCFD, GRESB, climate leaders coalition, sustainalytics, MSCI, GRI and ISO standards |
| 102-13 | External initiatives | Goodman sustainability report, ESG affiliation and partnership - various global relationships including property council of Australia, green building council of Australia, Australasian investor relations associations, GRESB, Anrev and Inrev plus various professional membership |
| 102-14 | Statement of senior decision maker | Goodman sustainability report, Chairman's letter |
| 102-14 | Statement of senior decision maker | Goodman sustainability report, CEO letter |
| 102-15 | Key impacts, risks and opportunities | Goodman sustainability report, CEO letter |
| 102-15 | Key impacts, risks and opportunities | Goodman sustainability report, sustainability approach |
| 102-15 | Key impacts, risks and opportunities | TCFD Statement – pages 4-8 |
| 102-16 | Values, principles, standards and norms of behaviour | Diversity and inclusion policy – page 1 |
| 102-16 | Values, principles, standards and norms of behaviour | Code of Conduct – page 3 |
| 102-16 | Values, principles, standards and norms of behaviour | Statement of Business ethics – page 2 |
| 102-16 | Values, principles, standards and norms of behaviour | Workplace bullying and harassment policy – page 3 |
| 102-16 | Values, principles, standards and norms of behaviour | Corporate Governance Statement – page 3, Principle 3 |
| 102-17 | Mechanisms for advice and concerns about ethics | Ethical concerns (whistleblower) policy |
| 102-17 | Mechanisms for advice and concerns about ethics | Corporate Governance Statement – page 3 Principle 3, page 3 Principle 4, page 3 Principle 7 |
| 102-18 | Governance structure | Goodman Sustainability Report, How we’re structured – page 22 |
| 102-18 | Governance structure | Corporate Governance Statement – page 2 Principle 1, page 3 Principle 2, page 3, Principle 3, page 3 Principle 4, page 3 Principle 7 |
| 102-20 | Executive-level responsibility for economic, environmental, and social topics | Corporate Governance Statement – page 4 |
| 102-21 | Consulting stakeholders on economic, environmental, and social topics | Corporate Governance Statement – page 3 Principle 6 |
| 102-22 | Composition of the highest governance body and its committees | Corporate Governance Statement – page 3 Principle 2, page 5 Board composition |
| 102-23 | Chair of the highest governance committee | Board of Directors |
| 102-23 | Chair of the highest governance committee | Board of Directors |
| 102-24 | Nominating and selecting the highest governance body | Corporate Governance Statement– page 2 Principle 1, page 3 Principle 2 |
| 102-25 | Conflicts of interest | Conflicts of interest – pages 2-3 |
| 102-25 | Conflicts of interest | Corporate Governance Statement – page 3 Principle 2, page 3 Principle 3 |
| 102-26 | Role of highest governance body in setting purpose, values, and strategy | Goodman sustainability report, The Boards and Committees |
| 102-26 | Role of highest governance body in setting purpose, values, and strategy | Board of Directors |
| 102-26 | Collective knowledge of highest governance body | Goodman Governance Statement – page 2 Principle 1 |
| 102-27 | Collective knowledge of highest governance body | Goodman sustainability report, The Boards of directors |
| 102-27 | Collective knowledge of highest governance body | Corporate Governance Statement – page 3 Principle 2, page 7 Board skills |
| 102-28 | Evaluating the highest governance body's performance | Corporate Governance Statement – page 2 Principle 1 |
| 102-29 | dentifying and managing, economic, environmental, and social impacts | Corporate Governance Statement – page 3 Principle 7 |
| 102-30 | Effectiveness of risk management processes | Corporate Governance Statement – page 3 Principle 7 |
| 102-31 | Review of economic, environmental, and social topics | Corporate Governance Statement – page 3 Principle 7 |
| 102-32 | Highest governance body's role in sustainability reporting | Corporate Governance Statement – page 3 Principle 3 |
| 102-32 | Highest governance body's role in sustainability reporting | Corporate Governance Statement – page 3 Principle 7 |
| 102-33 | Communicating critical concerns | Corporate Governance Statement– page 3 Principle 7 |
| 102-35 | Remuneration policies | Corporate Governance Statement – page 3 Principle 8 |
| 102-35 | Remuneration policies | Remuneration Committee Charter |
| 102-36 | Process for determining remuneration | Corporate Governance Statement– page 3 Principle 8 |
| 102-36 | Process for determining remuneration | Remuneration Committee Charter |
| 102-37 | Stakeholders' involvement in remuneration | Corporate Governance Statement – page 3 Principle 6 |
| 102-37 | Stakeholders' involvement in remuneration | Remuneration Committee Charter |
| 102-40 | List of stakeholder groups | Goodman sustainability report, our purpose |
| 102-40 | List of stakeholder groups | Goodman sustainability report, engaging our stakeholders |
| 102-41 | Collective bargaining agreements | Goodman is not opposed to collective bargaining although the relationship we have with our employees means we have no single global collective bargaining agreement. |
| 102-42 | Identifying and selecting stakeholders | Goodman sustainability report, engaging our stakeholders |
| 102-43 | Approach to stakeholder engagement | Goodman sustainability report, engaging our stakeholders |
| 102-44 | List of stakeholder groups | Goodman sustainability report, engaging our stakeholders |
| 102-45 | Entities included in the consolidated financial statements | Annual Report |
| 102-46 | Defining report content and topic Boundaries | This report has been prepared in accordance with the GRI standards core option. Our report includes FY22 performance highlights from across Goodman’s global operations. Goodman.com/Corporate governance |
| 102-47 | List of material topics | Goodman sustainability report, sustainability approach |
| 102-48 | Restatements of information | No restatements have been made |
| 102-49 | Changes in reporting | No changes. Reporting is aligned with GRI standards: Core option |
| 102-50 | Reporting period | Reporting period is for 12 months: 1 July 2021 – 30 June 2022 |
| 102-51 | Date of most recent report | December 2021 |
| 102-52 | Reporting cycle | Annual |
| 102-53 | Contact point for questions regarding the report | James Vesper |
| 102-54 | Claims of reporting in accordance with the GRI standard | This report has been prepared in accordance with the GRI Standards: Core option |
| 102-55 | GRI content index | This document represents the company’s content index |
| 102-56 | External assurance | This report has been prepared in accordance with the GRI Standards: Core option |
| GRI 201 Economic Performance | ||
| 201-1 | Direct economic value generated and distributed | Annual Report |
| 201-2 | Financial implications and other risks and opportunities due to climate change | TCFD Statement – pages 4-8 |
| GRI 205 Anti-corruption | ||
| 205-1 | Operations assessed for risks related to corruption | Anti-bribery and corruption policy – page 3 |
| 205-1 | Operations assessed for risks related to corruption | Ethical concerns policy – page 2 |
| 205-2 | Communication and training about anti-corruption policies and procedures | Code of Conduct – page 3 |
| 205-2 | Communication and training about anti-corruption policies and procedures | Anti-bribery and corruption policy – page 3 |
| 205-3 | Confirmed incidents of corruption and actions taken | There were no instances of corruption identified during this period |
| GRI 206 Anti-competitive behaviour | ||
| 206-1 | Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices | No current legal actions are recorded |
| GRI 304 Biodiversity | ||
| 304-4 | IUCN Red List species and national conservation list species with habitats in areas affected by operations | Ecologists are engaged to research, identify and report on threatened species, terrestrial or aquatic, on development sites |
| GRI 305 Emissions | ||
| 305-1 | Direct (Scope 1) GHG emissions | Goodman sustainability report, carbon inventory |
| GRI 306 Water | ||
| 306-3 | Significant spills | No significant spills were identified |
| 306-4 | Transport of hazardous waste | Goodman does not transport hazardous waste as part of day-to-day operations. If remediation is required, Goodman appoints principal contractors to complete works in accordance with applicable laws and regulations. Under its lease obligations, Moorabbin Airport, a subsidiary of Goodman Limited, manages legacy obligations relating to historical use PFAS at the airport. More information can be found at https://www.moorabbinairport.com.au/about-us/environment |
| GRI 307 Environmental Compliance | ||
| 307-1 | Non-compliance with environmental laws and regulations | No significant breaches of environmental laws |
| GRI 401 Employment | ||
| 401-1 | New employee hires and employee turnover | 6.4% voluntary turnover rate |
| 401-2 | Benefits provided to full-time employees that are not provided to temporary or part-time employees | Part-time employees receive the same benefits on a pro-rated basis or eligibility as full-time employees. Employees on a fixed term or casual basis do not participate in the Goodman long-term incentive plan. |
| 401-3 | Parental leave | Goodman sustainability report, esg metrics, goodman global workforce |
| GRI 403 Occupational Health and Safety | ||
| 403-1 | Occupational health and safety management system | Goodman sustainability report, systems for safety |
| 403-2 | Hazard identification, risk assessment, and incident investigation | Goodman sustainability report, systems for safety |
| 403-3 | Occupational health services | Goodman sustainability report, systems for safety |
| 403-4 | Worker participation, consultation, and communication on occupational health and safety | Goodman sustainability report, systems for safety |
| 403-5 | Worker training on occupational health and safety | Goodman sustainability report, systems for safety |
| 403-8 | Workers covered by an occupational health and safety management system | Goodman sustainability report, esg metrics, health safety |
| 403-9 | Work-related injuries | Goodman sustainability report, esg metrics, health safety |
| GRI 404 Training and Education | ||
| 404-2 | Programs for upgrading employee skills and transition assistance programs | Goodman sustainability report, Human capital management |
| 404-3 | Percentage of employees receiving regular performance and career development reviews | Goodman sustainability report, Human capital management |
| GRI 405 Diversity and Equal Opportunity | ||
| 405-1 | Diversity of governance bodies and employees | Goodman sustainability report, esg metrics, goodman global workforce |
| GRI 407 Freedom of Association and Collective Bargaining | ||
| 407-1 | Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk | Goodman does not prohibit or restrict freedom of association |
| GRI 413 Local Communities | ||
| 413-1 | Operations with local community engagement, impact assessments, and development programs | Goodman sustainability report, goodman foundation |
| 413-1 | Operations with local community engagement, impact assessments, and development programs | Goodman sustainability report, reconciliation action plan |
| GRI 418 Customer Privacy | ||
| 418-1 | Substantiated complaints concerning breaches of customer privacy and losses of customer data | There were no reported incidents |
Operational carbon inventory
| GHG scope | Emissions source | 2021 tCO2-e1 |
2022 tCO2-e |
2023 tCO2-e |
| Scope 1 | Fuels | 898 | 846 | 888 |
| Natural gas | 1,001 | 899 | 805 | |
| Refrigerants | 1,414 | 1,360 | 1,483 | |
| Scope 2 | Electricity (market-based) | 37,065 | 11,637 | 4,665 |
| Electricity (location-based) | 37,065 | 29,777 | 32,867 | |
| Scope 3 | Electricity | 4,032 | 2,251 | 3,053 |
| Fuels and natural gas | 317 | 319 | 403 | |
| Waste | 3,073 | 2,975 | 1,350 | |
| Business travel | 432 | 542 | 2,303 | |
| Employee commuting | 292 | 438 | 575 | |
| Other expenses2 | 4,432 | 4,139 | 8,231 | |
| Total (market-based) | 52,962 | 25,406 | 23,756 | |
| Total (location-based) | 52,962 | 43,546 | 51,958 |
1. Due to the availability of more current data, previous data has been updated, where applicable.
2. Water use, data servers, working from home, advertising, cleaning, telecommunications, and other expenses.
Science Based Targets 1
| GHG scope | Unit | 2021 | 2022 | 2023 | 2030 target |
| Scope 1+2 (location-based) | tCO2-e | 40,379 | 32,882 | 36,043 | 23,420 |
| Scope 1+2 (market-based) | tCO2-e | 40,379 | 14,742 | 7,841 | |
| Scope 3 | kgCO2-e/sqm leased assets | 39.9 | 37.8 | 36.4 | 20 |
| Scope 3 | kgCO2-e/sqm sold assets | 502.5 | 442.6 | 596.7 | 251 |
Science Based Targets 2
Energy
| Energy source | 2023 (MWh) |
Contribution |
| Gasoline/Petrol | 1,378 | 2% |
| Diesel | 1,893 | 3% |
| Natural gas | 4,340 | 7% |
| Electricity | 57,526 | 88% |
| Total | 65,137 | 100% |
Sustainability-linked bond
| GHG Scope | 2021 (tCO2-e) |
2022 (tCO2-e) |
2023 (tCO2-e) |
2030 target |
| Scope 1 | 3,314 | 3,105 | 3,176 | 23,420 |
| Scope 2 (location-based) | 37,065 | 29,777 | 32,867 | |
| Scope 2 (market-based) | 37,065 | 11,637 | 4,665 |
SASB energy management indicators
Table - Workforce
| Workforce | FY21 | FY22 | FY23 |
| Employees in Goodman controlled premises covered by the Goodman Safety System | 100% | 100% | Table Cell Data |
| Number and rate of employee workplace fatalities | 0 | 0 | Table Cell Data |
| Number and rate of lost time injury frequency | 0 | 0 | Table Cell Data |
| Total number of employee hours worked | c. 2 million | c. 2 million | Table Cell Data |
| Development projects – Principle Contractor Controlled Sites2 | |||
| Number of contractor fatalities | 4 contractors | 0 | Table Cell Data |
| Number and rate lost time injury frequency rate1 | 0.59 | 0.49 | Table Cell Data |
| Number and rate total recordable injury frequency rate1 | c.12.1 million | c.17.6 million | Table Cell Data |
| Total number of worker hours worked (Development Principle Contractors) | 0 | 2 | Table Cell Data |
1.Frequency rates are standardised to 200,000 hours.
2. Development data is taken from sites under the control of Principle Contractors