Case
Reaching Alignment with the Minimum Safeguards
Social Sustainability
Reaching Alignment with the Minimum Safeguards
At Genesta, we recognize that human rights and labour rights are integral components of sustainable and responsible business practice. The year 2023 marks a significant stride in our journey as we deepened our understanding of these critical aspects and took concrete steps to implement measure to mitigate our impact.
Due to our dedicated ESG efforts and continuous work to reach EU Taxonomy alignment, we are proud to announce that in the year 2023, we achieved alignment with the Minimum Safeguards. The Minimum Safeguards are integral to the EU Taxonomy, defining the foundational procedures that organizations must establish to ensure respect for human rights. They are grounded in the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct and the United Nations Guiding Principles on Business and Human Rights (UNGPs), ensuring that a company not only supports environmental goals, but also adheres to international standards and guidelines on human rights and labour rights.
Minimum Safeguards Gap Assessment
Our commitment towards more strategic engagement with social sustainability began with a thorough gap assessment of our processes against the Minimum Safeguards in 2022, aiming to evaluate our adherence to Responsible Business Conduct principles. It served as a foundational step for our focused initiatives throughout 2023.
Leveraging our existing commitment to sustainability, we identified three primary areas of improvement all further outlined in this article: 1. Human Rights Impact Assessment, 2. Policy Updates and Internal Training, and 3. Grievance Mechanism. Throughout the year, we dedicated our efforts towards addressing these areas, effectively closing the gaps found in the Minimum Safeguards assessment.
Leveraging our existing commitment to sustainability, we identified three primary areas of improvement all further outlined in this article: 1. Human Rights Impact Assessment, 2. Policy Updates and Internal Training, and 3. Grievance Mechanism. Throughout the year, we dedicated our efforts towards addressing these areas, effectively closing the gaps found in the Minimum Safeguards assessment.
Human Rights Impact Assessment
Genesta has conducted a comprehensive Group-wide Human Rights Impact Assessment (HRIA), in strict adherence to the specifications of the UNGPs and the OECD Guidelines. The assessment revealed potentially salient human rights issues within Genesta’s value chain, particularly concerning construction workers and end-users/tenants.
The outcome of the assessment has led to the integration of the ESG Screening Tool for new investments in Genesta’s due diligence process as well as further development of the human rights due diligence process to mitigate all identified impacts. To follow up on the assessment and Genesta’s impacts, the Risk Manager will review the HRIA annually and update as required.
The outcome of the assessment has led to the integration of the ESG Screening Tool for new investments in Genesta’s due diligence process as well as further development of the human rights due diligence process to mitigate all identified impacts. To follow up on the assessment and Genesta’s impacts, the Risk Manager will review the HRIA annually and update as required.
Policy Updates and Internal Training
In our efforts to align with the Minimum Safeguards, we revisited existing policies, adopted a new Responsible Business Conduct Policy and embedded updated processes into ESG structures across Genesta. By having clear policies, Genesta provides guidance for its employees, business relationships and other relevant stakeholders about what is expected and acceptable. Additionally, in the fall of 2023, we hosted a town hall session dedicated to enhancing awareness of the Minimum Safeguards among all employees. We plan to further scale up training on the topic of human rights throughout 2024.
Grievance Mechanism
A significant step towards fostering transparency and accountability within the company was taken in 2023 when Genesta introduced a new online whistleblowing system. The platform – the Integrity Line - is designed to empower the reporting of issues related to responsible business conduct, ethical dilemmas, misconduct, or any other grievances by all internal and external stakeholders.
This new platform ensures that all concerned stakeholders including employees, business partners or tenants, can report concerns securely, without fear of retaliation.
This new platform ensures that all concerned stakeholders including employees, business partners or tenants, can report concerns securely, without fear of retaliation.
It offers a straightforward and confidential channel for individuals to voice concerns and can be easily access directly via the Genesta website. The platform guides users through a user-friendly reporting process, allowing for anonymity while enabling the provision of detailed information about the reported issues.
To further enhance accessibility and promote transparency, QR-codes linking directly to the platform have been displayed at all construction sites. These signs are available in multiple languages, specifically chosen to accommodate the diverse linguistic backgrounds of workers on the site, ensuring that all stakeholders have immediate and inclusive access to the grievance mechanism.
To further enhance accessibility and promote transparency, QR-codes linking directly to the platform have been displayed at all construction sites. These signs are available in multiple languages, specifically chosen to accommodate the diverse linguistic backgrounds of workers on the site, ensuring that all stakeholders have immediate and inclusive access to the grievance mechanism.
Looking Ahead
In 2023, Genesta laid a solid foundation in social sustainability and responsible business conduct, establishing essential processes that reflect our dedication to these critical areas. Recognizing that human rights due diligence (HRDD) is an ongoing journey—requiring constant vigilance, repetition, and enhancement—we reaffirm our commitment to continual improvement and rigorous engagement in these practices.
Our strategy encompasses a comprehensive approach: integrating HRDD processes across the organization, fostering robust partnerships on human rights with our business partners, actively identifying and addressing negative impacts, providing targeted training for key stakeholders, and undertaking initiatives such as supplier satisfaction surveys. This commitment signifies not an endpoint but a stepping stone to further advancements in our responsible business conduct efforts. Especially pivotal is the incorporation of stakeholder feedback, which serves as a cornerstone for refining and advancing our processes.
Our journey is dynamic, and we commit to evolving continuously, ensuring a positive impact on both our organization and the broader community.
Our strategy encompasses a comprehensive approach: integrating HRDD processes across the organization, fostering robust partnerships on human rights with our business partners, actively identifying and addressing negative impacts, providing targeted training for key stakeholders, and undertaking initiatives such as supplier satisfaction surveys. This commitment signifies not an endpoint but a stepping stone to further advancements in our responsible business conduct efforts. Especially pivotal is the incorporation of stakeholder feedback, which serves as a cornerstone for refining and advancing our processes.
Our journey is dynamic, and we commit to evolving continuously, ensuring a positive impact on both our organization and the broader community.
Read more about our EU Taxonomy alignment here.
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