Corio is a public Company governed by Dutch law with a two-tier board. Corio is managed by a management board, which is supervised by a supervisory board. Both boards are responsible for proper Corporate governance within Corio and are accountable to the General meeting of Shareholders. The Management Board is responsible for setting the broad management parameters. It is responsible for setting the corporate strategy and policies, and for achieving the corporate objectives. The Management Board is accountable to the Supervisory Board, and both are in turn accountable to the General Meeting. The Management Board must consist of at least two members, who are appointed by the General Meeting following their non-binding nomination by the Supervisory Board. The role of the Supervisory Board is to oversee the Management Board’s functioning and general developments within the company and its associated business, and to support the Management Board by advising. The Supervisory Board is responsible for the quality of its own performance. It should consist of at least three members. The members of the Supervisory Board are (re-) appointed by the General Meeting. The Supervisory Board may make a non-binding nomination.
MANAGING CSR ON A DAILY BASIS
Translating strategy and policies into executable plans, CSR is integrated within the local business units and part of Group Management Board responsibilities. The Group company’s CSR department prepares the CSR strategy and CSR performance management before its is approved by the Management Board. The specific CSR targets are set by the Supervisory Board and Management Board after consultation with the business units and the CSR department at holding level. Monitoring the progress towards achieving these targets and the sharing of best practices is done by the CSR department at holding level. It furthermore coordinates the integration of CSR within the business operations throughout the entire organisation and ensures consistency in the CSR approach at business unit levels. The CSR department reports directly to the CDO and works closely with the COO, as execution asks for strong involvement from COO and operational lines. Each of our six business units has a CSR committee to initiate and handle sustainability issues relating to the development, redevelopment and management of our centres. These committees monitor the local CSR performance versus the strategy and targets and advice the management boards of their business unit on the implementation of the strategy into operational processes, activities and organizational structure within their business unit. They also advice on integrating CSR objectives into the profiles and responsibilities of employees. The committees are made up of Corio personnel from different fields of expertise: facility management, technical management, HR-management, centre management and marketing. They bring their own (local) knowledge of our centres and combine this with expertise from national and international sector organisations and experience garnered through partnerships with specialised companies.
Corio manages its operations through a holding company that is managed by the Management Board and which encompasses the following functions: Investor Relations, Corporate PR & Communications, Investment Strategy & Acquisitions, Treasury, Research & Concepts, Corporate Social Responsibility, TRC Disposal team, Finance & Control, Legal & Compliance, Information Management, Tax, Human Resources Management, Risk Management and Internal Audit. The operations are managed primarily by six business units (BU), which are country based, where we have running operations. A BU is structured according to local conditions and insights. Any BU is responsible for operational functions within their individual areas of activity. This concerns the primary processes, development, letting and centre management and support processes. The management of the BU monitors the effectiveness and efficiency of these processes. Corio is an organisation with a combination of centralised specialist functions and decentralised operational functions. This to allow management to respond quickly and appropriately to changing market circumstances, seize opportunities and identify risks at an early stage.
Please refer to CSR Risk Management for more specific CSR risks.
We create ‘Favourite Meeting Places’ where people feel so comfortable and inspired that they are drawn to these areas and consider them their own. In doing this we take responsibility for the local catchment area by continuously improving the standard of our activities from a social, environmental and economic perspective.
Corio’s quest for a high performance culture and achieving competitive excellence begins and ends with our strong commitment to lawful and ethical conduct in everything we do.
Corio does business across Europe, and that means that we are subject to the laws and regulations of different countries, and of supranational organizations such as the European Union.
We view compliance with all laws applicable to Corio’s business as being the minimum for our operating conduct and recognize that laws and regulations alone are not enough to make a society work. Therefore we add to these ethics and morals. It’s about doing the right thing, even when no one is looking. It is this higher standard that we are committed to achieve.
We refer to the Corio Code of Conduct and Code of Conduct for our Business partners.