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POLICIES AND TRANSPARENT REPORTING
INTRODUCTION
SUSTAINABILITY OBJECTIVES AND STRATEGY
ENVIRONMENTAL
SOCIAL
APPENDICES
ESRT manages our business and our sustainability commitments responsibly with a focus on transparency, accountability, and ethical policies and practices that apply to our entire organization and across our supply chain. Board and Management Oversight
As sustainability is a critical part of our business strategy, our board has responsibility for oversight. Our board recognizes the significance, attention, and focus that our sustainability strategy requires, and has delegated specific responsibilities to each of its committees as specified in the committee charters.
GOVERNING BODY SUSTAINABILITY-RELATED RESPONSIBILITIES
2023 SUSTAINABILITY-RELATED DISCUSSIONS
Board
While the Nominating and Corporate Governance Committee makes recommendations with respect to sustainability matters, the board has ultimate decision-making authority. Sustainability matters that arise from other committees are also referred to the full board as appropriate. As part of its oversight of the company’s enterprise risk management (ERM) program, the committee reviews and discusses the company’s risks and mitigants related to sustainability, including environmental risks such as climate-related risks and human and labor rights risks. The committee is responsible for overseeing the company’s strategies and policies related to human capital management, including matters such as DEI, workplace environment and culture, pay equity, and talent attraction and retention. The committee considers sustainability opportunities and strategy in reviewing and analyzing significant transactions and financings.
Matters referred by committees per discussions noted below. Our entire board is on the Nominating and Corporate Governance Committee and receives the presentation noted below from our SVP, Director of Energy, Sustainability, and ESG and Chief People Officer on topics such as certifications and ratings, employee engagement, community outreach, and the sustainability report. Regular discussions regarding sustainability risks with an internal audit consultant, such as review of risk and mitigation strategies to address emissions disclosure and reporting, cybersecurity, LL97, and physical and transitional climate-related risks. Regular discussions regarding compensation and benefits. Regular discussions on human capital management, talent attraction and retention in joint session with Nominating and Corporate Governance Committee. Regular discussions regarding review of economic implications of environmental risk, such as physical and transitional climate-related risk and the opportunities for enhancements to energy efficiency and IEQ within the existing portfolio and acquisition targets. Presentations by SVP, Director of Energy, Sustainability, and ESG and Chief People Officer on topics such as progress against goals, investments, 2.0 innovation, technological advancement, certifications and ratings, employee engagement, community outreach, and the sustainability report.
Audit Committee
Compensation and Human Capital Committee
Finance Committee
Nominating and Corporate Governance Committee
The committee is responsible for considering social responsibility and sustainability matters and making recommendations to the board regarding such matters.
Our integrated, comprehensive, all department approach to sustainability is supported by the employee-led Sustainability Committee, directed by our SVP, Director of Energy, Sustainability, and ESG and executed by the property management, leasing, and HR teams across our portfolio. The Sustainability Committee meets quarterly, and the standing members include our Chairman and CEO, President, EVP, Real Estate, CFO and CAO, Director of Leasing, SVP of Property Management, SVP of Design & Construction, and leaders of the legal, marketing, accounting, and investor relations teams. The committee’s agenda has evolved over time to reflect our company’s proactive leadership and commitment to results. To ensure direct accountability and a continued sustainability focus, we have adopted sustainability metrics as part of executive management compensation, both as part of annual bonus and performance-based equity awards.
EMPIRE STATE REALTY TRUST: 2023 SUSTAINABILITY REPORT
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