2022 Sustainability Report: Empire State Realty Trust








Risk and Crisis Management A key part of our business and ESG decision-making process is to maintain an effective risk oversight process to enable the board to monitor, evaluate, and act with respect to identified risks. Our senior management team is responsible for the day-to- day management of enterprise risks, including management of the company’s ERM program. Management actively identifies, monitors, and implements mitigation strategies with respect to such risks. As part of the ERM program and committee oversight responsibilities under the committee charters, management provides regular updates to the board and relevant committees. Some examples of committee risk oversight responsibility as it relates to ESG are:

Compensation and Human Capital Committee Oversees human capital management risks, including DEI, health and safety, culture, pay equity, and talent attraction and retention

Audit Committee Oversees policies with respect to risk management, including cybersecurity risks, and ESG risks such as climate change, climate-related risk, and human capital

Further, the board has engaged an independent consultant to supplement management’s activities on enterprise risk assessment, which rotates through each area of our activities and reports on a quarterly basis to the Audit Committee. The consultant, with the input of management, provides a heat map of the risks to identify the urgency and potential impact. The board engages additional consultants as it deems necessary to investigate and prepare for new and emerging risks. For example, in 2022, the board engaged an independent consultant to conduct a cybersecurity tabletop exercise.

DEI Risk Management

To assist in the identification and mitigation of risk, we actively pursue a diverse and inclusive workforce to provide us with a knowledgeable and holistic approach to our work. We view DEI as core to our business strategy, not only from a workforce development perspective but also as an integral piece to our success as a corporation. We continue to strive toward improvement of diversity for senior management and our board in addition to our employee body through implementation of measurable and actionable goals and impactful strategies.


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