At INDUS, we are committed to building a sustainable future. We realize the impact we have on the communities we serve, and we are actively working to implement thoughtful, sustainable practices that span the realms of environmental stewardship, social responsibility, and good corporate governance. We also recognize that an ESG-focused strategy is not just good for our communities and our stakeholders, but it's also good for our business. 

We believe environmental stewardship enhances the durability of our portfolio by attracting high-quality tenants, creating competitive advantages, minimizing risk, and maximizing returns. As such, this year we’ve implemented a Sustainable Construction & Development Policy to formalize the practices which we’ve been building to all along, and also to set some new goals for all future development deliveries. In 2021, we also began onboarding an environmental data management system to track historical and ongoing water, energy and utility metrics and usage across our portfolio. Through the implementation of a more robust data monitoring system, we aim to establish Key Performance Indicators and better understand, manage, track, and reduce our environmental footprint.

We believe that we have the opportunity to enhance our financial and operational performance through socially responsible employee and supplier and vendor policies, community engagement, and by increasing our efforts related to diversity, equity and inclusion. As an equal opportunity employer, we promote a message of diversity and inclusion and reward our employees based on merit and their individual contributions. Additionally, we have increased our board diversity in terms of gender, ethnicity, age and experience in recent years. We comply with all applicable labor rights laws and seek opportunities to work with vendors and suppliers that do the same.

Thoughtful corporate governance and stakeholder engagement provides the foundation for INDUS’ success by building positive and long-term relationships with our constituents, including investors, partners, tenants, employees, and our local communities. Our directors stand for election every year, and our directors and employees both comply with a comprehensive Code of Business Conduct and Ethics (the “Code”) that encourages honesty, accountability, integrity and mutual respect. The Code also offers safe communication channels for handling ethical issues and concerns.

Our responsibility to our sustainability practices has led to recognition within our industry and the communities we serve. In 2022, we were named a 2022 Green Lease Leader at the Silver Level by the Institute for Market Transformation and Better Buildings. Silver recognition applauds the establishment of foundational policies and business practices that encourage reduced energy and water consumption in leased spaces. 

As we continue to build out our ESG programs and develop new policies and procedures, we look forward to sharing our ongoing progress with you. We are also committed to remaining engaged with all of our constituents – from stockholders, to tenants to employees – and welcome opportunities for feedback on our efforts.

Oversight of Our ESG Practices

building with lawn and sky

We have an Internal ESG Committee consisting of representatives from the following areas of the business: Investor Relations & Capital Markets, Construction & Development, Acquisitions, Property Management, Leasing, Finance, HR & Legal. Our Internal ESG Committee meets monthly and is directly responsible for (a) identifying, implementing and monitoring sustainable initiatives across our portfolio, (b) finding opportunities for both tenant and employee engagement and wellness, and (c) reviewing and recommending better governance practices, policies and programs to be implemented at INDUS.

We have also recently expanded our existing Board Charters for our Nominating and Corporate Governance Committee and our Compensation and Human Capital Committee to oversee a broader spectrum of social and governance related policies and metrics. As of November 2021, we have also added a Board Sustainability Committee to further promote and oversee our environmental efforts.

Stakeholder Engagement

Employees

We conducted our first employee engagement survey in 2021 to measure our company’s culture, our employees’ engagement and their overall satisfaction with their work, their work environment, their benefits package and their relationship with management.

We recognize that our employees have much to offer on ways that our culture and employee offerings could be improved. In response to this survey, we have implemented a formal, annual employee training program on a variety of topics including Diversity & Inclusion, Anti-Bribery & Anti-Corruption, Data Privacy & Information Security, among others. Additionally, we are actively redesigning our corporate office space in Bloomfield, CT to be a more sustainable and wellness-focused workspace, and to take into account many of the feedback elements we received from our team on department adjacencies, noise levels, preferred furniture choices, among others.

Additionally, in response to employee feedback, we have implemented:

  • a Charitable Giving Policy, which provides for corporate donation matching of employee gifts as well as eight hours of paid time per employee per year for volunteer activities
  • a Wellness Reimbursement Policy to encourage employees to partake in activities that positively impact their quality of life
  • an Education Reimbursement Policy to support employees in the pursuit of higher education and additional learning opportunities
For more information on our complete offering of Employee Benefits, please see our Employee Benefits Summary.

Tenants

At INDUS, our relationships with our tenants span buildings and markets, and we seek to create an environment that encourages long-term tenancy. INDUS regularly hosts tenant engagement events in the form of BBQs and tenant picnics, golf & bowling events, blood drives, and delivery of holiday cookies.

INDUS has also recently engaged with our tenants to express the importance of the sustainability of our buildings, and to ask for their participation in a data collection effort to better track water, gas and electricity usage across our portfolio. Upon collection of a minimum level of utility usage and efficiency data, we intend to evaluate opportunities for capital improvement projects to increase the efficiency of our buildings at similar or cost savings to our tenants.

Stockholders

We provide our investors with many opportunities and touchpoints to provide feedback on both ESG & other matters directly to our management team throughout the year via informal calls, formal events, one-on-one sessions and group meetings. Our management team attends investor conferences, non-deal roadshows and holds many individual investor meetings. We welcome feedback from our stockholders and look forward to the many opportunities we often have to connect with them throughout the year.

ESG Goals

UN SDG Goals INDUS Initiatives / Progress
#1 #1 – No Poverty No Poverty
Goals Be of Service to Our Communities INDUS Initiatives / Progress
  • Implemented Charitable Donation Matching Program
  • Instituted one additional PTO day per year for employees to use for volunteer efforts of their choice
  • Provide ongoing corporate support to local community organizations in regions where we do business
#3 #3 – Good Health & Well-Being Good Health & Well-Being
Goals Enhance Employee Well-Being INDUS Initiatives / Progress
  • Implemented wellness & fitness reimbursement policy for employees to participate in the wellness-oriented activities of their choice
  • Ongoing evaluation of employee benefit plan best practices
  • Undergoing wellness and sustainability-oriented renovations of Bloomfield, CT corporate office
#5 #5 – Gender Equality Gender Equality
Goals Improve Gender-Balanced Representation and Hiring Practices INDUS Initiatives / Progress
  • Achieve at least 50% women and/or self-identifying minorities in board representation over time
    • As of 12/31/2021, 22% of INDUS' board was female or a self-identifying minority
  • Achieve 50% women and self-identifying minorities in corporate office positions over time
    • As of 12/31/2021, 42% of INDUS' corporate office positions were held by females
#7 #7 – Affordable & Clean Energy Affordable & Clean Energy
Goals Install Electric Vehicle Charging Stations INDUS Initiatives / Progress
  • For each new development property beginning in 2022, install at least one Level 2 (208-240 Volt AC power) or higher electric vehicle charging station (with capacity for at least two vehicles to charge on site simultaneously)
#9 #9 – Industry, Innovation & Infrastructure Industry, Innovation & Infrastructure
Goals Prioritize Energy & Utility Conservation INDUS Initiatives / Progress
  • Implement program to provide incentives to tenants in existing buildings to upgrade to LED lighting
    • As of 12/31/2021, 50% of INDUS' industrial/logistics square footage was covered by LED lighting
    • As of 12/31/2021, 100% of INDUS' industrial/logistics square footage was covered by LED lighting or T5/T8 energy efficient lighting
    • All new developments will feature 100% LED lighting by default
  • To conserve water, all new developments will feature best management practices for irrigation and landscaping based on local climates and municipal regulations
#10 #10 – Reduced Inequalities Reduced Inequalities
Goals Promote Diversity Focused Hiring and Training Programs INDUS Initiatives / Progress
  • Develop and maintain hiring and management practices that promote racial equality
  • All open positions must interview diverse candidates
  • Achieve 100% employee participation annually in Diversity Training
#11 #11 – Sustainable Cities & Communities Sustainable Cities & Communities
Goals Create Community-Driven Amenities INDUS Initiatives / Progress
  • Continue investments in community amenities with new development projects such as: improved roads & infrastructure as part of the development process, access to public transit, addition of public green spaces