DIMAND A.E.

1. Strategic, Analysis & Action

ADMINISTRATIVE PRACTICES

According to our Corporate Policy, we are committed to work with passion, endurance and talent as a real estate development & services provider in order to offer our clients valuable properties, with respect to people, environment and society. We are one of Greece’s leading companies in our sector and we want to be innovative in every aspect of our business, delivering successful and sustainable developments, today and in the future.

Our approach to Sustainability

We make a point of maintaining and enhancing our positive footprint on the planet and the wider community through our involvement across the whole lifecycle of real estate development. To do so, we take a multifaceted approach to sustainable growth and ESG issues by identifying and minimizing our impact and capitalizing on opportunities to create value.

Our approach is based upon the following pillars:

ENVIRONMENTAL PROTECTION

We continuously monitor our performance across a broad range of environmental issues and design measures to reduce potential negative externalities resulting from our operations and our projects. Categories of particular importance for us include greenhouse gas emissions, energy and water management, circularity, preservation of natural resources, and biodiversity. We apply sound environmental practices and closely examine industry developments. We develop green, high quality and sustainable buildings that contribute to energy and water savings while being resilient and adaptive to potential threats arising from climate change.

SOCIAL RESPONSIBILITY

We take all necessary actions to safeguard the health, safety and wellbeing of our direct and indirect employees. Additionally, we seek to modernize our employment practices and focus on recruiting and retaining the best talent. We have built a diverse and inclusive environment, where our people can thrive. We establish strong relationships and open communication channels with our tenants to enable the exchange of ideas, interests and concerns that could benefit both parties. We contribute with financial assistance but also physical help in various charity organizations and projects. We create a localized positive multiplier effect with increased economic opportunities and significantly contribute to the elevation of the quality of the built environment through the revitalization of neighborhoods and communities.

SOUND GOVERNANCE

We uphold the highest standards of business ethics as we realize the moral responsibility we have towards our employees, partners, customers and society. We base our actions on transparency and we act with integrity and accountability. We have adopted law 4706/2020 that applies to listed companies, despite the fact that we are a private company.

Our alignment with the Sustainable Development Goals

The 17 Sustainable Development Goals (SDGs) act as a ‘common language’ for identifying and solving the most urgent environmental, social, economic and political challenges facing society today. Set by the United Nations General Assembly in 2015, the SDGs have been adopted by 193 countries, with an aspiration to be achieved by 2030. In essence, the SDGs provide a blueprint for action to achieve a better and more inclusive future for all. Businesses have an active role to play for the attainment of the SDGs. At Dimand, operating within the real estate sector, we can offer tangible solutions to support these objectives and as such, our ambition is to progressively integrate the SDGs into our strategy, business activities and decision-making processes.

The table below presents the SDGs closely linked with our operations and the overarching approach we take to align with these.

 
Other Initiatives

• Leadership in Energy and Environmental Design
• Building Research Establishment Environmental Assessment Method
• Parksmart: Advancing sustainable parking structures

As well as the following standards and frameworks:

• Global Reporting Initiative (GRI) Standards
• Sustainability Accounting Standards Board (SASB) for Real Estate Owners, Developers and Investment Trusts
• Athens Stock Exchange (ATHEX) ESG Reporting Guide 2022
• Global Real Estate Sustainability Benchmark (GRESB) Reference Guide

 Dimand has published its first ESG Report DIMAND-ESG-Report-2021_EN.pdf, addressed to the public, to our valued shareholders and employees, as well as to all communities in which we operate.

Risk assessment

We take a holistic approach towards the identification, assessment and minimization of risks pertaining to our business and spanning across the entire ESG spectrum including economic, health and safety, social, environmental, and governance-related issues. The risk assessment exercise, conducted on an annual basis, is designed to assist us in identifying the most significant risks and their potential impacts on our company. In this way, we will be well-prepared to respond to threats to our business operation.

The accelerating physical consequences of a changing climate are becoming more apparent as communities around the world face increasing occurrences of storms, floods, extreme heat, and other risks. At the same time, changes in the economy, regulations, consumer behavior, technology, and other human responses to climate change translate into transition risks. Collectively, these aspects require real estate developers to fully integrate climate-related considerations into their business activities.

At Dimand, we place strong emphasis on the development of sustainable buildings as a means of enhancing climate change adaptation and effectively responding to the abovementioned risks.

Moreover, our Risks and Opportunities Manual provides directions on the risk assessments we conduct on environmental and social issues, enabling us to design appropriate measures for their mitigation. The Manual presents our management approach towards a wide range of sustainable development topics including but not limited to the use of natural resources, waste management, health and safety, and employee wellbeing.

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2. Materiality

ADMINISTRATIVE PRACTICES

A fundamental step towards understanding and prioritizing the most important ESG issues for Dimand involves conducting a materiality analysis, which in our case was based upon three phases:

1. IDENTIFICATION OF ISSUES
   
   We referred to leading sustainability standards, frameworks and initiatives to establish the thematic areas for our industry. We also consulted the wider industry landscape to identify the ESG issues that our peers consider material. The sources we examined include the following:
   • Global Reporting Initiative (GRI) Standards
   • Sustainability Accounting Standards Board (SASB) Standards for real estate owners, developers and investment trusts
   • United Nations Sustainable Development Goals (UN SDGs)
   • Global Real Estate Sustainability Benchmark (GRESB) reference guide
   • The material ESG issues of peer companies in the wider real estate sector.

We developed a pool of potential material issues for Dimand, which was then prioritized to encompass the issues that were identified as most prominent within the abovementioned sources. Our final list included 18 material issues: 8 environmental, 7 social and 3 governance-related.

1. STAKEHOLDER SURVEY AND CLASSIFICATION OF ISSUES
   
   We handed out online surveys to internal and external stakeholders and requested their input. Participants were asked to assess the significance of the 18 issues on a scale from 1 (not important) to 5 (of fundamental importance). The classification enabled us to derive the relative importance of the ESG issues included in the questionnaire.
   
   
   
2. VALIDATION OF RESULTS AND ELICITATION OF THE MATERIALITY MATRIX
   
   We examined the responses of our stakeholders and produced our materiality matrix. We then classified the issues into three tiers:

• • Material: Issues scoring the highest in both the internal and external stakeholder surveys and thus forming the core content of this report. Monitoring of Key Performance Indicators (KPIs) as well as our commitments and targets will primarily focus on these issues.
  • Important: Issues considered essential for our ESG approach which we will thus continue to monitor and design actions to improve our performance.
  • Relevant: Issues viewed as relevant to our business and should be considered in our approach and overall strategy.

The results of the materiality analysis are presented in the graph below. In summary, we had:

• MATERIAL ISSUES: 6 Environmental, 3 Social, 3 Governance-related
• IMPORTANT ISSUES: 2 Environmental, 3 Social
• RELEVANT ISSUE: 1 Social

0The following table has a threefold purpose:

1. to present our material issues based on a descending order of significance,
2. to categorize them into the ESG pillars that they belong, and
3. to draw the links between them and the UN SDGs

 
We address the above issues by:

• continuously monitoring our performance across a broad range of environmental issues and designing measures to reduce potential negative externalities resulting from our operations and our projects.
• applying sound environmental practices and closely examining industry developments.
• developing green, high quality and sustainable buildings that contribute to energy and water savings while being resilient and adaptive to potential threats arising from climate change.
• taking all necessary actions to safeguard the health, safety and wellbeing of our direct and indirect employees.
• seeking to modernize our employment practices and focus on recruiting and retaining the best talent.
• building a diverse and inclusive environment, where our people can thrive.
• establishing strong relationships and open communication channels with our tenants to enable the exchange of ideas, interests and concerns that could benefit both parties.
• contributing with financial assistance but also physical help in various charity organizations and projects.
• creating a localized positive multiplier effect with increased economic opportunities and significantly contribute to the elevation of the quality of the built environment through the revitalization of neighborhoods and communities.
• upholding the highest standards of business ethics as we realize the moral responsibility we have towards our employees, partners, customers and society.
• basing our actions on transparency and acting with integrity and accountability.

Future potential

We have recorded €2.6 billion in our projects’ Gross Development Value (GDV) throughout our history. In terms of future opportunities, the GDV of our active projects accounts for €497 million, with a breakdown in terms of project type and expected completion year shown in the figures below:

Being a corporate citizen that operates in multiple communities, we view stakeholder input as an essential component of our decision-making processes. Frequent and structured communication elicits important information regarding stakeholder expectations. This, in turn, shifts our sustainability approach towards their needs and drives our decision-making and goal setting. To identify and manage key sustainable development challenges, we engage with the following stakeholder groups:

• Tenants / customers
• Contractors, suppliers and business partners
• Business consultants, technical consultants and designers
• Shareholders and investors
• Rating agencies, banks and financial institutions
• Governmental and regulatory authorities
• Local communities including media, academic institutions and NGOs

The most significant “Sustainability Challenges” in the real estate market, that we identified, are the following:

• Climate Change
• Energy and Water Security
• Waste and Pollution
• Resource Scarcity
• Health and wellbeing
• Biodiversity and Ecosystem Loss
• Regulatory requirements at the EU and national levels

Our aim is to create the cities we want to live in and thereby strive to create long-lasting and shared value for our local communities while maintaining environmentally responsible practices. An integral part of our business activities includes the revitalization of neighborhoods that deliver both environmental benefits in the form of enhanced air quality and climate change adaptation as well as social benefits such as the boost of local economic activity and the promotion of employment opportunities.

See also: DIMAND-ESG-Report-2021_EN.pdf, p. 29-31.

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3. Objectives

ADMINISTRATIVE PRACTICES

For the past 20 years, we have been developing projects that align with our purpose. We have fused our passion for real estate development with our commitment to sustainability.

The Company's goal is the continuous and healthy expansion of its business in the real estate development sector, while adhering to fundamental principles such as business excellence, high quality and innovation. The Group focuses on the development of modern urban or commercial buildings and hotel units in tourist areas, with emphasis on meeting modern design and energy efficiency standards.

Overall, our objective is to be a leader in the development of sustainable buildings, that are well-positioned to address future socioeconomic and environmental challenges. Aiming to make a positive impact, we seek to certify the projects we develop against the internationally recognised LEED (Leadership in Energy and Environmental Design) green building standard.

The table below presents the SDGs closely linked with our operations and our approach to align with these.

Progress against targets is reviewed during the year and adjustments are made where necessary. The CEO and Chairman of the BoD along with our BoD set the tone for the whole company by (i) setting the goals, objectives and indicators for measuring our performance, (ii) charting the strategies required to help us meet our objectives, (iii) deciding on actions to continuously improve the company’s effectiveness, and (iv) evaluating our progress.

See also: DIMAND-ESG-Report-2021_EN.pdf, p. 6, 27.

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4. Management of Value Chain

ADMINISTRATIVE PRACTICES

Dimand S.A. is a specialized real estate developer, offering highly integrated services across the full property lifecycle. The company covers a wide range of functions both as proprietary and fee developer, operating as project, construction & facilities manager, but also as a technical advisor in a multitude of sectors. A proven track record of modern and sustainable buildings in Greece is developed and delivered with innovation and high-quality criteria since 2005. DIMAND specializes in the implementation of highly demanding projects with efficiency and reliability, creating the cities we want to live in.

• >15 Years of presence in the real estate sector
• 106 Employees
• 20 Completed projects
• 40 Projects in our company portfolio
• 15 Active projects
• 5 New and upcoming projects
• 13 Green certified buildings
• 18 Buildings registered for green certification
• 800 k sqm Extent

OUR BUSINESS ACTIVITIES

• Direct property development
• Fee development services
• Project & construction management
• Retail expansion services
• Technical advisory
• Facility management
• Green advisory

In addition, we provide guidance on the application of sustainable strategies for existing buildings and new properties. Our sustainability-related credentials speak best for the quality of our work: indicatively, we were the first company that developed a LEED certified building in Greece.

Partners

We maintain strong partnerships that enable us to build our expertise and increase our reach, thereby establishing Dimand as a leader within the Greek real estate market. At the same time, we strive to create synergies to elevate the quality of the work we deliver.

Clients

We have a long and diverse list of clients, who trust our experience and know-how in developing high-quality properties that fulfil their needs and exceed their expectations.

Employees

Our people are the driving force behind Dimand’s success and business growth, as well as the embodiment of our values and principles. We take a people-centric approach and devote our efforts to address their needs and interests, focusing on three key directions: the protection of health and safety, the creation of a modern work environment, and the safeguarding of human rights.

Also, a Certified Sustainability (ESG) Practitioner Program provided by the Center for Sustainability and Excellence (CSE) provide all the practical tools and resources to our employees, that are required to implement or upscale corporate sustainability, improve ESG ratings and create successful ESG and sustainability strategies.

Supply chain

On a daily basis, we collaborate with a wide range of business partners throughout our supply chain. Dimand’s operations give rise to environmental impacts via the procurement of materials and social impacts through the creation of employment. Therefore, it is our intention to be at the forefront of sustainable development by addressing topics such as natural resource conservation, product safety and quality, health and safety, human rights, and labor standards.

Our aim is to work with organisations that share our values and can demonstrate their commitments through the whole lifecycle of a project. We source materials from suppliers and manufacturers, who can corroborate, that they are working to minimize any negative social, environmental and economic impacts associated with materials extraction, processing, transport, use and disposal.

The use of a significant volume of materials is intrinsically interlinked with our business activities and gives rise to certain unwanted effects, that we seek to minimize. We focus on the safety, quality, and sustainability of supplied materials, and we have a detailed instruction manual in place, that provides guidelines on how to identify, select and evaluate suppliers and sub-contractors. We particularly focus on using environmentally friendly materials and collaborating with responsible partners by setting relevant criteria to directly sourced materials and requirements to our suppliers.

Communication

We view stakeholder input as an essential component of our decision-making processes. Frequent and structured communication elicits important information regarding stakeholder expectations. This, in turn, shifts our sustainability approach towards their needs and drives our decision-making and goal-setting towards ESG issues.

Business model

We are implementing a flexible and successful business model, in order to create value for our company and its stakeholders.

The process undertaken involves:

• BUY -Clear investment criteria:

Sourcing plots or assets - Urban planning control - Bankability check - Legal and Technical Due Diligence - Sale negotiations and agreement

• PLAN -Licensing and commercial use preparation:

Master plan and concept design - Detailed business plan - Secure long-term financing on project level

• DEVELOP -Duration of 24-48 months:

Building permit - Commercial negotiations with potential buyers of the end product - Construction agreement in place

• LEASE -Optimization of product offering:

Securing lease agreements with prime tenants - Maximizing intrinsic product value by offering income-producing completed assets

• EXIT -Divestment to unlock added value:

Maximizing project development SPV value - Selling development SPV shares

Our Code of Business Conduct and Ethics contains the company’s fundamental principles and values, forming a framework for our daily conduct and promoting honesty, transparency, integrity and impartiality. The Code applies to all Dimand’s employees, members of the BoD, subcontractors, suppliers, affiliated companies, consultants, intermediaries and any other party acting on our behalf.

The complexity of Dimand’s business model gives rise to a plethora of relationships and partnerships with multiple parties, both in the upstream and downstream spectrum of our value chain. We closely engage with business partners, consultants, designers, suppliers and tenants to carry out our activities. An important element of our engagement is the identification of sustainability-related challenges facing different stakeholders across our value chain. To manage these challenges, we focus on developing sustainable products, training tenants to increase energy efficiency and enhancing know-how with our consultants in green building development.

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5. Responsibility

ADMINISTRATIVE PRACTICES

Dimand’s corporate governance was formed with a view to be both effective, through the assignment of roles and responsibilities in a clear manner; and flexible, given the increasingly complex industry landscape and our intention to deeply embed ESG considerations into our business model. To this end, we have established a Governance System that defines our operating framework and provides guidelines on the expected performance of our daily activities.

Our Board of Directors (BoD) is actively involved in shaping our strategic priorities and providing support towards achieving our business goals, while holding the overall responsibility for the continuous improvement of our company. The CEO and Chairman of the BoD along with our BoD set the tone for the whole company by (i) setting the goals, objectives, and indicators for measuring our performance, (ii) charting the strategies required to help us meet our objectives, (iii) deciding on actions to continuously improve the company’s effectiveness, and (iv) evaluating our progress.

• The Audit Committee

The Audit Committee aims to support the Board of Directors of the Company, in order to supervise the process of statutory audit and financial information more effectively, the operation of the Internal Control System (ICS) and the Corporate Governance System (CGS), as well as in issues of the ‘Sustainable Development Policy’.

Also, we maintain an in-house sustainability team with the following credentials: LEED AP BD+C, LEED AP O+M, WELL AP, DGNB Consultant, Certified ESG Practitioner.

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6. Rules & Processes

ADMINISTRATIVE PRACTICES

At Dimand, we have focused our efforts on applying sound corporate governance practices, aiming to maximize efficiency and ensure accountability for our actions. To do so, we touch upon a broad range of topics such as risk management, business ethics and compliance, cybersecurity, and economic performance.

Our Board of Directors (BoD) is actively involved in shaping our strategic priorities and providing support towards achieving our business goals, while holding the overall responsibility for the continuous improvement of our company. The CEO and Chairman of the BoD along with our BoD set the tone for the whole company by (i) setting the goals, objectives and indicators for measuring our performance, (ii) charting the strategies required to help us meet our objectives, (iii) deciding on actions to continuously improve the company’s effectiveness, and (iv) evaluating our progress.

• The Audit Committee

The Audit Committee aims to support the Board of Directors of the Company in order to supervise the process of statutory audit and financial information more effectively, the operation of the Internal Control System (ICS) and the Corporate Governance System (CGS), as well as in issues of the ‘Sustainable Development Policy’.

• The Remuneration & Nomination Committee

The Remuneration & Nomination Committee was established by decision of the Company’s Board of Directors and is responsible to assist the Board in the attraction of specialized executive staff for becoming a Board member as well as in performing its duties regarding the establishment and monitoring of the application of the remuneration policy of the Board members and the management team of the Company.

Moreover, our Management is responsible for supporting the CEO to perform his duties and is assigned with the following tasks:

• Implementation of the company’s business plan
• Effective use of available resources
• Identification and proposal of opportunities for improvement
• Collection, analysis and utilization of data to inform decision-making
• Design of preventive actions to eliminate the occurrence of undesirable outcomes.

Governance System

Dimand’s corporate governance was formed with a view to be both effective, through the assignment of roles and responsibilities in a clear manner; and flexible, given the increasingly complex industry landscape and our intention to deeply embed ESG considerations into our business model. To this end, we have established a Governance System that defines our operating framework and provides guidelines on the expected performance of our daily activities.

Our System is in full accordance with the following certified standards:

• ISO 9001:2015 on Quality Management
• ISO 14001:2015 on Environmental Management
• ISO 45001:2018 on Occupational Health & Safety Management
• ISO 41001:2018 on Facility Management System
• ΕΛΟΤ ISO / IEC 27001:2013 on Information technology

Risk management

We take a holistic approach towards the identification, assessment and minimization of risks pertaining to our business and spanning across the entire ESG spectrum including economic, health and safety, social, environmental, and governance-related issues. The risk assessment exercise, conducted on an annual basis, is designed to assist us in identifying the most significant risks and their potential impacts on our company. In this way, we will be well-prepared to respond to threats to our business operation. During this process, we systematically apply the following steps:

1. Identification: Involves identifying the sources of risks, the affected activities and processes, their causes and potential consequences.
2. Analysis: Aims to achieve a full understanding of risks and is based on two key parameters; the frequency of occurrence and the severity of likely impacts.
3. Assessment: Determines the criticality of risks for each potential adverse event. The assessment is made through the input of the parameters mentioned in step 2 in a formula.
4. Control: 
   • Avoidance – Changing processes to avoid the occurrence of undesirable situations.
   • Transfer – Allocating part of the responsibility to third parties such as insurance companies.
   • Mitigation – Taking measures to reduce the severity of risks.
   • Acceptance – Accepting the existence of risks and their potential consequences.
5. Examination of residual risks: Involves assessing the residual risk once the control measures have been applied. Additional measures are implemented if the expected effects of certain risks are deemed as unacceptable.

Upholding high ethical standards

Our Code of Business Conduct and Ethics contains the company’s fundamental principles and values, forming a framework for our daily conduct and promoting honesty, transparency, integrity and impartiality.

Key requirements are set out below:

• Honest and ethical behavior, including the appropriate handling of situations with arising conflicts of interest
• Compliance with applicable laws, rules and regulations
• Accountability for compliance with the Code

The Code applies to all Dimand’s employees, members of the BoD, subcontractors, suppliers, affiliated companies, consultants, intermediaries and any other party acting on our behalf.

Overall, it outlines our responsible business practices and covers a series of topics including:

• Ethics and compliance
• Corruption, bribes, gifts and gratuities
• Sponsorships, donations and charities
• Conflicts of interest and use of confidential information
• Workplace practices (non-discrimination and diversity, child and forced labor, harassment, open communication, and lobbying)
• Business practices (anti-trust, trade restrictions, relations with competitors, and integrity of financial data and reporting)
• Use and protection of assets and electronic systems
• Social responsibility

Moreover, it encourages our employees to report any violations of the Code if they become aware or suspect that such incidents exist. We have established a Whistle Blowing Policy, which helps facilitate this process and ensure confidentiality and advises on specific steps to be followed by everyone involved, including the whistleblower and the accused person(s) as well as our Legal and Internal Audit Departments. The effectiveness of our Code is best captured via the following metrics, which demonstrate the high professional, ethical and moral standards by which Dimand operates.

• Zero Incidents of corruption
• Zero Code of Business Conduct and Ethics violations
• Zero Legal actions for anti-competitive behavior
• Zero Non-compliance incidents
• Zero Political contributions

Ensuring cybersecurity and data protection

We operate in full compliance with the EU General Data Protection Regulation (GDPR) legislation and guarantee the protection of information systems and personal data throughout all our business activities. We have developed two policies that complement each other and help us maintain a holistic approach towards cybersecurity and data protection: a Personal Data Protection Policy and an Information Systems Security Policy. Collectively, they comprise a series of measures and guidelines that are continuously applied by everyone at Dimand. We also bring these policies to the attention of our business partners and third parties as a means of avoiding incidents of loss, misuse, improper modification and theft of data and sensitive information. On top of this, we provide training to all our employees on the principles and requirements of the GDPR to ensure company-wide knowledge on the appropriate way of interacting with data. As a result of our actions, in 2021 we recorded zero incidents of leaks, thefts or loses of customer data as well as zero complaints with regard to breaches of customer privacy.

Business model

We are implementing a flexible and successful business model in order to create value for our company and its stakeholders.

The process undertaken involves:

• BUY -Clear investment criteria:

Sourcing plots or assets - Urban planning control - Bankability check - Legal and Technical Due Diligence - Sale negotiations and agreement

• PLAN -Licensing and commercial use preparation:

Master plan and concept design - Detailed business plan - Secure long term financing on project level

• DEVELOP -Duration of 24-48 months:

Building permit - Commercial negotiations with potential buyers of the end product - Construction agreement in place

• LEASE -Optimization of product offering:

Securing lease agreements with prime tenants - Maximizing intrinsic product value by offering income-producing completed assets

• EXIT -Divestment to unlock added value:

Maximizing project development SPV value - Selling development SPV shares

Internal Audit

The Internal Audit Unit is an independent, impartial, assurance and advisory activity, designed to add value and improve Company’s operations. It helps the Company attain its goals by offering a systematic scientific approach to the assessment and improvement of risk management, internal control systems and corporate governance procedures.

Internal Audit Unit is an independent organizational unit within the Company. Chief Internal Auditor reports functionally to the Audit Committee and administratively to the CEO.

Internal Audit complies with the International Professional Practices Framework and the Code of Ethics (Code of Conduct) of the International Institute of Internal Auditors (IIA) and operates in accordance with its detailed Charter, as approved by the Board of Directors decision dated 24.03.2022.

See more: DIMAND-ESG-Report-2021_EN.pdf, p. 62-68.

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PERFORMANCE INDICATORS

At Dimand, we commit to offer properties that are created with respect towards people, the environment and society. Our purpose is to serve our clients’ property needs with excellence, efficiency and effectiveness across all areas of expertise, from retail shops, urban regeneration projects and office buildings to residential projects and sports venues. The way we conduct our business is shaped by international best practices and underpinned by the following corporate values:

EXCELLENCE: We believe in continuous learning and development, and we set the highest standards of quality. We establish, maintain, and develop partnerships with industry leaders to advance our services.

INNOVATION: We closely follow industry trends to identify innovative ideas. We embrace new developments in our sector, and we adopt initiatives to position our company as a real estate leader. QUALITY: We work hard; with passion, discipline, and endurance, to deliver projects that create shared value for our customers and the community. We are highly motivated and thrive in challenging situations, choosing the highest goals, and utilizing our full potential in every project we undertake.

HEALTH AND SAFETY: We ensure safe working conditions for all employees, subcontractors and partners of our company, complying with all applicable regulations. We set strict policies and detailed procedures, and we provide our staff with ongoing training to maintain our zero-accident culture.

ENVIRONMENTAL PROTECTION AND RESPONSIBILITY: We build a sustainable future by integrating environmental criteria throughout our projects’ lifecycle and focusing on responsible procurement practices, using eco-friendly construction materials and executing smart building strategies.

At Dimand, we follow:

• the Codified Articles of Association
• the Internal Regulation
• the ARCELA Internal Regulation
• the Corporate Governance Code
• the Code of Business Conduct and Ethics
• the Corporate Policy
• the Remuneration Policy

See more: Corporate Governance - Dimand.

Other certifications

The following tables present the recognitions we have received over the years.

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7. Monitoring

ADMINISTRATIVE PRACTICES

Sustainable development is at the heart of our business model as we strive to create fairly distributed and long-lasting value for our company, our business partners and the society in which we operate.

At Dimand, we have issued the first Environmental, Social and Governance (ESG) Report, demonstrating activities undertaken within 2021 and presenting our approach, actions and performance across a vast array of non-financial aspects. As it is our first report, there is no restatement of information concerning specific indicators.

We consulted the following standards and frameworks for the preparation of the report:

• Global Reporting Initiative (GRI) Standards: Core Option
• Sustainability Accounting Standards Board (SASB) for Real Estate Owners, Developers and Investment Trusts
• Athens Stock Exchange (ATHEX) ESG Reporting Guide 2022
• Global Real Estate Sustainability Benchmark (GRESB) Reference Guide

Through the report, we aim to demonstrate the responsible manner, in which we operate across the wider ESG spectrum, increase transparency, and reinforce the trust of our stakeholders in our philosophy and actions.

Please see our performance indicators according to GRI Standards on p. 70-75 of the DIMAND-ESG-Report-2021_EN.pdf. Also, the ATHEX ESG REPORTING INDEX on p. 76 of the DIMAND-ESG-Report-2021_EN.pdf.

We operate in full accordance with the ISO certified standards. The CEO and Chairman of the BoD along with our BoD set the goals, objectives and indicators for measuring our performance and evaluate our progress. Progress is reviewed during the year and adjustments are made where necessary.

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8. Incentive and reward systems for Sustainable Development

ADMINISTRATIVE PRACTICES

According to our remuneration policy, we aim to promote and ensure transparency and meritocracy in the remuneration of the management, executives, employees and associates, and that this is proportionate to the position, duties, responsibilities, performance, working conditions, professional qualifications and experience of persons to which it applies, taking into account both the legislation as well as the market practices.

Remuneration & Nomination Committee

The Remuneration & Nomination Committee was established by decision of the Company’s Board of Directors and is responsible to assist the Board in the attraction of specialized executive staff for becoming a Board member as well as in performing its duties regarding the establishment and monitoring of the application of the remuneration policy of the Board members and the management team of the Company.

The Audit Committee

The Audit Committee aims to support the Board of Directors of the Company in order to supervise the process of statutory audit and financial information more effectively, the operation of the Internal Control System (ICS) and the Corporate Governance System (CGS), as well as in issues of the ‘Sustainable Development Policy’. See more Corporate Governance - Dimand

We offer our employees a comprehensive benefits package, to encourage them to stay healthy, meet their financial goals and achieve work-life balance. All our contracts include higher wages and benefits than the minimum requirements set by applicable laws, and we further provide the following benefits:

• Private life insurance
• Healthcare plan
• Company car, fuel, parking and e-pass
• Parental leave

We have designed a Performance Evaluation Process that is applicable to all employees and helps both sides track progress against pre-defined targets. The process entails the following steps:

• Goal setting - Carried out by all employees, this includes their personal goals while considering Dimand’s business plan and needs.
• Progress monitoring - Progress against targets is reviewed during the year and adjustments are made where necessary.
• Performance appraisal - Directors prepare an Annual Evaluation report assessing the performance of employees and recording their progress.
• Reward scheme - The report is sent to the CEO and CFO for review and assessment of potential rewards based on performance.

One of our most significant objectives is to develop green, LEED certified buildings. In the future, we plan to set quantitative targets for this goal and link performance with the remuneration of our Upper Management via the use of annual bonuses and incentives.

We have established a systematic and well-structured mechanism that allows our employees to express their viewpoints and interests on business-related issues, including aspects of sustainable development. In the future, we aim to promote volunteering opportunities among our people, in order to advance our efforts in being a socially responsible organization.

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PERFORMANCE INDICATORS

Renumaration Policy

The Policy takes into account the salary and working conditions of the Company so that they are kept at competitive levels (by regularly updating the wider structure and remuneration practices of the Company's employees in order to ensure that the remuneration practices and structure present as greater consistency as possible). Maintaining the competitiveness is ensured by monitoring the levels of remuneration prevailing in the industry to which the Company belongs, taking always into account the financial data and the status of the Company, the economic and the market conditions. Remuneration is divided into fixed, variable and additional.

During 2021, we distributed € 2,527,748 in employee benefits such as wages and social security programs.

Please see the Remuneration Policy on the corporate site Dimand-Πολιτική-Αποδοχών-Μελών-Δ.Σ._2022.pdf.

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9. Stakeholder Engagement

ADMINISTRATIVE PRACTICES

We view stakeholder input as an essential component of our decision-making processes. Frequent and structured communication elicits important information regarding stakeholder expectations. This, in turn, shifts our sustainability approach towards their needs and drives our decision-making and goal-setting towards ESG issues. Stakeholder engagement, based on transparency, honesty and trust, enables Dimand to better comprehend the effectiveness of our strategy, the impacts of our operations and the risks and opportunities linked with each stakeholder group. We have defined our stakeholders as those parties that can affect or be affected by our activities and we seek to frequently engage with them to discuss a broad range of business and sustainability topics. The communication channels we use to facilitate continuous and bi-directional dialogue include letters, emails, in-person meetings, corporate events, our company website, and reports.

Our key stakeholder groups are the following:

The starting point for our ESG report involved the identification and evaluation of the most significant material issues for Dimand. To this end, we distributed online surveys to a sample of our entire range of stakeholders.

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PERFORMANCE INDICATORS

We handed out online surveys to internal and external stakeholders and requested their input. The issues derived from the process are:

1. Biodiversity and habitat
2. Water management
3. Greenhouse gases and air emissions
4. Waste management 5. Energy management / RES
5. Green building certifications
6. Climate change adaption and resilience
7. Sustainability materials and circularity
8. Health and safety
9. Human rights
10. Diversity, inclusion and equal opportunity
11. Employment practices
12. Community relations
13. Supply chain responsibility
14. Tenant satisfaction and engagement
15. Ethics, transparency and compliance
16. Cybersecurity and data protection
17. Economic impact and performance

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10. Product Responsibility and Innovation

ADMINISTRATIVE PRACTICES

DIMAND specializes in the implementation of highly demanding projects with efficiency and reliability, creating the cities we want to live in. A proven track record of modern and sustainable buildings in Greece is developed and delivered with innovation and high-quality criteria since 2005.

We closely follow industry trends to identify innovative ideas. We embrace new developments in our sector, and we adopt initiatives to position our company as a real estate leader.

Green Building

Dimand has a long-standing tradition of developing green buildings and is considered a pioneer in the domestic market. We always take an integrative approach and aim to promote sustainable features during construction and operation as a means of decreasing resource use, promoting human health and wellbeing, and increasing our projects’ resilience to climate change.

Our buildings are certified to the highest global standards for sustainability.

We incorporate climate and environmental considerations into the design and construction of our developments to maximize our buildings’ resilience and adaptability to changing circumstances. Examples of the measures we take, include:

• Strategic use of daylight through the design of the buildings’ façades and choice of materials.
• Application of energy models for scenario analysis, leading to the optimum design of the building necessary for the maintenance of the desired internal conditions with minimum energy consumption.
• Rainwater use for irrigation to reduce potable water use and at the same time to prevent overload of rainwater drainage.
• Execution of flood risk studies.
• Bioclimatic design of landscaping and proper shading to reduce the urban heat island effect and the impacts of heat waves.

Key highlights validating our excellent green building performance include:

• We have developed the first LEED-certified building in Greece.
• We are a U.S. Green Building Council (USGBC) silver member.
• We are a Global Real Estate Sustainability Benchmark (GRESB) member.
• We have been designated as a LEED Proven Provider by the Green Business Certification, Inc. (GBCI) for Building Design & Construction.
• We are the first Greek company to receive the designation of Credentialed Project Developer and Credentialed Quality Assurance Provider from the Investor Confidence Project (ICP) Europe.
• We maintain an in-house sustainability team with the following credentials: LEED AP BD+C, LEED AP O+M, WELL AP, DGNB Consultant, Certified ESG Practitioner.

See our case studies DIMAND-ESG-Report-2021_EN.pdf, p. 36-41

Projects

At Dimand, we aim to deliver projects that operate at low energy, carbon and cost, so we collaborate closely with the design teams and consultants to optimize the use of low-carbon materials and low-energy building systems. All our investments feature best practices; starting from the design phase and leading up to the delivery of the projects we develop to the users. This lifecycle approach ensures that necessary infrastructure is incorporated in our buildings early on. Examples include Building Management Systems (BMS), efficient Heating, Ventilation, and Air Conditioning (HVAC) systems, light control systems and sensors.

Materials

The use of a significant volume of materials is intrinsically interlinked with our business activities and gives rise to certain unwanted effects that we seek to minimize. We focus on the safety, quality and sustainability of supplied materials, and we have a detailed instruction manual in place that provides guidelines on how to identify, select and evaluate suppliers and sub-contractors. We particularly focus on using environmentally friendly materials and collaborating with responsible partners by setting relevant criteria to directly sourced materials and requirements to our suppliers.

These include:

General provisions

• Preference is given to the supply of biodegradable products, made of recyclable material and / or derived from recycled raw material, certified wood products.
• Use of minimum packaging for the transportation of materials and products.
• Restriction of use for materials containing heavy metals, chlorine, asbestos, PCBs 5 or other hazardous substances.
• Application of criteria related to energy efficiency certifications for all types of equipment.
• Review of certified eco-labels and environmental declarations of the products.

Procurement criteria

• Sound and vibration emission levels (i.e. European Conformity certification).
• Maintenance and auxiliary raw material requirements for the proper functioning of products in relation to their life cycle cost assessment.
• Compliance with environmental regulations.
• Review of the existence of a certified Environmental Management System.

Revitalizing deprived neighborhoods

The regeneration of urban areas is an integral component of Dimand’s development plans and overall strategy, as we bear the responsibility of delivering a positive legacy in the communities where our projects are located. We are constantly on the lookout for the identification and selection of projects that present sustainability potential, based on three key considerations:

Type of property:

We focus on renovating existing buildings, as it is our firm belief that this is more sustainable compared to new construction projects: renovations require fewer materials and thereby less associated embodied carbon, while the demolition impact is also avoided.

Location:

We invest in projects located in areas with great access to mass transit, focusing on social (i.e. convenient and more affordable transportation to and from the property) and environmental aspects (i.e. less emissions deriving from the transportation of tenants and visitors).

Microeconomy:

This is, on many occasions, a deciding factor. We frequently work in relatively abandoned areas or areas with low economic activity. Our engagement with projects in these areas aims, among others, to deliver a maximum positive effect on the local economies and societies. This is principally achieved through the development of open green spaces, the creation of employment opportunities and the attraction of economic activity.

See a case study: DIMAND-ESG-Report-2021_EN.pdf, p. 58-59

Setting the industry benchmark

The completion of the project marked the transformation of the Piraeus Port Plaza into a case study for sustainable building reuse, value creation and economic growth as well as the establishment of Agios Dionysios as a model area in terms of environmental and social sustainability. Most importantly, our project allows for the replication in other communities with similar features via the adoption of our comprehensive and holistic set of strategies and techniques. Driven by our success, we are now starting to work on similar projects for the revitalization and overall enhancement of neighborhoods.

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PERFORMANCE INDICATORS

Our goal is for all our developments to incorporate green characteristics and be sustainable. We are constantly on the lookout for the identification and selection of projects that present sustainability potential, based on three key considerations: (i) type of property, (ii) location, and (iii) microeconomy. We assess potential developments with regards to these aspects and strive to examine various environmental and social indicators prior to our engagement in each project. As an example, we remove all asbestos at the initiation of the development phase of assets. Additionally, the existence of public transport near the project is of great importance.

Energy Consumption – Energy Intensity

• 76% of our active projects during 2021 have obtained or are pursuing LEED certification.
• Based on LEED energy models, our projects perform approximately 20% better than the baseline building of ASHRAE (2 ASHRAE: American Society of Heating, Refrigerating and Air-Conditioning Engineers) 90.1-2010, which is a leading energy standard globally. The commissioning process also verifies that all systems consuming energy are installed and operate optimally.
• During 2021, we managed to maintain the rate of construction waste diverted from landfill to over 90%, as a result of our effective and responsible practices.

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11. Usage of Natural Resources

ADMINISTRATIVE PRACTICES

Being at the fore of the real estate sector brings both the responsibility and opportunity for constantly looking for better, more environmentally friendly ways of doing things. We focus on resource use, opportunities in green building, circularity, and climate change adaptation. For these areas, we are designing measures that work in two critical directions:

1. Minimization of the impacts deriving from our operations.
2. Delivery of tangible solutions for scaling up the global efforts towards environmental sustainability.

Our commitment to be responsible is sustained by the following strategic axes:

• Continuous monitoring and management of negative externalities on the environment.
• Development and implementation of environmental programs to measure, monitor, analyze and improve performance.
• Incorporation of conditions, procedures and standards for responsible environmental management in our partnership’s contracts.
• Application of “Green Procurement” criteria and gradual establishment of a network of “green” suppliers.
• Provision of training and enhancement of environmental awareness for all our employees.
• Continuous monitoring of regulatory and legislative updates and assessment of the company’s compliance. Allocation of necessary resources for the achievement of targets set for improved performance.

Acting proactively, we have developed a Manual that provides guidance on the identification of all environmental aspects pertaining to our company and their associated impacts. The Manual includes both aspects directly linked to our activities and indirect aspects deriving from the operations of our business partners, as well as positive and negative impacts. The entire process leads to the creation of an extensive table that includes certain indicators requiring our attention. In turn, this enables us to focus our efforts on addressing the most significant environmental issues.

We are certified with ISO 14001 on Environmental Management.

Energy

The efficient use of energy is a highly important topic within our environmental agenda, and we are determined to optimize our operations to minimize consumption. The approach we take towards energy management is explained below for our offices and projects.

Offices

We systematically record and monitor our energy consumption to identify areas of improvement and track progress against pre-defined goals. We implement a suite of measures to achieve responsible use of energy in the company’s offices, as outlined below:

Air conditioning units

• Avoidance of unnecessary or excessive use.
• Proper periodic maintenance.
• Doors and windows remain closed for optimization of performance when cooling or heating systems are used.

Lighting

• Rational use of lighting by avoiding unnecessary use during the day and while offices are not in use.
• Replacement of existing light bulbs with new and energy-efficient bulbs (100% LED).
• Daylight and presence sensor for lighting control.

Electronic devices

• Replacement of energy-intensive appliances after the end of their lifecycle with modern and low consumption appliances.
• Computers are set to enter ‘sleep’ mode when employees are away from their workplace for a prolonged period of time

Projects

At Dimand, we aim to deliver projects that operate at low energy, carbon and cost, so we collaborate closely with the design teams and consultants to optimize the use of low-carbon materials and low-energy building systems. All our investments feature best practices; starting from the design phase and leading up to the delivery of the projects we develop to the users. This lifecycle approach ensures that necessary infrastructure is incorporated in our buildings early on. Examples include Building Management Systems (BMS), efficient Heating, Ventilation, and Air Conditioning (HVAC) systems, light control systems and sensors.

Water

Water conservation and responsible water management is a matter of particular importance for us. We apply innovative technologies to allow for the sustainable use of water within the properties that we develop. Our own headquarters use a rainwater cistern and intelligent irrigation strategies, in order to reduce potable water consumption for irrigation needs. In addition, bathroom and kitchen faucets have special low flow filters to reduce water consumption. Low flush urinals and double flush cisterns reduce potable water use even further.

We also continuously track the consumption of water in our LEED certified HQ and other premises, as we believe it can elicit insights, that can help us decrease usage to even more efficient levels.

 
Materials

The use of a significant volume of materials is intrinsically interlinked with our business activities and gives rise to certain unwanted effects, that we seek to minimize. We focus on the safety, quality and sustainability of supplied materials, and we have a detailed instruction manual in place that provides guidelines on how to identify, select and evaluate suppliers and sub-contractors. We particularly focus on using environmentally friendly materials and collaborating with responsible partners by setting relevant criteria to directly sourced materials and requirements to our suppliers.

These include:

General provisions

• Preference is given to the supply of biodegradable products, made of recyclable material and / or derived from recycled raw material, certified wood products.
• Use of minimum packaging for the transportation of materials and products.
• Restriction of use for materials containing heavy metals, chlorine, asbestos, PCBs 5 or other hazardous substances.
• Application of criteria related to energy efficiency certifications for all types of equipment.
• Review of certified eco-labels and environmental declarations of the products.

Procurement criteria

• Sound and vibration emission levels (i.e. European Conformity certification).
• Maintenance and auxiliary raw material requirements for the proper functioning of products in relation to their life cycle cost assessment.
• Compliance with environmental regulations.
• Review of the existence of a certified Environmental Management System.

Monitoring the total quantities of materials used

In our attempt to ensure the sustainable use of resources, we monitor the quantities of materials used in our projects. We believe that this is the first step towards improving our performance in this regard. The table that follows provides the quantities of materials used in the projects that we have recently completed for three categories: concrete, steel and glazing (major sources of embodied carbon in a building):

Biodiversity and habitat

Biodiversity is a vital component of our world, providing a myriad of ecosystem services, that sustain all life and promote health, well-being, and overall quality of human life. Real estate development is strongly correlated with the natural environment, and we highly value and consider our relationship and interaction with the natural environment. We therefore make every effort to protect and enhance biodiversity. Our standpoint is in line with leading green building players such as the US Green Building Council (USGBC) and the LEED (Leadership in Energy and Environmental Design) Rating System, which have stressed out the importance of embedding biodiversity considerations across all aspects of real estate. Our aim is to conserve, enhance and regenerate urban biodiversity with the intent to achieve net biodiversity gain and create living and working environments that benefit the wider community. Additionally, an unbreakable rule that we set for ourselves is to leave every site where we work in a better condition than before.

Green Building

Dimand has a long-standing tradition of developing green buildings and is considered a pioneer in the domestic market. We always take an integrative approach and aim to promote sustainable features during construction and operation as a means of decreasing resource use, promoting human health and wellbeing, and increasing our projects’ resilience to climate change.

Our buildings are certified to the highest global standards for sustainability.

We incorporate climate and environmental considerations into the design and construction of our developments to maximize our buildings’ resilience and adaptability to changing circumstances. Examples of the measures we take, include:

• Strategic use of daylight through the design of the buildings’ façades and choice of materials.
• Application of energy models for scenario analysis, leading to the optimum design of the building necessary for the maintenance of the desired internal conditions with minimum energy consumption.
• Rainwater use for irrigation to reduce potable water use and at the same time to prevent overload of rainwater drainage.
• Execution of flood risk studies.
• Bioclimatic design of landscaping and proper shading to reduce the urban heat island effect and the impacts of heat waves.

See more: DIMAND-ESG-Report-2021_EN.pdf, p. 32-45

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PERFORMANCE INDICATORS

Quanitites of material used

Energy Consumption - Intensity 

Water consumption

During 2021, we recorded a total water consumption of 59 m 3 in our offices.

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12. Resource Management

ADMINISTRATIVE PRACTICES

Our vision is to regenerate cities through sustainable projects, a statement strongly reinforced by our CEO via our 2021 ESG Report (Message from our CEO, page 3). We always take an integrative approach and aim to promote sustainable features during construction and operation as a means of decreasing resource use, promoting human health and wellbeing, and increasing our projects’ resilience to climate change. An important goal for us is the certification of our developments with the LEED green building standard. As of 2022, Dimand holds the largest proportion of LEED Building Design and Construction (LEED BD + C) projects in Greece with 39%.

Waste

It is our firm belief that the generation of avoidable waste leads to unnecessary costs, time loss and creates an overall negative environmental impact. We take action to drastically reduce the waste produced in our offices as well as to ensure that appropriate recycling methods are used. Categories of particular importance include paper, electrical devices, plastic, batteries and other consumables.

Measures and initiatives

• Recycling of old electrical appliances, batteries, used or empty inks, toners, coffee capsules.
• Segregation of waste at source into recycling bins and normal bins.
• Establishment of designated areas for recycling within our building.
• Return of expired medicines to pharmacies for destruction.
• Recording of all recycled materials and proper maintenance of all related documents.
• Minimization of the volume of hard copies of documents, drawing and tenders.
• Participation in alternative management systems for the management of waste originating from vehicle maintenance.

Most of the waste generated through our activity derives from our construction projects. Our goal is to constantly find ways of minimizing our waste, while promoting the circular economy model. As a consequence, we have established stringent procedures to eliminate potential waste at our stages of the development’s lifecycle in accordance with the waste hierarchy of prevention: reduction, reuse, recycling, recovery of energy, and lastly disposal.

Increasing the use of recycled materials

Our goal is to maximize the procurement of materials with high recycled content. By doing so, we minimize embodied carbon and reduce the use of raw materials, thereby supporting the Circular Economy and promoting responsible resource use. We therefore monitor the recycled content of key construction materials, in order to better understand our materials usage and identify further opportunities. Following the principles of circularity, we are determined to increase even further our use of recycling materials in the future.

Water

Indicative actions implemented, and associated results across all our projects, include:

• Reduction of outdoor water use resulting in almost 100% decrease of water needs for irrigation purposes, through rainwater collection, smart irrigation systems and selection of native plant species.
• 40% less indoor potable water consumption on average across all our projects, compared to the baseline set by the LEED rating system.

We also continuously track the consumption of water in our LEED certified HQ and other premises, as we believe it can elicit insights that can help us decrease usage to more efficient levels.

Materials

It is important to mention that in all of our projects we identify several strategies to reduce harm to the environment over a building’s entire lifecycle. Key strategies include restoration of existing buildings and reuse of building components. It has also been decided that for all upcoming new constructions, Lifecycle Analysis (LCA) modeling will be used as a design tool. Modelling results could significantly decrease the amount of raw materials (“dematerialization”), which can in turn reduce buildings’ environmental footprint and give rise to cost savings.

Projects

Based on LEED energy models, our projects perform approximately 20% better than the baseline building of ASHRAE2 90.1-2010, which is a leading energy standard globally. The commissioning process also verifies that all systems consuming energy are installed and operate optimally.

See more: DIMAND-ESG-Report-2021_EN.pdf, p. 32-45.

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PERFORMANCE INDICATORS

In our 2021 ESG Report, we reported the electricity consumption in the places where we worked in 2021; namely, our headquarters – which is a LEED gold certified and energy efficient building – and our site office adjacent to the Piraeus Tower. For 2022, we expect reductions in energy consumption compared to last year. To further enhance energy efficiency, we incorporate Building Management Systems (BMS), efficient Heating, Ventilation, and Air Conditioning (HVAC) systems, light control systems and sensors in our developments.

During 2021, we managed to maintain the rate of construction waste diverted from landfill to over 90%, as a result of our effective and responsible practices.

The following graph refers to the landmark project Piraeus Port Plaza (PPP). As evidenced, the percentage of recycled over total materials - expressed in % of total materials cost - stood at 38.95% for PPP 2 and 28.58% for PPP 3.

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13. Climate-relevant emissions

ADMINISTRATIVE PRACTICES

Energy

The efficient use of energy is a highly important topic within our environmental agenda, and we are determined to optimize our operations to minimize consumption. The approach we take towards energy management is explained below for our offices and projects.

Offices

We systematically record and monitor our energy consumption to identify areas of improvement and track progress against pre-defined goals. We implement a suite of measures to achieve responsible use of energy in the company’s offices, as outlined below:

Air conditioning units

• Avoidance of unnecessary or excessive use.
• Proper periodic maintenance.
• Doors and windows remain closed for optimization of performance when cooling or heating systems are used.

Lighting

• Rational use of lighting by avoiding unnecessary use during the day and while offices are not in use.
• Replacement of existing light bulbs with new and energy-efficient bulbs (100% LED).
• Daylight and presence sensor for lighting control.

Electronic devices

• Replacement of energy-intensive appliances after the end of their lifecycle with modern and low consumption appliances.
• Computers are set to enter ‘sleep’ mode when employees are away from their workplace for a prolonged period of time

Projects

At Dimand, we aim to deliver projects that operate at low energy, carbon and cost, so we collaborate closely with the design teams and consultants to optimize the use of low-carbon materials and low-energy building systems. All our investments feature best practices; starting from the design phase and leading up to the delivery of the projects we develop to the users. This lifecycle approach ensures that necessary infrastructure is incorporated in our buildings early on. Examples include Building Management Systems (BMS), efficient Heating, Ventilation, and Air Conditioning (HVAC) systems, light control systems and sensors.

Climate change and emissions

Climate change, previously a relatively peripheral concern for many real estate players, has recently moved to the top of the industry agenda. Investors make Net Zero commitments, regulators develop reporting standards and frameworks, governments pass stringent laws and regulations for emissions reductions, employees request action, and tenants expect more sustainable buildings. The accelerating physical consequences of a changing climate are becoming more apparent as communities around the world face increasing occurrences of storms, floods, extreme heat, and other risks. At the same time, changes in the economy, regulations, consumer behavior, technology, and other human responses to climate change translate into transition risks. Collectively, these aspects require real estate developers to fully integrate climate-related considerations into their business activities. In order to succeed in tackling climate change, we need to make major changes to the built environment. Driven by our ambition to contribute to building a low carbon future, we closely examine our performance, set ambitious yet realistic targets, and design actions to reduce our greenhouse gas emissions.

We believe that measuring and monitoring our carbon emissions is an integral component of tracking our progress towards fulfilling our climate-related aspirations. The following graph provides our Scope 1 and 2 emissions for 20214. In terms of the carbon intensity of our operations, this stands at 117.72 kg CO2e / m2

Green Building

We incorporate climate and environmental considerations into the design and construction of our developments to maximize our buildings’ resilience and adaptability to changing circumstances. Examples of the measures we take, include:

• Strategic use of daylight through the design of the buildings’ façades and choice of materials.
• Application of energy models for scenario analysis, leading to the optimum design of the building necessary for the maintenance of the desired internal conditions with minimum energy consumption.
• Rainwater use for irrigation to reduce potable water use and at the same time to prevent overload of rainwater drainage.
• Execution of flood risk studies.
• Bioclimatic design of landscaping and proper shading to reduce the urban heat island effect and the impacts of heat waves.

See more: DIMAND-ESG-Report-2021_EN.pdf, p. 33-35.

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PERFORMANCE INDICATORS

GHG Emissions

Similar to our energy consumption, we expect that the GHG emissions produced through our activities will be reduced as a result of the measures we have been taking. We are currently conducting a shift to hybrid vehicles for our corporate fleet that will assist us in reaching our goals. As of 2022, we have 5 hybrid vehicles and 1 electric vehicle.

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14. Employment Rights

ADMINISTRATIVE PRACTICES

Our people are the driving force behind Dimand’s success and business growth as well as the embodiment of our values and principles. We take a people-centric approach and devote our efforts to address their needs and interests, focusing on three key directions: the protection of health and safety, the creation of a modern work environment, and the safeguarding of human rights.

Human rights

Dimand is committed to respecting all internationally recognized human rights. Our approach is informed by the national Labor Law and any other applicable national laws that are enforced to safeguard basic human rights for all citizens. Following best practice, we closely monitor and seek to align with global efforts such as the United Nations Universal Declaration of Human Rights as well as the conventions of the International Labor Organization (ILO). We are strongly against all forms of child, forced or compulsory labor and we value the irrevocable right of everyone to freedom, respect and dignity. Additionally, we take action to safeguard human rights within our company and across our entire value chain by collaborating with business partners, contractors and suppliers who act in accordance with all relevant laws and regulations.

Health & Safety

The protection of health and safety across our areas of activity is of vital importance and considered our highest priority. We implement strong safety mechanisms in all our facilities and ensure compliance with safe work rules through systematic inspections, in our attempt to maintain a zero-accident rate.

We are certified with ISO 45001 on Occupational Health and Safety Management.

A fundamental part of our effective health and safety system is the active participation and involvement of all our employees. To this end, we continuously engage and consult with them to elicit pathways that will further improve our performance. This bidirectional communication process between Management and employees involves:

• Continuous provision of information and guidance from Management to employees on health and safety issues.
• Submission of proposals from employees to Management to improve health and safety practices. To improve our overall performance and establish a set of best practices, we consult the following sources: • Personal observations of our work conditions and the way we operate.
• Consideration of reports, complaints and emergencies related to occupational health and safety management issues.
• Analysis of legislative and other requirements applicable to our activities.
• Technical reports and international bibliography.
• Reports of internal inspections or inspections performed by third parties.
• Occupational risk assessment studies.
• Recommendations of the Safety Technician.

Our Risks and Opportunities Manual provides directions on the risk assessments we conduct on health and safety issues, helps us identify the sources of hazards in the workplace, and enables us to design appropriate measures for their mitigation. Hazard sources have been categorized into three broad categories:

• Infrastructure

Building structures, machines, electrical installations, hazardous substances, fires and explosions.

• Environment

Chemical, physical and biological factors.

• Organization & Operation

Organization of work, psychological and ergonomic factors, adverse working conditions, lack of access to occupational health and safety.

Emergency preparedness

We have established an Emergency Management Plan that describes the requirements and responsibilities for everyone working on behalf of Dimand for the timely identification and effective response to potential emergency situations. The plan describes the process that should be followed across our offices and construction sites, and comprises the following steps:

1. Identification of potential emergency situations
2. Assessment of their impact
3. Establishment of mitigating actions
4. Review of the effectiveness of actions

Our covid-19 pandemic response

During the past two years, COVID-19 has been by far the most significant health-related challenge globally. It certainly had an impact on our company; however our proactiveness enabled us to minimize any potential negative consequences for our staff and ensure business continuity.

Our multifaceted management plan has been designed to protect our people and cultivate a culture of safety in the workplace.

Actions we took in response to the pandemic include:

• Provision of relevant information by an infectious disease specialist.
• Frequent tests for all employees.
• Implementation of a remote working scheme.
• Regular disinfection and increased ventilation in all workplaces.
• Installation of plexiglass barriers between workstations.
• Separation of employees into groups to avoid dispersal in case of infection.

Satisfaction survey

Within 2021, we also ran a survey among our people to understand their degree of satisfaction regarding Dimand’s response to the pandemic. Our colleagues provided favourable reviews for our overall approach:

• 81% stated their satisfaction with our actions to address the pandemic’s impacts.
• 86% expressed their trust in our company during the health crisis.
• 92% felt that they had safe communication channels to share any concerns.

Provision of benefits

We offer our employees a comprehensive benefits package, to encourage them to stay healthy, meet their financial goals and achieve work-life balance. We provide the following benefits: 

• Private life insurance
• Healthcare plan
• Company car, fuel, parking and e-pass
• Parental leave

See also: DIMAND-ESG-Report-2021_EN.pdf, p. 46-55.

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PERFORMANCE INDICATORS

The table below provides a representation of gender diversity across our hierarchical levels, demonstrating that both women and men have equal access to career and advancement opportunities within our firm.

The following table shows our employee hires and turnover in terms of age and gender.

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15. Equal Opportunities

ADMINISTRATIVE PRACTICES

We respect, value and welcome diversity in our workforce as well as in our customers, suppliers and the global marketplace. Our aspiration is to maintain a workplace that is free from stigma, social exclusion and discrimination, and where everyone is welcomed to be their true self. Respect and equality are the principles that guide our efforts towards preserving an inclusive work environment. As such, we provide equal opportunities to all prospective and current employees regardless of their sociodemographic characteristics such as race, color, religion, gender, national origin, age, marital status or sexual orientation. This policy applies to all our employment practices as we aim to be an employer characterized by fairness when it comes to recruitment and retention, provision of development and training opportunities and performance rewarding.

We further demand from our people to share the same principles with us, and we have made it clear that we have zero tolerance against incidents of discrimination or harassment of any kind.

Wellbeing and provision of benefits

We strive to create a workplace where our people thrive. We thereby offer our employees a comprehensive benefits package, to encourage them to stay healthy, meet their financial goals and achieve work-life balance. All our contracts include higher wages and benefits than the minimum requirements set by applicable laws.

Prioritizing health and safety

The protection of health and safety across our areas of activity is of vital importance and considered our highest priority.

Key measures and actions we take include:

• Presence of a Safety and Health Coordinator & Technician in each project for training, inspection and reporting purposes
• Employment of an occupational doctor, available to all of our employees
• Influenza (“flu”) vaccinations at our headquarters
• Evacuation drills at our headquarters

Being fully aware of the responsibility we hold towards creating a workplace free from health and safety concerns, we have developed and implement a comprehensive training program. Dimand’s employees and our sub-contractors’ employees are trained on various related topics including basic principles of safety management, use of personal protective equipment, fire safety principle, and first aid. All trainings have been thoroughly designed to include both theoretical components and practical demonstrations to efficiently facilitate knowledge-building among our colleagues. As a result of our efforts, we managed to record zero accidents, injuries or fatalities for both employees and contractors throughout our operations during 2021.

Emergency preparedness

We want to equip our people with the knowledge required to identify and respond to possible emergencies. We achieve this through:

1. informing them on the contents of the Emergency Management Plan,
2. training them on how to act during the implementation of the plan, and
3. conducting preparedness exercises.

Professional development

Human capital development is an essential component for Dimand. We invest in reskilling and upskilling of our employees to increase the overall and diverse competency of our workforce and create a mindset of continuous improvement. Collectively, we believe that these aspects will have an immediate and positive effect on the services we provide to our clients. We have an Annual Training Program in place, comprising training sessions on various technical and operational subjects that are conducted both internally, by our company’s executives, and externally by educational organizations.

Key topics include:

ISO: Content included training on ISO 9001 (Quality Management), 14001 (Environmental Management) and 45001 (Occupational Health and Safety Management).

ESG: Certified Sustainability (ESG) Practitioner Program provided by the Center for Sustainability and Excellence (CSE) aiming to provide all the practical tools and resources required to implement or upscale corporate sustainability, improve ESG ratings and create successful ESG and sustainability strategies.

LEED and WELL: Due to our memberships in the USGBC, we have access to educational material for green building, in general, and these certification systems, in particular.

GDPR: All our employees are informed about the content of the GDPR and we further make an annual update on the Privacy Notice.

 
See also: DIMAND-ESG-Report-2021_EN.pdf, p. 46-55.

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PERFORMANCE INDICATORS

Work related injuries

• Zero Work related injuries for employees and contractors
• Zero Work related fatalities for employees and contractors
• 0 Lost Time Injuries Frequency (LTIF) Rate
• 0 Total Recordable Incidents Rate (TRIR) Z

Health and Safety System

A fundamental part of our effective health and safety system is the active participation and involvement of all our employees. To this end, we continuously engage and consult with them to elicit pathways that will further improve our performance. This bidirectional communication process between Management and employees involves:

• Continuous provision of information and guidance from Management to employees on health and safety issues.
• Submission of proposals from employees to Management to improve health and safety practices.

Training

• 450 Hours of H&S training across our construction sites in 2021
• € 4,112.5 Training cost for employee training and development in 2021
• 8 Training programs implemented in 2021

Incidents of discrimination or harassment

• Zero Incidents of discrimination or harassment

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16. Qualifications

ADMINISTRATIVE PRACTICES

Our workforce consists of 99 people (as of June 2022, our workforce has increased to 106 employees). The following graphs provide key statistics regarding the sociodemographic characteristics of our people. We maintain a healthy balance in terms of age and gender as we believe it to be an important component of a diverse and functioning workforce.

The following table shows our employee hires and turnover in terms of age and gender. In 2021, we hired 18 employees while 9 people left our company.

Performance evaluation

To further emphasize the importance we assign on our people’s development, we have designed a Performance Evaluation Process, that is applicable to all employees and helps both sides track progress against pre-defined targets.

The process entails the following steps:

• Goal setting

Carried out by all employees, this includes their personal goals while considering Dimand’s business plan and needs.

• Progress monitoring

Progress against targets is reviewed during the year and adjustments are made where necessary.

• Performance appraisal

Directors prepare an Annual Evaluation report assessing the performance of employees and recording their progress.

• Reward scheme

The report is sent to the CEO and CFO for review and assessment of potential rewards based on performance.

100% of our employees received a performance evaluation in 2021.

Wellbeing and provision of benefits

We strive to create a workplace where our people thrive. We thereby offer our employees a comprehensive benefits package, to encourage them to stay healthy, meet their financial goals and achieve work-life balance. All our contracts include higher wages and benefits than the minimum requirements set by applicable laws, and we further provide the following benefits:

• Private life insurance
• Healthcare plan
• Company car, fuel, parking and e-pass
• Parental leave

Being fully aware of the responsibility we hold towards creating a workplace free from health and safety concerns, we have developed and implement a comprehensive training program. Dimand’s employees and our sub-contractors’ employees are trained on various related topics including basic principles of safety management, use of personal protective equipment, fire safety principle, and first aid. Also, we want to equip our people with the knowledge required to identify and respond to possible emergencies. We achieve this through informing them on the contents of the Emergency Management Plan, training them on how to act during the implementation of the plan, and conducting preparedness exercises.

Being loyal to our values and principles, we operate with a strong sense of community. We promote and increase employment opportunities for the communities considered local to our operations by boosting local economic activity and attracting investments. As an example, our project in the Piraeus Port Plaza led to the creation of more than 10,000 jobs in the area.

Moreover, we continue to directly create job opportunities via the increased scale of our organization. During 2022, we recorded 15 employee hires.

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17. Human Rights in the supply chain

ADMINISTRATIVE PRACTICES

Dimand is committed to respecting all internationally recognized human rights. Our approach is informed by the national Labor Law and any other applicable national laws that are enforced to safeguard basic human rights for all citizens. Following best practice, we closely monitor and seek to align with global efforts such as the United Nations Universal Declaration of Human Rights as well as the conventions of the International Labor Organization (ILO). We are strongly against all forms of child, forced or compulsory labor and we value the irrevocable right of everyone to freedom, respect and dignity. Additionally, we take action to safeguard human rights within our company and across our entire value chain by collaborating with business partners, contractors and suppliers who act in accordance with all relevant laws and regulations.

On a daily basis, we collaborate with a wide range of business partners throughout our supply chain. Dimand’s operations give rise to environmental impacts via the procurement of materials and social impacts through the creation of employment. Therefore, it is our intention to be at the forefront of sustainable development by addressing topics such as natural resource conservation, product safety and quality, health and safety, human rights, and labor standards.

Our aim is to work with organisations that share our values and can demonstrate their commitments through the whole lifecycle of a project. We source materials from suppliers and manufacturers who can corroborate that they are working to minimize any negative social, environmental and economic impacts associated with materials extraction, processing, transport, use and disposal.

In this respect, we have developed a comprehensive process for the identification and proper evaluation of those with whom we develop business relationships. Key criteria include:

• Compliance with all applicable laws and regulations
• Quality of service and procured product
• Policies and certifications
• Environmental responsibility

Our Code of Business Conduct and Ethics contains the company’s fundamental principles and values, forming a framework for our daily conduct and promoting honesty, transparency, integrity and impartiality. The Code applies to all Dimand’s subcontractors, suppliers, affiliated companies, consultants, intermediaries and any other party acting on our behalf.

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PERFORMANCE INDICATORS

Our loan contracts include social, environmental and governance specifications that we are obliged to follow. Another good example is our joint venture partnership with EBRD which has very strict ESG compliance targets.

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18. Corporate Citizenship

ADMINISTRATIVE PRACTICES

Dimand is recognized as a leader delivering social value and impactful community engagement outcomes. We understand that the way we do business impacts the lives not only of our people, but also our clients, our supply chain and the communities in which we operate. Our motivation for creating shared value derives from our ambition to link the opportunities arising from our projects with the needs of local communities. We know that we can change people’s lives, so we stay focused on inspiring communities and supporting local business.

Revitalizing deprived neighborhoods

The regeneration of urban areas is an integral component of Dimand’s development plans and overall strategy, as we bear the responsibility of delivering a positive legacy in the communities where our projects are located. We are constantly on the lookout for the identification and selection of projects that present sustainability potential, based on three key considerations:

• Type of property: We focus on renovating existing buildings, as it is our firm belief that this is more sustainable compared to new construction projects: renovations require fewer materials and thereby less associated embodied carbon, while the demolition impact is also avoided.
• Location: We invest in projects located in areas with great access to mass transit, focusing on social (i.e. convenient and more affordable transportation to and from the property) and environmental aspects (i.e. less emissions deriving from the transportation of tenants and visitors).
• Microeconomy: This is, on many occasions, a deciding factor. We frequently work in relatively abandoned areas or areas with low economic activity. Our engagement with projects in these areas aims, among others, to deliver a maximum positive effect on the local economies and societies. This is principally achieved through the development of open green spaces, the creation of employment opportunities and the attraction of economic activity.

Setting the industry benchmark

The completion of the project marked the transformation of the Piraeus Port Plaza into a case study for sustainable building reuse, value creation and economic growth as well as the establishment of Agios Dionysios as a model area in terms of environmental and social sustainability. Most importantly, our project allows for the replication in other communities with similar features via the adoption of our comprehensive and holistic set of strategies and techniques. Driven by our success, we are now starting to work on similar projects for the revitalization and overall enhancement of neighborhoods.

These include:

Athens

Regeneration of the entire area of Omonoia in Athens, Greece (Moxy City Hotel & Minion) Revitalization of the Votanikos area in Athens, Greece (Athens Papermill)

Thessaloniki

Large urban regeneration in western Thessaloniki, Greece (Office and Residential Complex HUB26)

Focusing on tenant satisfaction and engagement

Customer satisfaction is a significant driver of our efforts and as such, the promotion of frequent and effective communication with our tenants is central to our services. Understanding their concerns, interests and priorities allows us to develop properties that are fitted to address their unique preferences and characteristics. During the early stages of our projects, we undertake a series of workshops with potential occupants to exchange viewpoints, in order to provide them with properties that meet their expectations and contribute to their overall wellbeing. In line with the guidelines set by the LEED and WELL certification systems, we take a holistic approach towards tenant satisfaction and consider a series of aspects:

• HEALTH Enhancement of indoor air quality and elimination of harmful materials.
• WELLNESS Incorporation of green features boosting mental health and infrastructure facilitating exercise.
• RESOURCE USE Minimization of natural resource use such as energy and water through the application of responsible practices.
• EXPENSES Cost savings in utility bills via the buildings’ increased operational efficiency.

To address these key pillars, we integrate sustainability considerations throughout the entire lifecycle of projects, from the design and construction phase up to the operation and facility management of properties. Some of the standard building characteristics we incorporate involve:

Heating, Ventilation, and Air Conditioning (HVAC) systems, Efficient water consumption systems, Waste management infrastructure, Electric vehicle chargers, Building management systems (BMS) and Energy management systems, ΚΝΧ and DALI lighting control systems, Bicycle facilities.

Once our projects are complete, we offer our occupants best practice recommendations on how to be more environmentally sustainable in their use of the facilities. At the same time, we provide facility managers with analytical operation and maintenance plan documents as well as on-site training to ensure that properties can be managed optimally. Finally, we utilize our experience for the benefit of our tenants and conduct walk-through visits 10 months after the buildings’ completion to identify potential issues and establish pathways through which we can further improve operational performance. 

 
Offering back to communities

Being loyal to our values and principles, at Dimand we operate with a strong sense of community. Corporate social responsibility is deeply engrained within our philosophy as we strive to imprint a positive impact on the local community. Our overall approach is based upon the following pillars:

• We promote and increase employment opportunities for the communities considered local to our operations. In fact, 98.1% of our workforce is hired from the Athens Metropolitan Area.
• We maintain and cultivate open and transparent relationships with local communities in order to understand their needs and interests, being actively engaged to enhance their quality of life.
• We target at the avoidance, minimization, mitigation and offsetting of any adverse effects derived from our business operations, and we hold ourselves accountable for our actions.
• We design initiatives to support vulnerable groups and we donate to causes that we consider important, with a special focus on the upgrading of public spaces and infrastructure as well as the regeneration of urban areas.

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PERFORMANCE INDICATORS

• € 126,500 Total spending on donations for 2021
• € 752,804 Total spending on donations over the last two years
• € 44,480 Conference sponsorships for 2021

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19. Initiatives and Political Influence

ADMINISTRATIVE PRACTICES

We maintain strong partnerships that enable us to build our expertise and increase our reach, thereby establishing Dimand as a leader within the Greek real estate market. At the same time, we strive to create synergies to elevate the quality of the work we deliver. Key strategic partners include:

The following tables present the recognitions we have received over the years.

According to our Code of Business Conduct and Ethics, it is prohibited any direct or indirect (through third party) contribution, under any form, by the Group's employees or by persons acting for their account, to political parties, movements, committees, political and trade unions or their representatives or candidates. Any employee of the Group or a third person acting on behalf of the Company (e.g. subcontractors, suppliers, etc.) have the right to participate in political organisations, parties, committees or movements, provided that it is clear that they do not express the views of the Group and do not act on the Company’s account.

Dimand is a:

• S. Green Building (USGBC) silver member
• Global Real Estate Sustainability Benchmark (GRESB) member
• Member of Hellenic Federation of Enterprises (SEV)

Our company has a long history of creating green buildings and always seeks to adopt an integrative strategy to promote sustainable features during both construction and operation.

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PERFORMANCE INDICATORS

Zero Political contributions

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20. Corruption prevention and alleviation

ADMINISTRATIVE PRACTICES

Our Code of Business Conduct and Ethics contains the company’s fundamental principles and values, forming a framework for our daily conduct and promoting honesty, transparency, integrity and impartiality.

Key requirements are set out below:

• Honest and ethical behavior, including the appropriate handling of situations with arising conflicts of interest
• Compliance with applicable laws, rules and regulations
• Accountability for compliance with the Code

The Code applies to all Dimand’s employees, members of the BoD, subcontractors, suppliers, affiliated companies, consultants, intermediaries and any other party acting on our behalf, and can be find on our corporate site.

Overall, it outlines our responsible business practices and covers a series of topics including:

• Ethics and compliance
• Corruption, bribes, gifts and gratuities
• Sponsorships, donations and charities
• Conflicts of interest and use of confidential information
• Workplace practices (non-discrimination and diversity, child and forced labor, harassment, open communication, and lobbying)
• Business practices (anti-trust, trade restrictions, relations with competitors, and integrity of financial data and reporting)
• Use and protection of assets and electronic systems
• Social responsibility

According to the Code, it is not allowed to accept any object of value for the purpose of acquisition work, maintaining existing work or securing an improper advantage. This also includes securing licenses or regulatory approvals, preventing negative state actions, reducing taxes, avoiding duties or preventing bidding in a tendering procedure of a competitor. Questions about specific cases should be sent to the Compliance Unit of the Group's company.

Moreover, it encourages our employees to report any violations of the Code if they become aware or suspect that such incidents exist. We have established a Whistle Blowing Policy, which helps facilitate this process and ensure confidentiality and advises on specific steps to be followed by everyone involved, including the whistleblower and the accused person(s) as well as our Legal and Internal Audit Departments.

Each Group Company is entitled to take action against employees who violate the law, the Code, or its policies. Any violation of the Code would be reviewed and may result in disciplinary action in accordance with the applicable law and corporate policies and procedures.

Through our Code of Business Conduct and Ethics, we have expressed our zero-tolerance approach to any form of corruption. We have also distributed an email to all of our employees as a means of increasing awareness on corruption-related aspects, indicating how everyone is expected to work on a daily basis.

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PERFORMANCE INDICATORS

We have designed a risk-based approach that includes a due diligence process before any professional engagement. We do so as a means of ensuring that our business partners, suppliers and clients follow our ethical principles and that Dimand will not be related to any corruption-related incidents.

• Zero Incidents of corruption
• Zero Non-compliance incidents

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