Pandox Fair Play 2.0 forms the basis for how Pandox integrates sustainability into its operations and how the Company strategically manages and drives operational sustainability work.
Management of sustainability work
The Board of Directors has overall responsibility for the strategic focus of sustainability efforts and is always involved in important investment decisions. Information on sustainability work is reported back to the Board on a six-month basis through a board report and annually in an oral presentation.
A Sustainability Committee consisting of representatives from the executive management team, experts and the Director of Sustainable Business addresses ongoing issues and decisions relating to sustainability work. In 2019, for example, the Committee discussed the green leases that make it possible for Pandox to work in a structured way on sustainability in Property Management as well. The Sustainability Committee has also been a driver in the development of a separate green investment programme and has initiated a BREEAM certification process for all properties in Operator Activities.
The Director of Sustainable Business reports the outcome of sustainability work to the executive management team on a continual basis, including in the Green Update report every quarter.
In 2019 Pandox joined the UN Global Compact and the Company will report externally on its efforts to comply with the Ten Principles on an annual basis. The Code of Conduct for employees and the Business Partner Code of Conduct are therefore based on the Ten Principles of the UN Global Compact. Pandox’s Environmental Policy establishes the values and guidelines for Pandox’s environmental work. Areas covered are energy and water consumption, emissions and waste. The precautionary principle is part of the Environmental Policy and it involves the Company proactively avoiding environmental risk.
In order to perform an accurate status analysis and prioritise the right activities and investments, Pandox continued to implement its new data processing system in 2019 with a focus on sustainability data and water and energy consumption. At the end of the year all of the Company’s hotels in Operator Activities, as well as Scandic and Nordic Choice in Property Management, were included in the system. This represents around 50 percent of the property portfolio. For 2020 the goal is for all hotels to report into the system.
In 2019 significant progress was made in efforts to integrate sustainability throughout the value chain. The new system support has automated the monitoring process and enabled analysis to be performed to assess and prioritise between different environmental investments. This has also facilitated knowledge transfer and identification of good examples. This data system is also the basis for the analysis that resulted in the green investment programme, which will be rolled out in Operator Activities in 2020–2023.
Pandox values an open culture and works to ensure that employees are unafraid to report irregularities and problems in the workplace so that they can be addressed. Pandox therefore has an independent, external whistleblower system available to employees and other stakeholders. Any suspected irregularities or deviations from Pandox’s policies can be reported anonymously. Matters reported are handled by Director of Sustainable Business. See also Pandox Whistleblowing Guidelines.
Pandox is of the opinion that well-managed sustainability risks can become tomorrow’s competitive advantages. Pandox works continually to identify, evaluate and manage sustainability risk as part of the Company’s overall risk management process.
Pandox’s sustainability strategy is based on integrating sustainability into the business model, catering to stakeholder expectations while laying the foundation for sustainable growth.