GOVERNANCE
Responsible Governance
Mindspace is committed to upholding human rights and promoting ethical conduct across our value chain to achieve sustainable economic growth. In this regard, we prioritize the rights of local communities and take measures to prevent any human rights violations. We also maintain a reliable grievance mechanism that enables us to capture feedback and grievances from all our stakeholders and take appropriate action to address them.
Alignment with UN SDGs
Initiatives and engagements
Diverse Board
Comprises experts from across finance, tax, accounting, regulatory, investments, and business backgrounds.
16.6 %
Women at Board Level.
32 %
Women at senior management Level (1)
Ensuring independence of the Board
- Independent Chairperson.
- Independent valuer undertakes valuations of all properties on half-yearly basis.
- Majority members on Governing Board are independent.
- Sponsors and sponsor groups are prohibited from voting on Related Party Transactions (RPT) in which they are interested.
Board’s involvement in strategy and policy formulation
- Decides priorities, sets goals and objectives for the management.
- Considers and approves management proposals around strategy, policies, and budgets.
- Oversees implementation of the strategy by the management through periodic reviews.
- Considers and approves the business plan and assesses deviations thereof.
Adoption of fair accounting and business practices
- Appointing statutory auditors from the Big 4 accounting firms.
- Detailed quarterly financials prepared and disclosed to stock exchanges.
- Mindspace REIT and Asset SPVs have adopted RPT policy as per which all RPTs are undertaken at arm’s length and in compliance with applicable laws. These are approved by the Audit Committee of Mindspace REIT and disclosed to stock exchanges where units of Mindspace REIT are listed, and to unitholders
Note: 1 Includes all employees of Mindspace at General Manager and above levels
Trainings
- 100% of Governing Board members have been sensitized on our ESG Roadmap and trained on BRSR principles.
- Anti-corruption policies and procedures are shared with all the employees and training have been given to all KMPs, ensuring that everyone understands their roles and responsibilities in preventing corruption.
- Also, 100% of our business partners have received communications on anti-corruption policies and procedures. We are committed to maintaining transparency and integrity in all our operations and partnerships.
Analyst Meet
Equity analysts (sell-side analysts) are one of the important windows to reach out to the world of institutional investors. During H1 FY23, we hosted equity analysts at our parks in the Mumbai Region and Pune. The analysts got a first-hand experience of our parks and witnessed the ecosystems that we are building.
In H2 FY23, we hosted buy-side analyst meet, in which we invited institutional investors to our parks in the Mumbai Region and Pune. Over two days, they got an opportunity to experience our asset ecosystems.