Our Board of Directors is in charge of ascertaining that the organization’s decisions are made in keeping with our Vesta Level 3 Strategy and that the actions we undertake are aligned with the commitments we have assumed on various ESG topics.
The Board is made up of 10 regular members and their respective alternates. Eight of the regular members are independent and three are women; two of the alternates are women. Lorenzo Manuel Berho Corona is the executive chairman of Vesta’s Board of Directors.
Vesta’s Board of Directors is supported by six committees. Except for the Audit Committee and the Corporate Practices Committee, both of which are made up entirely of independent members, each committee consists of Vesta officers and at least one independent board member. The Chairman of the Board and CEO also participate actively in committee meetings.
We ensure that the Board’s decisions incorporate issues that are important to our investors, stakeholders, the real estate sector and mankind. Furthermore, all Vesta departments manage the resources necessary to achieve the ESG goals set out in our strategy, and their compensation, as well as that of all our employees, is linked to their compliance.
In 2020 we conducted our first exercise in preparing a matrix of physical risks, and since then we have prepared our annual reports according to TCFD criteria. In 2023, with the support of an independent consultant, we updated our identification and assessment of climate-related risks, classifying them in accordance with TCFD recommendations and also reflected in IFRS S2 (physical and transition risks).
The analysis incorporated five climate scenarios, three physical scenarios and two transition scenarios. The physical scenarios were taken from the IPCC’s sixth Assessment report (AR6).
Our Ethical Commitment is Vesta’s Code of Ethics. This document frames the culture of ethics and integrity we embody in this organization and which we encourage in every action or decision by our directors, Board members and employees.
To promote ethics, integrity and transparency among our various stakeholders, we have a Supplier Code of Ethics applicable to any other party that supplies professional services to the company,
as well as an Anti-corruption Policy in which we establish guidelines on detecting, sanctioning and preventing any type of corruption in any activity or interaction involving the company.
Respecting and protecting the human rights over everyone involved in our operations is something that touches every area of our company. The document that formalizes this commitment is the Policy on Human Rights.
We conducted a human rights risk analysis through a global due diligence process in accordance with OECD directives and international recommendations. This process involves employees, suppliers, tenants, tenant employees and community members and covers all our portfolio assets, corporate operations, and the activities of tenants and suppliers in our value chain.
The outcome provided us with a list of different risks relating to labor, the environment, human rights, corruption, information disclosure and other matters, which were prioritized in a matrix so they can be duly managed.
