Materiality & Stakeholder Engagement

Corporate Responsibility Materiality Assessment

In 2015, Forest City conducted a robust materiality assessment to identify and prioritize our most significant CR topics. As part of this assessment, we conducted extensive industry research and a benchmarking analysis of customers, Forest City associates, industry groups, suppliers and REIT peers. We mapped our value chain to identify the key stakeholders that impact or are impacted by Forest City. We engaged key internal and external stakeholders to determine the most significant CR topics. The assessment includes perspectives of the following stakeholders:

  • Communities, cities and government partners
  • Tenants and residents
  • Associates
  • Suppliers
  • Industry thought leaders
  • Investors
  • Voluntary frameworks and certifications
  • Activists, media and NGOs

Through this research, we aggregated external stakeholder feedback regarding Forest City’s current CR practices, explored how Forest City’s decisions impact these stakeholders and drafted recommendations for management of CR topics.

In early 2018, we revalidated the results of our 2015 materiality assessment. During this exercise, we incorporated updated industry research from new sources and benchmarking of Forest City’s current REIT peers. We shared the results with key internal stakeholders, and used their feedback to validate our priority CR topics shown below.

Relative Priority of CR Topics

Stakeholder Engagement 

Forest City understands that ongoing stakeholder engagement is integral to managing our material sustainability and corporate responsibility topics and to ensuring that we are continuously improving our overall performance. Below, we have identified the individuals, groups of individuals and organizations that affect and/or could be affected by our company’s activities, products, services and performance, and we have outlined the nature and frequency of our engagement.
Stakeholder Group Engagement Type Engagement Frequency Engagement Objectives
Associates “FC Voices” associate survey Bi-annually To ensure that associates understand how their individual contributions improve our business and the lives of our residents, tenants and communities.
Orientation/onboarding program During on-boarding of new associates
Training and development programs Ongoing throughout the year
Performance Reviews Annually
Company-wide town hall meetings Several times throughout the year
Associate Resource Groups Ongoing throughout the year
Health and wellness program Ongoing throughout the year
Company-wide communications via email and MainStreet intranet portal Ongoing throughout the year
Change Sponsor Program - survey to collect associate feedback on Forest City internal communications As needed during company reorganization and transition to REIT
Investors Dedicated investor disclosures Quarterly To build and maintain trust with existing and potential shareholders through increased transparency in financial disclosures as well as robust corporate responsibility reporting.
Quarterly earnings calls Quarterly
Dedicated investor relations team Ongoing throughout the year
Annual Report and 10K Supplemental Package Annually
Corporate Responsibility Report Annually
Investor meetings and events Annually or more frequently as needed
Communities (New Development) Dedicated community affairs teams and developers Continuous throughout the year To obtain insight into our neighboring community members’ individual needs, challenges and requirements, and work to integrate their feedback into our developments’ mix of functions, design, and community amenities. Through this engagement, we ensure the creation of longstanding, successful developments that are responsive to local needs and complement and integrate with existing neighborhoods.
Community town hall meetings and other direct engagement (e.g., emails, door-to-door canvassing, surveys) Ongoing during the entire development process
Hosting community events Several times throughout the year, varies by property
Community hotlines Ongoing throughout the year
Community Benefit and Development Agreements Continuous throughout the new development process
Tenants (Operating Properties) Hosting tenant social events (e.g. meet-and-greets) Several times throughout the year, varies by property To foster and strengthen the sense of community within all Forest City properties and developments, and to uphold a safe and welcoming environment at all Forest City properties. To obtain insight into our residents’ and tenants’ individual needs, challenges and requirements, and work to integrate their feedback into daily operations.
Social Media Ongoing throughout the year
Active Building tenant communication system Ongoing throughout the year
Resident and tenant surveys Monthly
Government Direct engagement with policymakers to advocate for specific issues related to the real estate industry Ongoing throughout the year To support candidates and ballot issues at the local, state and federal levels that align with Forest City’s strategic objectives and core values.
Indirect engagement through industry associations (e.g., Real Estate Roundtable) Ongoing throughout the year
Industry Associations Active membership and participation in meetings and conferences to advance group objectives Ongoing throughout the year Regularly engage with key industry groups to help advance important issues related to sustainability and the real estate industry in general.
Maintain leadership roles in several key industry associations and working groups Ongoing throughout the year
Partner with other members to advance thought leadership on key topics and issues Ongoing throughout the year
Contractors, Vendors & Suppliers One-on-one meetings Quarterly for our largest vendors/suppliers, as needed throughout the year for other vendors Utilize internal targets and regular one-on-one engagement with suppliers and contractors to ensure the sustainability of Forest City’s supply chain, including the growth and success of minority- and women-owned businesses.
Media Press Releases Several times throughout the year To provide increased transparency with all Forest City stakeholders on significant events through regular interactions with media outlets.
Interviews to report on Forest City’s financial and corporate responsibility performance and discuss major events related to company operations Several times throughout the year
Host media events for important milestones, such as groundbreakings, facility openings, and community events Varies depending upon development schedule
Social Media (both corporate and property-specific) Ongoing throughout the year
NGOs Active membership and/or leadership by associates in NGO groups Ongoing throughout the year To support our core value of community involvement by giving time, talent and resources through NGOs and other non-profit organizations.
Company-wide Community Day of Volunteering Annually
Skills-based and pro-bono volunteering Ongoing throughout the year
Employee Volunteering Ongoing throughout the year
Corporate philanthropy Annually to several times throughout the year, varies by program