As a publicly listed real estate developer, AFI Development PLC (together with its subsidiaries – “AFI Development” or the “Company”) realises the importance of corporate social responsibility (CSR) and is committed to its integration across all its activities. It allows the Company to improve its competitive standing and reputation while increasing its ability to attract and retain stakeholders.
We are convinced that greater transparency resulting from non-financial reporting will make our Company more resilient and lead to better performance, both in financial and non-financial terms. Over time, integration of sustainability practices will lead to more robust growth and employment practices, as well as higher trust between stakeholders, including investors and consumers. We fully recognise that transparent business management is consistent with long-term investment.
AFI Development is committed to improving the economic and social well-being of its stakeholders through the continuous responsible execution of development projects and management of its operations. The Company strives to construct and manage properties with an adequate balance between environment, society and economy.
Our approach is based on the laws and regulations of the countries where our properties are located, corporate entities are registered as well as on widely implemented international standards.
In the table below, we present the aspects of sustainable development we have identified as applicable to our activities and operations.
E – actions and efficiency measures undertaken in order to monitor and decrease the environmental footprint of the portfolio
Waste treatment and disposal
Water supply and treatment
Climate change (prospect)
S – Company’s relationship with and impact on its stakeholders and direct social impact of our activities
Health & Safety
G – policies and procedures, composition of management, approach to sustainability integration at the Company level
As a real estate development and investment company, we rely heavily on natural resources used in construction and management of real estate. Consequently, we focus on efficient management of these resources and strive to find ways to optimise their use in our operations. We constantly explore ways to minimise energy use and ensure waste produced by our activities is utilised in compliance with the law.
The Company complies with the Russian environmental laws regarding protection of water, forest and environment. It also follows EU Environment policy.
Social responsibility is an important part of any Company’s long term strategy. Working together with internal and external stakeholders to create value and have a positive impact on the community and relationships is an important part of our Corporate Social Responsibility policy.
Given the broad range of stakeholders and challenges that have to be covered, we have consulted national laws and legislations as well as leading international acts and frameworks to create principles on social responsibility.
AFI Development considers its employees as the largest group of internal stakeholders and enforces social policy to resolve any human rights and operational health and safety issues that might face them.
With relation to social aspects, Company relies on two policies. Firstly, the Human Rights Policy, which states our respect for dignity, freedom and rights of our stakeholders. It constitutes a basis for our business values as also outlined in AFI Development’s Code of Ethics. Secondly, Human Rights Policy principles prohibit and condemn any form of discrimination, harassment and aggression towards all employees of the Company and its operating subsidiaries. The Policy also encourages diversity and inclusiveness.
AFI Development’s main Occupational Health and Safety principles encompass the continuous monitoring and enforcement of the safety of the employees, promotion of decent working conditions and management of operational health and safety risks.
Company has set up grievance mechanisms to receive, assess and respond to complaints or queries from stakeholders without any prejudice, as set by our Whistle Blowing Policy.
Contracting organisations are a large part of Company’s activities and strategy. It is important that every contracting organisation is compliant with principles of AFI Development’s policies as well as laws and regulations.
Code of Ethics is AFI Development’s primary framework that sets its principles of interaction with the community and external stakeholders. It values professionalism, excellence and responsibility in the business activities and relationships with customers and the society at large.
The Company is set to build a long-term relationship with any stakeholder, founding it upon confidence, integrity and mutual respect. Communities are supported by charitable contributions and ethical business practices which also support long term trust and mutual growth.
Effective governance structure is crucial for the implementation of the Company’s policies, promotion of ethical behaviour and consideration of the stakeholders’ interests.
As a company listed on the London Stock Exchange and incorporated in Cyprus, AFI Development has developed strong governance mechanisms to be compliant with a range of laws and regulations, such as the UK Corporate Governance Code which is reported annually in the AFI Development’s Annual Report.
Board of Directors is the primary governing body of the Company. It reviews and approves every policy and adjusts it to fit the changing market and environment, if necessary.