Kimco Realty Corp., one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announced the release of its 2020 Corporate Responsibility Report. This eighth annual report details the company’s performance in environmental, social, and governance (ESG) areas.
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“Although the events of the past year have tested our resolve, we are incredibly proud of the way our team of associates has navigated this crisis while continuing to focus on creating value for all of our stakeholders”
2020 Report Highlights
Despite the challenges of the COVID-19 pandemic, Kimco made strong progress towards its ESG initiatives, achieving several important milestones over the past year:
- Became the first North American retail real estate owner named to the Dow Jones Sustainability World Index, which represents the top ten percent of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic and ESG factors.
- Publicly announced an ambitious set of ESG goals, including a science-based emissions reduction target, a goal to achieve net zero by 2050, and a pledge to increase diversity in its management ranks to 60% by 2030 through enhanced recruitment and employee engagement programs.
- Associates banded together with a strong focus on tenant support throughout the pandemic. Through its Tenant Assistance Program (TAP), Kimco helped hundreds of small business tenants secure approximately $20 million in disaster relief funding – just one of the many innovative tenant support programs it launched over the past year.
- Expanded ESG efforts to include capital markets, completing its first green bond issuance, which was boosted from $300 million to $500 million on strong investor demand.
- Welcomed Henry Moniz to its Board of Directors, increasing the proportion of diverse Board members to 50 percent. As Chief Compliance Officer at Facebook, and formerly at ViacomCBS, Mr. Moniz brings a diverse range of experience and knowledge in the areas of governance, compliance, risk, data analytics, and technology.
“Although the events of the past year have tested our resolve, we are incredibly proud of the way our team of associates has navigated this crisis while continuing to focus on creating value for all of our stakeholders,” said Conor Flynn, CEO of Kimco Realty. “After a transformative year, we enter into this next period from a position of strength and with a clarity of purpose that feels unprecedented in our organization’s history. We continue to build on our long history of action in addressing ESG issues, with an eye towards the future.”
This report was prepared in accordance with the Global Reporting Initiative’s (GRI) Sustainability Reporting Standard and incorporates disclosures aligned with the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD).
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Hiring of New ESG Director
Further deepening the company’s commitment to addressing critical ESG topics, Kimco has hired Tamara Chernomordik as the Director of ESG. In this dedicated role, Mrs. Chernomordik will be responsible for leading the strategic development and implementation of the company’s ESG program, guiding Kimco on the path towards achieving its publicly stated goals.
Mrs. Chernomordik comes to Kimco with over a decade of industry-specific experience including expertise in ESG and corporate sustainability, stakeholder engagement, and change management. She was most recently at Prologis, a leading industrial REIT, where she was responsible for developing, implementing, and managing ESG strategies and programs that created business value across key stakeholder groups.