MRM // 2022 Universal Registration Document

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Risk factors

Main risk factors

9 SANCTIONS BY THE MARKET, INVESTORS AND FINANCIAL INSTITUTIONS FOR COMPANIES THAT DO NOT INTEGRATE ESG INTO THEIR STRATEGY

Description of the risk and its impacts

Risk mitigation measures

In order to amplify the actions undertaken by the Company in this area since 2015, M.R.M. adopted a Climate Plan in 2020, drawn up under the aegis of the Board of directors and managed by the CSR Committee. In addition, the Company decided to publish its first Statement of Non-Financial Performance on a voluntary basis, five years ahead of the regulations. M.R.M. has thus given itself a way to manage the non-financial commitments made to all stakeholders and make them public. The main results observed in 2022 were as follows: • 25% reduction in the energy consumption of buildings since the reference year; • 33% reduction in greenhouse gas emissions. The 2022 Statement of Non-Financial Performance is included in Chapter 5 of this Universal Registration Document. Lastly, the performance criteria governing the granting of the Chief Executive Officer’s variable remuneration have included environmental objectives for several years, thus placing this subject at the same level of importance as the others.

Environmental, Social and Governance (ESG) issues can no longer be taken lightly by companies, and even less by companies listed on a regulated market, which have an obligation to the markets of increased transparency on these issues. The Company must integrate ESG issues into its overall strategy and be able to explain the concrete actions implemented in accordance with regulations and report on the results obtained with a view to constantly improving its performance in this area. In addition to being a moral duty to future generations, taking these issues into account is a financial challenge for the Company to remain attractive to investors and financial institutions, but also to other stakeholders such as tenants or the customers of its shopping centres, who are increasingly demanding and attentive to these issues. Failure to take this new reality into account by the Company could have a negative impact on its business, its ability to finance itself or to attract tenants and customers to its shopping centres, resulting in a deterioration in its operating results and financial position, a decline in its profitability, a loss of attractiveness to equity investors and a decrease in the value of the Company.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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