Business
DEXUS : FY25 Dexus Modern Slavery Statement
DEXUS : FY25 Dexus Modern Slavery
About this update from Dexus
Modern Slavery Statement FY25 Unlock potential Create tomorrow Dexus FY25 Modern Slavery Statement Dexus is committed to fostering an environment in which employees, suppliers and other stakeholders in the community feel safe, supported and protected, and their human rights are respected. We encourage people to speak up with any modern slavery or broader human rights concerns relating to our operations or supply chain. People can raise any concerns to our independent, confidential and secure disclosure management service provider below. They will be protected under our Whistleblower Policy. Online: visit https://yourcall.com.au/ and click on the "make a report" button using DEXU5000 as the organisation ID. Call: 1300 790 228 using Dexus's ID: DEXU5000 between 9:00am and midnight (AEST) Monday-Friday (excluding public holidays). Further information on our incident reporting and response mechanisms has been provided on page 22 of this statement. Horizon 3023, Vic Contents CEO & Chair message 01 About our Statement 02 Our progress and future plans 03 How we operate and what we source 04 Who we are 04 How we are structured 04 How we operate 05 Our workforce 06 What we source 07 Location of our suppliers 08 Modern slavery risks in our operations and supply chain 10 Leadership and culture 16 Legal and compliance 16 Supply chain engagement 18 Knowledge and capability 21 Collaboration and stakeholder engagement 21 Incident management (including remediation) 22 How we assess our effectiveness 23 Monitoring effectiveness and reporting 23 Other relevant information: related policies 26 Appendices 28 Acknowledgement of Country Dexus acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artist - Amy Allerton, Indigico Creative, a Gumbaynggir Bundjalung and Gamilaraay woman Artwork - The Places Where We Thrive Artwork description - The artwork tells the story of a vision for our communities, both large and small, where they are all thriving and strong as they build lives, homes and legacies for present and future generations. Every community is connected by spirit and by country, surrounded by flourishing waterways and vibrant land that is enriched and cared for by its people. Communities are empowered to unlock potential and find new ways to build and expand, as they dream and innovate to create tomorrow. Cover image: 80 Collins, Vic 1 CEO & Chair message At Dexus, our purpose is to unlock potential, create tomorrow. We have a commitment to respect human rights, including the right to freedom from slavery. This commitment is core to creating a sustainable tomorrow and delivering long-term value for our people, customers, investors and communities. We are pleased to present our Modern Slavery Statement (Statement) for FY25, in accordance with Australia's Modern Slavery Act 2018 (Cth). This latest Statement demonstrates our progress in understanding and addressing modern slavery risks across our operations and supply chain. Modern slavery remains a pervasive global issue, often concealed in plain sight and deeply embedded within global supply chains. As a leading Australasian real asset group, we are committed to collaborating with our partners to minimise the risks of modern slavery in our operations, investments and complex value chain. We know that our sector is characterised by long, multi-tiered value chains that often span numerous industries and geographies. Property and construction rely on complex supply chains, subcontracting, and physical labour, increasing the risk of modern slavery. With this inherent complexity, it is essential that we build a clear understanding of our supply chains to identify potential risks and uphold our commitment to ethical and responsible business practices. We continued our collaboration with the Property Council of Australia's (PCA) modern slavery working group in FY25, which launched the guide 'Impact Metrics for Addressing Modern Slavery in Property and Construction'. This framework helps organisations in the property and construction industry understand and measure the effectiveness of their modern slavery risk management efforts. This guide reflects a proactive approach to improving our response to modern slavery across the industry. During the reporting period, we expanded our supplier risk screening, with almost 1500 suppliers screened for modern slavery risks, representing 82% of Dexus's total supplier spend. This is an increase of 25% compared to FY24, with an additional 300 suppliers screened. The screening identifies high inherent modern slavery risks in our supply chain for further assessment. We also assessed 108 of our preferred suppliers through the global sustainability intelligence platform EvoVadis, representing 57% of our operational spend (an increase on 46% in FY24). This included suppliers operating in sectors with higher modern slavery risks, such as cleaning, security and construction. From this process, corrective actions were identified, largely related to improvements in policies and reporting. We continued our modern slavery internal audit program for the fourth consecutive year, with an external consultancy examining, evaluating and monitoring the adequacy and effectiveness of our governance, risk management, financial and operational controls. The focus of this year's audit was assessing the processes and controls in place to identify and manage modern slavery risks across small capital projects. Overall, it was found that Dexus's Anti-Modern Slavery Framework and our procurement controls provide a sound control environment to effectively manage modern slavery risks. However, opportunities were identified to further expand our program to assess supply chain risks deeper in the supply chain, particularly relating to the provision of raw materials on construction projects. Looking ahead, we remain committed to addressing the complex and evolving challenge of modern slavery. We will continue to strengthen our controls, systems, and governance frameworks to enhance the effectiveness of our risk management approach. Collaboration remains central to our efforts, and we welcome ongoing engagement with business partners, suppliers, industry bodies, and peers to drive meaningful and lasting change across the sector. We are monitoring the outcomes of the Australian Government's review of the Modern Slavery Act, including any potential changes to the legislation. We look forward to working with our business partners, suppliers, peers and other stakeholders to implement any changes that are enacted as a result of the review. This Statement is made pursuant to Australia's Modern Slavery Act 2018 and was approved by the Dexus Board on 17th December 2025 on behalf of all reporting entities covered by this statement. Warwick Negus Chair, Dexus Funds Management Limited 17th December 2025 Ross Du Vernet Chief Executive Officer 17th December 2025 Warwick Negus (Left), Chair and Ross Du Vernet (Right), Group Chief Executive Officer & Managing Director. 2 Dexus FY25 Modern Slavery Statement About our Statement This Modern Slavery Statement is made pursuant to section 14 of the Commonwealth Modern Slavery Act 2018 (the Act). The Statement is provided by Dexus Funds Management Limited as responsible entity for Dexus and covers its wholly owned subsidiaries and those joint ventures and funds that Dexus manages. As such, the processes, systems and polices outlined in this Statement apply to all assets managed by Dexus where we have operational control. For assets where we have a minority interest and do not have operational control, we seek to infiuence, work with and support our partners to mitigate the risk of exposure to modern slavery. Further information about these entities and our structure is set out in the section 'How we operate and what we source'. Appendix B lists the reporting entities covered by this Statement. In accordance with the Act, this Statement sets out the steps we have taken between 1 July 2024 and 30 June 2025 (FY25) to identify, manage and mitigate the risks of modern slavery practices in our operations and supply chain. Any reference in this report to a 'year' relates to the financial year ended 30 June 2025. Unless otherwise stated, any figures or statistics relate to the year ended 30 June 2025. This Statement includes reference to actions undertaken prior to the FY25 reporting period to provide historical context for our current position in understanding and managing modern slavery risks. Unless otherwise stated, references to 'Dexus's 'the group', 'we', 'us' and 'our' refer to Dexus comprising the ASX listed entity and the funds management business. This Statement was developed in consultation with all reporting entities as well as engagement with owned and controlled entities. This process involved key business units contributing to and reviewing the draft statement, as well as engagement with relevant Boards. It has been approved by the Dexus Funds Management (DXFM) Board on behalf of each reporting entity. In the process of developing this Statement, Dexus management engaged and received endorsement from the Board Sustainability Committee on behalf of Dexus. Dexus management engaged and consulted with the Boards of Dexus Funds Management Limited, Dexus Wholesale Property Limited, Dexus Wholesale Funds Limited, Dexus Capital Funds Management Ltd and Dexus Asset Management Limited. At Dexus, we are committed to continuously strengthening our approach to identifying and managing modern slavery risks, as well as reporting on our progress. The below infographic highlights how we have strengthened our level of disclosure in our Statement since our previous FY24 report. More information about the evolution of our response and future priorities is set out on page 3. 2024 Our FY24 Modern Slavery Statement built on our previous statements by: Explaining how we embedded management of modern slavery risks into our day-to-day operations Expanding the breadth of our risk screening and risk assessments in the supply chain Providing new case studies to highlight our actions, key takeaways and plans for future work Providing greater detail about our approach to assessing effectiveness 2025 Our new FY25 Modern Slavery Statement builds on our previous statements by: Explaining how we have expanded the number of suppliers screened for modern slavery risks Providing progress updates on actions taken under each of the key focus areas of our Anti-Modern Slavery Framework Explaining how we have further embedded consideration of modern slavery risks into our key decision-making processes Including a case study that demonstrates our processes and controls in action 3 Our progress and future plans Our future plans FY26 Develop a modern slavery roadmap to identify and prioritise the modern slavery risk mitigation activities required to strengthen management of emerging modern slavery risks over the next three to five years Develop and deliver tailored anti-modern slavery training for key roles positioned to identify and manage risk such as procurement, operations, asset management and developments Our progress FY25 Expanded our use of the global sustainability intelligence platform EcoVadis, to expand the reach of our risk screening and our supplier-specific risk assessment and engagement Introduced a Supplier Management Framework incorporating modern slavery risk management Conducted an internal audit to assess the processes and controls in place to identify and manage modern slavery risks across small capital projects FY24 Expanded and embedded our partnership with EcoVadis to leverage their global supplier sustainability ratings methodology across our preferred suppliers. We assessed 86 of our preferred suppliers through EcoVadis, representing approximately 46% of supplier operational expenditure (an increase on 39% in FY23). This included suppliers operating in sectors with higher modern slavery risks, such as cleaning, security and construction Used our Rapid Global Contractor Management System (CMS) to issue annual workforce survey to 4518 individual workers in our supply chain, an increase of 50% on FY23. This improved the accessibility of the survey for workers and resulted in an additional 116 responses compared to the previous survey, bringing our total responses to 568 in FY24 FY23 Delivered strategic board briefing on modern slavery Developed Modern Slavery Incident Response Plan Expanded our use of EcoVadis to review human rights risks with our major suppliers and collaborated with suppliers to enhance their management of modern slavery risks Embedded our due diligence of suppliers for real estate developments by including modern slavery into the Development Excellence Method FY22 Updated design consultancy agreements to require design consultants to consider modern slavery in the supply chain when specifying project materials Delivered multi-language modern slavery awareness training to all workers of on site service suppliers Inducted employees from the APN property transaction on Dexus's approach to managing modern slavery risk Collaborated with two building co-owners to discuss and enhance our approach to modern slavery risk management Continue to contribute to the Property Council of Australia Modern Slavery Working Group, and work with our industry peers on implementation of best practice to identify, prevent and remedy modern slavery Review the PCA's Indicators of Vulnerability guide and integrate relevant aspects into our onsite induction process Rolled out updated modern slavery training to all Dexus employees to provide tailored guidance to what to do if they suspect an incident of modern slavery Updated our Anti-Modern Slavery Management Framework to reflect our integrated business following the acquisition of AMP Capital Entered into new three-year cleaning contracts with a requirement for suppliers to be pre-qualified with the Cleaning Accountability Framework (CAF) by end of FY26. As a result, in excess of 85% of our spend on cleaning services across our portfolio is with CAF pre-qualified suppliers. Conducted an internal modern slavery audit with an external service provider for the third year. This involved examining, evaluating and monitoring the adequacy and effectiveness of governance, risk management, financial and operational controls designed to manage modern slavery and focused on our highest risk service categories, including security and cleaning Completed a new risk screening program covering 70% (by spend) of our suppliers 1 for modern slavery and human rights. This enabled us to find inherent modern slavery risks in our supply chain for further assessment Maintained CAF certification at 5 Martin Place Sydney and Macquarie Shopping Centre Ryde Published our first Responsible Investment Policy, which guides investment decision-making across our business, including consideration of the risk of exposure to modern slavery in our investment portfolio Updated modern slavery awareness posters for use at managed assets including New Zealand Collaborated with John Holland to assess potential risks for Waterfront Brisbane development Achieved CAF certification of 5 Martin Place Expanded the reach of our worker voice survey via the Rapid Global Contractor Management System (CMS) Commenced identification and assessment of high-risk Tier 2 suppliers Engaged EcoVadis to conduct ESG audits on our supply chain Reviewed our tender evaluation form to increase weighting of modern slavery and human rights in our assessment Completed KPMG's independent review of two high-risk vendors Details on previous years' achievements can be found in prior Modern Slavery Statements. This applies to 70% if our Tier 1 suppliers, who are those we have a direct contractual relationship with.