SUSTAINABILITY / Integrity / Integrity

Since our inception we have been known for doing business under a culture of trust, respect, honesty, integrity, equality, justice, and legality. In accordance with our culture of integrity, we participate in several international initiatives, including the following:

However, the Vesta Code of Ethics is the strongest expression of our ethical commitment and our guide in overseeing the behavior of anyone who works for or has a relationship with the company. We review the Code every two years in close collaboration with our stakeholders, with the most recent update being done in 2018.

We also created the position of Chief Integrity Officer, whose purpose is to implement best practices in terms of the integrity culture and to ensure that at Vesta operations are always handled in an ethical and honest way, focusing on building a better Mexico.

Risk Management

A key aspect in ensuring sustainability at any company is to adequately identify and address any risks to which it could potentially be exposed. Such risks can take different forms and they can be related to financial, market, regulatory, legal, technological, environmental, or social matters.

At Vesta, we perform a periodic risk assessment, considering local and global conditions. The results are then presented to the Board of Directors in order to contribute to making better decisions favoring Vesta by defining mitigating, evaluating, and monitoring plans under a strict comprehensive framework.

On the other hand, like any other company, our operations face both internal and external risks. Among the latter, we can include those pertaining to the current situation of the country as well as macroeconomic issues that could have an adverse effect over our operation and financial results. Accordingly, our Responsible Investment Policy is a clear example of the latter.

To this point, some of the risks in our business are related to the generalized downturn in leases, the devaluation of real estate, a decrease in the demand for space, higher interest rates, fluctuations in the foreign exchange rate, changes in government policies, volatility in the financial markets, economic deceleration, an increase in competition, damage to our buildings from natural phenomena, new environmental and safety regulations, the risks and effects of climate change, and an adverse political environment, among others.

Anti-corruption

At Vesta we know that the fight against corruption is among the toughest problems we face every day, both in our personal life and in the workplace, and we are convinced that preventing and fighting against it is the responsibility of everyone at the company, and not only that of our top management. Accordingly, we work relentlessly to promote a culture among our employees and suppliers that is an example of ethical behavior.

As part of these practices aimed at reducing the risk of corruption in our daily operations, we:

Having an integrity program in place and fighting against corruption in all its forms, is a priority for our top management. Accordingly, we have created a series of policies and procedures which complement our Code of Ethics and whose goal is to address issues related to:

  • Conflict of interest
  • Transparency and accountability
  • Protection of personal data
  • Information safety

We always work with our company’s benefit in mind, making sure that our decision making is not affected by any factor that favors interests other than our productivity, efficacy, efficiency, and the achievement of our goals.

Accordingly, we cannot and should not have financial interests, or work for, serve as a consultant in, or have any other type of relationship with a Vesta competitor, supplier, client or contractor. In addition, we cannot benefit from our procurement or supply decisions, nor can we benefit our friends or relatives.

In order to avoid any conflicts of interest and provide the necessary solutions, we are all obliged to make an annual written declaration of any activities, relationships, financial interests, or interests of any other kind that could represent a conflict of interest with respect to Vesta.

Reporting policy

Aware of the importance of promoting a culture of values, we have integrated a reporting policy to communicate any violations to our Code of Ethics, and make the following reporting options available to all our stakeholders:

Human rights

Today, in terms of sustainability, one of the biggest challenges being faced globally by the majority of corporations is the ability to ensure and enforce Human Rights as part of their daily management and operation.

At Vesta we respect human rights for everyone with whom we interact across our operations. We have also adopted a strong position against child labor and forced labor, discrimination, negative social and environmental impacts, and human rights violations.

In response to this, we have been signatories of the United Nations Global Compact since 2011 and since then we have actively shared and fostered its principles with our stakeholders.

Furthermore, at Vesta we believe that diversity complements our team and makes it better prepared to face the evolution the real estate industry is undergoing. This is why we work with experienced personnel and make no distinctions for age, gender, origin, nationality, social status, ideas, opinions, religious beliefs, social or economic standing, political or sexual preferences. These factors are not taken into consideration either for hiring people.

At Vesta we have a Diversity, Equality, and Inclusion Policy in place, which addresses these issues with all our stakeholders.

None of our employees are unionized, although we do respect their freedom of association.

Labor practices

The transformation of the industrial platform that Vesta offers in Mexico is due greatly to the excellent job that our employees, with their vast array of profiles, know-how, and work history, perform on a daily basis, depending on their areas of expertise. It is thanks to them that we are able to attract the best investors and multinational companies. Accordingly, we make a continuous investment in improving their working conditions and job-related wellbeing.

At Vesta, our employees understand and follow our INNOVESTEAM philosophy: Working with a common goal and shared values and applying innovation in our daily work. This philosophy results in:

We always treat our employees with dignity and respect. We provide the resources and tools they need to perform their jobs, while at the same time maintaining harmony and a healthy work environment.

Likewise, we design and implement policies, systems, and programs that promote development and growth, and we offer recognition for good performance. Therefore, the labor relations in Vesta are free of partiality, prejudice, and harassment in any of its forms.

We do not tolerate intimidating, hostile, or offensive behaviors or written or verbal communications. We respect the time of others, by showing empathy, being punctual and striving for a healthy work-life balance through responsible planning.

With all these efforts we strive to make sure that our employees view Vesta as a great place to work and to grow professionally.