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ESG Initiatives

Daiwa House Asset Management Co., Ltd. (hereinafter referred to as the “Asset Manager”) is dedicated to investing in and managing real estate and other assets across a broad range of sectors that meet social needs in pursuit of sustained unitholder-value accretion through stable revenue and steady growth of assets over the medium to long term. The Daiwa House Group’s basic approach is “Creating Dreams, Building Hearts.” As a group that co-creates value for individuals, communities and people’s lifestyles, the Daiwa House Group aims to build trust relationships with stakeholders and contribute to society through its business, and to realize a sustainable society by meeting the challenge of achieving “zero environmental impacts.”
The Asset Manager shares the Daiwa House Group’s basic approach as the asset manager of Daiwa House REIT Investment Corporation (hereinafter referred to as “DHR”), and considers that including consideration for environment, society, and governance (hereinafter referred to as “ESG”) in its real estate investment management operations contributes to DHR’s basic policy of ensuring stable revenue and steady growth of assets over the medium to long term.
Learn more about Daiwa House Group’s CSR activities

■Creating workplaces where diverse employees can work flexibly (diversity and inclusion)

The Daiwa House Group proactively promotes creation of workplaces where diverse employees can work flexibly.
Learn more about Daiwa House Group’s workforce diversity initiatives

■CSR awareness surveys of employees

Recognizing that human resources are its greatest assets, the Asset Manager verifies how well its corporate ethics guidelines and code of conduct are being practiced in the workplace by participating in Daiwa House Group’s annual CSR awareness survey (100% response rate).
The Asset Manager explains the survey results to all personnel and encourages them to build a better workplace environment.
Learn more about Daiwa House Group’s CSR awareness survey

■Personnel Data

FY ended Mar. 2018 FY ended Mar. 2019
Total personnel (Note 1) 59 61
Male personnel / percentage of total 44 / 74.6% 43 / 70.5%
Female personnel / percentage of total 15 / 25.4% 18 / 29.5%
New hires 8 2
Separations 0 1
Separation rate (Note 2) 0.0% 1.6%
Monthly average overtime hours 13.7 hours 12.0 hours
Average tenure 4.4 years 5.0 years
Average days of annual paid vacation taken /
paid vacation usage rate
12.2 days / 68.1% 12.7 days / 68.6%
Percentage of personnel who had health checkup 100% 100%
Occupational accident frequency rate (Note 3) 0.0% 0.0%
(Note 1)  Headcounts are as of April 1 of each fiscal year.
(Note 2)  Separation rate is the rate of separations to total personnel using total personnel as of April 1 of each fiscal year.
(Note 3)  Occupational accident frequency rate = (occupational injuries/fatalities ÷ total man-hours worked) × 1,000,000
 For more details, visit the following URL. (in Japanese only)


The Daiwa House Group recognizes the importance of promoting good health among its workforce and thereby improving labor productivity through consistent measures to eliminate excessively long working hours and help employees manage their health.
Based on such recognition, the Asset Manager has introduced employee leave/vacation programs such as the following in addition to celebratory event leave, bereavement leave, maternity/paternity leave, child caregiving leave and elder caregiving leave.

Program Summary
Special paid vacation Up to five days per year separately from annual paid vacation to promote employees’ health, etc.
Accumulated paid vacation Unused annual paid vacation days accumulate at a rate of up to 20 days per year up to a maximum of 100 days. Employees may use their accumulated paid vacation days as personal sick leave, maternity/paternity leave, family caregiving leave or community co-creation leave
Family caregiving leave Five days per year to care for ill family members
Community co-creation leave Five days per year to participate in activities that contribute to society, training for such activities, etc.

■Introduction of cumulative investment unit investment program

Since December 2013, the Asset Manager has introduced a cumulative investment unit investment program in the aim of motivating its corporate officers and employees to endeavor to boost DHR’s investment unit price, grow DHR further and increase medium- to long-term unitholder value by focusing attention to DHR’s investment unit price performance and elevating awareness of DHR’s earnings.

■Introduction of investment unit ownership program

Since November 2019, DHR’s sponsor, Daiwa House Industry Co., Ltd., and the Asset Manager have introduced a DHR investment unit ownership program for their corporate officers and employees in response to the Japan Securities Dealers Association’s issuance of guidelines on investment unit ownership program in May 2018.
(Note) The investment unit ownership program for corporate officers of Daiwa House Industry Co., Ltd. was introduced in November 2018.

■Internal reporting system and whistleblower protections

The Asset Manager has established whistleblower liaisons internally and externally and set up a process to appropriately handle consultations with or reports from whistleblowers on organizational or personal conduct that poses (or may pose) compliance issues, including violations of laws/regulations and ethically problematic conduct, in accord with the Whistleblower Protection Act and the Cabinet Office’s Whistleblower Protection Act guidelines for private businesses.
Additionally, whistleblowers are protected from prejudicial treatment in any form.

■Human resource development

As stated in its Company Philosophy (Corporate Creed), the Daiwa House Group aims to “develop people through business.” It believes that human resources are the Group’s greatest assets.
The Daiwa House Group provides various types of training combining OJT and Off-JT, and believes in having employees learn by doing. It feels that hands-on training helps individuals to develop and use their abilities and unique talents, which ultimately allows them to make useful contributions to society.
Learn more about Daiwa House Group’s human resource development philosophy and policies

■Target management and performance evaluation program

The Asset Manager runs a target management and performance evaluation program to (1) foster communication between superiors and subordinates, (2) strengthen human resource development, (3) increase motivation with respect to roles and results (performance) and (4) clarify evaluation criteria and gain greater buy-in on evaluations.
Corporate officer and employee performance evaluations are determined by evaluation of performance benchmarked against individualized targets, evaluation of skills/conduct and a compliance evaluation.
Additionally, “ESG initiatives in response to societal demands” was added as a performance evaluation criterion from the second half of FY ended Mar. 2019.

■Educational and job-skill-development support

The Asset Manager supports acquisition of requisite knowledge and obtainment of licenses and other credentials by setting up programs that pay professional credential registration and renewal fees and congratulatory bonuses for obtainment of professional credentials in the aim of incentivizing employees to pursue self-development, upgrading employees’ skills and qualifications and stably and continuously retaining human resources that possess specialized skills conducive to attainment of business objectives.

The Asset Manager personnel with professional credentials (61 personnel in total as of March 31, 2019)

Credential Credentialed personnel (Note)
ARES (Association for Real Estate Securitization) Certified Master 26
Real Estate Transaction Agent 51
Real Estate Appraiser 2
First-Class Architect 2
Certified Real Estate Consulting Master 5
Office Building Manager 11
TOEIC score of 700+ 7

(Note) Includes personnel who have passed the credentialing exam but are not yet credentialed.

■Training program for new hires

Training for new hires includes the following.
Explanations of each organizational unit’s operations, compliance, insider trading regulations, human rights, IT system risks, email use, etiquette, disaster prevention, crisis management, CSR, J-REIT fundamentals, etc.

■Specialized operational training

The Asset Manager provided the following training programs for corporate officers and employees.

Program FY ended Mar. 2018 FY ended Mar. 2019
Compliance training 7 8
Sustainability training 1 1
Information security training 2 2
New hire training 5 5
Other training 3 4

■Human resources on loan from sponsor

DHR’s sponsor supplies the Asset Manager with human resources with a wealth of experience in areas such as real estate sales transactions, leasing, property management, finance and IT system operations. Learn more about Daiwa House Group’s human resource development philosophy and policies

■Community co-creation activities

The Asset Manager supports community co-creation activities, partly through a Community Co-Creation Leave Program it has established to facilitate employees’ participation in activities that contribute to society, training for such activities and other such endeavors. Community co-creation activities supported by the Asset Manager include (1) preservation of the natural environment (litter pickup activities, recycling movements), (2) education and youth development (school visits, experiential learning programs, athletic coaching), (3) social welfare (elder/juvenile/disabled welfare), (4) international cooperation (overseas volunteering, foreign language interpreting, etc.), (5) volunteer training and required credentialing programs (classes in invalid care skills, sign language), (6) community outreach (neighborhood association events) and (7) disaster relief activities.

A litter cleanup activity in response to a public park authority’s call for volunteers

Learn more about Daiwa House Group’s track record of community co-creation activities

■Employee infractions/incidents

There were no significant infractions committed by or accidents involving the Asset Manager personnel that would impact stakeholders in FY ended Mar. 2019.