During our 2020 Annual General Meeting today, Scentre Group CEO Peter Allen confirmed the Group was committed to working with financial institutions and its retailers on commercial arrangements - with a particular focus on small to medium sized businesses.
“We are pleased that the SME Commercial Leasing Code of Conduct we negotiated with the national retail groups will be adopted in principle and is to be legislated by Australia’s various States and Territories.
“Importantly, the Code retains our ability to negotiate commercial outcomes with our SME retail partners on a case-by-case basis whilst balancing a fair and proportionate response.
“It aligns with our objective to balance the needs and responsibilities we have to a range of stakeholder groups – our customers, our brand and retail partners, our people and, of course, our securityholders.
“Scentre Group will immediately adopt the Code principles and look to implement similar arrangements in New Zealand for affected small business retailers.
“It is going to take some time for us to work through our conversations with all our SME retail partners but we will do it with the empathy the community expects of us to come to a suitable commercial agreement and continue to foster our relationships with our retail partners.”
Click here to read CEO, Peter Allen’s AGM address in full.