Cromwell’s purpose is that ‘we exist to look after people’ and we believe that it is in times like these, this shines through. We remain true to our values of Principled, Respectful and Responsible, and our Sustainability Framework, protecting the interests of our securityholders and investors, ensuring our people remain safe and able to continue to look after our property assets, our tenant-customers and the community.
We also continue to work proactively with each aspect of our supply chain in order to adapt to the changes dictated by COVID-19 and support each other as our economy, businesses, buildings and people begin the process of a return to a new normal.
“The COVID-19 pandemic has created unprecedented uncertainty and dislocation within the global economy and commercial real estate markets. This has been reflected, to varying degrees, in the 14 countries in which Cromwell operates.”
“Our priorities are to safeguard the interests of our securityholders and investors as well as ensure the safety and wellbeing of our people, tenant-customers and the communities in which we operate.”
“We saw the impact of the virus earlier than most with our Milan office moving to working from home in early February. We took the opportunity then to plan and prepare for what was to come. This, coupled with our investment into IT infrastructure, remote working and platform technologies means our teams, in each country, have been able to remain fully operational while working from home.”
“Cromwell also has 3,500 tenant-customers of varying types and sizes across the entire platform. Some of them have been entirely unaffected by COVID-19, some partially impacted and some severely. We have been assessing each case individually, in Europe, in accordance with the relevant local and national legislation and in Australia, in the spirit of the National Code of Conduct.”
“The path to recovery remains uncertain and there will be unforeseen challenges we need to face and measures we need to take to ensure we navigate through it . The world is a very different place today to what it was only a few months ago, but I believe Cromwell and its various stakeholders are in a resilient and strong position to weather this pandemic.”
CEO, Cromwell Property Group
Areas of Focus
1. Maintaining Employment
Cromwell remains committed to supporting and retaining all its employees and no employees have been furloughed or made redundant. All employees have successfully transitioned to working from home without impact to their employment hours or terms and conditions.
2. Increasing communication and engagement
Cromwell is committed to ensuring employees are fully engaged and aware of what’s going on. Regular communications via email, audio and video conferencing sessions have been undertaken throughout the crisis. In addition, staff welfare surveys have been undertaken and each manager is tasked with contacting their teams to check on their wellbeing whilst working remotely.
A variety of online social events have been implemented from quizzes and trivia to photographic competitions and an Instagram account to support engagement and social connectivity.
3. Focus on health and wellbeing
Paid sick leave is available for all unwell permanent and fixed-term employees. Paid Carers leave is available for all permanent and fixed-term employees who need to care for unwell family members and Cromwell has been flexible with working arrangements and subsequently this has resulted in very few employees needing to access their Personal and Carers leave during the pandemic so far.
Cromwell also subscribes to an independent confidential employee counselling service and a range of OHS based training has also been provided virtually on COVID-19 specific topics, as well as topics such as ‘Working Safely from Home’, ‘Working Effectively from Home’ and ‘Managing Virtual Teams’.
4. Maintaining supplier/tenant-customer relationships
Despite working from home Cromwell’s management processes have been able to continue across all business activities. Invoice payment has continued without impact to any suppliers. Contracts and purchase orders for suppliers to undertake works have also been raised in jurisdictions where these works or suppliers and deliveries are allowed. Cromwell is also working with all impacted tenant-customers affected by COVID-19 in accordance with relevant local and national legislation.
5. Financial prudence
Measures have been implemented to restrict all non-essential expenditure including travel, recruitment as well as revisiting budgets for FY21. The executive team have undertaken detailed stress testing and scenario planning and continue to meet weekly to review critical business activities and finances.
The Business Continuity teams continue to meet in Australia, Singapore and Europe to ensure all business-critical functions are maintained.