Macerich Co/The – Lobbying Governance & Transparency

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Lobbying Governance

Overall Assessment	Analysis	Score
Strong	Macerich has established a clear governance framework for its engagement activities, embedding climate alignment at each stage of its interactions with both trade associations and policy makers. It states that it “conduct[s] these engagements in line with our overall climate change strategy and commitment to environmental leadership,” including membership in trade groups such as RER, NAREIT, and ICSC. The VP, Sustainability “provides updates from these engagements” as “an active participant in the Sustainability Committees” and “is responsible for ensuring that Macerich’s position within these organizations is always consistent with the overall climate change strategy of the Company,” illustrating dedicated oversight of indirect lobbying. Similarly, the Executive VP, Portfolio Operations and People “began serving on NAREIT’s ESG Steering Committee and helps to drive policy and requirements within the REIT industry to ensure alignment with Macerich’s overall climate change strategy,” showing active governance of policy-influencing activities. This oversight is reinforced through regular internal review meetings—“the VP, Sustainability meets bi-weekly with the Executive VP, Portfolio Operations and People, and the Executive VP, Portfolio Operations and People meets weekly with the Executive VP, CFO to review energy use from facility operations against budgets and goals”—with progress on sustainability projects reported “to the CEO on a quarterly basis” and subsequently “to the Board on a quarterly basis.” The company also confirms a public commitment to “conduct your engagement activities in line with the goals of the Paris Agreement.” While this process demonstrates strong oversight through named individuals, defined procedures, and both direct and indirect lobbying channels, the company does not disclose a dedicated climate-lobbying audit or a third-party review, nor does it specify how it would manage or exit from industry groups whose positions might conflict with its climate objectives. View Sources	3

Overall Assessment

Analysis

Score

Strong

Macerich has established a clear governance framework for its engagement activities, embedding climate alignment at each stage of its interactions with both trade associations and policy makers. It states that it “conduct[s] these engagements in line with our overall climate change strategy and commitment to environmental leadership,” including membership in trade groups such as RER, NAREIT, and ICSC. The VP, Sustainability “provides updates from these engagements” as “an active participant in the Sustainability Committees” and “is responsible for ensuring that Macerich’s position within these organizations is always consistent with the overall climate change strategy of the Company,” illustrating dedicated oversight of indirect lobbying. Similarly, the Executive VP, Portfolio Operations and People “began serving on NAREIT’s ESG Steering Committee and helps to drive policy and requirements within the REIT industry to ensure alignment with Macerich’s overall climate change strategy,” showing active governance of policy-influencing activities. This oversight is reinforced through regular internal review meetings—“the VP, Sustainability meets bi-weekly with the Executive VP, Portfolio Operations and People, and the Executive VP, Portfolio Operations and People meets weekly with the Executive VP, CFO to review energy use from facility operations against budgets and goals”—with progress on sustainability projects reported “to the CEO on a quarterly basis” and subsequently “to the Board on a quarterly basis.” The company also confirms a public commitment to “conduct your engagement activities in line with the goals of the Paris Agreement.” While this process demonstrates strong oversight through named individuals, defined procedures, and both direct and indirect lobbying channels, the company does not disclose a dedicated climate-lobbying audit or a third-party review, nor does it specify how it would manage or exit from industry groups whose positions might conflict with its climate objectives.

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Lobbying Transparency

Overall Assessment	Analysis	Score
Moderate	Macerich Co/The provides a substantial level of detail around its climate lobbying. It clearly identifies Local Law 97 as the main policy it engages with, outlining the requirements and context of the legislation. The company describes how senior executives regularly meet with the New York City Mayor’s Office, the City Council, and the Office of Sustainability, and it discusses how it offers feedback on the law’s tax structure. It also articulates its reasons for engaging in these policy processes, explaining that it fully supports Local Law 97 and aligns with the Paris Agreement. This level of openness about the mechanisms used, the policy focus, and the intended outcomes reflects a notably transparent approach to climate-policy lobbying.	2