Lendlease Annual Report 2021

Engagement Board Project Assessments As an international company and having regard for the material scale of individual projects, the Board program is formulated to reflect the geographic spread of Lendlease's businesses. The Board program typically comprises formal meetings and additional business briefings, presentations from internal and external sources, project site visits, employee events and meetings with key stakeholders and customers. The Lendlease Board views these program activities, in addition to the formal, scheduled Board and Committee meetings, as an important part of receiving a greater understanding of our people, our business and the activities and operations within each region. The Chair works with the Company Secretary to forward plan the program for the year. Depending on the time of year and depth of project review required, the program runs for three to five days. In FY21, the Board maintained its regular cadence of meetings. While some engagement activities with our people and customers were temporarily placed on hold in response to COVID, other parts of the program were able to be maintained through the use of virtual technology. The MIND development project is presented as a case study of the activities that the Board undertakes in reviewing and assessing strategic opportunities. Site visits allow the Board to see and experience firsthand the challenges and opportunities associated with a project’s delivery. Milan Innovation District, Italy Commencing in April 2017, the Board was introduced to the opportunity to design, construct and deliver the Milan Innovation District (MIND), a 100 hectare mixed use redevelopment with an end value of $3.6 billion. The project is a truly integrated project bringing together Lendlease’s end to end capabilities and embodying our strategic view on the future of urbanisation. The Board received a deep dive presentation from the Project Team ahead of the formal request for approval to move forward with the MIND project. The deep dive covered several aspects of the development including the alignment to strategy. Factors considered included urbanisation and digital aspects, understanding of risk limits, capital partners, the development’s viability, commercial assessment, risk factors, geopolitical matters, the safety, sustainability and environment strategy, and the planning and scheme masterplan process. These issues continued to be discussed in project updates at various times and while not exhaustive, were indicative of the issues considered during boardroom discussions. The Board’s most recent visit to the MIND site was through the use of technology in June 2021 when an aerial flythrough of the project was provided and the Board met virtually with several members of the project team. Stakeholder engagement The Board members, led by the Chairman, maintain an active and extensive engagement program to represent the interests of Lendlease at various industry functions and bodies. The Chairman acts as a spokesperson for Lendlease and regularly meets with customers, investors, governments and media. The Board encourages two way communications with our investor Deep dive and virtual site tour of the Milan Innovation District (MIND) project. (June 2021) Interactive individual and group discussions between the Board and Europe Regional Leadership Team members. These sessions provided guidance, motivation and support in career development (June 2021) Australia (virtual and on site program) Engagement with regional business leaders to provide updates and overview of key regional business issues (individual Directors, quarterly intervals throughout the reporting period) Virtual site visit and interaction with the project team for the integrated Sydney Place project (March 2021) Viewing and site walk of One Sydney Harbour residential precinct and overview of project. Engagement and Q&A session with project team and Board members (March 2021) Site walk around Barangaroo foreshore public realm, delivered in FY21 (March 2021) Program for the reporting period between 1 July 2020 and 30 June 2021. Board program activities undertaken during the reporting period are listed below. Virtual site visit and project deep dive of the Sydney Martin Place Metro project. (September 2020). This was followed by a project deep dive, on site visit and project team Q&A session with the Board (May 2021) Site tour of apartments and common areas in the 11 Gibbons Street, Redfern project – a mixed use social and affordable housing development delivered by Lendlease for St George Community Housing (SGCH). Client engagement with CEO and Senior Leadership Team of SGCH (May 2021) Americas (virtual program) Received a briefing from an external speaker on insights into US policy proposals addressing areas of particular relevance to Lendlease including housing, sustainability, supply chain, healthcare and the COVID response (October 2020) Virtual site viewing of the Javits Convention Centre in New York (May 2021) Asia (virtual program) Virtual site tour and safety overview of the TRX project in Kuala Lumpur, Malaysia (August 2020) Deep dive and virtual site tour of the Ardor Gardens Retirement Living Project in Shanghai, China (September 2020) Virtual engagement with Lendlease China Senior Leadership Team who provided insights into district governments and an overview of Lendlease China operations (September 2020) Received a briefing from an external speaker on the geopolitical landscape in Asia including sovereign risk and trade issues (September 2020) Discussion with the Asia Regional Leadership Team (September 2020) Europe (virtual program) Received briefings from an external speaker on insights into the UK market including governance focus areas, impact of COVID on real estate, investments and construction, and the impact of Brexit (November 2020 and May 2021) Board regional program FY21 Meeting with Lendlease people Our Board members believe that it is important to meet with local Lendlease management and employees in all our regions to assess the culture of Lendlease at work. They encourage employees to ask questions at 'town hall’ style events, providing an opportunity for open and honest debate on organisational culture. Due to the restrictions put in place because of the pandemic, in FY21 these sessions occurred on a smaller scale, often in virtual formats. One of the key responsibilities of the Lendlease Board is to oversee the strategy so the Group can pursue its integrated business model in targeted gateway cities around the world. In FY21, the Board used technology to attend site visits and attend deep dive reviews of various projects. community and in June 2021 released on the ASX a presentation detailing the scope of the Board's activities in FY21. Our Annual General Meeting (AGM) provides our securityholders with a valuable opportunity to communicate with the Board. In 2020, Lendlease held a virtual AGM and our securityholders were able to join the meeting online, ask questions and vote on all resolutions in 'real time'. Milan: Milan Innovation District (MIND) Artist’s impression Sydney: Board visit to One Sydney Harbour 79 A sense of place 78 Lendlease Annual Report 2021 Governance