Sustainability Strategy

Colliers’ sustainability policy is in development.



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Yes. Our 2023 Sustainability Report can be found here: Our Impact | Colliers.



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The Colliers Board of Directors has formal oversight of Colliers’ sustainability initiatives. Sustainability-related risks are integrated into Colliers’ overall Enterprise Risk Management (“ERM”) process, which is reviewed by the ARC on an annual basis. This provides the Board information on the nature, likelihood and potential financial impact of sustainability-related risks and opportunities. Any material risks or opportunities emerging within the intervening 12 months are added to the ARC’s agenda on an as-needed basis.

The Board has also reviewed and approved the company’s sustainability strategy, Elevate the Built Environment, and is regularly updated on progress against our goals.

Colliers’ overall governance structure for sustainability is shown in the diagram found on page 51 of our 2023 Sustainability Report: Our Impact | Colliers.



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Our sustainability metrics and targets can be found on page nine of our 2023 Sustainability Report: Our Impact | Colliers. We have established targets across our three pillars, Elevate the Environment, Elevate Inclusiveness and Elevate Health & Wellbeing, for both Colliers internally and our clients. The delivery of these targets is overseen by the Global Head of Sustainability and tied to our sustainability-linked loan.



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The Global Head of Sustainability is responsible for leading the management and implementation of Colliers’ sustainability strategy, Elevate the Built Environment. The Global Head of Sustainability reports to the Chief Brand & People Officer, who sits on the Global Executive team and is ultimately responsible for establishing resources for and managing the execution of Colliers’ sustainability strategy.

The Global Head of Sustainability collaborates with regional sustainability leaders who uphold and drive the implementation of our sustainability goals and targets at a regional level. Regional Sustainability Steering Committees monitor progress against our sustainability goals and ensure alignment with our global sustainability strategy. Senior leaders are part of our Sustainability Steering Committees in every region.

As of 2022, our sustainability targets are tied to our sustainability- linked loan, a further mechanism for verifying our commitment.



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No.
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Yes. Our global sustainability program is managed by our Global Head of Sustainability. At a regional level, we have individuals responsible for executing our sustainability strategy, as well as sustainability professionals who service our clients.


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The following mandatory training is provided by Colliers:

  • Health and Safety Awareness training for all new hires;
  • Unconscious bias training for all new hires in North America and EMEA, and all employees in APAC;
  • Inclusive leadership training for all leaders across North America; and
  • Sustainability leadership and sustainability training for all mid- level leaders in EMEA, in partnership with the UK Green Building Council.

We also offer optional diversity, equity and inclusion learning throughout the year to all employees through Colliers University and through Colliers’ subscription to LinkedIn Learning.


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Colliers’ sustainability strategy, Elevate the Built Environment, is fully integrated into our business strategy and the way we operate. We uphold our sustainability pillars (Elevate the Environment, Elevate Inclusiveness, and Elevate Health & Wellbeing), drive towards our sustainability targets, and see our sustainability strategy as a point of differentiation, opportunity and growth. Our sustainability strategy is aligned with our corporate values, including “doing what’s right,” and influences decision-making at all levels of our organization.



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We respond to the following sustainability guidance frameworks: the Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI) and the Task Force on Climate Related Financial Disclosures (TCFD). We respond to the following sustainability disclosure frameworks: the Carbon Disclosure Project (CDP), S&P Corporate Sustainability Assessment, EcoVadis and the Science-Based Targets Initiative (SBTi). As new reporting standards come into effect globally and regionally, we will maintain compliance and aim to align with global best practice.



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Yes. For the 2022 calendar year, we received a score of D. We will receive a revised score in Q4 2024 for the 2023 calendar year. We are registered with CDP under Colliers International.


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Yes. For the 2022 calendar year, we received a score of Good. We will receive a revised score in Q4 2024 for the 2023 calendar year.


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Yes. For the 2022 calendar year, we scored in the 80th percentile. We will receive a revised score in Q4 2024 for the 2023 calendar year.



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Our reported greenhouse gas emissions, percentage of women in management roles and percentage of WELL-rated properties are audited by PwC. This audit was last conducted in May 2024 as part of the publication of our annual Sustainability Report. We will continue to have these metrics audited annually.

We regularly submit to sustainability disclosure frameworks, including the Carbon Disclosure Project (CDP) and EcoVadis, which serve as a form of sustainability audit by evaluating and benchmarking our sustainability performance. Additionally, we are rated at least once a year by sustainability ratings, including Sustainalytics and S&P’s Corporate Sustainability Assessment. Similarly, these ratings provide a public assessment of our sustainability performance and benchmark Colliers against our peers.



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As regulations, market forces and company goals increasingly impact the value of real assets, we add a sustainability perspective to every service we provide for investor, owner and occupier clients. We identified four areas of opportunity to support clients throughout the lifecycle of their assets and intend to further integrate these sustainability capabilities throughout all our service lines. These four areas of opportunity are: sustainability strategy, portfolio optimization, asset enhancements and reporting and certifications. For more information on our energy and sustainability services, please see page 21 of our 2023 Sustainability Report: Our Impact | Colliers.



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Sean Drygas, Global Head of Sustainability

Email: Sean.drygas@colliers.com



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Environmental Management

Yes.

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For CGI France, Sweden and Indonesia, we have an environmental management system certified to ISO 14001.

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No.

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Yes.

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Colliers monitors, tracks and strategizes to reduce our energy usage and carbon emissions. We also monitor and aim to continuously improve our sustainable building design and sourcing practices.



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Yes, we have set Science-Based Targets in line with the Business Ambition for 1.5C program. We are committed to near-term targets to reduce Scope 1 and 2 emissions by 67.4% and Scope 3 emissions by 51.6% by 2030 from a 2021 baseline.



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Yes. Our approach to managing environmental impacts is outlined on pages 14-24 of our 2023 Sustainability Report: Our Impact | Colliers. The environmental topics addressed by our sustainability strategy include, but are not limited to, energy efficiency, greenhouse gas emissions, climate risks and resilience, healthy and sustainable buildings and design, and sustainability products and services.


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As an organization that primarily leases office space for operations, we do not have a significant water footprint compared to other sectors. Though water is rarely submetered, we implement low-flow and water-efficient fixtures and equipment in refurbished and new office spaces, as part of our Green Lease Checklist, in efforts to integrate more sustainable design practices.


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Based on our 2021 materiality assessment, water is not a material sustainability topic for Colliers. As such, we have not conducted a water risk assessment.


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We are increasingly embedding circular economy principles in our design specifications and material choices to reduce the waste associated with our fitouts. We are working towards including sustainability criteria as part of our latest sourcing requirements in all of our supplier contracts. Most of our furniture, fixtures and equipment contain at least 50% recycled materials, and are chosen for durability and modularity. We are developing sustainable fitouts guidelines to ensure future internal office fit-outs are consistent with our goals under our sustainability strategy. This will launch in 2024, and will include design guidelines, preferred suppliers for sustainable materials, measurement strategy and approach for evolving the guidelines as regulations change.

We have also implemented our own Green Lease Checklist, enacted upon renewals, which, among other things, requires a minimum of 50% pre-consumer and post-consumer total recycled content where applicable.

Our offices support waste separation and recycling programs. Efforts to eliminate single-use plastics and curtail our use of paper are underway.


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As determined through our 2021 materiality assessment, deforestation is not one of Colliers’ material sustainability topics.


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Many of our energy and sustainability services are provided as a core element of our property management and occupier services. As a result, it is not always possible to delineate revenue specifically associated with these services. As well, many of our professionals provide a combination of sustainability-related and other services, which are not delineated. Colliers is developing methods to aggregate sustainability services revenues in its financial reporting system, including new solutions and service lines launched in line with our Elevate the Built Environment strategy.


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Climate Resilience & Risk Management

Our market-based emissions for the 2023 calendar year were as follows: 12,147 MT CO2e for Scope 1 and 7,423 MT CO2e for Scope 2. Our total market-based emissions were 19,570 MT CO2e with an emissions intensity of 6.02 kilograms per square foot.

Our Scope 3 emissions for the 2023 calendar year were 5,805,588 MT CO2e.

For more information, please see pages 16 and 43-44 of our 2023 Sustainability Report: Our Impact | Colliers.


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Colliers understands that tackling climate change requires agility and action across all levels of our organisation and value chain. In 2023, Colliers’ emissions reductions targets were approved by the Science- Based Targets Initiative in line with the Business Ambition for 1.5C program. We aim to achieve net zero for our own operations by 2030.

Within our operations, Colliers has started to electrify our fleet, and we are developing a strategy regarding which vehicles can be electrified at end-of-life or lease expiry. We will also seek greater renewable energy sources moving forward through retail contracts, green leases and power purchase agreements. Additionally, when relocating or renewing leases, primary consideration is given to buildings and property owners that demonstrate sustainable performance, including energy efficiency. Specifically, our Green Lease Checklist helps Colliers determine offices to lease that are energy efficient and low/zero carbon.

In tackling embodied carbon, we are increasingly embedding circular economy principles in our design specifications and material choices to reduce the embodied carbon associated with our fitouts. We are working towards including sustainability criteria as part of our latest sourcing requirements in all of our supplier contracts. We are developing sustainable fitouts guidelines to ensure future internal office fitouts are consistent with our goals under our sustainability strategy and the Net Zero Carbon Buildings Commitment. This will launch in 2024, and will include design guidelines, preferred suppliers for sustainable materials, measurement strategy and approach for evolving the guidelines as regulations change.

Colliers is also working with our clients to help them decarbonize their portfolios. We offer a range of decarbonization advisory services to our clients, the results of which help drive down Colliers’ Scope 3 emissions. Our internal Net Zero Innovation Working Group is designing solutions for our clients to ensure we meet our net zero carbon targets.



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Total energy consumed in Colliers-occupied offices (owned operations only; affiliates not included) for 2023 was 313,258 GJ.

In the above total, 29,792 GJ of electricity was purchased from renewable sources explicitly. In many jurisdictions in which Colliers operates, renewable energy makes up a substantial portion of grid electricity, well over 90% in some cases; this has not been included in the 29,792 GJ calculated.

Looking specifically at Colliers’ offices, the energy disclosed was consumed within occupied space of 3.250 million square feet. This yields an energy intensity of 0.096 GJ/square foot. Natural gas was utilized primarily for space and water heating.

For more information, please see page 43 of our 2023 Sustainability Report: Our Impact | Colliers.


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We are developing a greater understanding of our energy use through improved means of data collection and implementing a strategic approach to buying renewable energy through power purchase agreements, utility-based purchases and renewable energy certificates. In 2023, our Scope 2 emissions decreased as a result of renewable energy purchases in several countries, totaling 26.7% of our total electricity consumption.

Additionally, when relocating or renewing leases, primary consideration is given to buildings and property owners that demonstrate sustainable performance, including energy efficiency. Specifically, our Green Lease Checklists help Colliers determine offices to lease that are energy efficient and low/zero carbon.

Regional leaders at Colliers are empowered to drive energy efficiency programs that are tailored to their particular context. For example, our Australia team partnered with the New South Wales government’s funding initiative to commission National Australian Built Environment Rating System (NABERS) ratings and improvement reports for six of our Australian offices. The team is now implementing energy efficiency improvements such as installing occupancy sensors, switching to LED lights, maintaining HVAC temperature setpoints within a certain range, and reviewing energy saving settings on all office equipment.


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Colliers continues to grow our purchases of renewable energy, aiming for 100% of our electricity supply by 2030. Our means of procuring renewable electricity is through, in order of preference, power purchase agreements, utility-based purchases and renewable energy certificates.

With Scope 2 emissions comprising 57% of our 2021 baseline emissions, and 99% of these coming from electricity purchases, we can achieve 82% of our Scope 1 and 2 science-based targets through procurement of zero-emission power.


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Yes. Our Science-Based Targets were approved in June 2023, and we aim to achieve net zero by 2030. We are registered with the Science- Based Targets Initiative as Colliers International.


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Yes. Our goal is to reduce our Scope 3 emissions by 51.6% by 2030 using 2021 as a baseline, also on a per-square-foot basis. We are working to meet this target via our decarbonization capabilities, which address the full lifecycle of a building and can deliver a complete path to net zero carbon emissions.

In our SBTi submission, we estimated that Use of Sold Products comprises 96% of our total Scope 3 emissions, and therefore no other elements of Scope 3 (such as business travel, employee commuting, or purchased goods and services) are material. With two billion square feet of properties under management, we have a critical role to play in decarbonizing the built environment.


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Yes. Our most recent TCFD response can be found on pages 51-56 of our 2023 Sustainability Report: Our Impact | Colliers.


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Within the ongoing Enterprise Risk Management process, led by our Senior Director, Enterprise Risk Management, Colliers weighs climate- related risks against others faced by the organization, in terms of likelihood and impact; assigns ownership; and determines response, mitigations and controls, as required. Climate-specific considerations are fed into the process by the Global Head of Sustainability, who synthesizes information from scientific, regulatory and industry sources to continually update our assessment of related opportunities and risks.

To capitalize on opportunities, the Global Head of Sustainability has the mandate to identify new service offerings, markets, energy sources, efficiency measures and other such initiatives as will drive new sources of revenue or cost savings for the enterprise, and work with business line leaders in each of the regions in which we operate to execute on these.

Responsibility for raising climate-related opportunities and risks within the Global Executive team (GET) rests with the Chief Brand & People Officer, who directly manages the Global Head of Sustainability.


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Climate risk falls within the category of sustainability risk, which was added to Colliers’ ERM Risk Register in 2020. To manage this risk, the role of Global Head of Sustainability was created, to oversee the development and execution of a corporate sustainability strategy.

In the development of this strategy, climate issues were identified as a material sustainability topic, and the resulting goals include the achievement of net zero emissions by 2030, and adherence to Science- Based Targets for emissions reductions, including Scope 3 emissions at managed client properties. The monitoring of ongoing progress against these goals constitutes the core of our process for managing climate- related risks – reputational and financial.

Within the commercial real estate industry overall, larger risks are faced by owners of and investors in buildings, who are responsible for meeting regulatory requirements and own the physical risks associated with extreme weather. These owners and investors are Colliers’ clients, creating both the opportunity to provide them with a wider range of services, and customer-retention risk should our suite of services not meet their needs. We are therefore developing a suite of services to enable clients to reduce or eliminate their emissions, as both a growth initiative and a risk-mitigation exercise.


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Some of Colliers’ 2023 global climate and environmental management highlights include:

  • Reducing Scope 1 and 2 emissions by 24.8% per square foot from our 2021 baseline.
  • Achieving WELL Health-Safety Ratings for 35% of Colliers’ offices greater than 2,500 square feet.
  • Tripling the number of electrified vehicles in our global fleet.

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Diversity, Equity & Inclusion

Does your company have a written and implemented Statement on Business Conduct (or equivalent policy) describing the organization’s position on ethics? What percentage of your employees are women? What percentage of your employees are minorities? What percentage of your management staff are women? What percentage of senior leadership is women or minorities? What percentage of your Board of Directors are female and what percentage are minorities? Does your company have a formal diversity and inclusion policy or initiative? Does your company have a stated Diversity and Inclusion goal/mandate and/or targets? If yes, do you have targets for what you would like to see over the next 5-10 years? Is your leadership compensation tied to the fulfillment of the firm’s Diversity and Inclusion goals? Does your company have unconscious bias training for all employees? Does your company have a formal mentorship program for minorities and women? Does your company work with organizations that promote the attraction and retention of women and minorities? Please provide details on your company’s efforts to promote, attract and retain women and minorities. What are the names of any third-party organizations/affiliations your company supports in the area of Diversity and Inclusion? Have there been any claims of sexual or general harassment, misconduct or discrimination against any current or former firm employees (while employed by the firm) within the last 5 years? Please provide details, if so. Please provide the firm’s definition of the following terms: (1) Minorities and (2) Diversity & Inclusion

Yes. Colliers has a Global Code of Ethics and Conduct found here. Each year, all Colliers staff must acknowledge and accept the elements of this code, which provides the foundation for how we conduct business in a manner consistent with our values.



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As of December 31st, 2023, 62.3% of total employees identified as male and 37.7% as female.


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Due to regulatory limitations in many of our regions in asking about ethnicity and other dimensions of diversity, and relatively low rates of self-identification in other regions where such questions are permitted, we do not have a significant data set on attributes other than gender.


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As of December 31st, 2023, 69.5% of management staff are male and 30.5% are female.


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Our human resource systems do not yet support the classification of senior leadership by gender.

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Among our Board of Directors, 30% (3 of 10) are female and 20% (2 of 10) are members of a visible minority group.

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Colliers’ Global Diversity and Inclusion Statement can be found here: Colliers Global Diversity and Inclusion Statement | Colliers. More information about diversity, equity and inclusion practices at Colliers can be found here: Diversity, Equity & Inclusion | Colliers.


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At Colliers, we build and nurture inclusive environments where our professionals from diverse backgrounds thrive and feel valued. It is our mission to foster a culture where all employees can succeed, supported by rewards and recognition and specialized learning programs that propel their career growth.

Additionally, Colliers promotes and increases opportunities for enterprises and small businesses owned by women, minorities, Indigenous peoples, veterans, people with disabilities, and members of the LGBT+ community.

Our diversity and inclusion targets are as follows:

  • Achieve 40% female share of total employees globally by 2025 and manager and above roles by 2030.
  • Achieve 10% diverse suppliers by 2025 and 15% by 2030 in our U.S. business.

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No.

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Unconscious bias training is required for all new hires in North America and EMEA, and all employees in APAC.


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Yes. Colliers has mentorship programs throughout our regions that cater specifically to the needs of those regions. For example:

  • APAC: A majority-women “Young Leaders Committee” in Singapore is dedicated to building an inclusive environment, a collaborative culture, and platforms to support career growth for future leaders. India’s Colliers Cares mentorship program brings young talent and experienced leaders together to share knowledge and ideas. New Zealand’s Elevate program provides reverse mentorship opportunities, with a cohort of 23 mentees in 2023.
  • EMEA: An EMEA mentoring program matches senior female mentors with female mentees across the region to support career progression. Our UK business has partnered with Mentoring Circle, who help provide tailored mentoring support to address the gender gap at the senior leadership level across the real estate industry.
  • North America: Mentorship opportunities were prioritized for members of employee resource groups in 2023. We matched 130 mentors and mentees across North America, with 42% of participants affiliated with ERGs. Feedback was overwhelmingly positive, with 92% of participants reporting a high level of satisfaction in the mentor pairings.


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Yes. The organizations we work with vary by region. For a full description, please see page 31 of our 2023 Sustainability Report: Our Impact | Colliers.


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Colliers has various programs aimed at developing women within our organization, and partnerships with organizations such as Catalyst, CREW, BlackNorth and LinkedIn Learning to provide resources. Sustainability Steering Committees in each of our operating regions have accountability for driving progress on our goal of women in management. In North America, we have also formed an Executive Diversity Council, including our US and Canadian CEOs, and appointed a Director of Diversity, Equity & Inclusion.


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The organizations we work with vary by region. For a full description, please see page 31 of our 2023 Sustainability Report: Our Impact | Colliers.


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There have been 12 harassment (general or sexual) or discrimination complaints made into Colliers whistleblower hotline over the last five years. All complaints were investigated and closed by management. Some of the complaints could not be substantiated. Some of the complaints were found to have merit and disciplinary action was taken. Due to the confidential nature of all complaints, no further detail can be provided


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Minorities

We have moved away from using the term “minorities,” and have begun to use the phrase "historically marginalized,” which refers to groups of people who have faced systematic disadvantages, discrimination, or exclusion over a significant period of time in society due to factors such as race, ethnicity, gender, sexual orientation, socioeconomic status, disability, or other characteristics.

Diversity, Equity and Inclusion

When we use the term Diversity, Equity, and Inclusion, we are describing our commitment to establishing an all-encompassing atmosphere that warmly embraces individuals from diverse backgrounds, offering them the chance to discover opportunities, flourish, and make strides in their careers.


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Supplier Diversity

Yes. We launched a Supplier Diversity Council in North America in 2022 to develop supplier diversity initiatives that our clients, professionals, and communities can be proud of and ensure diversity criteria is integrated throughout the procurement lifecycle. These initiatives also support the goals of our clients, whose spend we manage within our Property Management and Occupier Services business lines. The Council worked to develop a supplier diversity statement that governs Colliers’ commitment to a fully inclusive procurement process, as well as quantify our current spend with diverse businesses. The Council has set a goal of increasing the share of diverse suppliers in our direct and managed spend from 6% in 2023 to 10% in 2025 and 15% in 2030.


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Two years.


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Our supplier diversity program strategy is to promote and increase opportunities for enterprises and small businesses owned by women, minorities, Indigenous peoples, veterans, people with disabilities, and members of the LGBT+ community.


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Yes. We are members of the National Minority Supplier Development Council (NMSDC), Canadian Aboriginal and Minority Supplier Council, and Woman Business Enterprises (WBE) Canada.

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Yes. Colliers works with over 1,435 diverse suppliers across a wide array of functions, including construction, architecture and engineering, security, janitorial, marketing and IT services.


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6% in 2023.



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Our North American Supplier Diversity Council has set a goal of increasing the share of diverse suppliers in our direct and managed spend from 6% in 2023 to 10% in 2025 and 15% in 2030.

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Sean Drygas, Global Head of Sustainability Sean.drygas@colliers.com


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No.

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Health & Safety

For most of our business lines, with employees based in offices, a formal occupational health and safety (OH&S) Management System is not required. However, for parts of our business (such as Property Management) where health and safety concerns are material, systems have been put in place, and all employees within those divisions are covered by the system. There are also individual countries, such as Australia and New Zealand, where the scope includes all employees. In China, for Property Management, the system has been certified to the ISO 45001 standard.

OH&S systems are based on a combination of statutory requirements, advice and guidelines from industry bodies, and team member recommendations and needs. Systems are typically under the purview of dedicated safety managers, with policies reviewed by Joint Health and Safety Committees, and signed off by senior management.

For more information, please see pages 44-47 of our 2023 Sustainability Report: Our Impact | Colliers.


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Yes. Training is provided commensurate with the requirements of each role, with the most comprehensive training focused on our property management operations and Engineering & Design business. Training is delivered both internally (by line managers and People Services) and via external partners. Content is consistent with local regulatory requirements (e.g., the Occupational Safety and Health Administration), and in some cases, is delivered in part by regulators. New hires are required to complete initial training, and ongoing training is also provided at frequencies ranging from one to three years for most elements.

All staff are paid for their time completing training, either online or in- person. Effectiveness is evaluated through occupational health and safety statistics, and through surveys of employees during and at the conclusion of employment. Training needs are reassessed annually.

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Depending on the jurisdiction, there is a combination of dedicated Health and Safety meetings, as frequently as weekly, and inclusion of health and safety on the standing agenda of team and senior leadership meetings. Where applicable, minutes of each joint health and safety committee (JHSC) meeting are published to the intranet for review by all staff.

Within Engineering & Design, DSCs (Discipline Safety Coordinators) and OSCs (Office Safety Coordinators) meet with the Safety Advocate Committee (SAC). There is a DSC for every discipline that performs field work which provides information and assistance to the SAC for continuing evaluation of the health and safety program.


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In Engineering & Design, all suppliers are required to follow Colliers' Health and Safety Plan, and site inspections are performed by managers. Our Australian operation has employed a Visitor Management System in every office, requiring agreement on safety obligations from suppliers and clients before they enter. In China, we maintain records of contractors' safety training and ensure that every worker has received health and safety training before entering job sites. Where applicable, vaccine requirements are also enforced.

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Colliers tracks a number of indicators in order to monitor the performance of our health and safety (H&S) program. These indicators include:

  • Total hours worked;
  • Percentage of workers covered by an occupational H&S management system;
  • Number of work-related injuries (including fatalities; high consequence, work-related injuries; recordable work-related injuries; and slips, trips and falls);
  • Number of incidents of work-related ill health; and
  • Total H&S training hours.

Effectiveness of Colliers’ H&S training is evaluated through occupational H&S statistics, as well as surveys of employees during and at the conclusion of employment. Training needs are reassessed annually.


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Community

Yes. Colliers recognizes the deep importance of giving back to the communities where we live and work. This responsibility includes contributing our expertise, time, and energy. Through a global initiative launched in 2022 called Colliers Gives, our people can help make a difference on the ground in the communities where we live and work. Teams get together to seek and perform volunteer activities for any cause or organization they choose within our overarching pillars of environment, inclusiveness, and health and wellbeing. The goal annually is for Colliers to contribute 15,000 volunteer days around the world.

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