Board Governance

SDX is a not-for-profit, industry-governed platform. The SDX board oversees all aspects of licensed content — from which products can be created to how revenue is distributed. This governance structure exists to protect data contributors and ensure the platform serves the industry's collective interest.

Board composition

The SDX board includes representatives from three stakeholder groups:

  • Contributor representatives — Elected by organisations that contribute building data to the platform. They ensure that contributor interests (privacy, Data Dividend, free access) are protected.
  • Industry representatives — Appointed from real estate industry associations, standard-setting bodies, and sustainability organisations.
  • Independent directors — Individuals with relevant expertise in data governance, privacy, or financial markets who are not affiliated with any contributor or buyer.

No single stakeholder group holds a majority. Decisions require a simple majority, with certain protected matters (such as introducing fees for contributors) requiring a supermajority.

Licensed content approval process

Every new licensed content product must be approved by the board before it can be offered for sale. The approval process evaluates five criteria:

1. Privacy and anonymisation

Can any individual building be identified from the product? SDX applies the following minimum standards:

  • Minimum cell size — No segment in a benchmark product may contain fewer than 20 buildings.
  • Banding — Building-level attributes (floor area, year built, CRREM stranding year) are reported in bands, not exact values.
  • Address suppression — No addresses, coordinates, or property names are included in any licensed product.
  • Noise injection — Statistical noise is added to anonymised building-level datasets to prevent re-identification.

2. Contributor benefit

Does the product serve the platform's mission of improving real estate sustainability? Products must demonstrably support at least one of:

  • Better benchmarking and transparency in the market
  • Improved capital allocation toward sustainable buildings
  • Advancement of sustainability research and policy

3. Fair pricing

Is the proposed price reasonable relative to the value delivered and comparable market data products? The board reviews pricing to ensure it is not exploitative and does not create an undue barrier to access.

4. Data Dividend impact

How does the product contribute to the Data Dividend pool? The board reviews the projected revenue and its impact on contributor payouts. Products that are expected to generate significant revenue receive additional scrutiny to ensure the Data Dividend allocation is fair.

5. Market impact

Could the product cause unintended harm to contributors or the broader market? For example, the board would reject a product that could be used to penalise individual building owners or create adverse market conditions.

Protected matters

The following decisions require a supermajority (75%) of the board, including at least a majority of contributor representatives:

  • Introducing any fees for data contribution (currently free for all)
  • Reducing the Data Dividend allocation rate below its current level
  • Changing the anonymisation standards for licensed content
  • Approving a licensed content product that includes building-level data (even anonymised) for the first time
  • Amending the board's governance charter

Transparency

  • Board minutes — Published quarterly on sdx.dev/governance.
  • Product catalogue — All approved licensed content products are listed publicly.
  • Revenue reporting — Total licensed content revenue and Data Dividend pool size are reported quarterly.
  • Anonymisation audits — An independent third party audits the anonymisation of licensed content annually. The audit summary is published.

Contributor feedback

Contributors can raise concerns or provide feedback on licensed content products through:

  • Governance portal — sdx.dev/governance/feedback
  • Contributor representative elections — Held annually. Any contributing organisation can nominate a candidate.
  • Annual contributor survey — Conducted each Q1 to gauge satisfaction with the platform and licensed content programme.

Opting out of licensed content

Contributors can opt out of having their data included in licensed content products at any time. Navigate to Settings > Data Sharing > Licensed Content > Opt Out.

Opting out means:

  • Your buildings' data is excluded from aggregate benchmarks and indices sold to third parties
  • Your buildings remain eligible for platform benchmarking (your own scores are unaffected)
  • Your buildings are no longer eligible for the Data Dividend (since the dividend compensates contributors whose data powers licensed products)

Next steps