About SDX
Who governs SDX — and why it matters.
SDX is a not-for-profit governed by the real estate industry it serves. This isn't a startup with outside investors or a platform optimizing for shareholder returns. The people who use the data make the rules. This page explains the structure, the people involved, and how decisions get made.
Not-for-Profit
No outside investors. No shareholder returns.
SDX operates as a not-for-profit. There is no venture capital, no private equity, and no incentive to maximize extraction. Surplus revenue is reinvested in the platform or distributed to contributors as dividends. The board — not management — decides how.
SDX exists to serve as neutral infrastructure — not to maximize profit. The platform is completely free to use for everyone: owners, consultants, and third-party software platforms can all read from and write to SDX at zero cost.
The sole source of revenue is board-approved licensed content — anonymized, aggregated benchmarks, indices, and analytics datasets sold to third parties. Data contributors receive all licensed content free for their own internal use. No raw, owner-identifiable data is ever sold.
Governance Structure
Board and committee model
A clear hierarchy ensures accountability: the Board holds ultimate authority, while two specialized committees handle day-to-day governance of product and commercialization.
SDX Board
Ultimate authority and responsibility
Permanent founding members and global trade associations at the organizational level. Each member organization appoints its own representative(s) to SDX.
Approves annual budget and operating plan
Ultimate authority over charter amendments (supermajority required)
Appoints committee co-chairs from among its members
Sets commercialization boundaries and data protection thresholds
Comprised of permanent founding members and trade association representatives
Member organizations appoint their own representatives to SDX
Product Committee
2-year terms · Board-renewable
Governs what the platform builds and how data is standardized.
Defines property types, meter types, and boundary conventions
Sets normalization methodology and benchmarking standards
Approves data quality scoring criteria and audit requirements
Prioritizes platform roadmap and feature development
Reviews and approves integration standards and API specifications
Commercialization Committee
2-year terms · Board-renewable
Governs which licensed content products are created and how they are distributed to third parties.
Defines which derivative data products are authorized for licensing
Sets pricing frameworks for licensed content sold to third parties
Ensures contributors receive all licensed content free for internal use
Oversees data dividend calculation methodology and distribution
Reviews third-party licensing agreements and partnership terms
Key governance policies
Committee members serve 2-year terms, eligible for renewal by the Board
No compensation — only customary reimbursement for travel, meetings, and meals
Two Board members co-chair each committee, ensuring alignment with Board priorities
Permanent Board
The organizations that govern SDX
Board membership is at the organizational level. Founding members and trade associations hold permanent seats. Each organization appoints its own representative(s).
Matt Ellis
Co-Founder & Chairman
SDX
FounderDerk Welling
Senior Responsible Investment & Governance Advisor
APG Asset Management
Founding MemberNina Jensen Galbiati
Senior Analyst, Real Assets
Norges Bank Investment Management
Founding MemberDominique Moerenhout
CEO
EPRA
Trade AssociationSteven Wechsler
President & CEO
Nareit
Trade AssociationLisette van Doorn
CEO, Europe
ULI
Trade AssociationElena Alschuler
Head of Sustainability, Americas
LaSalle Investment Management
Founding MemberPeter Hobbs
Managing Director
GRESB
Trade AssociationProduct Committee
Governs data standards, normalization methodology, platform roadmap, and API specifications. 2-year terms, renewable by the Board.
Ben Myers
VP, Sustainability
BXP
Sara Neff
SVP, Sustainability
Lendlease
Chris Pyke
Former SVP, Research
U.S. Green Building Council
Emily Corcoran
VP, ESG & Sustainability
Prologis
Commercialization Committee
Governs derivative data products, pricing frameworks, contributor discounts, and licensing terms. 2-year terms, renewable by the Board.
Abigail Dean
Global Head of Strategic Insights
Nuveen Real Estate
Daniele Iker
Head of Sustainability
Brookfield Asset Management
Mathieu Elshout
Head of Responsible Investment
PGGM
John Wilkinson
CEO
PREA
Charter Commitments
Structural commitments, not policies
These are not guidelines that management can override. They are embedded in the charter and can only be changed by owner supermajority on the board. If you see something missing, tell us.
Voluntary and free for contributors — data owners retain ownership, portability, and unconditional exit rights
Owner-led governance sets charter, conduct rules, anonymization thresholds, and benchmark product boundaries
Interoperability-first — reinforce existing national regimes while enabling global comparability
Commercialization boundary — no sale of raw owner-identifiable data; only aggregated, anonymized benchmarks
Integration parity — open APIs and equal terms for all ecosystem participants
Anti-Monopoly Guardrails
Credible competition by design
The governance structure includes multiple mechanisms to prevent the platform from becoming a private extraction moat.
Open integration parity — published APIs, equal terms
Portability and exit rights — export + defined deletion workflow
Profit governance — board-defined principles for reasonable margins; excess value returned
Operator re-tender pathway — transfer readiness with runbooks, specs, and tooling maintained
This is an open process.
SDX is being built with the industry, not delivered to it. If you see something that should be different — a governance gap, a missing safeguard, a better precedent — we want to hear it.