The Board is responsible for setting the values and standards of the Group, including leadership on environmental and social issues.
We have in place a framework for conducting business in a way that makes a positive contribution to society, whilst minimising any negative impacts on people and the environment.
One of our key priorities is to work with our occupiers, so that we can understand their needs and aim to meet their current and future requirements. We will use our expertise in asset management to provide modern flexible space that is safe, clean and energy efficient. We believe that it is important for all of the stakeholders in the business that we put sustainability at the forefront in all of our activities. In this way we can constantly strive to reduce the environmental burdens from our business.
reporting against epra sustainability best practice
We report our overall energy, greenhouse gas, water and waste usage by sector. In the EPRA Disclosures section we have disclosed the absolute and intensity performance measures as set out by the EPRA Sustainability Best Practice Recommendations, and we have also provided further commentary in that section around the measures and the results for the year. For the first time we have started collecting tenant consumption data to increase the scope of our reporting and allow us to report whole building consumption. These steps allow the Group to identify and target key impact areas across the portfolio, contributing to better management of the overall environmental performance and to formulate indicator targets to track sustainability performance.
The following measures are set out in the EPRA Disclosures section towards the end of the Report:
|Issue Type||Sustainability Performance Measure|
|Energy||Total electricity consumption|
|Like-for-like total electricity consumption|
|Total fuel consumption|
|Like-for-like total fuel consumption|
|Building energy intensity|
|Greenhouse gas emissions||Total direct GHG emissions|
|Total indirect GHG emissions|
|Like-for-like total direct GHG emissions|
|Like-for-like total indirect GHG emissions|
|GHG intensity from building energy|
|Water||Total water consumption|
|Like-for-like total water consumption|
|Building water intensity|
|Waste||Total weight of waste by disposal route|
|Like-for-like total weight of waste by disposal route|
|Business travel||Total business travel emissions|
There is no district heating or cooling consumption within the portfolio and so there is nothing to report against these sustainability measures.
One asset within the portfolio, Angel Gate Office Village, has a sustainability certification (ISO 14001), while our most recent acquisition, Metro in Salford Quays, has a BREEAM ‘Excellent’ rating, giving an overall level of certification of 3.6% across the portfolio.
The Board recognises that there are risks and uncertainties that could have a material impact on our results.
Risk management provides a structured approach to the decision making process such that the identified risks can be mitigated and the uncertainty surrounding expected outcomes can be reduced. The Board reviews its policy to risk management on a regular basis. The Risk Committee oversees investment risk management and the Audit Committee considers operational risks and mitigating controls. The Group’s risk appetite will vary over time and during the course of the property cycle. More detail on our principal risks – those with potential to have a material impact on performance and results – can be found in our 2015 Annual Report, together with mitigating controls.
The Risk Committee was established in 2014 to assist the Board in discharging its responsibilities with regard to risk management. It will advise the Board on our risk profile and appetite in setting future strategy within its investment objectives. The Committee will also oversee the effectiveness of risk management procedures and the steps being taken to mitigate the principal risks and uncertainties relating to the Group. The Committee has developed a Risk Management Policy to strengthen the management of risks through proactive identification, management and acceptance of risks from all activities undertaken by the Group.