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Our approach to<br />
stakeholder engagement<br />
Stakeholder engagement (SE) is fundamental<br />
to the way we do business. It informs our<br />
corporate strategy and the strategies for<br />
our operating businesses.<br />
We use internal and external stakeholder<br />
workshops, as well as feedback and research,<br />
to determine the key stakeholder issues to be<br />
addressed in our strategy and in our annual<br />
CR&S report. This process involves evaluating<br />
the core public policy issues raised and making<br />
consequent improvements to business practices.<br />
Our stakeholders<br />
The Environment<br />
Our Stakeholders<br />
Suppliers & Partners<br />
Government<br />
Our<br />
People<br />
Community<br />
Investors<br />
We engage directly with stakeholder groups to<br />
understand their expectations. For example,<br />
we engage with shareholders and the market<br />
through our investor relations unit, with our<br />
community partners across the country through<br />
our Residential, Commercial and Retirement<br />
Living businesses, and with governments and<br />
agencies at all levels through our Government<br />
Relations team.<br />
Customers<br />
Our Corporate Affairs team also monitors<br />
emerging expectations in local, regional and<br />
major metropolitan media and reports these<br />
issues and our response to our Executive<br />
Committee on a monthly basis.<br />
Major stakeholder issues are escalated<br />
to our Board via monthly reporting,<br />
as well as to our CR&S Board Committee<br />
on a quarterly basis.<br />
We use a priority projects radar to highlight and<br />
resource those projects which need attention.<br />
Convened at general manager level, our<br />
bi-monthly SE Working Group brings together<br />
members of our CR&S team and the senior<br />
business unit SE representatives to examine our<br />
strategy and to develop resources that balance<br />
stakeholder interests with our commercial<br />
interests across our projects.<br />
We aim to embed our CR&S strategy in our<br />
day-to-day operations so that our development<br />
and asset managers take ownership of their<br />
respective SE plans. We train our people on<br />
SE and issues management as part of our<br />
employee orientation program and through<br />
business unit programs.<br />
Stakeholder engagement plans<br />
In FY10 our Board and Executive Committee<br />
approved stakeholder engagement principles<br />
that provide guidance for our people on how to<br />
apply a proactive and consistent approach that<br />
will drive better project outcomes through:<br />
• Early engagement with stakeholders on key<br />
issues to help build clear project vision and<br />
identify milestones,<br />
• Clear understanding of our stakeholders and<br />
their key concerns which will help build trust<br />
in our brand, beyond individual projects,<br />
• Regular communication, recording and<br />
reporting on stakeholder engagement issues,<br />
• Capturing stakeholder trends across the<br />
business to inform our future strategy.<br />
SE plans are prepared for 100 per cent of<br />
our Residential, Commercial and Retirement<br />
Living assets. The plans help inform business<br />
decisions and the preparation of communication<br />
plans for each asset.<br />
projects with<br />
a stakeholder<br />
engagement<br />
plan<br />
100 %<br />
Priority SE plans are developed for more<br />
complex projects. Whether a project is deemed<br />
standard or priority is determined and reviewed<br />
on a monthly basis at General Manager level,<br />
based on the value of the project or the intensity<br />
of stakeholder interest. Priority plans document<br />
a greater detail in documenting a greater<br />
number of stakeholders and often set out<br />
more rigorous engagement programs.<br />
We are currently piloting regional SE plans which<br />
seek to map and prioritise regional or state<br />
business priorities alongside priority project<br />
needs. These will then inform the engagement<br />
approaches of the state leadership teams and<br />
the General Manager of Government Relations.<br />
The SE plans ensure that stakeholders are listed<br />
in priority order and include an engagement<br />
plan for each group that identifies concerns<br />
throughout each stage of our projects. Plans<br />
address the particular social, political, economic<br />
and environmental concerns of the relevant<br />
community. Addressing these concerns helps<br />
us manage stakeholder expectations by<br />
keeping stakeholders informed of proposed<br />
developments, actively seeking stakeholder<br />
views and responding appropriately to<br />
this feedback. The outcomes of engagement<br />
activities are communicated to key stakeholders<br />
through newsletters to residents, stakeholder<br />
meetings, website updates, site tours and other<br />
targeted activities.<br />
We seek to achieve consistency in our<br />
approach and drive improvement by annually<br />
reviewing our standard and priority plans. We<br />
score each project against our rigour testing<br />
framework. The framework allows us to<br />
analyse our performance in terms of inclusivity,<br />
measurement and engagement techniques.<br />
The framework is reviewed annually. In FY10<br />
we recalibrated our rigour test, such that it is<br />
now more stringent.<br />
Average<br />
Stakeholder<br />
engagement<br />
plan rigour test<br />
score out of 5<br />
3.6<br />
Average priority project stakeholder<br />
engagement plan rigour test out of 5<br />
FY10<br />
FY09<br />
FY08<br />
2.4<br />
3.6*<br />
* Measured against our recalibrated and consequently<br />
more stringent rigour testing.<br />
3.8<br />
In FY10 all senior employees, Development<br />
Managers and Asset Managers included<br />
performance metrics for stakeholder<br />
engagement in their performance management<br />
plans. In FY11 we will update performance<br />
measures for development and asset<br />
managers on SE and issues management.<br />
The performance objectives of our Executives<br />
will reflect these priorities. We also intend to<br />
0.00000 test internally 1.26667 how the plans 2.53334 have been applied<br />
and we will use the results to further embed<br />
stakeholder engagement in the business.<br />
<strong>Stockland</strong> Corporate Responsibility & Sustainability Report June 2010<br />
23