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CR&S 2010 Our approach Stockland UK UK Approach In August 2009, we announced our intention to embark on an orderly sale of assets in the United Kingdom (UK) over a timeframe of two to three years. As a result, the UK business unit’s strategy in relation to CR&S has been amended to reflect the new circumstances of the business. This has particularly affected our actions in relation to the energy initiatives being carried out across the portfolio and collection of carbon footprint data. Following the announcement of our exit from the UK market, we made the decision to cease collecting carbon data for the UK portfolio except when required for compliance purposes. This data had originally been collected with a view to helping us measure the improvement in performance of our portfolio over the long term. With the UK business now having a finite lifespan we believe that the value of collecting and analysing this data would not be offset sufficiently by any short-term benefits. We have collated data for our Carbon Reduction Commitment (CRC) Energy Efficiency Scheme obligations for the 2008 year and will be finalising our information disclosure reporting in time for the 30 September 2010 deadline. We continue to comply with Energy Performance Certificates legislation across our portfolio. Over the past 12 months the UK business has placed a strong focus on the continued improvement of health, safety and environment across its portfolio. The business has been working to improve the safety and security of both employees and customers. Business Climate Market conditions in the UK remain difficult. Capital values have recovered somewhat but the economic downturn is still putting downward pressure on rents. It is widely believed, however, that capital values have reached a floor and modest growth is expected over the next couple of years. Employees in the UK were disappointed by the announcement in August 2009 that we would embark on an orderly sale of assets in the UK. As a result, our engagement score dropped significantly in our employee survey from 79 per cent to 44 per cent favourable. UK employees have also been affected by redundancies which were necessary to right-size the business as workload decreased with the sale of assets and loss of management contracts. We have, however, continued to invest in learning and development opportunities for UK employees and in FY10 we provided an average of 2.25 training days per person. Our employees remained committed to giving and volunteering initiatives and raised money to fund two events in the year with Starlight Children’s Foundation, one of which was the children’s Christmas Party at St Mary’s hospital in Paddington, London. We expect retention to be a key challenge in FY11. Although the UK job market is generally poor, given time, many employees will be able to find work elsewhere. It is likely that certain roles will need to be covered by fixed-term contractors in the future. 28 Stockland Corporate Responsibility & Sustainability Report June 2010
Stockland UK – progress and priorities Past Last year, we said we would: Present This past year, we have: Continue to adapt our CR&S strategy, complementing our overall approach, while keeping in step with business needs and the current UK financial environment. Limited our CR&S approach to meeting compliance requirements, reflecting our orderly sell-down of our UK assets. Review opportunities to roll out our Community Consultation Plan on a development project. Not commenced any new developments. Continue to measure the carbon footprint of our most energyintensive assets and identify ways in which we can reduce energy consumption. Continued to comply with Energy Performance Certificates legislation. We have also collated all data required under the CRC Energy Efficiency Scheme, due on 30 September 2010. Conduct Asset Sustainability Audits across more of our portfolio and reduce the energy, water and waste consumption of these assets. Undertaken Asset Sustainability Audits across seven of our office assets. Efficiency opportunities undertaken have been achieved at little or no cost. Experienced no serious RIDDOR (The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995) incidents. Worked to ensure our portfolio attained a high operational standard in relation to our four key health and safety areas: legionella, electrical, asbestos and fire. Stockland Corporate Responsibility & Sustainability Report June 2010 29
Page 1 and 2: Corporate Responsibility & Sustaina
Page 3 and 4: stockland CR&S Board Committee We a
Page 5 and 6: FY10 key achievements and prioritie
Page 7 and 8: Memberships To promote sustainabili
Page 9 and 10: Our business What We Do We have a l
Page 11 and 12: Our Value Chain We own, manage and
Page 13 and 14: Key financial results Underlying pr
Page 15 and 16: Doing the right thing as a property
Page 17 and 18: Common Practices and Values Corpora
Page 19 and 20: Retirement Living Sustainability Po
Page 21 and 22: UN Principles for Responsible Inves
Page 23 and 24: Our approach to stakeholder engagem
Page 25 and 26: CASE STUDY Building better communit
Page 27: CASE STUDY Engaging our retailers -
Page 31 and 32: Our people - progress and prioritie
Page 33 and 34: We are committed to acting on feedb
Page 35 and 36: CASE STUDY Parental transitions pro
Page 37 and 38: CASE STUDY Safe Work Week at Stockl
Page 39 and 40: CASE STUDY Gateway asset management
Page 41 and 42: Employee metrics All employee metri
Page 43 and 44: Employee turnover During the report
Page 45 and 46: Our marketplace - progress and prio
Page 47 and 48: Our marketplace comprises our relat
Page 49 and 50: CASE STUDY CSR 5 Star Green Star in
Page 51 and 52: CASE STUDY Housing affordability Ex
Page 53 and 54: In recognition of the need to conti
Page 55 and 56: Over the past year we have enhanced
Page 57 and 58: CASE STUDY Framing energy efficienc
Page 59 and 60: CASE STUDY EnviroDevelopment at Poi
Page 61 and 62: Our community - progress and priori
Page 63 and 64: Community development Our community
Page 65 and 66: Stakeholder engagement As outlined
Page 67 and 68: CASE STUDY Dress for Success Stockh
Page 69 and 70: Measuring Community Investment We u
Page 71 and 72: Climate and our environment - progr
Page 73 and 74: Climate and our environment - progr
Page 75 and 76: CASE STUDY Retirement Living solar
Page 77 and 78: We will continue to strive for lead
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Total Scope 3 (kgCO 2 -e) FY10 FY09
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Our energy consumption Purchased el
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Our natural environment Biodiversit
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CASE STUDY Our ‘Green Office Fito
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Residential and Retirement Living w
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CASE STUDY 2 Victoria Avenue - Flag
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CR&S 2010 Nabers Ratings NABERS Off
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CR&S 2010 GRI Index Global Reportin
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GRI indicator 4. Governance, commit
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GRI indicator Responded to in FY10
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GRI indicator Society indicators Co
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Independent Assurance Statement Sto
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Banarra identified the following ar
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