We want to make sure our business is future-proofed, resilient and able to respond to changing stakeholder expectations. During the financial year to 31st March 2019, we refreshed the sustainability strategy which the Group has successfully pursued since 2013 to take account of the ongoing evolution in environmental, social and technological trends and the repositioning of our brand.
Our new sustainability vision – The Right Choice for a Sustainable Business – is fully aligned to our corporate vision, mission and purpose and is supported by a strategic framework based around three focus areas which will help us to build on our strong track record of achievements to date.
We have defined ten objectives which will guide our annual target setting, motivate our employees and provide clarity to investors, occupiers and other stakeholders as to the wider ambitions of our business and the contribution that we can make towards key sustainability trends.
Our sustainability advisor, JLL, continues to provide ongoing support to implement our strategy and reviews progress made against targets on a quarterly basis.
Since the Group first embarked on its sustainability journey in 2013 it has reached some important milestones.
We have delivered high sustainability ratings for all our new developments and major refurbishments, including a BREEAM ‘Outstanding’ rating for 9 Greyfriars Road, Reading and BREEAM ‘Excellent’ ratings for Prospero, Redhill and 30 Lombard Street, London.
We have achieved significant improvements in environmental performance, including a 44% reduction in carbon footprint over four years (far surpassing our original target). Reductions in like-for-like landlord-controlled utilities consumption between 2015/16 and 2018/19 - 13% for electricity and 41% for gas - helped us to deliver this impressive result.
Our Environmental Management Programme has enabled us to deliver 26% energy savings across our five most resource intensive assets, and we have reduced portfolio-wide like-for-like landlord controlled water consumption by 31% over the last three years.
The effectiveness of our approach has been confirmed by a significant improvement in our Global Real Estate Sustainability Benchmark (GRESB) score, up from 37 in 2014 to 68 in 2018, and now equivalent to a three-star rating.
Chief Executive of McKay