Our 2030 Sustainability Strategy
We recognise the importance of regular materiality assessments to inform our 2030 Sustainability Strategy.
We regularly conduct materiality assessments to prioritise the sustainability issues that matter most to our business and stakeholders, and to identify where we can have the biggest impact.
Sustainability is part of our conversation with every stakeholder group, including our customers, communities, partners and suppliers, colleagues and shareholders. We also evaluate external trends, assess risks, monitor regulatory and policy requirements, review best practice, consult experts and benchmark our performance on an ongoing basis.
Materiality Review
In 2023, we partnered with JLL, a real estate specialist, to carry out a double materiality assessment identifying and assessing the impact of the most material environmental, social and governance (ESG) issues on our business. Double materiality evaluates not only the financial impacts of ESG issues on the company but also the impact of the company on the environment and society. Our review involved comprehensive engagement with internal and external stakeholders at different levels of seniority to understand the issues that mattered to them.
We integrate the outcome of our materiality assessment into our risk management process. It also influences our business activities and sustainability strategy.
We agreed key material issues with JLL (detailed overleaf) and identified a broad range of internal and external stakeholders who would participate. This included occupiers, joint venture partners, suppliers, NGOs, investors and local authorities. A differentiated aspect of the review we undertook was the inclusion of a younger generation of stakeholders so each stakeholder group was represented by experts and a mirror group of young professionals, generating perspectives from both 'current' and 'future' leaders. This approach enables us to benefit from a wider range of thinking, helping us develop a better informed, long term strategy.
Based on workshop discussions and questionnaires across both internal and external stakeholder groups.
Considered in a workshop with current and future leaders from our finance department.
Based on these workstreams, JLL created our materiality matrix overleaf, which was presented to our Board level ESG Committee.
CURRENT LEADERS VS FUTURE LEADERS
A differentiated aspect of our review, from standard materiality and double materiality approaches, was the inclusion of younger stakeholders, generating perspectives from both current and future leaders. This enables us to ensure that our strategy, and its future development, focuses on future issues as well as current issues.
INTERNAL STAKEHOLDERS
| exTERNAL STAKEHOLDERS
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Our Material Issues
Thirty relevant sustainability issues were considered and ranked as part of our materiality process. Definitions of all material issues can be found here.
