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Common Practices and Values<br />
Corporate Responsibility<br />
& Sustainability strategy<br />
Our CR&S strategy<br />
Over the past two years we have<br />
significantly improved our approach to<br />
corporate responsibility and sustainability.<br />
Our approach has evolved to embed<br />
the AA1000APS (2008) principles: to<br />
be inclusive, identify our material issues,<br />
and respond to stakeholder issues.<br />
Our approach has changed from one<br />
informed ‘from the inside out’ – where<br />
we determined what issues we thought<br />
were important to our stakeholders, to an<br />
approach that looks ‘from the outside in’<br />
– where we engage with our stakeholders<br />
and review external sources to identify<br />
our material issues.<br />
To ensure our approach is informed by<br />
our stakeholders and that our focus<br />
areas are aligned with our current<br />
material issues, our CR&S strategy is<br />
reviewed annually. As part of this process,<br />
in February 2010 our strategy was<br />
revised to better align with stakeholder<br />
engagement and feedback. Our annual<br />
Stakeholder Engagement Forum,<br />
which brings together all areas of the<br />
business with key stakeholders from<br />
various backgrounds, helps inform the<br />
setting of our CR&S strategy. The forum<br />
provides invaluable feedback on our<br />
performance and on emerging key issues<br />
and expectations for the coming year.<br />
Our CR&S strategy was also informed by<br />
working closely with our Group Strategy<br />
and Group Risk teams.<br />
As part of our improved approach in FY10 we<br />
focused on aligning our CR&S strategy with<br />
our sustainability policies for our Retirement<br />
Living, Residential and Commercial Property<br />
businesses. This has allowed our organisation<br />
to better address our material issues at a<br />
project level by setting clear objectives and<br />
minimum performance standards.<br />
Our strategy identifies five enduring CR&S<br />
themes within which our material issues are<br />
identified and business unit policies aligned.<br />
Material issues identified for the coming<br />
year are:<br />
• Employee engagement and wellbeing,<br />
• Health and safety of our employees<br />
and suppliers,<br />
• Improving customer engagement,<br />
• Affordability of our products and<br />
services, particularly housing,<br />
• Engaging with our supply chain,<br />
• Influencing emerging regulation and tools,<br />
• Community development and<br />
supporting local economic development,<br />
• Energy efficiency and our response<br />
to climate change,<br />
• Managing our use of and reducing our<br />
impact on natural resources, particularly<br />
water and biodiversity.<br />
When revising our CR&S strategy we<br />
identified five common practices that influence<br />
our performance and response to these<br />
material issues:<br />
1. Stakeholder engagement<br />
Stakeholder engagement is essential to the<br />
way we operate and requires consistent and<br />
ongoing application across all areas of our<br />
organisation.<br />
Our goal is to identify, understand, balance<br />
and respond to the interests of our<br />
stakeholders.<br />
Communication<br />
Natural<br />
Resources<br />
‘One <strong>Stockland</strong>’ Culture<br />
Climate<br />
Change, Carbon<br />
and Energy<br />
Community<br />
and Local<br />
Economic<br />
Development<br />
Reducing our impact<br />
on the environment<br />
Emerging<br />
Regulation<br />
and Voluntary<br />
Tools<br />
Specific FY10 CR&S focus areas<br />
Strengthening our<br />
place within<br />
the community<br />
Enduring CR&S themes<br />
Understanding and<br />
engaging with our<br />
stakeholders<br />
Our<br />
CR&S<br />
Strategy<br />
Supplier<br />
Engagement<br />
Innovation<br />
2. Governance, reporting, metrics,<br />
risk and value<br />
A priority when addressing our material<br />
issues is how we integrate and streamline<br />
reporting to better understand the value<br />
of our actions and inform decision-making.<br />
Once realised, this will further integrate<br />
sustainability into our business operations and<br />
improve understanding of our sustainability<br />
performance.<br />
3. Innovation<br />
This includes embedding innovative practices<br />
and solutions into our projects and operations<br />
and being innovative in the ways we work. It is<br />
about the willingness to incubate new ways of<br />
working across and beyond the business, and<br />
testing new solutions on projects.<br />
Engaging with<br />
our people<br />
Engaging our<br />
investors, customers,<br />
suppliers and partners<br />
Stakeholder Engagement<br />
Engagement,<br />
Wellbeing<br />
and Diversity<br />
Affordability<br />
Safety<br />
Governance, Reporting, Metrics, Risk and Value<br />
Customer<br />
Engagement<br />
Our CR&S strategy<br />
4. Communication<br />
We aim to increase our communication and<br />
awareness of our sustainability position and<br />
achievements across all our material issues<br />
areas, with particular focus on our assets and<br />
projects. This will improve and promote the<br />
benefits of sustainable property both internally<br />
and externally.<br />
5. ‘One <strong>Stockland</strong>’ culture<br />
The diversity and geographic spread of our<br />
organisation means that a consistent and<br />
co-ordinated approach to sustainability is often<br />
difficult to achieve. By strengthening our ‘One<br />
<strong>Stockland</strong>’ culture, we will be able address<br />
material issues in a cohesive and integrated way.<br />
These common practices are reflected in our<br />
FY10 key achievements and priorities.<br />
<strong>Stockland</strong> Corporate Responsibility & Sustainability Report June 2010<br />
17