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