2010/11 highlights

Our environment

70 percent

Percentage of waste from our London managed office portfolio that is reused or recycled

Our people

93 percent

Percentage of employees who are satisfied working for Land Securities

Our marketplace

98 percent

Percentage of our retail tenants who are willing to recommend us as a landlord

Our communities

3365m

The total value placed on our investment in community activities

“Responsibility is not one of our priorities, it is part of every priority.”

Why CR matters

We believe that you cannot separate success from responsibility. Financial success can only be sustained when your teams are aware of, and take into account, the impact they have on the environment and the communities they serve. By ensuring that we act in tandem with the aims and ambitions of our stakeholders, we add value to our business and create value for shareholders. It really is that simple and is the foundation for our approach to Corporate Responsibility.

Taking a responsible approach to business is the right way for an industry leader to behave. We are also convinced it makes us a better business. This is why we consider CR fundamental to everything we do, not simply something that’s ‘nice to do’. Responsibility helps shape our strategic decisions, and it guides our everyday choices. Equally, every investment we make in CR must help us to be a more successful business, otherwise we won’t do it.

The desire to integrate responsible principles in ‘business as usual’ practice is the reason why we do not have a standalone CR strategy. We believe that if CR is truly integral to our business it should form part of our business strategy, not exist separately. Responsibility is not one of our priorities, it is part of every priority.

It is through acting responsibly that a company earns a reputation for integrity, and from integrity springs trust. It is impossible to fully register the value of trust on a balance sheet, but we know that it plays a profound role in our success. It is certainly vital to our future. We want to be the sort of company that people prefer to work for and with.

We want everyone from local communities to local authorities to see we can make a positive contribution in their area. And we want shareholders to feel that our commercially sound approach to CR makes us a more sustainable investment, in every sense.

Our stakeholders

  • Our people
  • Our customers
  • Our suppliers and service partners
  • Our investors
  • Our communities
  • Government and NGOs
  • Our consumers

Given the importance of mutual advantage, it is important we have a clear sense of who is affected by our actions and an effective programme of communication with each group. Here are just some of the ways we communicate with people inside and outside the Company:

  • Communities, consumers and the public
    Prior to development we listen carefully to the views of people affected by a scheme or other major work we might carry out on an asset. During construction we have regular dialogue with those affected and, once built, we recognise the importance of the buildings to the community they sit in. Our shopping centres receive nearly 300 million shopper visits a year and our people are on hand to provide help and receive feedback each day at customer services desks. And our websites provide simple and direct ways for people to send us feedback.
  • Customers – retailers and office occupiers
    All of our customers have a dedicated contact within the Company. We also conduct customer satisfaction surveys, and we hold occupier review meetings in our shopping centres four times a year.
  • Employees
    We conduct our Employee Engagement survey every year. We run quarterly 'Exchange Forum' meetings where elected representatives from around the business discuss key issues and decisions with a representative from the Senior Management Board. And we hold quarterly lunch events where employees can ask questions of at least two members of the Senior Management Board.
  • Local authorities
    Through partnerships with leaders, economic development teams and planning departments, we work to identify local priorities and define ways in which we can help support the development of thriving communities.
  • Central Government, regulators, trade bodies and NGOs
    We are active participants in consultations with central Government agencies on key commercial property issues. We participate in industry-wide bodies such as the British Property Federation, British Council for Offices, British Council of Shopping Centres, Better Buildings Partnership, London First and the UK Green Building Council.
  • Investors
    Board Directors – including our Chairman – meet with a number of investors throughout the year. We also conduct a formal investor survey every two years.
  • Suppliers and service partners
    We want to be the partner of choice in our sector, so we act with fairness and integrity at all times.

Our CR Committee

The CR Committee is responsible for defining our strategic priorities in CR, monitoring our CR performance and ensuring that our CR activities remain directly related to our business objectives. The Committee reports to the Chief Executive and is chaired by Martin Wood, Group Tax & Treasury Director. It met four times between March 2010 and March 2011. To help keep CR current and relevant to the business, it will meet on six occasions over the next 12 months.

Our objectives

Our CR activities are focused on four key areas:

  • Our environment
  • Our people
  • Our marketplace
  • Our communities

Of these four, we believe we have the biggest impact in the areas of environment and communities.

In 2010 we set ourselves a 10 year objective in each of the four areas. Many of our stakeholders have applauded the clarity of these objectives, but people have also asked us to be equally clear on how we intend to achieve them. We have listened to that feedback and are currently working to tie together more closely our 10 year objectives and our annual targets.

In the meantime, we can report strong progress across all of our key areas. The following section provides a summary of our approach and ongoing commitments in each area.

For a more detailed report and analysis, download our Corporate Responsibility Report 2011 at www.landsecurities.com

Our Corporate Responsibility Report and the progress we state against targets are assured by Lloyd’s Register Quality Assurance Limited (LRQA). In addition, Corporate Citizenship – an independent corporate responsibility and sustainability consultancy – carries out a review of our report and our governance.