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Savills Investment Management

PRI reporting framework 2018

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the roles present in your organisation and for each, indicate whether they have oversight and/or implementation responsibilities for responsible investment.

Roles present in your organisation

          Global Head of Investment Risk

Other description (1)

          ESG Manager

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Richard Lake, Global Head of Investment Risk, is a member of the European Executive Committee and also Chairman of the ESG Committee, which meets quarterly to:

1) develop and review the company’s sustainability, corporate governance and social responsibility strategy, framework, principles and policies and make relevant recommendations to the management committee; and;

2) promote the principles of good corporate governance, sustainable and socially responsible investment within the funds managed or advised by Savills Investment Management, and to meet with representatives of the investment management team on a six monthly basis to review the performance of the funds in terms of the Savills Investment Management group ESG objectives.

Richard's role as Chairman of the ESG Committee entails responsibility for both the oversight and accountability of responsible investment at Savills Investment Management (1, above) and the implementation of responsible investment within the funds managed or advised by Savills IM (2, above).

James Bury is Global COO and a member of the ESG Committee. He is responsible for the operational implementation of any ESG objectives and activities in our business.

Kiran Patel is Global CIO and a member of the ESG Committee. He responsible for integration of ESG considerations into investment and property management decisions in our business.

Lucy Auden is an ESG and Investor Relations Manager and is reposible for liaisng with the senior management above to agree and manage Savills IM's anunal ESG targets, via a roadmap. Lucy's insight into the responsible investment policies of investors and prospects ensures our ESG policy is aligned with our internal and external stakeholder priorties, and best practice. Lucy also manages the relationship with our sustainability consultants for UK and pan-Europeans funds, ensuring KPIs are set and reviewed in regular meetings between the service provider and the fund teams.

As a member of the Savills Group, Savills IM subscribes to the Savills Group Environmental, Conflicts of Interest and Anti-Corruption policies. Two members of the Savills Board are present on the Savills Investment Management Global Executive Committee (GEC) ensuring integration and implementation of Savills policies within the Investment Management business. The GEC meets approximately 6 times a year.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

1 Number

07.4. Additional information. [Optional]

SG 07 CC. Climate-issues roles and responsibilities (Not Applicable)

SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

An annual process has been established where, at the end of Q4 each year, the company's ESG achievements are presented directly to representatives of the GEC - the businesses most senior management function - followed by a Q&A session. In Q4 2017, delegates comprised the CIO and Head of Investment Risk. The meeting is used to present the previous years' ESG acheviements, and agree the following year's ESG priorities and targets. The process to develop and maintain Board members' skills and knowledge of responsible investment has been running since 2015. 

The GEC reports to the Board of Savills Plc (our parent company) on their stewardship; this includes ensuring that objectives are discussed, satisfactorily communicated and mutually understood with the Board of Savills Plc. 


Chief Executive Officer (CEO), Chief Investment Officer (CIO),  Investment Committee

Other C-level staff or head of department

          Global Head of Investment Risk

Portfolio managers

Investor relations
Other role (1) [from SG 07]
          ESG Manager

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

Our business sets function specific objectives on an annual basis and those for investment teams this year included "Improving teams thought process and analysis in the area of risk and return understanding at the asset and portfolio level", including ESG factors as an element of risk and return analysis, through transaction decision making and portfolio management.

As such, a specific KPI has been set as part of the company's ESG roadmap for 2018, to:

  • Provide training on ESG guidance produced for asset purchase and disposal, which was created and circulated to teams in 2017
  • Finalise ESG Implementation Guidelines on fit out, development and property management, communicate to fund teams, publish and train staff for effective use.

The ESG Manager's objectives comprise a 3-year ESG plan, which is reviewed quarterly and assessed anually. Our 3-year ESG plan includes the following objectives:

  • Agree and maintain the company's annual ESG roadmap and updating the Board at mid-year and year-end.
  • Ensure ESG coverage and engagement across Savills IM global offices
  • Engage external stakeholders (investors and tenants) to assess priotisation of ESG issues, and create materiality matrix using esults from internal stakeholder engagement (carried out in 2017). 
  • Ensure quality ESG reporting across the business
  • Enhance ESG profile via PR and marketing initiatives 
  • Improve UNPRI assessment and GRESB scores, and increase GRESB Fund coverage
  • Engage Green Office Champion's at local level to increase ESG awareness in the offices

ESG objectives have been allocated to all Fund managers for our German Funds, as follows. these will be assessed as part of personal development, perofrmance management and reward processes, at mid-year and year-end reviews:

  • Ensure consumption data from assets, collect by sustsinability consultant, is correct, intepreted, and conclusions are drawn. 
  • Select one or two properties per fund for indepth ESG assessment, with the consideration of acheiving Green Building Certifications 
  • Ensure greater consideration of ESG in Transaction Advisory Committee (TAC) and Property Management Committee) PMC  meetings, inclusing sESG statement documented in meeting papers
  • Improve GRESB rating compared to previous year
  • Raise awareness of ESG within the fund team and discuss in the regular product meetings