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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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Post-investment (monitoring and active ownership)

Overview

PR 08. ESG issues in post-investment activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

Both USS and our Property managers consider ESG issues to be extremely important, hence monthly meetings are held where such issues are discussed, actioned and resolved.

We operate an active ESG post-acquisition programme whereby the asset's waste, water and energy consumption (if there are common parts) are monitored.  An action plan is put in place to address any potential improvements raised during the due diligence process.

The asset is also immediately monitored for Health and Safety purposes by our Property Managers.  This includes ensuring all Health and Safety compliance requirements are being adhered to.

We also look at what socio-economic, biodiversity and community initiatives the asset can support e.g. supporting local charities and installing bug hotels.

 


Property monitoring and management

PR 09. Proportion of assets with ESG targets that were set and monitored

New selection options have been added to this indicator. Please review your prefilled responses carefully.

09.1. Indicate the proportion of property assets for which your organisation, and/or property managers, set and monitored ESG targets (KPIs or similar) during the reporting year.

(in terms of number of property assets)

09.2. Indicate which ESG targets your organisation and/or property managers typically set and monitor

Target/KPI Progress Achieved
          Reduction of energy consumption of 30% between 2010 and 2020.
        
          Monitor of water consumption.
        
          Diversion of waste from landfill across the whole portfolio.
        
          We are currently on track having reduced by 23% so far.
        
          Where viable we are installing waterless urinals, sensors on basins and dual flush toilets.
        
          96% of waste is currently diverted from landfill.
        
Target/KPI Progress Achieved
          To encourage charities to raise money in our shopping centres.
        
          Encourage our tenants to not drive but cycle.
        
          
        
          We now have dedicated charities across the portfolio which we support.
        
          In the past year we have installed new cycle stores into three of our office multi let buildings.
        
          
        
Target/KPI Progress Achieved
          To communicate with our tenants more frequently in order to improve communications and inform decision making.
        
          
        
          
        
          We have dedicated monthly meetings, attended by the tenants, Building Manager and Property Manager at all our multi let assets, improving governance and communications.
        
          
        
          
        

09.3. Additional information. [Optional]

We closely monitor material ESG issues post acquisition.  As part of our contractual agreement with our Property Managers, they support us in implementing ESG improvements.  This may include the monitoring of waste, water and energy consumption data, comparing this against performance targets, and rolling out actions, where considered necessary, across the portfolio.


PR 10. Certification schemes, ratings and benchmarks

10.1. Indicate whether your property assets are assessed against certification schemes, ratings and/or benchmarks

10.2. List the certification schemes, ratings and/or benchmarks your property assets are assessed against and what proportion of your property assets they apply to.

Specify
Proportion of property assets these apply to

(in terms of number of property assets)

Specify
Proportion of property assets these apply to

(in terms of number of property assets)

Specify
Proportion of property assets these apply to

(in terms of number of property assets)

10.3. Indicate if your organisation uses property specific reporting standards to disclose information related to your property investments’ ESG performance.

10.4. Additional information.

We ensure all purchased assets include an Energy Performance Certificate (EPC).  We have reviewed our EPCs across the whole portfolio against tenant leases and expires, and have set out an action plan for improvements. Where a property refurbishment or fit out occurs we ensure the works are undertaken in consideration of achieving as high an EPC grade as possible.  We will be entering the whole portfolio within the GRESB assessment in 2018.


Property developments and major renovations

PR 11. Proportion of developments and refurbishments where ESG issues were considered

New selection options have been added to this indicator. Please review your prefilled responses carefully.

11.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

11.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations.

11.3. Additional information. [Optional]

All our developments and refurbishments aim to improve their ESG performance, this is mainly focused around the EPC rating where we aim to ensure the grade achieved is no worse than a ‘D’.

We are currently trialling ESG standards for our contractors on larger builds and refurbishments.  This includes providing to them a fit-out guide which recommends sustainable elements to be considered during the preparation of the specification for any alterations, for example:

- Low energy lighting fittings, including LEDs.

- Lighting controls, such as sensors (Passive Infrared) or timers, to optimise energy use in areas that are used less frequently or when the premises are unoccupied.

- The inclusion of low energy plant, such as boilers and cooling equipment.

- Specification of sustainable materials, such as timber from sustainably managed woodland, locally sourced goods, reused or recycled materials, and materials with a lower environmental impact including flooring, walls, windows, paints and insulation.

- Renewable energy sources such as Photovoltaic cells (solar ‘PV’ panels).

- Low flush or dual flush WCs or waterless urinals.

- Flow regulators to taps and shower heads, spray or aerator taps.


Occupier engagement

PR 12. Proportion of property occupiers that were engaged with

New selection options have been added to this indicator. Please review your prefilled responses carefully.

12.1. Indicate the proportion of property occupiers your organisation, and/or your property managers, engaged with on ESG issues during the reporting year.

(in terms of number of occupiers)

12.2. Indicate if the following practises and areas are typically part of your, and/or your property managers’, occupier engagements.

12.3. Additional information. [Optional]

We communicate ESG matters with our tenants across all of our multi-let offices and retail schemes.

This programme includes presenting to our tenants quarterly waste, water and energy consumption data (common parts only).

We also chair a Green Building Forum at a shopping centre, where the meeting agenda is based solely on environmental and sustainability matters.


PR 13. Proportion of green leases or MOUs referencing ESG issues

13.1. Indicate the proportion of all leases signed during the reporting year that used green leases or the proportion of Memoranda of Understandings (MoUs) with reference to ESG issues.

(in terms of number of leases or MoUs)

13.2. Additional information.

We have been rolling out green leases across the direct property portfolio since 2012.

The green lease for each asset sets out within a clause that the tenant and landlord commit to (i) promoting the reduction of energy emissions and water consumption, and (ii) reducing and/or recycling waste.


Community engagement

PR 14. Proportion of assets engaged with on community issues

14.1. Indicate what proportion of property assets your organisation, and/or your property managers, engaged with the community on ESG issues during the reporting year.

(in terms of number of property assets)

14.2. Indicate if the following areas and activities are typically part of your, and/or your property managers’, community engagement.

14.3. Additional information.

We actively encourage nominated charities to promote their organisations within our shopping centres, taking full advantage of the high levels of footfall.


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