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Legal & General Investment Management (Holdings)

PRI reporting framework 2018

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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
          20% carbon emission's saving against baseline by 2020
        
          20% water saving against baseline by 2020
        
          90% of waste diverted from landfill
        
          2017 performance achieved 22% saving
        
          2017 performance achieved 18% saving
        
          2017 performance showed 92% of waste was diverted from landfill
        
Target/KPI
Progress Achieved
          Ensure that every member of the property team has sustainability related objectives included in their formal Performance Objectives
        
          Ensure that all new employees in LGP undertake sustainability training and the existing employees receive regular updates on sustainability.
        
          Seek to have a positive impact on the communities around our assets and seek ways to measure social value. Report progress quarterly to the L&G
        
          All property related employees had ESG targets set as part of their appraisal process.
        
          All new employees received an ESG induction and bi-monthly workshops were held to update existing employees
        
          National methodology established for measuring Social Value with British Council of Offices.  L&G target set to measure Social Value of 20% of Real Assets
        
Target/KPI
Progress Achieved
          Engage with investors, and investment agents to gather stakeholder feedback and promoted our belief that sustainability will enhance returns and minimise risk.
        
          Engage with as many occupiers as possible to gather stakeholder feedback and implement Asset Sustainability Action Plans (ASAPs) to improve the sustainability of our assets.
        
          Continue to submit data to legal and general corporate sustainability benchmarking initiatives ie: FTSE 4Good, UNPRI, BITC etc and the Better Building Partnerships, Real Estate
        
          A full, independent stakeholder engagement exercise was carried out in 2017. A materiality assessment was undertaken in order to set the priorities for future targets.
        
          All occupiers were engaged with at least once during the year and all multi-let assets had an asset sustainability action plan, for which progress was
        
          All external surveys ( UNPRI, Carbon Disclosure Project, GRESB, FTSE4good and BBP REEB) were completed in order to assess our performance and compare it with
        

09.3. Additional information. [Optional]

Our Sustainable Property Investment Framework aligns our practice with the principles set out in our Responsible Property Investment Policy.  It is regularly reviewed by our Sustainable Property Investment Committee and is applied to all occupied properties. Our framework not only supports our ISO 14001 system, but ensures that best practice is adopted in all areas of sustainable property management. The framework consists of seven key stages, supported by procedures, templates and technical information, using the UK Better Building Partnership toolkits and other industry best practise standards, wherever possible.  The areas are  summarised below:

 

  •  Policies and objectives - Maintaining corporate, LGP, and fund policies and objectives across all aspects of responsible property investment.
  • Annual Action Plans and Targets - Setting sustainability targets at asset level, fund level and across LGP which align with our publically stated targets and established industry practise.  Using our Asset Sustainability Plan (ASP) toolkit for every asset to ensure that a long term sustainability plan is established for each asset.
  • Monitoring- Quantitative data monitoring (Carbon Emissions, Energy, Water and Waste) monitoring via an industry standard M&T system and qualitative data via reports from our  managing agents network of building and property managers.
  • Active management – Undertaking the actions detailed in our Annual Action Plans and fund level objectives. This includes maintaining ISO 14001 accreditation, energy audits, reduction measures, renewable energy installations, tenant liaison activities, biodiversity and transport plans, community engagement activities and supply chain management.
  • Capital works and Acquisitions – Following our policies and Implementation processes associated with all capital works and acquisitions, standard planned maintenance works.
  • Training and External benchmarking – This includes all reactive and industry participation, internal update training to the compulsory Sustainable Property Investment course, developed with the College of Estate Management, training of our key suppliers in our processes and various key technical training session. Participating in industry benchmarking initiatives such as GRESB, IPD EcoPAs, Upstream benchmarking, UPPRI and  BBP benchmarking.
  • Reporting, communication and industry participation – Disclosure of our performance via an annual report, and communication of our performance via industry case studies, journal articles and quarterly / annual fund reports to investors.  Participating in industry activities to help further legislation, industry techniques and general understanding of responsible property investment.

PR 10. Certification schemes, ratings and benchmarks (Private)


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