Environment and the portfolio

The Company is committed to effective environmental management, to ensure that appropriate environmental policies are set to assist the Group in "future proofing" the Company’s portfolio to meet rapidly changing legislation requirements and resulting tenant demands.We regard regulatory compliance as a minimum standard.

Environmental strategy

The Environmental Policy Committee chaired by Toby Courtauld is responsible for reviewing the Group’s environmental polices and procedures. During the course of 2008, the Environmental Policy Committee:

• identified the need for a Group Energy Manager;
• reviewed the way the Group procures it energy;
• instigated actions required in respect of Energy Performance Certificates;
• approved the new Environmental Construction and Design Policy; and
• approved the Company’s tenant survey.

Given the significant number of changes in environmental legislation over the last 12 months, the Committee is in the process of undertaking an in-depth review of the Company’s environmental management system, policies and practices in respect of each of the Group’s core operations of asset management, recycling and development with a view to providing overarching key objectives and an environmental improvement plan for each area during the course of 2008.

During the year ended 31 March 2008, 95 hours of environmental training were provided to employees covering energy management, sustainability, climate change and benchmarking standards for developments. Environmental training is also included in the induction process for all new employees.

An Environmental Working Group (EWG), chaired by Robert Noel as the Property Director and made up of senior representatives of each department,meets on a quarterly basis and report to the Board annually and to the Environmental Policy Committee. The EWG monitors the Group’s compliance with environmental legislation and best practice across the portfolio and agrees procedures to be followed on key environmental issues.

Asset manage

The Company’s Environmental Management System is controlled and administered by the Safety, Health and Environmental Manager, and audited by external consultants on a regular basis. Our Environmental Management System has identified the Company “aspects and impacts” in line with ISO 14001 and its procedures and checklists are based upon the issues identified. All contractors are required to comply with the Company's environmental policy statement, and external consultants also carry out environmental checks on all managed properties on an annual basis.

Energy and water consumption is monitored by external consultants and usage data is analysed on a monthly basis. Energy and water consumption data, externally verified by Bureau Veritas is also available from our website. During the year we employed an Energy Manager to assist in ensuring that all properties have Energy Performance Certificates in readiness for the appropriate deadline and improving both energy efficiency and reporting across the portfolio. During 2007 a survey was undertaken of all lamps across the common areas of our properties with a view to changing fittings to energy efficient alternatives as they expire.

An environmental guidance note explaining the Group’s environmental procedures is distributed to all tenants on an annual basis to encourage them to adopt similar standards. In February 2008, we surveyed our tenants to obtain their feedback on a number of environmental issues including, the premium they would be prepared to pay for green energy, energy best practices and recycling initiatives.

During the year ended 31 March 2008 additional recycling schemes were introduced in 20% of the portfolio and we continue to address how recycling can be increased through co-operation and co-ordination with our tenants.

Recycle

Prior to acquisition an environmental due diligence report is undertaken with particular regard to environmental risk. Mechanical and electrical surveys are also undertaken to identify plant and equipment inefficiencies.

Develop

All major developments are subject to BREEAM with a target to achieve a rating of “Very Good” on major refurbishments increased in 2007 to a target rating of “Excellent” on all new build properties with renewable energy considered at the design phase.We are constantly reviewing ways to maximise the energy efficiency and sustainability of our buildings and in 2007 published our Environmental Construction and Design Policy which sets out standards for segregation and recycling of waste materials, sourcing of timber products and energy consumption, with a compliance audit undertaken by our in-house Project Management Team at the end of each development.

CR environmental objectives set for 2008 include:

• to monitor and seek to reduce resource consumption;
• to encourage all contractors and consultants to adopt similar environmental policies and standards as the Company;
• to consider environmental issues during acquisition, design, development and refurbishment;
• to ensure our employees are kept informed of our environmental polices and are given relevant environmental training;
• to encourage new recycling schemes where practicable;
• to procure timber used on developments and refurbishments from FSC certified sources; and
• to ensure that the Company is involved in the setting of environmental best practice standards.

Download our 2008 environmental objectives and targets pdf
Download our progress against our 2007 environmental objectives and targets pdf