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advisors statement |
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Scope and methodology
This statement provides SEGRO and its stakeholders with a third-party assessment1 of SEGRO’s performance against 36 agreed Corporate Responsibility targets for the reporting period 1 January 2007 to 31 December 2007. It does not represent a wider assurance of SEGRO’s management approach to Corporate Responsibility or indeed the contents of this report. A detailed review of SEGRO’s progress against 2007 targets is available at: www.SEGRO.com
As in previous years Upstream evaluated SEGRO’s performance against targets based on the following: |
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Documented evidence relating to the period stated above, verifying the extent to which actions undertaken by SEGRO led to the achievement of targets. This evidence included internal and external communications, management reports and analysis of data from key performance indicators. |
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A series of one to one meetings and telephone conversations with those people responsible for the delivery of SEGRO’s Corporate Responsibility targets, to ensure a robust interpretation and in some cases interrogation of evidence. |
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Upstream awarded progress against targets based on the type of target being assessed. Performance targets were awarded a percentage completion to correspond with the actual performance achieved as demonstrated by the evidence received (expressed in percentage terms). Management targets were awarded a percentage completion on a quartile basis (Zero, 25 per cent, 50 per cent, 75 per cent or 100 per cent) based on completion of management actions with evidence provided by SEGRO to demonstrate progress.
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Summary of findings
Upstream’s review of progress against SEGRO’s 2007 Corporate Responsibility targets concludes that: |
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67 per cent of targets were fully completed, including all land use and corporate governance targets. This represents an improvement in target delivery from the previous year where only half of the Corporate Responsibility targets were fully completed. |
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Substantial progress was made against six per cent of targets (where delivery of a target is over half way completed). |
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Partial progress was made against 12 per cent of targets (where delivery of a target is underway but less than half completed). |
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Only eight per cent of targets saw no progress at all, notably: |
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Two aspirational targets for Slough Heat & Power to achieve zero unauthorised releases and zero environmental complaints. Whilst neither target was met, all complaints and releases were deemed to be minor. |
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One target to adopt a Group-wide waste management plan. Whilst no formal strategy was developed, SEGRO had several waste initiatives in the pipeline for 2008 (particularly relating to construction waste) showing some progress in this area. |
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Two targets were unauditable due to insufficient evidence. |
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Upstream opinion
Overall, SEGRO has made good progress against its 2007 Corporate Responsibility targets. It is encouraging to see progress being made against targets in each material impact area which demonstrates commitment from SEGRO’s business leaders to these material business issues.
As SEGRO continues its transformation it will be important to ensure that Corporate Responsibility remains integral to the Company’s business strategy. Upstream welcomes the appointment of a new Head of Sustainability to further this agenda.
Looking to the future, Upstream would recommend: |
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Greater dialogue with stakeholders to shape strategy and assist in the delivery of the Company’s Corporate Responsibility aspirations. |
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Regularly reviewing the Company’s Corporate Responsibility strategy so that the targets continue to reflect material impacts. |
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Developing action plans and specific targets to support implementation of Corporate Responsibility standards and management systems across Europe. |
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We look forward to seeing how SEGRO responds to these challenges. |
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Anand Punja
Senior Consultant |
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Jonny McCaig
Consultant |
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Upstream Strategies, Jones Lang LaSalle |
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1 Upstream fully complies with Jones Lang LaSalle’s Code of Business Ethics. |
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