ESG in Action
The Moorfield Approach to ESG factors
ESG objectives and considerations are built into every part of Moorfield’s business. We are both signatories to the Principles of Responsible Investment and members of GRESB. Our comprehensive ESG policy is interwoven across our fundraising, investment and asset management activities and we are committed to achieving operational net zero carbon by 2030.
Moorfield’s philosophy is that targeting positive and proactive ESG outcomes across our business is not only the right thing to do but it forms an important commercial objective across our businesses. Each investment we make is rigorously assessed against a number of ESG objectives before acquisition and an operational net zero carbon pathway identified and incorporated into all business plans. These plans also include further commitments around biodiversity, community engagement, occupier and employee wellbeing, social outcomes and waste management. Our objectives are to be net positive social contributors as a result of our investments and their operations.
We report all ESG initiatives to investors and publish an annual ESG which is available on our website.
The Moorfield Foundation is Moorfield’s charitable arm which has historically made numerous charitable donations on behalf of Moorfield since 2008. The foundation made its first Social Impact Investment in 2019 acquiring a house in Manchester that is let to a charity that works with young people at risk of homelessness. It is Moorfield’s intention to continue this Social Impact investment programme to create a sustainable Foundation with capital that will be permanently allocated to delivering social outcomes.
Environmental
Adopting energy efficiency, consider renewables, implement water efficiency, engage with tenants, develop waste strategies, consider certification, assess improvements including EV charging, develop biodiversity plans, enhance controls, data collection and resilience - at existing buildings.
Reducing the use of single use plastics across our business and fund investments
Incorporating innovative technologies, and green building certifications (including but not limited to BREEAM) into new developments
Engaging with industry through a variety of methods including this CSR report, direct investor disclosures and participating in GRESB. We will also aim to engage through participation at appropriate industry events
Setting appropriate environmental performance targets and reporting on progress
Social
Adopting Health & Wellbeing best practice, both at Moorfield and in the buildings we develope and manage
Establishing a mechanism for measuring social impact and managing Moorfield’s contribution to social value
Maintaining best practice in recruitment
Maintaining a coordinated approach to philanthropy and charitable giving and develop a portfolio of social impact investments
Employee engagement
Governance
Maintaining appropriate Corporate Governance Structures including our main Board, an Investment Committee, an Operational Board and an Independent Advisor Board with sub-committees to cover: - Audit and risk management - CSR - Compliance/Regulatory - Equal Opportunities - Remuneration
Further developing and communicating of our ‘Ethics Policy’ (as detailed in our 2017 report)
Maintaining of an employee Whistle-blower mechanism
Reviewing ethical sourcing of funds and investment
Ongoing Compliance with governance requirements
Our Objectives
Below, we set out progress against our objectives.
Objective
Progress
Objective
Utilise the tenant satisfaction survey to inform sustainability development
Progress
We completed a tenant survey in 2017. Results were reviewed and used to inform improvement planning.
Complete
Objective
Complete an employee satisfaction survey
Progress
This was completed in 2018. Results have been used to inform development of employee engagement programmes and internal communications
Complete
Objective
Progress supply chain management initiatives through ongoing development on sustainable procurement guidelines
Progress
Our EMS contains guidelines. Furthermore, we have completed analysis of our support chain to give confidence that we are not inadvertently supporting modern slavery
Complete
Objective
Report on charitable activities
Progress
Our report on charitable activity is included below
Complete
Objective
Maintain portfolio risk reviews
Progress
Completed in 2018. Asset level risks are reviewed periodically and further supported by analysis that is completed in preparation for GRESB submissions
Complete
Objective
Collate and report landlord controlled environmental performance on an annual basis
Progress
Complete for 2018
Complete
Objective
Participate in GRESB and improve MREF III rating
Progress
Complete and ongoing. In 2018 MREF III and MAREF participated. In 2019, we intend for MREF IV to participate for the first time (this will be completed under GRESB’s Grace period)
Complete
Objective
Consider implementation of enhanced improvement programmes at targeted assets
Progress
Complete and ongoing across various assets. Sustainability audits in place for operationally stable assets.
Complete
Objective
Produce an annual Corporate CSR Report
Progress
Complete for 2018
Complete
Objective
Review ESG requirements in agreements and contracts with our appointed Property Management teams
Progress
In 2018, we reviewed the approaches used to implement sustainability
Complete
Objective
Collate head office performance and consider opportunities for improvement
Progress
We took occupation of our new office in March 2017. We will report on progress in next year’s report – when a minimum of 24 months energy data is available
Complete
Objective
-12% Reduce like-for-like energy consumption by 12% on a 2016 baseline by 2020
Progress
-13% overall to date
Complete
Objective
-5% Reduce like-for-like water consumption by 5% on a 2016 baseline by 2020
Progress
-1% overall Water demand has seen a drop which is positive, but not on track with our target. However, our reporting mechanisms have evolved. This year 24% of the water data was estimated, due to the nature of water billing and metering across our estate. Next year, more actual data should be available
Complete
Objective
Monitor all waste performance with an objective of achieving zero waste to landfill
Progress
Where available, waste management data is reported. Information is presented within this report
Complete
Objective
Incorporate corporate level energy and environmental improvement plans to reduce direct environmental impact
Progress
On track. Updated annually
Complete