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.

View our latest CSR Report

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