Benchmarks
2009 Benchmark
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The results of the 2009 Corporate Benchmark were launched on Monday November 9th. Sir Bob Kerslake (Chief Executive, Homes and Communities Agency) gave the keynote speech, and was joined on a discussion panel by Colin Butfield (Head of Campaigns, WWF), Nina Jackson (Associate Director, Upstream Sustainability Services at Jones Lang LaSalle) and the CEO of this years benchmark leader.
The 2009 benchmark followed NextGeneration benchmarks in 2007 and 2008, and the WWF/Insight Investment benchmarks that preceded these in 2005 and 2003. They have been well-received by a wide range of stakeholders involved in the housebuilding sector, as detailed below.
Investors
The benchmark is being used by investment managers and brokers in their analysis of, and engagement with, homebuilders on sustainability issues.
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The house builders benchmarking process is an excellent model for other industries to follow. It is a collaboration involving investors, companies, regulators and civil society, and really gets to the heart of the material ESG issues within this sector and the drivers of long term value. .gif "Quote Mark"){kind=small}
James Gifford, Executive Director, Principles for Responsible Investment
We consider a range of sustainability issues when looking for investments in the housebuilding sector. The NextGeneration benchmark that was developed by WWF, Upstream and Insight Investment is among a broad range of inputs that we use to rate companies on our sustainability matrix. This rating drives our investment decisions and our voting at company annual general meetings. This means that where homebuilders score poorly on our matrix, then our Sustainable Future funds will not invest in them. We would also be likely to vote against the report and accounts of the company at the AGM. Dr. Steve Waygood, Head of Engagement – SRI, Morley Fund Management
Public sector
Public sector organisations involved in housing have also reported that they have used the studies to augment their own assessments of the companies they contract, fund or partner with. Government departments, such as CLG and Defra have also said that the benchmarks have provided them with a clearer understanding of how the private homebuilding sector is responding to their policies or even going further than regulatory requirements in some cases. This can be seen in the use of the results from the first two benchmarks in the Callcutt Review of housebuilding delivery published in November 2007.
Homebuilders
Many of the developers involved have indicated that they found participation in the benchmarks to be valuable. They report that the detailed appraisal of their performance, and the feedback provided by Upstream, Insight, WWF and the Housing Corporation, has enabled them to improve their sustainability strategies, performance and reporting.
For more information on the business benefits of membership click here.
Inspace Partnerships has found its decision to become a member of the NextGeneration initiative invaluable...Having an independent party scrutinise our achievements is providing us with a snapshot of where we currently are and helps us to see where our strengths and weaknesses lie. Brendan Ritchie, Inspace Partnerships