An introduction to A Different Way, our strategy for sustainable business growth.
Highlights from A Different Way to date.
[Company-wide] Align FPA's governance, business strategy and risk management procedures to account for climate related risks in accordance with TCFD recommendations, by 30 September 2021
In collaboration with our global parent, FPL, we'll be reviewing our current systems and procedures to meet TCFD requirements for managing and disclosing climate-related risks, beginning with physical risks.
In progress
Establish mandatory Environmental, Social & Governance (ESG) considerations for all investment proposals, by 30 September 2020
We'll begin by identifying the most material considerations, then developing assessment and reporting methodologies.
In progress
Using relevant third party certification programs, certify all new projects, from 30 June 2020
We'll be extending this largely 'business as usual' task across our whole portfolio of new projects and continue to maintain a 5 star Green Star Design and As Built or Green Star Communities certification standard for all new developments.
In progress
Using relevant third party certification programs, certify 100% of owned and managed assets, by 30 September 2024
We'll be extending this largely 'business as usual' task across our whole portfolio of owned and managed assets.
In progress
[Corporate] 10% of staff in each Division to be trained Innovation Champions, from 30 September 2020
As at December 2019 we had achieved 11% across the company, with some variation in each Division now to be addressed.
In progress
Maintain minimum 5 star GRESB status for FPA (Developer), FPI and FLT
We achieved 5 star GRESB in 2019, ranked #1 for Developer and Non-Listed Investment Portfolio, worldwide.
In progress
10% of staff in each Division to be trained Innovation Champions, from 2020
We carried forward this target to focus on addressing variations in adoption across the Divisions.
In progress
Be recognised in the top quartile of innovative companies from 2018
This target was based on participation in a third-party programme, which proved unsuitable.
Not achieved
Implement Resilience Policy & Framework from 2018
Achieved successfully.
Achieved
Include ESG in our impact risk assessment by 2016
We achieved this through Green Star requirements and certification. We have also developed a CSR Policy.
Achieved
All new developments and properties owned and / or managed will be Green Star certified by 2018
We achieved a minimum 5 Star rating on all new industrial buildings. We targeted 5 Stars for commercial and 6 Stars for retail in development.
Achieved
Undertake a climate risk assessment on 100% of all investments by 2016 and develop climate adaptation plans as appropriate
We undertook climate risk assessments for all properties in 2016, and continue to assess properties as part of Green Star. We've also established a Resilience Policy.
Achieved
Develop and implement a company-wide innovation program to bring about sustainability outcomes faster and smarter with tangible benefits
We launched our innovation initiative in 2016, and in 2018 ranked 83rd in the Australian Financial Review's Most Innovative Companies List.
Achieved
Be net zero carbon in development and operation, from 30 September 2028
We're continuing to maintain our Climate Active Carbon Neutral certification, and working to reduce our carbon footprint in all aspects of our business.
In progress
Real Utilities to supply 100% renewable energy, by 30 September 2023
We are on track to supply 100% renewable energy through on-site and off-site sources.
In progress
Real Utilities assessment to be included in every investment proposal, from 30 September 2020
We will test the feasibility of Real Utilities' offering in all of our development proposals, aligned with Real Utilities' capacity.
In progress
Establish a Responsible Sourcing Policy and integrate into procurement decision-making, by 30 September 2020
Our Policy is in the final stages of development. We are working with the PCA to pilot a Modern Slavery supplier portal.
In progress
Develop a sustainable product database, and integrate into design and procurement decision-making for new projects, by 30 September 2021
Building on Greensheet, we're writing a scope of works to expand, develop or adopt a sustainable product database.
In progress
Develop a company-wide biodiversity strategy, by 30 September 2021
Learning from our considerable successes, we're now developing a strategic view of biodiversity to drive our investment, design and delivery decisions.
In progress
Develop a Toward Zero Waste roadmap, by 30 September 2021
In 2020, we'll begin work on a holistic plan to reduce the waste generated in construction and operation across all of our operations.
In progress
Divert minimum 98% construction waste from landfill on all new build projects, from 30 September 2020
We're improving our monitoring and data collection, and modifying our construction processes across all our sites.
In progress
[Corporate] Maintain Climate Active Carbon Neutral certification for our organisation and corporate operations, with year on year improvement plans to reduce emissions
We've been certified as a carbon neutral organisation since 2015/16, and will continue to maintain this.
In progress
All projects to have a biodiversity management & feature plan by 2020
We began work on this target, then resolved to step back and develop our over-arching biodiversity strategy.
Not achieved
Average 98% construction recycling rates by 2020
We made good progress on this target, and widened the scope in 2020.
In progress
Be carbon zero by 2028, with a roadmap established in line with SBTs by end of 2018
We registered our Science Based Targets and wrote our Zero Carbon Roadmap, so we updated this target in 2020.
In progress
Develop a design and construction waste avoidance policy by 2019
We made good progress on this target, and widened the scope to 'roadmap' in 2020.
In progress
Each project to have an integrated water solution by 2020, reducing water use and intensity, with minimum water standards
We made good progress on this target, and have since developed Divisional targets for water.
In progress
Establish a Red List product database by 2018
We created Greensheet for Burwood Brickworks, and widened the scope of this target in 2020.
Not achieved
Establish a socially & environmentally responsible procurement policy by 2018
Our draft Policy is being updated in keeping with new legislation.
In progress
Establish operational waste strategy by 2018
Achieved. We're now working on a Toward Zero Waste roadmap.
Achieved
Real Utilities to supply 100% renewable energy by 2023
Work toward this target is underway.
In progress
Decrease energy intensity by 20%
We installed renewables and increased efficiency across our assets. Our industrial properties have reduced like-for-like energy by 27% since 2014.
In progress
Incorporate renewable energy into all new developments by 2018
We installed 5.6 MW of solar with another 8.1 MW in the pipeline. Solar PV is included in our residential minimum energy standards and on all NSW and QLD industrial sites.
Achieved
Decrease water intensity company-wide by 20%
We installed efficiency measures, including rainwater tanks, on every new project. Our investment properties have reduced water by 17% since 2014.
In progress
Re-use water on every new project
We installed water storage on every new project.
Achieved
Achieve 90% recycling rates across the business
We achieved 94% recycling across our development business.
Achieved
Undertake a supply chain review to identify risks and opportunities as per UN Global Compact commitments
We completed a preliminary supply chain review and began engaging with our supply chain.
Achieved
Review our company-wide biodiversity approach, to understand our impact and potential for value creation
We established a Biodiversity Working Group and began identifying how we can feature biodiversity and biophilia on every project.
Partially achieved
Undertake a Life Cycle Analysis (LCA) for each of our asset classes by 2016
We continue to undertake an LCA on projects to inform our design decisions.
Achieved
[Corporate] Achieve 40% women at CEO -3 level, by 30 September 2020
This is proving challenging, largely due to high staff retention. At the end of 2019, we were at 35%.
In progress
[Corporate] Adopt the Australian Workplace Equality Index (AWEI) framework, by 30 September 2021
Work toward this target is underway.
In progress
Implement Innovate Reconciliation Action Plan and demonstrate increased impact upon renewal
Since launching in July 2018, we've achieved 47 of 58 targets from our first Innovate RAP, with an extension to January 2021.
In progress
[Corporate] Develop and deliver a broad-based Diversity and Inclusion strategy, inclusive of gender, mental health, culture & ethnicity and LGBTIQ; implemented by 30 September 2021
Frasers Pride Australia (our network supporting LGBTI communities) launched in February 2020.
In progress
[Corporate] Minimum 200 volunteering days completed by staff annually, from year ending 30 September 2020
Opportunities include Clean Up Australia Day, The Big Umbrella, PIF House.
In progress
Achieve 40% women at CEO -3 level by 2020
At the end of 2019, we were at 35%.
Not achieved
Achieve WGEA certification by 2019
We have achieved this certification in 2019 and again in 2020.
Achieved
Broaden the Gender Equity Council to include diversity & inclusion by 2019
We achieved this target in 2019, expanding the Council's remit to include LGBTI, culture & ethnicity and cognitive diversity.
Achieved
Each business unit to deliver new products/services to address access & value from 2018
Notably, Residential commenced an innovation mission on this theme.
Achieved
Roll out national health & wellbeing partnerships for customers and staff from 2017
Notably, Life Life Get Active and Smiling Mind.
Achieved
Establish health & wellbeing metrics for each business unit by 2018
We struggled to collate meaningful data given privacy and other constraints.
In progress
Develop an A Different Way engagement plan for internal and external audience by 2018
Successfully completed, noting that ongoing communications are essential to retain awareness and build expertise.
Achieved
Establish a shared value measurement tool for use on all projects by 2018
We found this target challenging, and instead focused on asset-specific and project-specific initiatives.
Not achieved
Establish annual FPA Community Day by 2019
After further consideration, we resolved to adopt a days-based volunteering target.
Not achieved
Launch Reconciliation Action Plan by 2018
We launched our first Innovate Reconciliation Action Plan in 2018.
Achieved
Roll out FPA Community partnership from 2017
Our three-year charitable partnership with Smiling Mind commenced in November 2017.
Acheived
All FPA staff to be trained in sustainability by 2017
We trained 59% of staff in sustainability in 2016 and 2017. Training is available to all staff as required.
Not achieved
Implement a gender target by 2016
We've set a target to achieve 40% women in CEO to CEO -3 roles by 2020.
Achieved
Develop and implement the FPA Diversity and Inclusion Policy
Our Diversity and Inclusion Policy was launched in October 2016.
Achieved
80% staff participation in FPA health & wellbeing program by 2020
Free flu shots and health checks were popular intiatives.
Achieved
Continue our safety commitment across the business in accordance with our Occupational Health & Safety Plan
We continue to have safety as a top priority for our employees, contractors and customers.
Achieved
Establish a shared value measurement tool for use on all projects by 2017
We launched our Community Investment Strategy, and began working with partners to develop a measurement tool.
Not achieved
