Environment

We recognise that our business has both direct and indirect impacts on the environment through our own operations and the assets and properties that we invest in. Underpinning all our activities is our Group Environmental Policy.

Environmental Management System:

In line with our policy we have implemented an Environmental Management System (EMS), aligned with the internationally recognised ISO14001:2004 standard, across our key office locations in order to reduce those impacts.

Our EMS:

• Acts as a mechanism for understanding the environmental impacts associated with our business operations and complying with legal requirements;
• Fosters a sense of responsibility for the environment amongst all employees;
• Acts as a tool for delivering continuous environmental performance improvement; and
• Enables the pro-active assessment of environmental impacts in the long-term business planning and decision-making process.

Through our EMS, we have undertaken a range of initiatives to reduce our negative environmental impacts. Examples include the introduction of software to ensure that all PCs are switched off overnight; conducting a review of our waste disposal practices in the UK to identify areas for improvement; and incorporating a wide range of energy saving measures across existing and new offices.   Further examples of our activities, as well as data on our environmental performance, are detailed within our Corporate Social Responsibility report.

We also report data on carbon dioxide emissions to the Environment Agency for the purposes of CRC Energy Efficiency Scheme compliance and to the Carbon Disclosure Project.

Setting targets

In 2010 we set three environmental targets, prioritising actions relating to carbon dioxide emissions from our offices and from business travel, and waste. Further details of these targets and our performance against them can be found in our 2011 CSR report.

In 2011 new targets have been set, which are as follows:

• Reduce carbon dioxide emissions from office energy consumption per FTE by a further 3%;
• Reduce carbon dioxide emissions from non-essential travel and improve access to technological alternatives;
• Improve the provision of waste segregation facilities and, at the very least, maintain current recycling rates;
• Increase the coverage by headcount of our formal EMS to 75% of the global workforce;
• Ensure our new offices meet existing standards;
• Develop our stakeholder engagement on environmental issues.

Further details of these targets and of our plans for the year ahead are set out in our CSR report.