Assurance

Independent Assurance Statement by Bureau Veritas - Review of targets and data

Bureau Veritas has been engaged by the British Land Company PLC (British Land) to conduct an independent review of the Company’s 2006 and 2007 targets and Resource Use data.  This Statement applies to the information detailed in the scope of work below and contained in the Corporate Responsibility Report (the ‘Report’) for 2006, on the company’s website (www.britishland.com/responsibility) and within the Summary Report 2006. 

Scope of work
British Land requested Bureau Veritas to review the following:

  • British Land’s process for setting its 2006 and 2007 targets
  • British Land’s process for assessing the levels of performance achievement against its 2006 targets
  • The suitability of British Land’s 2007 targets set for the year ahead; and
  • The process by which British Land gathered its Resource Use information for the period from April 2005 to March 2006.

The overall aim of this exercise was to assure British Land’s stakeholders that the targets set by the business address the company’s material issues and are balanced. The aim was also to ensure that appropriate processes are in place to report accurate information on progress against targets and Resource Use.

Methodology
As part of its review, Bureau Veritas undertook the following activities:

  1. Interviews with a consultancy business (Arup), which advises British Land on their targets, decides upon levels of target performance achievement (in consultation with the business) and assists them in the Resource Use data gathering process
  2. Review of British Land’s system for Resource Use data aggregation and analysis
  3. Review of documentary evidence produced by British Land
  4. Interviews with a limited number of key British Land personnel
  5. independent review of progress against one target from each of British Land’s Corporate Responsibility (CR) focus areas (8 targets in total, representing 25% of the total)
  6. Review of British Land’s 2005 stakeholder consultation process and associated documentation, to determine whether its 2006 and 2007 targets reflect those issues identified as material by stakeholders.

Our findings
Based on our review, it is our opinion that:

  1. the process used by British Land to set its 2006 and 2007 targets builds upon the outcome of previous stakeholder engagement exercises conducted during 2004/05 and addresses the company’s material CR issues identified through the engagement process
  2. British Land’s 2007 targets are generally considered to be SMART (Specific, Achievable, Measurable, Realistic and Time-bound), balanced and relate to the management of British Land’s material CR impacts. By building better links between the targets and Key Performance Indicators (KPI) British Land would identify more specific performance targets thus driving further improvements in the business
  3. British Land has established an appropriate system for the assessment of its progress against targets, which involves the review of supporting objective evidence by a third party (Arup)
  4. Based on the sample review carried out on the 2006 targets, the % levels of performance achievement and the description of progress are considered to be an accurate reflection of activities and programmes carried out by the organisation during the relevant period
  5. British Land has established a suitable process for the collection, aggregation and analysis of data from its managed properties, which involves the independent review and coordination by a third party (Arup). Whilst Bureau Veritas has not reviewed the source data, it is understood that British Land has processes in place to check its accuracy and completeness on a sample basis, e.g. via its Energy Surveys. British Land should consider further formalising this process to make it more systematic in 2007
  6. British Land’s Resource Use information reviewed by Bureau Veritas accurately reflects the data reported by managed properties and collated by Arup at central level.

Limitations
This Assurance Statement relates only to information included in the scope of work above and contained in British Land’s Corporate Responsibility 2006 Report, on the company’s website (www.britishland.com/responsibility) and within the Summary Report 2006; no other information has been reviewed by Bureau Veritas as part of this assignment.

Bureau Veritas made reference to the principle of materiality as defined in the AA1000 Assurance Standard with regard to the identification of British Land’s target focus areas. The applicability of the principles of completeness and responsiveness could not be fully assessed within the agreed scope of work for this exercise.

Whilst Bureau Veritas has examined British Land’s Resource Use data collection system, we have not systematically tested data back to source. Our review of Resource Use data was limited to energy consumption, water use and carbon dioxide emissions.

During the course of our review nothing came to our attention to indicate that there was any material error, omission or misstatement in the information subject to review. However, this review was carried out to provide reasonable, rather than absolute, assurance and we believe the scope above provides a reasonable basis for our conclusions.

Statement of independence, impartiality and competence
Bureau Veritas is an independent professional services company that specialises in Quality, Health, Safety, Social and Environmental management with over 180 years history in providing independent assurance services, and an annual turnover in 2006 of 1,8 billion Euro.

No member of the assurance team has a business relationship with British Land, its Directors or Managers beyond that required of this assignment. Our assurance assignment did not raise any conflicts of interest.

Bureau Veritas has implemented a code of ethics across the business which is intended to ensure that all our staff maintain high standards in their day to day business activities.  We are particularly vigilant in the prevention of conflicts of interest. 

Competence:  Our assurance team completing the work for British Land have extensive experience in conducting assurance over environmental, social, ethical and health and safety information, systems and processes and have over 20 years combined experience in this field and an excellent understanding of good practice in Corporate Responsibility reporting and assurance.