While Westfield always seeks to deliver investors steady returns and solid long-term capital growth, this business philosophy sits within a framework that attempts to balance economic, social and environmental outcomes.
Taking the economic, social and environmental aspects of our business into account leads to better risk management, cost savings, innovation and a performance culture within the business. This drives shareholder returns and helps us meets our obligations to the communities in which we operate.
Sustainable Business Practices
The board and senior management have made sustainable business practice a priority, seeking to incorporate sustainability principles into the Group’s culture and operations.
Westfield retained external experts to advise on a sustainable development strategy for the years ahead. The Group conducted detailed audits in each market to measure and compare our environmental impact. These audits showed areas where the group was performing well and other which required more attention. The audits are now a baseline from which the Group can set targets and measure its progress.
In many cases, sustainable development simply means extending current practices where Westfield has a strong record of achievement, such as water and waste management. In other areas it involves the introduction of complex processes, such as ways of accurately measuring greenhouse gas emissions.
People are the Priority
Developing and achieving Westfield’s sustainability objectives must involve direct engagement with Westfield staff and the communities they live and work in. The Group is working to ensure staff have the expertise and tools they need to effectively engage external partners such as retailers, investors and local communities.
Just as many staff are rewarded based on their contribution towards achieving financial goals, Westfield is introducing direct links between remuneration and performance on sustainable practices.
The health, welfare and safety of all Westfield staff is a top priority. Westfield’s comprehensive approach to health and safety has resulted in an excellent safety record worldwide. Our workplace health and safety policies are reviewed regularly. In addition, a comprehensive health and safety system helps our staff comply with the laws, regulations and codes of practice in each country.
Working with Communities
Westfield shopping centres have always been a focal point for community engagement. As well as generating jobs and economic activity, Westfield centres contribute to their local communities through a range of practical projects.
Westfield shopping centres hold a variety of community events such as displays, fashion parades and promotions, which are based around providing social and financial benefits to local communities and charities.
At a corporate level, Westfield contributes to a range of worthy causes around the world, including the Sydney Children’s Hospital and the Peter McCallum Cancer Foundation in Australia, the UCLA Jonsson Cancer Center in the United States and the National Society for the Prevention of Cruelty to Children in the United Kingdom.
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