Materiality

The UK housebuilding industry is continually changing. Undertaking materiality reviews helps us structure our approach to being a responsible businesses by helping to identify and address the issues that matter most to our business and our stakeholders.

Our business strategy, Our Vision, is updated every two years to respond to key challenges and opportunities facing Berkeley, our industry and other business sectors. Before launching new targets, we undertake extensive research and materiality reviews, the last of which started in autumn 2015 and the next is due to take place in the autumn of 2017. This occurred in three stages:

  1. A review of issues, hot topics and trends - to help shape our responsible business strategy a desk top study was undertaken and supplemented with industry knowledge. 52 key themes were identified.
  2. Stakeholder engagement (internal) - to understand the most material of the 52 themes for Berkeley, we held four roundtable events attended by stakeholders from across the business and our operating companies. Draft commitments to address the key themes were presented and discussed, with feedback provided on structure and priorities.
  3. Stakeholder engagement (external) - we commissioned PwC to undertake a review of significant sustainability issues that are of relevance to the real estate sector. PwC critically reviewed our draft commitments against these findings.

Berkeley, Sustainability, Materiality

As a result of the materiality review, the draft Our Vision commitments were amended to reflect the priorities of our stakeholders.

We continue to engage with stakeholders and the industry to ensure that we address the issues that matter most, and welcome any feedback. We intended to formally engage with more external stakeholders in our next materiality review, which is due to begin in autumn 2017.