Interim Advisor's Comment

• Better targeted communication with key tenants at Managed Properties to promote waste recycling, and more frequent dialogue with waste contractors to ensure waste data is accurate and robust.
• Ongoing focus on tenant engagement, in particular through the Tenant Energy Review. As PRUPIM begins to reduce its own energy footprint, the focus should widen to encompass tenant impacts. 
• Continuous performance improvement in all areas, particularly on targets where significant progress was observed in 2007, as this does not automatically guarantee that the target will be achieved in 2008.
  

In preparation for 2009 and beyond, PRUPIM should consider:

• Setting more stretching targets for CO₂ emissions reduction and energy efficiency, in light of the significant performance improvements in 2007.
• Devising a waste strategy to reverse the negative recycling trends witnessed in both Shopping Centres and Managed Offices. Appropriate measurement systems should be established as part of this strategy to ensure that accurate data is available for all properties.
• Developing a simple Corporate Community Investment & Volunteering strategy and communication plan, to reinforce stakeholder awareness of PRUPIM’s approach to community investment, its funding commitments and areas of strategic focus. 
• Revising the BREEAM threshold (currently projects over £5 million) to capture a greater number of developments. Presently, very few developments fall within the scope of this target and therefore the extent of impact this target has, is limited.
  

We look forward to observing progress over the remaining months of 2008 and would encourage PRUPIM to maintain the momentum it has gained within the last year to ensure delivery against its commitments.