Advance key business practices, companies urged

It comes after the United Nations Global Compact and the Royal Institution of Chartered Surveyors (RICS) called for organisations in the land, construction and real estate sectors, and those working with them, to follow the recommendations of their new research paper.

Advancing Responsible Business Practices in Land, Construction, Real Estate Use and Investment examines the sector’s impact in relation to four focus areas: human rights, labour standards, the environment and anti-corruption.

The new resource highlights some of the most critical issues facing the sector and suggests the procedures required to embed responsible business practices worldwide.

“There is a tremendous opportunity for real estate to become a driving force for a more sustainable financial, economic, social and environmental system, through collaboration and collective action,” UN Global Compact executive director, Georg Kell, said.

RICS noted that while many businesses in the sector already have corporate sustainability strategies and polices in place, the challenge remains to translate these policies into actions that are “practical, achievable and repeatable across organisational and geographic boundaries”.

“The land, real estate and construction sector has an enormous impact on global economies, the environment and people’s lives,” RICS chief executive officer, Sean Tompkins, added.

“With this resource, we want to show businesses how to operate responsibly and sustainably, generating substantial social, environmental and reputational value and long-term financial success in the process.”