Our approach

We are committed to being a responsible homebuilder and to making our business practices more sustainable, because it is the right thing to do and it makes sound business sense for our Company.

Since we set out our strategy in 2011, we have transformed into a value driven, sustainable business, with a long term focus firmly on generating the best quality sustainable returns.

During 2015 we have continued to embed our Sustainability Strategy, which we launched in 2013. The strategy sets out our six sustainability principles and a range of strategic priorities and commitments that relate to key social, environmental and economic issues. It covers a full range of sustainability issues in all areas of our Business Model, encompassing the way we work, the places we create and the homes we build. The strategy works alongside our Energy and Climate Change Strategy. According to our 2015 employee survey, 97% of our staff who participated believe that Taylor Wimpey is committed to being an ethical and responsible company. We have made progress towards sustainability in all areas of our Business Model in 2015.

For more information about our approach to sustainability, including our Sustainability Strategy, practices and targets, please see our latest Sustainability Report.

Sustainability management

Ultimate executive accountability for sustainability and climate issues continues to rest with our Chief Executive Pete Redfern. Our Sustainability Steering Group (SSG) co-ordinates our sustainability activities at the operational level. It includes our Director of Sustainability Ian Heasman, and is chaired by our UK Land and Planning Director Peter Andrew, who is a representative of the Group Management Team (GMT). The GMT is the most senior executive committee and in effect the Operational Board of Taylor Wimpey UK, our main subsidiary through which we conduct virtually all of our business. Sustainability issues are regularly discussed by the plc Board, the GMT and also the Group Operations Team (GOT), which comprises the GMT and our six Divisional Managing Directors.

Our Sustainability Strategy sets out a range of strategic commitments that relate to key social, environmental and economic issues. The strategy works alongside our Energy and Carbon Strategy. During 2015, we will develop a
sustainability network of individuals within our regional business units, who will help us to promote and embed key aspects of our Sustainability Strategy.

Health and safety and customer service form part of all senior managers’ business objectives. In 2014 10% of our senior management bonus related to customer service. A further 10% of the bonus related to data quality, half of this
to sustainability data quality, focusing on carbon emissions. Health and safety is a non-negotiable top priority for Taylor Wimpey and it therefore does not directly form part of our senior management bonus.

Our COMBINE (Co-ordinated Measurement of Business Information) system collects a wide range of nonfinancial and sustainability data from our regional business units. It covers health and safety, environment, sustainable
construction, resource efficiency, planning and community engagement, employee and customer data.

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Corporate governance

Taylor Wimpey continues to place great emphasis on corporate governance. We fully support the UK Corporate Governance Code. Following the Board’s review of the Company’s compliance against the Code, we are pleased to report that we are again fully compliant. The Board has reviewed the 2014 UK Corporate Governance Code (the ‘Code’) announced in September 2014, and welcomes the new changes which will apply to our 2015 fi nancial year. Consistent
with past practice, the Board has already moved to comply with certain aspects of the Code. In 2014 we updated our approach to tackling money laundering relating to reporting to shareholders.

Our business strategy has enabled us to significantly improve the quality of our financial performance, whilst delivering sustainable growth of much needed new homes and contributing £300 million to local communities. In 2014 we began our cash return to shareholders in addition to our maintenance dividend. Going forward, surplus cash returns will continue to form a signifi cant proportion of our annual total return to shareholders.

One of our governance priorities for 2015 is to ensure that shareholders clearly understand Taylor Wimpey’s approach and how it will affect them.

More information on corporate governance is available in our Annual Report and Accounts 2014.

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