A new equality: people, planet and profits

As the national debate rages over energy supplies, waste disposal, water consumption and rising costs, the Zimmermans find themselves in the enviable position of living in the ‘house with no bills’.

Their home is a prototype built by construction and property management giant Mirvac, on foundations underpinned by a policy that gives equal priority to people, the planet and profits.

Founded in 1972, Mirvac currently has more than $18 billion dollars worth of assets under management. Its corporate logo flies over office towers, construction sites, shopping malls, apartment blocks and homes across Sydney, Melbourne, Brisbane and Perth.

CEO and Managing Director Susan Lloyd-Hurwitz admits that the company has delivered some outstanding financial results over the past five years. But for Mirvac, she adds, exceptional results are not delivered in a vacuum.

As she explained at a recent University of Sydney Business School alumni dinner, “business success goes hand in hand with doing the right thing and putting people first. Building homes, communities and ecosystems is not simply bricks and mortar. Profit is not enough by itself – we must be driven by purpose”.

Ms Lloyd-Hurwitz is a former New South Wales Business Woman of the year and appears in the list of the nation’s 50 most influential women. She has been at the top of the corporate ladder for long enough to know that “sometimes a big company talking about purpose seems like slogans and lip service”.

Mirvac’s commitment to people and the planet, she assured her audience, is genuine. “Our purpose to ‘Reimagine Urban Life’ is behind everything we do,” she says. “Our sustainability strategy: ‘This Changes Everything’ is a reminder that business must be a force for good. We want to ensure we are leaving behind a positive legacy that lasts long after we have laid the last brick.”

The Zimmerman’s ‘house with no bills’ is a small example of Mirvac’s sustainability policy at work. The house is an effective mix of design and innovative technology which aims to eliminate bills for energy, water and sewage. The Zimmerman’s experience is helping Mirvac to deliver sustainable homes to the mass market.

“Sustainability is at the core of what we do and is incorporated into the way we design, build and think – right from the beginning,” says Ms Lloyd-Hurwitz. “It is not a box to be ticked, but a holistic approach to the questions we ask ourselves and the way we collaborate. We work towards development which puts social sustainability on the same footing as environmental sustainability.”

While the ‘house with no bills’ may deliver innovative solutions in the future, it is Mirvac’s commitment to social and environmental sustainability being played out on countless sites across the country that will have the most significant impact. As Ms Lloyd-Hurwitz points out, property is a $202-billion-dollar industry in Australia and employs 1.4 million people. The built environment alone generates 25% of total greenhouse gas emissions.

Pointing to Mirvac’s achievement, she said that the company had reduced both its “carbon and water intensity” by about 25% and established its own renewable energy company. It is also recycling 95% of its construction waste. “Mirvac is leading the industry in our commitment to be net positive in carbon emissions and water by 2030. We also aim to send zero waste within our operational control to landfill by 2030,” she says.’

“In an Australian clean-energy first, we are working with the Clean Energy Finance Corporation to embed a range of clean energy initiatives as part of the base build in three new master planned residential communities,” she says. “These communities will include more than 300 family homes, each with built-in solar and battery storage systems, as well as high-grade insulation, LED lighting and energy efficient appliances.”

Mirvac’s environmental performance record speaks for itself. In 2017, it was ranked the world’s most sustainable property company by the Dow Jones Sustainability Index. More recently, it was named Australia’s No. 1 company for ESG (environmental, social, and governance) by J.P. Morgan.

On the social front, Ms Lloyd-Hurwitz says the company plans to provide employees with unlimited paid volunteer leave and triple its community investment by 2022. It will also direct $100 million towards social procurement by 2030.

As she concluded, “to work in a corporate, purpose must be in everything you do – from the coffee we serve at our Sydney headquarters, where 100% of the profits fund services and programs run by YWCA NSW, to the communities we plan.”

CEO and Managing Director of Mirvac, Susan Lloyd‑Hurtwitz (BA ’89), delivered the keynote address at the 2018 Business School Alumni Dinner.

Written by Trevor Watson, Director of Media, University of Sydney Business School