Redefined CSR strategy
CSR strategy objectives
- to develop a strategic sustainability model; and
- to simplify the data collection and reporting process for sustainability data.
The value that we create for our stakeholders can be directly traced back to our business model. Our financial results ensure that we can continue to create value for society in the long term by improving the accessibility and quality of life in urban areas. And with this, we are also making our contribution to realising UN Sustainable Development Goals, and to Goals 9 and 11 in particular.
The strategic sustainability model is based on the Q-Park value creation model which was first drawn up in 2015. It is designed to give us a better understanding of our impact on society and the value we create for all our stakeholders.
Updated materiality analysis
- Based on market analysis, we have identified current trends and developments.
- By analysing the policies of different cities in which Q-Park operates, we have identified the interests of our key stakeholders (municipalities, residents, society, public landlords) and included these in the strategic sustainability model to close the gaps between market requirements and various global benchmarks.
- We have translated an overview of the material themes important to Q-Park into the model: the Q-Park Liveability Model.
Q-Park Liveability Model
The Q-Park Liveability Model is the overarching strategic model for Q-Park's CSR activities, through which we can steer our business activities to create value for our stakeholders and society. We consider improving the liveability and sustainability of cities through our activities to be part of our purpose.
- Values: The inner layer is the strategic layer with the four core values. All values are equal and provide a balanced and integrated 360° view on our business impacts.
- CSFs: The second layer is the tactical layer and shows the critical success factors (CSFs) in which Q-Park must excel.
- KPIs: The third layer is the operational layer for which we have defined key performance indicators (KPIs). Where this layer is missing, there will be qualitative reporting on the CSF.
Improving reporting processes and data quality
In addition to reassessing our strategy we have also endeavoured to simplify the reporting process and make this more efficient. Based on the new strategic model we have re-evaluated our KPIs and targets. As a result, we will not report on some of the existing indicators and we have drawn up new indicators that better reflect our core activities.
The data collection process is more efficient as much of the needed information can be retrieved directly from our back-office systems. This is also a major efficiency gain for our CSR reporting.
- Value creation
- Value capturing
- Value sharing
- Value retention
In the following sections we report on our performance and explain how we create value per critical success factor (CSF) and key performance indicator (KPI) in each quadrant. We also show our results for a KPI where we have the data available.