HMC invests directly in farmland. HMC reviews country risk reports and obtains tailored information by country, including analysis of rule of law, when assessing social and environmental risk related to its farmland investments. HMC requires its farmland investments to pursue relevant certifications that require high environmental and social performance. For example, HMC expects its farmland investments to work towards and meet certification standards such as GlobalG.A.P. and Sustainability in Practice (“SIP”). GlobalG.A.P. is a non-governmental organization that sets certification standards for sustainable agriculture. Third parties conduct the certification. SIP is a sustainable certification standard for vineyards. In addition to its certification requirements, HMC conducts other activities to enhance the sustainability of its farmland. For example, HMC carries out on-site environmental and social due diligence for higher risk investments. HMC also has developed impact metrics by adapting EIRIS’s accounting metrics to HMC’s farmland investments.