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The international business of Federated Hermes (formerly Hermes Investment Management)

PRI reporting framework 2020

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Selection, appointment and monitoring third-party property managers

PR 07. ESG issues in selection, appointment and monitoring of third-party property managers

07.1. Indicate if your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party property managers.

07.2. Indicate how your organisation includes ESG issues in your selection, appointment and/or monitoring of third party property managers.

Types of actions

Coverage

Types of actions

Coverage

Types of actions

Coverage

07.3. Provide a brief description of your organisations selection, appointment and monitoring of third party property managers and how they contribute to the management of ESG issues for your property investments.

All day-to-day property management, including rent and debt collection and active responsible property management, is dealt with by external property management agents. They are selected following a rigorous process that includes ESG considerations. ESG requirements and targets are included in their contractual service agreements. The performance of property manager agents - and any other agents appointed for work on activities such as rent reviews, lease renewals, transactions property maintenance, health and safety issues, and environmental issues - is closely monitored by our internal asset managers.

The property managers are contractually responsible for the implementation of Federated Hermes' responsible property management programme and health and safety as stated in their service agreement. Their requirement include risk management; refurbishment and development; utilities measurement and reporting; RPM business plans; energy management; water management; waste management; transport; procurement and supply chain; environmental risk and management; stakeholders (tenants and community); and quarterly monitoring of progress against targets.


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