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

PRI reporting framework 2020

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Occupier engagement

PR 12. Proportion of property occupiers that were engaged with

12.1. Indicate the proportion of property occupiers your organisation, and/or your property managers, engaged with on ESG issues during the reporting year.

(in terms of number of occupiers)

12.2. Indicate if the following practises and areas are typically part of your, and/or your property managers’, occupier engagements.

          Engage on health and well being
        

12.3. Additional information. [Optional]

We actively engage with our office and retail occupiers through information sharing, holding energy and waste events, and offering other community engagement activities. They represent on average from 50% to 60% of our direct investment depending on the fund. Through our Responsible Property Management Programme, our property managers raise and discuss environmental and social issues with all occupiers at monthly meetings.

Our new Collaborative Asset Performance Programme+ initiative includes active dialogue with the occupiers to manage the assets aiming to improve health and well-being.

We find it more difficult to engage with occupiers in other asset classes given the type of lease and structure of their activities.

Engagement with our occupiers in our indirect funds are made by the managing partners.


PR 13. Proportion of green leases or MOUs referencing ESG issues

13.1. Indicate the proportion of all leases signed during the reporting year that used green leases or the proportion of Memoranda of Understandings (MoUs) with reference to ESG issues.

(in terms of number of leases or MoUs)

13.2. Additional information.

We have developed clauses as part of our standard lease since 2008.  We have proposed a Modern Slavery Act clause in all our leases since 2017.

We negotiate these green clauses in all new leases, however, a refusal (very rare) by a tenant to include them does not stop the lease going forward.

We count all leases where at least one green clause has been included.


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