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

PRI reporting framework 2020

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責任投資の促進

SG 09. Collaborative organisations / initiatives

09.1. 報告年度に組織がメンバーであったり、参加していた協働組織やイニシアチブ、ならびにそこで組織が果たした役割のレベルを選択してください。

当てはまるもの全てを選択してください

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

As founding signatories to the PRI and chair of the committee which developed and launched the Principles, we have been consistently actively involved in many of the organisation's initiatives and members of various working groups and committees. Currently this includes:

  • Credit Ratings Advisory Committee (co-chair)
  • Labour Standards in Agricultural Supply Chain Advisory Committee
  • Palm Oil Advisory Committee
  • Water Risk in the Agricultural Supply Chain Advisory Committee
  • Plastic Investor Working Group
  • Academic Network Advisory Committee
  • Global Policy Reference Group

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Federated Hermes has been an active member since 2002 and continues to contribute to policy work and engagement. For example, we recently contributed to an article about corporate governance in light of the Covid-19 outbreak.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We have  an active working relationship with ACSI whereby we share engagement information and discuss our respective approaches to engagement to assist our continuous improvement.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We regularly participate in CDP events as speakers and also frequently join working groups on specific climate, forestry and water-related topics.

We undertake and log specific engagements with companies on their CDP Climate Change disclosure, and track their progress against objectives relating to CDP Climate Change data.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We undertake and log specific engagements with companies on their CDP Forest disclosure, and track their progress against objectives relating to CDP Forest data.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We undertake and log specific engagements with companies on their CDP Water disclosure, and track their progress against objectives relating to CDP Water data

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Our Chief Executive was an inaugural member of the CFA Institute’s Future of Finance Advisory Council from 2013 to 2019.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

EOS play a very active role in Climate Action 100+ and lead or co-lead on engagement with 27 companies, including BP, Centrica, Rolls Royce and AngloAmerican.

More detail is available in our 2019 TCFD report.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We were one of the first non-US investors to join the group. Hans-Christoph Hirt, Head of EOS, is an active member of the CII Corporate Governance Advisory Council, and EOS participates in a number of its members’ activities, in particular collaborative engagement.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We have been an active member of Eumedion since 2005 and was its first non-domestic member. We are active participants in its investment committee meetings, providing input into its engagement programme and projects. We are members of the Eumedion Investment Committee.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are not a member, but actively supporting EITI.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are members of and have weekly calls with GIGN.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are members and have attended events and engaged with GIIN.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We submit all our eligible directly managed funds to the survey and strongly encourage our JV fund to respond.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Federated Hermes joined the IIGCC in 2006 and is an active member of several working groups, including Policy, Property, Sustainable Finance and Paris-Aligned Investment Initiative, Listed Equities and Fixed Income. We have been involved in a range of collaborative engagement and advocacy initiatives through the IIGCC.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We have been involved in a number of collaborative advocacy and engagement initiatives through ICCR. We are also involved in the Investor Alliance for Human Rights, an ICCR initiative, and are a project lead in developing an investor toolkit.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

A member of our Responsibility Office is on the ICGN’s Shareholder Responsibilities committee.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Our Chief Executive is on the Council.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are active members of CERES, in particular in Climate Action 100+ corporate engagement.

          UKSIF, Eurosif, FIR, JapanSIF, Dansif
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

One of our investment staff is on the Board of UKSIF.

イニシアティブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Our Chief Executive is a member of the Global Steering Committee (2019-21). We are also actively engaged in a number of UNEP FI initiatives.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are at Participant level of the UN Global Compact and have completed an annual Communication on Progress since 2018.

          The 300 Club
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Founded and initially chaired by our CEO, the 300 Club is a group of leading investment professionals who have joined together to respond to an urgent need to raise uncomfortable and fundamental questions about the very foundations of the investment industry and investing. The mission of the 300 Club is to raise awareness about the potential impact of current market thinking and behaviours, and to call for immediate action.

          British Property Federation and Better Building Partnership
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Chris Taylor, CEO of our Real Estate business was previously President of BPF and sits on the Policy Committee. Our Director of Real Estate Risk & RPM Implementation sits on the BPF sustainability committee and is a member of the BPP Board, of which we were a founding member.

          Sustainability Accounting Standards Board (SASB)
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We joined the SASB Alliance in 2019. We are members of the SASB European Working Group.

          Workforce Disclosure Initiative
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

We are involved in collaborative engagement and are on the WDI Advisory Group


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. 組織が、協働的イニシアチブとは別に、独自に責任投資を推進しているかどうかについて記載して下さい。

10.2. 組織が協働的イニシアチブとは別に、独自に責任投資を推進するために行っているものを明示して下さい。選択した行動の目的に貢献するために組織が果たす役割と通常の行動頻度について説明して下さい。

説明

          Including but not limited to – 

Contribution to executive education and undergraduate programmes and lectures on responsible investment at the University of Oxford (UK), the University of York (UK), Maastricht University (NL), and the University of Munster (GER).

Internal sector workshops with the investment teams organised by EOS to identify the financially most material ESG issues per sector.

Internal deep dive sessions on climate change sessions for each investment team organised by the Responsibility Office.

Internal sessions for the investment teams organised by the Responsibility Office and EOS on best practice engagement techniques. Our investment teams have access to in-house seminars on ESG risks and opportunities in the context of sectors, themes or country, which take place on a regular basis to provide an educational forum on the key risks or opportunities. Recent seminars included renewable energy trends, effective engagement and physical climate risk.
        

行動の頻度

説明

          We provided support for the Future of the Corporation research project, as well as for the Focusing Capital on the Long Term (FCLT Global) initiative and the UNEP FI. We have also provided financial support to Transparency Taskforce and are active members of SASB (in their Investor Advisory Group and the European Working Group) and the Future Fit Initiative. 

We have also cofunded the British Standards Institute programme of work on Sustainable Finance Standardization through developing Publicly Available Standards (PAS).
        

行動の頻度

説明

          Our SDG Engagement Fund is collaborating closely with two academics over a period of three years.

The Responsibility Office is also involved in academic research projects (together with the University of Dublin, the University of Goettingen and the University of Maastricht) and co-authoring papers on RI and ESG investing, as well as macro-related sustainability topics.
        

行動の頻度

説明

          We did this through our advocacy work, including engagement around EU Sustainable Finance legislation and audit/accounting standards. We chair the Disclosures Working Group of the FCA-PRA Climate Financial Risk Forum which will be publishing guidance for the industry in 2020.

We also did this through the publication of thought pieces and blogs and attendance at industry events
        

行動の頻度

説明

          We have spoken extensively at numerous events and conferences worldwide promoting responsible investment and sharing best practice. In 2019 we held an event entitled ‘What more can investors do to tackle climate change’ as part of London Climate Action Week.
        

行動の頻度

説明

          Publication of two research pieces examining the relationship between ESG scores and sovereign CDS spreads:

https://www.hermes-investment.com/uki/wp-content/uploads/2019/07/bd03720-credit-research-paper-pricing-esg-in-sovereign-credit-q3-2019.pdf

https://www.hermes-investment.com/ukw/insight/fixed-income/pricing-esg-risk-in-sovereign-credit-an-emerging-divergence/
        

行動の頻度

説明

          Through attendance at various events and discussion of the PRI
        

行動の頻度

説明

          Response to consultations by organisations including the PRI, Investment Association, GRI, CII and ACCA.
        

行動の頻度

説明

          We publish thought pieces on responsible investing on our website and in the media frequently throughout the year
        

行動の頻度

説明

          We were a founding signatory in 2006 and currently sit on the following committees:
-	Credit Ratings Advisory Committee (co-chair)
-	Labour Standards in Agricultural Supply Chain Advisory Committee
-	Palm Oil Advisory Committee
-	Water Risk in the Agricultural Supply Chain Advisory Committee 
-	Plastic Investor Working Group
-	Academic Network Advisory Committee
-	Global Policy Reference Group
        

行動の頻度

説明

          Please refer to SG 09.1 for examples. We are on the board of or officially advising a wide range of RI organisations.
        

行動の頻度

10.3. 組織が責任投資の推進のために、報告年度中に参加した追加の活動およびイニシアチブがあれば、それらを記載して下さい。[任意]

We are part of a wide range of organisations and initiatives, through which we engage with others both within and beyond the investment industry to promote responsible investment. We have engaged extensively with policy makers and regulators to intervene to address environmental, social and other market failures that may prevent the financial system operating in the best holistic interests of its ultimate asset owners.

In addition to integrating ESG factors into our investment decisions and our engagement processes we undertake substantive advocacy work and thought leadership.

Thought leadership

We regularly release thought leadership papers on how and why the industry can and should move beyond a BAU approach to ESG integrated investment, sharing data and insights to help build capacity in industry debate. For example, we produced a paper setting out our view on how investment management can become a potent force in building a better world through active stewardship of the businesses it owns in our 2020 vision for Stewardship.

https://www.hermes-investment.com/ukw/insight/stewardship/stewardship-the-2020-vision/

Advocacy

We have an active advocacy programme that draws on expertise from across the firm – and with a full-time head of policy and advocacy leading this work. We aim to respond constructively to but also lead the debate on how the industry must (i) play a more active role in delivering a sustainable economy and (ii) do better by its end investors. We respond to consultations but also engage in activities in which we aim to lead a more progressive debate. Examples are:

  • We co-signed a letter to Prime Minister Teresa May asking for a 2050 net zero carbon target, which the UK has now adopted as a policy, with cross party support
  • In 2018 and 2019, we actively and positively engaged with the Financial Reporting Council, both bilaterally and in public meetings convened by various groups, including the Investment Association, PWC and Future of the Corporation, around the key tests we believe the updated Stewardship Code needed to pass. We were pleased with the ambitious Stewardship Code published by the FRC.
  • Through our membership of the Green Finance Institute, the Institutional Investors Group on Climate, UKSIF and in particular our chairing of the Disclosures Working Group of the PRA-FCA Climate Financial Risk Forum, we have pushed for policy makers to take on a more significant role in promoting sustainable wealth creating and ensuring that the targets and tools investment managers need to fully play their part in delivering the net-zero carbon transition are available.
  • We co-sponsored the development of the British Standards Institute’s Sustainable Finance Standardization Programme. The first set of guidelines - PAS 7340:2020 Framework for embedding the principles of sustainable finance in financial services organizations – was published in January 2020. A further, PAS 7341, Responsible and sustainable investment management – Specification, is nearing finalisation.

SG 11. Dialogue with public policy makers or standard setters

11.1. 報告年度において、責任投資を支援するために、組織が単独で、あるいは他組織との協働により、政策立案者や規制当局との対話を行ったかどうかを記載してください。

はいの場合

11.2. 使用した方法を選択してください。

11.3. (単独でまたは協働により)政府または規制当局に書面を提出した場合、その書面が一般に入手できるかどうかを記載してください。

11.4. 組織が公共政策立案者または規制当局と話し合いを行った主なテーマの概略を記載して下さい。

We engage with and encourage regulators and policy makers globally to intervene to address environmental, social and other market failures that may prevent the financial system operating in the best holistic interests of its ultimate asset owners. We seek to go beyond minimum standards set by regulation to demonstrate and share best practice. Key topics of focus this year have been:

  • The reform of the UK Stewardship Code. We were pleased to see the ambitious reform of the UK Stewardship Code in line with our views which will create greater accountability of investors to clients and beneficiaries
  • The sustainable finance agenda, particularly in the UK and EU. We engaged with a range of parties including the European Commission and EU member states regarding elements of the EU Sustainable Finance legislation/ The European Commission continues to move forward with its ambitious action plan. We co-signed a letter to Prime Minister Teresa May asking for a 2050 net zero carbon target, which the UK has now adopted as a policy, with cross party support. We have been chairing the Disclosures Working Group of the FCA-PRA Climate Financial Risk Forum, which will publish industry guidance in 2020.
  • Audit and accounting reform. We engaged with extensively on this topic, including with the Competition and Markets Authority (CMA), BEIS and the independent Brydon and Kingman reviews on audit and accounting reform. A range of reforms have been proposed on audit and accounting including the replacement of the Financial Reporting council (FRC) with a new organisation Audit, Reporting & Governance Authority (ARGA), and we will continue to engage on the implementation of such reforms going forward.

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