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

PRI reporting framework 2020

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Confidence building measures

CM1 01. Assurance, verification, or review

01.1. Indicate whether the reported information you have provided for your PRI Transparency Report this year has undergone:

01.2. Additional information [OPTIONAL]

          We are pursuing discussions with a view to securing an opinion on the fairness of presentation of principles 1,2,4,6,7 of the Stewardship Code included in our engagement report and disclosure of specific information listed under these principles. We have been in discussions with a number of providers, in order to develop an outcomes-focused approach rather than turning such assurance into a tick box exercise. We expect these assurances to be in place in time for next year’s PRI report. In the meantime, we continue to carry our own high standards of internal audit on processes.
As at 31 December 2019 we formed part of our parent’s SOx review and our auditors signed an internal control over financial reporting opinion at the Federated Hermes group level.
        

CM1 02. Assurance of last year`s PRI data

02.1. We undertook third party assurance on last year’s PRI Transparency Report

02.2. Whole report was assured in last year’s PRI Transparency Report

Who has conducted the assurance

          KPMG LLP for the period to 1 July 2018 and EY LLP for the period from 1 July 2018
        

Assurance standard used

Level of assurance sought

02.2. Selected data was assured in last year’s PRI Transparency Report

What data has been assured

Relevant modules

02.3. Additional information [OPTIONAL]

          
        

CM1 03. Other confidence building measures

03.1. We undertake confidence building measures that are unspecific to the data contained in our PRI Transparency Report:

03.2. Which scheme?

% of total AUM the scheme applies

% of total AUM the scheme applies

% of total AUM the scheme applies

          We receive an annual independent external assurance on our internal controls which includes those relating to our proxy voting processes.
        

03.5. Additional information [OPTIONAL]

          
        

CM1 04. Assurance of this year`s PRI data

04.1. Do you plan to conduct third party assurance of this year`s PRI Transparency report?

04.2b. Selected data will be assured

What data will be assured

Relevant modules

04.2a. Provide details related to the assurance that will be conducted

Expected date the assurance will be complete 30/04/2020

Who will conduct the assurance

          EY LLP
        

Assurance standard to be used

Level of assurance sought

04.3. Additional information [OPTIONAL]

          We are pursuing discussions with a view to securing an opinion on the fairness of presentation of principles 1,2,4,6,7 of the Stewardship Code included in our engagement report and disclosure of specific information listed under these principles. We have been in discussions with a number of providers, in order to develop an outcomes-focused approach rather than turning such assurance into a tick box exercise. We expect these assurances to be in place in time for next year’s PRI report. In the meantime, we continue to carry our own high standards of internal audit on processes.
As at 31 December 2019 we formed part of our parent’s SOX review and our auditors signed an internal control over financial reporting opinion at the Federated Hermes group level.

The auditors are due to release their opinion on the annual reports and accounts in April and the AAF is expected to be concluded by the end of April.
        

CM1 05. External assurance (Not Applicable)


CM1 06. Assurance or internal audit

06.1. Provide details of the third party assurance of RI related processes, and/or details of the internal audit conducted by internal auditors of RI related processes (that have been reported to the PRI this year)

What RI processes have been assured

Specify

          Approach to stewardship
        

When was the process assurance completed(dd/ mm/yy)

31/12/2019

Assurance standard used

06.2. Additional information [OPTIONAL]

          The below were reviewed in 2018, the others that are ticked above and not listed below were reviewed in 2019. 

- RI policies 
- Engagement processes
        

CM1 07. Internal verification

07.1. Indicate who has reviewed/verified internally the whole - or selected data of the - PRI Transparency Report . and if this applies to selected data please specify what data was reviewed

Who has conducted the verification

Sign-off or review of responses

Sign-off or review of responses

07.2. Additional information [OPTIONAL]

          Investment teams have contributed to their relevant sections.
        

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