We permit the publication of our auditors’ report, provided the report is published in full only and is accompanied by the full financial statements to which our auditors’ report relates, and is only published on an access-controlled page on your website, to enable users to verify that an auditors’ report by independent accountants has been commissioned by the directors and issued. Such permission to publish is given by us without accepting or assuming any responsibility or liability to any third party users save where we have agreed terms with them in writing.

Our consent is given on condition that before any third party accesses our auditors’ report via the webpage they first document their agreement to the following terms of access to our report via a click-through webpage with an 'I accept' button. The terms to be included on your website are as follows:

I accept and agree for and on behalf of myself and the Trust I represent (each a "recipient") that:

  1. PricewaterhouseCoopers LLP (“PwC”) accepts no liability (including liability for negligence) to each recipient in relation to PwC’s report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk;
  2. No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
  3. Neither PwC’s report, nor information obtained from it, may be made available to anyone else without PwC’s prior written consent, except where required by law or regulation; and
  4. PwC’s report was prepared with Hermes Property Unit Trust's interests in mind. It was not prepared with any recipient's interests in mind or for its use. PwC’s report is not a substitute for any enquiries that a recipient should make. The financial statements are as at 25 March 2017, and thus PwC’s auditors’ report is based on historical information. Any projection of such information or PwC’s opinion thereon to future periods is subject to the risk that changes may occur after the reports are issued and the description of controls may no longer accurately portray the system of internal control. For these reasons, such projection of information to future periods would be inappropriate.
  5. PwC will be entitled to the benefit of and to enforce these terms.
I accept

1. Select your country

  • United Kingdom
  • Austria
  • Australia
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Iceland
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Norway
  • Singapore
  • Spain
  • Sweden
  • Switzerland
  • USA
  • Other

2. Select your investor type

  • Financial Advisor
  • Discretionary Investment Manager
  • Wealth Manager
  • Family Office
  • Institutional Investor
  • Investment Consultant
  • Charity, Foundation & Endowment Investor
  • Retail Investor
  • Press
  • None of the above

3. Accept our terms and conditions

By clicking Proceed I confirm I have read the important information and agree to the terms of use.


The Hermes Investment Management website uses cookies to remember your preferences and help us improve the site.
By proceeding, you agree to cookies being placed on your computer.
Read our privacy and cookie policy.

Japan’s Pension Fund Association appoints Hermes EOS for stewardship services

Home / Press Centre / Japan’s Pension Fund Association appoints Hermes EOS for stewardship services

15 March 2016
  • Appointment is the first Japanese client for Hermes EOS

The Pension Fund Association (PFA) of Japan has appointed Hermes EOS, the stewardship division of Hermes Investment Management, to develop and implement its stewardship activities. With ¥12.7 trillion** (US$112.1 billion) in assets under management, PFA is one of the largest pension funds in Japan. PFA is the first Japanese client for Hermes EOS, one of the world’s leading stewardship services.

Hans-Christoph Hirt, Co-Head of Hermes EOS, said: “We are honoured to have been selected by one of Japan’s largest pension funds to provide our stewardship services and look forward to working with Japanese companies on PFA’s behalf. This comes at a crucial time for stewardship and corporate governance in Japan and we are delighted to be a part of these important developments.”

Japan introduced its Stewardship Code – the Principles for Responsible Institutional Investors – in 2014. This was followed by the country’s first ever Corporate Governance Code, which came into force in June 2015. Hermes EOS was involved in the development and promotion of the two codes and together with Hermes Investment Management was one of the first signatories to the Stewardship Code.

Colin Melvin, Chair of Hermes EOS and Global Head of Stewardship at Hermes Investment Management, said: “The introduction of the Stewardship and Corporate Governance Codes has produced a step change in the relationship between Japanese companies and their shareholders. We have already seen a change in our dialogue with Japanese companies. PFA's appointment of Hermes EOS presents an opportunity to advance the stewardship agenda in Japan and sets a strong example for its peers.”

Daisuke Hamaguchi, Chief Investment Officer at the Pension Fund Association, said: “We are pleased to have appointed Hermes EOS to aid us in the implementation of the requirements of the Stewardship and Corporate Governance Codes. At a high level, our focus is to improve the transparency and efficiency of Japan’s capital markets in order to attract more investors, not only from within Japan but also from overseas. It is about time the industry starts acting as good stewards.”

Hermes EOS recently appointed Masaru Arai as senior engagement consultant. Based in Japan, he will focus on engagements in the country on behalf of Hermes EOS and its clients. Masaru is chair of the Japan Sustainable Investment Forum and previously worked at Daiwa Asset Management for 19 years, seven of which he spent as its Chief Investment Officer. Prior to that, he worked at Daiwa Securities, specialising in global investment and finance.

Hermes EOS, one of the world’s leading stewardship services, currently advises on $228billion* on behalf of its clients. In 2015, the Hermes EOS team engaged with 466 companies on 1,150 environmental, social and ethical, governance, strategy and risk issues.

It is part of Hermes Investment Management, the $33.9 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly.

Share this post:

Find posts by author

  • Alex Knox, ACA
  • Amy Wilson
  • Andrew Jackson
  • Andrew Parry
  • Claire Gavini
  • Dr Michael Viehs
  • Emeric Chenebaux
  • Eoin Murray
  • Geoffrey Wan, CFA
  • Harriet Steel
  • Ilana Elbim
  • Jonathan Pines, CFA
  • Joseph Buckley
  • Kimberley Lewis
  • Louise Dudley
  • Mark Sherlock, CFA
  • Martin Todd
  • Maxime Le Floch, CFA
  • Michael Russell, CFA
  • Michael Vaughan
  • Neil Williams
  • Nick Spooner
  • Nina Röhrbein
  • Peter Hofbauer
  • Philip Nell
  • Saker Nusseibeh
  • Silvia Dall’Angelo
  • Tatiana Bosteels
  • Tim Crockford
  • Tommaso Mancuso
  • Yasmin Chowdhury

Find posts by category

  • eos
  • stewardship

Press contacts