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  • May 15, 2018
    Stewardship
    Hermes EOS to provide qualified support for the Chair of Deutsche Börse
    Michael Viehs
    Ahead of the Deutsche Börse AGM on Wednesday 16 May, Dr Michael Viehs, Associate Director of Responsibility, comments on Hermes EOS’s voting recommendations and the qualified support for the re-election of Joachim Faber, the Chair of the supervisory board. Specifically, Hermes EOS recommends its clients and other investors to: • Vote against the discharge of the company’s former CEO Carsten Kengeter and the Chair of the supervisory board, Joachim Faber • Provide qualified support for the re-election of Joachim Faber, the Chair of the supervisory board, and call for clarity around his succession by the time of the AGM in 2019 • Vote for the supervisory board nominees
  • May 2, 2018
    Stewardship
    Hermes EOS to raise investors’ concerns at the Volkswagen AGM
    Michael Viehs
    Ahead of the Volkswagen AGM on Thursday 3 May, Dr Michael Viehs, Associate Director of Responsibility, comments on Hermes EOS’ voting recommendations and highlights the issues the company urgently needs to address: Recommendation to vote against the candidates proposed for election to the supervisory board • A call for an external supervisory board and corporate culture review • A commitment from the company to enter into a dialogue about the effects of climate change on its business model Supervisory board elections “Volkswagen has nominated Marianne Heiß and Wolfgang Porsche for election to its supervisory board. We recommend our clients vote against both of these nominations. The election of the candidates will result in a board with almost zero independent representation, which clearly goes against good corporate governance practice.
  • April 13, 2018
    Stewardship
    Diess is well placed to lead the next stage of Volkswagen’s transition but transparency and evidence of cultural change remain paramount
    Michael Viehs
    Dr. Michael Viehs, Associate Director of Responsibility: New CEO appointment “We welcome the appointment of Herbert Diess as the new CEO of Volkswagen. He is a highly experienced automotive executive and importantly only joined the company in 2015 from BMW where he was involved in the company’s electrified vehicles strategy. “In his time at Volkswagen, he has started to tackle the profitability gap at the Volkswagen brand and has navigated the company’s complex corporate governance. In our view, he is well placed to lead the next stage of Volkswagen’s transition. “However, the chair of the supervisory board will need to explain the timing of the management board changes and should provide an update on ongoing investigations against current and former executives relating to the emissions scandal.”
  • January 30, 2018
    Stewardship
    Hermes comments ahead of Siemens AGM
    Michael Viehs
    Ahead of the Siemens AGM tomorrow, Dr Michael Viehs, Hermes EOS, discusses why they will support the election of all of the company’s nominees to the supervisory board.  Furthermore, Hermes EOS will support all management proposals and ask for a commitment from the company to enter into a dialogue about the effects of climate change on its business model.
  • Mining a valuable resource: why ESG is material for credit investors
    Anna Chong
    Research and investment experience tells us that ESG creates a differentiating factor for investors, who need to look beyond credit metrics to develop a more complete picture of corporate risk and potential return. ESG risks influence credit spreads, and therefore the prices of credit securities. New research by Dr Michael Viehs, Engagement and Research Manager and Anna Chong, Credit Analyst at Hermes Investment Management explores how the relationship holds up in one sub-sector of the asset class: basic materials, which is particularly exposed to ESG risks. This issue also looks at two case studies – mining companies Vale and Freeport McMoran – to show how contrasting ESG profiles influence views on how instruments should be priced.
  • New research shows relationship between ESG factors and credit spreads
    Mitch Reznick, CFA
    Hermes Investment Management, the £28.5 billion manager committed to delivering holistic returns – outcomes for its clients that go far beyond the financial, has today published research by its Credit and stewardship teams demonstrating the impact of ESG (environmental, social and governance) factors on credit spreads, and developed a pricing model to capture the influence of these factors on credit instruments.