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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 https://www.hermes-investment.com, 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 2016, 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.
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Our beliefs

Home / About Us / Our Beliefs

Alignment with client needs…

  • Clients first: we will always act in the clients and their beneficiaries’ interests
  • Aligned incentives: our investment teams’ incentives are aligned with those of our clients
  • Pension fund ownership: our ownership by the BT Pension Scheme, with more than 3o0,000 pension fund beneficiaries, gives us an unrivalled insight into their needs

In our investment decisions…

  • Active owner: we act as owners of the assets in which we invest
  • Sustainability factors are integrated: Sustainability considerations are integrated into the management of our portfolios, supported by leading industry research and proprietary data
  • Act as universal owner: we consider the success of the economy as a whole

We believe responsibility is business critical…

  • ESG matters to value and risk: we believe that over time organisations that perform well on environmental, social and governance factors will deliver greater shareholder value at lower risk
  • Resources are limited: for the economy to be sustainable, all resources have to be used optimally and costed appropriately. Pollution or water usage has to be paid for. Likewise, if resources are damaged through phenomena such as carbon emissions, this should be recognised as a cost
  • Fair playing field: the pie is largest when markets work fairly. We encourage regulators to intervene selectively to correct market distortions and eliminate bribery and corruption throughout the economy
  • Community and public infrastructure matters: Local and global infrastructure, whether provided publicly or privately, is key to an economy’s success. Considering all stakeholders’ needs leads to greater and more sustainable value being created
  • Alignment in the investment chain: as active members of the investment industry, we work to ensure that the global financial system operates in the interests of its ultimate asset owners, not its various agents