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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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Statement of support to the Women in Finance Charter

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Hermes is committed to supporting the Women in Finance Charter, as well as supporting all forms of change that encourage a more diverse population across its business.

Hermes recognises the value a diverse workforce brings to the business and in particular the benefits of having a diversity of experience amongst senior management. As a forward thinking organisation we have been active members of the 30% club in the UK, supporting the goal of achieving a minimum of 30% women on FTSE 100 Boards through our engagements with investee companies and more than meeting that level ourselves. We recognise the need to maintain the positive momentum generated from initiatives such as Lord Davies’ Review and in particular nurturing and growing the pipeline of female talent in order to support the progression of women into senior roles.

Gender diversity targets

Hermes will continue the positive work it has accomplished to date with the ultimate ambition of achieving gender parity across the whole business.

  2018 target range Hermes (% female) / industry (% female)* FY15
Firm-wide 35-50% 34%  
Board 30-50% 37% 33%
Senior management level 25-40% 24% 14%

Senior executive responsible: Harriet Steel, Global Head of Business Development

Actions in which Hermes is investing to support attainment of this goal and improvements in the employee life-cycle include the following:

Diversity in recruitment

  • An undertaking to work with executive search firms that have demonstrated their commitment to gender diversity ensuring that at least 30% of long-list candidates are women
  • Ensure all managers with responsibility for recruitment are fully equipped to conduct competency based interviews and have attended tailored training to understand unconscious bias
  • A commitment to identify a diverse range of internal candidates for any succession plan roles
  • Continuing to support the development and employability of females from a young age and from less privileged backgrounds in order to build the aggregate pipeline for talent through our support for local mentoring schemes and other similar community initiatives

On-boarding

  • Ensure all new permanent and fixed-term hires complete the Diversity e-learning module within one month of participating in the Induction programme
  • In support of developing a strong internal network, we will invite all new hires, regardless of seniority, to attend Executive Committee member led orientation meetings
  • Embed the Hermes Pledge within the induction processes, encourage staff to embrace the associated commitments as well as voluntarily participate in the Hermes Diversity Survey

Performance and Career Management

  • In order to support the existing performance framework we will conduct performance calibration assessments across gender, grade, job family and cross-functionally to ensure a level playing field
  • Develop and deploy a new and improved Manager Toolkit to support more productive dialogue around career pathways; raising awareness of unconscious bias; sharing internal information on successful flexible working patterns and actively promoting training, development and mentoring
  • Ensure all line managers have attended the Employment Risk Awareness training (which includes a specific module on Diversity)
  • Systematically identify internal female talent and provide the capability to link employees with leadership ambitions with potential mentors and direct staff to a range of personal development training opportunities and materials
  • Develop a programme to support employees returning from maternity/parental leave and further promote access to existing support networks including Cityparents
  • In partnership with Unity (the Hermes diversity and inclusion group) and our corporate citizenship strategy, offer and promote a wider range of core curriculum events

Policy & Benefits

  • Review market best practice on an ongoing basis in order to identify and assess opportunities to introduce new/updated family-friendly, health & well-being policies that attract, support and retain a diverse workforce
  • Act on trends identified through staff feedback from the employee engagement survey, exit interviews and other formal or informal routes

Transparency

  • We will go above and beyond statutory reporting requirements to disclose annually our gender demographics at:
    • Board level
    • Senior management level
    • Across the firm

Link to pay

  • Within performance reviews all Hermes staff are judged equally on their technical performance and their performance against the Hermes Behaviours. It is the responsibility of every leader and manager throughout Hermes to create an environment where all of our people can give their best, feel valued and be able to build upon their knowledge and skills. For the leadership team, as with others, demonstration of these behaviours forms a significant input into determining annual incentive awards. We believe that this approach encourages all employees to deliver high levels of performance and demonstrate behaviours that are in line with our corporate values, thus aligning the interest of management with other stakeholders and supporting the delivering of the Women in Finance objectives.