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Authors

  • 12/06/2020
    EOS
    Jaime Gornsztejn
    At the end of April, EOS at Federated Hermes published a white paper Guiding Principles for an Effective Board – Insights from Engagement.
  • Jaime Gornsztejn
    Investors care deeply about how well a company board is functioning. Getting this aspect of governance right makes it more likely that material risks and opportunities will be well managed.
  • Jaime Gornsztejn
    Given the global challenge to tropical forests, it is crucial that investors engage with companies whose supply chains may impact deforestation.
  • Jaime Gornsztejn
    BHP Group (BHP) has set goals to reduce its fresh water extraction and to collaborate on integrated water resource management in all the catchments where it operates.
  • Jaime Gornsztejn
    Petróleo Brasileiro (Petrobras) is an integrated energy company active in exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical gas and biofuels. It produces approximately 2.8 million barrels of oil equivalent daily (Mboe) and has proven reserves of 9.7 Mboe. It is the largest company by value on Brazil’s B3 stock exchange. Although the Brazilian Treasury holds the majority of the company’s voting shares, it has almost 300,000 minority shareholders, comprising a mix of individual and institutional investors.
  • Jaime Gornsztejn
    Antofagasta is a UK-listed Chilean copper mining company, operating in the Antofagasta region of northern Chile and the Coquimbo region in central Chile. In 2017, it produced 704 thousand tonnes of copper, making it one of the top 10 producers globally. The majority of the company's voting shares are held by investment vehicles controlled by the Luksic family.
  • Jaime Gornsztejn
    Antofagasta is a UK-listed Chilean copper mining company, operating in the Antofagasta region of northern Chile and the Coquimbo region in central Chile. In 2017, it produced 704 thousand tonnes of copper, making it one of the top 10 producers globally.
  • Jaime Gornsztejn
    Petróleo Brasileiro (Petrobras) is an integrated energy company active in exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical gas and biofuels. It produces approximately 2.8 million barrels of oil equivalent daily (Mboe) and has proven reserves of 9.7 Mboe.
  • 07/02/2018
    Fixed Income
    Audra Delport
    Engagement should be an integral part of any investment approach. By engaging with issuers, investors can encourage them to adopt better environmental, social and governance (ESG) practices, and thereby, deliver a better financial return and a public good. In a new case study, Audra Stundziaite, Senior Credit Analyst and Jaime Gornsztejn, Director in Hermes EOS, the stewardship and engagement team at Hermes Investment Management explain how they addressed ESG concerns by engaging with oil producer Pemex.
  • 07/02/2018
    Fixed Income
    Audra Delport
    Engagement is an integral part of the investment approach adopted by Hermes Credit. By engaging with issuers, we can encourage them to adopt better environmental, social and governance (ESG) practices, and thereby, deliver a better financial return and a public good. Here we explain how we addressed our ESG concerns by engaging with oil producer Pemex.
  • Jaime Gornsztejn
    Petróleos Mexicanos (Pemex) is the Mexican state-owned petroleum company which used to have a monopoly on oil exploration and production in Mexico. Founded in 1938, it has grown to be the eighth-largest oil producer in the world, with production of approximately two million barrels of oil a day. Its revenue amounted to $58 billion in 2016. Background A set of wide-ranging energy reforms enacted in Mexico at the end of 2013 has had a significant impact on the oil and gas sector. Competition will gradually increase as the country’s government auctions new oil fields but this also opens up new partnership opportunities for Pemex. An oil and gas safety regulator has been set up with a view to bringing best international practice to Mexico and enforcing its application.
  • 29/08/2017
    Fixed Income
    Audra Delport
    Undoubtedly, oil poses more than a few headaches for ESG investors. Besides the obvious high carbon content of petroleum products, the industry as a whole has accrued a reputation as risky across a range of ESG measures. These include: environmental preservation, workers’ health and safety, executive pay and, as demonstrated by the Petrobras scandal, political corruption. Yet in spite of – or perhaps because of – its blatant shortcomings, the oil industry attracts long-term investors who are prepared to engage on ESG matters. Despite rising sales of electric cars and the risk of fossil-fuel deposits becoming stranded assets, the oil industry is not disappearing any time soon. According to OPEC, global oil demand should increase until at least 2040. (see figure 1). That said, even if OPEC’s own growth expectations of 109m barrels of daily intake by 2040 prove to be overly optimistic, engagement on ESG factors – including climate change scenarios - will remain as important as ever.