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Authors

  • April 18, 2019
    Hans-Christoph Hirt
    In December of last year, the Hermes Shareholder Rights Directive survey was conducted among a panel of 175 European asset owners and managers to gauge levels of awareness and readiness for the Directive.
  • March 12, 2019
    Hans-Christoph Hirt
    Hermes EOS will work with the Australian Council of Superannuation Investors to provide engagement services
  • February 12, 2019
    Saker Nusseibeh
    The Shareholder Rights Directive survey, A step towards sustainable capitalism, conducted with 175 European institutional investors to gauge levels of awareness and readiness for the Shareholder Rights Directive II, reveals that only a staggering 3% believe their organisation already meets all the requirements of the Directive.
  • February 12, 2019
    Saker Nusseibeh
    The Shareholder Rights Directive survey, A step towards sustainable capitalism, conducted with 175 European institutional investors to gauge levels of awareness and readiness for the Shareholder Rights Directive II, reveals that only a staggering 3% believe their organisation already meets all the requirements of the Directive.
  • September 28, 2018
    Eoin Murray
    In this podcast, Eoin Murray, Head of Investment, is joined by Mitch Reznick, Co-Head of Credit and Head of Credit Research and Hans-Christoph Hirt, Head of Hermes EOS and Stewardship Services to discuss the first instalment in a two-part paper we have recently published titled ‘we can all get along’.
  • September 12, 2018
    Mitch Reznick, CFA
    The perceived divergence of priorities between bondholders and shareholders has led some to believe that these investors cannot engage with companies on the same issues. Some – remarkably - even question the legitimacy of bondholders (or other creditors) engaging with companies in the first place. However, given their financial stakes in a company, both types of investors not only have legitimate cause to engage, but also a professional duty to do so. So say, Mitch Reznick, Co-Head of Credit, and Dr. Hans Christoph-Hirt, Head of Hermes EOS, in We Can All Get Along, a new report dispelling myths surrounding joint company engagements between bondholders and long-term shareholders. Writing in the paper, the authors argue that the difference in the payoff profile of equities and bonds is sometimes cited as a reason that bondholders focus less on long-term factors, while shareholders want to see growth. However, there are strategic issues which the pair highlight as being relevant to a company’s current and likely future health and value creation, including the management of ESG (environmental, social and governance) factors. Arguing that although the cash flows from bonds held to maturity will not alter unless operating cash flows are substantially impaired, the authors highlight that unmitigated risks can weaken a company’s ability to fulfil its debt-service obligations.
  • September 10, 2018
    Hans-Christoph Hirt
    In this two-part paper, we assert that the shared interests of bond and shareholders in companies provide incentives to jointly engage companies – and generate positive outcomes by doing so. In this first instalment, we dispel the fallacy that the imperatives of bond and shareholders typically diverge, and argue that their common standing as financial stakeholders gives them the legitimacy to engage corporate boards and management teams to encourage sustainable growth and long-term value creation.
  • September 10, 2018
    Hans-Christoph Hirt
    With nine months until the implementation of the European Commission’s Directive on shareholder rights (‘SRD II’), Hermes EOS, Hermes Investment Management’s stewardship and engagement team, raises concerns that asset owners are underprepared to meet their obligations. The enhanced Directive sets out to empower shareholders, enhance the efficiency of the chain of intermediaries and encourage long-term shareholder engagement, with the ultimate aim of contributing to the sustainability of publicly traded EU companies.