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Authors

  • 03/06/2019
    Hans-Christoph Hirt
    How bondholders can engage companies for the benefit of all stakeholders
  • 14/05/2019
    Hans-Christoph Hirt
    Hermes EOS outline voting recommendations and topics raised at German automotive AGMs
  • 18/04/2019
    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.
  • 12/03/2019
    Hans-Christoph Hirt
    Hermes EOS will work with the Australian Council of Superannuation Investors to provide engagement services
  • 12/02/2019
    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.
  • 12/02/2019
    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.
  • 28/09/2018
    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’.
  • 12/09/2018
    Mitch Reznick
    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.