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, 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 2017, 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.
I accept

1. Select your country

  • United Kingdom
  • Austria
  • Australia
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Iceland
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Norway
  • Singapore
  • Spain
  • Sweden
  • Switzerland
  • USA
  • Other

2. Select your investor type

  • Financial Advisor
  • Discretionary Investment Manager
  • Wealth Manager
  • Family Office
  • Institutional Investor
  • Investment Consultant
  • Charity, Foundation & Endowment Investor
  • Retail Investor
  • Press
  • None of the above

3. Accept our terms and conditions

By clicking Proceed I confirm I have read the important information and agree to the terms of use.


The Hermes Investment Management website uses cookies to remember your preferences and help us improve the site.
By proceeding, you agree to cookies being placed on your computer.
Read our privacy and cookie policy.

The bitter taste of sugar

Home / EOS Blog / The bitter taste of sugar

We are in the middle of a global obesity epidemic. According to the World Health Organisation (WHO) worldwide obesity has more than doubled since 1980. As obesity rates increase, so does the risk of contracting a range of other serious conditions, including diabetes and cardiovascular diseases. The level of childhood obesity is particularly concerning. In 2013, 42 million children under the age of 5 were classed as overweight or obese.

Hidden sugars in processed foods are partly to blame. These include products that are – based on their calorie intake – labelled “healthy” when they are in fact high in sugar, such as fruit juices, sports drinks and some yogurts.

Another issue is the portion size of packaged products. Often what we expect to be one serving are actually two or more, facts which are only stated in very fine print on the back of the product label.

Consumption of a few of these processed foods a day can easily push you past the daily recommended sugar intake.

Following a public consultation, WHO released a recommended guideline for daily intake of free sugars earlier this year. It strongly recommends that sugars should make up less than 10% of total daily energy intake, adding that if daily intake was further reduced to less than 5%, consumers could expect additional health benefits.

To tackle the problems caused by too much sugar, some countries – such as Hungary, France, Mexico and some US states – have introduced taxes on sugary drinks and/or junk food. The taxes are passed on to the consumer through higher prices in the hope that it will curb consumption of the products. The UK, Ireland and Canada meanwhile have taken another approach, restricting advertising of foods with high sugar content to children.

Pressure on companies
As a result, food and beverage companies have come under pressure to adapt to changing societal expectations.

For those acknowledging the issue, they have to consider their business strategy, labelling, marketing and advertising. Companies need to ask themselves whether they reposition their brand in healthier market segments. Do they reformulate current products or create new lines? How can they improve their product placement and labelling to make it clearer and more transparent? What other social initiatives can they undertake to address the obesity crisis?

In addition, we cannot forget that sugar is only part of the problem. The levels of fat and salt in food products also need to be reduced. Companies such as Nestlé and Unilever are on the right track, having nutritional strategies and targets in place to cut the sugar, salt and fat content of their products.

We will continue to talk to the companies we engage with about their nutritional strategies and how they can play a part in solving this costly crisis.

Share this post:
Rochelle Giugni Rochelle Giugni works in Hermes EOS’ Business Development and Client Service team after previously engaging in the consumer goods and retail, financial services and utilities sectors. Prior to joining Hermes EOS, Rochelle worked for a prominent Australian-based corporate advisory firm providing transaction and forensic accounting services. She has worked extensively with distressed businesses and specialised in restructuring and corporate recovery, where she gained hands-on experience across sectors ranging from retail, property, hotel & leisure, agriculture & farming, through to banking & securities. Rochelle is a qualified chartered accountant and holds a degree in Commerce-Accounting and diploma in Business Administration from Macquarie University. She also holds the CFA’s Investment Management Certificate.
Read all articles by Rochelle Giugni

Find posts by author

  • Alex Knox, ACA
  • Andrew Jackson
  • Bill Mackenzie
  • Bruce Duguid
  • Christine Chow
  • Claire Gavini
  • Colin Melvin
  • Darren Brady
  • Dominic Burke
  • Dr Michael Viehs
  • Emeric Chenebaux
  • Emma Hunt
  • Geoffrey Wan, CFA
  • Hans-Christoph Hirt
  • Harriet Steel
  • Ingrid Holmes
  • Jaime Gornsztejn
  • Jonathan Pines, CFA
  • Justine Lutterodt
  • Leon Kamhi
  • Louise Dudley
  • Mark Sherlock, CFA
  • Maxine Wille
  • Michael Russell, CFA
  • Michael Vaughan
  • Michael Viehs
  • Natacha Dimitrijevic
  • Nick Spooner
  • Nina Röhrbein
  • Philip Nell
  • Rochelle Giugni
  • Roland Bosch
  • Sachi Suzuki
  • Saker Nusseibeh
  • Silvia Dall’Angelo
  • Tatiana Bosteels
  • Tim Goodman
  • Tommaso Mancuso

Find posts by category

  • eos
  • governance
  • social