GOVERNANCE
We believe governance is more than simply balancing the interests of a company’s many stakeholders and attaining our company’s financial objectives. We believe it is imperative for governance at Hersha to be conducted in a transparent, responsible manner, with full integrity, a constant commitment to ethical business practices, and reinforcement of good citizenship and community involvement. We believe this strong corporate governance foundation is key for Hersha to continue performing at the highest level and driving growth – today and for years to come.
For more information on Hersha’s governance practices, please download our Governance documents on our Hersha website.
Our Values Embody the Roots of Good Governance
One of our Hersha values is “Own It” which means we do the right thing; we keep our promises and act with integrity. Furthermore, everyone is accountable and shares outcomes honestly and directly.
Board of Trustees and Governance Information
RESILIENCY
The impact of climate phenomenon including potential hurricanes, flooding, wildfires, and water stress are real climate risks that we recognize may have an impact on our portfolio. Recent reports on climate change by the Intergovernmental Panel on Climate Change (IPCC) and the US Global Change Research Program (USGCRP), point toward the impacts of climate change on all people and businesses across all sectors.
SDG Priorities:
Climate change is a global challenge that affects everyone
To mitigate against the most material risks of climate change on our portfolio, we regularly review the prevalence of environmental risks as part of Hersha’s enterprise risk model assessment, reviewed by our executives and Board of Trustees.
We are continuing to strengthen our portfolio’s resiliency against climate risk.
Relevant Climate Risks: Flooding, intensifying storms, sea level rise, wildfires, water, and heat stress
Flood Risk NOAA Hazard Score
(1-10, 1=low risk)
Average portfolio risk of 1.3 vs. 2.8 average risk for US Lodging REITs*
*NOAA = National Oceanic Atmospheric Administration, Morgan Stanley Flood Risk Report 3/2019
Portfolio in FEMA Special Flood Hazard Areas
(Special Flood Hazard Areas have a 1% chance of flooding every year)
18% of our portfolio by square feet
FEMA = Federal Emergency Management Agency
In addition to physical climate risks, we recognize there are also social risks inherent to our industry, and thus we recognize we play an important role in further protecting human rights. As a result, we have policies and trainings in place to guide associates on how to assert the protection of human rights, including but not limited to discrimination, harassment, forced labor, and human trafficking.
Thank you for reading through Hersha’s 2018 EarthView Sustainability Report. Over the past eight years we have been proud of and inspired by the impact EarthView is having on our company, our communities, and our planet. The growing recognition of EarthView among our partners, industry peers, guests, and other stakeholders has also further supported our belief that owning and operating hotels with sustainability at its core is integral to the success of our business. As we continue our pursuit of sustainable hospitality, we look forward to sharing our contributions in making our planet more inclusive, stronger, and more resilient.