Water infrastructure, USA, ESG-rating “Good”. Material ESG factors for the company are labor management, toxic emissions and waste (incl. asbestos), corruption & bribery (esp. pricing practices). Company was a spin-off in 2011. From the first start as an independent company, the management showed a very clear intention to establish a very well run organization, much stronger than the parent it came out of. Since 2011, the management team has sought to make governance enhancement every year, it has established much stronger environmental and social policies and processes than its peers or indeed its parent company. It is a company that our ESG-analysis has identified as a company in continuous improvement, which is also proactively seeking regular feedback and input from its shareholders and stakeholders, on governance and environmental and social aspects. This is unusual among its peers and very positive in our view. Identifying this unusual quality and character through our ESG-analysis, combined with strong financial and operative performance by the company, has made it to an important, trusted, long-term core holding in the portfolio.