In 2014 and years prior, CBIS wrote to companies where we voted against Board members due to a lack of diversity. This was a massive initiative since it entailed many companies, given the size of our portfolios.
We suspended that activity in 2015, because we began to get deluged with responses from companies which required much more time to respond to them and in some cases engage with them. This took many more resources than we had anticipated.
One of our learnings was that this type of activity needs to be managed much more carefully, so that we are sure we have the resources to adequately respond when companies answer those letters. That can be quite a time consuming activity.
We are looking to see whether a more limited strategy should be developed for 2017. We only communicated our votes to the board in rare cases in 2016.