In our experience, collective engagement by shareholders can be very effective on policy related issues such as transparency and disclosure (i.e. board disclosure on diversity policies) or enhancements of shareholder rights. However, collective engagement focused on value-related matters, such as strategic direction or company leadership, can be much more difficult to achieve collectively. In practice, collective action is difficult to manage given that shareholders tend to have a range of perspectives. In BlackRock's experience, even where there is agreement that a problem exists, it can be very difficult to agree a single course of action or timeframe in which it ought to be taken. This diversity of opinion is not a flaw in the system, but a strength as it brings a range of alternative solutions to the situation. Nonetheless, it is not always possible to reach a consensus and in many collective engagements shareholders ultimately take their own stance directly to the company. This is further exacerbated in markets with dispersed ownership. For these reasons and given our prioritization of engagements that are closely tied to long-term value, we only occasionally engage companies in collaboration with other investors.