We assess the effectiveness of our engagements based on the achievement of our engagement goals, as amended once our understanding of the situation has developed. In setting our objectives, we work with portfolio managers and others internally and externally to build our knowledge of the issues, propose a sound course of action and define optimal outcomes (as perceived from the outside). Thus, the measures for each engagement will be different, and the course of each engagement is unique so not all options above apply to every engagement. Generally, we look to persuade the company that the status quo is not acceptable, put forward some ideas for addressing the issue and remain involved to encourage the delivery of fundamental change by management and the board. We are clear that we represent patient capital but that we are not infinitely patient and if we believe progress is not sufficient given the materiality of an issue we will escalate our engagement to a vote against management, possibly through opposing the re-election of the director/s we deem most accountable for the issue. We remain open minded and adapt our position as we progress the engagement, where appropriate, based on information to hand and developments.