If Longview becomes aware of a governance issue, or has concerns that the company’s management is not acting in shareholders’ interests, the relevant Research analyst will contact the company to discuss the matter. The Research analyst will make clear our concerns, as well as our expected level of performance regarding governance matters. In most circumstances this dialogue will be with the CEO or CFO of the company, however if more appropriate, we will contact the Chairman or Head of the Remuneration Committee. If the response from the company is deemed unsatisfactory then the issue will be highlighted specifically with the rest of the Research team and the CIO. At this point, the team will decide whether the response requires escalation. If an issue is serious enough that it is deemed likely to cause a material change in our valuation of the business, or a reduction in our Quality rating, we will write to senior management, or express our views through robust discussions with the appropriate member of the management team. We are willing to challenge management in an attempt to protect and enhance the interests of our clients and will exercise our right to vote against management, where appropriate. Furthermore, if after lengthy discussions we believed that management was failing to act in shareholders’ interests, we would reduce our Quality rating to Q3 and sell our holding in order to minimise the loss of shareholder value.