Our investment teams meet with the companies in which we are invested on an ongoing basis and often discuss risks and opportunities relating to ESG factors. We engage more specifically with companies on ESG-related issues when those issues have been identified as particularly material for that company. We are in the process of formalizing our ESG engagement program that will prioritize engagements using a risk-based approach, focusing on the materiality of the ESG risks and opportunities facing each company and the size of our investment in it.
In general, the goal of our engagement program is to effectively communicate our views as an investor. More specifically, the purposes of our ESG-focused engagements are to: i) seek better disclosure of ESG risks and opportunities and the steps the company is taking to address them; ii) encourage more effective management of ESG factors when we believe they may impact shareholder value; iii) clarify information in advance of a voting decision; iv) where a company is lagging behind its peers on a material ESG issue, seek a commitment from the company for change, monitor any changes and encourage continued improvements that will impact shareholder value.
We engage collectively with other shareholders where appropriate.