All of PKA's managers have to comply with PKA's policies and exclusion list. Hermes provides ESG integration support across all asset classes. It also provides an engagement and voting overlay service. Engagement with companies is undertaken both for monitoring and influencing purposes. Engagement is undertaken holistically, and it is typical for a number of issues across the themes of ESG. For the major part of its engagement work, Hermes sets objectives at the outset of the engagement. Engagements are then monitored by reference to a system of milestones to ensure that progress is made over a reasonable time. Engagements for monitoring involve a series of interactions with senior company personnel. Such engagements may take place alongside engagements for influence and so often involve dialogue at management and B-level. Engagements for monitoring purposes take the form of a two-way dialogue with the company and don’t solely involve letter writing activity, though letters may be used. Engagements for monitoring are undertaken to gather information on companies' processes to ensure that they adhere to best practice. Any perceived risks to shareholder value or reputational risks may then be taken forward as an engagement for influence with a view to influencing the desired change.