On an annual basis an official update of the reponsible investment policy is scheduled. However, much of the policy is set on an ad-hoc basis, depending on the needs and wishes of our clients and societal demand. At SPF Beheer we are flexible in drafting new ESG guidelines throughout the year. It might be that societal events develop so quickly that we do not want to wait a whole year before translating these into policy. On the other hand, our clients might come up with ideas that they want to incorporate into their policy directly. Therefore, the ESG policy is a living document that evolves throughout the year.