ESG principles are embedded in our processes when actively managing investments in our portfolio. In our view, delivery against a robust ESG framework reflects good management, delivers lower risk investments, greater community and employee support, and over the long term, stronger financial returns. We assess the ESG credentials of our investee companies by benchmarking their policies, actions and procedures against our ESG objectives. Notably, given the diverse nature of our existing and potential future investments, such criteria consider relevant local, regional and global best practices and the nature of the business, operations, surrounding environment and community in which the investee company operates. Key categories reviewed include:

(1) Environmental: Climate change, Environmental management systems and compliance, Environmental efficiency (waste, water, energy), Emissions;

(2) Social: Workplace Health and Safety, Human capital management, Corporate conduct, Stakeholder management, community relations; and

(3) Governance: protection / exercise of shareholders' rights, engagement and co-operation with stakeholders, disclosure

Although each investment company we own is different, ESG considerations are typically reviewed and discussed during quarterly board meetings.