Where we believe the effectiveness of engagement and the chance of success can be increased, we are willing to work both formally and informally with collective bodies, or to collaborate with other shareholders. This particularly applies where we have a small holding in a company where we feel that individual engagement would not have a strong likelihood of success. At the same time, we will join a collaborative initiative only in a situation when we have the necessary internal resources to contribute meaningfully to the dialogue with companies and the objectives of the collaboration.

Prior to undertaking any collaboration with other investors we will first review the following:

- That any collaboration or action with others investors is permitted by law and/or regulation;

- General agreement amongst investors on issues of concern and potential solutions;

- Responsiveness of management or board to direct individual engagement;

- That engagement will be private and that any public statements have our prior explicit authorisation;

As part of our collaboration efforts we also maintain an active participation in both formal and informal investor networks in order to ensure that we are aware of best practice in the area of corporate governance, social and environmental matters and to improve dialogue between institutional investors and other stakeholder groups.