CalPERS works collaboratively with its research providers, external managers and sell-side analysts to fully understand the risks and opportunities of its listed equity portfolios. Research reports are updated as new information becomes available that materially impacts company operations or portfolio analytics. Individual portfolios are analyzed monthly to assess the ESG characteristics relative to the Policy benchmark as well as ESG specific benchmarks. If issues of concerns are identified, staff researches the issue, communicates with external managers and research providers and may engage company management. The intent is to better understand the risks and opportunities created by the issue/event and determine appropriate action.