Our primary form of engagement is performed by investment teams as part of their regular investment processes. These engagements are typically strategic in nature and provide additional insights into management quality, business drivers, financial strategy and future business prospects. During these meetings we may discuss ESG factors, where relevant, and incorporate our findings into our overall assessment of the management teams. ESG engagements whose primary purpose is for data collection and/or research purposes related to buy/hold/sell/weight decisions are not included in the totals in question LEA 9.01. Our teams have conducted well over a thousand of these types of engagement in the past year.
The engagement totals listed above represent our estimate of the engagements, as defined by PRI, that our investment teams have held with companies specifically to discuss ESG issues. They include engagements conducted by ESG staff to promote additional ESG disclosure as well as engagements initiated by investment teams in order to discuss a specific issue which is considered to be a material ESG issue (see examples in question 11).