The primary focus for Cheyne's credit team is on evaluation of governance, for which we combine research-based assessments with one-on-one meetings with management and, where possible, other stakeholders. Companies are scored on a governance assessment addressing such issues as board independence, chair/CEO separation, existence of appropriate board committees, board remuneration and shareholdings, length of service, etc. We track where senior executives have worked prior to their current assignment, from which we are able to judge prior management of risk tolerance, agency issues, etc. We monitor the various boards on which board members and senior management sit to discover any dense networks that might be developing. Where possible, we use proxy statements to analyse both the philosophy behind and mechanics of executive remuneration and the impact these could have on executive decision-taking. We attempt to use this information across all the companies in our portfolio but are inevitably constrained by the exigencies of resources and available information.