The due diligence process prior to manager appointment includes an assessment of a manager's organisational commitment to considering ESG issues in its investment process and the effectiveness of this in both the security valuation and portfolio construction. In terms of organisational commitment, we and our consultant seek to confirm to what degree ESG issues are given serious consideration from senior management through to portfolio managers and research analysts and that it is clearly articulated in policy documents where possible. Our consultant seeks to understand how ESG factors or considerations are incorporated into the investment process, with a view to how well integrated the adopted approach is to the investment philosophy, whether this is adopted at an appropriate level of materiality, and whether this is incorporated in the investment culture of the entire investment team (i.e. not just those with responsible investment titles). This part of the due diligence process seeks to understand whether the integration of ESG issues is likely to be supportive of enhanced returns and/or mitigating risks for the portfolio of listed assets. Consideration is also given to the level and type of engagements with security issuers and approach to voting on securities by the manager and whether these are likely to be in confluence with our preferred approach. Assessments by the consultant prior to appointment include a specific rating on ESG issues and this may influence the overall rating of the prospective mandate. Historically there has been more emphasis placed on ESG integration for active fundamental management and for external managers that have more of a medium to longer term valuation focus embedded in their investment approach. Even for those managers with quantitative processes and shorter dated investment horizons, we note there is now considerable data available on ESG (and its components). We expect these managers will have researched the potential for ESG signals to be additive signals and included in the investment process, if they justify the same thresholds for inclusion as other tested signals.