We believe the philosophy behind the ESG Red Lines that the AMNT have developed, in principal make sense. Pooled fund investors have little control over the direction of voting or expressing a view on ESG. Adoption, however has been poor by fund managers, as the Red Lines lines themselves are seen as too inflexible. This is undoubtedly true, and we would add that for global equity managers, their application to UK stocks only is a significant shortcoming. As a result, we have signed up Institutional Shareholder Services (ISS) to apply a customised screen whereby the red lines are applied (where relevant) globally. We will continue to engage with AMNT to further improve the Red Lines. Whilst we have not signed up directly to CDP or the UN Global Compact, both are embodied in the ESG Red Lines.