Taking our stewardship role regarding ESG seriously, the LRE team principally engages with all companies within the research coverage (and not just the listed real estate companies in which Listed Real Estate is invested at present time). Firstly, engagement with listed real estate companies is about creating awareness on the potential impact of improvement on certain ESG factors enabling us to differentiate in and to select the leaders and laggards in the global real estate sector in order to help us drive outperformance in the medium term. To be able to continuously differentiate and select these leaders and laggards, we take the position that it is essential to engage with all companies on an ongoing basis. Secondly, engagement efforts are aimed at having a positive impact, for which we will define a select group of companies each year where we have pro-actively set up “road maps” with the most material focus points with impact medium term. The purpose of these road maps is to stimulate senior management teams to address impactful improvements that cannot be materialized overnight. These road maps are typically a tool used in cases where Listed Real Estate has a meaningful position in company. Ultimately, the resulting actions and progress made by the companies are the measure of the effectiveness of our engagement effort. In addition we maintain an active dialogue with investee companies around the shareholder meetings and the content of the agendas for the AGM.