We seek to be proactive and engage with issuers, both at government and corporate levels, on how they can improve their ESG outcomes. This is carried out as part of our ongoing dialogue with government officials and company management. Where we have concerns, we engage with management and key stakeholders. We think that our approach helps create a positive feedback loop, whereby investors reward positive performance with a lower cost of capital (and access to international capital markets) and penalise poor performance with withdrawal of capital. Over time, such incentives should lead to behaviour changes among issuers in favour of more sustainable economic development and corporate management models. As more asset managers implement similar investment processes, the changes in behaviour should accelerate across Emerging Markets issuers.