For listed equities (fund of funds): if they are PRI signatories, if they have a process to include ESG criteria and if they develop actions to engage with companies and exercise their voting rights. We are increasingly requesting ESG data to be able to prepare an aggregated ESG report. When we choose external managers for our funds of funds, we can review their ESG process but we cannot agree to specific ESG objetives. We evaluate their objetives but it is difficult that we agree on 100% of them.
For the global fixed income: given that we send them a RfP more accuaately, then we can have a closer dialogue with the selected managers and we have more flexibility to review and agree ESG objetives. However, the reporting is very complex.