As a firm, we believe stewardship activities contribute to better performing companies and hence returns for our clients. Fund managers take the lead on stewardship, it is part of their investment processes which comprises of idea generation, research and portfolio construction. Whilst individual strategies are distinctive, views and thoughts are shared across the various investment teams. We use a number of materiality frameworks and research providers to guide our ESG risk and opportunity assessment including SASB, MSCI ESG, Sustainalytics, TruValue Labs, and sell-side research. These sources of information provide valuable analysis and insight but they are just one set of inputs into our own investment evaluations. They supplement our own research and engagement with companies. Different perspectives are helpful, but it is the role of our fund managers to assimilate information from multiple sources and come to a decision. Assessment of materiality differs due to factors including fundamental analysis. holding period, portfolio positioning and construction, and risk tolerance all of which have an impact on how information is used.