Ninety One subscribes to the philosophy that responsible management of environmental, social and governance (ESG) issues can improve the commercial returns and mitigate risks that the company will face during the investment horizon and in the future. Ninety One identifies, monitors and drives the management of ESG risks through its board participation and legal agreements. Opportunities are also identified for how the company can improve its operations [from an ESG perspective] and create additional value. The due diligence process is based on the IFC Performance Standard risk categorisation at all stages of the investment cycle. This process is managed by the applicable investment team, including a ESG team member. High risk transactions (Category A and B+) require a third party consultant to undertake the due diligence along with the Ninety One team. A corrective action plan is established following the due diligence process, which improves the ESG performance over the investment period.