Responsible investment forms an integral part of our investment process, as such we will systematically consider those ESG factors that we believe could have a material impact on the ability of a company to generate long-term sustainable returns. These factors are essentially those that can have a material impact on a company's cash flows, balance sheet, durability and ultimately, corporate value and may be environmental, social or governance related. We believe that governance is the starting point in this analysis as it sets the foundation for accountability, for how decisions are made and sets the tone for the corporate culture.