There are a number of signals in LSV’s model that relate to governance. In addition, ESG factors can play a role in any particular investment decision, such as news of a major environmental, social or governance risk related to the company. Also, LSV works with clients who specify the type of ESG profile they would like to have in their portfolio. LSV then integrates ESG factors in the portfolio construction process as is appropriate. This is currently done by constraining the portfolio at formation and at each rebalance to have an ESG profile based on certain metrics that is no worse than the portfolio’s benchmark.