BTNZ undertook an annual holding based ESG analysis of all portfolios to determine and understand the ESG characteristics of the portfolios. This was conducted through the Sustainalytics ESG Portfolio Analytics reporting system. The output reports provided BTNZ with an overall weighted average ESG score and a score for environment, social and governance factors versus the benchmarks for all portfolios. It also showed how each sector is contributing to the overall scores, the top and bottom performing companies in terms of their overall environmental, social and governance scores, and the most controversial exposures we own. This information provided an initial snapshop of where the portfolios are positioned from an ESG perspective and where the key ESG risks are.