10.2.
Indicate why you do not engage and do not require external managers to engage.
We are a quantitative boutique global equity manager with 9 employees (8 FTE at the end of the reporting period). We hold over 2000 stocks on behalf of clients and cannot cost-effectively engage directly with companies for any purpose - ESG or traditional analysis - in a way that will materially affect returns for our clients. We have elected to focus our resources on incorporation of ESG issues in our quantitative management approach and implementation of a focussed, proxy voting policy.