Blue Harbour owns a concentrated portfolio of small and mid-cap companies, often owning between 5% and 10% of the companies in which we invest. All investments are reviewed in the context of our proprietary Blue Harbour ESG Framework, where we consider ESG risks and opportunities specific to each investment prospect. As part of our diligence process, the investment team directly engages with company operating and Board leadership on the key ESG issues relevant to their company. Going beyond only negative screening, we analyze both the scope of ESG issues and the company’s relative mitigation capacity to reduce meaningful risk. And, as lead shareholder, Blue Harbour regularly monitors our companies’ ESG profile and expects to play a role in effecting change when appropriate.