The Trustee takes a tailored approach to understanding how managers look at RI issues when we appoint and monitor managers. This is based on a number of different factors including: the nature of the asset classes a manager is invested, the structure of the underlying investments (including ownership rights) and the specific risks and liquidity of the investments. As an example, a manager that is invested in private equity is expected to have more influence on the companies they invest in than a public debt or credit manager. Where we are allocating to long dated illiquid assets, the Trustee is focussed on understanding the impact of ESG factors on the cashflows and residual value of these assets and the ability of the appointed investment manager to manage and mitigate these risks. These considerations are weighed up when we formulate expectations around how a manager should undertake RI and ESG activity.