Every year we assess the progress and outcomes from the previous year's engagement as an input to setting the next year's strategy. All current engagement dialogues are reviewed in the last quarter of the year. We review key sector and issue developments, consider any significant changes in our portfolio holdings, in order to determine if we need to develop any new themes or engagement focus areas. We announce dialogue with around 30 selected companies early in the new year in our Focus List launch and this acts as the core focus of our engagement program. We ultimately engage many more companies in the portfolio and may launch additional tactical dialogues during the year in response to emerging risks and opportunities. We provide quarterly and annual reporting on progress.
Our proxy voting guidelines are reviewed annually and a determination is made whether to publish amendments or undertake a full update.
In addition, our RI Policy is reviewed on an annual basis and revised if necessary.