We have no general policy of engaging via collaborative engagements and we take it that Norsif/Swesif membership is not what's intended her. However, we do from time to time, as we have done recently, team up with other investors in order to bring about change or better disclosure on certain topics, the last such case involving a conflict of interest due to related party transactions. Some six cases of collaborative efforts have involved corporate governance.
We would like to add that due to our concentrated portfolios and the long-term nature of our holdings, we know the companies we invest in very well, communicating regularly with senior management, whether on a formal or an informal basis. This is not always logged, but it is a central part of our portfolio management, as we argue that knowing our portfolio companies well is a means of reducing risk beyond simple diversification. Dialogue is more common in our management of domestic securities, but we do encourage all portfolio managers to engage in dialogue with their respective portfolio companies.