Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.
As a specialised asset manager, our main objective is the satisfaction of our clients. While engagement is very useful, it can also be very time consuming for our portfolio managers. We believe that the efforts of our research partners and our derived deep analysis are enough to make very sensible investment decisions from an ESG perspective. This procedure is very cost-effective and a benefit for our clients.