There is a spectrum of opinion concerning materiality of ESG issues. These differences can be magnified with cultural or regional differences. Frameworks such as the materiality maps provided by the Sustainability Accounting Standards Board (SASB) are helpful in providing some guidance. We have developed our own view on what is most material. For environmental and social issues, our focus centers around areas related to climate change, resource scarcity, waste management, general environmental impact; social controversies, health and safety standards, matters relating to labour policies and practices; approach to data security and privacy and in countries like South Africa, the company’s approach to and status of Black economic Empowerment. The responsibility to identify and evaluate the impact on the valuation resides with the analyst. We believe our investment strategy benefits from a culture that encourages individuals to challenge one another and a wide range of biases and assumptions, every day. In addition, we subscribe to MSCI for access to their independent ESG reports on companies as additional reference material for consideration by our analysts in interrogating their ESG assumptions and assessments.