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How does ESG fit in to our approach?

Environment is the most measurable, there are quantifiable factors such as CO2 emissions, energy and consumption that we can make a proper scientific analysis of and build that into our models and forecasts for companies. The societal impact of a company is less measurable but there are things we can look at, companies that don’t have a proper eye to their human rights impact can have a reputational issue on its hands that may transpire into a reputational issue. Corporate governance we look at the board of directors and the executive board, looking for factors such as compensation, diversity, trying to ensure that the optimal board is in place.