In the property sector, ESG issues manifest through a range of particular factors such as energy efficiency, health and safety, pollution and community relations, as well as corporate governance issues such as board structure and shareholder rights. These issues are considered throughout the investment process as we identify, research and manage investment opportunities. They can be key elements when considering both investment return and risk mitigation. We consider ESG factors to the extent that they are relevant to a particular business and may have a material impact on its investment performance. Our ESG research is conducted internally, allowing us to fully understand the issues as they relate to a particular company’s circumstances and to have meaningful debates with management about our concerns. Our findings are incorporated directly into our valuation model and can have a significant impact on a company’s rank relative to peers. Details of the factors considered can be found in the Fund's ESG Policy.