In today's rapidly changing world, environmental, social and governance factors increasingly impact the long-term financial performance of companies and sovereign issuers. We believe investors can no longer have an accurate understanding of a company’s value by solely reviewing its financial statements and must go beyond traditional analysis to understand long term value. This includes understanding the impact of a company’s businesses on the environment and society and how a company manages its key stakeholders in day-to-day operations. As a responsible investor, we believe it is essential to incorporate sustainability risks and opportunities into our investment decisions.