4D Infrastructure aims to offer a robust, transparent, and accountable ESG framework in its investment activities. They integrate ESG considerations into every stage of the investment process. Starting with an initial screening that factors in ESG to define its Core Investible Universe, the firm extends its ESG scrutiny to both country and individual stock analysis. Countries are evaluated based on financial, economic, political, and ESG risks, with the latter often supplemented by external consultants. These assessments influence portfolio exposure limits. At the stock level, ESG metrics cover a range of considerations from environmental sustainability to governance structures. The firm's analysts, aided by external ESG consultants, continuously monitor these aspects and are trained to remain abreast of best practices. As a UNPRI signatory, 4D actively engages with portfolio companies to foster enhanced ESG practices and transparency. The firm also provides detailed ESG performance reports to investors and stakeholders, while committing to adapt its responsible investment processes in line with evolving data, regulations, and stakeholder requirements.

Acadian has a long history and deep experience with Responsible Investing. Aside from regulatory or specific client requirements, its commitment to ESG innovation is for the principal purpose of enhancing risk-adjusted returns. Acadian signed on the Net Zero Asset Managers initiative in 2021 and is committed to Climate Action 100+ and the TCFD. Also, it is a member of the Investor Alliance for Human Rights and Investors Against Slavery & Trafficking.

Alphinity is committed to investing responsibly. It has found that environmental, social and governance (ESG) factors can have a material impact on both the risk and the returns of investments. It believes that companies with good ESG practices and processes have a better chance of outperforming over the long term as they are better placed to adapt to the changing world. Company engagement gives Alphinity an opportunity to create or preserve value by encouraging its investee companies to enhance their business practices, including those relating to ESG.

Alphinity seeks to invest in companies that offer attractive financial returns, have good ESG practices and, where possible, have the capacity to make a positive impact on society in areas of economic, environmental and social development by contributing towards the advancement of the UN Sustainable Development Goals agenda as it evolves. It seeks to avoid companies that are involved in activities they consider incompatible with the fund's charter, as they may be harmful to society and/or inconsistent with the achievement of the UN Social Development Goals.

Altius actively manages diversified portfolios of Australian cash and fixed interest securities utilising its comprehensive environmental, social and governance (ESG) framework. It seeks to generate consistent returns in all market conditions and take advantage of the mispricing of bonds while adhering to its sustainability framework. Being an active steward of the capital entrusted to it, Altius intends to invest sustainably, has clear policies and transparency relating to its portfolios, and is committed to reporting on the outcomes of its investments. As part of its investment philosophy, it is committed to doing its bit to drive the growth and development of the sustainable finance market.

ANZ Investments is an advocate of responsible investing, meaning that it considers whether to invest in a company, it doesn't only look at the financial performance, but also takes into account the company's environmental, social and governance (ESG) performance, because it believes these factors have a big impact on long-term returns.

ANZ Investments has a Responsible Investment Framework that sets out its investment approach and the key principles that guide its investment decisions. ANZ Investments has been a signatory to the PRI since early 2018 and as per the requirements of the PRI Reporting Framework, it prepares annual reports on its processes related to responsible investment.

Aoris believes businesses that are good stewards of the environment, operate for the benefit of all societal stakeholders and are soundly governed will be more successful than their peers. It also believes this success will prove to be more durable. Aoris Investment Management is a signatory to the UN Principles for Responsible Investment and the Aoris International Fund has been certified as a Responsible Investment product by the Responsible Investment Association Australasia. 

Aoris applies its ESG principles through Negative screens based on activity or behaviour, as well as through Positive screens based on behaviour. An annual ESG review for all portfolio stocks and portfolio candidates is applied. When specifying businesses to exclude based on the nature of their activity, Aoris first distinguishes between direct exposure and indirect exposure. It then considers whether it should apply a zero tolerance to the activity or a materiality threshold, based on the percentage of a company's revenue the activity accounts for. ESG screens based on behaviour are subjective and vary across investment managers. Rather than delegate to a separate ESG team its analysts are responsible for assessing company behaviour. Aoris seeks to own those whose conduct distinguishes them from their peers in a positive way.

Aoris considers its right to vote as a privilege as well as its fiduciary responsibility, therefore it uses its votes in a manner that it believes is in its clients' best long-term economic interests. It will Aoris vote FOR or AGAINST on all proposals and will abstain on none.

Artesian believes that a proactive approach to Environmental, Societal and Governance issues provides advantages to its business, investment performance, customers, and employees. As a signatory to the UN Principles for Responsible Investing, Artesian aims to invest capital in alignment with its own and its clients' values, and it also focuses on its own and its portfolio's footprint. Artesian is committed to continually improving its approach to responsible investing, the tools it uses, the clarity of its reporting, and its engagement with the broader community.

As applicable and appropriate, Artesian incorporates ESG issues into its investment analysis and decision-making processes, engages on ESG issues with applicable investments it manages, seeks appropriate and applicable disclosure on ESG issues by investments it manages, reports on its ESG activities and progress to investors, and supports the implementation of ESG practices in the investment management industry. ESG integration occurs across Artesian's investment platform based on the asset class and the investment teams' specific processes and strategies.

Ausbil Investment Management Limited is an Australian investment manager. Established in April 1997, Ausbil's core business is the management of Australian and global equities for major superannuation funds, institutional investors, master trusts and retail clients. Ausbil is a signatory to the Principles for Responsible Investment (PRI) and has a dedicated environmental, social and governance (ESG) research team that provides an in-house service. ESG research is integrated into Ausbil's investment process. Ausbil believes that consideration of ESG issues as developed by well-founded ESG research can identify mispriced stocks and assess a company's earnings sustainability.

Australian Ethical is a publicly listed funds management company with a long history of prioritising ethical investments. Pioneering ethical investment in Australia in 1986, it has grown to manage investments and superannuation for over 120,000 investors.

Australian Ethical is one of Australia's leading ethical fund managers, focusing on responsible investment in well-managed ethical companies to deliver competitive financial performance and positive societal and environmental impacts. At Australian Ethical, the belief is that investing in assets with positive impacts while restricting negative ones can create a beneficial influence on the planet and its inhabitants. These beliefs have shaped its investment philosophy and business practices since its inception, driving the pursuit of ethical investing goals and the development and application of Ethical Criteria in accordance with investors' best interests, including their financial well-being.

Bell Asset Management employs a commitment towards integrating Environmental, Social and Governance (ESG) issues within its investment process. It applies a investment framework combined with Stewardship and ESG specific activities including ESG screening, ESG analysis, active engagement and proxy voting with companies in all of its portfolios. ESG active screens are applied in respect to tobacco, controversial, nuclear and conventional weapons, coal, uranium, nuclear power, gambling, civilian firearms, unconventional oil and gas, adult entertainment and international norms. 

ClearBridge Investments is a signatory to the United Nations Principles for Responsible Investment and reports annually on the implementation of those principles, it also supports the principles of the UN Global Compact. Its investment process considers the Sustainable Development Goals by mapping issuers against each one of the SDGs as a proxy for determining a positive Environmental or Social contribution.

Since its inception, the inclusion of sustainability and ESG factors has been a core part of ClearBridge's investment processes, and it has always approached the ownership of equity in listed companies from a long-term and sustainability-driven perspective. In Australia for the infrastructure strategies, ClearBridge integrates ESG factors into its fundamental analysis and assigns proprietary ESG ratings to its investments.

ClearBridge has continually evolved its sustainability processes and methodologies, since initially incorporating a governance factor at inception in 2006, expanding this to ESG factors as Sustainalytics' first Australian client in 2012 and continuing to evolve the process to the current ERM. It aims to continue to enhance the process as information, opportunities and risks associated with sustainability change.

Coolabah Capital Investments considers that environmental, social and governance factors are crucial inputs into its investment process and have potentially profound consequences for the performance of its investments. It is engaged with its target companies and relevant regulators and government stakeholders, dynamically evaluating the status of different ESG factors, and seeking to understand their future path. ESG is therefore a core part of both its quantitative and qualitative due diligence and wider investment process. Coolabah Capital Investments is cognisant of several benchmarks for assessing ESG issues and is a signatory of the UN-endorsed Principles for Responsible Investment. It actively monitors the development of such principles and their adoption by rating agencies and regulators.

Coolabah Capital Investments evaluates ESG research prepared by industry-leading external providers such as MSCI, Sustainalytics, S&P and Bloomberg when assessing a company's resilience to long-term, industry-material ESG risks. Insights provided by these providers assist Coolabah Capital Investments in identifying risks and opportunities that may not be captured by conventional financial analysis. Furthermore, Coolabah Capital Investments compiles the MSCI ESG risk rating for each of its exposures and targets a minimum portfolio MSCI ESG rating of "A".

ECP Asset Management believes that environmental, social, and corporate governance factors can have a material impact on long-term investment outcomes. Considering ESG factors is part of its investment decision-making process and is fully integrated throughout its process. When assessing the long-term potential of an investment, it follows its proprietary "Pillars of a Quality Franchise" framework, whereby sustainability is a core foundational pillar. ECP communicate its approach to Responsible Investment on the ECP website and reports on its activities to its clients annually. ECP became a signatory to the United Nations-backed Principles for Responsible Investment Initiative (PRI) in 2016.

Ellerston Capital integrates consideration of labour standards or social, environmental or ethical considerations through a proprietary and multi-step approach to ESG embedded throughout the investment process in the selection, retention or realisation of investments. Ellerston believes that incorporating ESG considerations into the investment process of its products can lead to more informed and holistic investment decision-making and better investment outcomes for its clients.

Ellerston Capital's commitment to responsible investing is outlined approach to practising responsible investing which comprises of four key components:
- Integration of ESG considerations in the investment process: research, analysis, investment decision making, ongoing monitoring and divestment;
- Portfolio screening: negative and positive;
- Stewardship: engagement with companies in our investible universe and those included in our portfolios (and all relevant stakeholders), participation in industry working groups and undertaking proxy voting appropriately;
- Transparency: full disclosure of our portfolio holdings on a bi-annual basis and annual publication of our Stewardship Report.

Ellerston Capital recognizes its fiduciary obligation to act in the best interests of all clients, and good and effective stewardship of its client's investments is an important aspect of achieving its obligation.

Emit Capital's ESG screening provides the second layer of stock selection after identification of those companies meeting our climate change thematic. ESG includes environment, social and governance principles and the Manager's expectation is the companies selected for the Fund's portfolio will have a minimum score across all 3 aspects. Obviously, the environmental principle is a core component through the climate change focus however other environmental benefits are also targeted. Emit Capital's ESG screening process focuses on the following:

- Key principles it believes are important to achieving sound ESG credentials for a company;

- Specific areas of a companies practice that are avoided due to the negative impact on ESG score; and

- Developing an overall scorecard for each company based on its key ESG focus and avoided practices.

Those companies that meet the Manager's ESG principles are then considered for inclusion in the Fund's portfolio of investments. Specifically, there needs to be an alignment of the company's principles with the Manager's own baseline requirements for ESG.

The responsible investment framework is fully embedded into the company's investment and fund selection process across asset classes and delivered through a range of approaches spanning ESG integration, engagement with companies on ESG issues, exercising of their proxy voting rights, ethical investing, support for sustainable organisations and impact investing. Equity Trustees Asset Management is a member of the Responsible Investment Association Australasia (RIAA) and a signatory to the United Nations-supported Principals for Responsible Investment (PRI). As a PRI signatory, the company reports regularly on its responsible investing approach and is assessed on its implementation.

Fairlight's investment strategy is executed with an ethical mindset, with screens against industries such as tobacco, armaments, gambling, alcohol, and mining. Fairlight is a signatory to the UN Principles for Responsible Investment and is committed to actively avoiding companies that unequivocally cause harm to people and the environment.

Fairlight believes the way a company manages ESG issues is often a good indicator of its overall risk levels and general management quality. It considers the management of ESG to be a key determinant of a company's long-term success. Companies with better ESG performance can increase shareholder value by better managing risks related to emerging ESG issues. Fairlight incorporates ESG into its investment process through a few different mechanisms, such as industry exclusion screens, which eliminate the more obvious sources of ESG risk, for each of the companies it researches companies are scored across a range of ESG metrics, which generates a cost of capital charge that is an input into company valuation. Companies with relatively poor ESG practices are penalised and as a result, are unlikely to be owned within the portfolio. It practices active ownership by engaging with companies on ESG issues (including disclosure) and voting its proxy rights.

Federation believes the pathway to long-term value creation is to invest in companies and assets that address key ESG considerations including environmental impact, social impact and corporate governance. Federation invests in the areas that make the greatest net positive difference to society, and it believes in turn will produce the greatest long-term value. The Company's Investment Committee and investment team take into account ESG and ethical issues in its process of research, analysis, selection and monitoring of investments. It employs positive and negative screens to ensure that its investing activities are responsible.

Firetrail is an investment management boutique which is majority owned by the Firetrail investment team. Additionally, the investment team is invested alongside clients in the investment strategies. Firetrail recognises that environmental impacts, such as climate change, can impact the value of investments, and aims to incorporate fundamental views on the impact of climate change in its investment decision making. Therefore, ESG issues are a key component of the Firetrail investment process. By integrating ESG criteria into its investment process, Firetrail attempts to directly influence companies to improve performance to the benefit of its investors. It has a clear ESG policy based on principles of ownership, measurement and engagement. 

Firetrail's ESG engagement aims to contribute to a more stable, sustainable, and inclusive global economy. In FY23, Firetrail conducted more than 330 company meetings with an explicit focus on Environmental, Social or Governance issues. As part of its commitment to integrate ESG matters into our investment process, Firetrail is a signatory to the United Nations-backed Principles for Responsible Investment and acknowledges the findings of the Intergovernmental Panel on Climate Change and supports the United Nation Paris Agreement.

Hyperion has always given consideration to long-term economic and environmental sustainability when constructing its portfolios. Its investing style favours low carbon-intensive businesses. Hyperion has been a signatory to the United Nations supported Principles for Responsible Investment (PRI) since February 2009 and has been an official supporter of the Task Force on Climate-Related Financial Disclosures (TCFD) since November 2019. It has aligned its climate-related reporting to the TCFD recommendations. This includes calculation and disclosure of carbon emissions, a company plan to reduce carbon footprint, and identify climate-related risks and opportunities. Hyperion considers the impact on the natural environment for both its own business operations and the business operations of the companies it holds in its portfolios.

All of Impax's investments and strategies are aligned with the transition to a more sustainable economy. Activities with lower sustainability risks and higher opportunities are set to benefit from a transition to a more sustainable, low-carbon economy and are well positioned for the long term. 

ESG analysis is an integral part of the Impax investment process, at the company level. The analysis enables a deeper and broader understanding of its companies, their corporate structures, oversight mechanisms, risk management capabilities and processes and transparency. Impax seeks to understand the character of the companies through the ESG analysis. It takes into account relevant regulations when considering its approach to sustainability and ESG, especially as it relates to reporting and disclosures.

J.P. Morgan Asset Management is committed to acting in its clients' best interests consistent with its fiduciary duty, client goals, and legal requirements. It offers ESG focused products that seek to meet financial goals while also meeting client objectives for sustainable outcomes through our sustainable investing solutions.

J.P. Morgan Asset Management uses its proprietary Sustainable and Inclusive Economy (SIE) Investment Framework allows it to allocate capital to the environmental and social challenges that it considers most critical. As a steward of the assets, it takes into consideration factors impacting the value of its investments. J.P. Morgan Asset Management is a signatory to the United Nations Principles for Responsible Investing and Net Zero Asset Managers initiative and other initiatives.

Janus Henderson is a signatory of the United Nations Principles for Responsible Investment (UNPRI), a set of voluntary and aspirational principles giving a framework for the integration of environmental, social and governance (ESG) issues (as defined by the UNPRI) into mainstream investment decision making and ownership practices.

As an active asset manager, Janus Henderson integrates financial material Environmental, Social and Governance (ESG) factors into its investment decision-making and ownership practices aiming to deliver the results clients seek.

Integrating ESG factors demands active and ongoing engagement and Janus Henderson believes that consideration of financially material ESG factors can enhance long-term risk-adjusted returns. At an investment level, it integrates these factors into its analysis and processes as appropriate, helping it identify opportunities and risks, and influence positive change as it engages with companies.

Recognising that there is a lack of consistency in ESG implementation and articulation across the industry, Janus Henderson seeks to be clear in its communication as well as provide insight and education for its clients.

Loftus Peak believes a good business is a sustainable business; one that is well-governed avoids harm to people and the environment and recognises its responsibilities to stakeholders. It believes companies with strong ESG credentials and opportunity often carry a disruptive edge and can even be classified as disruptive by riding on ESG thematics, thus making them more attractive as investments.

The concept of sustainability is core to Loftus Peak's business philosophy. It seeks to ensure its environmental impact is minimised or remedied, that it upholds its social contract with stakeholders and act as a good corporate citizen to build and maintain trust. Loftus Peak views these principles as an ethical and financial imperative for its success. It believes that the incorporation of ESG into its investment and business processes delivers stronger ESG outcomes and is in the best interests of Loftus Peak's stakeholders.

We recognise integrating Environmental, Social and Governance (ESG) factors into our investment decision-making and ownership processes is fundamental to assessing the true value of our investments. We believe ESG considerations can provide a greater understanding of the investment risks and opportunities that contribute to evaluating long-term value for our clients. 

Our investment teams assess ESG risks and opportunities according to their own investment process, taking a materiality-based approach. A material ESG risk is one which can have a significant impact on the valuation or reputation of a company or investment, if not well managed.

As an active investment manager focussed on listed equities, Maple-Brown Abbott Limited recognises that responsible investment enhances investment decision-making and ultimately leads to superior long-term value for all stakeholders. It has an integrated approach to environmental, social and governance (ESG) across each of its investment strategies. Maple-Brown Abbott's ESG framework spans four pillars of integration, stewardship, investment solutions, and governance and is underpinned by a suite of ESG policies. Maple-Brown Abbott's commitment to responsible investment was formalised when it became a signatory to the PRI in March 2008.

Melior is an Australian equities specialist fund manager that was founded in 2018 with backing from investment management group Adamantem and is focused on generating competitive long-term returns with positive social and environmental impact. Its investment approach is based on the belief that by investing in positive impact companies with strong Environmental, Social & Governance and financial credentials, it has the potential to outperform over time. Melior believes that to have a genuinely positive impact and deliver sustainable performance, a company must focus on "what" it offers as well as "how" it operates. Therefore its investment approach involves assessment of a company's impact along with its ESG practices. 

Microequities Asset Management is an active equity funds manager that employs a value-oriented approach to selecting stocks and constructing portfolios. The manager believes that ESG (Environmental, Social and Governance) considerations can have a meaningful impact on business and equity performance. Integrating ESG factors into its investment processes aids it in understanding the long-term risks and opportunities for its investee companies, as well as their management teams, business strategies, and company cultures. Microequities also believes that this aligns it with its client objectives of delivering superior long term returns while managing risk appropriately. By improving its understanding of how companies manage ESG issues, Microequities aims to deliver long-term sustainable, superior returns for clients.

Morgan Stanley's sustainable investing philosophy is anchored on the belief that there is a spectrum of approaches to utilize material environmental, social and governance (ESG) information and criteria to deliver strong returns for clients. It is committed to ESG-informed investment decision making and seeks to leverage its influence to drive better investment performance alongside improved sustainability practices and outcomes through thoughtful, value-added investee engagement. Morgan Stanley offers a variety of sustainable investing options, from funds that integrate ESG factors as an intrinsic part of the investment process, to thematic Sustainable Funds that seek to achieve attractive financial returns alongside positive impact.

Morphic Asset Management Pty Limited (Morphic) is a Sydney based investment manager that invests in global equities. It is the charitable goal of the Manager to help support the environment and it will give 2.5% of its fees from managing the Fund to Bush Heritage, a charity that focuses on Australian biodiversity through land conservation.

The Company's Investment Strategy is to construct a portfolio of ethically screened global Securities and Derivatives, designed to provide risk adjusted returns to Shareholders. The portfolio will exclude direct investments in entities involved in environmental destruction, including coal and uranium mining, oil and gas, intensive animal farming and aquaculture, tobacco and alcohol, armaments, gambling and rainforest and old growth logging. A minimum of 5% of the portfolio will be invested in the Securities of entities that the Manager believes are working to make a positive future for the world we live in.

Munro is a signatory to the UN-backed Principles for Responsible Investment (PRI) and has committed to its six principles, it has policies to guide it through responsible investing and reports on this annually. For Munro, ESG integration refers to how ESG issues impact its financial analysis, stock selection and portfolio construction. The three elements of Munro's approach are:

1. ESG Score: Every long portfolio holding undergoes a proprietary ESG analysis which results in an ESG score. The ESG score is one of six qualitative factors that determine what Munro considers the appropriate earnings multiple and therefore valuation for the company.

2. Investing in climate change leaders: Companies in Munro's Areas of Interest may contribute positively to ESG outcomes.

3. Exclusions: Munro uses some negative screens or exclusions.

Munro recognises that investor engagement with policymakers is an important tool, especially for systemic risks like climate change. Advocacy is pursued collaboratively, for example through being a signatory to the Principles for Responsible Investment, a member of the Investor Group on Climate Change (IGCC) and a member of the Canadian Responsible Investment Association, it supports advocacy on both specific ESG issues (such as government policies on emissions reduction) and on promoting and developing responsible investment practices (such as how investors can best integrate climate change into their investment process).

Nanuk is an independent investment manager with a focus on sustainability. They aim to deliver excellent investment outcomes while contributing to global sustainability. Their approach involves investing in companies that promote sustainability, avoiding unsustainable activities and stakeholder relationships. Nanuk considers governance and sustainability in their investment decisions and strives to influence companies towards better sustainability practices. They also operate their own business sustainably. These principles are outlined in Nanuk's ESG, Stewardship, and Climate Change Policies, demonstrating their commitment to sustainability across all aspects of their operations.

NorthStar Impact is committed to investing to deliver financial returns alongside the achievement of positive social and environmental outcomes. It finds companies that have products or services that are solutions to social and environmental challenges in Australia and around the World and supports these companies with capital and engagement so they can scale their solutions. To ensure that real world impacts are being achieved, NorthStar measures and reports on its progress. These companies operate in areas such as affordable housing, education, health, land management, recycling, and renewable energy.

Pella is a global socially responsible investor seeking high quality companies with favourable valuations and superior ethical and Environmental, Social and Governance (ESG) credentials. Responsible Investing guides Pella towards more sustainable investments by directing investments towards behaviours and activities that provide benefits to the greatest number of stakeholders and are aligned with human nature. The net result is a more sustainable investment approach. To amplify the benefits of this approach Pella focuses on the two parts of Responsible Investing as it seeks to minimize exposure to anti-Responsible Investing behaviour while maximising exposure to pro-Responsible Investing behaviour.

Pendal's first dedicated product, the Pendal Sustainable Balanced Fund, was launched by the Bankers Trust group in 1984 as the BT Australia Charities Trust. Today, Pendal's suite of funds and tailored mandates aim to meet the needs of the growing number of clients interested in investing in a manner consistent with their values or interest in sustainability. Pendal's sustainable funds use exclusionary screening to avoid certain activities or industries, and poor ESG performers. It also allocates capital to companies identified as sustainability leaders or those involved in industries that contribute to social and environmental needs.

Pengana Capital Group is committed to best practices in Responsible Investing and is a signatory to the UN's Principles for Responsible Investment (PRI). Pengana sources ESG company research from a specialist provider, and the various ESG frameworks utilised by its strategies are subject to review by a number of independent organisations. It is also committed to sound corporate governance, voting on behalf of investors, and engaging with companies on issues such as board composition, remuneration, corporate accountability, and shareholder rights.

Perennial believes that environmental, social and governance issues can impact the performance of companies. Therefore, ESG & Sustainability performance can influence the returns generated by its investment portfolios. Therefore, Perennial is dedicated to integrating ESG & sustainability into its investment decisions and improving its own corporate ESG & Sustainability.

Perennial's approach is guided by its pillars of ESG integration, such as the application of the ESG&E Score which is a proprietary scoring system that allows to score a company's Environmental, Social and Governance as well as a score for the company engagement, and engagement with companies to discuss material ESG issues, risks and opportunities, application of negative screens to exclude investment in certain industries.

Perennial has been a signatory to the United Nations backed Principles for Responsible Investment since 2009 and is a supporter of the Task Force on Climate Related Financial Disclosures and encourages companies to report under the initiative.

Perpetual Asset Management Australia is an Australian investment manager that is part of the Perpetual Group, which has been in operation for over 130 years. By applying its investment philosophy, Perpetual Investments has been able to help generations of Australians manage their wealth. Perpetual has a long-standing commitment to responsible investment, and in 2009 became a signatory to the United Nations-supported Principles for Responsible Investment (PRI). Perpetual's Responsible Investment Framework supports the incorporation of environmental, social and corporate governance (ESG) factors into Perpetual's investment analysis and decision making, across investment strategies that cover equities, credit and fixed income, and diversified strategies.

Resolution Capital is a specialist global real assets securities manager, which includes both listed real estate and infrastructure. Its investment objective is to deliver risk adjusted, long term returns, compared with relevant benchmarks.

Environmental, Social and Governance (ESG) considerations are an integral part of ResCap's investment philosophy and are incorporated in stock analysis. It believes that strong ESG practices benefit the broader community and are additive to performance, ultimately rewarding investors through superior investment outcomes.

Resolution Capital has been a signatory to the United Nations Organisation initiated Principles for Responsible Investment since 2010 and in October 2019 ResCap became a signatory to the UN Global Compact.

Robeco actively advocates sustainable investing by integrating environmental, social and governance factors into the investment process in various ways. It has incorporated the sustainability aspects of the investment strategies into adequate investment due diligence processes and procedures for the selection and monitoring of investments, amongst others taking into account Robeco's risk appetite and sustainability risk management policies. Specific details on investment due diligence are available in Robeco's Investment Due Diligence Policy as set out in their Sustainability Risk Integration & Organizational policy. Carrying out stewardship responsibilities is an integral part of Robeco's sustainable investing approach.

Skerryvore is a long-term investor, with a fiduciary duty to be responsible stewards of our clients' capital. It considers this responsibility in a holistic sense. Investment returns and environmental, social and corporate governance (ESG) concerns are not separate entities - they are intertwined. Sustainability is an integral part of its investment process.

State Street Global Advisor's approach to ESG/sustainability is client-driven, it believes in providing choice - both in the products it offers and in its investor voting choice program. State Street focuses on what creates long-term value by promoting best practices and transparent disclosure of materials risks and opportunities across a range of topics, including sustainability factors.

State Street believes that ESG/sustainability factors should be considered alongside traditional investment factors when making investment decisions to develop a more complete picture of investee companies' future financial trajectory and business risks. To help investors meet investment needs and objectives, State Street offers a wide spectrum of investment strategies from which its clients may choose. Its ESG/sustainable investing solutions vary depending on the type of strategy provided to its clients but generally fall into one of the broad categories, such as Negative Screening, Positive Screening, Third Party ESG/Sustainable Index Investment Strategies, or Climate Investing.

As a Steward and long-term holder of its clients' capital State Street believes that the informed exercise of voting rights, coupled with value-driven engagement, is one of the most effective mechanisms of creating value. Accordingly, its stewardship program proactively identifies companies for engagement and voting in order to mitigate material risks in its portfolios that may impact long-term value creation across a range of topics, including ESG/sustainability factors.

Stewart Investors have been managing portfolios with a specific focus on sustainable development since their first sustainability fund in 2005, and to this day sustainability remains integral to their investment process. It undertakes a bottom-up and qualitative approach to identifying, analysing and investing in companies, which it believes can deliver long-term positive financial returns and also contribute to, and benefit from sustainable development. Stewart Investors considers that a company contributes to, and benefits from, sustainable development if its activities lead to positive social outcomes and may lead to positive environmental outcomes.

U Ethical's investment approach ensures that every investment choice aligns with its vision and fosters responsible financial stewardship. This commitment is realized by applying both positive and negative screens, incorporating environmental, social, and governance (ESG) considerations, aligning with the United Nations' Sustainable Development Goals, and actively engaging with companies. This responsible investing strategy is underpinned by a dual focus on achieving competitive economic returns and fostering sustainability.

Warakirri takes a holistic approach to sustainability that encompasses supporting its people and communities, enhancing productivity and profitability and environmental stewardship. Its commitment to sustainability is underpinned by three pillars that include the long-term needs of its people and communities, sustainable and profitable farming practices, and safeguarding climate and the environment. Warakirri's approach to sustainability is to adapt and evolve its practices over time to continually improve its sustainability performance over the long term. It has been investing sustainably in agriculture for over 25 years since the launch of its first institutional agricultural cropping mandate in 1996. Some of the non-agricultural funds may utilise Warakirri's Ethical Overlay, incorporating both positive (ESG) and negative exclusion components.

The Investment Manager recognises the importance of labour standards or environmental, social or ethical considerations in investments, and believes certain environmental, social and corporate governance ("ESG") issues may impact the sustainable value of businesses. ESG factors are taken into consideration as part of the Investment Manager's investment process. The Fund considers ESG factors as part of its process of selection, retention and realisation of investments to the extent such factors are determined by the Investment Manager to have a financial impact on the investments and may impact the risk adjusted returns.  Examples of ESG factors which the Investment Manager considers include (but not limited to):

1. environmental factors such as a company's waste management, site condition and contamination;
2. social factors such as a company's acts that directly affect people and communities which may include employment conditions, labour rights, health & safety, animal welfare;
3. governance factors such as management structures and behaviours, business practices.

Woodbridge employs a negative screen when conducting due diligence and will refrain from lending to assets that have any exposure through asset value or income to any of the following sectors or activities:

• Tobacco and Tobacco alternatives production
• Military
• Controversial Weapons
• Nuclear Weapons
• Fossil fuel exploration and extraction (e.g. gas and coal assets)
• Animal Cruelty

In addition, Woodbridge will refrain from  lending to assets  where more than 25% of the total asset value or income derived from the asset includes the following sectors:

• Tobacco retailing and sales
• Adult entertainment venues
• Gambling (e.g. licensed gaming venues, pubs and casinos)
• Fossil fuel retailing and sales (e.g. petrol stations)
• Deforestation and detrimental change in land use.

The negative screens apply to both the financed assets and the beneficial owners of the assets.

These ESG factors are also considered as part of the Fund's loan monitoring program. Where those factors may negatively impact the investment performance or company stability, the Investment Manager's team will generally discuss these matters with company management under its engagement program and/or review the decision to hold the specific investment. No specific methodology is used for such reviews nor are there pre-determined views about the extent to which such factors will be taken into account in a review.