Within its Solutions platform, the Fund manager conducts assessments for third-party active managers as part of an approval process: this assessment considers whether managers have dedicated ESG resources or use internal ESG data, as well as the degree to which ESG is integrated into their investment processes. For equity managers, the Fund manager also considers the strength of investment stewardship capabilities. The Fund manager may consider the ESG assessment alongside other relevant information from the Investment Due Diligence when selecting new active managers. Certain Funds managed by the Fund manager may have fund-level exclusionary ESG policies. To implement these fund-level exclusionary ESG policies, the Fund manager incorporates screens which are passed on to third party managers (either via exclusion lists or sustainable indices) and incorporated into their sub-IMA guidelines and monitored by the Fund manager. Where appropriate and consistent with client objectives, other ESG objectives such as carbon emissions intensity reduction are also included in sub-IMA guidelines and monitored by the Fund manager. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's Risk and Quantitative Analysis group. These reviews include discussion of portfolio exposure to material environmental, social and governance risks, where appropriate.